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Bruker Reports Second Quarter 2018 Financial Results

Release time:2018-08-31Visit:354

  Bruker Reports Second Quarter 2018 Financial Results

 

 

BILLERICA, Mass., Aug. 2, 2018 /PRNewswire/ -- Bruker Corporation (NASDAQ: BRKR) today announced financial results for its second quarter and six months ended June 30, 2018.

 

Bruker's revenues for the second quarter of 2018 were $443.7 million, an increase of 6.9% compared to the second quarter of 2017. In the second quarter of 2018, Bruker's year-over-year organic revenue growth was 2.9%. Favorable foreign currency translation contributed 3.3% to revenue growth, while growth from acquisitions was 0.7%.

 

Second quarter 2018 Bruker Scientific Instruments (BSI) segment revenues of $402.4 million increased 11.0%, compared to the second quarter of 2017, including organic growth of 7.1%. Second quarter 2018 BEST segment revenues of $42.7 million declined 20.9%, compared to the second quarter of 2017, including an organic decline, net of intercompany eliminations, of 25.6%.

 

Second quarter 2018 GAAP operating income was $48.8 million, compared to $35.3 million in the second quarter of 2017. Non-GAAP operating income was $58.9 million, compared to $53.5 million in the second quarter of 2017. On a non-GAAP basis, Bruker's second quarter 2018 operating margin of 13.3% increased 40 basis points, compared to 12.9% in the second quarter of 2017, as operational improvements were offset to a significant extent by a strong unfavorable impact from changes in foreign currency rates.  

 

Second quarter 2018 GAAP diluted earnings per share (EPS) were $0.20, compared to $0.15 in the second quarter of 2017. Second quarter 2018 non-GAAP diluted EPS were $0.25, compared to $0.23 in the second quarter of 2017.

 

For the first six months of 2018, Bruker's revenues increased 9.5% to $875.4 million, from $799.8 million in the first six months of 2017. In the first six months of 2018, Bruker's year-over-year organic revenue growth was 3.4%. Favorable foreign currency translation contributed 5.5% to revenue growth, while growth from acquisitions was 0.6%.

 

In the first six months of 2018, BSI segment revenues of $789.4 million increased 11.4%, compared to the first six months of 2017, including organic growth of 5.5%. BEST segment revenues in the first six months of 2018 of $88.3 million declined 6.2% compared to the first six months of 2017, including an organic decline, net of intercompany eliminations, of 12.6%.

 

In the first six months of 2018, GAAP operating income was $86.9 million, compared to $72.9 million in the first six months of 2017. Non-GAAP operating income was $111.8 million, compared to $102.7 million in the first six months of 2017. On a non-GAAP basis, Bruker's operating margin in the first six months of 2018 was 12.8%, unchanged from the first six months of 2017, as healthy year-over-year operational margin improvements were offset primarily by a strong unfavorable impact from changes in foreign currency rates.   

 

In the first six months of 2018, GAAP EPS were $0.37, compared to $0.28 in the first six months of 2017. Non-GAAP EPS for the first six months of 2018 were $0.49, an increase of 19.5% over $0.41 in the first six months of 2017.

A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release.

 

Frank Laukien, President and CEO of Bruker, commented: "Bruker had a solid second quarter with good 7% organic revenue growth in our core Scientific Instruments segment, and an expected decline in BEST revenue.  For the first half, our non-GAAP operating margin expanded over 100 basis points on a constant currency basis, and our non-GAAP EPS has increased about 20% year-over-year.  Given our year-to-date results and favorable bookings trends, we remain confident in our ability to deliver on our financial guidance for the full year 2018."

 

He continued: "In the second quarter, we have introduced compelling new products in areas with high growth potential, including our scimaX magnetic resonance mass spectrometer for metabolomics, new ultra-high sensitivity and high-throughput workflows for our timsTOF Pro for proteomics, and our novel CE-IVD marked "Bologna workflow" for the fast and cost-effective identification of bloodstream infections and selected antibiotic resistance mechanisms. We remain focused on our dual strategy of portfolio transformation and operational excellence, and we are optimistic about our Project Accelerate high-growth, high-margin initiatives."

 

Fiscal Year (FY) 2018 Financial Outlook

For FY 2018, the Company now expects revenue growth of approximately 6.5%, including the following updates to prior guidance:

The Company continues to expect an increase in FY 2018 non-GAAP operating margin ranging from 50 bps to 80 bps year-over-year, including an estimated 70 bps headwind from foreign currency translation. Bruker also continues to expect non-GAAP EPS between $1.34 and $1.38 for FY 2018, an 11% to 14% increase compared to FY 2017.

For the Company's outlook for FY 2018 non-GAAP operating margin 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 operating margin and non-GAAP EPS.

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