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Bruker Revenues Down on Currency Translation

NEW YORK (GenomeWeb News) – Bruker today reported a 3 percent decline in first-quarter revenues, due primarily to negative currency effects, as the firm swung to a profit from a loss.

The Billerica, Mass.-based maker of mass spectrometers and other scientific research tools, brought in revenues of $230.5 million for the three-month period ended March 31, compared to $238.3 million for the first quarter of 2008. Its product revenues were $202.2 million versus $208.3 million the year before, while its service revenues were $26.9 million, down from $28.7 million in Q1 2008. Its "other" revenues were $1.4 million versus $1.3 million the year before.

Bruker posted a profit of $8.6 million, or $.05 per share, compared to a net loss of $600,000, or $.00 per share, for the first quarter of 2008. Its results from Q1 2008 included a $5.8 million charge related to acquisitions, compared to no such charge in Q1 2009.

Bruker's R&D expenses decreased 7 percent to $29.1 million from $31.2 million, while its SG&A spending increased 16 percent to $59.3 million from $51.2 million.

"While certain industrial and pharma market segments this year are even more challenging than we had expected, our non-profit, governmental and other healthcare orders remain strong," said Bruker President and CEO Frank Laukien in a statement. "For example, we are excited about our double-digit order growth in life-science mass spectrometry, driven by the compelling capabilities of our high-performance products. We also see positive signs as a result of the various international government stimulus packages, which in our opinion will particularly benefit high-end research equipment."

Bruker finished the quarter with $149.9 million in cash, short-term investments, and restricted cash.

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