NEW YORK – Bruker reported before the open of markets on Thursday that revenues in the third quarter rose 5 percent year over year.
For the three months ended Sept. 30, revenues were $638.9 million, up from $608.9 million in Q3 2021 and beating the consensus Wall Street estimate of $608.2 million.
The company saw a 9 percent negative effect on revenues from currency translation and a positive effect of 1 percent from acquisitions.
The company's CALID group, which houses its life sciences and mass spectrometry business, posted 7 percent growth in the quarter with revenues of $207.5 million compared to $194.2 million the year before.
During a conference call following release of the earnings results, President and CEO Frank Laukien noted the strong demand for the company's timsTOF mass spec platform, which grew in the double digits year over year.
He highlighted a recent deal in which BioMS Sweden, the Swedish National Infrastructure for Biological Mass Spectrometry, purchased six timsTOF systems for clinical proteomics research and future development of laboratory developed tests.
Revenues for Bruker BioSpin fell 6 percent to $175.7 million from $186.5 million a year ago, Bruker Nano revenues rose 14 percent to $199.1 million from $174.9 million, and Bruker Energy & Supercon Technologies (BEST) revenues rose 4 percent to $59.3 million from $57.0 million.
The Billerica, Massachusetts-based company reported a profit of $88.1 million, or $.59 per share, in Q3 compared to a profit of $87.1 million, or $.57 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.66, above the consensus Wall Street estimate of $.55.
Bruker's R&D costs were $56.2 million for the quarter, up 8 percent from $52.1 million in Q3 2021. Its SG&A spending was $144.8 million, up 2 percent from $141.3 million in the year-ago quarter.
Bruker ended the quarter with $629.3 million in cash, cash equivalents, and restricted cash.
The company raised its full-year 2022 organic growth to between 8 percent and 10 percent, up from the prior guidance of 7 percent to 9 percent, but it lowered its full-year 2022 reported revenue guidance to growth of between 1.5 percent and 3.5 percent, down from 2.5 percent to 4.5 percent, due to increased foreign currency translation headwinds. It maintained its previous 2022 EPS guidance of $2.29 to $2.33.
In Thursday morning trading on Nasdaq, Bruker shares were down 4 percent to $58.90.