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Bruker Q4 Earnings & Revenues Surpass Estimates, Stock Falls
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Bruker Corporation (BRKR - Free Report) delivered adjusted earnings per share (EPS) of 76 cents for the fourth quarter of 2024, up 8.6% year over year. The figure surpassed the Zacks Consensus Estimate by 1.3%.
The adjustments include expenses related to the amortization of purchased intangibles, acquisition-related costs and restructuring costs, among others.
GAAP EPS was 9 cents compared with $1.41 in the year-ago period.
For the full year, adjusted earnings were $2.41 per share, down 6.6% from the year-ago period’s levels. It also topped the Zacks Consensus Estimate by 0.4%.
Bruker's fourth-quarter revenues were $979.6 million, up 14.6% year over year. However, the figure topped Zacks Consensus Estimate by 0.9%.
Excluding the positive impacts of 11.9% from acquisitions and a 1.2% negative impact of foreign currency rates, the company witnessed organic revenue growth of 3.9%.
Total revenues for 2024 were $3.37 billion, reflecting a 13.6% rise from the year-ago period’s levels. The figure almost came in line with the Zacks Consensus Estimate.
Following the earnings announcement, shares of BRKR dipped 0.9%, closing at $51.15 yesterday.
BRKR's Q4 Revenues by Geography
On a geographic basis, the United States witnessed a 23% year-over-year rise in revenues to $261 million. Our model forecast for this region’s sales was $235.8 million.
Europe revenues increased 31.3% year over year to $373.1 million, while Asia Pacific revenues fell 6.1% to $278 million. Our model forecast for Europe and the Asia Pacific was $355.1 million and $313.8 million, respectively, for the fourth quarter.
The Other category’s revenues increased 8.9% year over year to $67.5 million. Our model’s projection was $26.9 million.
BRKR’s Q4 Segmental Analysis
Bruker reports results under two segments — BSI (comprising BioSpin, CALID and Nano) and Bruker Energy & Supercon Technologies (“BEST”).
Revenues in the BSI segment rose 16.3% to $911.3 million in the fourth quarter of 2024.
Within the segment, BioSpin Group’s revenues surged 5.6% from the year-ago quarter’s levels to $272.4 million. Our model’s projected revenues for the segment were $294.3 million.
CALID’s revenues rose 24.7% year over year to $320.6 million. Our model forecast was $318.6 million.
Bruker Corporation Price, Consensus and EPS Surprise
Revenues from the NANO group climbed 18.5% to $318.3 million. Our model projected revenues of $289.1 million for this segment.
The BEST segment’s revenues were $72.1 million, down 4.1% year over year. Our model’s projection of $68.3 million.
Bruker’s Q4 Margin Performance
Bruker’s gross profit rose 14.6% to $493.3 million. The gross margin almost came in line with the year ago quarter, despite a 14.6% rise in costs of revenue.
SG&A expenses rose 17% to $247.3 million. R&D expenses went up 25.2% year over year to $104.4 million. Adjusted operating expenses of $351.7 million increased 25.2% year over year.
The adjusted operating profit was $141.6 million, up 4.4% from the prior-year quarter’s levels. Meanwhile, the adjusted operating margin contracted 141 basis points (bps) to 14.5%.
BRKR’s Financial Position
Bruker exited the fourth quarter of 2024 with cash and cash equivalents of $183.4 million compared with $488.3 million at the end of 2023.
The total long-term debt (including the current portion) at the end of the fourth quarter of 2024 was $2.09 billion, up from $1.28 billion at 2023-end.
The cumulative net cash flow from operating activities was $251.2 million compared with $350.1 million during last year’s comparable period.
BRKR Initiates 2025 Guidance
For the full year 2025, the company expects revenues in the range of $3.47 to $3.54 billion, suggesting a 3%-5% year-over-year growth. The Zacks Consensus Estimate for revenues is pegged at $3.59 billion.
BRKR expects its 2025 adjusted EPS in the range of $2.67-$2.72, an increase of 11% to 13% year-over-year. The consensus estimate for EPS is pegged at $2.74.
Our Take on Bruker
Bruker ended the fourth quarter of 2024 with both earnings and revenue beating estimates. BioSpin continued to witness saw strong revenue growth in Europe and the Americas, as well as in industrial research, academic/government markets and biopharma. Robust contributions from automation, service and software business also aided the growth. CALID Group benefitted from microbiology and infection diagnostics performance, driven by both the MALDI Biotyper and the newly acquired ELITech Molecular Diagnostics business, as well as the Optics IR, near IR and Raman molecular spectroscopy business.
This year, Bruker completed several strategic acquisitions to access very large addressable markets with strong secular tailwinds. The expansion brought key spatial biology, molecular diagnostics and lab automation platforms to the company’s portfolio. 2024 also marked the fourth consecutive year, Bruker has achieved well above-market organic and double-digit CER revenue growth.
Yet, the contraction of adjusted operating margin in the quarter is discouraging. Bruker has factored in the uncertainty surrounding the U.S. NIH and academic government markets into its 2025 guidance.
BRKR’s Zacks Rank & Key Picks
BRKR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are ResMed (RMD - Free Report) , Cardinal Health (CAH - Free Report) and Bio-RadLaboratories (BIO - Free Report) .
ResMed reported second-quarter fiscal 2025 adjusted EPS of $2.43, which topped the Zacks Consensus Estimate by 5.6%. Revenues of $1.28 billion exceeded the Zacks Consensus Estimate by 1.6%. RMD carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
RMD has an estimated fiscal 2025 earnings growth rate of 21.9% compared with the industry’s 13.2%. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.9%.
Cardinal Health, carrying a Zacks Rank #2, posted second-quarter fiscal 2025 adjusted EPS of $1.93, topping the Zacks Consensus Estimate by 10.3%. Revenues of $55.26 billion exceeded the Zacks Consensus Estimate by 0.7%.
CAH has an estimated five-year earnings growth rate of 10.7% compared with the industry’s 9.3%. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 9.6%.
Bio-Rad Laboratories, carrying a Zacks Rank #2, posted a third-quarter 2024 adjusted EPS of $2.01, topping the Zacks Consensus Estimate by 57%. Revenues of $649.7 million exceeded the Zacks Consensus Estimate by 2%.
BIO has an earnings yield of 3.3% compared with the industry’s 0.6% yield. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 30.5%.
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Bruker Q4 Earnings & Revenues Surpass Estimates, Stock Falls
Bruker Corporation (BRKR - Free Report) delivered adjusted earnings per share (EPS) of 76 cents for the fourth quarter of 2024, up 8.6% year over year. The figure surpassed the Zacks Consensus Estimate by 1.3%.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The adjustments include expenses related to the amortization of purchased intangibles, acquisition-related costs and restructuring costs, among others.
GAAP EPS was 9 cents compared with $1.41 in the year-ago period.
For the full year, adjusted earnings were $2.41 per share, down 6.6% from the year-ago period’s levels. It also topped the Zacks Consensus Estimate by 0.4%.
Bruker's fourth-quarter revenues were $979.6 million, up 14.6% year over year. However, the figure topped Zacks Consensus Estimate by 0.9%.
Excluding the positive impacts of 11.9% from acquisitions and a 1.2% negative impact of foreign currency rates, the company witnessed organic revenue growth of 3.9%.
Total revenues for 2024 were $3.37 billion, reflecting a 13.6% rise from the year-ago period’s levels. The figure almost came in line with the Zacks Consensus Estimate.
Following the earnings announcement, shares of BRKR dipped 0.9%, closing at $51.15 yesterday.
BRKR's Q4 Revenues by Geography
On a geographic basis, the United States witnessed a 23% year-over-year rise in revenues to $261 million. Our model forecast for this region’s sales was $235.8 million.
Europe revenues increased 31.3% year over year to $373.1 million, while Asia Pacific revenues fell 6.1% to $278 million. Our model forecast for Europe and the Asia Pacific was $355.1 million and $313.8 million, respectively, for the fourth quarter.
The Other category’s revenues increased 8.9% year over year to $67.5 million. Our model’s projection was $26.9 million.
BRKR’s Q4 Segmental Analysis
Bruker reports results under two segments — BSI (comprising BioSpin, CALID and Nano) and Bruker Energy & Supercon Technologies (“BEST”).
Revenues in the BSI segment rose 16.3% to $911.3 million in the fourth quarter of 2024.
Within the segment, BioSpin Group’s revenues surged 5.6% from the year-ago quarter’s levels to $272.4 million. Our model’s projected revenues for the segment were $294.3 million.
CALID’s revenues rose 24.7% year over year to $320.6 million. Our model forecast was $318.6 million.
Bruker Corporation Price, Consensus and EPS Surprise
Bruker Corporation price-consensus-eps-surprise-chart | Bruker Corporation Quote
Revenues from the NANO group climbed 18.5% to $318.3 million. Our model projected revenues of $289.1 million for this segment.
The BEST segment’s revenues were $72.1 million, down 4.1% year over year. Our model’s projection of $68.3 million.
Bruker’s Q4 Margin Performance
Bruker’s gross profit rose 14.6% to $493.3 million. The gross margin almost came in line with the year ago quarter, despite a 14.6% rise in costs of revenue.
SG&A expenses rose 17% to $247.3 million. R&D expenses went up 25.2% year over year to $104.4 million. Adjusted operating expenses of $351.7 million increased 25.2% year over year.
The adjusted operating profit was $141.6 million, up 4.4% from the prior-year quarter’s levels. Meanwhile, the adjusted operating margin contracted 141 basis points (bps) to 14.5%.
BRKR’s Financial Position
Bruker exited the fourth quarter of 2024 with cash and cash equivalents of $183.4 million compared with $488.3 million at the end of 2023.
The total long-term debt (including the current portion) at the end of the fourth quarter of 2024 was $2.09 billion, up from $1.28 billion at 2023-end.
The cumulative net cash flow from operating activities was $251.2 million compared with $350.1 million during last year’s comparable period.
BRKR Initiates 2025 Guidance
For the full year 2025, the company expects revenues in the range of $3.47 to $3.54 billion, suggesting a 3%-5% year-over-year growth. The Zacks Consensus Estimate for revenues is pegged at $3.59 billion.
BRKR expects its 2025 adjusted EPS in the range of $2.67-$2.72, an increase of 11% to 13% year-over-year. The consensus estimate for EPS is pegged at $2.74.
Our Take on Bruker
Bruker ended the fourth quarter of 2024 with both earnings and revenue beating estimates. BioSpin continued to witness saw strong revenue growth in Europe and the Americas, as well as in industrial research, academic/government markets and biopharma. Robust contributions from automation, service and software business also aided the growth. CALID Group benefitted from microbiology and infection diagnostics performance, driven by both the MALDI Biotyper and the newly acquired ELITech Molecular Diagnostics business, as well as the Optics IR, near IR and Raman molecular spectroscopy business.
This year, Bruker completed several strategic acquisitions to access very large addressable markets with strong secular tailwinds. The expansion brought key spatial biology, molecular diagnostics and lab automation platforms to the company’s portfolio. 2024 also marked the fourth consecutive year, Bruker has achieved well above-market organic and double-digit CER revenue growth.
Yet, the contraction of adjusted operating margin in the quarter is discouraging. Bruker has factored in the uncertainty surrounding the U.S. NIH and academic government markets into its 2025 guidance.
BRKR’s Zacks Rank & Key Picks
BRKR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are ResMed (RMD - Free Report) , Cardinal Health (CAH - Free Report) and Bio-Rad Laboratories (BIO - Free Report) .
ResMed reported second-quarter fiscal 2025 adjusted EPS of $2.43, which topped the Zacks Consensus Estimate by 5.6%. Revenues of $1.28 billion exceeded the Zacks Consensus Estimate by 1.6%. RMD carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
RMD has an estimated fiscal 2025 earnings growth rate of 21.9% compared with the industry’s 13.2%. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.9%.
Cardinal Health, carrying a Zacks Rank #2, posted second-quarter fiscal 2025 adjusted EPS of $1.93, topping the Zacks Consensus Estimate by 10.3%. Revenues of $55.26 billion exceeded the Zacks Consensus Estimate by 0.7%.
CAH has an estimated five-year earnings growth rate of 10.7% compared with the industry’s 9.3%. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 9.6%.
Bio-Rad Laboratories, carrying a Zacks Rank #2, posted a third-quarter 2024 adjusted EPS of $2.01, topping the Zacks Consensus Estimate by 57%. Revenues of $649.7 million exceeded the Zacks Consensus Estimate by 2%.
BIO has an earnings yield of 3.3% compared with the industry’s 0.6% yield. The company’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 30.5%.