false000110935400011093542024-11-052024-11-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2024
BRUKER CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware |
000-30833 |
04-3110160 |
(State or other jurisdiction of |
(Commission |
(I.R.S. Employer |
incorporation) |
File number) |
Identification No.) |
40 Manning Road
Billerica, MA 01821
(Address of principal executive offices) (Zip Code)
(978) 663-3660
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
Common Stock, $0.01 par value per share |
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BRKR |
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The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 – Financial Information
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2024, Bruker Corporation issued a press release announcing financial results as of and for the three and nine months ended September 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information contained in the press release attached hereto as Exhibit 99.1, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those indicated by these statements. Please refer to the cautionary note contained in the press release under the heading “Forward-Looking Statements” for additional information regarding these forward-looking statements.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BRUKER CORPORATION
(Registrant) |
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Date: November 5, 2024 |
By: |
/s/ GERALD N. HERMAN |
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Gerald N. Herman |
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Executive Vice President and Chief Financial Officer |
Bruker Reports Third Quarter 2024 Financial Results
•Q3 2024 revenues of $864.4 million, up 16.4% year-over-year (yoy); Bruker organic revenue up 3.1% yoy, and CER revenue up 15.7% yoy; BSI segment organic revenue up 3.8% yoy
•Q3 2024 GAAP diluted EPS $0.27; non-GAAP diluted EPS $0.60
•Updated FY2024 guidance:
oRevenue $3.34 to $3.37 billion, implying Bruker organic revenue growth of 3% to 4%, and CER revenue growth of approximately 13% yoy
oNon-GAAP EPS of $2.36 - $2.41
BILLERICA, Massachusetts – November 5, 2024 – Bruker Corporation (Nasdaq: BRKR) today announced financial results for its third quarter and for the nine months ended September 30, 2024.
Frank H. Laukien, Bruker’s President and CEO, commented: “Bruker has again posted double-digit year-over-year CER revenue growth, and above-market organic revenue growth, in Q3 and year-to-date. This is a testament to our Project Accelerate transformation, and to our operational excellence processes driving improvements in our strategic acquisitions. We have delivered sequential operating margin improvements in Q3, and we expect further sequential margin improvements, along with double-digit CER revenue growth, also in the fourth quarter.”
He continued: “Despite biopharma and China recovery delays, orders for our differentiated post-genomic, multiomics, cleantech, semicon and diagnostics solutions are gradually improving, with upper mid-single digit BSI organic bookings growth in Q3 year-over-year. However, nascent biopharma and China recoveries will not benefit our fiscal year 2024 anymore, and accordingly we are lowering our FY2024 guidance. Integrating and improving our strategic acquisitions is making good progress and will further accelerate Bruker’s remarkable transformation. We are confident in our ability to drive above-market organic revenue growth with significant margin expansion in 2025.”
Third Quarter 2024 Financial Results
Bruker’s revenues for the third quarter of 2024 were $864.4 million, an increase of 16.4% compared to $742.8 million in the third quarter of 2023. In the third quarter of 2024, revenues increased 3.1% organically year-over-year with constant-exchange rate (CER) revenue growth of 15.7%. Revenue growth from acquisitions was 12.5%, while foreign currency translation had a favorable impact of 0.7%.
Third quarter 2024 Bruker Scientific Instruments (BSI) revenues of $799.5 million increased 18.2% year-over-year, with organic revenue growth of 3.8%. Third quarter 2024 Bruker Energy & Supercon Technologies (BEST) revenues of $68.7 million decreased 2.7% year-over-year, with organic revenue, net of intercompany eliminations, decreasing by 3.2%.
Third quarter 2024 GAAP operating income was $68.1 million, compared to $124.5 million in the third quarter of 2023. Non-GAAP operating income was $129.1 million in the third quarter of 2024, a decrease of 12.9%
compared to $148.3 million in the third quarter of 2023. Bruker’s third quarter 2024 non-GAAP operating margin was 14.9%, down 510 basis points due to our strategic acquisitions, from 20.0% in the third quarter of 2023.
Third quarter 2024 GAAP diluted earnings per share (EPS) were $0.27, compared to $0.60 in the third quarter of 2023. Third quarter 2024 non-GAAP diluted EPS were $0.60, a decrease of 18.9% compared to $0.74 in the third quarter of 2023.
First Nine Months of 2024 Financial Results
For the first nine months of 2024, Bruker’s revenues were $2.39 billion, an increase of 13.1% from $2.11 billion in the first nine months of 2023. In the first nine months of 2024, revenues increased 4.0% organically year-over-year, with constant-exchange rate (CER) revenue growth of 13.2%. Revenue growth from acquisitions was 9.2%, while foreign currency translation had an unfavorable impact of 0.1%.
In the first nine months of 2024, BSI revenues of $2.19 billion increased 14.0% compared to $1.92 billion in the first nine months of 2023, including organic growth of 4.1%. First nine months 2024 BEST revenues of $210.9 million increased 2.6%, compared to $205.5 million in the first nine months of 2023. Organic revenue growth for BEST, net of intercompany eliminations, was 3.7%.
In the first nine months of 2024, GAAP operating income was $181.0 million, compared to $333.4 million in the first nine months of 2023. Non-GAAP operating income in the first nine months of 2024 was $340.5 million, down 13.1% compared to $391.8 million in the first nine months of 2023. Bruker’s non-GAAP operating margin in first nine months of 2024 was 14.3%, a decrease of 430 bps compared to 18.5% in the first nine months of 2023.
First nine months 2024 GAAP diluted EPS was $0.67, compared to $1.50 in the first nine months of 2023. First nine months 2024 non-GAAP diluted EPS was $1.65, down 12.2% compared to $1.88 in the first nine months of 2023.
A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press
release.
Fiscal Year 2024 (FY 2024) Financial Outlook
For FY 2024, Bruker now expects revenues of $3.34 to $3.37 billion, compared to FY 2023 revenues of $2.96 billion, with 12.5% to 13.5% year-over-year reported revenue growth, including:
•Organic revenue growth of 3% to 4%,
•Contribution from M&A of approximately 9.5%,
•Foreign currency translation impact approximately neutral,
•CER revenue growth of approximately 13%.
Bruker now expects FY 2024 non-GAAP EPS of $2.36 to $2.41, compared to FY 2023 non-GAAP EPS of $2.58.
Updated FY 2024 revenue and non-GAAP EPS guidance is based on foreign currency exchange rates as of September 30, 2024.
For the Company’s outlook for 2024 organic revenue growth, M&A revenue growth, constant exchange rate revenue growth, and non-GAAP EPS, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a description of items excluded from our expected non-GAAP EPS.
Quarterly Earnings Call
Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters today, November 5, 2024, at 8:30 am Eastern Time. To listen to the webcast, investors can go to https://ir.bruker.com and click on the “Q3 2024 Earnings Webcast” hyperlink. A slide presentation will be referenced during the webcast and will be posted to our Investor Relations website shortly before the webcast begins. Investors can also listen to the earnings webcast via telephone by dialing 1-888-437-2685 (U.S. toll free) or +1-412-317-6702 (international) and referencing “Bruker’s Third Quarter 2024 Earnings Conference Call”.
Bruker is enabling investors to pre-register for the earnings conference call so that they can expedite their entry into the call and avoid the need to wait for a live operator. In order to pre-register for the call, investors can visit https://dpregister.com/sreg/10193829/fdca035215 and enter their contact information. Investors will then be issued a personalized phone number and PIN to dial into the live conference call. Individuals can pre-register any time prior to the start of the conference call on November 5.
A telephone replay of the conference call will be available by dialing 1-877-344-7529 (U.S. toll free) or +1-412-317-0088 (international) and entering replay access code: 7508549. The replay will be available beginning one hour after the end of the conference call through December 5, 2024.
About Bruker Corporation – Leader of the Post-Genomic Era (Nasdaq: BRKR)
Bruker is enabling scientists and engineers to make breakthrough post-genomic discoveries and develop new applications that improve the quality of human life. Bruker’s high-performance scientific instruments and high-value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular, and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity, and customer success in post-genomic life science molecular and cell biology research, in applied and biopharma applications, in microscopy and nanoanalysis, as well as in industrial and cleantech research, and next-gen semiconductor metrology in support of AI. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit www.bruker.com.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), we use the following non-GAAP financial measures: non-GAAP gross profit; non-GAAP gross profit margin; non-GAAP operating income; non-GAAP operating income margin; non-GAAP SG&A expense; non-GAAP interest and other income (expense), net; non-GAAP profit before income taxes; non-GAAP income tax rate; non-GAAP net income and non-GAAP diluted earnings per share. These non-GAAP measures exclude costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets and other non-operational costs.
We also may refer to constant-exchange rate (CER) currency revenue growth and free cash flow or use which are also non-GAAP financial measures. We define the term CER currency revenue as GAAP revenue excluding the effect of changes in foreign currency translation rates. We define free cash flow as net cash provided by operating activities less additions to property, plant, and equipment. We believe free cash flow is a useful measure to evaluate our business because it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, acquisitions, investments in our business, repayment of debt and return of capital to shareholders.
The presentation of these non-GAAP financial measures is not intended to be a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies. We believe these non-GAAP financial measures provide meaningful supplemental information regarding our performance, however, we urge investors to review the reconciliation of these financial measures to the
comparable GAAP financial measures included in the accompanying tables, and not to rely on any single financial measure to evaluate our business. Specifically, management believes that the non-GAAP measures mentioned above provide relevant and useful information which is widely used by analysts, investors and competitors in our industry, as well as by our management, in assessing both consolidated and business unit performance.
We use these non-GAAP financial measures to evaluate our period-over-period operating performance because our management believes this provides a more comparable measure of our continuing business by adjusting for certain items that are not reflective of the underlying performance of our business. These measures may also be useful to investors in evaluating the underlying operating performance of our business and forecasting future results. We regularly use these non-GAAP financial measures internally to understand, manage, and evaluate our business results and make operating decisions. We also measure our employees and compensate them, in part, based on certain non-GAAP measures and use this information for our planning and forecasting activities.
Additional information relating to the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable GAAP financial measures are provided in the tables accompanying this press release following our GAAP financial statements.
With respect to our outlook for 2024 non-GAAP organic revenue, non-GAAP M&A revenue, non-GAAP constant exchange rate (CER) revenue and non-GAAP EPS, we are not providing the most directly comparable GAAP financial measures or corresponding reconciliations to such GAAP financial measures on a forward-looking basis, because we are unable to predict with reasonable certainty certain items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. Our expected non-GAAP organic revenue and EPS ranges exclude primarily the future impact of restructuring actions, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments. These reconciling items are uncertain, depend on various factors outside our management’s control and could significantly impact, either individually or in the aggregate, our future period revenues and EPS presented in accordance with GAAP.
Forward-Looking Statements
Any statements contained in this press release which do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our fiscal year 2024 and 2025 financial outlook, our outlook for reported revenue growth, organic revenue growth, M&A revenue growth contributions, CER currency revenue growth, margin improvements, foreign currency translation revenue impact and non-GAAP EPS; management’s expectations for the impact of foreign currency and acquisitions; and for future financial and operational performance and business outlook; future economic conditions; and statements found under the “Use of Non-GAAP Financial Measures” section of this release. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, the length and severity of any recession and the impact on global economic conditions, the impact of supply chain challenges, including inflationary pressures, the impact of geopolitical tensions and any sanctions, including any reduction in natural gas exports from Russia resulting from its ongoing conflict with Ukraine and resulting market disruptions, such as higher prices for and reduced availability of key metals used in our products, the conflict in Israel, Palestine and surrounding areas and the possible expansion of such conflicts and potential geopolitical consequences, the ongoing tensions between the United States and China, tariff and trade policy changes, and the increasing potential of conflict involving countries in Asia that are critical to our supply chain operations, such as Taiwan and China, continued volatility in the capital markets, the impact of increased interest rates, the integration and assumption of liabilities of businesses we have acquired or may acquire in the future, including our recent acquisitions of PhenomeX, ELITech, Chemspeed, and NanoString, our restructuring and cost-control initiatives, changing technologies, product development and market acceptance of our products, the cost and pricing of our products, manufacturing and outsourcing, competition, dependence on collaborative partners, key suppliers and third party distributors, capital spending and government funding policies, changes in governmental regulations, intellectual property rights, litigation, exposure to foreign currency fluctuations, the impact of foreign currency exchange rates, our ability to service our debt obligations and fund our anticipated cash needs, the effect of a concentrated ownership of our common stock, loss of key personnel, payment of
future dividends and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission, or SEC. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2023, as may be updated by our quarterly reports on Form 10-Q. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.
-tables follow-
Contact:
Joe Kostka
Director, Investor Relations
Bruker Corporation
T: +1 (978) 313-5800
E: Investor.Relations@bruker.com
Bruker Corporation
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
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September 30,
2024 |
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December 31,
2023 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
148.1 |
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$ |
488.3 |
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Accounts receivable, net |
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538.4 |
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492.0 |
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Inventories |
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1,220.4 |
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968.3 |
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Other current assets |
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284.5 |
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215.6 |
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Total current assets |
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2,191.4 |
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2,164.2 |
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Property, plant and equipment, net |
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693.9 |
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599.7 |
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Goodwill, intangibles, net and other long-term assets |
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3,227.6 |
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1,486.0 |
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Total assets |
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$ |
6,112.9 |
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$ |
4,249.9 |
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LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
32.8 |
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$ |
121.2 |
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Accounts payable |
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227.5 |
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202.7 |
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Deferred revenue and customer advances |
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466.7 |
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400.0 |
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Other current liabilities |
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595.1 |
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478.2 |
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Total current liabilities |
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1,322.1 |
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1,202.1 |
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Long-term debt |
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2,264.5 |
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1,160.3 |
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Other long-term liabilities |
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683.2 |
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474.2 |
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Redeemable noncontrolling interests |
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18.0 |
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18.7 |
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Total shareholders' equity |
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1,825.1 |
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1,394.6 |
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Total liabilities, redeemable noncontrolling interests and shareholders' equity |
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$ |
6,112.9 |
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$ |
4,249.9 |
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Bruker Corporation
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in millions, except per share data)
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenue |
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$ |
864.4 |
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$ |
742.8 |
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$ |
2,386.8 |
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$ |
2,110.0 |
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Cost of revenue |
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445.6 |
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360.0 |
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1,230.6 |
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1,027.0 |
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Gross profit |
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418.8 |
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382.8 |
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1,156.2 |
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1,083.0 |
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Operating expenses: |
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Selling, general and administrative |
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229.9 |
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177.6 |
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646.5 |
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518.2 |
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Research and development |
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98.1 |
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71.3 |
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272.1 |
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211.3 |
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Other charges, net |
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22.7 |
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9.4 |
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56.6 |
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20.1 |
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Total operating expenses |
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350.7 |
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258.3 |
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975.2 |
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749.6 |
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Operating income |
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68.1 |
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124.5 |
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181.0 |
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333.4 |
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Interest and other income (expense), net |
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(12.8 |
) |
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(5.3 |
) |
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(30.2 |
) |
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(30.1 |
) |
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries (a) |
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55.3 |
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119.2 |
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150.8 |
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303.3 |
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Income tax provision |
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14.8 |
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30.8 |
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50.7 |
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80.6 |
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Equity in income (losses) of unconsolidated investees, net of tax |
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(0.2 |
) |
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0.3 |
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(0.2 |
) |
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1.2 |
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Consolidated net income |
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40.3 |
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88.7 |
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99.9 |
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223.9 |
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Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries |
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(0.6 |
) |
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0.6 |
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0.5 |
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2.2 |
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Net income attributable to Bruker Corporation |
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$ |
40.9 |
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$ |
88.1 |
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$ |
99.4 |
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$ |
221.7 |
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Net income per common share attributable to Bruker Corporation shareholders: |
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Basic |
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$ |
0.27 |
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$ |
0.60 |
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$ |
0.67 |
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$ |
1.51 |
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Diluted |
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$ |
0.27 |
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$ |
0.60 |
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$ |
0.67 |
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$ |
1.50 |
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Weighted average common shares outstanding: |
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Basic |
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151.5 |
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146.6 |
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148.1 |
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146.7 |
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Diluted |
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|
152.0 |
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147.3 |
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148.7 |
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147.5 |
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a) On subsequent pages this is referred to as “Profit before income tax”.
Bruker Corporation
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in millions)
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Cash flows from operating activities: |
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Consolidated net income |
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$ |
40.3 |
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$ |
88.7 |
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$ |
99.9 |
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$ |
223.9 |
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Adjustments to reconcile consolidated net income to cash flows from operating activities: |
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Depreciation and amortization |
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51.0 |
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26.6 |
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130.9 |
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|
77.6 |
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Stock-based compensation expense |
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6.3 |
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|
5.7 |
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18.5 |
|
|
|
17.8 |
|
Deferred income taxes |
|
|
(21.9 |
) |
|
|
3.4 |
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|
|
(44.2 |
) |
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|
12.8 |
|
Impairment of minority investments and other long-lived assets |
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|
5.9 |
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|
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1.2 |
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|
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27.5 |
|
|
|
19.5 |
|
Gain on sale of minority investment |
|
|
— |
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— |
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— |
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(6.8 |
) |
Loss (Gain) on sale of property, plant and equipment |
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1.7 |
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|
|
0.2 |
|
|
|
2.5 |
|
|
|
(9.4 |
) |
Other non-cash (income) expenses, net |
|
|
2.5 |
|
|
|
2.3 |
|
|
|
(4.6 |
) |
|
|
18.3 |
|
Changes in operating assets and liabilities, net of acquisitions and divestitures: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(18.8 |
) |
|
|
(42.9 |
) |
|
|
10.7 |
|
|
|
(12.4 |
) |
Inventories |
|
|
(11.1 |
) |
|
|
(32.9 |
) |
|
|
(105.1 |
) |
|
|
(147.3 |
) |
Accounts payable and accrued expenses |
|
|
20.9 |
|
|
|
14.5 |
|
|
|
26.5 |
|
|
|
11.1 |
|
Income taxes payable, net |
|
|
5.0 |
|
|
|
4.3 |
|
|
|
(17.4 |
) |
|
|
(13.5 |
) |
Deferred revenue and customer advances |
|
|
(51.4 |
) |
|
|
(14.6 |
) |
|
|
(49.3 |
) |
|
|
6.5 |
|
Other changes in operating assets and liabilities, net |
|
|
8.0 |
|
|
|
(12.4 |
) |
|
|
(34.6 |
) |
|
|
(53.5 |
) |
Net cash provided by operating activities |
|
|
38.4 |
|
|
|
44.1 |
|
|
|
61.3 |
|
|
|
144.6 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(32.6 |
) |
|
|
(26.9 |
) |
|
|
(78.6 |
) |
|
|
(75.4 |
) |
Proceeds from sale of minority investment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11.8 |
|
Cash paid for minority investments |
|
|
(36.0 |
) |
|
|
(10.0 |
) |
|
|
(46.0 |
) |
|
|
(19.3 |
) |
Cash paid for acquisitions, net of cash acquired |
|
|
(0.2 |
) |
|
|
(119.6 |
) |
|
|
(1,576.7 |
) |
|
|
(222.3 |
) |
Proceeds from sales of property, plant and equipment |
|
|
— |
|
|
|
0.2 |
|
|
|
0.9 |
|
|
|
10.9 |
|
Net proceeds from cross-currency swap agreements |
|
|
1.2 |
|
|
|
1.3 |
|
|
|
3.7 |
|
|
|
5.1 |
|
Net cash used in investing activities |
|
|
(67.6 |
) |
|
|
(155.0 |
) |
|
|
(1,696.7 |
) |
|
|
(289.2 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of revolving lines of credit |
|
|
(148.5 |
) |
|
|
— |
|
|
|
(1,008.6 |
) |
|
|
— |
|
Proceeds from revolving lines of credit |
|
|
0.1 |
|
|
|
— |
|
|
|
1,093.4 |
|
|
|
— |
|
Repayment of other debt, net |
|
|
(6.0 |
) |
|
|
(2.5 |
) |
|
|
(16.5 |
) |
|
|
(7.0 |
) |
Proceeds from 2024 Note Purchase Agreements |
|
|
— |
|
|
|
— |
|
|
|
472.1 |
|
|
|
— |
|
Proceeds from 2024 Term Loan Agreements |
|
|
166.1 |
|
|
|
— |
|
|
|
495.6 |
|
|
|
— |
|
Proceeds from other long-term debt |
|
|
0.7 |
|
|
|
0.4 |
|
|
|
4.8 |
|
|
|
3.2 |
|
Repayment of 2012 Note Purchase Agreement |
|
|
— |
|
|
|
— |
|
|
|
(100.0 |
) |
|
|
— |
|
Repayment of 2019 Term Loan Agreement |
|
|
(3.8 |
) |
|
|
(3.8 |
) |
|
|
(11.3 |
) |
|
|
(11.3 |
) |
Payment of deferred financing costs |
|
|
— |
|
|
|
— |
|
|
|
(5.5 |
) |
|
|
— |
|
Proceeds from Public Offering of common stock, net of issuance costs |
|
|
— |
|
|
|
— |
|
|
|
403.0 |
|
|
|
— |
|
Proceeds from (payment for) issuance of common stock under employee stock plans, net |
|
|
(2.9 |
) |
|
|
2.0 |
|
|
|
2.8 |
|
|
|
4.8 |
|
Payment of contingent consideration |
|
|
(0.9 |
) |
|
|
(0.2 |
) |
|
|
(1.4 |
) |
|
|
(2.7 |
) |
Payment of dividends to common shareholders |
|
|
(7.6 |
) |
|
|
(7.4 |
) |
|
|
(22.6 |
) |
|
|
(22.1 |
) |
Repurchase of common stock |
|
|
— |
|
|
|
(79.5 |
) |
|
|
— |
|
|
|
(101.9 |
) |
Proceeds from (payment for) the sale (purchase) of noncontrolling interests |
|
|
— |
|
|
|
(1.5 |
) |
|
|
(1.0 |
) |
|
|
3.5 |
|
Net cash provided by (used in) financing activities |
|
|
(2.8 |
) |
|
|
(92.5 |
) |
|
|
1,304.8 |
|
|
|
(133.5 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
10.4 |
|
|
|
(7.9 |
) |
|
|
(9.3 |
) |
|
|
(3.7 |
) |
Net (decrease) in cash, cash equivalents and restricted cash |
|
|
(21.5 |
) |
|
|
(211.3 |
) |
|
|
(339.9 |
) |
|
|
(281.8 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
173.2 |
|
|
|
578.2 |
|
|
|
491.6 |
|
|
|
648.7 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
151.7 |
|
|
$ |
366.9 |
|
|
$ |
151.7 |
|
|
$ |
366.9 |
|
Bruker Corporation
SUMMARY OF GAAP AND NON-GAAP FINANCIAL MEASURES
(unaudited and in millions, except per share data)
The following tables consist of a summary of the Company's GAAP and Non-GAAP Financial Measures:
GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Gross Profit |
|
$ |
418.8 |
|
|
$ |
382.8 |
|
|
$ |
1,156.2 |
|
|
$ |
1,083.0 |
|
Gross Profit Margin |
|
|
48.4 |
% |
|
|
51.5 |
% |
|
|
48.4 |
% |
|
|
51.3 |
% |
SG&A Expenses |
|
$ |
229.9 |
|
|
$ |
177.6 |
|
|
$ |
646.5 |
|
|
$ |
518.2 |
|
Interest and other income (expense), net |
|
$ |
(12.8 |
) |
|
$ |
(5.3 |
) |
|
$ |
(30.2 |
) |
|
$ |
(30.1 |
) |
Operating Income |
|
$ |
68.1 |
|
|
$ |
124.5 |
|
|
$ |
181.0 |
|
|
$ |
333.4 |
|
Operating Income Margin |
|
|
7.9 |
% |
|
|
16.8 |
% |
|
|
7.6 |
% |
|
|
15.8 |
% |
Profit before income tax |
|
$ |
55.3 |
|
|
$ |
119.2 |
|
|
$ |
150.8 |
|
|
$ |
303.3 |
|
Income Tax rate |
|
|
26.8 |
% |
|
|
25.8 |
% |
|
|
33.6 |
% |
|
|
26.6 |
% |
Net Income attributable to Bruker Corporation |
|
$ |
40.9 |
|
|
$ |
88.1 |
|
|
$ |
99.4 |
|
|
$ |
221.7 |
|
Diluted net income per common share attributable to Bruker Corporation shareholders |
|
$ |
0.27 |
|
|
$ |
0.60 |
|
|
$ |
0.67 |
|
|
$ |
1.50 |
|
Net cash provided by operating activities |
|
$ |
38.4 |
|
|
$ |
44.1 |
|
|
$ |
61.3 |
|
|
$ |
144.6 |
|
Revenue |
|
$ |
864.4 |
|
|
$ |
742.8 |
|
|
$ |
2,386.8 |
|
|
$ |
2,110.0 |
|
Revenue Growth Rate |
|
|
16.4 |
% |
|
|
16.3 |
% |
|
|
13.1 |
% |
|
|
15.8 |
% |
Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Non-GAAP Gross Profit |
|
$ |
442.2 |
|
|
$ |
391.6 |
|
|
$ |
1,222.7 |
|
|
$ |
1,104.8 |
|
Non-GAAP Gross Profit Margin |
|
|
51.2 |
% |
|
|
52.7 |
% |
|
|
51.2 |
% |
|
|
52.4 |
% |
Non-GAAP SG&A Expenses |
|
$ |
215.2 |
|
|
$ |
172.0 |
|
|
$ |
610.5 |
|
|
$ |
501.7 |
|
Non-GAAP Interest and other income (expense), net |
|
$ |
(8.8 |
) |
|
$ |
(5.3 |
) |
|
$ |
(6.0 |
) |
|
$ |
(16.0 |
) |
Non-GAAP Operating Income |
|
$ |
129.1 |
|
|
$ |
148.3 |
|
|
$ |
340.5 |
|
|
$ |
391.8 |
|
Non-GAAP Operating Income Margin |
|
|
14.9 |
% |
|
|
20.0 |
% |
|
|
14.3 |
% |
|
|
18.6 |
% |
Non-GAAP Profit before income tax |
|
$ |
120.3 |
|
|
$ |
143.0 |
|
|
$ |
334.5 |
|
|
$ |
375.8 |
|
Non-GAAP Income Tax rate |
|
|
24.9 |
% |
|
|
23.8 |
% |
|
|
26.6 |
% |
|
|
25.6 |
% |
Non-GAAP Net Income attributable to Bruker Corporation |
|
$ |
91.0 |
|
|
$ |
108.3 |
|
|
$ |
245.1 |
|
|
$ |
277.4 |
|
Non-GAAP Diluted earnings per share |
|
$ |
0.60 |
|
|
$ |
0.74 |
|
|
$ |
1.65 |
|
|
$ |
1.88 |
|
Non-GAAP Free Cash Flow |
|
$ |
5.8 |
|
|
$ |
17.2 |
|
|
$ |
(17.3 |
) |
|
$ |
69.2 |
|
Non-GAAP Constant-exchange rate (CER) currency revenue |
|
$ |
859.2 |
|
|
$ |
721.9 |
|
|
$ |
2,390.0 |
|
|
$ |
2,113.4 |
|
Non-GAAP Constant-exchange rate (CER) currency revenue growth rate |
|
|
15.7 |
% |
|
|
13.0 |
% |
|
|
13.2 |
% |
|
|
15.9 |
% |
The GAAP to Non-GAAP reconciliations of the above financial measures are detailed in the following pages.
Bruker Corporation
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited and in millions, except per share data)
Gross Profit and Gross Profit Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP gross profit |
|
$ |
418.8 |
|
|
|
48.4 |
% |
|
$ |
382.8 |
|
|
|
51.5 |
% |
|
$ |
1,156.2 |
|
|
|
48.4 |
% |
|
$ |
1,083.0 |
|
|
|
51.3 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
|
1.2 |
|
|
|
0.1 |
% |
|
|
1.1 |
|
|
|
0.1 |
% |
|
|
9.8 |
|
|
|
0.4 |
% |
|
|
1.4 |
|
|
|
0.1 |
% |
Acquisition-related costs |
|
|
6.8 |
|
|
|
0.8 |
% |
|
|
— |
|
|
|
— |
|
|
|
18.5 |
|
|
|
0.8 |
% |
|
|
0.5 |
|
|
|
0.1 |
% |
Purchased intangibles amortization |
|
|
13.9 |
|
|
|
1.6 |
% |
|
|
5.9 |
|
|
|
0.8 |
% |
|
|
33.7 |
|
|
|
1.4 |
% |
|
|
16.9 |
|
|
|
0.8 |
% |
Other costs |
|
|
1.5 |
|
|
|
0.3 |
% |
|
|
1.8 |
|
|
|
0.2 |
% |
|
|
4.5 |
|
|
|
0.2 |
% |
|
|
3.0 |
|
|
|
0.1 |
% |
Total Non-GAAP adjustments |
|
|
23.4 |
|
|
|
2.8 |
% |
|
|
8.8 |
|
|
|
1.1 |
% |
|
|
66.5 |
|
|
|
2.8 |
% |
|
|
21.8 |
|
|
|
1.1 |
% |
Non-GAAP gross profit |
|
$ |
442.2 |
|
|
|
51.2 |
% |
|
$ |
391.6 |
|
|
|
52.6 |
% |
|
$ |
1,222.7 |
|
|
|
51.2 |
% |
|
$ |
1,104.8 |
|
|
|
52.4 |
% |
Selling, General and Administrative (“SG&A”) Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP SG&A expenses |
|
$ |
229.9 |
|
|
$ |
177.6 |
|
|
$ |
646.5 |
|
|
$ |
518.2 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchased intangibles amortization |
|
|
(14.7 |
) |
|
|
(5.6 |
) |
|
|
(36.0 |
) |
|
|
(16.5 |
) |
Non-GAAP SG&A expenses |
|
$ |
215.2 |
|
|
$ |
172.0 |
|
|
$ |
610.5 |
|
|
$ |
501.7 |
|
Interest and Other Income (Expense), net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP interest and other income (expense), net |
|
$ |
(12.8 |
) |
|
$ |
(5.3 |
) |
|
$ |
(30.2 |
) |
|
$ |
(30.1 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments related adjustments |
|
|
4.0 |
|
|
|
— |
|
|
|
24.2 |
|
|
|
14.1 |
|
Non-GAAP interest and other income (expense), net |
|
$ |
(8.8 |
) |
|
$ |
(5.3 |
) |
|
$ |
(6.0 |
) |
|
$ |
(16.0 |
) |
Operating Income and Operating Income Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Operating income |
|
$ |
68.1 |
|
|
|
7.9 |
% |
|
$ |
124.5 |
|
|
|
16.8 |
% |
|
$ |
181.0 |
|
|
|
7.6 |
% |
|
$ |
333.4 |
|
|
|
15.8 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
|
4.3 |
|
|
|
0.5 |
% |
|
|
4.8 |
|
|
|
0.6 |
% |
|
|
17.6 |
|
|
|
0.7 |
% |
|
|
5.7 |
|
|
|
0.3 |
% |
Acquisition-related costs |
|
|
13.3 |
|
|
|
1.5 |
% |
|
|
1.6 |
|
|
|
0.2 |
% |
|
|
46.4 |
|
|
|
1.9 |
% |
|
|
7.9 |
|
|
|
0.3 |
% |
Purchased intangibles amortization |
|
|
28.8 |
|
|
|
3.3 |
% |
|
|
11.5 |
|
|
|
1.5 |
% |
|
|
70.1 |
|
|
|
2.9 |
% |
|
|
33.4 |
|
|
|
1.6 |
% |
Other costs |
|
|
14.6 |
|
|
|
1.7 |
% |
|
|
5.9 |
|
|
|
0.9 |
% |
|
|
25.4 |
|
|
|
1.2 |
% |
|
|
11.4 |
|
|
|
0.5 |
% |
Total Non-GAAP adjustments |
|
|
61.0 |
|
|
|
7.0 |
% |
|
|
23.8 |
|
|
|
3.2 |
% |
|
|
159.5 |
|
|
|
6.7 |
% |
|
|
58.4 |
|
|
|
2.7 |
% |
Non-GAAP operating income |
|
$ |
129.1 |
|
|
|
14.9 |
% |
|
$ |
148.3 |
|
|
|
20.0 |
% |
|
$ |
340.5 |
|
|
|
14.3 |
% |
|
$ |
391.8 |
|
|
|
18.5 |
% |
Bruker Corporation
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued
(unaudited and in millions, except per share data)
Profit before Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP profit before income tax |
|
$ |
55.3 |
|
|
$ |
119.2 |
|
|
$ |
150.8 |
|
|
$ |
303.3 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
|
4.3 |
|
|
|
4.8 |
|
|
|
17.6 |
|
|
|
5.7 |
|
Acquisition-related costs |
|
|
13.3 |
|
|
|
1.6 |
|
|
|
46.4 |
|
|
|
7.9 |
|
Purchased intangibles amortization |
|
|
28.8 |
|
|
|
11.5 |
|
|
|
70.1 |
|
|
|
33.4 |
|
Investments related adjustments |
|
|
4.0 |
|
|
|
— |
|
|
|
24.2 |
|
|
|
14.1 |
|
Other costs |
|
|
14.6 |
|
|
|
5.9 |
|
|
|
25.4 |
|
|
|
11.4 |
|
Total Non-GAAP adjustments |
|
|
65.0 |
|
|
|
23.8 |
|
|
|
183.7 |
|
|
|
72.5 |
|
Non-GAAP profit before income tax |
|
$ |
120.3 |
|
|
$ |
143.0 |
|
|
$ |
334.5 |
|
|
$ |
375.8 |
|
Income Tax Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP income tax rate |
|
|
26.8 |
% |
|
|
25.8 |
% |
|
|
33.6 |
% |
|
|
26.6 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax impact of non-GAAP adjustments |
|
|
-3.4 |
% |
|
|
-0.7 |
% |
|
|
-5.5 |
% |
|
|
-0.2 |
% |
Other discrete items |
|
|
1.5 |
% |
|
|
-1.4 |
% |
|
|
-1.5 |
% |
|
|
-0.8 |
% |
Total Non-GAAP adjustments |
|
|
-1.9 |
% |
|
|
-2.1 |
% |
|
|
-7.0 |
% |
|
|
-1.0 |
% |
Non-GAAP income tax rate |
|
|
24.9 |
% |
|
|
23.8 |
% |
|
|
26.6 |
% |
|
|
25.6 |
% |
Net Income Attributable to Bruker Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP Net Income attributable to Bruker Corporation |
|
$ |
40.9 |
|
|
$ |
88.1 |
|
|
$ |
99.4 |
|
|
$ |
221.7 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
|
4.3 |
|
|
|
4.8 |
|
|
|
17.6 |
|
|
|
5.7 |
|
Acquisition-related costs |
|
|
13.3 |
|
|
|
1.6 |
|
|
|
46.4 |
|
|
|
7.9 |
|
Purchased intangibles amortization |
|
|
28.8 |
|
|
|
11.5 |
|
|
|
70.1 |
|
|
|
33.4 |
|
Investments related adjustments |
|
|
4.0 |
|
|
|
— |
|
|
|
24.2 |
|
|
|
14.1 |
|
Other costs |
|
|
14.6 |
|
|
|
5.9 |
|
|
|
25.4 |
|
|
|
11.4 |
|
Tax effect of Non-GAAP adjustments |
|
|
(15.1 |
) |
|
|
(3.3 |
) |
|
|
(38.2 |
) |
|
|
(15.6 |
) |
Total Non-GAAP adjustments |
|
|
49.9 |
|
|
|
20.5 |
|
|
|
145.5 |
|
|
|
56.9 |
|
Minority Interest |
|
|
(0.2 |
) |
|
|
0.3 |
|
|
|
(0.2 |
) |
|
|
1.2 |
|
Non-GAAP Net Income attributable to Bruker Corporation |
|
$ |
91.0 |
|
|
$ |
108.3 |
|
|
$ |
245.1 |
|
|
$ |
277.4 |
|
Weighted Average Shares Outstanding (Diluted) |
|
|
152.0 |
|
|
|
147.3 |
|
|
|
148.7 |
|
|
|
147.5 |
|
Non-GAAP Diluted Earnings Per Share |
|
$ |
0.60 |
|
|
$ |
0.74 |
|
|
$ |
1.65 |
|
|
$ |
1.88 |
|
Bruker Corporation
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued
(unaudited and in millions, except per share data)
Earnings Per Share (Diluted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Diluted net income per common share attributable to Bruker Corporation shareholders |
|
$ |
0.27 |
|
|
$ |
0.60 |
|
|
$ |
0.67 |
|
|
$ |
1.50 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Costs |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.12 |
|
|
|
0.04 |
|
Acquisition-related costs |
|
|
0.09 |
|
|
|
0.01 |
|
|
|
0.31 |
|
|
|
0.05 |
|
Purchased intangibles amortization |
|
|
0.19 |
|
|
|
0.08 |
|
|
|
0.47 |
|
|
|
0.23 |
|
Other costs |
|
|
0.10 |
|
|
|
0.04 |
|
|
|
0.17 |
|
|
|
0.08 |
|
Interest and other income (expense), net |
|
|
0.03 |
|
|
|
— |
|
|
|
0.16 |
|
|
|
0.10 |
|
Tax effect of Non-GAAP adjustments |
|
|
(0.11 |
) |
|
|
(0.02 |
) |
|
|
(0.25 |
) |
|
|
(0.11 |
) |
Total Non-GAAP adjustments |
|
|
0.33 |
|
|
|
0.14 |
|
|
|
0.98 |
|
|
|
0.39 |
|
Minority Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
Non-GAAP earnings per share (diluted) |
|
$ |
0.60 |
|
|
$ |
0.74 |
|
|
$ |
1.65 |
|
|
$ |
1.88 |
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net cash provided by operating activities |
|
$ |
38.4 |
|
|
$ |
44.1 |
|
|
$ |
61.3 |
|
|
$ |
144.6 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(32.6 |
) |
|
|
(26.9 |
) |
|
|
(78.6 |
) |
|
|
(75.4 |
) |
Non-GAAP free cash flow (use) |
|
$ |
5.8 |
|
|
$ |
17.2 |
|
|
$ |
(17.3 |
) |
|
$ |
69.2 |
|
Constant-exchange rate (CER) currency revenue growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP revenue |
|
$ |
864.4 |
|
|
$ |
742.8 |
|
|
$ |
2,386.8 |
|
|
$ |
2,110.0 |
|
Effect of changes in foreign currency translation rates |
|
|
(5.2 |
) |
|
|
(20.9 |
) |
|
|
3.2 |
|
|
|
3.4 |
|
Non-GAAP CER currency revenue |
|
$ |
859.2 |
|
|
$ |
721.9 |
|
|
$ |
2,390.0 |
|
|
$ |
2,113.4 |
|
GAAP Revenue growth rate |
|
|
16.4 |
% |
|
|
16.3 |
% |
|
|
13.1 |
% |
|
|
15.8 |
% |
Non-GAAP CER currency revenue growth rate |
|
|
15.7 |
% |
|
|
13.0 |
% |
|
|
13.2 |
% |
|
|
15.9 |
% |
Bruker Corporation
REVENUE
(unaudited and in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue by Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
Bruker BioSpin |
|
$ |
233.0 |
|
|
$ |
198.3 |
|
|
$ |
633.3 |
|
|
$ |
540.6 |
|
Bruker CALID |
|
|
279.4 |
|
|
|
239.3 |
|
|
|
772.9 |
|
|
|
703.2 |
|
Bruker Nano |
|
|
287.1 |
|
|
|
238.7 |
|
|
|
780.0 |
|
|
|
673.4 |
|
BEST |
|
|
68.7 |
|
|
|
70.6 |
|
|
|
210.9 |
|
|
|
205.5 |
|
Eliminations |
|
|
(3.8 |
) |
|
|
(4.1 |
) |
|
|
(10.3 |
) |
|
|
(12.7 |
) |
Total revenue |
|
$ |
864.4 |
|
|
$ |
742.8 |
|
|
$ |
2,386.8 |
|
|
$ |
2,110.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue by End Customer Geography: |
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
$ |
239.0 |
|
|
$ |
211.1 |
|
|
$ |
677.5 |
|
|
$ |
565.5 |
|
Europe |
|
|
290.0 |
|
|
|
252.0 |
|
|
|
810.6 |
|
|
|
697.1 |
|
Asia Pacific |
|
|
262.4 |
|
|
|
229.3 |
|
|
|
711.7 |
|
|
|
692.8 |
|
Other |
|
|
73.0 |
|
|
|
50.4 |
|
|
|
187.0 |
|
|
|
154.6 |
|
Total revenue |
|
$ |
864.4 |
|
|
$ |
742.8 |
|
|
$ |
2,386.8 |
|
|
$ |
2,110.0 |
|
Bruker Corporation
Summary of Reported Revenue Growth Components
(unaudited and in millions)
Total Bruker Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Total Bruker |
|
|
Total Bruker |
|
GAAP revenue as of prior comparable period |
|
$ |
742.8 |
|
|
$ |
638.9 |
|
|
$ |
2,110.0 |
|
|
$ |
1,822.3 |
|
Acquisitions and divestitures revenue (1) |
|
|
93.1 |
|
|
|
13.5 |
|
|
|
194.9 |
|
|
|
37.2 |
|
Organic revenue (2) |
|
|
23.3 |
|
|
|
69.5 |
|
|
|
85.1 |
|
|
|
253.9 |
|
Effect of changes in foreign currency translation rates |
|
|
5.2 |
|
|
|
20.9 |
|
|
|
(3.2 |
) |
|
|
(3.4 |
) |
GAAP revenue |
|
$ |
864.4 |
|
|
$ |
742.8 |
|
|
$ |
2,386.8 |
|
|
$ |
2,110.0 |
|
Revenue growth |
|
|
16.4 |
% |
|
|
16.3 |
% |
|
|
13.1 |
% |
|
|
15.8 |
% |
Organic revenue growth |
|
|
3.1 |
% |
|
|
10.9 |
% |
|
|
4.0 |
% |
|
|
13.9 |
% |
Bruker Scientific Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
Bruker Scientific Instruments (3) |
|
|
Bruker Scientific Instruments (3) |
|
GAAP revenue as of prior comparable period |
|
$ |
676.3 |
|
|
$ |
582.3 |
|
|
$ |
1,917.2 |
|
|
$ |
1,654.1 |
|
Acquisitions and divestitures revenue (1) |
|
|
93.1 |
|
|
|
13.5 |
|
|
|
194.9 |
|
|
|
37.2 |
|
Organic revenue (2) |
|
|
25.4 |
|
|
|
63.7 |
|
|
|
78.0 |
|
|
|
232.4 |
|
Effect of changes in foreign currency translation rates |
|
|
4.7 |
|
|
|
16.8 |
|
|
|
(3.9 |
) |
|
|
(6.5 |
) |
GAAP revenue |
|
$ |
799.5 |
|
|
$ |
676.3 |
|
|
$ |
2,186.2 |
|
|
$ |
1,917.2 |
|
Revenue growth |
|
|
18.2 |
% |
|
|
16.1 |
% |
|
|
14.0 |
% |
|
|
15.9 |
% |
Organic revenue growth |
|
|
3.8 |
% |
|
|
10.9 |
% |
|
|
4.1 |
% |
|
|
14.0 |
% |
BEST, net of Intercompany Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
BEST, net of Intercompany Eliminations |
|
|
BEST, net of Intercompany Eliminations |
|
GAAP revenue as of prior comparable period |
|
$ |
66.5 |
|
|
$ |
56.6 |
|
|
$ |
192.8 |
|
|
$ |
168.2 |
|
Organic revenue (2) |
|
|
(2.1 |
) |
|
|
5.8 |
|
|
|
7.1 |
|
|
|
21.5 |
|
Effect of changes in foreign currency translation rates |
|
|
0.5 |
|
|
|
4.1 |
|
|
|
0.7 |
|
|
|
3.1 |
|
GAAP revenue |
|
$ |
64.9 |
|
|
$ |
66.5 |
|
|
$ |
200.6 |
|
|
$ |
192.8 |
|
Revenue growth |
|
|
-2.4 |
% |
|
|
17.5 |
% |
|
|
4.0 |
% |
|
|
14.6 |
% |
Organic revenue growth |
|
|
-3.2 |
% |
|
|
10.2 |
% |
|
|
3.7 |
% |
|
|
12.8 |
% |
(1) We define the term acquisitions and divestitures revenue as GAAP revenue from M&A activities excluding the effect of changes in foreign currency translation rates.
(2) We define the term organic revenue as GAAP revenue excluding the effect of changes in foreign currency translation rates and the effect of acquisitions and divestitures.
(3) Bruker Scientific Instruments (BSI) revenue reflects the sum of the BSI BioSpin, CALID and Nano Segments as presented in our Annual Report on Form 10-K for the year ended December 31, 2023.
v3.24.3
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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