NEW YORK, March 2 (GenomeWeb News) - Bruker BioSciences today reported in increase in its fourth-quarter earnings year-over-year following the July 2003 merger of Bruker Daltonics and Bruker AXS.
For the fourth quarter of 2003, Bruker BioSciences posted revenues of $73.7 million, up 18 percent from the previously separate companies' combined revenues of $62.5 million for the fourth quarter of 2002. After eliminating $9.2 million in currency effects, however, Bruker's fourth-quarter 2003 revenue increased only 3 percent year-over-year, the company said.
Revenue for the Bruker Daltonics business increased to $42.0 million, from $32.9 million in the fourth quarter of 2002; while revenues for the Bruker AXS business increased to $31.7 million, compared to $29.6 million in the fourth quarter of 2002.
In the fourth quarter of 2003, Bruker reported GAAP net income of $300,000, compared to a combined net loss of $4.9 million for Bruker Daltonics and Bruker AXS in the year-ago period.
Bruker spent $9.9 million on R&D during the fourth quarter of 2003, an 18 percent increase over its Q4 2002 R&D spending of $8.4 million.
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The company had $76.8 million in cash and short-term investments on hand as of Dec. 31, 2003, compared to $9.6 million at the close of 2002.
Bruker said it anticipates 13-15 percent revenue growth in 2004, with revenues for the year in the range of $290 million to $300 million.