NEW YORK (GenomeWeb News) – Bruker today reported a 31 percent increase in second-quarter revenues accompanied by a 23 percent increase in net income.
In the second quarter of 2008, revenue climbed to $311.5 million from $238.3 million in the second quarter of 2007. Excluding the effects of foreign currency translation, second-quarter 2008 revenue increased by 19 percent year-over-year.
The company’s results for the second quarter of 2008 and 2007 include the financial statements of its Bruker BioSpin affiliate, which it acquired in February in a deal worth $914 million.
Bruker’s product revenues rose 33 percent to $278.8 million from $210.2 million in the second quarter of 2007, while service revenues increased to $31.7 million from $27.6 million.
The firm’s R&D spending increased 32 percent to $36.5 million from $27.7 million, and SG&A expenses rose 25 percent to $63.3 million from $50.5 million.
Bruker posted net income of $21.7 million, or $.13 per share, compared to a profit of $17.7 million, or $.11 per share, for the second quarter of 2007.
Net income for the second quarter of 2008 includes after-tax charges of $300,000 for expenses related to the acquisition of Bruker BioSpin.
Bruker CEO Frank Laukien said that in the first half of the year Bruker saw “significant quarterly fluctuations in our growth rates and margins, and we expect these fluctuations to continue going forward.”
Laukien added that in the third quarter the company expects to “implement various streamlining and expense cutting steps” to improve margins. He did not provide further details.
As of June 30, Bruker had $131.8 million in cash and short-term investments.