Bruker Reports Second Quarter 2024 Financial Results
Bruker (Nasdaq: BRKR) reported strong Q2 2024 financial results with revenues of $800.7 million, up 17.4% year-over-year. Organic revenue grew 7.4%, while constant-exchange rate (CER) revenue increased 18.5%. The company's Q2 2024 GAAP EPS was $0.05, and non-GAAP EPS reached $0.52, up 4.0% year-over-year.
Bruker has increased its FY 2024 revenue guidance to $3.38-$3.44 billion, implying 14-16% growth. The company completed three strategic acquisitions in H1 2024, accelerating its portfolio transformation. Despite recent acquisitions impacting margins, Bruker expects steady margin expansion and rapid EPS growth in the next three years.
Bruker (Nasdaq: BRKR) ha riportato risultati finanziari del Q2 2024 molto positivi, con ricavi di 800,7 milioni di dollari, in aumento del 17,4% rispetto all'anno precedente. Il fatturato organico è cresciuto del 7,4%, mentre il fatturato a tassi di cambio costanti (CER) è aumentato del 18,5%. L'EPS GAAP di Bruker per il Q2 2024 è stato di 0,05 dollari, mentre l'EPS non-GAAP ha raggiunto 0,52 dollari, con un incremento del 4,0% rispetto all'anno precedente.
Bruker ha alzato le previsioni di fatturato per l'anno fiscale 2024 a 3,38-3,44 miliardi di dollari, implicando una crescita del 14-16%. L'azienda ha completato tre acquisizioni strategiche nel primo semestre del 2024, accelerando la trasformazione del proprio portafoglio. Nonostante le recenti acquisizioni abbiano avuto un impatto sui margini, Bruker prevede un costante ampliamento dei margini e una rapida crescita dell'EPS nei prossimi tre anni.
Bruker (Nasdaq: BRKR) informó resultados financieros sólidos para el Q2 2024, con ingresos de 800,7 millones de dólares, un aumento del 17,4% en comparación con el año anterior. Los ingresos orgánicos crecieron un 7,4%, mientras que los ingresos a tasa de cambio constante (CER) aumentaron un 18,5%. El EPS GAAP de Bruker para el Q2 2024 fue de 0,05 dólares, y el EPS no-GAAP alcanzó los 0,52 dólares, un incremento del 4,0% respecto al año pasado.
Bruker ha elevado su guía de ingresos para el año fiscal 2024 a entre 3,38 y 3,44 mil millones de dólares, lo que implica un crecimiento del 14-16%. La compañía completó tres adquisiciones estratégicas en el primer semestre de 2024, acelerando la transformación de su portafolio. A pesar de que las adquisiciones recientes han impactado los márgenes, Bruker espera una expansión constante de márgenes y un rápido crecimiento del EPS en los próximos tres años.
Bruker (Nasdaq: BRKR)는 2024년 2분기 강력한 재무 실적을 보고했으며, 수익은 8억 7백만 달러로 지난해 대비 17.4% 증가했습니다. 유기적 수익은 7.4% 성장했습니다, 그리고 일정 환율(CER)로 볼 때 수익은 18.5% 증가했습니다. 이 회사의 2024년 2분기 GAAP EPS는 0.05달러였으며, 비GAAP EPS는 0.52달러로 지난해 대비 4.0% 증가했습니다.
Bruker는 2024회계연도 수익 전망을 33.8억 - 34.4억 달러로 상향 조정하여 14-16% 성장을 암시하고 있습니다. 이 회사는 2024년 상반기에 3건의 전략적 인수를 완료하여 포트폴리오 변화를 가속화했습니다. 최근 인수가 마진에 영향을 미쳤음에도 불구하고, Bruker는 향후 3년 동안 안정적인 마진 확대와 빠른 EPS 성장을 기대하고 있습니다.
Bruker (Nasdaq: BRKR) a annoncé de solides résultats financiers pour le Q2 2024, avec des revenus de 800,7 millions de dollars, en hausse de 17,4% par rapport à l'année précédente. Le chiffre d'affaires organique a augmenté de 7,4%, tandis que le chiffre d'affaires à taux de change constant (CER) a crû de 18,5%. Le EPS GAAP de Bruker pour le Q2 2024 était de 0,05 dollar, et l'EPS non-GAAP a atteint 0,52 dollar, en hausse de 4,0% par rapport à l'année précédente.
Bruker a relevé ses prévisions de revenus pour l'exercice 2024 à 3,38-3,44 milliards de dollars, ce qui implique une croissance de 14-16%. L'entreprise a complété trois acquisitions stratégiques au premier semestre 2024, accélérant la transformation de son portefeuille. Malgré l'impact des récentes acquisitions sur les marges, Bruker s'attend à une expansion régulière des marges et à une croissance rapide de l'EPS au cours des trois prochaines années.
Bruker (Nasdaq: BRKR) hat starke Finanz Ergebnisse für das 2. Quartal 2024 gemeldet, mit einem Umsatz von 800,7 Millionen Dollar, was einem Anstieg von 17,4% im Vergleich zum Vorjahr entspricht. Der organische Umsatz wuchs um 7,4%, während der Umsatz zu konstanten Wechselkursen (CER) um 18,5% zunahm. Das GAAP EPS von Bruker für das 2. Quartal 2024 betrug 0,05 Dollar, während das Non-GAAP EPS bei 0,52 Dollar lag, was einem Anstieg von 4,0% im Jahresvergleich entspricht.
Bruker hat die Umsatzprognose für das Geschäftsjahr 2024 auf 3,38 bis 3,44 Milliarden Dollar angehoben, was ein Wachstum von 14-16% impliziert. Das Unternehmen hat im ersten Halbjahr 2024 drei strategische Übernahmen abgeschlossen und damit die Transformation seines Portfolios beschleunigt. Trotz der Auswirkungen der jüngsten Übernahmen auf die Margen erwartet Bruker in den nächsten drei Jahren eine kontinuierliche Margenausweitung und ein schnelles Wachstum des EPS.
- Q2 2024 revenues increased 17.4% year-over-year to $800.7 million
- Organic revenue growth of 7.4% in Q2 2024
- Non-GAAP EPS increased 4.0% to $0.52 in Q2 2024
- Increased FY 2024 revenue guidance to $3.38-$3.44 billion
- Completed three strategic acquisitions in H1 2024
- Expects steady margin expansion and rapid EPS growth in the next three years
- Q2 2024 GAAP operating income decreased to $48.1 million from $86.2 million in Q2 2023
- Non-GAAP operating margin decreased 150 basis points to 13.8% in Q2 2024
- GAAP diluted EPS decreased to $0.05 in Q2 2024 from $0.39 in Q2 2023
- First half 2024 non-GAAP operating income decreased 13.2% year-over-year
- First half 2024 non-GAAP diluted EPS decreased 8.7% year-over-year
Insights
Bruker's Q2 2024 results show strong revenue growth of
The company's strategic acquisitions in spatial biology, molecular diagnostics and lab automation are driving growth but pressuring margins. The non-GAAP operating margin decreased 150 basis points to
Investors should note the divergence between revenue growth and profitability. While top-line expansion is robust, the company faces challenges in maintaining earnings growth. The focus on operational excellence in recent acquisitions will be important for future margin expansion and EPS growth.
Bruker's performance reflects a strategic shift towards high-growth areas in life sciences. The company's
The cumulative four-year revenue growth of approximately
Investors should monitor Bruker's ability to leverage its innovation engine and new market positions to drive long-term value, balancing growth investments with profitability improvement.
Bruker's focus on enabling tools for the post-genomic era positions it well in the rapidly evolving life sciences sector. The company's investments in spatial biology and molecular diagnostics through acquisitions like NanoString are strategically sound, tapping into high-growth areas of precision medicine and biomarker discovery.
The differentiated innovation engine driving above-market organic growth is a key competitive advantage. However, the challenge lies in maintaining this innovation pace while integrating new technologies from acquisitions. The company's emphasis on the Bruker Management Process for operational excellence will be important in harmonizing these diverse technological assets.
Looking ahead, Bruker's ability to create synergies between its traditional strengths in analytical instrumentation and new capabilities in genomics and proteomics will be critical for long-term technological leadership and market expansion.
-
Q2 2024 revenues of
$800.7 million 17.4% year-over-year (yoy); organic revenue up7.4% yoy; CER revenue up18.5% yoy -
Q2 2024 GAAP EPS
$0.05 $0.52 4.0% yoy -
Bruker increases FY 2024 revenue guidance to
$3.38 -$3.44 billion 14% to16% , and organic revenue growth of5% to7% yoy
Frank H. Laukien, Bruker’s President and CEO, commented: “Our teams delivered excellent revenue growth in the second quarter and a solid first half of 2024, despite soft general market conditions. Our well above-market organic growth is driven by Bruker’s differentiated innovation engine, as well as our multi-year transformation towards fundamentally favorable secular trends for our unique enabling tools for the post-genomic era.”
He continued: “In the first half of 2024, we completed three strategic acquisitions that further accelerate our portfolio transformation and market expansion into spatial biology, molecular diagnostics, and laboratory automation. With expected FY 2024 revenue growth again near
Second Quarter 2024 Financial Results
Bruker’s revenues for the second quarter of 2024 were
Second quarter 2024 Bruker Scientific Instruments (BSI) revenues of
Second quarter 2024 GAAP operating income was
Second quarter 2024 GAAP diluted earnings per share (EPS) were
First Half of 2024 Financial Results
For the first half of 2024, Bruker’s revenues were
In the first half of 2024, BSI revenues of
In the first half of 2024, GAAP operating income was
First half 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 2024 (FY 2024) Financial Outlook
Bruker’s FY 2024 updated guidance now includes the operational and financing impact of the NanoString acquisition, as well as all other closed acquisitions.
For FY 2024, Bruker now expects revenues of
-
Organic revenue growth of
5% to7% , -
An M&A tailwind of approximately
10% , -
A foreign currency translation revenue headwind of approximately -
1% , -
CER revenue growth of
15% to17% .
Bruker now expects FY 2024 non-GAAP EPS of
Updated FY 2024 revenue and non-GAAP EPS guidance is based on foreign currency exchange rates as of June 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, August 6, 2024, at 8:30 am Eastern Time. To listen to the webcast, investors can go to https://ir.bruker.com and click on the “Q2 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/10191132/fd22c94e58 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 August 6.
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 organic revenue growth or decline, free cash flow or use, return on invested capital (ROIC), non-GAAP earnings before interest taxes depreciation and amortization (EBITDA), M&A revenue, and constant-exchange rate (CER) currency revenue which are also non-GAAP financial measures. 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, and believe it is a useful measure to evaluate our continuing business. We define the term M&A revenue as GAAP revenue from M&A activities excluding the effect of changes in foreign currency translation rates, and believe it is a useful measure to evaluate the effect of acquisitions on our operations. 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. We define ROIC as non-GAAP operating profit after income tax divided by average total capital, which we define as debt plus equity minus cash and cash equivalents. We believe ROIC is an important measure of how effectively the Company invests its capital. We define non-GAAP EBITDA as non-GAAP net income adjusting out the effects of interest expense, net, non-GAAP income tax expense and GAAP depreciation and amortization, with purchased intangible amortization already adjusted out of non-GAAP net income. We believe non-GAAP EBITDA is an important means of comparing profitability of comparable companies.
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 financial outlook, our outlook for reported revenue growth, organic revenue growth, M&A revenue growth contributions, CER currency revenue growth, 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
Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) |
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June 30, 2024 |
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December 31, 2023 |
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ASSETS |
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Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
169.7 |
|
|
$ |
488.3 |
|
Accounts receivable, net |
|
|
507.2 |
|
|
|
492.0 |
|
Inventories |
|
|
1,175.9 |
|
|
|
968.3 |
|
Other current assets |
|
|
300.2 |
|
|
|
215.6 |
|
Total current assets |
|
|
2,153.0 |
|
|
|
2,164.2 |
|
Property, plant and equipment, net |
|
|
656.6 |
|
|
|
599.7 |
|
Goodwill, intangibles, net and other long-term assets |
|
|
3,093.0 |
|
|
|
1,486.0 |
|
Total assets |
|
$ |
5,902.6 |
|
|
$ |
4,249.9 |
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|
|
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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 |
|
$ |
26.4 |
|
|
$ |
121.2 |
|
Accounts payable |
|
|
220.3 |
|
|
|
202.7 |
|
Deferred revenue and customer advances |
|
|
501.9 |
|
|
|
400.0 |
|
Other current liabilities |
|
|
555.9 |
|
|
|
478.2 |
|
Total current liabilities |
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|
1,304.5 |
|
|
|
1,202.1 |
|
Long-term debt |
|
|
2,132.0 |
|
|
|
1,160.3 |
|
Other long-term liabilities |
|
|
641.6 |
|
|
|
474.2 |
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|
|
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|
|
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||
Redeemable noncontrolling interests |
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|
17.5 |
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|
18.7 |
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Total shareholders' equity |
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|
1,807.0 |
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|
1,394.6 |
|
Total liabilities, redeemable noncontrolling interests and shareholders' equity |
|
$ |
5,902.6 |
|
|
$ |
4,249.9 |
|
Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions, except per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2024 |
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2023 |
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|
2024 |
|
|
2023 |
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Revenue |
|
$ |
800.7 |
|
|
$ |
681.9 |
|
|
$ |
1,522.4 |
|
|
$ |
1,367.2 |
|
Cost of revenue |
|
|
416.1 |
|
|
|
341.4 |
|
|
|
785.0 |
|
|
|
667.0 |
|
Gross profit |
|
|
384.6 |
|
|
|
340.5 |
|
|
|
737.4 |
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|
700.2 |
|
Operating expenses: |
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Selling, general and administrative |
|
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221.3 |
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177.9 |
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|
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416.6 |
|
|
|
340.6 |
|
Research and development |
|
|
92.2 |
|
|
|
71.0 |
|
|
|
174.0 |
|
|
|
140.0 |
|
Other charges, net |
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23.0 |
|
|
|
5.4 |
|
|
|
33.9 |
|
|
|
10.7 |
|
Total operating expenses |
|
|
336.5 |
|
|
|
254.3 |
|
|
|
624.5 |
|
|
|
491.3 |
|
Operating income |
|
|
48.1 |
|
|
|
86.2 |
|
|
|
112.9 |
|
|
|
208.9 |
|
Interest and other income (expense), net |
|
|
(24.2 |
) |
|
|
(8.7 |
) |
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|
(17.4 |
) |
|
|
(24.8 |
) |
Income before income taxes, equity in income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries |
|
|
23.9 |
|
|
|
77.5 |
|
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|
95.5 |
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|
|
184.1 |
|
Income tax provision |
|
|
16.1 |
|
|
|
19.9 |
|
|
|
35.9 |
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|
|
49.8 |
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Equity in income (losses) of unconsolidated investees, net of tax |
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|
(0.2 |
) |
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|
0.2 |
|
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— |
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|
0.9 |
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Consolidated net income |
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|
7.6 |
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|
|
57.8 |
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|
59.6 |
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|
|
135.2 |
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Net income attributable to noncontrolling interests in consolidated subsidiaries |
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— |
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|
0.7 |
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|
1.1 |
|
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|
1.6 |
|
Net income attributable to Bruker Corporation |
|
$ |
7.6 |
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|
$ |
57.1 |
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|
$ |
58.5 |
|
|
$ |
133.6 |
|
Net income per common share attributable to Bruker Corporation shareholders: |
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Basic |
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$ |
0.05 |
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$ |
0.39 |
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$ |
0.40 |
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$ |
0.91 |
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Diluted |
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$ |
0.05 |
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$ |
0.39 |
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$ |
0.40 |
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$ |
0.91 |
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Weighted average common shares outstanding: |
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Basic |
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147.4 |
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|
146.8 |
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146.3 |
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|
146.8 |
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Diluted |
|
|
148.0 |
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|
147.7 |
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|
147.0 |
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|
147.6 |
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Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in millions) |
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Three Months Ended June 30, |
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Six Months Ended June 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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$ |
7.6 |
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$ |
57.8 |
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$ |
59.6 |
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$ |
135.2 |
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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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45.2 |
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|
25.9 |
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|
79.9 |
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|
51.0 |
|
Stock-based compensation expense |
|
|
6.7 |
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|
5.6 |
|
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|
12.0 |
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|
12.1 |
|
Deferred income taxes |
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|
(20.2 |
) |
|
|
8.2 |
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|
(22.3 |
) |
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|
9.4 |
|
Impairment of minority investments and other long-lived assets |
|
|
20.4 |
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|
|
11.4 |
|
|
|
21.8 |
|
|
|
18.3 |
|
Gain on sale of minority investment |
|
|
— |
|
|
|
(6.8 |
) |
|
|
— |
|
|
|
(6.8 |
) |
Gain (loss) on sale of property, plant and equipment |
|
|
1.0 |
|
|
|
0.2 |
|
|
|
1.0 |
|
|
|
(9.6 |
) |
Other non-cash (income) expenses, net |
|
|
(3.4 |
) |
|
|
11.0 |
|
|
|
(9.5 |
) |
|
|
16.0 |
|
Changes in operating assets and liabilities, net of acquisitions and divestitures: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable |
|
|
13.9 |
|
|
|
22.2 |
|
|
|
29.5 |
|
|
|
30.5 |
|
Inventories |
|
|
(28.7 |
) |
|
|
(59.4 |
) |
|
|
(93.5 |
) |
|
|
(114.4 |
) |
Accounts payable and accrued expenses |
|
|
11.4 |
|
|
|
(16.5 |
) |
|
|
7.7 |
|
|
|
(3.4 |
) |
Income taxes payable, net |
|
|
(10.5 |
) |
|
|
(12.0 |
) |
|
|
(22.4 |
) |
|
|
(17.8 |
) |
Deferred revenue and customer advances |
|
|
(29.6 |
) |
|
|
(13.7 |
) |
|
|
2.1 |
|
|
|
21.1 |
|
Other changes in operating assets and liabilities, net |
|
|
(12.9 |
) |
|
|
(20.9 |
) |
|
|
(43.2 |
) |
|
|
(41.1 |
) |
Net cash provided by operating activities |
|
|
0.9 |
|
|
|
13.0 |
|
|
|
22.7 |
|
|
|
100.5 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(26.0 |
) |
|
|
(23.5 |
) |
|
|
(47.4 |
) |
|
|
(48.5 |
) |
Proceeds from sale of minority investment |
|
|
— |
|
|
|
11.8 |
|
|
|
— |
|
|
|
11.8 |
|
Cash paid for minority investments |
|
|
— |
|
|
|
(1.1 |
) |
|
|
(10.0 |
) |
|
|
(9.3 |
) |
Cash paid for acquisitions, net of cash acquired |
|
|
(1,300.8 |
) |
|
|
(14.6 |
) |
|
|
(1,575.3 |
) |
|
|
(102.7 |
) |
Proceeds from sales of property, plant and equipment |
|
|
0.1 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
10.7 |
|
Net proceeds from cross-currency swap agreements |
|
|
1.3 |
|
|
|
1.4 |
|
|
|
2.5 |
|
|
|
3.8 |
|
Net cash used in investing activities |
|
|
(1,325.4 |
) |
|
|
(26.0 |
) |
|
|
(1,629.6 |
) |
|
|
(134.2 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Repayments of revolving lines of credit |
|
|
(839.6 |
) |
|
|
— |
|
|
|
(840.1 |
) |
|
|
— |
|
Proceeds from revolving lines of credit |
|
|
804.4 |
|
|
|
— |
|
|
|
1,073.3 |
|
|
|
— |
|
Proceeds from long-term debt |
|
|
806.2 |
|
|
|
2.8 |
|
|
|
806.2 |
|
|
|
2.8 |
|
Repayment of other debt, net |
|
|
(7.1 |
) |
|
|
(2.4 |
) |
|
|
(10.5 |
) |
|
|
(4.5 |
) |
Repayment of 2012 Note Purchase Agreement |
|
|
— |
|
|
|
— |
|
|
|
(100.0 |
) |
|
|
— |
|
Repayment of 2019 Term Loan Agreement |
|
|
(3.7 |
) |
|
|
(3.7 |
) |
|
|
(7.5 |
) |
|
|
(7.5 |
) |
Proceeds from issuance of common stock, net |
|
|
405.2 |
|
|
|
2.1 |
|
|
|
408.6 |
|
|
|
2.8 |
|
Payment of Deferred Financing Costs |
|
|
(0.8 |
) |
|
|
— |
|
|
|
(5.5 |
) |
|
|
— |
|
Payment of contingent consideration |
|
|
(0.5 |
) |
|
|
(1.5 |
) |
|
|
(0.5 |
) |
|
|
(2.5 |
) |
Payment of dividends to common shareholders |
|
|
(7.6 |
) |
|
|
(7.3 |
) |
|
|
(14.9 |
) |
|
|
(14.7 |
) |
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22.4 |
) |
Proceeds from (payment for) the sale (purchase) of noncontrolling interests |
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.9 |
) |
|
|
5.0 |
|
Net cash provided by (used in) financing activities |
|
|
1,156.5 |
|
|
|
(10.3 |
) |
|
|
1,308.2 |
|
|
|
(41.0 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(2.1 |
) |
|
|
0.1 |
|
|
|
(19.7 |
) |
|
|
4.2 |
|
Net change in cash, cash equivalents and restricted cash |
|
|
(170.1 |
) |
|
|
(23.2 |
) |
|
|
(318.4 |
) |
|
|
(70.5 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
343.3 |
|
|
|
601.4 |
|
|
|
491.6 |
|
|
|
648.7 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
173.2 |
|
|
$ |
578.2 |
|
|
$ |
173.2 |
|
|
$ |
578.2 |
|
Bruker Corporation RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited and in millions, except per share data) |
||||||||||||||||
Reconciliation of Non-GAAP Operating Income, Non-GAAP Profit Before Tax, Non-GAAP Net Income and Non-GAAP Earnings Per Share |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP operating income |
|
$ |
48.1 |
|
|
$ |
86.2 |
|
|
$ |
112.9 |
|
|
$ |
208.9 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring costs |
|
|
6.1 |
|
|
|
0.4 |
|
|
|
13.3 |
|
|
|
0.9 |
|
Acquisition-related costs |
|
|
26.0 |
|
|
|
3.3 |
|
|
|
33.1 |
|
|
|
6.3 |
|
Purchased intangible amortization |
|
|
25.1 |
|
|
|
11.2 |
|
|
|
41.3 |
|
|
|
21.9 |
|
Other costs |
|
|
5.4 |
|
|
|
3.0 |
|
|
|
10.8 |
|
|
|
5.5 |
|
Total Non-GAAP adjustments: |
|
|
62.6 |
|
|
|
17.9 |
|
|
|
98.5 |
|
|
|
34.6 |
|
Non-GAAP operating income |
|
$ |
110.7 |
|
|
$ |
104.1 |
|
|
$ |
211.4 |
|
|
$ |
243.5 |
|
Non-GAAP operating margin |
|
|
13.8 |
% |
|
|
15.3 |
% |
|
|
13.9 |
% |
|
|
17.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP interest & other expense, net |
|
|
(4.0 |
) |
|
|
(4.2 |
) |
|
|
2.8 |
|
|
|
(10.7 |
) |
Non-GAAP profit before tax |
|
|
106.7 |
|
|
|
99.9 |
|
|
|
214.2 |
|
|
|
232.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP income tax provision |
|
|
(30.3 |
) |
|
|
(25.2 |
) |
|
|
(59.0 |
) |
|
|
(62.1 |
) |
Non-GAAP tax rate |
|
|
28.4 |
% |
|
|
25.2 |
% |
|
|
27.5 |
% |
|
|
26.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Minority interest |
|
|
— |
|
|
|
(0.7 |
) |
|
|
(1.1 |
) |
|
|
(1.6 |
) |
Non-GAAP net income attributable to Bruker |
|
|
76.4 |
|
|
|
74.0 |
|
|
|
154.1 |
|
|
|
169.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding (diluted) |
|
|
148.0 |
|
|
|
147.7 |
|
|
|
147.0 |
|
|
|
147.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-GAAP earnings per share |
|
$ |
0.52 |
|
|
$ |
0.50 |
|
|
$ |
1.05 |
|
|
$ |
1.15 |
|
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP gross profit |
|
$ |
384.6 |
|
|
$ |
340.5 |
|
|
$ |
737.4 |
|
|
$ |
700.2 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring costs |
|
|
4.9 |
|
|
|
0.1 |
|
|
|
8.6 |
|
|
|
0.3 |
|
Acquisition-related costs |
|
|
8.7 |
|
|
|
0.4 |
|
|
|
11.7 |
|
|
|
0.5 |
|
Purchased intangible amortization |
|
|
12.0 |
|
|
|
5.6 |
|
|
|
19.8 |
|
|
|
11.0 |
|
Other costs |
|
|
0.9 |
|
|
|
0.7 |
|
|
|
3.0 |
|
|
|
1.2 |
|
Total Non-GAAP adjustments: |
|
|
26.5 |
|
|
|
6.8 |
|
|
|
43.1 |
|
|
|
13.0 |
|
Non-GAAP gross profit |
|
$ |
411.1 |
|
|
$ |
347.3 |
|
|
$ |
780.5 |
|
|
$ |
713.2 |
|
Non-GAAP gross margin |
|
|
51.3 |
% |
|
|
50.9 |
% |
|
|
51.3 |
% |
|
|
52.2 |
% |
Reconciliation of GAAP Selling, General and Administrative (SG&A) Expenses to Non-GAAP SG&A Expenses |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP SG&A expenses |
|
$ |
221.3 |
|
|
$ |
177.9 |
|
|
$ |
416.6 |
|
|
$ |
340.6 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchased intangible amortization |
|
|
(13.1 |
) |
|
|
(5.7 |
) |
|
|
(21.3 |
) |
|
|
(10.9 |
) |
Non-GAAP SG&A expenses |
|
$ |
208.2 |
|
|
$ |
172.2 |
|
|
$ |
395.3 |
|
|
$ |
329.7 |
|
Bruker Corporation RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued (unaudited and in millions, except per share data) |
||||||||||||||||
Reconciliation of GAAP Interest and Other Income (Expense), net to Non-GAAP Interest and Other Income (Expense), net |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP interest and other income (expense), net |
|
$ |
(24.2 |
) |
|
$ |
(8.7 |
) |
|
$ |
(17.4 |
) |
|
$ |
(24.8 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investments related adjustments |
|
|
20.2 |
|
|
|
4.5 |
|
|
|
20.2 |
|
|
|
14.1 |
|
Non-GAAP interest and other income (expense), net |
|
$ |
(4.0 |
) |
|
$ |
(4.2 |
) |
|
$ |
2.8 |
|
|
$ |
(10.7 |
) |
Reconciliation of GAAP Tax Rate to Non-GAAP Tax Rate |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP tax rate |
|
|
67.4 |
% |
|
|
25.7 |
% |
|
|
37.6 |
% |
|
|
27.1 |
% |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tax impact of non-GAAP adjustments |
|
|
-32.4 |
% |
|
|
-0.5 |
% |
|
|
-6.8 |
% |
|
|
-0.2 |
% |
Other discrete items |
|
|
-6.6 |
% |
|
|
0.0 |
% |
|
|
-3.3 |
% |
|
|
-0.2 |
% |
Total non-GAAP adjustments: |
|
|
-39.0 |
% |
|
|
-0.5 |
% |
|
|
-10.1 |
% |
|
|
-0.4 |
% |
Non-GAAP tax rate |
|
|
28.4 |
% |
|
|
25.2 |
% |
|
|
27.5 |
% |
|
|
26.7 |
% |
Reconciliation of GAAP Earnings Per Share to Non-GAAP Earnings Per Share (Diluted) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP earnings per share (diluted) |
|
$ |
0.05 |
|
|
$ |
0.39 |
|
|
$ |
0.40 |
|
|
$ |
0.91 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring Costs |
|
|
0.04 |
|
|
|
— |
|
|
|
0.09 |
|
|
|
0.01 |
|
Acquisition-related costs |
|
|
0.18 |
|
|
|
0.02 |
|
|
|
0.23 |
|
|
|
0.04 |
|
Purchased intangible amortization |
|
|
0.17 |
|
|
|
0.08 |
|
|
|
0.28 |
|
|
|
0.15 |
|
Other costs |
|
|
0.04 |
|
|
|
0.02 |
|
|
|
0.07 |
|
|
|
0.04 |
|
Interest and other income (expense), net |
|
|
0.14 |
|
|
|
0.03 |
|
|
|
0.14 |
|
|
|
0.09 |
|
Income tax rate differential |
|
|
(0.10 |
) |
|
|
(0.04 |
) |
|
|
(0.16 |
) |
|
|
(0.09 |
) |
Total non-GAAP adjustments: |
|
|
0.47 |
|
|
|
0.11 |
|
|
|
0.65 |
|
|
|
0.24 |
|
Non-GAAP earnings per share (diluted) |
|
$ |
0.52 |
|
|
$ |
0.50 |
|
|
$ |
1.05 |
|
|
$ |
1.15 |
|
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free Cash Flow |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
GAAP operating cash flow |
|
$ |
0.9 |
|
|
$ |
13.0 |
|
|
$ |
22.7 |
|
|
$ |
100.5 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(26.0 |
) |
|
|
(23.5 |
) |
|
|
(47.4 |
) |
|
|
(48.5 |
) |
Non-GAAP free cash flow |
|
$ |
(25.1 |
) |
|
$ |
(10.5 |
) |
|
$ |
(24.7 |
) |
|
$ |
52.0 |
|
Bruker Corporation REVENUE (unaudited and in millions) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue by group: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bruker BioSpin |
|
$ |
217.5 |
|
|
$ |
162.0 |
|
|
$ |
400.3 |
|
|
$ |
342.3 |
|
Bruker CALID |
|
|
265.6 |
|
|
|
227.2 |
|
|
|
493.5 |
|
|
|
463.9 |
|
Bruker Nano |
|
|
252.5 |
|
|
|
225.1 |
|
|
|
492.9 |
|
|
|
434.7 |
|
BEST |
|
|
69.1 |
|
|
|
72.7 |
|
|
|
142.2 |
|
|
|
134.9 |
|
Eliminations |
|
|
(4.0 |
) |
|
|
(5.1 |
) |
|
|
(6.5 |
) |
|
|
(8.6 |
) |
Total revenue |
|
$ |
800.7 |
|
|
$ |
681.9 |
|
|
$ |
1,522.4 |
|
|
$ |
1,367.2 |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenue by end customer geography: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
243.7 |
|
|
$ |
179.3 |
|
|
$ |
438.5 |
|
|
$ |
354.4 |
|
|
|
|
275.8 |
|
|
|
222.7 |
|
|
|
520.6 |
|
|
|
445.1 |
|
|
|
|
226.6 |
|
|
|
223.3 |
|
|
|
449.3 |
|
|
|
463.5 |
|
Other |
|
|
54.6 |
|
|
|
56.6 |
|
|
|
114.0 |
|
|
|
104.2 |
|
Total revenue |
|
$ |
800.7 |
|
|
$ |
681.9 |
|
|
$ |
1,522.4 |
|
|
$ |
1,367.2 |
|
Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
Total Bruker |
|
|
Total Bruker |
|
||||||||||
GAAP revenue as of prior comparable period |
|
$ |
681.9 |
|
|
$ |
588.4 |
|
|
$ |
1,367.2 |
|
|
$ |
1,183.4 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisitions and divestitures |
|
|
75.5 |
|
|
|
11.0 |
|
|
|
101.8 |
|
|
|
23.7 |
|
Organic |
|
|
50.7 |
|
|
|
79.7 |
|
|
|
61.8 |
|
|
|
184.4 |
|
Currency |
|
|
(7.4 |
) |
|
|
2.8 |
|
|
|
(8.4 |
) |
|
|
(24.3 |
) |
Total Non-GAAP adjustments: |
|
|
118.8 |
|
|
|
93.5 |
|
|
|
155.2 |
|
|
|
183.8 |
|
GAAP revenue |
|
$ |
800.7 |
|
|
$ |
681.9 |
|
|
$ |
1,522.4 |
|
|
$ |
1,367.2 |
|
Revenue growth |
|
|
17.4 |
% |
|
|
15.9 |
% |
|
|
11.4 |
% |
|
|
15.5 |
% |
Organic revenue growth |
|
|
7.4 |
% |
|
|
13.5 |
% |
|
|
4.5 |
% |
|
|
15.6 |
% |
Bruker Corporation REVENUE - Continued (unaudited and in millions) |
||||||||||||||||
Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth - Continued |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
Bruker Scientific Instruments (1) |
|
|
Bruker Scientific Instruments (1) |
|
||||||||||
GAAP revenue as of prior comparable period |
|
$ |
614.3 |
|
|
$ |
532.3 |
|
|
$ |
1,240.9 |
|
|
$ |
1,071.8 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisitions and divestitures |
|
|
75.5 |
|
|
|
11.0 |
|
|
|
101.8 |
|
|
|
23.7 |
|
Organic |
|
|
52.6 |
|
|
|
69.4 |
|
|
|
52.6 |
|
|
|
168.7 |
|
Currency |
|
|
(6.8 |
) |
|
|
1.6 |
|
|
|
(8.6 |
) |
|
|
(23.3 |
) |
Total non-GAAP adjustments: |
|
|
121.3 |
|
|
|
82.0 |
|
|
|
145.8 |
|
|
|
169.1 |
|
GAAP revenue |
|
$ |
735.6 |
|
|
$ |
614.3 |
|
|
$ |
1,386.7 |
|
|
$ |
1,240.9 |
|
Revenue growth |
|
|
19.7 |
% |
|
|
15.4 |
% |
|
|
11.7 |
% |
|
|
15.8 |
% |
Organic revenue growth |
|
|
8.6 |
% |
|
|
13.0 |
% |
|
|
4.2 |
% |
|
|
15.7 |
% |
(1) Bruker Scientific Instruments (BSI) revenue reflects the sum of the BSI BioSpin, CALID and Nano Segments as presented in our 2023 10K. |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
BEST, net of Intercompany Eliminations |
|
|
BEST, net of Intercompany Eliminations |
|
||||||||||
GAAP revenue as of prior comparable period |
|
$ |
67.6 |
|
|
$ |
56.1 |
|
|
$ |
126.3 |
|
|
$ |
111.6 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Organic |
|
|
(1.9 |
) |
|
|
10.3 |
|
|
|
9.2 |
|
|
|
15.7 |
|
Currency |
|
|
(0.6 |
) |
|
|
1.2 |
|
|
|
0.2 |
|
|
|
(1.0 |
) |
Total non-GAAP adjustments: |
|
|
(2.5 |
) |
|
|
11.5 |
|
|
|
9.4 |
|
|
|
14.7 |
|
GAAP revenue |
|
$ |
65.1 |
|
|
$ |
67.6 |
|
|
$ |
135.7 |
|
|
$ |
126.3 |
|
Revenue growth |
|
|
-3.7 |
% |
|
|
20.5 |
% |
|
|
7.4 |
% |
|
|
13.2 |
% |
Organic revenue growth |
|
|
-2.8 |
% |
|
|
18.4 |
% |
|
|
7.3 |
% |
|
|
14.1 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806733768/en/
Joe Kostka
Associate Director, Investor Relations
Bruker Corporation
T: +1 (978) 313-5800
E: Investor.Relations@bruker.com
Source: Bruker Corporation
FAQ
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