NEW YORK – Bruker on Tuesday reported a 17 percent year-over-year increase in second quarter revenues, driven by growth in all its business groups.
For the three-month period ended June 30, Bruker's revenues climbed to $800.7 million from $681.9 million the year before, beating the consensus Wall Street estimate of $796.5 million.
Organic revenues were up 7 percent year over year with acquisitions contributing 11 percent growth and foreign currency translation having a negative effect of 1 percent.
On a conference call following the release of the Q2 results, Bruker President and CEO Frank Laukien said that while the company had seen "mostly good demand" for its scientific instruments and life science tools, sales to biopharma customers and into the Chinese market had been weak.
Laukien provided an update on integration of Bruker's recent NanoString acquisition, noting that the deal has been fully incorporated into the company's full-year 2024 guidance. He said Bruker expects NanoString will generate around $10 million in revenue per month in 2024 with a "significant step-up" in 2025, adding that the company expects by the end of 2024 to see the benefit of cost actions, including facility consolidations, insourcing of NanoString's CosMx production, and cloud software savings.
Laukien said there has been no new developments in NanoString's patent disputes with 10x Genomics since a German court lifted an injunction prohibiting sales of the company's CosMx Spatial Molecular Imager products in July.
Bruker's CALID group, which houses its life science mass spectrometry business, posted revenues of $265.6 million in the quarter, up 17 percent from $227.2 million the year before. Laukien noted the strong performance during the quarter of the company's MALDI Biotyper instrument.
The company's BioSpin group had revenues of $217.5 million in the quarter, up 34 percent from $162.0 million in Q2 2023. Nano group revenues were $252.5 million, up 12 percent from $225.1 million, and BEST revenues were $69.1 million, down 5 percent from $72.7 million.
Bruker reported a profit of $7.6 million, or $.05 per share, compared to $57.1 million, or $.39 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.52, matching the consensus Wall Street estimate.
The company's R&D costs were $92.2 million in Q2, up 30 percent from $71.0 million in Q2 2023. Its SG&A spending was $221.3 million, up 24 percent from $177.9 million in the year-ago quarter. The firm also reported $23 million in other charges for the quarter compared to $5.4 million for Q2 2023.
Bruker raised its full-year 2024 revenue guidance to a range of $3.38 billion to $3.44 billion, up from its previous guidance of $3.29 billion to $3.35 billion, implying year-over-year revenue growth between 14 percent and 16 percent. Wall Street had projected full-year 2024 revenue of $3.40 billion.
It maintained its organic revenue growth guidance of between 5 percent and 7 percent and lowered its full-year non-GAAP EPS guidance to between $2.59 and $2.64, down from its previous guidance of between $2.79 and $2.84. Wall Street had projected EPS of $2.64.
Bruker CFO Gerald Herman said the company expects mid-single-digit year-over-year organic revenue growth and for non-GAAP EPS to be "down meaningfully" year over year.
Bruker ended the quarter with $169.7 million in cash and cash equivalents.
In Tuesday morning trading on the Nasdaq, Bruker shares were up less than 4 percent at $66.13.