BDAL reports, and just misses Q4 revenue estimates (by $300K, close enough, really), but makes two pennies per share instead of the expected one. A/Rs and inventories seem to have grown a tad faster than revenue, but not worrisomely so. Like QGENF, I don't really understand the sell-off that has occurred. I speculated over on BLUE HP that their quarter might be better than expected because of the timing of some small insider buys, and indeed here it is. Further, their guidance for '02 is unchanged. Looking for a bounce.
>>BILLERICA, Mass.--(BW HealthWire)--Feb. 21, 2002--Bruker Daltonics Inc. (NASDAQ: BDAL - news) today reported its financial results for the year 2001 and the fourth quarter ended December 31, 2001.
YEAR ENDED DECEMBER 31, 2001
For the year ended December 31, 2001, Bruker Daltonics reported revenue of $92.7 million, compared to $76.6 million for the year 2000. Product revenue was $91.8 million in 2001, compared to adjusted product revenue of $72.8 million for the year 2000. The adjusted product revenue in 2000 excluded $2.0 million of non-recurring ion trap mass spectrometry sales in Germany during the third quarter of 2000. Adjusted product revenue growth for the year was 30.0% before unfavorable currency effects, or 26.1% after currency effects.
Income from continuing operations before taxes was $6.0 million in the year 2001, compared to $2.3 million in 2000. Net income per share increased 75%, from $0.04 per diluted share in the year 2000, to $0.07 per diluted share in 2001.
Life science systems revenue, substance detection systems revenue and aftermarket revenue as a percentage of product revenue were 74%, 10% and 16%, respectively, in the year 2001, as compared to 66%, 22% and 12%, respectively, in 2000.
FOURTH QUARTER 2001
For the three months ended December 31, 2001, Bruker Daltonics reported revenues of $24.7 million, compared to revenue of $21.8 million for the fourth quarter of 2000, an increase of 13.3% including currency effects.
Income from continuing operations before taxes for the quarter was $1.5 million, compared with $0.6 million for the fourth quarter 2000. Net income in the fourth quarter 2001 was $0.02 per diluted share, the same as in the fourth quarter 2000. In the fourth quarter 2000 the Company realized a tax benefit due to a change in the enacted tax rates in Germany.
ANALYSIS AND COMMENT
Frank Laukien, President and CEO, stated: ``We are very pleased that even in the difficult year 2001, we were able to surpass our original financial objectives of 25% top-line and 50% earnings growth, by delivering 30% growth in adjusted product revenue before currency effects, and 75% growth in net income. For the year 2002, we are optimistic that demand for our products, many of which are still in the early product ramp-up phase, will continue to grow at a rapid pace. During this year, we anticipate several significant new product introductions, which should contribute to our growth objectives. Moreover, we believe that the new funding climate will enable us to resume growth in our chemical and biological detection business for security and defense.''
John Hulburt, Chief Financial Officer, commented further: ``From our strong new order bookings throughout 2001, we have top-line visibility well into Q2 of 2002. In accordance with our previous guidance for the year 2002, we expect to continue robust top-line growth in the range of 22% - 27%, and earnings growth in the range of 40% - 60%.''
EARNINGS CALL
The Company will host a live streaming-audio webcast of its fourth quarter 2001 financial results conference call at 11:00 a.m. Eastern Time on Friday, February 22, 2002. 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 President and CEO, Frank Laukien. A toll-free replay will be available by dialing 1-800-642-1687, or 706-645-9291 outside the U.S., with the conference ID access code of 3155562.
ABOUT BRUKER DALTONICS
Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry. For more information about Bruker Daltonics, please visit www.bdal.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 technological approaches, product development, manufacturing, market acceptance, cost and pricing of Bruker Daltonics' products, dependence on collaborative partners, suppliers, FDA and other regulatory approvals to the extent applicable, competition, the intellectual property of others, patent protection and litigation and other risk factors discussed from time to time in Bruker Daltonics' reports or filings with the Securities and Exchange Commission. Bruker Daltonics expressly disclaims any obligation to update the information contained herein.
Condensed, consolidated statements of operations and balance
sheets follow.
Bruker Daltonics Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollar amounts in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000
Product revenues $24,160 $21,499 $91,765 $74,772
Other revenues 523 291 926 1,830
Net revenues 24,683 21,790 92,691 76,602
Costs and operating expenses:
Cost of product revenue 11,455 9,733 43,588 35,587
Selling, general
and administrative 7,827 6,234 27,718 18,863
Research and development 4,341 5,482 18,468 20,033
Provision for loss
on contract -- 1,082 1,513 1,082
Patent litigation
costs (credit) -- -- (1,869) 303
Total costs and
operating expenses 23,623 22,531 89,418 75,868
Operating income (loss)
from continuing operations
1,060 (741) 3,273 734
Other income, net 468 1,297 2,733 1,586
Income from continuing
operations before (benefit)
provision for income taxes 1,528 556 6,006 2,320
Provision (Benefit)
for income taxes 594 (674) 2,369 254
Income from continuing operations 934 1,230 3,637 2,066
Income from discontinued
operations, net
of income taxes -- -- -- 184
Net income $934 $1,230 $3,637 $2,250
Net income per share
- basic and diluted
Income from continuing operations $0.02 $0.02 $0.07 $0.04
Income from discontinued
operations, net of income
taxes 0.00 0.00 0.00 0.00
Net income $0.02 $0.02 $0.07 $0.04
Shares used in computing
net income per share - basic
54,872 54,734 54,825 49,269
Shares used in computing
net income per share - diluted 55,264 55,387 55,178 49,922
Condensed Consolidated Balance Sheets
(Dollar amounts in thousands)
December 31, December 31,
2001 2000
Assets
Current assets:
Cash and cash equivalents $ 8,381 $ 21,735
Short-term investments 61,750 72,894
Accounts receivable, net 16,203 12,332
Inventories 47,532 36,780
Other assets 5,171 3,680
Total current assets 139,037 147,421
Property, plant and equipment, net 37,251 25,528
Intangible and other assets 12,786 11,605
Total assets $189,074 $184,554
Liabilities and stockholders' equity
Current liabilities:
Short-term bank borrowings $ 3,885 $ --
Accounts payable and accrued expenses 15,727 13,138
Other liabilities 19,710 23,229
Total current liabilities 39,322 36,367
Long-term debt 11,323 12,037
Other long term liabilities 10,882 11,978
Total stockholders' equity 127,547 124,172
Total liabilities and stockholders' equity $189,074 $184,554<<
Cheers, Tuck |
