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Stimulus Bookings Help Bruker Post Revenue Increase in Q3

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This story originally ran on Oct. 29.

Bruker today reported "robust" bookings stemming from global stimulus funding programs as overall revenues rose almost 10 percent during the third quarter.

For the three months ended Sept. 30, the company reported receipts of $265.1 million, up from $242.1 million a year ago. The latter figure treats the Accel RI business, acquired by Bruker in April, as if it were part of Bruker in Q3 2008.

Excluding the effects of currency exchange, revenue in the quarter rose more than 11 percent year over year.

Contributing to the revenue growth were global stimulus programs that spurred demand for high-end instruments, including the company's high-end mass spectrometers, Frank Laukien, CEO of Bruker, said in a conference call accompanying the release of the earnings results.

During the third quarter the company began "to see robust bookings from our academic and government customers for high-end systems … and these customers are benefiting from various global government stimulus programs, both in the United States, and Asia and Europe."

Stimulus funding-related business is expected to continue accelerating in the fourth quarter and into 2010 and 2011, he added, and the company expects to see $50 million total in revenues from stimulus benefits.

Asked whether disruptions in the space created by current M&A activity — such as the pending purchase of the Applied Biosystems/MDS mass spec joint venture by Danaher — is creating opportunities for Bruker, Laukien demurred, saying "I don't know that it has anything to do with M&A activity, but clearly our high-end products … are all being well-received."

Life science mass spec revenues increased in the high teens compared to a year ago, excluding the effects of currency exchange, Laukien added.

He also provided an update — sort of — on the US launch of Bruker's MALDI Biotyper for the identification and classification of microorganisms using protein fingerprints. While the platform was launched in 2006 and has received the IVD-CE mark in Europe, it is available for research use only outside of Europe.

In late 2008, Laukien said that the platform was being prepared for launch in mid-2009 in the US [See PM 09/25/08]. Today, he said only that "a US launch is being prepared" for the MALDI Biotyper.

For the quarter, Bruker posted a profit of $16.4 million, or $0.10 per share, compared to $17.9 million, or $0.11 per share, in Q3 2008. The company spent $31.6 million on R&D, and reported $150.5 million in cash and cash equivalents as of Sept. 30.

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