This is a negative, for sure, but it's not time to panic and run for the hills.
Companies win and lose patent cases all the time, this one happens to be involving the proteomics business, so it caught the eye of the press.
2.5% of revenues is not a lot, especially given the amount of cash Waters keeps in the bank. That said, I expect the market to punish the stock about 15% on Monday, as rational exuberance (or inexuberance) in this case does not seem to be the rule these days.
I still believe Waters will participate substantially in the recovery, and this is just a speedbump back to the expressway.
I'll give ya this one Walt! Party line is it affects 2-3% of their biz. 47 million doesn't count much against their bottom line and ABI and friends will probably settle for a lot less. We will get hit on Monday.