NEW YORK – Bruker reported after the close of the market on Monday that its second quarter revenues were down 13 percent year over year.
For the three months ended June 30, Billerica, Massachusetts-based Bruker reported revenues of $424.6 million, down from $490.2 million in Q2 2019 but beating the consensus Wall Street estimate of $390.9 million.
Organic revenue growth was 13 percent, with foreign exchange rates lowering revenues by 1 percent and acquisitions boosting growth by less than 1 percent.
In a statement accompanying release of its financial results, Bruker President and CEO Frank Laukien said the company's Q2 2020 revenues " declined less than the scenarios that we outlined during our last earnings call, and added that "we were able to mitigate the negative impact of the pandemic on our profitability and cash flow through cost control and cost reduction measures."
Bruker's CALID group, which houses its life science mass spectrometry business, posted revenues of $132.7 million in the quarter, down 6 percent from $140.5 million the year before.
Laukien said on a conference call following release of the financial results that despite the sales declines, the company's life science mass spec business was strong, with sales of the company's timsTOF Pro instrument continuing to grow and orders for the platform up double digits year over year.
The company's microbiology and infectious disease consumables business, which includes consumables for the MALDI Biotyper and Bruker Hain nucleic acid extraction and COVID-19 PCR assays, also posted strong growth year over year, he said.
Biopharma revenues were also up in the quarter, CFO Gerald Herman said on the call. Sales to academic and industrial customers were down, he said.
Laukien said Bruker has generated $7 million in COVID-19-related testing revenues, which mainly comprise sales of liquid handling robots, nucleic acid extraction kits, and PCR assays for the virus. Last week the company launched a second-generation version of its FluoroType SARS-CoV-2 plus PCR assay, which measures two SARS-CoV-2 genes along with genes from four other common human coronaviruses.
He said the company was also developing a serology test and rapid protein antigen test for SARS-CoV-2 as well as the potential of combined NMR-mass spec testing to identify patients at risk of severe complications from the virus.
The company's BioSpin group had revenues of $125.1 million in the quarter, down 17 percent from $150.9 in Q2 2019. Nano group revenues were $125.5 million, down 17 percent from $151 million, and BEST revenues were $44.8 million, down 14 percent from $51.9 million.
Bruker reported a profit of $24.1 million, or $.16 per share, compared to $36.5 million, or $.23 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.21, beating the average Wall Street estimate of $.06.
The company's R&D costs were $44.1 million for the recently completed quarter, down 9 percent from $48.5 million in Q2 2019. Its SG&A spending was $102.4 million, down 18 percent from $124.5 million in the year-ago quarter.
Bruker did not provide a full year 2020 guidance. It said that it expected Q3 2020 results to decline year over year due to the SARS-CoV-2 pandemic but that it expects sequential improvement in revenues from Q2 to Q3 2020.
Bruker ended the quarter with $746.8 million in cash and cash equivalents, and $50 million in short-term investments.
In Tuesday morning trading on Nasdaq, Bruker shares were down 5 percent to $43.98.