Bruker Daltonics Reports Strong Growth in Revenue and Operating Income for the Third Quarter 2002

BILLERICA, Mass.--(BUSINESS WIRE)--Nov. 4, 2002--Bruker Daltonics Inc. (NASDAQ: BDAL) today reported financial results for its third quarter 2002, and the nine months ended September 30, 2002.

THIRD QUARTER 2002

For the three months ended September 30, 2002, Bruker Daltonics reported product revenue of $29.7 million, exceeding consensus estimates, compared to $23.6 million for the third quarter 2001. Product revenue growth for the third quarter was 26%, or 18% on a constant currency basis.

In the third quarter 2002, operating income was $2.7 million, an increase of $1.7 million, or 170%, compared to operating income of $1.0 million in the third quarter 2001. Net income for the third quarter 2002 was $1.7 million, or $0.03 per diluted share, compared with $0.9 million, or $0.02 per diluted share, for the third quarter 2001.

NINE MONTHS ENDED SEPTEMBER 30, 2002

For the nine months ended September 30, 2002, Bruker Daltonics reported product revenue of $83.3 million, compared to product revenue of $67.6 million for the comparable period in 2001. Product revenue growth for the first nine months was 23%, or 20% on a constant currency basis.

For the first nine months of 2002, operating income was $4.4 million, an increase of $2.2 million, or 100%, compared to operating income of $2.2 million in the comparable period in 2001.

Net income for the first nine months of 2002, without the special charges related to the restructuring and investment write-down taken in the second quarter 2002, was $3.5 million, or $0.07 per diluted share, compared to $2.7 million, or $0.05 per diluted share, for the comparable period in 2001. On a GAAP basis, net loss per diluted share was $(0.03) for the first nine months of 2002, including all special charges.

Life science systems revenue, substance detection systems revenue and aftermarket revenue as a percentage of product revenue were 70%, 15% and 15%, respectively, for the nine months ended September 30, 2002, as compared to 75%, 7% and 18%, respectively, in the comparable 2001 period.

COMMENT AND OUTLOOK

"Our financial performance continues to show significant operating improvements with strong top-line and operating income growth this year," commented John Hulburt, Chief Financial Officer. "We maintain our previous guidance for product revenue growth of 18% - 22%, and cash operating EPS of $0.08-$0.10, which excludes the special charges related to the restructuring and investment write-down, for the full year 2002."

Frank Laukien, President and CEO, said: "We are very pleased with our third quarter operating and financial performance. As indicated previously, we see healthy demand across our life-science platforms. Our life-science systems new order bookings in the third quarter grew a healthy 22%, compared to Q3-2001, giving us good top-line visibility for the remainder of the year and into Q1 of 2003. We will introduce additional products in the first half of 2003, which we expect will further fuel our growth and profitability."

EARNINGS CALL

The Company will host a live streaming-audio webcast of its third quarter 2002 financial results conference call at 5:00 p.m. Eastern Time on Monday, November 4, 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 1-888-482-0024 in the U.S., or 617-801-9702 outside the U.S., and should refer to the conference call led by Bruker Daltonics President and CEO, Frank Laukien. A telephone replay of the conference call will be available for three days, beginning thirty minutes after the completion of the conference. The replay will be available by dialing toll-free 888-286-8010 in the US and Canada or 617-801-6888 outside the US and Canada, and then entering replay pass code 64682.

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.

CONTACT:
Bruker Daltonics Inc.
Michael Willett, 978/663-3660, ext. 1411
Michael.Willett@bdal.com  
www.bdal.com