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Bruker Q4 Revenues up 9 Percent

NEW YORK – Bruker on Friday reported that its fourth quarter revenues were up 9 percent year over year, driven by growth across almost all of the firm's business segments.

For the three months ended Dec. 31, 2021, the company reported revenues of $683.5 million, up from $627.5 million in Q4 2020 and beating the consensus Wall Street estimate of $663.9 million.

Organic revenues grew 11 percent during the quarter as acquisitions added a fraction of a percent while foreign currency translation had a negative effect of 3 percent.

The company's CALID segment, which houses its life science mass spec business, reported revenues of $239.7 million during the quarter, up 14 percent from $209.4 million in Q4 2020. Its Nano group posted revenues of $192.9 million, up 18 percent from $163.4 million in the year-ago period. Revenues from its BioSpin group were $196.6 million, down 3 percent from $201.9 million in Q4 2020. Revenues from its BEST group were $57.8, up 6 percent from $54.7 million in Q4 2020.

During a conference call following release of the earnings results, Frank Laukien, Bruker's president, chairman, and CEO, said the company's business had recovered to and accelerated beyond pre-pandemic levels.

He noted that Bruker's proteomics, microbiology, biopharma, and industrial markets had shown strong performance throughout the year. Within life sciences mass spec, the company saw strong demand for its timsTOF platform, which Laukien noted generated more than $100 million in revenue in 2021.

Microbiology and molecular diagnostics also showed strength, driven by what Laukien said was "high demand for MALDI Biotyper instruments and consumables." The company posted $6 million in SARS-CoV-2 revenue, which Laukien said represented a decline compared to Q4 2020.

He also cited several recent deals that he said Bruker expects will continue to drive its growth in proteomics. Last week, the company announced it had acquired liquid chromatography firm PepSep and entered into an OEM agreement with IonOpticks, two deals intended to round out its portfolio of LC devices for pairing with its timsTOF instrument. In January, Bruker became a majority investor in proteomics sample prep firm PreOmics.

Looking ahead, Laukien said the company expects to see double-digit growth in its proteomics and spatial biology business in 2022.

Bruker's Q4 net income was $75.7 million, or $.50 per share, up from $68.9 million, or $.45 per share, in Q4 2020. On an adjusted basis, Q4 EPS was $.59, above the average Wall Street estimate of $.58.

Bruker's Q4 R&D costs rose 2 percent to $58.1 million from $57.1 million the year before, while its SG&A expenses were $153.3 million, up 18 percent from $130.4 million a year ago.

For full-year 2021. Bruker reported revenues of $2.42 billion, up 22 percent from $1.99 billion in 2020 and above the Wall Street consensus estimate of $2.40 billion.

Organic revenue was up 19 percent year over year, with acquisitions adding less than 1 percent and favorable currency translation adding 2 percent.

The CALID segment reported full-year 2021 revenues of $819.6 million during the quarter, up 25 percent from $653.9 million in 2020. The Nano group posted revenues of $697.5 million, up 25 percent from $556.1 million in 2020. Revenues from the BioSpin group were $691.0 million, up 15 percent from $600.0 million the year before. Revenues from the BEST group were $223.8, up 18 percent from $189.5 million in 2020.

For full-year 2021, Bruker reported a profit of $277.1 million, or $1.81 per share, versus $157.8 million, or $1.02 per share, in 2020. On an adjusted basis, full-year 2021 EPS was $2.10, beating the average Wall Street estimate of $2.09.

Full-year 2021 R&D costs were up 12 percent to $220.8 million from $198.0 million in 2020. SG&A expenses were up 20 percent in 2021 to $561.2 million from $468.6 million the year before.

The company ended the year with cash, cash equivalents, and short-term investments of $1.17 billion.

Bruker said it expects between 5 percent and 7 percent year-over-year revenue growth in 2022, including between 6 percent and 8 percent organic revenue growth with a foreign currency headwind of around 2 percent and a contribution of 1 percent from acquisitions. It said it expects adjusted full-year 2022 EPS of between $2.29 and $2.33.

In Friday morning trading on the Nasdaq, Bruker's stock was up 2 percent to $73.21.

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