NEW YORK (GenomeWeb News) - Bruker BioSciences today said third-quarter revenues increased 25 percent as R&D spending rose 24 percent and profit more than doubled.
Total receipts for the three months ended Sept. 30 increased 25 percent to $131.6 million from $104.9 million in the third quarter of 2006. Excluding the effects of foreign currency translation, third-quarter 2007 revenue increased by 20 percent, Bruker said.
Product revenue increased 25 percent to $115.2 million; service revenue increased 28 percent to $16.2 million; and "other" revenue fell 22 percent to $245,000.
The company did not offer revenue projections for the rest of the year.
R&D spending rose to $14.8 million from $11.9 million in the year-ago period.
Net profit rose to $8.7 million from $3 million in the year-ago period. The company said that income in the third quarter included a one-time tax benefit of $2.4 million related to a tax-law change in Germany that required a revaluation of Bruker’s deferred tax assets and liabilities.
Bruker held around $38.9 million in cash and cash equivalents, and short-term investments as of Sept. 30.