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Bruker Posts 7 Percent Rise in Q1 Revenues

NEW YORK – Bruker reported on Wednesday morning that its first quarter revenues increased 7 percent year over year.

For the three months ended March 31, revenues rose to $595.0 million from $554.7 million in the first quarter of 2021, beating analysts' consensus estimate of $572.6 million.

Bruker's organic revenues were up 11 percent year over year, with growth from acquisitions of 1 percent and a 4 percent negative effect from changes in foreign currency exchange rates.

On a conference call following the release of the results, Frank Laukien, Bruker's chairman, president, and CEO, said that during the quarter the company had seen "broad-based demand strength across virtually all [of its] businesses."

He noted that Bruker saw "excellent" year-over-year growth for its timsTOF mass spectrometry platform. The company also saw strong growth in its microbiology business, "driven by demand for MALDI Biotyper systems and consumables," Laukien said.

He also highlighted the recent release of the company's Liquid Array multiplex PCR panels for sexually transmitted diseases and mycobacteria, which it launched at the European Congress of Clinical Microbiology & Infectious Diseases in April.

Laukien reiterated Bruker's intention to increase its investment to accelerate growth in several areas including proteomics and spatial biology.

Revenues for Bruker's CALID group, which houses its life science mass spec business, were up 6 percent during the quarter to $203.2 million. Revenues for its BioSpin division were down 1 percent to $157.8 million, while revenues increased 16 percent to $178.5 million for its Nano group and 14 percent to $59.7 million for its BEST group.

Bruker's Q1 net income rose to $61.6 million, or $.41 per share, from $56.7 million, or $.37 per share, in Q1 of 2021. On an adjusted basis, EPS was $.49, above the Wall Street consensus estimate of $.42.

The firm's Q1 R&D spending rose 3 percent to $56.6 million from $54.8 million, while its SG&A expenses rose 11 percent to $145.7 million from $131.8 million.

Bruker finished the quarter with $819.6 million in cash, cash equivalents, and restricted cash, and $100 million in short-term investments.

The company increased its 2022 revenue guidance, projecting revenue growth of 5 percent to 7 percent and organic revenue growth between 7 percent and 9 percent, an increase from a previous projection of 6 percent to 8 percent. It said it expects foreign currency headwinds of 3.5 percent, up from the previous estimate of a 2 percent headwind. Bruker maintained its previous full year 2022 adjusted EPS guidance of $2.29 to $2.33, a 9 percent to 11 percent increase year over year. The Wall Street consensus estimate for 2022 adjusted EPS is $2.29.

In Wednesday morning trading on Nasdaq, Bruker shares were up 2 percent to $61.48.