Scientific instruments company Waters Corporation (NYSE: WAT) will be announcing earnings results this Tuesday morning. Here’s what you need to know.

Waters Corporation met analysts’ revenue expectations last quarter, reporting revenues of $932.4 million, down 45.4% year on year. It was a mixed quarter for the company, with revenue guidance for next quarter exceeding analysts’ expectations but a significant miss of analysts’ EPS guidance for next quarter estimates.

Is Waters Corporation a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Waters Corporation’s revenue to decline 16.6% year on year, a reversal from the 128% increase it recorded in the same quarter last year.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Waters Corporation has a history of exceeding Wall Street’s expectations.

Looking at Waters Corporation’s peers in the life sciences tools & services segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Avantor posted flat year-on-year revenue, beating analysts’ expectations by 2.7%, and Thermo Fisher reported revenues up 6.2%, topping estimates by 1.5%. Avantor traded up 3.1% following the results while Thermo Fisher was down 8.6%.

Read our full analysis of Avantor’s results here and Thermo Fisher’s results here.

There has been positive sentiment among investors in the life sciences tools & services segment, with share prices up 6% on average over the last month. Waters Corporation’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $385.50 (compared to the current share price of $306.96).

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