NEW YORK (GenomeWeb News) — Bruker BioSciences today said first-quarter revenues increased 16 percent as R&D spending rose 11 percent and profit grew 19 percent.
Total receipts for the three months ended March 31 increased to $110.5 million from $94.9 million year over year.
Product revenue increased 14 percent to $95.4 million; service revenue increased 43 percent to $15 million; and “other” revenue contracted 76 percent to $154,000.
R&D spending rose to $13.6 million from $12.3 million in the year-ago period.
CEO Frank Laukien said the company saw “strong year-over-year growth and solid improvements in our gross margins and operating income.”
Bruker said profit rose to $3.9 million from $3.3 million in the year-ago period.
Bruker said it had around $55.7 million in cash, equivalents, and short-term investments as of March 31.