Bruker this week reported a 33 percent increase year over year in Q2 revenues with its Scientific Instruments division, which houses its mass spectrometry business, also growing 33 percent.
While CEO Frank Laukien noted during a call discussing the results that recent mass spec releases like the maXis 4G UHR-QTOF and the maXis Impact likely hadn't contributed to these revenues, he said "order uptake is strong" for the new instruments, and they are "getting very good traction, very good interest."
For the three months ended June 30, the company posted $401.2 million in revenues, up from $300.9 million a year ago, surpassing analysts' forecasts of $384.1 million. Its Scientific Instruments division totaled $377.9 million in revenues, compared to $284.9 million a year ago.
Like other mass spec vendors (PM 07/29/2011), Bruker saw some weakness in the academic and government-funded markets, a trend Laukien said the company expects to continue – particularly in the US – in the second half of the year.
Academic funding in Europe and Asia, however, "has been quite good," he noted.
Bruker's profit for the quarter slid 2 percent to $22.1 million, or $.13 per share, from $22.6 million, or $.14 a share, a year ago. On an adjusted basis, EPS was $.20, just short of the consensus Wall Street estimate of $.21.
The firm's R&D expenses increased to $44.3 million from $31.2 million, a 42 percent uptick. Its SG&A costs rose 52 percent to $97.5 million from $64 million a year ago.
Bruker ended the quarter with $173.1 million in cash, cash equivalents, and restricted cash.