Bruker Reports Fourth Quarter and Full Year 2024 Financial Results
Bruker (BRKR) reported Q4 2024 revenues of $979.6 million, up 14.6% year-over-year, with organic revenue growth of 3.9%. The company's Q4 non-GAAP operating margin maintained at 18.1%, with Q4 non-GAAP diluted EPS reaching $0.76, up 8.6% year-over-year.
For full-year 2024, revenues reached $3.37 billion, showing 13.6% growth, with organic revenue up 4.0%. The company's FY 2024 non-GAAP diluted EPS was $2.41, down 6.6% due to strategic acquisitions impact in H1-24.
Looking ahead, Bruker initiated FY 2025 guidance with expected revenue between $3.47-3.54 billion (3-5% growth) and non-GAAP EPS of $2.67-2.72 (11-13% growth). The company completed several strategic acquisitions in 2024, expanding into spatial biology, molecular diagnostics, and lab automation markets.
Bruker (BRKR) ha riportato ricavi per il quarto trimestre del 2024 pari a $979,6 milioni, in aumento del 14,6% rispetto all'anno precedente, con una crescita organica dei ricavi del 3,9%. Il margine operativo non-GAAP per il quarto trimestre è rimasto stabile al 18,1%, con un utile per azione diluito non-GAAP di $0,76, in crescita dell'8,6% rispetto all'anno precedente.
Per l'intero anno 2024, i ricavi hanno raggiunto $3,37 miliardi, mostrando una crescita del 13,6%, con un aumento organico dei ricavi del 4,0%. L'utile per azione diluito non-GAAP per l'anno fiscale 2024 è stato di $2,41, in calo del 6,6% a causa dell'impatto delle acquisizioni strategiche nel primo semestre del 2024.
Guardando al futuro, Bruker ha avviato le previsioni per l'anno fiscale 2025, prevedendo ricavi tra $3,47 e $3,54 miliardi (crescita del 3-5%) e un utile per azione non-GAAP di $2,67-2,72 (crescita dell'11-13%). L'azienda ha completato diverse acquisizioni strategiche nel 2024, espandendosi nei mercati della biologia spaziale, della diagnostica molecolare e dell'automazione dei laboratori.
Bruker (BRKR) reportó ingresos del cuarto trimestre de 2024 por $979.6 millones, un aumento del 14.6% interanual, con un crecimiento orgánico de ingresos del 3.9%. El margen operativo no-GAAP del cuarto trimestre se mantuvo en 18.1%, con una utilidad por acción diluida no-GAAP de $0.76, un aumento del 8.6% interanual.
Para todo el año 2024, los ingresos alcanzaron $3.37 mil millones, mostrando un crecimiento del 13.6%, con un aumento orgánico de ingresos del 4.0%. La utilidad por acción diluida no-GAAP para el año fiscal 2024 fue de $2.41, una disminución del 6.6% debido al impacto de adquisiciones estratégicas en el primer semestre de 2024.
Mirando hacia adelante, Bruker inició la guía para el año fiscal 2025, esperando ingresos entre $3.47 y $3.54 mil millones (crecimiento del 3-5%) y una utilidad por acción no-GAAP de $2.67-2.72 (crecimiento del 11-13%). La compañía completó varias adquisiciones estratégicas en 2024, expandiéndose en los mercados de biología espacial, diagnóstico molecular y automatización de laboratorios.
브루커 (BRKR)는 2024년 4분기 매출이 9억 7960만 달러로 전년 대비 14.6% 증가했으며, 유기적 매출 성장률은 3.9%라고 보고했습니다. 회사의 4분기 비GAAP 운영 마진은 18.1%로 유지되었으며, 4분기 비GAAP 희석 주당순이익(EPS)은 0.76달러로 전년 대비 8.6% 증가했습니다.
2024년 전체 매출은 33억 7000만 달러에 달하며, 13.6% 성장했으며, 유기적 매출은 4.0% 증가했습니다. 회사의 2024 회계연도 비GAAP 희석 EPS는 2.41달러로, 2024년 상반기 전략적 인수의 영향으로 6.6% 감소했습니다.
앞을 내다보며, 브루커는 2025 회계연도 가이드를 시작하며 예상 매출을 34억 7000만 달러에서 35억 4000만 달러(3-5% 성장)로 제시하고 비GAAP EPS는 2.67-2.72달러(11-13% 성장)로 예상하고 있습니다. 회사는 2024년에 여러 전략적 인수를 완료하여 공간 생물학, 분자 진단 및 실험실 자동화 시장으로 확장했습니다.
Bruker (BRKR) a annoncé des revenus pour le quatrième trimestre 2024 de 979,6 millions de dollars, en hausse de 14,6 % par rapport à l'année précédente, avec une croissance organique des revenus de 3,9 %. La marge opérationnelle non-GAAP du quatrième trimestre est restée stable à 18,1 %, avec un bénéfice par action dilué non-GAAP atteignant 0,76 dollar, en hausse de 8,6 % par rapport à l'année précédente.
Pour l'année entière 2024, les revenus ont atteint 3,37 milliards de dollars, affichant une croissance de 13,6 %, avec une augmentation organique des revenus de 4,0 %. Le bénéfice par action dilué non-GAAP de l'entreprise pour l'exercice 2024 était de 2,41 dollars, en baisse de 6,6 % en raison de l'impact des acquisitions stratégiques au premier semestre 2024.
En regardant vers l'avenir, Bruker a lancé ses prévisions pour l'exercice 2025, s'attendant à des revenus compris entre 3,47 et 3,54 milliards de dollars (croissance de 3 à 5 %) et un bénéfice par action non-GAAP de 2,67 à 2,72 dollars (croissance de 11 à 13 %). L'entreprise a complété plusieurs acquisitions stratégiques en 2024, s'étendant aux marchés de la biologie spatiale, du diagnostic moléculaire et de l'automatisation des laboratoires.
Bruker (BRKR) berichtete für das vierte Quartal 2024 von Einnahmen in Höhe von 979,6 Millionen Dollar, was einem Anstieg von 14,6% im Vergleich zum Vorjahr entspricht, mit einem organischen Umsatzwachstum von 3,9%. Die nicht-GAAP-Betriebsgewinnmarge des Unternehmens blieb im vierten Quartal bei 18,1%, während der nicht-GAAP verwässerte Gewinn pro Aktie (EPS) 0,76 Dollar erreichte, was einem Anstieg von 8,6% im Vergleich zum Vorjahr entspricht.
Für das gesamte Jahr 2024 erreichten die Einnahmen 3,37 Milliarden Dollar, was einem Wachstum von 13,6% entspricht, wobei der organische Umsatz um 4,0% stieg. Der nicht-GAAP verwässerte EPS des Unternehmens für das Geschäftsjahr 2024 betrug 2,41 Dollar, was einem Rückgang von 6,6% aufgrund der Auswirkungen strategischer Akquisitionen im ersten Halbjahr 2024 entspricht.
Mit Blick auf die Zukunft hat Bruker die Prognose für das Geschäftsjahr 2025 mit erwarteten Einnahmen zwischen 3,47 und 3,54 Milliarden Dollar (Wachstum von 3-5%) und einem nicht-GAAP EPS von 2,67-2,72 Dollar (Wachstum von 11-13%) eingeleitet. Das Unternehmen hat im Jahr 2024 mehrere strategische Akquisitionen abgeschlossen und sich in den Märkten für räumliche Biologie, molekulare Diagnostik und Laborautomatisierung ausgeweitet.
- Q4 2024 revenue increased 14.6% to $979.6 million
- Q4 non-GAAP EPS grew 8.6% to $0.76
- BSI segment Q4 organic revenue growth of 4.5%
- FY 2025 guidance projects 11-13% EPS growth
- Strategic acquisitions expanded market presence in high-growth sectors
- FY 2024 non-GAAP EPS declined 6.6% to $2.41
- FY 2024 non-GAAP operating margin decreased 300 bps to 15.4%
- BEST segment Q4 revenues decreased 4.1%
- Expected 2% foreign currency translation headwind for FY 2025
Insights
Bruker's Q4 2024 results reveal a company in strategic transformation, successfully balancing aggressive M&A expansion with operational efficiency. The 14.6% revenue growth to
The maintenance of
The transformation of Bruker's portfolio through strategic acquisitions in spatial biology, molecular diagnostics, and lab automation positions the company in high-growth markets with significant secular tailwinds. The
Looking ahead, the FY2025 guidance of
-
Q4 2024 revenues of
$979.6 million 14.6% year-over-year (yoy); Bruker organic revenue up3.9% , and constant-exchange rate (CER) revenue up15.8% ; Bruker Scientific Instrument (BSI) segment organic revenue up4.5% -
Q4 2024 non-GAAP operating margin of
18.1% , as operational excellence and integration initiatives fully offset strategic M&A and FX operating margin headwinds -
Q4 2024 GAAP diluted EPS
$0.09 $0.76 8.6% yoy -
FY 2024 revenues of
$3.37 billion 13.6% yoy; Bruker organic revenue up4.0% , and CER revenue up14.0% ; BSI segment organic revenue up4.2% -
FY 2024 GAAP diluted EPS
$0.76 $2.41 6.6% yoy, due to impact of strategic acquisitions that closed in H1-24 -
Bruker initiates FY 2025 guidance (with percentages year-over-year):
-
Revenue
$3.47 $3.54 billion 3% to5% , with CER growth of5% to7% -
Non-GAAP EPS of
$2.67 $2.72 11% to13% , with CER increase of14% to16%
-
Revenue
Frank H. Laukien, Bruker’s President and CEO, commented: “The year 2024 was transformational for Bruker. We completed several strategic acquisitions to access very large addressable markets with strong secular tailwinds. In the process, we added key spatial biology, molecular diagnostics and lab automation platforms to our portfolio. For the fourth year in a row, Bruker has delivered well above-market organic and double-digit CER revenue growth. With approximately
He continued: “Operational excellence and good progress with the integration of our strategic acquisitions have delivered significant organic operating margin improvements in the fourth quarter, fully offsetting the initial margin headwinds from our FY24 strategic M&A. We are confident in our ability to drive solid revenue growth, strong margin expansion and double-digit EPS growth in 2025, and beyond.”
Fourth Quarter 2024 Financial Results
Bruker’s revenues for the fourth quarter of 2024 were
Fourth quarter 2024 Bruker Scientific Instruments (BSI) revenues of
Fourth quarter 2024 GAAP operating income was
Fourth quarter 2024 GAAP diluted earnings per share (EPS) were
Fiscal Year 2024 Financial Results
FY 2024 Bruker’s revenues were
FY 2024 BSI revenues of
In the first half of FY 2024, Bruker closed several strategic acquisitions with an initial net dilutive impact to operating margin and EPS. FY 2024 GAAP operating income was
FY 2024 GAAP diluted EPS was
A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release.
Fiscal Year 2025 Financial Outlook
Bruker expects FY 2025 revenues of
-
CER revenue growth of
5% to7% -
Organic revenue growth of
3% to4% -
M&A revenue growth contribution of
2% to3% -
Foreign currency translation headwind of approximately
2%
Bruker expects FY 2025 non-GAAP EPS of
Bruker’s FY 2025 revenue and non-GAAP EPS guidance is based on foreign currency exchange rates as of December 31, 2024.
For the Company’s outlook for 2025 organic revenue growth, M&A revenue growth, constant exchange rate revenue growth, and constant exchange rate non-GAAP EPS 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, February 13, 2025, at 8:30 am Eastern Standard Time. To listen to the webcast, investors can go to https://ir.bruker.com and click on the “Q4 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 (
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/10196649/fe70e3a396 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.
A telephone replay of the conference call will be available by dialing 1-877-344-7529 (
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
We also may refer to constant-exchange rate (CER) currency revenue growth, constant-exchange rate (CER) non-GAAP EPS 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 the term CER EPS as non-GAAP EPS 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 2025 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 2025 and beyond 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, EPS, non-GAAP EPS, and CER non-GAAP EPS growth; 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
Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) |
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December 31, 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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$ |
183.4 |
|
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$ |
488.3 |
|
Accounts receivable, net |
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|
560.4 |
|
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|
492.0 |
|
Inventories |
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|
1,069.2 |
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|
968.3 |
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Other current assets |
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|
245.3 |
|
|
|
215.6 |
|
Total current assets |
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|
2,058.3 |
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|
2,164.2 |
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Property, plant and equipment, net |
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|
669.3 |
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|
599.7 |
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Goodwill, intangibles, net and other long-term assets |
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|
3,082.8 |
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|
1,486.0 |
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Total assets |
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$ |
5,810.4 |
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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 |
|
$ |
32.5 |
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$ |
121.2 |
|
Accounts payable |
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234.1 |
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|
202.7 |
|
Deferred revenue and customer advances |
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441.6 |
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|
400.0 |
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Other current liabilities |
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|
576.4 |
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|
478.2 |
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Total current liabilities |
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1,284.6 |
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|
1,202.1 |
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Long-term debt |
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2,061.8 |
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1,160.3 |
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Other long-term liabilities |
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|
648.8 |
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|
474.2 |
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Redeemable noncontrolling interests |
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18.1 |
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18.7 |
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Total shareholders' equity |
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1,797.1 |
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1,394.6 |
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Total liabilities, redeemable noncontrolling interests and shareholders' equity |
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$ |
5,810.4 |
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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 December 31, |
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Twelve Months Ended December 31, |
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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 |
|
$ |
979.6 |
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$ |
854.5 |
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$ |
3,366.4 |
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$ |
2,964.5 |
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Cost of revenue |
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486.3 |
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424.2 |
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1,716.9 |
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1,451.2 |
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Gross profit |
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493.3 |
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430.3 |
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1,649.5 |
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1,513.3 |
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Operating expenses: |
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Selling, general and administrative |
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247.3 |
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211.3 |
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893.8 |
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729.4 |
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Research and development |
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104.4 |
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83.4 |
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376.5 |
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294.8 |
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Other charges, net |
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69.5 |
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32.1 |
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126.1 |
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52.2 |
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Total operating expenses |
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421.2 |
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326.8 |
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1,396.4 |
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1,076.4 |
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Operating income |
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72.1 |
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103.5 |
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253.1 |
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436.9 |
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Bargain purchase gain (loss) and associated measurement period adjustments |
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(8.0 |
) |
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144.1 |
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(8.0 |
) |
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144.1 |
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Other Interest and other income (expense) |
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(8.0 |
) |
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(6.7 |
) |
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(38.2 |
) |
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(36.8 |
) |
Interest and other income (expense), net |
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(16.0 |
) |
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137.4 |
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(46.2 |
) |
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107.3 |
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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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56.1 |
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240.9 |
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206.9 |
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544.2 |
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Income tax provision |
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40.7 |
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37.1 |
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91.4 |
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117.7 |
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Equity in income (losses) of unconsolidated investees, net of tax |
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(1.5 |
) |
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0.8 |
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(1.7 |
) |
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2.0 |
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Consolidated net income |
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13.9 |
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204.6 |
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113.8 |
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428.5 |
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Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries |
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0.2 |
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(0.9 |
) |
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0.7 |
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1.3 |
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Net income attributable to Bruker Corporation |
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$ |
13.7 |
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$ |
205.5 |
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$ |
113.1 |
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$ |
427.2 |
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Net income per common share attributable to Bruker Corporation shareholders: |
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Basic |
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$ |
0.09 |
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$ |
1.41 |
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$ |
0.76 |
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$ |
2.92 |
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Diluted |
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$ |
0.09 |
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$ |
1.41 |
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$ |
0.76 |
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$ |
2.90 |
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Weighted average common shares outstanding: |
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Basic |
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151.6 |
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145.5 |
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149.0 |
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146.4 |
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Diluted |
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152.0 |
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146.0 |
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149.5 |
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147.2 |
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a) On subsequent pages this is referred to as “Profit before income tax”. |
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Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in millions) |
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Three Months Ended December 31, |
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Twelve Months Ended December 31, |
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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 |
|
$ |
13.9 |
|
|
$ |
204.6 |
|
|
$ |
113.8 |
|
|
$ |
428.5 |
|
Adjustments to reconcile consolidated net income to cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
52.9 |
|
|
|
37.3 |
|
|
|
183.8 |
|
|
|
114.9 |
|
Deferred income taxes |
|
|
(27.4 |
) |
|
|
(37.2 |
) |
|
|
(71.6 |
) |
|
|
(24.4 |
) |
Bargain purchase gain (loss) and associated measurement period adjustments |
|
|
8.0 |
|
|
|
(144.1 |
) |
|
|
8.0 |
|
|
|
(144.1 |
) |
Other non-cash expenses, net |
|
|
43.8 |
|
|
|
23.6 |
|
|
|
87.7 |
|
|
|
63.0 |
|
Changes in operating assets and liabilities, net of acquisitions and divestitures: |
|
|
98.7 |
|
|
|
121.3 |
|
|
|
(70.5 |
) |
|
|
(87.8 |
) |
Net cash provided by operating activities |
|
|
189.9 |
|
|
|
205.5 |
|
|
|
251.2 |
|
|
|
350.1 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(38.8 |
) |
|
|
(31.5 |
) |
|
|
(117.4 |
) |
|
|
(106.9 |
) |
Cash paid for acquisitions, net of cash acquired |
|
|
(20.9 |
) |
|
|
(4.3 |
) |
|
|
(1,597.6 |
) |
|
|
(226.6 |
) |
Other investing activities, net |
|
|
(0.8 |
) |
|
|
(1.0 |
) |
|
|
(42.2 |
) |
|
|
7.5 |
|
Net cash used in investing activities |
|
|
(60.5 |
) |
|
|
(36.8 |
) |
|
|
(1,757.2 |
) |
|
|
(326.0 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Repayments of revolving lines of credit |
|
|
(224.1 |
) |
|
|
— |
|
|
|
(1,212.7 |
) |
|
|
— |
|
Proceeds from revolving lines of credit |
|
|
177.0 |
|
|
|
— |
|
|
|
1,250.3 |
|
|
|
— |
|
Repayment of long-term debt |
|
|
(7.6 |
) |
|
|
(5.2 |
) |
|
|
(135.4 |
) |
|
|
(23.5 |
) |
Proceeds from long-term debt |
|
|
1.1 |
|
|
|
(1.2 |
) |
|
|
973.6 |
|
|
|
2.0 |
|
Proceeds from Public Offering of common stock, net of issuance costs |
|
|
— |
|
|
|
— |
|
|
|
403.0 |
|
|
|
— |
|
Payment of dividends to common shareholders |
|
|
(7.5 |
) |
|
|
(7.3 |
) |
|
|
(30.1 |
) |
|
|
(29.4 |
) |
Repurchase of common stock |
|
|
— |
|
|
|
(50.4 |
) |
|
|
— |
|
|
|
(152.3 |
) |
Other financing activities, net |
|
|
(13.8 |
) |
|
|
4.2 |
|
|
|
(18.9 |
) |
|
|
9.8 |
|
Net cash provided by (used in) financing activities |
|
|
(74.9 |
) |
|
|
(59.9 |
) |
|
|
1,229.8 |
|
|
|
(193.4 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(19.5 |
) |
|
|
15.9 |
|
|
|
(28.7 |
) |
|
|
12.2 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
35.0 |
|
|
|
124.7 |
|
|
|
(304.9 |
) |
|
|
(157.1 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
151.7 |
|
|
|
366.9 |
|
|
|
491.6 |
|
|
|
648.7 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
186.7 |
|
|
$ |
491.6 |
|
|
$ |
186.7 |
|
|
$ |
491.6 |
|
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 December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Gross Profit |
|
$ |
493.3 |
|
|
$ |
430.3 |
|
|
$ |
1,649.5 |
|
|
$ |
1,513.3 |
|
Gross Profit Margin |
|
|
50.4 |
% |
|
|
50.4 |
% |
|
|
49.0 |
% |
|
|
51.0 |
% |
SG&A Expenses |
|
$ |
247.3 |
|
|
$ |
211.3 |
|
|
$ |
893.8 |
|
|
$ |
729.4 |
|
Interest and other income (expense), net |
|
$ |
(16.0 |
) |
|
$ |
137.4 |
|
|
$ |
(46.2 |
) |
|
$ |
107.3 |
|
Operating Income |
|
$ |
72.1 |
|
|
$ |
103.5 |
|
|
$ |
253.1 |
|
|
$ |
436.9 |
|
Operating Income Margin |
|
|
7.4 |
% |
|
|
12.1 |
% |
|
|
7.5 |
% |
|
|
14.7 |
% |
Profit before income tax |
|
$ |
56.1 |
|
|
$ |
240.9 |
|
|
$ |
206.9 |
|
|
$ |
544.2 |
|
Income Tax rate |
|
|
72.5 |
% |
|
|
15.4 |
% |
|
|
44.2 |
% |
|
|
21.6 |
% |
Net Income attributable to Bruker Corporation |
|
$ |
13.7 |
|
|
$ |
205.5 |
|
|
$ |
113.1 |
|
|
$ |
427.2 |
|
Diluted net income per common share attributable to Bruker Corporation shareholders |
|
$ |
0.09 |
|
|
$ |
1.41 |
|
|
$ |
0.76 |
|
|
$ |
2.90 |
|
Net cash provided by operating activities |
|
$ |
189.9 |
|
|
$ |
205.5 |
|
|
$ |
251.2 |
|
|
$ |
350.1 |
|
Revenue |
|
$ |
979.6 |
|
|
$ |
854.5 |
|
|
$ |
3,366.4 |
|
|
$ |
2,964.5 |
|
Revenue Growth Rate |
|
|
14.6 |
% |
|
|
20.6 |
% |
|
|
13.6 |
% |
|
|
17.1 |
% |
Non-GAAP Financial Measures |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Non-GAAP Gross Profit |
|
$ |
514.2 |
|
|
$ |
442.8 |
|
|
$ |
1,736.9 |
|
|
$ |
1,547.6 |
|
Non-GAAP Gross Profit Margin |
|
|
52.5 |
% |
|
|
51.8 |
% |
|
|
51.6 |
% |
|
|
52.2 |
% |
Non-GAAP SG&A Expenses |
|
$ |
233.7 |
|
|
$ |
205.2 |
|
|
$ |
844.2 |
|
|
$ |
706.9 |
|
Non-GAAP Interest and other income (expense), net |
|
$ |
(7.9 |
) |
|
$ |
(6.7 |
) |
|
$ |
(13.9 |
) |
|
$ |
(22.7 |
) |
Non-GAAP Operating Income |
|
$ |
177.5 |
|
|
$ |
154.5 |
|
|
$ |
518.0 |
|
|
$ |
546.3 |
|
Non-GAAP Operating Income Margin |
|
|
18.1 |
% |
|
|
18.1 |
% |
|
|
15.4 |
% |
|
|
18.4 |
% |
Non-GAAP Profit before income tax |
|
$ |
169.6 |
|
|
$ |
147.8 |
|
|
$ |
504.1 |
|
|
$ |
523.6 |
|
Non-GAAP Income Tax rate |
|
|
32.5 |
% |
|
|
31.3 |
% |
|
|
28.6 |
% |
|
|
27.2 |
% |
Non-GAAP Net Income attributable to Bruker Corporation |
|
$ |
115.4 |
|
|
$ |
102.4 |
|
|
$ |
360.5 |
|
|
$ |
379.7 |
|
Non-GAAP Diluted earnings per share |
|
$ |
0.76 |
|
|
$ |
0.70 |
|
|
$ |
2.41 |
|
|
$ |
2.58 |
|
Non-GAAP Free Cash Flow |
|
$ |
151.1 |
|
|
$ |
174.0 |
|
|
$ |
133.8 |
|
|
$ |
243.2 |
|
Non-GAAP Constant-exchange rate (CER) currency revenue |
|
$ |
989.5 |
|
|
$ |
839.9 |
|
|
$ |
3,379.5 |
|
|
$ |
2,953.3 |
|
Non-GAAP Constant-exchange rate (CER) currency revenue growth rate |
|
|
15.8 |
% |
|
|
18.6 |
% |
|
|
14.0 |
% |
|
|
16.7 |
% |
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 December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||||
GAAP gross profit and margin |
|
$ |
493.3 |
|
|
|
50.4 |
% |
|
$ |
430.3 |
|
|
|
50.4 |
% |
|
$ |
1,649.5 |
|
|
|
49.0 |
% |
|
$ |
1,513.3 |
|
|
|
51.0 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Restructuring costs |
|
|
1.8 |
|
|
|
0.2 |
% |
|
|
2.1 |
|
|
|
0.2 |
% |
|
|
11.6 |
|
|
|
0.3 |
% |
|
|
3.5 |
|
|
|
0.1 |
% |
Acquisition-related costs |
|
|
3.5 |
|
|
|
0.4 |
% |
|
|
2.0 |
|
|
|
0.2 |
% |
|
|
22.0 |
|
|
|
0.7 |
% |
|
|
2.5 |
|
|
|
0.1 |
% |
Purchased intangibles amortization |
|
|
14.1 |
|
|
|
1.4 |
% |
|
|
7.4 |
|
|
|
0.8 |
% |
|
|
47.8 |
|
|
|
1.4 |
% |
|
|
24.3 |
|
|
|
0.9 |
% |
Other costs |
|
|
1.5 |
|
|
|
0.1 |
% |
|
|
1.0 |
|
|
|
0.1 |
% |
|
|
6.0 |
|
|
|
0.2 |
% |
|
|
4.0 |
|
|
|
0.1 |
% |
Total Non-GAAP adjustments |
|
|
20.9 |
|
|
|
2.1 |
% |
|
|
12.5 |
|
|
|
1.3 |
% |
|
|
87.4 |
|
|
|
2.6 |
% |
|
|
34.3 |
|
|
|
1.2 |
% |
Non-GAAP gross profit and margin |
|
$ |
514.2 |
|
|
|
52.5 |
% |
|
$ |
442.8 |
|
|
|
51.7 |
% |
|
$ |
1,736.9 |
|
|
|
51.6 |
% |
|
$ |
1,547.6 |
|
|
|
52.2 |
% |
Selling, General and Administrative (“SG&A”) Expenses |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP SG&A expenses |
|
$ |
247.3 |
|
|
$ |
211.3 |
|
|
$ |
893.8 |
|
|
$ |
729.4 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchased intangibles amortization |
|
|
(13.6 |
) |
|
|
(6.1 |
) |
|
|
(49.6 |
) |
|
|
(22.5 |
) |
Non-GAAP SG&A expenses |
|
$ |
233.7 |
|
|
$ |
205.2 |
|
|
$ |
844.2 |
|
|
$ |
706.9 |
|
Interest and Other Income (Expense), net |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP interest and other income (expense), net |
|
$ |
(16.0 |
) |
|
$ |
137.4 |
|
|
$ |
(46.2 |
) |
|
$ |
107.3 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bargain purchase gain (loss) and associated measurement period adjustments |
|
|
8.0 |
|
|
|
(144.1 |
) |
|
|
8.0 |
|
|
|
(144.1 |
) |
Investments related adjustments |
|
|
0.1 |
|
|
|
— |
|
|
|
24.3 |
|
|
|
14.1 |
|
Non-GAAP interest and other income (expense), net |
|
$ |
(7.9 |
) |
|
$ |
(6.7 |
) |
|
$ |
(13.9 |
) |
|
$ |
(22.7 |
) |
Operating Income and Operating Income Margin |
||||||||||||||||||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||||
Operating income and margin |
|
$ |
72.1 |
|
|
|
7.4 |
% |
|
$ |
103.5 |
|
|
|
12.1 |
% |
|
$ |
253.1 |
|
|
|
7.5 |
% |
|
$ |
436.9 |
|
|
|
14.7 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Restructuring costs |
|
|
7.1 |
|
|
|
0.7 |
% |
|
|
16.6 |
|
|
|
1.9 |
% |
|
|
24.7 |
|
|
|
0.7 |
% |
|
|
22.3 |
|
|
|
0.8 |
% |
Acquisition-related costs |
|
|
29.6 |
|
|
|
3.0 |
% |
|
|
11.4 |
|
|
|
1.3 |
% |
|
|
76.0 |
|
|
|
2.3 |
% |
|
|
19.3 |
|
|
|
0.7 |
% |
Purchased intangibles amortization |
|
|
29.1 |
|
|
|
3.0 |
% |
|
|
13.7 |
|
|
|
1.6 |
% |
|
|
99.2 |
|
|
|
2.9 |
% |
|
|
47.1 |
|
|
|
1.6 |
% |
Acquisition-related litigation charges |
|
|
35.7 |
|
|
|
3.6 |
% |
|
|
— |
|
|
|
— |
|
|
|
46.0 |
|
|
|
1.4 |
% |
|
|
|
|
|
|
||
Other costs |
|
|
3.9 |
|
|
|
0.4 |
% |
|
|
9.3 |
|
|
|
1.2 |
% |
|
|
19.0 |
|
|
|
0.6 |
% |
|
|
20.7 |
|
|
|
0.6 |
% |
Total Non-GAAP adjustments |
|
|
105.4 |
|
|
|
10.7 |
% |
|
|
51.0 |
|
|
|
6.0 |
% |
|
|
264.9 |
|
|
|
7.9 |
% |
|
|
109.4 |
|
|
|
3.7 |
% |
Non-GAAP operating income and margin |
|
$ |
177.5 |
|
|
|
18.1 |
% |
|
$ |
154.5 |
|
|
|
18.1 |
% |
|
$ |
518.0 |
|
|
|
15.4 |
% |
|
$ |
546.3 |
|
|
|
18.4 |
% |
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 December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP profit before income tax |
|
$ |
56.1 |
|
|
$ |
240.9 |
|
|
$ |
206.9 |
|
|
$ |
544.2 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring costs |
|
|
7.1 |
|
|
|
16.6 |
|
|
|
24.7 |
|
|
|
22.3 |
|
Acquisition-related costs |
|
|
29.6 |
|
|
|
11.4 |
|
|
|
76.0 |
|
|
|
19.3 |
|
Purchased intangibles amortization |
|
|
29.1 |
|
|
|
13.7 |
|
|
|
99.2 |
|
|
|
47.1 |
|
Bargain purchase gain (loss) and associated measurement period adjustments |
|
|
8.0 |
|
|
|
(144.1 |
) |
|
|
8.0 |
|
|
|
(144.1 |
) |
Investments related adjustments |
|
|
0.1 |
|
|
|
— |
|
|
|
24.3 |
|
|
|
14.1 |
|
Acquisition-related litigation charges |
|
|
35.7 |
|
|
|
— |
|
|
|
46.0 |
|
|
|
— |
|
Other costs |
|
|
3.9 |
|
|
|
9.3 |
|
|
|
19.0 |
|
|
|
20.7 |
|
Total Non-GAAP adjustments |
|
|
113.5 |
|
|
|
(93.1 |
) |
|
|
297.2 |
|
|
|
(20.6 |
) |
Non-GAAP profit before income tax |
|
$ |
169.6 |
|
|
$ |
147.8 |
|
|
$ |
504.1 |
|
|
$ |
523.6 |
|
Income Tax Rate |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP income tax rate |
|
|
72.5 |
% |
|
|
15.4 |
% |
|
|
44.2 |
% |
|
|
21.6 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tax impact of non-GAAP adjustments |
|
|
-42.3 |
% |
|
|
19.3 |
% |
|
|
-15.4 |
% |
|
|
6.5 |
% |
Other discrete items |
|
|
2.3 |
% |
|
|
-3.4 |
% |
|
|
-0.2 |
% |
|
|
-0.9 |
% |
Total Non-GAAP adjustments |
|
|
-40.0 |
% |
|
|
15.9 |
% |
|
|
-15.6 |
% |
|
|
5.6 |
% |
Non-GAAP income tax rate |
|
|
32.5 |
% |
|
|
31.3 |
% |
|
|
28.6 |
% |
|
|
27.2 |
% |
Net Income Attributable to Bruker Corporation |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP Net Income attributable to Bruker Corporation |
|
$ |
13.7 |
|
|
$ |
205.5 |
|
|
$ |
113.1 |
|
|
$ |
427.2 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring costs |
|
|
7.1 |
|
|
|
16.6 |
|
|
|
24.7 |
|
|
|
22.3 |
|
Acquisition-related costs |
|
|
29.6 |
|
|
|
11.4 |
|
|
|
76.0 |
|
|
|
19.3 |
|
Purchased intangibles amortization |
|
|
29.1 |
|
|
|
13.7 |
|
|
|
99.2 |
|
|
|
47.1 |
|
Bargain purchase gain (loss) and associated measurement period adjustments |
|
|
8.0 |
|
|
|
(144.1 |
) |
|
|
8.0 |
|
|
|
(144.1 |
) |
Investments related adjustments |
|
|
0.1 |
|
|
|
— |
|
|
|
24.3 |
|
|
|
14.1 |
|
Acquisition-related litigation charges |
|
|
35.7 |
|
|
|
— |
|
|
|
46.0 |
|
|
|
— |
|
Other costs |
|
|
3.9 |
|
|
|
9.3 |
|
|
|
19.0 |
|
|
|
20.7 |
|
Tax effect of above Non-GAAP adjustments |
|
|
(14.4 |
) |
|
|
(9.2 |
) |
|
|
(52.6 |
) |
|
|
(24.9 |
) |
Equity in income (losses) of unconsolidated investees, net of tax |
|
|
1.5 |
|
|
|
(0.8 |
) |
|
|
1.7 |
|
|
|
(2.0 |
) |
Noncontrolling interests related to non-GAAP adjustments |
|
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
Total Non-GAAP adjustments |
|
|
101.7 |
|
|
|
(103.1 |
) |
|
|
247.4 |
|
|
|
(47.5 |
) |
Non-GAAP Net Income attributable to Bruker Corporation |
|
$ |
115.4 |
|
|
$ |
102.4 |
|
|
$ |
360.5 |
|
|
$ |
379.7 |
|
Weighted Average Shares Outstanding (Diluted) |
|
|
152.0 |
|
|
|
146.0 |
|
|
|
149.5 |
|
|
|
147.2 |
|
Non-GAAP Diluted Earnings Per Share |
|
$ |
0.76 |
|
|
$ |
0.70 |
|
|
$ |
2.41 |
|
|
$ |
2.58 |
|
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 December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Diluted net income per common share attributable to Bruker Corporation shareholders |
|
$ |
0.09 |
|
|
$ |
1.41 |
|
|
$ |
0.76 |
|
|
$ |
2.90 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring Costs |
|
|
0.05 |
|
|
|
0.11 |
|
|
|
0.17 |
|
|
|
0.15 |
|
Acquisition-related costs |
|
|
0.19 |
|
|
|
0.08 |
|
|
|
0.51 |
|
|
|
0.13 |
|
Purchased intangibles amortization |
|
|
0.19 |
|
|
|
0.09 |
|
|
|
0.66 |
|
|
|
0.32 |
|
Acquisition-related litigation charges |
|
|
0.23 |
|
|
|
— |
|
|
|
0.31 |
|
|
|
— |
|
Other costs |
|
|
0.03 |
|
|
|
0.06 |
|
|
|
0.13 |
|
|
|
0.14 |
|
Bargain purchase gain (loss) and associated measurement period adjustments |
|
|
0.05 |
|
|
|
(0.99 |
) |
|
|
0.05 |
|
|
|
(0.98 |
) |
Investments related adjustments |
|
|
— |
|
|
|
— |
|
|
|
0.16 |
|
|
|
0.10 |
|
Tax effect of above Non-GAAP adjustments |
|
|
(0.09 |
) |
|
|
(0.05 |
) |
|
|
(0.36 |
) |
|
|
(0.17 |
) |
Equity in income (losses) of unconsolidated investees, net of tax |
|
|
0.01 |
|
|
|
(0.01 |
) |
|
|
0.01 |
|
|
|
(0.01 |
) |
Noncontrolling interests related to non-GAAP adjustments |
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Total Non-GAAP adjustments |
|
|
0.67 |
|
|
|
(0.71 |
) |
|
|
1.65 |
|
|
|
(0.32 |
) |
Non-GAAP earnings per share (diluted) |
|
$ |
0.76 |
|
|
$ |
0.70 |
|
|
$ |
2.41 |
|
|
$ |
2.58 |
|
Free Cash Flow |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net cash provided by operating activities |
|
$ |
189.9 |
|
|
$ |
205.5 |
|
|
$ |
251.2 |
|
|
$ |
350.1 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(38.8 |
) |
|
|
(31.5 |
) |
|
|
(117.4 |
) |
|
|
(106.9 |
) |
Non-GAAP free cash flow (use) |
|
$ |
151.1 |
|
|
$ |
174.0 |
|
|
$ |
133.8 |
|
|
$ |
243.2 |
|
Constant-exchange rate (CER) currency revenue growth |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP revenue |
|
$ |
979.6 |
|
|
$ |
854.5 |
|
|
$ |
3,366.4 |
|
|
$ |
2,964.5 |
|
Effect of changes in foreign currency translation rates |
|
|
9.9 |
|
|
|
(14.6 |
) |
|
|
13.1 |
|
|
|
(11.2 |
) |
Non-GAAP CER currency revenue |
|
$ |
989.5 |
|
|
$ |
839.9 |
|
|
$ |
3,379.5 |
|
|
$ |
2,953.3 |
|
GAAP Revenue growth rate |
|
|
14.6 |
% |
|
|
20.6 |
% |
|
|
13.6 |
% |
|
|
17.1 |
% |
Non-GAAP CER currency revenue growth rate |
|
|
15.8 |
% |
|
|
18.6 |
% |
|
|
14.0 |
% |
|
|
16.7 |
% |
Bruker Corporation REVENUE (unaudited and in millions) |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue by Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bruker BioSpin |
|
$ |
272.4 |
|
|
$ |
257.9 |
|
|
$ |
905.7 |
|
|
$ |
798.5 |
|
Bruker CALID |
|
|
320.6 |
|
|
|
257.2 |
|
|
|
1,093.5 |
|
|
|
960.4 |
|
Bruker Nano |
|
|
318.3 |
|
|
|
268.5 |
|
|
|
1,098.3 |
|
|
|
941.9 |
|
BSI Revenue Total |
|
|
911.3 |
|
|
|
783.6 |
|
|
|
3,097.5 |
|
|
|
2,700.8 |
|
BEST |
|
|
72.1 |
|
|
|
75.2 |
|
|
|
283.0 |
|
|
|
280.7 |
|
Eliminations |
|
|
(3.8 |
) |
|
|
(4.3 |
) |
|
|
(14.1 |
) |
|
|
(17.0 |
) |
Total revenue |
|
$ |
979.6 |
|
|
$ |
854.5 |
|
|
$ |
3,366.4 |
|
|
$ |
2,964.5 |
|
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue by End Customer Geography: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
261.0 |
|
|
$ |
212.2 |
|
|
$ |
938.5 |
|
|
$ |
777.7 |
|
|
|
|
373.1 |
|
|
|
284.1 |
|
|
|
1,183.7 |
|
|
|
981.2 |
|
|
|
|
278.0 |
|
|
|
296.2 |
|
|
|
989.7 |
|
|
|
989.0 |
|
Other |
|
|
67.5 |
|
|
|
62.0 |
|
|
|
254.5 |
|
|
|
216.6 |
|
Total revenue |
|
$ |
979.6 |
|
|
$ |
854.5 |
|
|
$ |
3,366.4 |
|
|
$ |
2,964.5 |
|
Bruker Corporation Summary of Reported Revenue Growth Components (unaudited and in millions) |
||||||||||||||||
Total Bruker Corporation |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
Total Bruker |
|
|
Total Bruker |
|
||||||||||
GAAP revenue as of prior comparable period |
|
$ |
854.5 |
|
|
$ |
708.4 |
|
|
$ |
2,964.5 |
|
|
$ |
2,530.7 |
|
Acquisitions and divestitures revenue (1) |
|
|
101.8 |
|
|
|
19.0 |
|
|
|
296.7 |
|
|
|
56.2 |
|
Organic revenue (2) |
|
|
33.2 |
|
|
|
112.5 |
|
|
|
118.3 |
|
|
|
366.4 |
|
Effect of changes in foreign currency translation rates |
|
|
(9.9 |
) |
|
|
14.6 |
|
|
|
(13.1 |
) |
|
|
11.2 |
|
GAAP revenue |
|
$ |
979.6 |
|
|
$ |
854.5 |
|
|
$ |
3,366.4 |
|
|
$ |
2,964.5 |
|
Revenue growth |
|
|
14.6 |
% |
|
|
20.6 |
% |
|
|
13.6 |
% |
|
|
17.1 |
% |
Organic revenue growth |
|
|
3.9 |
% |
|
|
15.9 |
% |
|
|
4.0 |
% |
|
|
14.5 |
% |
Bruker Scientific Instruments |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
Bruker Scientific Instruments (3) |
|
|
Bruker Scientific Instruments (3) |
|
||||||||||
GAAP revenue as of prior comparable period |
|
$ |
783.6 |
|
|
$ |
651.8 |
|
|
$ |
2,700.8 |
|
|
$ |
2,305.9 |
|
Acquisitions and divestitures revenue (1) |
|
|
101.8 |
|
|
|
19.0 |
|
|
|
296.7 |
|
|
|
56.2 |
|
Organic revenue (2) |
|
|
35.2 |
|
|
|
101.0 |
|
|
|
113.2 |
|
|
|
333.4 |
|
Effect of changes in foreign currency translation rates |
|
|
(9.3 |
) |
|
|
11.8 |
|
|
|
(13.2 |
) |
|
|
5.3 |
|
GAAP revenue |
|
$ |
911.3 |
|
|
$ |
783.6 |
|
|
$ |
3,097.5 |
|
|
$ |
2,700.8 |
|
Revenue growth |
|
|
16.3 |
% |
|
|
20.2 |
% |
|
|
14.7 |
% |
|
|
17.1 |
% |
Organic revenue growth |
|
|
4.5 |
% |
|
|
15.5 |
% |
|
|
4.2 |
% |
|
|
14.5 |
% |
BEST, net of Intercompany Eliminations |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
BEST, net of Intercompany Eliminations |
|
|
BEST, net of Intercompany Eliminations |
|
||||||||||
GAAP revenue as of prior comparable period |
|
$ |
70.9 |
|
|
$ |
56.6 |
|
|
$ |
263.7 |
|
|
$ |
224.8 |
|
Organic revenue (2) |
|
|
(2.0 |
) |
|
|
11.5 |
|
|
|
5.1 |
|
|
|
33.0 |
|
Effect of changes in foreign currency translation rates |
|
|
(0.6 |
) |
|
|
2.8 |
|
|
|
0.1 |
|
|
|
5.9 |
|
GAAP revenue |
|
$ |
68.3 |
|
|
$ |
70.9 |
|
|
$ |
268.9 |
|
|
$ |
263.7 |
|
Revenue growth |
|
|
-3.7 |
% |
|
|
25.3 |
% |
|
|
2.0 |
% |
|
|
17.3 |
% |
Organic revenue growth |
|
|
-2.8 |
% |
|
|
20.3 |
% |
|
|
1.9 |
% |
|
|
14.7 |
% |
(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250213826255/en/
Joe Kostka
Director, Investor Relations Bruker Corporation
T: +1 (978) 313-5800
E: Investor.Relations@bruker.com
Source: Bruker Corporation
FAQ
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