Bruker Warns of Further Restructuring as X-ray Systems Drive Modest Q3 Revenue Increase

NEW YORK, Nov. 4 (GenomeWeb News) - Bruker BioSciences yesterday reported a modest increase in revenues for the third quarter, driven by sales from its Bruker AXS unit. Bruker also said it will announce further cost-cutting and restructuring measures within the next two months.

In September, the company laid off around 60 employees worldwide in a move expected to save the company $6 million. Further details of the upcoming restructuring plans were not disclosed.

Total revenues for the quarter ended Sept. 30 were $66.6 million, up from $63.1 million during the same quarter last year. While sales of Bruker's AXS unit, which makes x-ray systems, increased to $32.3 million, from $26.8 million, revenues from Bruker Daltonics, which makes mass spectrometry systems, declined to $34.2 million, from $36.3 million. Frank Laukien, Bruker's CEO, said in a statement that some new products had only recently started to be shipped, and that some revenue could not be booked yet because customers were not ready to have their systems installed.

R&D costs for the quarter increased to $11.3 million, from $9.6 million during the same period last year.

Bruker had a net loss of $2.7 million, or $.03 per share, compared to a net loss of $14.7 million, or $.17 per share, during last year's third quarter. This net loss included a $1.6 million write-off of remaining investments in two proteomics companies. Bruker did not disclose the identities of the two firms.

As of Sept. 30, Bruker had $76.6 million in cash and short-term investments.