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Bruker Q1 Revs Shrink 3.3 Percent, Profits Rise to $8.6M

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Bruker this week reported revenues slid 3.3 percent to $230.5 million compared to $238.3 million a year ago.

Excluding the effects of currency exchange, revenues for the three months ended March 31 increased 4.5 percent year over year.

Profits rose to $8.6 million for the quarter, compared to a loss of $600,000 in Q1 2008.

In a statement, Frank Laukien, president and CEO of Bruker, said that the company's mass spectrometry business had risen in the double digits in the quarter, driven by "the compelling capabilities of our high-performance products," though he provided no further details.

This week, the company launched its ultrafleXtreme MALDI-TOF/TOF platform [see related story].

Laukien added that the industrial and pharma/biotech markets were soft in the quarter while academic, medical school, government, and other non-profit businesses were healthy.

Cost-cutting measures that were started in late 2008, including executive pay freezes and layoffs are starting to show positive effects, Laukien said, and "we expect to realize further savings in 2009."

Without providing details, he said that Bruker was seeing "positive signs" resulting from various international government stimulus packages, which he expects to benefit high-end research equipment. The company has seen additional orders and revenue in Japan already, and has seen a "significant increase" in request for proposals and assistance with grant writing in other countries, he said.

"We are hopeful that global stimulus funding for academic, medical, and government research will result in additional business for Bruker in the second half of 2009 and into 2010.

During the quarter, Bruker spent $29.1 million on R&D. It said it had $149.9 mllion in cash and cash equivalents

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