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Bruker's Mass-Spec Sales Grow in Double Digits in Q2; Total Revenue Declines 18.9 Percent

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This story originally ran on July 29.

Bruker on Wednesday said that its life-science mass spectrometers saw double-digit growth in the second quarter even though total revenue fell 18.9 percent year over year.

For the three months ended June 30, Bruker said total receipts shrank to $252.5 million from $311.5 million a year ago. Excluding the effects of foreign currency, revenues for the quarter fell 11.1 percent year over year.

In a conference call accompanying the earnings release, Frank Laukien, president and CEO, attributed the revenue slide, in part at least, to an unusual bump-up in the year-ago figure.

The company did not provide figures for its mass-spec business but Laukien said "for our high performance mass spectrometry solutions, we continue to see healthy revenue and order growth year over year, as well as significant margin improvements in the second quarter of 2009."

During the quarter, the firm launched three new mass-spec platforms: the ultrafleXtreme MALDI-TOF/TOF, amaZon ion trap, and solariX FTMS. Continuing into the year, Laukien said "we expect rapid ramp up of these new systems," as the ultrafleXtreme and the amaZon have been shipping since their introductions and the solariX is expected to ship in the fourth quarter.

Of the new Edmass protein sequencer launched at Pittcon in March [see PM 03/12/09], Laukien said that most of the customer interest has been directed at the high-end Ultra version for in-depth analysis. The system is also available in a Micro benchtop model.

"At this point, I think [the Ultra] is probably still best in the hands of customers who have some expertise in mass spectrometry and proteomics … and who may not only use it as a dedicated Edman sequencer but also for typical bottom-up and top-down proteomics," he said.

For the quarter, Bruker reported a profit of $12.7 million, down 41.4 percent from a profit of $21.7 million in Q2 2008. R&D spending was down 14.8 percent to $31.1 million, compared to $36.5 million a year ago. The company said it had $154.3 million in cash, short-term investments, and restricted cash as of June 30.

On April 1, Bruker acquired Accel Research Instruments. Starting with the second quarter, the company established two reporting segments. The Bruker Scientific Instruments segment comprises Bruker Daltonics, which houses its mass spec business; Bruker AXS; Bruker Biospin; and Bruker Optics.

Its other segment is Bruker Energy & Supercon Technologies, combining the Accel business with the superconductor and supercon devices business that was previously called Bruker Advanced Supercon.

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