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Bruker Reports Growth in Revenue, Profits; Expects Trends to Continue

NEW YORK, March 1 – Mass spectrometer maker Bruker Daltonics reported Thursday a 14.1 percent increase in fourth quarter revenues to $21.8 million, compared with $19.1 million in the year ago period, despite unfavorable foreign currency effects.

Top line growth before the currency effects increased 43 percent. As a percent of product revenues, life science systems revenue accounted for 69 percent, substance detection systems revenue accounted for 17 percent, and aftermarket revenues made up 14 percent in the last three months of 1999.

For the year, revenues were up 18.4 percent to $76.6 million.

Net income from continuing operations for the quarter was $1.2 million, or two cents a share, compared with $500,000, or one cent a share, for fourth-quarter 2000. During the quarter, the company spent $5.5 million, or 25.4 percent of product revenue, on research and development of new products and applications, primarily in proteomics and systems integration, compared with $3.8 million in the fourth quarter of 1999.

For the year, net income from continuing operations widened to $2.1 million, or four cents a share, compared with $900,000, or two cents a share, in the year ago quarter. In 2000 research and development spending totaled $20.0 million, or 26.8 percent of product revenue, up from $15.1 million, or 25.0 percent of product revenue, in 1999.

During the year, Bruker Daltonics of Billerica, Mass., announced strategic alliances with PerkinElmer, Variagenics, and GeneProt. The company also released five new mass spectrometry systems and new bioinformatics and automation software, robotics, AnchorChips and consumables.

Going forward, the company said it would invest “heavily” in proteomics and integrated life science systems. The company said it would introduce several new products in early March at the Pittcon conference. The company is also expanding its R&D and manufacturing facilities and building its distribution channels in Europe, Asia, and Australia.

The company expects revenues to grow more than 28 percent in 2001 and EPS to grow by more than 50 percent, with EPS increasing to seven cents a share for fiscal year 2001. The company said it would consider entering additional partnerships as well as making acquisitions.

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