Benzinga | May 5, 2021 04:05PM EDT

Bruker Beats On Q1 Earnings, Raises FY21 Guidance

* Bruker Corp (NASDAQ: BRKR) reported first-quarter FY21 revenue growth of 30.8% year-on-year to $554.7 million, beating the analyst consensus of $513.06 million.

* Revenue increased by 23.8% on an organic basis. Foreign currency translation and acquisitions drove 6.2% and 0.8% growth.

* Bruker BioSpin revenue rose 31.8% Y/Y to $159.4 million, Bruker CALID rose 36.9% Y/Y to $192.4 million, Bruker Nano rose 28.6% to $154.4 million, and BEST rose 13.4% to $52.4 million.

* U.S. revenue rose 8.8% Y/Y to $119 million, Europe increased 51.8% Y/Y to $219.9 million, Asia Pacific rose 31.6% to $180.5 million, while Other regions rose 8.6% to $35.3 million.

* Non-GAAP operating income rose 217.4% to $102.2 million, and the margin expanded 108 basis points to 18.4%.

* Non-GAAP EPS of $0.44 beat the analyst consensus of $0.32.

* The company generated $98 million in operating cash flow and held $696.8 million in cash and equivalents.

* Guidance: Bruker's FY21 organic growth guidance was raised from the previous 11% to 13%, to 14% to 16%.

* It sees Non-GAAP operating margin expansion of 210 bps to 250 bps, Non-GAAP EPS guidance raised to $1.82 to $1.87 versus the consensus of $1.82.

* Bruker is well-positioned for a strong year, as it invested in Project Accelerate 2.0 opportunities in proteomics, spatial biology, and diagnostics, operational excellence, and productivity, CEO Frank Laukien said.

* Price action: BRKR shares closed up by 0.76% at $69.01 on Wednesday.