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Bruker Posts 11 Percent Jump in Q3 Revenues

NEW YORK (GenomeWeb) – Bruker reported after the close of the market Thursday that revenues in the third quarter grew 11 percent to $435.6 million from $393.9 million in Q3 2016, beating the consensus Wall Street estimate of $414.6 million.

Excluding a nearly 5 percent positive effect from acquisitions and a more than 2 percent boost from currency effects, the company posted Q3 organic growth of 3 percent.

The Billerica, Massachusetts-based company reported a profit of $37.0 million, or $.23 per share, compared to $46.5 million, or $.29 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.29, beating the Wall Street estimate of $.26.

The performance reflected improvement in the company's academic markets, particularly in Europe, as well as in global industrial markets, Bruker President and CEO Frank Laukien said on a conference call following release of the results.

The company saw 4 percent growth in its scientific instruments division, Laukien said. This division houses Bruker's mass spec business, which he said showed solid performance in the quarter.

Bruker's clinical microbiology business delivered mid-to-high single digit growth. Sales of the company's MALDI Biotyper have slowed, reaching a new equilibrium reflecting the mature market for the device, Laukien noted, adding that consumables revenues were growing at a more rapid clip.

From a geographic perspective, Europe led the quarter with sales growth in the mid-teens, driven by the aforementioned recovery in the academic market, which Laukien characterized as having returned to historical norms after a sharp drop-off in 2016.

North American revenues were up in the low single digits, with academic markets stabilizing after uncertainty earlier in the year, he said.

Asia-Pacific sales were down modestly as double-digit growth in China was offset by a decline in Japanese revenues.

Bruker's R&D costs were $40.9 million for the quarter, up 8 percent from $37.9 million in Q3 2016. Its SG&A spending was $102.9 million, up 6 percent from $96.8 million in the year-ago third quarter.

Bruker ended the quarter with $263.9 million in cash and cash equivalents, and $165.3 million in short-term investments.

The company raised its full-year 2017 guidance, predicting non-GAAP EPS in the range of $1.17 to $1.20, up from its previous guidance of between $1.08 and $1.12.

In trading Friday morning on the Nasdaq Bruker shares were up 8 percent to $33.94.