This story has been updated to include comments from a conference call discussing the company's earnings.
NEW YORK (GenomeWeb News) – Bruker reported a 19 percent spike in second-quarter revenues to $300.9 million.
The company's revenues for the three months ended June 30 compared to $252.5 million from the second quarter a year ago. Excluding the effects of acquisitions and foreign currency translation, revenues for the quarter were up 20 percent year over year.
The firm's net income rose to $22.6 million, or $0.14 per share, a 75 percent improvement from $12.9 million, $0.08 per share, in Q2 2009.
The results beat analyst estimates of $ 285.9 million in revenues and EPS of $0.12, pushing shares of Bruker up 7 percent to $12.23 in Wednesday morning trade on the Nasdaq.
Bruker's R&D spending rose slightly to $31.2 million from $31.1 million a year ago, while its SG&A costs increased to $64 million from $60.4 million.
The company said it had $190.1 million in cash, cash equivalents, and restricted cash as of June 30.
The Bruker Scientific Instruments segment posted receipts of $284.9 million, an 18 percent increase from $241.3 million in Q2 2009, helped by the newly formed chemical analysis business that is anchored by a product line it purchased from Varian in May. The chemical analysis business generated revenues of $3.7 million during the last six weeks of the second quarter, said Bruker.
In a conference call following the earnings release, company officials said that the chemical analysis business is expected to generate about $8 million in revenues for each of the third and fourth quarters of this year.
In a statement, Frank Laukien, president and CEO of Bruker, said that all four operating divisions within BSI saw double-digit, organic top-line growth, compared to a year ago.
"Our new order bookings have been very healthy, as we continue to deliver from additional stimulus orders, with more than $30 million in additional US ARRA-funded orders received during the first half of 2010," he said.
Laukien added that while the picture coming out of Europe has been concerning and many countries there intend to reduce spending, "we believe that these reductions will primarily target other government expenditures, while public science and research funding will largely be protected as a key investment in the future."
He cited the recently announced European Union Seventh Framework Programme budgets of €6.4 billion ($8.3 billion), a 12 percent increase from 2010 levels and a 30 percent increase from the 2009 budget.
"We are optimistic about future government research budgets in many key European countries," Laukien said.
In February, the company said that for full-year 2010, its goal was to increase revenues by more than 5 percent on a currency-neutral basis and net income and EPS by more than 15 percent.
Laukien did not give specific guidance during the conference call this morning, but said that the company is optimistic that 2010 "will be a good year for Bruker and that we should be able to exceed our original baseline growth margin and EPS growth for the year."