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Bruker Shares Drop on Reduced Q2 Estimates

NEW YORK, July 15 (GenomeWeb News) - Bruker BioSciences today announced that it expects its second quarter revenues to fall short of earlier predictions, causing shares of the Billerica, Mass.-based company to fall 10 percent in early afternoon trading on the NASDAQ.

 

Bruker said it now expects second quarter 2004 revenue of $63 million to $65 million, compared to a previous guidance of $70 million to $74 million in revenue. Based on the revised figures, the company anticipates an adjusted net loss of $.03 to $.05 per share for the second quarter 2004, compared to previously estimated net income of $.00 to $.02 per share. The second quarter 2004 revenue and adjusted EPS estimates are subject to final accounting and audit processes and could change, Bruker cautioned.

 

Bruker President and CEO Frank Laukien said the firm was "experiencing a lengthening in the time from order booking to customer acceptance." He noted that the firm has introduced new products in the last few quarters that are driving bookings growth, but are taking longer to become revenue. He also cited the impact of a weakening Euro between the first and second quarter 2004, customer site delays, and bookings activity weighted toward the end of the second quarter as reasons for the downward revision.

 

Among the products recently introduced by Bruker are the BioThreat Profiler, a lab-based tool for research on biomarkers for the identification of biological warfare agents; biological agent detection arrays for its Assay Processing and Specific Identification System; a next-generation mass spectrometer for proteomics and metabolomics; new Proteineer tools for expression proteomics; and an integrated high-throughput biological crystallography system for structural genomics.

 

Laukien said new order bookings and backlog growth was "very satisfactory" in the first and second quarter and said the firm maintains its long-term top-line growth goal of 13-15%. Bruker intends to give detailed guidance for the third quarter when it releases its second quarter 2004 financial results on Tuesday, Aug. 3, 2004.

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