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Sentiment · FY2026 Q2
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Today also marks a transformative step forward as we complete the acquisition of BD's Biosciences and Diagnostic Solutions business.”
Waters completed its acquisition of BD's Biosciences and Diagnostic Solutions business (~$3B revenue), though the acquired unit came in below expectations on China DRG, a weak flu season and shutdown-related export delays.
“BD's Kiestra platform has roughly 10% to 20% growth in Europe over the last couple of years, whereas in the U.S., the penetration is at a very low level.”
Waters highlights strong European growth and low U.S. penetration of BD's Kiestra microbiology automation platform, signaling upside in the BD diagnostics assets Waters is acquiring.
“our pending combination with BD's Biosciences & Diagnostic Solutions business represents a powerful catalyst for near-term synergy realization and long-term value creation.”
Waters' pending combination with Becton Dickinson's Biosciences & Diagnostic Solutions business (expected around end of Q1 2026) is framed as a synergy and value-creation catalyst, a read-through on BD carving out that segment.
“we will comment on the expected timing for completion of Waters pending combination with the Biosciences and Diagnostic Solutions business of Becton, Dickinson & Company as well as the expected financial and operational impact of this combination on Waters”
Waters is acquiring BD's Biosciences and Diagnostic Solutions business, positioning the combined company for 7% revenue CAGR and mid-teens adjusted EPS growth, a positive signal for BD's divested unit finding a growth-focused owner.
“Later this morning, we expect to close the combination of our life sciences business with Waters via a Reverse Morris Trust transaction.”
BD is divesting its Biosciences & Diagnostic Solutions life-sciences business to Waters via a Reverse Morris Trust, closing early and bringing BD a $4B cash distribution plus ~20 plants transferring to Waters.
“the value that BD shareholders will get on the earnings that moves to Waters as part of the spin is coming at a significant premium multiple”
BD highlights that the earnings moving to Waters in the spin are valued at a significant premium multiple (near 2x BD's ~20x), underscoring the transaction's accretive value.
“The combination of our Biosciences and Diagnostic Systems business with Waters continues to be a significant strategic and financial opportunity to unlock value for our investors.”
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robbie Marcus | JPMorgan | 10 (20%) |
| Travis Steed | Bank of America | 10 (30%) |
| Larry Biegelsen | Wells Fargo | 9 (11%) |
| Patrick Wood | Morgan Stanley | 6 (0%) |
| Rick Wise | Stifel | 6 (0%) |
| Matt Miksic | Barclays | 5 (0%) |
| Dave Roman | Goldman Sachs | 4 (25%) |
| Matt Taylor | Jefferies | 4 (0%) |
| Shagun Singh | RBC Capital Markets | 3 (0%) |
| Joanne Wuensch | Citigroup | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 10 (30%) |
| JPMorgan | 1 | 10 (20%) |
| Wells Fargo | 1 | 9 (11%) |
| Stifel | 1 |
BD is combining its Biosciences and Diagnostic Solutions businesses with Waters via a Reverse Morris Trust, which BD frames as a major value-creation catalyst.
“Brooke has most recently led the integration of Edwards Critical Care, which she will continue to oversee as part of her expanded scope.”
Confirms BD's integration of the Critical Care business it acquired from Edwards Lifesciences (now BD's APM segment), a read-through on Edwards having divested that unit.
“we intend to use at least half of the approximately $4 billion cash distribution from Waters to buy back shares, with the balance for debt repayment”
Deal terms: Waters will pay BD an approximately $4 billion cash distribution as part of the Reverse Morris Trust combination, sizing the capital Waters is deploying.
“we announced that we entered into an agreement to combine our Biosciences and Diagnostic Solutions business with Waters through a tax-efficient Reverse Morris Trust. We strongly believe that Waters is the right partner and firmly believe in management's strategy and ability to unlock the value of these assets.”
BD is combining its Biosciences and Diagnostic Solutions business into Waters via a Reverse Morris Trust, a major inbound scale-up for Waters that BD endorses management's ability to execute.
“the acquisitions of the Edwards Lifesciences' Critical Care Product Group, Parata Systems, Straub Medical, Tepha and others.”
BD lists its acquisition of Edwards Lifesciences' Critical Care Product Group as part of its M&A track record, a divestiture by Edwards as it streamlined its portfolio.
“in early September, we closed the acquisition of Edwards Critical Care, now Advanced Patient Monitoring or APM which contributed $74 million to BD Medical revenue”
BD closed its acquisition of Edwards Lifesciences' Critical Care division (now BD's Advanced Patient Monitoring unit), a divestiture for Edwards that immediately contributed $74 million in revenue to the acquirer.
“We then partnered with Microsoft and utilize that technology to be looking at all the data across our platforms to determine where narcotic diversion could be happening in the healthcare system and identifying specific clinicians that are at risk describing why we believe that they are at risk and then helping hospital systems get them help and stop that from occurring”
BD uses Microsoft's technology to power an AI-driven narcotic-diversion detection application across its device platforms, an example of Microsoft's health-sector AI partnerships.
| 6 (0%) |
| Morgan Stanley | 1 | 6 (0%) |
| Barclays | 1 | 5 (0%) |
| Jefferies | 1 | 4 (0%) |
| Goldman Sachs | 1 | 4 (25%) |
New BD's first standalone quarter saw mid-single-digit growth across 90% of the portfolio with revenue up 1.6%, but tariffs drove 170bps of gross margin headwind resulting in a -1 eps_adjustment. The Waters RMT closed ahead of schedule, the Excellence Unleashed strategy was launched, and Alaris was gaining competitive share despite a revenue headwind. New BD FY2026 EPS guidance of $12.35-$12.65 was operationally unchanged post-separation. GLP-1 franchise expanded with over 80 molecules contracted.
Revenue Growth | Guidance Reliability | Margin | Competitive Dynamics | M&A | Capital Allocation | Cost Pressure | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 1 | 1 | 2 | 1 | 1 | 1 |
| 2025Q1 | 1 | 1 | 5 | 4 | ||||
| 2025Q2 | 3 | 4 | 1 | 1 | 1 | 2 | ||
| 2025Q3 | 3 | 2 | 2 | 1 | 1 | 1 | 2 | 1 |
| 2025Q4 | 3 | 2 | 3 | 1 | 1 | 2 | 3 | 1 |
| 2026Q1 | 6 | 4 | 2 | 3 | 1 | 1 | 1 | 3 |
| 2026Q2 | 5 | 2 | 4 | 4 | 1 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Revenue Growth | 3 | 3 | 3 | 3 | 6 | 5 | |
| Guidance Reliability | 2 | 1 | 4 | 2 | 2 | 4 | 2 |
| Margin | 1 | 2 | 3 | 2 | 4 | ||
| Competitive Dynamics | 1 | 1 | 1 | 1 | 1 | 3 | 4 |
| M&A | 2 | 5 | 1 | 1 | 1 | 1 | 1 |
| Capital Allocation | 1 | 4 | 1 | 1 | 2 | 1 | 1 |
| Cost Pressure | 1 | 2 | 2 | 3 | 1 | 1 | |
| Product Launch | 1 | 1 | 1 | 3 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BDX Becton Dickinson | 6 | -10.6% | |
| BAX Baxter International | 3 | +2.9% | |
| COO Cooper Companies (The) | 6 | +7.9% | |
| HOLX Hologic | 5 | +2.5% | |
| ISRG Intuitive Surgical | 9 | +23.0% | |
| RMD ResMed | 8 | +10.8% | |
| WST West Pharmaceutical Services | 9 | +21.0% |