NEW YORK - Bruker (NASDAQ:BRKR) Corporation (NASDAQ:BRKR) reported first-quarter earnings that surpassed analyst expectations for adjusted earnings per share (EPS), but the company's revenue fell short of estimates.
For the first quarter of 2024, the scientific instrument manufacturer posted an adjusted EPS of $0.53, which was $0.07 higher than the analyst consensus of $0.46. However, revenue for the quarter was $721.7 million, not meeting the consensus estimate of $729.92 million.
Despite the revenue shortfall, the company's financials showed a 5.3% increase compared to the same quarter last year, with organic revenue growth of 1.6% year-over-year (YoY). The constant-exchange rate (CER) revenue also saw a rise of 5.5% YoY. B
ruker's President and CEO Frank H. Laukien expressed satisfaction with the quarter's performance, highlighting the continued organic revenue growth and the solid demand for the company's products and solutions.
Looking ahead, Bruker updated its full-year 2024 guidance, raising revenue projections to $3.29 to $3.35 billion, which is $60 million higher than previous guidance and implies a reported growth of 11% to 13% YoY. The company maintained its organic revenue growth forecast at 5% to 7% YoY and increased its CER revenue growth forecast to 12% to 14% YoY, factoring in the closed acquisitions of Chemspeed and ELITech.
Adjusted EPS guidance for FY 2024 was also lifted to $2.79 to $2.84, an $0.08 increase from prior guidance, excluding the potential impact of the pending NanoString acquisition.
The updated FY 2024 revenue guidance provided by the company is slightly above the analyst consensus of $3.28 billion, while the adjusted EPS guidance range's midpoint of $2.815 is above the consensus estimate of $2.71.
Dr. Laukien also announced the recent closure of the ELITech acquisition, which he expects to contribute positively to the company's consumables revenue, organic revenue compound annual growth rate (CAGR), and adjusted operating margins and EPS. The company's first-quarter performance and optimistic outlook, however, did not include the pending, EPS-dilutive NanoString acquisition, which is expected to close in the second quarter of 2024.
Bruker's first-quarter results and forward-looking guidance reflect the company's strategic acquisitions and its ability to navigate a complex global market environment. As the company continues to integrate its recent acquisitions and anticipates the closure of the NanoString deal, investors and analysts will likely keep a close eye on Bruker's ability to maintain its growth trajectory and manage its expanding portfolio.
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