Exhibit 99.1

For Immediate Release

Contact: Gene Cassis, Vice President of Investor Relations, 508-482-2349

Waters Corporation Third Quarter 2003 Sales Up 7%,
Earnings Per Diluted Share in Line with Company’s Expectations

Milford, Massachusetts, October 22, 2003 – Waters Corporation (NYSE/WAT) reported today third quarter 2003 sales of $230.4 million, an increase of 7 % over sales of $216.0 million in the third quarter of 2002. Sales for the quarter benefited from the positive effects of currency translation that contributed approximately 5% to the quarter’s reported growth. Quarterly earnings per diluted share (E.P.S.) were $0.29, compared to $0.29 for the third quarter in 2002. On a pro-forma basis, excluding an in-process R&D charge, E.P.S. were $0.33 for the quarter, an increase of 14% over the last year’s third quarter E.P.S. of $0.29. Free cash flow for the quarter was approximately $34 million.

Commenting on the quarter, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, “Growth in our HPLC business, driven by improved pharmaceutical spending in the U.S., highlighted our third quarter performance. This business improvement was somewhat offset by continued weakness in the proteomics and drug discovery markets affecting our mass spectrometry products. However, late in the quarter, we began customer shipments of the Quattro Premier™ marking our re-entry into the domestic high-end tandem quadrupole market. We are confident that our new Quattro Premier™ will accelerate growth of our worldwide market share in this resilient and growing product market.”

As communicated in a prior press release, Waters Corporation will webcast its third quarter 2003 financial results conference call this morning, October 22, 2003, at 8:30 a.m. eastern time. To listen to the call, connect to www.waters.info, choose Investor Relations and click on the Live Webcast. A replay of the call will be available from today through October 28, 2003, similarly by webcast, and also by phone at 402-220-5317.

Waters Corporation holds worldwide leading positions in three complementary analytical technologies – high performance liquid chromatography (HPLC), mass spectrometry (MS) and thermal analysis (TA). These markets account for $4.4 billion of the overall $20 billion analytical instrument market.

CAUTIONARY STATEMENT

This release contains “forward-looking” statements regarding future results and events, including statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words, “believes”, “anticipates”, “plans”, “expects”, “intends”, “appears”, “estimates”, “projects”, and similar expressions are intended to identify forward looking statements. The Company’s actual future results may differ significantly from the results discussed in the forward-looking statements within this release for a variety of reasons including and without limitation: loss of market share through competition, introduction of competing products by other companies, pressures on prices from competitors and/or customers, regulatory obstacles to new product introductions, lack of acceptance of new products, changes in the demands of the Company’s healthcare and pharmaceutical company customers, changes in the healthcare market and the pharmaceutical industry, changes in distribution of the Company’s products, the short-term effect on sales and expenses as a result of the formerly announced combination of the Waters and Micromass sales, service and distribution organizations, and foreign exchange fluctuations. Such factors and others are discussed more fully in the section entitled “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2002, as filed with the Securities and Exchange Commission, which “Risk Factors” discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company’s estimates as of the date of this press release and should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future.

Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

				Three Months Ended								Nine Months Ended
				September 30								September 30
				2003				2002				2003				2002
Net sales					230,381				216,045				683,132				633,578
Cost of sales					95,045				89,832				284,744				265,066
	Gross profit				135,336				126,213				398,388				368,512
Selling, general and administrative expenses					66,743				62,759				197,033				183,896
Research and development expenses					15,106				13,576				42,456				38,499
Purchased intangibles amortization					1,179				860				3,234				2,697
Litigation provisions (A)					—				—				1,500				2,800
Loss on disposal of business (B)					—				—				5,031				—
Restructuring and other unusual charges (C)					(135	)			—				1,079				—
Expensed in-process research and development (D)					5,160				—				5,160				—
	Operating income				47,283				49,018				142,895				140,620
Other income, net					—				—				—				116
Interest income, net					1,550				1,661				4,279				4,539
	Income from operations before income taxes				48,833				50,679				147,174				145,275
Provision for income taxes					12,419				11,656				34,685				33,301
	Income before cumulative effect of change in accounting principle				36,414				39,023				112,489				111,974
Cumulative effect of change in accounting principle (E)					—				—				—				(4,506	)
	Net income				36,414				39,023				112,489				107,468
Income per basic common share:
	Net income before cumulative effect of accounting principle change				0.30				0.30				0.91				0.85
	Cumulative effect of change in accounting principle (E)				—				—				—				(0.03	)
		Net income			0.30				0.30				0.91				0.82
Income per diluted common share:
	Net income before cumulative effect of accounting principle change				0.29				0.29				0.87				0.82
	Cumulative effect of change in accounting principle (E)				—				—				—				(0.03	)
		Net income			0.29				0.29				0.87				0.79
Weighted average number of basic common shares					122,240				130,788				124,000				131,090
Weighted average number of diluted common shares and equivalents					126,709				135,483				128,568				136,511

(A)		The results for the nine months ended September 30, 2003 include a $1.5 million provision for an environmental matter with the Commonwealth of Massachusetts.
(B)		The results for the nine months ended September 30, 2003 include a loss on disposal of the inorganic mass spectrometry product line.
(C)		The results for the three and nine months ended September 30, 2003 include restructuring and other incremental costs and adjustments recorded in relation to the Company’s reorganization of the HPLC and mass spectrometry businesses, and restructuring charges relating to the acquisition of the rheology business of Rheometric Scientific, Inc.
(D)		The results for the three and nine months ended September 30, 2003 include charges for expensed in-process research and development relating to the acquisition of Creon Lab Control, AG.
(E)		Effect at January 1, 2002 of a change in accounting method for patent related costs.

Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)

		(Unaudited)								(Unaudited)
		Three Months Ended								Nine Months Ended
		September 30								September 30
		2003				2002				2003				2002
Reconciliation of income per diluted share, in accordance with generally accepted accounting principles, with pro-forma results:
Income per diluted share before cumulative effect of change in accounting principle			0.29				0.29				0.87				0.82
Adjustment for litigation provisions, net of tax			—				—				1,155				2,044
Income per diluted share effect			—				—				0.01				0.01
Adjustment for restructuring and other unusual charges, net of tax			(104	)			—				831				—
Income per diluted share effect			(0.00	)			—				0.01				—
Loss on disposal of business, net of tax			—				—				3,522				—
Income per diluted share effect			—				—				0.03				—
Other expense, write down of certain investments, net of tax			—				—				—				(89	)
Income per diluted share effect			—				—				—				(0.00	)
Expensed in-process research and development			5,160				—				5,160				0
Income per diluted share effect			0.04				—				0.04				—
Pro-forma income per diluted share:			0.33				0.29				0.96				0.83

The pro-forma income per diluted share presented above is used by the management of the Company to measure operating performance with prior periods and is not in accordance with generally accepted accounting principles (GAAP). The above reconciliation identifies those items management has excluded as non-operational activities or transactions. Management feels these transactions are not indicative of understanding the ongoing operations of the business or its future outlook.

Waters Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands and unaudited)

			September 30, 2003				December 31, 2002
Cash and cash equivalents				288,120				263,312
Restricted cash				0				49,944
Accounts receivable				195,711				196,273
Inventories				124,947				130,241
Other current assets				16,251				13,341
	Total current assets			625,029				653,111
Property, plant and equipment, net				106,780				100,329
Other assets				301,274				255,478
	Total assets			1,033,083				1,008,918
Notes payable and debt				181,110				2,665
Accounts payable and accrued expenses				257,694				313,758
	Total current liabilities			438,804				316,423
Other long-term liabilities				29,334				27,185
	Total liabilities			468,138				343,608
Total equity				564,945				665,310
	Total liabilities and equity			1,033,083				1,008,918