NEW YORK – Bruker reported after the close of the market on Thursday that its second quarter revenues were up 11 percent year over year.
For the three months ended June 30, Billerica, Massachusetts-based Bruker reported revenues of $490.2 million, up from $443.7 million in Q2 2018 and beating the consensus Wall Street estimate of $477.8 million.
Organic revenue growth was 5 percent, with foreign exchange rates lowering revenues by 3 percent and acquisitions boosting growth by just under 9 percent.
On a conference call following release of its financial results, Bruker President and CEO Frank Laukien said the company had seen solid demand among its academic and government, biopharma, and microbiology customers while sales had slowed in its industrial and applied segments. He also noted that Bruker's proteomics business, while not an "enormous" growth driver, was "beginning to move the needle."
Bruker's CALID group, which houses its life science mass spectrometry business, posted revenues of $140.5 million in the quarter, up 10 percent from $128 million the year before. According to CFO Gerald Herman, that growth was largely driven by microbiology and mass spec sales.
Laukien said that sales of the company's flagship timsTOF Pro mass spec continued to ramp up, albeit from a small initial base, noting that "orders year-over-year are up very significantly."
The company's BioSpin group had revenues of $150.9 million in the quarter, up 8 percent from $139.9 in Q2 2018. Nano group revenues were $151 million, up 12 percent from $134.5 million, and BEST revenues were $51.9 million, up 22 percent from $42.7 million.
Herman said Q2 revenues were up modestly in Europe while North America and Japan showed strong growth and China grew in the mid-single digits.
Bruker reported a profit of $36.5 million, or $.23 per share, compared to $31.2 million, or $.20 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.33, beating the average Wall Street estimate of $.30.
The company's R&D costs were $48.5 million for the recently completed quarter, up 11 percent from $43.6 million in Q2 2018. Its SG&A spending was $124.5 million, up 13 percent from $110.6 million in the year-ago quarter.
Bruker said its 2019 guidance is unchanged. The company expects revenue growth of 7 percent to 8 percent for full-year 2019 with organic growth of 4.5 percent to 5.5 percent. The firm maintained its full-year 2019 non-GAAP EPS guidance at between $1.57 and $1.61. Wall Street is expecting the company's EPS to come in at $1.62 for the year.
Bruker ended the quarter with $282.5 million in cash and cash equivalents, and $6.3 million in short-term investments.