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Shares in Bruker Slide 6.3 Percent as AXS Shines, Daltonics Disappoints

This article has been updated to include share price and details.

NEW YORK, Nov. 4 (GenomeWeb News) - Shares in Bruker BioSciences were down 6.27 percent at $3.13 in late-afternoon trade--six cents above their 52-week high--despite modest third-quarter revenue.

 

Bruker also said it will announce further cost-cutting and restructuring measures within the next two months.

 

In  September, the company laid off around 60 employees worldwide in a move expected to save the company $6 million. Further details of the upcoming restructuring plans were not disclosed.

 

An increase in sales from its Bruker AXS unit, which makes X-ray systems, helped the company report $66.6 million in total receipts in the third quarter up from $63.1 million during the same period last year.

 

Sales in the Bruker's AXS unit increased to $32.3 million from $26.8 million, while revenues from Bruker Daltonics, which makes mass spectrometry systems, declined to $34.2 million from $36.3 million.

 

Frank Laukien, Bruker's CEO, said in a statement yesterday that some new products had only recently started to be shipped, and that some revenue could not be booked yet because customers were not ready to have their systems installed.

 

R&D costs for the quarter increased to $11.3 million from $9.6 million during the same period last year.

 

Net loss in the quarter fell to $2.7 million, or $.03 per share, from $14.7 million, or $.17 per share, year over year. This net loss included a $1.6 million write-off of remaining investments in two proteomics companies. Bruker did not disclose the identities of the two firms.

 

As of Sept. 30, Bruker had $76.6 million in cash and short-term investments.

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