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Bruker Q1 Revenues up 15 Percent

NEW YORK — Bruker on Thursday reported a 15 percent year-over-year increase in first quarter revenues with gains across all of its business segments.

For the three-month period ended March 31, Bruker's revenues climbed to $685.3 million from $595.0 million the year before. Analysts had, on average, been expecting revenues of about $639.8 million.

Growth from acquisitions was up around 2 percent and offset by a negative effect from foreign currency translation of 4.5 percent.

Bruker's CALID unit, which includes its life sciences and mass spectrometry business, posted a 16 percent jump in revenues for the quarter to $236.7 million from $203.2 million a year earlier. Bruker BioSpin revenues were up 14 percent in the first quarter to $180.3 million from $157.8 million, while Bruker Nano's revenues rose 17 percent to $209.6 million from $178.5 million. Bruker Energy & Supercon Technologies (BEST) revenues edged up 4 percent to $62.2 million from $59.7 million.

Bruker reported a first quarter net profit of $76.5 million, or $.52 per share, compared with a year-ago profit of $61.6 million, or $.41 per share. Non-GAAP earnings per share in Q1 2023 were $.64, topping the consensus Wall Street estimate of $.55 per share.

The Billerica, Massachusetts-based company's R&D costs in the quarter increased 22 percent to $69.0 million from $56.6 million, while SG&A spending rose nearly 12 percent to $162.7 million from $145.7 million.

Bruker ended the quarter with cash, cash equivalents, and restricted cash of $601.4 million.

Looking ahead, Bruker said that it is raising its revenue guidance for full-year 2023 to between $2.83 billion and $2.88 billion compared to a previous outlook of $2.81 billion to $2.86 billion. The raised guidance implies 12 percent to 14 percent year-over-year reported revenue growth including organic revenue growth of 9 percent to 11 percent.

The company now expects non-GAAP earnings for 2023 of between $2.55 and $2.60 per share, up from prior guidance of $2.52 to $2.57 per share.

During early morning trading on the Nasdaq, shares of Bruker were up $3.53 to $83.76.