BDAL reports, CC tomorrow AM:
>>BILLERICA, Mass.--(BW HealthWire)--Aug. 7, 2001--Bruker Daltonics Inc. (NASDAQ: BDAL - news) today reported its financial results for the second quarter ended June 30, 2001.
SECOND QUARTER 2001
For the three months ended June 30, 2001, Bruker Daltonics reported product revenues of $22.3 million, compared to $17.1 million for the comparable period in 2000, or product revenue growth of 31%. In local currency, i.e. before unfavorable currency effects, product revenue growth was 39%. Income from continuing operations for the quarter was $0.8 million, or $0.02 per diluted share, compared with $0.1 million, or $0.01 per diluted share, for the second quarter 2000.
Research and development spending was $4.6 million, or 21% of product revenue, for the second quarter 2001, as compared to $5.0 million, or 29% of product revenue, for the second quarter 2000. Second quarter 2001 selling, general and administrative expenses were $6.6 million, or 30% of product revenue, as compared to $4.3 million, or 25% of product revenue, in 2000.
Life science systems revenue, substance detection systems revenue and aftermarket revenue as a percentage of product revenues were 81%, 6% and 13%, respectively, in the second quarter 2001.
SIX MONTHS ENDED JUNE 30, 2001
For the six months ended June 30, 2001, Bruker Daltonics reported product revenues of $44.0 million, compared to $31.1 million for the comparable period in 2000, or product revenue growth of 42%. In local currency, product revenue growth was 50%. Income from continuing operations for the period was $1.8 million, or $0.03 per diluted share, compared with $0.26 million, or $0.01 per diluted share, for the comparable period in 2000.
Research and development spending was $9.3 million, or 21% of product revenue, for the six months ended June 30, 2001, as compared to $8.6 million, or 28% of product revenue, for the comparable period in 2000. In 2001, selling, general and administrative expenses were $12.8 million, or 29% of product revenue, as compared to $8.0 million, or 26% of product revenue, in 2000.
Life science systems revenue, substance detection systems revenue and aftermarket revenue as a percentage of product revenues were 75%, 7% and 18%, respectively, for the six months ended June 30, 2001.
COMMENT AND OUTLOOK
John Hulburt, Chief Financial Officer, commented: ``Despite the state of the general economy, the weakness of the Euro and Yen, as well as lower demand for our substance detection systems, our life-science product revenue growth has exceeded our expectations. Therefore, we remain optimistic about the remainder of this year. For the full year 2001, we continue to expect product revenue growth of close to 25%, from $72.8 million last year to $90-91 million, and EPS growth of 50%, from $0.04 per share in 2000 to $0.06 per share, within the range of our previous guidance.''
``We are extremely pleased with our second quarter results,'' said Frank Laukien, President and Chief Executive Officer, ``especially in view of reduced guidance by other companies. It seems clear to us that even during a general economic slow-down, the fundamentals in most of the life science and drug discovery tools sector are quite healthy, particularly in our fields of proteomics and other post-sequencing applications.''
``Bruker Daltonics has now reported five quarters as a public company, and has met or exceeded consensus expectations in each quarter. Over the last 18 months, we have developed and introduced an extraordinary number of powerful and innovative products for proteomics, genotyping and other applications to drive our expected 23-27% revenue and 40-60% EPS growth next year. Moreover, last week's introduction of our high sensitivity UltraFlex MALDI-TOF/TOF may provide an opportunity for even more upside in 2002 and 2003.''
EARNINGS CALL
The Company will host a live streaming-audio webcast of its second quarter 2001 financial results conference call at 10:00 a.m. Eastern Daylight Time on Wednesday, August 8, 2001. To listen to the webcast, investors should go to www.bdal.com, select Investor Relations, and then click on the live web broadcast. The webcast will remain on the Company web site for 30 days. Investors can also listen by telephone by calling 1-888-280-4063 in the U.S., or 706-679-3484 outside the U.S., and should refer to the conference call led by Bruker Daltonics President and CEO, Frank Laukien. A toll-free replay will be available by dialing 1-800-642-1687 in the U.S., or 706-645-9291 outside the U.S., and then entering conference ID 1430708.<<
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Will BDAL be QGENFed? Stay tuned. Got my waders on for possible bottom fishing on both.
Cheers, Tuck |
