BILLERICA, Mass.–(BUSINESS WIRE)–Bruker Corporation (Nasdaq: BRKR) today announced financial results for its first quarter ended March 31, 2024.
Bruker’s President and CEO Frank H. Laukien commented: “Bruker’s first quarter 2024 was well executed by our teams with continued organic revenue growth, even when compared to a very strong prior year first quarter. Demand for our innovative and differentiated products and solutions has remained solid, and we are maintaining our 5% to 7% organic revenue growth guidance for FY 2024. We are raising our CER revenue growth guidance for the year by 400 bps to 12% to 14%, now including the closed Chemspeed and ELITech acquisitions.”
Dr. Laukien continued: “We are pleased to announce in a simultaneous press release today that we have just closed the acquisition of the ELITech sample-to-answer molecular diagnostics business, focused on infectious disease, transplant and esoteric testing. ELITech adds specialty molecular diagnostics experience, leadership talent and additional customer access to Bruker’s diagnostics business. Going forward, we expect ELITech to be accretive to our consumables revenue percentage and organic revenue CAGR, as well as to our non-GAAP operating margins and EPS.”
First Quarter 2024 Financial Results
Bruker’s revenues for the first quarter 2024 were $721.7 million, an increase of 5.3% compared to $685.3 million in Q1 2023. In the first quarter of 2024, revenues increased 1.6% organically yoy. Growth from acquisitions was 3.8%, while foreign currency translation had a negative effect of 0.1%.
First quarter 2024 Bruker Scientific Instruments (BSI) segment revenues of $651.1 million increased 3.9% yoy, with organic revenue flat. First quarter 2024 Bruker Energy & Supercon Technologies (BEST) segment revenues of $73.1 million increased 17.5% yoy, with organic revenue growth, net of intercompany eliminations, of 18.9%.
First quarter 2024 GAAP operating income was $64.8 million, compared to $122.7 million in Q1 2023. Non-GAAP operating income was $100.7 million in the first quarter of 2024, compared to $139.4 million in Q1 2023. Bruker’s first quarter 2024 non-GAAP operating margin was 14.0%, compared to 20.3% in Q1 2023.
First quarter 2024 GAAP diluted earnings per share (EPS) were $0.35, compared to $0.52 in Q1 2023. First quarter 2024 non-GAAP diluted EPS were $0.53, compared to $0.64 in Q1 2023.
Fiscal Year 2024 Financial Outlook
Bruker’s FY 2024 updated guidance now includes the expected benefits of the Chemspeed acquisition closed in Q1 2024, and of the ELITech acquisition, which closed on April 30, 2024. Our updated FY 2024 guidance does not include the pending, EPS-dilutive NanoString acquisition, announced by Bruker on April 22, 2024, and expected to close in Q2-24.
Bruker now expects FY 2024 revenues of $3.29 to $3.35 billion, up $60 million from our prior guidance of $3.23 to $3.29 billion. Bruker’s updated FY 2024 revenue guidance implies 11% to 13% year-over-year reported revenue growth, up from our prior guidance of 9% to 11%, and including yoy contributions from:
- Organic revenue growth of 5% to 7%, no change from prior guidance
- Constant exchange rate (CER) revenue growth of 12% to 14%, up 400 bps vs. prior guidance, and reflecting all closed acquisitions, including Chemspeed and ELITech
- Foreign currency translation headwind of -1%, vs. prior expectation of a +1% tailwind.
Bruker now expects FY 2024 non-GAAP EPS of $2.79 to $2.84, up 8 cents from our prior guidance of $2.71 to $2.76, and excluding the estimated impact of the pending dilutive NanoString acquisition.
Bruker’s updated FY 2024 revenue and non-GAAP EPS guidance is based on foreign currency exchange rates as of March 31, 2024.
For the Company’s outlook for 2024 organic revenue growth, M&A revenue growth, constant exchange rate revenue growth, and non-GAAP EPS, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a description of items excluded from our expected non-GAAP EPS.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough discoveries and develop new applications that improve the quality of human life. Bruker’s high performance scientific instruments and high value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular, and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity, and customer success in life-science molecular and cell biology research, in applied and pharma applications, in microscopy and nanoanalysis, as well as in industrial research, semiconductor metrology and cleantech applications. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit: www.bruker.com.
