Bruker’s Revenue, Profits up Sharply in Q3 on Optics Acquisition
Bruker Biosciences’ third-quarter revenue increased 22 percent as income jumped by a third, the company said last week.
Receipts for the three months ended Sept. 30 rose to $104.8 million from $85.9 million year over year. Product revenues were up 22 percent to $50.1 million and receipts from the company’s services business tallied $8 million, a third more than the same period last year.
The company attributed much of the revenue growth to its acquisition of Bruker Optics for $135 million in July (see BioCommerce Week 4/19/2006).
Bruker’s net income in the period rose to $3 million, or $.03 per share, from $2.1 million, or $.02 per share, in the comparable period a year ago. During the quarter, the firm incurred nearly $1 million in acquisition-related charges.
Spending on research and development rose slightly to $11.9 million from $11.5 million.
Bruker finished the quarter with $44.1 million in cash and short term investments.
Netherlands to Use PerkinElmer Mass Specs to Expand Neonatal Screening
PerkinElmer this week said that its neonatal screening technology will help expand a screening program in The Netherlands.
The company said it will provide four tandem mass spec systems, reagents, and software to support the nation’s five hospital screening centers.
The partnership will enable the country to screen for 14 disorders compared with three disorders.
Financial terms of the alliance were not disclosed.
Investment Bank Cuts Invitrogen Target Price; Firm Expands Cell Culture Services
Investment bank Piper Jaffray cut its target price for shares in Invitrogen to $62 from $78 and downgraded its stock to “market perform” from “outperform” after the company recently posted weak third-quarter results (see BioCommerce Week 11/1/2006).
Piper Jaffray became the fifth investment bank to downgrade Invitrogen’s shares since the firm released its third quarter results. The other four were Citigroup, First Analysis, Deutsche Securities, and Lehman Brothers.
Separately, Invitrogen this week plans to debut a set of expanded services for cell culture development that pair its PD-Direct process with Bioprocessor’s SimCell automated management system, the firm said.
The company will unveil the new services at the BioProcess International Conference & Exhibition in San Francisco.
Invitrogen said the new services will speed up the development of basal media and feeding recipes for cell cultures, and will enable researchers to conduct clone performance studies under various conditions.
Ciphergen Posts 34-Percent Decline in Q3 Revenues
Ciphergen’s third-quarter revenues decreased 34 percent as R&D spending fell 6 percent and losses decreased 6 percent, the company said this week.
Total receipts for the three months ended Sept. 30 decreased to $4.7 million from $7.1 million year over year. Ciphergen said most of that revenue came from sales of its ProteinChip arrays, SELDI instruments, and its biomarker development services.
The firm’s R&D spending decreased to $2.9 million from $3.1 million year over year.
The company said losses declined to $7 million from $7.5 million in the year-ago period.
Ciphergen said it had around $15 million in cash and cash equivalents as of Sept. 30.
The company said that the third quarter was likely the last full quarter of revenue from its life science research business, which it is selling to Bio-Rad in a deal that was originally expected to close last week. A Bio-Rad spokesperson said that the firm expects to complete the acquisition this week.
Ciphergen said it does not anticipate having "significant revenue" following the sale until its diagnostic tests are commercialized. The company said its ovarian cancer diagnostic test will finish clinical trials and will await FDA review in the second half of 2007.
Until then, the company said it expects "significantly reduced" operating expenses in the fourth quarter due to its reduction in staff to 50 people.
Ciphergen said it has "sufficient" cash for the $4 million to $5 million it expects to spend quarterly over the coming year.
Cepheid’s Q3 Revenues Rise 16 Percent
Cepheid last week said that its third-quarter revenues increased 16 percent as R&D spending rose 17 percent and net loss increased 18 percent.
Total receipts for the three months ended Sept. 30 increased to $23.8 million from $20.4 million year over year.
The company said sales of clinical products were up 135 percent to $5.8 million and sales of its industrial products climbed 28 percent to $4.8 million. However, sales in its bio-threat products fell 7 percent to $12.1 million from $13 million a year ago, which Cepheid said was partly due to the completion of contracts with the US Postal Service.
Cepheid’s R&D spending increased to $5.6 million from $4.8 million year over year.
The company said net losses increased to $3.9 million from $3.3 million in the year-ago period.
Cepheid had around $16.2 million in cash and cash equivalents and $82.2 million in marketable securities as of Sept. 30.
The company said it expects to generate between $83 million and $86 million in sales in 2006.