This article has been updated from a previous version to include comments made during Bruker's earning call.
NEW YORK (GenomeWeb) – Bruker reported after the close of the market Tuesday that its second quarter revenues were up 12 percent year over year.
For the three months ended June 30, Billerica, Massachusetts-based Bruker reported revenues of $414.9 million, compared to $371.7 million in Q2 2016.
Acquisitions contributed a 6 percent positive effect on the reported revenues while changes in foreign exchange rates lowered revenues by 2 percent. The results beat the average Wall Street estimate of $385.5 million.
On a conference call following release of the results, Bruker President and CEO Frank Laukien said that quarterly growth drivers included solid European sales as well as improvement in industrial markets and the company's CALID group, which houses its life sciences mass spec business. He noted, though, that the company also benefited from comparison to a weak Q2 2016.
CALID revenues were up in the mid-teens during the quarter, driven by an increase in revenues from Bruker's Rapiflex MALDI mass spectrometer and consumables and aftermarket service sales, said Anthony Mattacchione, Bruker's senior vice president and CFO.
He noted, as well, that demand for the company's MALDI Biotyper grew in the applied markets space, "particularly for food, feed, and beverage."
More generally, Laukien noted that while the MALDI Biotyper is no longer "a double-digit growth product," that business had returned to "growth mode" after slumping in the first half of 2016. He added that the consumables and aftermarket portion of that business "is growing very nicely," driven in part by recent deals like the acquisition of InVivo, which gave Bruker antibody and immunoassay development capabilities.
Bruker's LC-MS business, meanwhile, was more sluggish, either holding steady or growing only slightly during the quarter, Laukien said.
From a geographic perspective, Bruker saw European revenues rise in the high single-digits while North American revenues were up in the low single-digits. Mattacchione noted that US academic orders showed improvement in Q2 due to increasing certainty around funding for the National Institutes of Health.
Asia Pacific revenues were up nearly 20 percent, due largely to a strong quarter from China.
The company reported a profit of $23.4 million, or $.15 per share, compared to $14.5 million, or $.09 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.23 beating the consensus Wall Street estimate of $.20.
The company's R&D costs were $40.7 million for the quarter, up 11 percent from $36.8 million in Q2 2016. Its SG&A spending was $102.8 million, up 1 percent from $100.9 million in the year-ago quarter.
Bruker upped its full-year 2017 guidance to a non-GAAP EPS of between $1.08 to $1.12, an increase from its prior guidance of $1.05 to $1.09. It said it expects organic revenue growth for full-year 2017 to be between 1.5 percent and 2 percent.
Bruker ended the quarter with $217.7 million in cash and cash equivalents, and $222.6 million in short-term investments.
In Friday morning trade on the Nasdaq, shares of Bruker were down around 3 percent at $27.57.