Q1 2024 Bruker Corp Earnings Call Transcript
Key Points
- Bruker Corp (BRKR) successfully closed the ELITech acquisition ahead of schedule, enhancing its portfolio and raising its fiscal year 2024 revenue growth guidance by 400 basis points to 12-14%.
- Reported a 5.3% year-over-year increase in Q1 2024 revenues to $721.7 million, with acquisitions contributing 3.8% to the top line.
- Maintained solid backlog coverage of about 7.5 months, supporting consistent future revenue generation.
- Introduced new scientific capabilities and products, such as ultrafast spinning probes and dynamic nuclear polarization for NMR, which can significantly enhance research capabilities.
- Completed strategic acquisitions like Chemspeed and ELITech, and pending NanoString acquisition, aimed at strengthening Bruker's position in high-growth markets and expected to contribute to long-term profitable growth.
- Experienced a revenue slippage of approximately $15 million into Q2 2024, impacting Q1 revenue figures.
- Reported a decrease in Q1 2024 non-GAAP operating margin by 630 basis points year-over-year, primarily due to acquisition costs and less favorable product mix.
- Q1 2024 non-GAAP EPS decreased to $0.53 from $0.64 in Q1 2023, reflecting margin compression and acquisition-related dilution.
- Anticipates initial margin and EPS dilution from recent acquisitions in 2024, although long-term improvement is expected through Bruker management processes.
- Faces challenges in the China market with single-digit revenue decline due to regional softness, although long-term prospects remain due to China's commitment to science and technology.
Good morning, and welcome to the Bruker Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded.
I'd now like to turn the floor over to Justin Ward, Senior Director of Investor Relations and Corporate Development. Please go ahead.
Thank you, and good morning, everybody. I would like to welcome everyone to Bruker Corporation's First Quarter 2024 Earnings Conference Call. My name is Justin Ward, and I am Bruker's Senior Director of Investor Relations and Corporate Development. Joining me on today's call are Frank Laukien, our President and CEO; and Gerald Herman, our Executive Vice President and CFO.
In addition to the earnings release we issued earlier today, during today's conference call, we will be referencing a slide presentation that can be downloaded from the Events and Presentations section of Bruker's Investor Relations website. During today's call, we will be highlighting
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