NEW YORK (GenomeWeb) – Bruker reported after the close of the market Monday that its fourth quarter revenues declined 2 percent year over year.
For the three months ended Dec. 31, the company reported revenues of $470.3 million, down from $478.2 million in Q4 2015. The results beat the average analysts' estimate of $464.5 million.
Bruker said that the combined negative effects from currency translation and positive effects from acquisitions increased revenues in the recently completed quarter by less than 1 percent.
For the quarter, Bruker recorded net income attributable to the company of $69 million, or $.43 per share, compared to a profit of $61.4 million, or $.36 per share, in the year-ago quarter.
On an adjusted basis, Bruker had EPS of $.46, beating the consensus Wall Street estimate of $.37.
For full-year 2016, Bruker had $1.61 billion in revenues compared to $1.62 billion in 2015, and matching the consensus Wall Street estimate. Currency effects tamped down revenues by less than 1 percent, while acquisitions and divestitures increased revenues by 2 percent. Organically, revenues declined by 2 percent, the firm said.
Bruker's net income attributable to the company for 2016 rose to $153.6 million, or $.95 per share, from $101.6 million, or $.60 per share, in 2015. On a non-GAAP basis, Bruker had EPS of $1.19, beating the Wall Street estimate of $1.10.
On a conference call following the earnings release, Bruker President and CEO Frank Laukien attributed the full- year decline in organic revenues to weak academic demand in Europe and weak industrial demand worldwide. He noted, as well, that the company's MALDI Biotyper business struggled in the first half of the year.
These factors also impacted Bruker's Q4 2016 revenues, Laukien said, adding that the company saw "signs of improvement in our European orders" during Q4, but that it would need "more quarterly data points before we can confirm a trend reversal in our European orders."
Laukien said he expected the MALDI Biotyper business to grow in the single-digits in 2017.
Looking at the company's performance by division, revenues in its CALID Group, which houses its life sciences mass spectrometry business, declined by low to mid single -digits year -over -year. Its BIOSPIN group, which includes Bruker's NMR business, saw low- to mid- single-digit revenue growth. Its NANO group posted a low- single-digit decline in revenues, while its BEST group also saw a low- single-digit revenue decline.
The firm increased its Q4 R&D costs by 4 percent year over year to $38.2 million from $36.7 million. Its SG&A costs were down 3 percent to $100.1 million from $103 million.
Bruker's full year R&D costs increased 2 percent year over year to $149 million from $145.7 million, while its SG&A spending decreased less than 1 percent to $390.5 million from $392.2 million.
Bruker exited 2016 with $342.4 million in cash and cash equivalents.
The company said that for 2017, organic revenues are anticipated to grow between 1.5 percent and 2.5 percent year over year with non-GAAP EPS between $1.05 and $1.09.
Bruker shares were down 1 percent to $24.77 in trading this morning on the Nasdaq.