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Bruker's Q4 Revenues Climb 14 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Bruker today reported a 14 percent increase in total revenues for the fourth quarter of 2010 compared to the previous year, as scientific instruments revenues rose 13 percent.

For the three months ended Dec. 31, 2010, Bruker reported revenues of $416.1 million, compared to $366.4 million a year ago and outpacing analyst estimates of $396.8 million.

Revenues in the Bruker Scientific Instruments, or BSI, segment rose to $389.4 million from $346.2 million during the fourth quarter in 2009, while revenues in the Bruker Energy & Supercon Technologies, or BEST, segment climbed to $29.3 million from $23.8 million a year ago, a 23 percent increase.

Bruker is in the process of spinning out BEST, and in September, it filed with the US Securities and Exchange Commission for an initial public offering.

For the quarter, R&D costs rose 30 percent to $44.9 million from $34.6 million a year ago, and SG&A spending also spiked 30 percent to $95.4 million from $73.2 million.

Bruker's Q4 net income shrank 33 percent to $29.3 million, or $.18 per share, from $43.5 million, $.26 per share a year ago. On an adjusted basis, EPS increased in the quarter to $.27 from $.24, matching Wall Street estimates.

In a conference call following the release of its earnings, Frank Laukien, president and CEO of Bruker, said that during the fourth quarter the company had record bookings and ended with a record backlog.

"We feel strongly that the drivers are in place for our continued fast growth and margin expansion," he said.

For full-year 2010, revenues increased to $1.3 billion, up 17 percent from $1.11 billion in 2009, edging out analyst estimates of $1.29 billion.

The BSI segment brought in the lion's share of Bruker's revenue for the year with $1.23 billion, up 16 percent from $1.06 billion a year ago, while BEST revenues rose to $90.5 million from $59.8 million, a 51 percent jump.

The firm's SG&A spending for the year was $297.3 million, a 17 percent increase from $253.3 million, while its R&D spending rose 12 percent to $141.4 million from $126.4 million.

Its full-year net income increased 17 percent to $95.4 million, or $.58 per share, from $81.2 million, or $.49 per share, a year ago. On an adjusted basis, EPS jumped 53 percent to $.72 from $.47, beating Wall Street expectations of $.71.

During 2010, the company acquired part of Varian's business, and during the recent JP Morgan Healthcare Conference in January, Laukien called the acquisition "a fixer-upper, but it's a very good deal," and added that the Varian line contributed about $90 million in revenues.

During the conference call today, he said that the Varian line, now housed in Bruker's Chemical Analysis business, was beginning to have pull through on the company's legacy business, such as mass spectrometers, and added that that business had grown from just being a repository for former Varian products.

For full-year 2011, Bruker gave revenue guidance of between $1.55 billion and $1.57 billion, an 18 percent increase year over year. For the BSI segment, adjusted EPS is expected in the range of $0.90 and $0.93.

As of Dec. 31, the company said it had $233.3 million in cash, cash equivalents, and restricted cash.

In Wednesday morning trading on the Nasdaq, Bruker's shares slid about 2 percent to $18.26.

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