NEW YORK – Bruker on Thursday reported a 16 percent year-over-year increase in second quarter revenues, driven by growth in all its business groups.
For the three-month period ended June 30, Bruker's revenues climbed to $681.9 million from $588.4 million the year before, beating the consensus Wall Street estimate of $647.9 million.
Organic revenues were up 14 percent year over year with acquisitions contributing nearly 2 percent growth and foreign currency translation having a positive effect of 0.5 percent.
On a conference call following the release of the Q2 results, Bruker President and CEO Frank Laukien said that while market conditions "are becoming softer," the company nonetheless saw strong demand for its products, with solid sales to academia, government, and academic medical center customers.
He added that while there are industrywide concerns about slowdowns in the biopharma and Chinese markets, Bruker saw "continued growth in bookings" in these areas.
Bruker's CALID group, which houses its life science mass spectrometry business, posted revenues of $227.2 million in the quarter, up 19 percent from $190.3 million the year before.
The company saw strong growth in life science mass spectrometry, driven by sales of its timsTOF platform, Laukien said, noting the launch during the quarter of its newest timsTOF instrument, the timsTOF Ultra.
He said the new instrument brought "significant performance advantages for low sample amounts" including for applications like single-cell proteomics, immunopeptidomics, and post-translational modification analysis.
The company's BioSpin group had revenues of $162.0 million in the quarter, up 1 percent from $159.8 million in Q2 2022. Nano group revenues were $225.1 million, up 24 percent from $182.2 million, and BEST revenues were $72.7 million, up 23 percent from $59.2 million.
Bruker reported a profit of $57.1 million, or $.39 per share, compared to $49.5 million, or $.33 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.50, beating the consensus Wall Street estimate of $.48.
The company's R&D costs were $71.0 million in Q2, up 19 percent from $59.6 million in Q2 2022. Its SG&A spending was $177.9 million, up 17 percent from $152.2 million in the year-ago quarter.
Bruker raised its full-year 2023 revenue guidance to a range of $2.85 billion to $2.90 billion, up from its previous guidance of $2.83 billion to $2.88 billion, implying year-over-year revenue growth between 12.5 percent and 14.5 percent. It raised its organic revenue growth guidance to between 9.5 percent and 11.5 percent, up from its previous guidance of 9 percent to 11 percent. It maintained its full-year non-GAAP EPS guidance of between $2.55 and $2.60.
Bruker ended the quarter with $574.8 million in cash and cash equivalents.
In Thursday morning trading on Nasdaq, Bruker shares were up less than 1 percent at $71.30.