Bruker Daltonics First Quarter 2001 Product Revenue Increases 55%, Forward Guidance Remains Unchanged.Business Editors & Health & Medical Writers BILLERICA, Mass.--(BW HealthWire)--May 7, 2001 Bruker Daltonics Bruker Daltonics is a global scientific instrument manufacturer. The company is a part of Bruker Biosciences Corporation (Nasdaq:BRKR) and specializes in mass spectrometry. The Bruker Daltonics headquarters are in Billerica, MA - USA and Bremen, Germany. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BDAL BDAL Battle Doll Angelic Layer (game) ) today reported its financial results for the first quarter ended March 31, 2001. For the three months ended March 31, 2001, Bruker Daltonics reported product revenues of $21.7 million, compared to $14.0 million for the comparable period in 2000, or product revenue growth of 54.9%. Before unfavorable currency effects, product revenue growth was 63.4%. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter was $1.0 million, or $0.02 per share, compared with $0.1 million, or $0.00 per share, for the comparable period in 2000. Research and development spending was $4.6 million, or 21.3% of product revenue, for the first quarter 2001, as compared to $3.6 million, or 25.7% of product revenue, for the comparable quarter in 2000. First quarter 2001 selling, general and administrative expenses were $6.2 million, or 28.3% of product revenue, as compared to $3.7 million, or 26.2% of product revenue, in 2000. Life science product revenue, substance detection product revenue and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. revenue as a percentage of product revenues were 70%, 8% and 22%, respectively, for the three months ended March 31, 2001. "We are obviously very pleased with our strong life science revenue growth, as well as with our accelerating profitability," commented Frank H. Laukien, Ph.D., President and Chief Executive Officer. "As we had announced already in early April 2001, our new order bookings for life science systems remain robust. Therefore, we are not changing our previously issued forward-looking guidance of rapid 25-30% top-line growth, and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. growth of greater than 50% for 2001. While we are aware of concerns about slowing growth in our field, our product lines, including our new products introduced recently at PittCon, continue to be very well received by customers." The Company will host a live streaming-audio webcast of its first quarter 2001 financial results conference call at 10:30 a.m. Eastern time on Tuesday May 8, 2001. To listen to the webcast, investors should go to www.bdal.com, select Investor Relations Investor relations The process by which the corporation communicates with its investors. , 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 in the US by calling 1-888-280-4063 or 706-679-3484 outside the US, and should refer to the conference call led by Bruker Daltonics President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Frank H. Laukien. A toll-free replay will be available by dialing in the US 1-800-642-1687 or 706-645-9291 outside the US. ABOUT BRUKER DALTONICS Bruker Daltonics is a leading developer and provider of innovative life science tools based on mass spectrometry mass spectrometry or mass spectroscopy Analytic technique by which chemical substances are identified by sorting gaseous ions by mass using electric and magnetic fields. . Its substantial investment in research and development allows it to design, manufacture and market a broad array of products intended to meet the rapidly growing needs of a diverse customer base, including pharmaceutical companies, biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. , proteomics companies, molecular diagnostics companies, academic institutions and government agencies. Bruker Daltonics has diverse technology platforms which integrate automated sample preparation and clean-up, advanced front-end AnchorChip(TM) MALDI MALDI Matrix-Assisted Laser Desorption/Ionization targets and API source technology with cutting-edge proprietary MALDI-TOF MALDI-TOF Matrix Assisted Laser Desorption Ionization - Time of Flight , ESI-TOF, ion trap ion trap n. A device, such as a magnet, used to prevent ions in an electron beam from striking other apparatus. ion trap and FTMS See Fusion FTMS. mass analyzers, as well as analysis and bioinformatics software. Bruker Daltonics is also a worldwide leader in supplying mass spectrometry-based systems for substance detection and pathogen Pathogen Any agent capable of causing disease. The term pathogen is usually restricted to living agents, which include viruses, rickettsia, bacteria, fungi, yeasts, protozoa, helminths, and certain insect larval stages. identification in security and defense applications. CAUTIONARY STATEMENT All statements in this press release that are not historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding Bruker Daltonics' "expectations," "beliefs," "hopes," "intentions," "strategies" or the like. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially for Bruker Daltonics from those projected, including, but not limited to, risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc technological approaches, product development, manufacturing, market acceptance, cost and pricing of Bruker Daltonics' products, dependence on collaborative partners, suppliers, FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and other regulatory approvals to the extent applicable, competition, the intellectual property of others, patent protection and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Bruker Daltonics' expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. , 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
March 31,
2001 2000
(unaudited)
Product revenues $21,742 $14,035
Other revenues 166 564
Net revenues 21,908 14,599
Costs and operating expenses:
Cost of product revenue 10,433 6,574
Selling, general and administrative 6,169 3,672
Research and development 4,639 3,600
Patent litigation costs -- 303
Total costs and operating expenses 21,241 14,149
Operating income from continuing operations 667 450
Interest and other income (expenses), net 945 (128)
Income from continuing operations, before
provision for income taxes 1,612 322
Provision for income taxes 667 185
Income from continuing operations 945 137
Income from discontinued operations,
net of income taxes -- 37
Net income $945 $174
Net income per share - basic and diluted
Income from continuing operations $0.02 $0.00
Income from discontinued operations, net of
income taxes -- 0.00
Net income $0.02 $0.00
Shares used in computing net income
per share - basic 54,783 45,500
Shares used in computing net income
per share - diluted 55,316 45,500
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollar amounts in thousands)
March 31, December 31,
2001 2000
(unaudited)
Assets
Current assets:
Cash and cash equivalents $12,142 $21,735
Short-term investments 74,039 72,894
Accounts receivable, net 12,529 12,332
Inventories 43,968 36,780
Other assets 5,638 3,680
Total current assets 148,316 147,421
Property, plant and equipment, net 26,073 25,528
Intangible and other assets 11,320 11,605
Total assets $185,709 $184,554
Liabilities and stockholders' equity
Current liabilities:
Short-term bank borrowings $2,004 $ --
Accounts payable and accrued expenses 14,395 13,138
Other liabilities 23,925 23,229
Total current liabilities 40,324 36,367
Long-term debt 11,232 12,037
Other long term liabilities 10,954 11,978
Total stockholders' equity 123,199 124,172
Total liabilities and stockholders' equity $185,709 $184,554
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