Waters

No. 33

Industry: Life Sciences Tools & Services
Sales: $1.6 billion
Net Income: $322.5 million

If a city in the U.S. wants to test its drinking water for impurities or toxins, it's likely to turn to an analytic instrument company called Waters, based in Milford, Mass. Waters (WAT) has some of the world's most advanced machines for performing mass spectrometry and liquid chromatography, used by dozens of industries, as well as the Food & Drug Administration, to keep an eye on product quality and safety. With Douglas Berthiaume at the helm, Waters' sales last year rose 7%, to $1.58 billion. Among other things, it benefited from increased testing after last year's rash of food- and product-safety scandals.

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