Bruker(US:BRKR)2024-05-02 11:00Revenue Guidance and Growth - Bruker expects FY 2024 revenues of $3.29 to $3.35 billion, reflecting an increase of $60 million from prior guidance and implying 11% to 13% year-over-year reported revenue growth [17]. - Organic revenue growth for FY 2024 is expected to be 5% to 7%, with constant exchange rate (CER) revenue growth projected at 12% to 14% [17]. - The updated FY 2024 guidance includes contributions from the recently closed acquisitions of Chemspeed and ELITech, but excludes the pending NanoString acquisition [26]. - Updated FY 2024 revenue guidance of $3.29 to $3.35 billion, implying reported growth of 11% to 13% year-over-year [35]. - Revenue for the three months ended March 31, 2024, was $721.7 million, a 5.3% increase from $685.3 million in the same period of 2023 [50]. Quarterly Performance - First quarter 2024 revenues were $721.7 million, a 5.3% increase compared to $685.3 million in Q1 2023, with organic revenue growth of 1.6% year-over-year [24]. - Q1 2024 revenues of $721.7 million, up 5.3% year-over-year; organic revenue up 1.6% year-over-year, and constant-exchange rate (CER) revenue up 5.5% year-over-year [35]. - The Bruker Scientific Instruments (BSI) segment reported revenues of $651.1 million, a 3.9% year-over-year increase, while the Bruker Energy & Supercon Technologies (BEST) segment revenues increased by 17.5% year-over-year to $73.1 million [19]. Earnings and Profitability - Non-GAAP diluted EPS for Q1 2024 was $0.53, down from $0.64 in Q1 2023, while GAAP diluted EPS was $0.35 compared to $0.52 in the prior year [25]. - Non-GAAP operating income for Q1 2024 was $100.7 million, compared to $139.4 million in Q1 2023 [37]. - Non-GAAP operating margin for Q1 2024 was 14.0%, down from 20.3% in Q1 2023 [37]. - FY 2024 non-GAAP EPS guidance raised to $2.79 to $2.84, up $0.08 from prior guidance [39]. - Gross profit for the same period was $352.8 million, down from $359.7 million year-over-year [46]. - Operating income decreased to $64.8 million from $122.7 million in the prior year [50]. - Net income attributable to Bruker Corporation was $50.9 million, compared to $76.5 million in the previous year [50]. - Non-GAAP earnings per share (diluted) for the quarter was $0.53, down from $0.64 in the same quarter last year [46]. - Non-GAAP gross profit was $369.4 million, with a non-GAAP gross margin of 51.2%, compared to 53.4% in the prior year [46]. Expenses and Liabilities - Non-GAAP SG&A expenses for Q1 2024 were $187.1 million, compared to $157.4 million in Q1 2023, reflecting an increase of 18.8% [9]. - Total operating expenses increased to $288.0 million from $237.0 million year-over-year, driven by higher selling, general, and administrative expenses [50]. - Total current liabilities were $1,182.5 million, slightly down from $1,202.1 million [32]. - Total current assets as of March 31, 2024, were $2,140.4 million, a slight decrease from $2,164.2 million as of December 31, 2023 [6]. - Total assets increased to $4,506.4 million as of March 31, 2024, up from $4,249.9 million at the end of 2023 [6]. - Total liabilities, redeemable noncontrolling interests, and shareholders' equity amounted to $4,506.4 million [32]. Cash Flow and Investment Returns - Cash flows from operating activities for Q1 2024 were $21.8 million, down from $87.5 million in Q1 2023 [33]. - Return on invested capital (ROIC) decreased to 17.2% from 24.0% year-over-year [62]. Currency Impact - Foreign currency translation is anticipated to have a negative impact of -1% on revenue, contrasting with a prior expectation of a +1% tailwind [17].