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Sep 30, 2023
Bruker Q3 2023 Earnings Report
Bruker's Q3 2023 financial results were announced, demonstrating strong revenue growth and increased EPS.
Key Takeaways
Bruker reported Q3 2023 revenues of $742.8 million, a 16.3% increase year-over-year, with organic revenue up 10.9%. GAAP EPS was $0.60, and non-GAAP EPS was $0.74, up 12.1% year-over-year. The company increased its FY 2023 revenue guidance to $2.88-$2.91 billion, implying a reported revenue growth of 14%-15% year-over-year.
Q3 2023 revenues reached $742.8 million, reflecting a 16.3% year-over-year increase and 10.9% organic growth.
GAAP EPS for Q3 2023 was reported at $0.60, while non-GAAP EPS rose to $0.74, marking a 12.1% year-over-year increase.
The company has raised its full-year 2023 revenue guidance to between $2.88 billion and $2.91 billion.
Bruker's acquisition of the Cellular Analysis business (formerly PhenomeX) was completed in early October.
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CapyFin.com Forward Guidance
Bruker is increasing its revenue guidance for FY 2023 to a range of $2.88-$2.91 billion. Non-GAAP EPS is expected to be $2.48-$2.53, with organic revenue growth of 11.5%-12.5%.
Positive Outlook
- Revenue guidance increased to $2.88-$2.91 billion.
- Organic revenue growth expected to be 11.5%-12.5%.
- M&A revenue growth contribution of approximately 2.5%.
- Constant currency revenue growth of 14%-15%.
- Non-GAAP EPS expected to be $2.48-$2.53.
Challenges Ahead
- Cellular Analysis business expected to have a negative impact of ~$0.12 on non-GAAP EPS in Q4 2023.
- Overall, a $0.07 decrease from prior FY 2023 guidance due to Cellular Analysis business.
- Cellular Analysis is expected to be slightly dilutive in FY 2024.
- Updated non-GAAP EPS guidance reflects a $0.05 expected increase from the core business.
- Bruker is rapidly right-sizing the Cellular Analysis cost structure