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Bruker Q1 Revenues up 8 Percent

NEW YORK (GenomeWeb News) – Bruker reported after the close of the market Wednesday that its revenues in the first quarter were up 8 percent year over year, rising to $423.7 million from $393.4 million in Q1 2013.

The results beat the average Wall Street estimate of $402.0 million. Acquisitions and divestitures were responsible for a net positive effect of roughly 1 percent, while foreign currency effects were negligible in the quarter, the company said.

The company "saw healthy demand from customers in the research, applied, and clinical markets during the quarter," Bruker President and CEO Frank Laukien said on a conference call following release of the earnings. He noted, however, that the company's Q1 numbers benefited by comparison to a "relatively weak first quarter of 2013."

The company's CALID Group, which houses its life sciences mass spectrometry products, generated low double-digit revenue growth in the quarter driven by strong performances by its Optics and Life Science and Clinical mass spectrometry divisions, Laukien said.

In particular, he cited robust European demand for the company's MALDI Biotyper clinical microbiology platform and strong academic and government demand in North America and Europe for its high-end Q-TOF mass spec instruments.

Laukien noted that Asian sales of the Biotyper are "picking up, as well," adding that the company plans to make several new product announcements related to the instrument in the coming weeks.

The Billerica, Mass.-based company reported a profit of $8.7 million, or $.05 per share, compared to $5.4 million, or $.03 per share, a year ago. On a non-GAAP basis, Bruker had EPS of $.11, beating the consensus Wall Street estimate of $.09.

The company's R&D costs were $46.0 million for the quarter, down about 7 percent from $49.4 million in Q1 2013. Its SG&A spending was $109.5 million, up 3 percent from $106.8 million in the year-ago first quarter.

Bruker continues the restructuring activities it began in 2013, including outsourcing of various manufacturing activities. In the quarter it "completed the divesture of the CALID group's Leipzig, Germany machine shop" and is "in the process of consolidating other Life Science division manufacturing within Germany," said Charlie Wagner, Bruker's executive vice president and chief financial officer.

The company ended the quarter with $454.0 million in cash and cash equivalents.

Laukien said that the company remained on track to deliver its full-year 2014 guidance of year-over-year revenue growth in the 3 percent to 4 percent range and non-GAAP earnings per share growth of 10 percent to 14 percent.

In Thursday morning trade on the Nasdaq, Bruker's stock jumped 10 percent to $22.63.