Brooks Automation Inc (BRKS) has announced its first-quarter earnings report for its 2021 fiscal year. Brooks Automation’s double-digit sales growth and rising share price are attributed to the COVID-19 crisis and the growing interest in biotechnology. The company’s shares last traded at -8.25% lower and achieved a high of $84.50 on the 03rd of February. In the last trading session, the prices ranged between $76.57 and $84.50. The shares are below the $82.29 target price by -6.07%. The company’s current market cap is $5.93 billion.
Brooks Automation’s revenue soared 18.5 percent year-on-year last quarter to $ 249.5 million. The earnings per share increased by 104.35 % to $ 0.47 per share. According to the company, the results have exceeded Wall Street’s expectations, and the current quarter should continue to see positive dynamics. The company predicts sales of between $267 and $283 million and earnings of between $ 0.48 and $ 0.57 per share.
Millions of biological samples were processed by Brooks Automation Inc (BRKS) During the quarter. This company manufactures cryogenic products, such as storage systems, accessories, and biomarkers, for working with viruses, bacteria, and tissues. There are over two hundred OEMs who source Brooks custom electronic sensors. These sensors are used in 5G hardware, autonomous driving systems, IoT devices, and more.
The company expanded its life sciences sales 29 % over the quarter to $ 118 million, adding 400 new customers. The demand for gene therapy and analysis of the cell genome led to a 25 % increase in revenue for sequencing services in the first quarter of 2020. The company became increasingly involved in gene synthesis in China and the United States due to these developments.
Brooks Automation Inc (BRKS) data storage revenue grew 20 % to a record high even without the sale of vaccine storage services and equipment. It is the rapid developments in biotechnology and client attraction that result in Brooks Automation’s growth. COVID-19 has given the company a boost thanks to the crisis and emergency vaccinations.