* Q4 rev up 8 pct to $$521.4 mln

* Sees Q1 adj EPS $1.05 to $1.10 vs est $1.14

* Sees FY12 adj EPS $5.15 to $5.30 vs est $5.31

Jan 24 (Reuters) - Waters Corp reported better-than-expected quarterly results, helped by strong sales of its bioanalytical devices in the pharmaceutical and industrial-chemical markets, sending its shares up as much as 10 percent.

"The pharmaceutical growth was particularly strong in Western Europe and in the United States, indicative of a continuation of an instrument-upgrade cycle," Chief Executive Douglas Berthiaume said on a conference call.

In recent months, several companies in the life sciences tools sector have been hit hard by a slowdown in academic and government spending and budget uncertainty.

However, Waters, which makes laboratory equipment such as chromatography and spectrometry systems, introduced several new products in 2011 to tide over the slump.

"The top line beat is encouraging, given the caution on capital spending," Mizuho Securities analyst Peter Lawson said, adding that the results highlighted the importance of strong product launches and was proof that pharmaceutical spending was heating up.

Lawson said Waters' performance bodes well for other scientific instruments makers, especially PerkinElmer Inc and Thermo Fisher Scientific Inc, both of which will report their results next week.

Diversified instrument makers, such as Waters, PerkinElmer, Thermo Fisher and Mettler-Toledo, have weathered the storm thanks in part to their lower exposure to government funding.

However, Waters CEO Berthiaume said the combination of government and university shipments had held up "reasonably well" during the quarter.

The CEO warned that going forward he expects less robust sales to government agencies in Europe, Japan and the United States, which together contribute about 5 percent of Waters' global sales.

Shares of Milford, Massachusetts-based Waters rose the most in nearly three years and were trading up 9 percent at $85.71 in morning trade on the New York Stock Exchange.

OUTLOOK CAUTIOUS

Waters' first-quarter and full-year profit forecast was below Street estimates despite stronger-than-expected fourth-quarter numbers.

The life-science tools maker forecast first-quarter earnings of $1.05 to $1.10 a share while analysts, on average, were looking for $1.14 per share according to Thomson Reuters I/B/E/S.

For the full year 2012, the company forecast an adjusted profit of $5.15 to $5.30 per share, below the $5.31 estimated by the analysts.

For the just-concluded fourth-quarter, net income was up at $137.1 million, or $1.51 a share, from $126.6 million, or $1.36 a share, a year ago.

On an adjusted basis, it earned a profit of $1.56 a share, higher than the $1.50 a share anticipated by analysts according to Thomson Reuters I/B/E/S.

Net sales rose 8 percent to $521.4 million, also above the $516.9 million estimated by analysts.

• A Permanent Economic Emergency