This story has been updated to include comments from the company's Q4 earnings call.
NEW YORK (GenomeWeb News) – Bruker reported after the close of the market today that its revenues in the fourth quarter were up 7 percent year over year, rising to $552.1 million from $517.3 million in Q4 2012.
The increase was powered largely by the company's BioSpin group, which grew in the double-digits, benefiting from a surge in customer installations and acceptances during the quarter.
The results beat the average Wall Street estimate of $503.2 million.
Bruker's CALID group, which houses its mass spectrometry business, grew in the mid-single digits during the quarter, driven by its life science and clinical division.
In a statement accompanying the release of its earnings, Bruker President and CEO Frank Laukien suggested that the results reflect a strengthening of some of the company's key markets, noting that "looking ahead to 2014, we feel better about the health of our core academic and government customers and about our prospects in the clinical research and diagnostics markets."
He added, however, that the company remains cautious about demand from industrial markets.
Laukien further elaborated during a conference call discussing the company's earnings, noting that European academic spending "has been really much more consistent." He highlighted in particular the UK, where he said recent "anemic" academic spending "was partially reversed in 2013" and that the company expects this trend to continue in 2014.
The Billerica, Mass.-based company reported a profit of $35.2 million, or $.21 per share, compared to $12.8 million, or $.08 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.31, beating the consensus Wall Street estimate of $.28.
The company's R&D costs were $49.1 million for the quarter, down 2 percent from $50.3 million in Q4 2012. Its SG&A spending was $118.3 million, down 5 percent from $124 million in the year-ago fourth quarter.
For full-year 2013, Bruker increased revenues 3 percent to $1.84 billion from $1.79 billion in 2012, and it beat the consensus Wall Street estimate of $1.79 billion.
The BioSpin group led the way here, as well, growing in the high single-digits in 2013.
The CALID group posted mid-single digit growth for full-year 2013, with "quick growth," Laukien said, from its MALDI Biotyper and FT-MS product lines.
Laukien noted as a company highlight the US Food and Drug Administration's clearance of the MALDI Biotyper. He added that Bruker began sales of the FDA-cleared version of the instrument in the first quarter of this year.
Bruker's net income for 2013 rose to $80.1 million, or $.48 per share, from a profit of $77.5 million, or $.46 per share, a year ago. Non-GAAP EPS was $.77, topping the average of $.74 expected by analysts.
The company's R&D spending fell to $190.5 million, a 2 percent decline from $195.3 million, while SG&A costs dropped less than 1 percent to $437.9 million from $440.4 million.
Bruker ended 2013 with $438.7 million in cash and cash equivalents.
The company provided full-year 2014 guidance for revenue growth of between 3 percent and 4 percent, and non-GAAP earnings per share growth of 10 percent to 14 percent.
In Wednesday morning trade on the Nasdaq, shares of Bruker were up 6 percent at $23.20.