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Bruker Q2 Revenues Fall 13 Percent

NEW YORK(GenomeWeb News) – Bruker reported after the close of the market Wednesday that its second quarter revenues were down 13 percent year over year, but up almost 1 percent excluding negative currency effects.

For the three months ended June 30, Billerica, Mass.-based Bruker reported revenues of $396.0 million, compared to $457.4 million in Q2 2014.

Changes in foreign exchange rates accounted had a negative effect of between 11 and 12 percent, while divestitures contributed a negative effect of about 3 percent. The results beat the average Wall Street estimate of $392.1 million.

The company reported a profit of $21.9 million, or $.13 per share, compared to $16.4 million, or $.10 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.19, beating the consensus Wall Street estimate of $.17.

On a conference call following release of the earnings, Bruker Chairman, President, and CEO Frank Laukien said the company's CALID group, which houses its life sciences mass spec business, reported organic revenue growth in the quarter. Its NANO group did, as well, he added, while the BIOSPIN and BEST divisions posted declining revenues.

Laukien said the company "continues to see momentum for our MALDI Biotyper platform," with sales of the product growing in the double digits, a trend that he said he expected to continue given recent additions to the platform's library and its ongoing expansion into the Chinese market.

Laukien added that the company could add to the platform some initial capabilities for antibiotic resistance testing by the end of the year.

In addition to strong MALDI Biotyper growth, Bruker saw growth for its MALDI-TOF research products more broadly, Laukien said.

Laukien also touched on Bruker's restructuring plans for its BIOSPIN division, which houses its NMR business. Layoffs will affect roughly 8 percent of the division's staff, and the restructuring will cost around $15 million to $20 million, most of which will be incurred in 2015 and Q1 2016, he said. The company expects the restructuring to save around $10 million per year beginning in Q2 2016.

The company's R&D costs were $37.5 million for the quarter, down 16 percent from $44.5 million in Q2 2014. Its SG&A spending was $98.5 million, down 14 percent from $115 million in the year-ago second quarter.

Bruker ended the quarter with $320.8 million in cash and cash equivalents, and $172.8 million in short-term investments.

The company's financial guidance for 2015 remained unchanged, with expected organic revenue growth of about 1 percent, and flat year-over-year non-GAAP EPS.

In morning trading on Nasdaq Bruker stock was down 1 percent at $20.99.