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Bruker's Q2 Revenues Drop 19 Percent but Beat Estimates

NEW YORK (GenomeWeb News) – Bruker today reported that its second-quarter 2009 revenues fell 19 percent year over year or 11 percent excluding the negative effects of foreign currency.

The Billerica, Mass.-based firm generated total revenues of $252.5 million for the three-month period ended June 30, down from $311.5 million in the second quarter of 2008. However, its revenues beat out analysts' consensus estimate of $249.7 million for the quarter.

Bruker's product revenue fell to $222.9 million from $280.3 million year over year, while its service revenue slipped to $28.3 million from $30.2 million.

The company's net income for the quarter was $12.9 million, or $.08 per share, compared with $21.7 million, or $.13 per share, a year ago. Analysts, on average, had predicted EPS of $.07 per share for Q2 2009.

Bruker's R&D spending declined 15 percent to $31.1 million from $36.5 million, while its SG&A expenses decreased 5 percent to $60.9 million from $64.3 million.

"In the second quarter of 2009, we experienced solid top line growth sequentially, while the year-over-year revenue comparison was expected to be more difficult due to our revenue spike in the second quarter of 2008," Bruker President and CEO Frank Laukien said in a statement. "On the bottom line, our cost-cutting measures, the strength of our new product lines and the impact of our business initiatives had a positive impact on our second quarter 2009 results, and contributed to our 54 percent sequential growth in net income."

Bruker finished the quarter with $154.3 million in cash, short-term investments and restricted cash.

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