Foreign exchange rates, divestitures, and a decline in its nuclear magnetic resonance (NMR) business contributed to a 16.6% drop in revenue for MRI developer Bruker in its first quarter.
For the period (end-March 31), Bruker had revenues of $353.5 million, down from $423.7 million reported in the first quarter of 2014. The company had first-quarter net income of $6.5 million, down from net income of $8.7 million in the same period last year.
Bruker said it's maintaining its current financial outlook for 2015, with organic revenue growth projected to be approximately 1% and flat earnings per share based on nongenerally accepted accounting principles (GAAP), compared with 2014.
