Bruker Reports Third Quarter 2019 Financial Results

On October 31, 2019 Bruker Corporation (Nasdaq: BRKR) reported financial results for its third quarter and for the nine months ended September 30, 2019 (Press release, Bruker, OCT 31, 2019, View Source [SID1234550152]).

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Third Quarter 2019 Financial Results

Bruker’s revenues for the third quarter of 2019 were $521.1 million, an increase of 11.7% compared to the third quarter of 2018. In the third quarter of 2019, Bruker’s year-over-year organic revenue growth was 7.6%. Growth from acquisitions was 6.4%, while foreign currency translation had a negative effect of 2.3%.

Third quarter 2019 Bruker Scientific Instruments (BSI) segment revenues of $471.8 million increased 13.1% year-over-year, including organic growth of 8.6%. Third quarter 2019 Bruker Energy & Supercon Technologies (BEST) segment revenues of $52.5 million increased 3.1% year-over-year, including an organic revenue decline of 0.8%, net of intercompany eliminations.

Third quarter 2019 GAAP operating income was $87.8 million, compared to $69.1 million in the third quarter of 2018, representing GAAP operating margins of 16.8% and 14.8%, respectively. Non-GAAP operating income was $95.5 million, compared to $83.3 million in the third quarter of 2018. Bruker’s third quarter 2019 non-GAAP operating margin of 18.3% increased 40 basis points from 17.9% in the third quarter of 2018.

Third quarter 2019 GAAP diluted earnings per share (EPS) were $0.39, compared to $0.28 in the third quarter of 2018. Non-GAAP EPS were $0.43, a 16.2% increase compared to $0.37 in the third quarter of 2018.

First Nine Months of 2019 Financial Results

For the first nine months of 2019, Bruker’s revenues were $1,472.7 million, an increase of 9.7% from $1,342.0 million in the first nine months of 2018. In the first nine months of 2019, Bruker’s organic revenue growth was 6.0% year-over-year. Growth from acquisitions was 7.0%, while foreign currency translation had a negative effect of 3.3%.

In the first nine months of 2019, BSI segment revenues of $1,331.0 million increased 10.3% year-over-year, including organic growth of 5.8%. First nine months 2019 BEST segment revenues of $152.2 million increased 9.3% year-over-year, including organic growth of 7.0%, net of intercompany eliminations.

In the first nine months of 2019, GAAP operating income was $183.2 million, compared to $156.0 million in the first nine months of 2018, representing GAAP operating margins of 12.4% and 11.6%, respectively. Non-GAAP operating income was $231.5 million, compared to $195.1 million in the first nine months of 2018. Bruker’s non-GAAP operating margin in the first nine months of 2019 was 15.7%, an increase of 120 basis points, compared to 14.5% in the first nine months of 2018.

In the first nine months of 2019, GAAP EPS were $0.82, compared to $0.65 in the first nine months of 2018. Non-GAAP EPS were $1.04, an increase of 20.9% over $0.86 in the first nine months of 2018.

A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release.

Frank H. Laukien, President and CEO of Bruker, commented: "We are very pleased with our year-to-date progress, with 6% organic and 13% constant currency revenue growth, highlighted by our strong performance in life science mass spectrometry solutions and in microbiology. We are on track to deliver solid margin and EPS improvements in 2019, and we are increasing our non-GAAP EPS outlook for the full year."

Fiscal Year (FY) 2019 Financial Outlook

For FY 2019, Bruker continues to expect year-over-year revenue growth of 7.0% to 8.0%, which now includes the following estimates:

organic revenue growth of 4.5% to 5.5%;
growth from acquisitions of approximately 5.5%;
constant currency revenue growth of 10.0% to 11.0%; and
an increased foreign currency revenue headwind of approximately 3%.
Bruker continues to expect non-GAAP operating margin expansion in FY 2019 of 90 to 120 basis points over its FY 2018 non-GAAP operating margin of 16.8%. This now includes approximately 50 basis points of foreign currency tailwind. Bruker is raising its FY 2019 non-GAAP EPS outlook to a range between $1.59 and $1.62, representing a 13.5% to 15.5% increase compared to FY 2018.

For our outlook for FY 2019 non-GAAP operating margin and non-GAAP EPS, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures on a forward-looking basis. Please see "Use of Non-GAAP Financial Measures" below for a description of items excluded from our expected non-GAAP operating margin and non-GAAP EPS.

Quarterly Earnings Call

Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters today, October 31, at 4:30 p.m. Eastern Daylight Time. To listen to the webcast, investors can go to View Source and click on the "Q3 2019 Earnings Webcast" hyperlink. A slide presentation that will be referenced during the webcast will be posted to our Investor Relations website shortly before the webcast begins. Investors can also listen to the earnings webcast via telephone by dialing 1-888-437-2685 (US toll free) or +1-412-317-6702 (international) and referencing "Bruker’s Third Quarter 2019 Earnings Conference Call". A telephone replay of the conference call will be available by dialing 1-877-344-7529 (US toll free) or +1-412-317-0088 (international) and entering conference number: 10136323. The replay will be available beginning one hour after the end of the conference through December 1, 2019.

Centene To Present At Two Healthcare Conferences In November

On October 31, 2019 Centene Corporation (NYSE: CNC) reported it will present at two healthcare conferences in November (Press release, CENTENE, OCT 31, 2019, View Source [SID1234550151]).

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At the Credit Suisse 28th Annual Healthcare Conference, to be held Nov. 11-13, 2019, at The Phoenician in Scottsdale, Ariz., Centene will present on Tuesday, November 12th, at 3:35 p.m. Mountain Standard Time (MST). A simultaneous live audio webcast is available at: View Source;tp_key=2d92dbb2f6&tp_special=8.

On Thursday, November 14th at 11:15 a.m. Central Standard Time (CST), Centene will present at the Stephens Nashville Investment Conference, to be held Nov. 13-15, 2019 at the Omni Nashville Hotel. A simultaneous live audio webcast is available at: View Source

Webcast replays of these presentations will be available afterwards via the Company’s website at www.centene.com under the Investors section.

AMN Healthcare Announces Third Quarter 2019 Results

On October 31, 2019 AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in healthcare workforce solutions and staffing services, reported its third quarter 2019 financial results (Press release, AMN Healthcare Services, OCT 31, 2019, View Source [SID1234550150]). Financial highlights are as follows:

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Dollars in millions, except per share amounts.

* See "Non-GAAP Measures" below for a discussion of our use of non-GAAP items and the table entitled "Supplemental Financial and Operating Data" for a reconciliation of non-GAAP items.

Highlights

Third quarter financial results above high end of Company guidance
Strong demand continues with Nurse and Allied orders at a three-year high, while a tight labor market limits near-term volume growth
Advanced Medical, our recently acquired allied and nursing staffing business, is performing well with double-digit year-over-year revenue growth
Generated $72 million of free cash flow in Q3, driven in part by a reduction in DSO
On October 1, closed on new 8-year, $300 million unsecured debt financing to recharge the Company’s capacity for acquisitions and stock repurchases
"A solid demand environment and sound execution by the AMN team enabled us to beat expectations for revenue and earnings in the third quarter. As healthcare organizations increasingly seek total talent partners, we have been fortunate to expand and add progressive new clients. This gives us the opportunity to help clients optimize their workforce while also providing our candidates with even more attractive career opportunities," said Susan R. Salka, Chief Executive Officer of AMN Healthcare.

"The need for healthcare talent and workforce solutions by our clients has accelerated as labor market conditions remain very constrained. To ensure we have access to the best talent possible for our clients, we are continuing to utilize innovative recruitment strategies, and we have the ability to further leverage our expanded recruitment team from the recent Advanced acquisition," Ms. Salka added.

Third Quarter 2019 Results

Consolidated revenue for the quarter was $568 million, an 8% increase over prior year and 6% higher than prior quarter. On an organic basis, consolidated revenue was up 1% over prior year. Revenue for the Nurse and Allied Solutions segment was $363 million, up 18% year over year (6% organic) and 9% sequentially. Travel Nurse division revenue grew 10% year over year with 4% organic growth. Allied division revenue increased 46% year over year, 11% organic.

The Locum Tenens Solutions segment reported revenue of $84 million, down by 17% year over year but up 3% sequentially. Other Workforce Solutions segment revenue was $121 million for an increase of 1% year over year, driven by growth in our interim leadership and VMS businesses.

Gross margin was 33.5%, higher by 30 basis points year over year and flat sequentially. The year-over-year variance was driven by improved gross margins in the Nurse and Allied and Other Workforce Solutions segments.

SG&A expenses were $133 million, or 23.5% of revenue, compared with $121 million, or 23.0% of revenue, in the same quarter last year. SG&A was $122 million, or 22.7% of revenue, in the previous quarter. The year-over-year increase in SG&A costs came mainly from the recent acquisitions, a higher earn-out provision and higher employee-related expenses, partly offset by lower legal reserves.

Income from operations was $40 million, or 7.0% of revenue, compared with $43 million, or 8.1% of revenue, in the same quarter last year. Adjusted EBITDA was $69 million, a year-over-year increase of 3%. Adjusted EBITDA margin was 12.2%, representing a decrease of 60 basis points year over year.

Net income was $24 million, or $0.49 per diluted share, compared with $28 million, or $0.58 per diluted share, in the same quarter last year. Adjusted diluted EPS was $0.81.

At September 30, 2019, cash and cash equivalents totaled $41 million. Cash flow from operations was $81 million for the quarter, and capital expenditures were $9 million. The Company ended the quarter with total debt outstanding of $620 million, with a leverage ratio as calculated in accordance with the Company’s credit agreement of 2.2 to 1.

October Debt Refinancing

In October, AMN issued $300 million of 4.625% senior notes due in 2027 and used the proceeds to repay the Company’s revolving debt and term loan, which totaled $295 million. After these actions, the Company had total debt of $625 million and unused borrowing capacity of $383 million on its senior credit facility.

*Note: Guidance percentage metrics are approximate. For a reconciliation of adjusted EBITDA margin to operating margin, see the table entitled "Reconciliation of Guidance Adjusted EBITDA Margin to Guidance Operating Margin" below.

Revenue in the fourth quarter of 2019 is expected to be approximately 8-9% higher year over year. This guidance does not assume any material labor disruption revenue in the quarter.

Conference Call on October 31, 2019

AMN Healthcare Services, Inc. (NYSE: AMN), healthcare’s leader and innovator in workforce solutions and staffing services, will host a conference call to discuss its third quarter 2019 financial results and outlook on Thursday, October 31, 2019, at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare’s website at View Source Please log in at least 10 minutes prior to the conference call in order to download the applicable audio software. Interested parties may participate live via telephone by dialing (800) 288-8960 in the U.S. or (612) 234-9960 internationally. Following the conclusion of the call, a replay of the webcast will be available at the Company’s website. Alternatively, a telephonic replay of the call will be available starting at 7:30 p.m. Eastern Time on October 31, 2019, and can be accessed until 11:59 p.m. Eastern Time on November 14, 2019, by calling (800) 475-6701 in the U.S. or (320) 365-3844 internationally, with access code 472944.

BioLife Solutions to Report Third Quarter 2019 Financial Results and Provide Business Update on November 12, 2019

On October 31, 2019 BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer and supplier of best-in-class bioproduction tools for cell and gene therapies, ("BioLife" or the "Company"), reported that the Company’s third quarter 2019 financial results will be released after market close on Tuesday, November 12, 2019, and that the Company will host a conference call and live webcast at 4:30 p.m. ET (1:30 p.m. PT) that afternoon (Press release, BioLife Solutions, OCT 31, 2019, View Source [SID1234550149]). Management will provide an overview of the Company’s financial results and a general business update.

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To access the webcast, log on to the Investor Relations page of the BioLife Solutions website at www.biolifesolutions.com/earnings. Alternatively, you may access the live conference call by dialing (844) 825-0512 (U.S. & Canada) or (315) 625-6880 (International) with the following Conference ID: 7207519. A webcast replay will be available approximately two hours after the call and will be archived on www.biolifesolutions.com for 90 days.

Medpace Holdings, Inc. to Present at Credit Suisse Healthcare Conference

On October 31, 2019 Medpace Holdings, Inc. (Nasdaq: MEDP) ("Medpace") reported that it will present at the following investor conference in November (Press release, Medpace, OCT 31, 2019, View Source [SID1234550148]):

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Credit Suisse Healthcare Conference
Location: Scottsdale, AZ
Date: Tuesday, November 12, 2019
Presentation: 8:35 a.m. MT (10:35 a.m. ET)
Speakers: Dr. August Troendle, President & Chief Executive Officer, and Jesse Geiger, Chief Financial Officer & Chief Operating Officer, Laboratory Operations

A live webcast of the presentation will be accessible through the "Investors" section of the Company’s website at www.medpace.com and will be available for replay following the event.