EX-99.1 2 a07-20675_1ex99d1.htm EX-99.1

Exhibit 99.1

Bruker BioSciences Reports Strong Revenue and Net Income Growth in the Second Quarter of 2007

BILLERICA, Mass., July 31, 2007 (BUSINESS WIRE)  —  Bruker BioSciences Corporation (NASDAQ: BRKR) today reported financial results for the three and six months ended June 30, 2007.

For the second quarter of 2007, revenue increased by 21% to $121.7 million, compared to revenue of $100.5 million in the second quarter of 2006.  Excluding the effects of foreign currency translation, second quarter 2007 revenue increased by 17% year-over-year.  Net income in the second quarter of 2007 was $5.0 million, or $0.05 per diluted share, compared to net income of $2.5 million, or $0.02 per diluted share, in the second quarter of 2006.

For the six months ended June 30, 2007, revenue increased by 19% to $232.2 million, compared to revenue of $195.3 million during the six months ended June 30, 2006.  Excluding the effects of foreign currency translation, revenue for the six months ended June 30, 2007 increased by 14% year-over-year.  Net income during the six months ended June 30, 2007 was $8.8 million, or $0.08 per diluted share, compared to net income of $5.8 million, or $0.06 per diluted share, during the six months ended June 30, 2006.

“The combination of our innovative products and solutions and favorable market dynamics enabled us to deliver solid increases in revenue and net income,” said Frank Laukien, President and Chief Executive Officer, when commenting on the quarter.  “We are very pleased with our second quarter 2007 year-over-year currency-adjusted revenue growth rate of 17%, which included an accelerating organic growth rate of 12% year-over-year.  Moreover, new product introductions from both our core businesses and recent acquisitions have further strengthened our position as a leader in high-performance life-science and analytical systems, and have contributed to our very healthy backlog, which positions us well for the second half of 2007.”

EARNINGS CONFERENCE CALL

Bruker BioSciences will host an operator-assisted earnings conference call at 9 a.m. Eastern Time on Tuesday, July 31, 2007.  To listen to the webcast, investors can go to www.bruker-biosciences.com and click on the live web broadcast symbol.  The webcast will be available through the Company web site for 30 days.  Investors can also listen and participate on the telephone in the US and Canada by calling 888-339-2688, or 617-847-3007 outside the US and Canada.  Investors should refer to the Bruker BioSciences Quarterly Earnings Call.  A telephone replay of the conference call will be available one hour after the conference call by dialing 888-286-8010 in the US and Canada, or 617-801-6888 outside the US and Canada, and then entering replay pass code 72671589.




ABOUT BRUKER BIOSCIENCES

Bruker BioSciences Corporation in Billerica, Massachusetts is the parent company of Bruker AXS Inc., Bruker Daltonics Inc. and Bruker Optics, Inc.  Bruker AXS is a leading developer and provider of life science, materials research and industrial X-ray analysis and spark-OES tools.  Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry, and also offers a broad line of chemical, biological, radiological and nuclear (CBRN) detection products for homeland security.  Bruker Optics is a leading developer, manufacturer and provider of research, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy technology.  For more information, please visit www.bruker-biosciences.com

CAUTIONARY STATEMENT

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to our reorganization strategies, risks related to the integration of businesses we have acquired or may acquire in the future,  technological approaches, product development, market acceptance, cost and pricing of our products, changes in governmental regulations, capital spending and government funding policies, FDA and other regulatory approvals to the extent applicable, competition, the intellectual property of others, patent protection and litigation. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2006, our most recent quarterly reports on Form 10-Q and  our current reports on Form 8-K. We disclaim any intent or obligation to update these forward-looking statements other than as required by law.

Condensed consolidated statements of operations and balance sheets follow for Bruker BioSciences Corporation.

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Bruker BioSciences Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2007

 

2006

 

2007

 

2006

 

Product revenue

 

$

106,646

 

$

88,335

 

$

202,008

 

$

172,176

 

Service revenue

 

14,959

 

11,899

 

29,950

 

22,270

 

Other revenue

 

78

 

249

 

232

 

893

 

Total revenue

 

121,683

 

100,483

 

232,190

 

195,339

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

58,790

 

48,042

 

106,601

 

92,755

 

Cost of service revenue

 

9,862

 

6,218

 

19,930

 

12,605

 

Total cost of revenue

 

68,652

 

54,260

 

126,531

 

105,360

 

Gross profit margin

 

53,031

 

46,223

 

105,659

 

89,979

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

Sales and marketing

 

24,088

 

20,900

 

47,852

 

39,732

 

General and administrative

 

7,988

 

6,473

 

15,480

 

13,080

 

Research and development

 

13,926

 

12,284

 

27,539

 

24,559

 

Acquisition related charges

 

 

3,692

 

 

4,868

 

Total operating expenses

 

46,002

 

43,349

 

90,871

 

82,239

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

7,029

 

2,874

 

14,788

 

7,740

 

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

319

 

2,332

 

(206

)

4,013

 

Income before income tax provision and minority interest in consolidated subsidiaries

 

7,348

 

5,206

 

14,582

 

11,753

 

Income tax provision

 

2,323

 

2,623

 

5,590

 

5,863

 

 

 

 

 

 

 

 

 

 

 

Income before minority interest in consolidated subsidiaries

 

5,025

 

2,583

 

8,992

 

5,890

 

Minority interest in consolidated subsidiaries

 

60

 

45

 

146

 

93

 

Net income

 

$

4,965

 

$

2,538

 

$

8,846

 

$

5,797

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.05

 

$

0.03

 

$

0.09

 

$

0.06

 

Diluted

 

$

0.05

 

$

0.02

 

$

0.08

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

104,183

 

101,456

 

103,505

 

101,430

 

Diluted

 

106,798

 

101,869

 

106,186

 

101,779

 

 

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Bruker BioSciences Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

 

 

June 30,

 

December 31,

 

 

 

2007

 

2006

 

 

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and short-term investments

 

$

41,933

 

$

52,147

 

Accounts receivable, net

 

72,171

 

79,604

 

Due from affiliated companies

 

2,666

 

9,028

 

Inventories

 

169,895

 

134,504

 

Other current assets

 

24,995

 

19,461

 

Total current assets

 

311,660

 

294,744

 

 

 

 

 

 

 

Property and equipment, net

 

95,035

 

90,349

 

Intangible and other assets

 

53,791

 

48,094

 

 

 

 

 

 

 

Total assets

 

$

460,486

 

$

433,187

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Short-term borrowings

 

$

10,660

 

$

21,857

 

Accounts payable

 

27,597

 

23,102

 

Due to affiliated companies

 

5,773

 

5,901

 

Other current liabilities

 

140,992

 

144,268

 

Total current liabilities

 

185,022

 

195,128

 

 

 

 

 

 

 

Long-term debt

 

22,299

 

22,863

 

Other long-term liabilities

 

31,130

 

23,491

 

Minority interest in subsidiaries

 

385

 

239

 

 

 

 

 

 

 

Total shareholders' equity

 

221,650

 

191,466

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

$

460,486

 

$

433,187

 

 

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FOR FURTHER INFORMATION:

Michael Willett, Investor Relations Officer

 

Tel: (978) 663-3660, ext. 1411
Email: Michael.Willett@Bruker.com

 

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