Bruker Reports Third Quarter 2024 Financial Results

Q3 2024 revenues of $864.4 million, up 16.4% year-over-year (yoy); Bruker organic revenue up 3.1% yoy, and CER revenue up 15.7% yoy; BSI segment organic revenue up 3.8% yoy
Q3 2024 GAAP diluted EPS $0.27; non-GAAP diluted EPS $0.60
Updated FY2024 guidance:
- Revenue $3.34 to $3.37 billion, implying Bruker organic revenue growth of 3% to 4%, and CER revenue growth of approximately 13% yoy
- Non-GAAP EPS of $2.36 - $2.41

Bruker Corporation (Nasdaq: BRKR) today announced financial results for its third quarter and for the nine months ended September 30, 2024.

Frank H. Laukien, Bruker’s President and CEO, commented: “Bruker has again posted double-digit year-over-year CER revenue growth, and above-market organic revenue growth, in Q3 and year-to-date. This is a testament to our Project Accelerate transformation, and to our operational excellence processes driving improvements in our strategic acquisitions. We have delivered sequential operating margin improvements in Q3, and we expect further sequential margin improvements, along with double-digit CER revenue growth, also in the fourth quarter.”

He continued: “Despite biopharma and China recovery delays, orders for our differentiated post-genomic, multiomics, cleantech, semicon and diagnostics solutions are gradually improving, with upper mid-single digit BSI organic bookings growth in Q3 year-over-year. However, nascent biopharma and China recoveries will not benefit our fiscal year 2024 anymore, and accordingly we are lowering our FY2024 guidance. Integrating and improving our strategic acquisitions is making good progress and will further accelerate Bruker’s remarkable transformation. We are confident in our ability to drive above-market organic revenue growth with significant margin expansion in 2025.”

Third Quarter 2024 Financial Results

Bruker’s revenues for the third quarter of 2024 were $864.4 million, an increase of 16.4% compared to $742.8 million in the third quarter of 2023. In the third quarter of 2024, revenues increased 3.1% organically year-over-year, with constant-exchange rate (CER) revenue growth of 15.7%. Revenue growth from acquisitions was 12.5%, while foreign currency translation had a favorable impact of 0.7%.

Third quarter 2024 Bruker Scientific Instruments (BSI) revenues of $799.5 million increased 18.2% year-over-year, with organic revenue growth of 3.8%. Third quarter 2024 Bruker Energy & Supercon Technologies (BEST) revenues of $68.7 million decreased 2.7% year-over-year, with organic revenue, net of intercompany eliminations, decreasing by 3.2%.

Third quarter 2024 GAAP operating income was $68.1 million, compared to $124.5 million in the third quarter of 2023. Non-GAAP operating income was $129.1 million in the third quarter of 2024, a decrease of 12.9% compared to $148.3 million in the third quarter of 2023. Bruker’s third quarter 2024 non-GAAP operating margin was 14.9%, down 510 basis points due to our strategic acquisitions, from 20.0% in the third quarter of 2023.

Third quarter 2024 GAAP diluted earnings per share (EPS) were $0.27, compared to $0.60 in the third quarter of 2023. Third quarter 2024 non-GAAP diluted EPS were $0.60, a decrease of 18.9% compared to $0.74 in the third quarter of 2023.

First Nine Months of 2024 Financial Results

For the first nine months of 2024, Bruker’s revenues were $2.39 billion, an increase of 13.1% from $2.11 billion in the first nine months of 2023. In the first nine months of 2024, revenues increased 4.0% organically year-over-year, with constant-exchange rate (CER) revenue growth of 13.2%. Revenue growth from acquisitions was 9.2%, while foreign currency translation had an unfavorable impact of 0.1%.

In the first nine months of 2024, BSI revenues of $2.19 billion increased 14.0% compared to $1.92 billion in the first nine months of 2023, including organic growth of 4.1%. First nine months 2024 BEST revenues of $210.9 million increased 2.6%, compared to $205.5 million in the first nine months of 2023. Organic revenue growth for BEST, net of intercompany eliminations, was 3.7%.

In the first nine months of 2024, GAAP operating income was $181.0 million, compared to $333.4 million in the first nine months of 2023. Non-GAAP operating income in the first nine months of 2024 was $340.5 million, down 13.1% compared to $391.8 million in the first nine months of 2023. Bruker’s non-GAAP operating margin in first nine months of 2024 was 14.3%, a decrease of 430 bps compared to 18.5% in the first nine months of 2023.

First nine months 2024 GAAP diluted EPS was $0.67, compared to $1.50 in the first nine months of 2023. First nine months 2024 non-GAAP diluted EPS was $1.65, down 12.2% compared to $1.88 in the first nine months of 2023.

A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release.

Fiscal Year 2024 (FY 2024) Financial Outlook

For FY 2024, Bruker now expects revenues of $3.34 to $3.37 billion, compared to FY 2023 revenues of $2.96 billion, with 12.5% to 13.5% year-over-year reported revenue growth, including:

Organic revenue growth of 3% to 4%,
Contribution from M&A of approximately 9.5%,
Foreign currency translation impact approximately neutral,
CER revenue growth of approximately 13%.

Bruker now expects FY 2024 non-GAAP EPS of $2.36 to $2.41, compared to FY 2023 non-GAAP EPS of $2.58.

Updated FY 2024 revenue and non-GAAP EPS guidance is based on foreign currency exchange rates as of September 30, 2024.

For the Company’s outlook for 2024 organic revenue growth, M&A revenue growth, constant exchange rate revenue growth, and non-GAAP EPS, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures on a forward-looking basis. Please see “Use of Non-GAAP Financial Measures” below for a description of items excluded from our expected non-GAAP EPS.

Quarterly Earnings Call

Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters today, November 5, 2024, at 8:30 am Eastern Time. To listen to the webcast, investors can go to http://ir.bruker.com and click on the “Q3 2024 Earnings Webcast” hyperlink. A slide presentation will be referenced during the webcast and will be posted to our Investor Relations website shortly before the webcast begins. Investors can also listen to the earnings webcast via telephone by dialing 1-888-437-2685 (U.S. toll free) or +1-412-317-6702 (international) and referencing “Bruker’s Third Quarter 2024 Earnings Conference Call”.

Bruker is enabling investors to pre-register for the earnings conference call so that they can expedite their entry into the call and avoid the need to wait for a live operator. In order to pre-register for the call, investors can visit https://dpregister.com/sreg/10193829/fdca035215 and enter their contact information. Investors will then be issued a personalized phone number and PIN to dial into the live conference call. Individuals can pre-register any time prior to the start of the conference call on November 5.

A telephone replay of the conference call will be available by dialing 1-877-344-7529 (U.S. toll free) or +1-412-317-0088 (international) and entering replay access code: 7508549. The replay will be available beginning one hour after the end of the conference call through December 5, 2024.

About Bruker Corporation – Leader of the Post-Genomic Era (Nasdaq: BRKR)

Bruker is enabling scientists and engineers to make breakthrough post-genomic discoveries and develop new applications that improve the quality of human life. Bruker’s high-performance scientific instruments and high-value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular, and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity, and customer success in post-genomic life science molecular and cell biology research, in applied and biopharma applications, in microscopy and nanoanalysis, as well as in industrial and cleantech research, and next-gen semiconductor metrology in support of AI. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit www.bruker.com.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), we use the following non-GAAP financial measures: non-GAAP gross profit; non-GAAP gross profit margin; non-GAAP operating income; non-GAAP operating income margin; non-GAAP SG&A expense; non-GAAP interest and other income (expense), net; non-GAAP profit before income taxes; non-GAAP income tax rate; non-GAAP net income and non-GAAP diluted earnings per share. These non-GAAP measures exclude costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets and other non-operational costs.

We also may refer to constant-exchange rate (CER) currency revenue growth and free cash flow or use which are also non-GAAP financial measures. We define the term CER currency revenue as GAAP revenue excluding the effect of changes in foreign currency translation rates. We define free cash flow as net cash provided by operating activities less additions to property, plant, and equipment. We believe free cash flow is a useful measure to evaluate our business because it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, acquisitions, investments in our business, repayment of debt and return of capital to shareholders.

The presentation of these non-GAAP financial measures is not intended to be a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies. We believe these non-GAAP financial measures provide meaningful supplemental information regarding our performance, however, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included in the accompanying tables, and not to rely on any single financial measure to evaluate our business. Specifically, management believes that the non-GAAP measures mentioned above provide relevant and useful information which is widely used by analysts, investors and competitors in our industry, as well as by our management, in assessing both consolidated and business unit performance.

We use these non-GAAP financial measures to evaluate our period-over-period operating performance because our management believes this provides a more comparable measure of our continuing business by adjusting for certain items that are not reflective of the underlying performance of our business. These measures may also be useful to investors in evaluating the underlying operating performance of our business and forecasting future results. We regularly use these non-GAAP financial measures internally to understand, manage, and evaluate our business results and make operating decisions. We also measure our employees and compensate them, in part, based on certain non-GAAP measures and use this information for our planning and forecasting activities.

Additional information relating to the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable GAAP financial measures are provided in the tables accompanying this press release following our GAAP financial statements.

With respect to our outlook for 2024 non-GAAP organic revenue, non-GAAP M&A revenue, non-GAAP constant exchange rate (CER) revenue and non-GAAP EPS, we are not providing the most directly comparable GAAP financial measures or corresponding reconciliations to such GAAP financial measures on a forward-looking basis, because we are unable to predict with reasonable certainty certain items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. Our expected non-GAAP organic revenue and EPS ranges exclude primarily the future impact of restructuring actions, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments. These reconciling items are uncertain, depend on various factors outside our management’s control and could significantly impact, either individually or in the aggregate, our future period revenues and EPS presented in accordance with GAAP.

Forward-Looking Statements

Any statements contained in this press release which do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our fiscal year 2024 and 2025 financial outlook, our outlook for reported revenue growth, organic revenue growth, M&A revenue growth contributions, CER currency revenue growth, margin improvements, foreign currency translation revenue impact and non-GAAP EPS; management’s expectations for the impact of foreign currency and acquisitions; and for future financial and operational performance and business outlook; future economic conditions; and statements found under the “Use of Non-GAAP Financial Measures” section of this release. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, the length and severity of any recession and the impact on global economic conditions, the impact of supply chain challenges, including inflationary pressures, the impact of geopolitical tensions and any sanctions, including any reduction in natural gas exports from Russia resulting from its ongoing conflict with Ukraine and resulting market disruptions, such as higher prices for and reduced availability of key metals used in our products, the conflict in Israel, Palestine and surrounding areas and the possible expansion of such conflicts and potential geopolitical consequences, the ongoing tensions between the United States and China, tariff and trade policy changes, and the increasing potential of conflict involving countries in Asia that are critical to our supply chain operations, such as Taiwan and China, continued volatility in the capital markets, the impact of increased interest rates, the integration and assumption of liabilities of businesses we have acquired or may acquire in the future, including our recent acquisitions of PhenomeX, ELITech, Chemspeed, and NanoString, our restructuring and cost-control initiatives, changing technologies, product development and market acceptance of our products, the cost and pricing of our products, manufacturing and outsourcing, competition, dependence on collaborative partners, key suppliers and third party distributors, capital spending and government funding policies, changes in governmental regulations, intellectual property rights, litigation, exposure to foreign currency fluctuations, the impact of foreign currency exchange rates, our ability to service our debt obligations and fund our anticipated cash needs, the effect of a concentrated ownership of our common stock, loss of key personnel, payment of future dividends and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission, or SEC. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2023, as may be updated by our quarterly reports on Form 10-Q. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.

Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions)

September 30, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

148.1

488.3

Accounts receivable, net

538.4

492.0

Inventories

1,220.4

968.3

Other current assets

284.5

215.6

Total current assets

2,191.4

2,164.2

Property, plant and equipment, net

693.9

599.7

Goodwill, intangibles, net and other long-term assets

3,227.6

1,486.0

Total assets

6,112.9

4,249.9

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

32.8

121.2

Accounts payable

227.5

202.7

Deferred revenue and customer advances

466.7

400.0

Other current liabilities

595.1

478.2

Total current liabilities

1,322.1

1,202.1

Long-term debt

2,264.5

1,160.3

Other long-term liabilities

683.2

474.2

Redeemable noncontrolling interests

18.0

18.7

Total shareholders' equity

1,825.1

1,394.6

Total liabilities, redeemable noncontrolling interests and shareholders' equity

6,112.9

4,249.9

Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Revenue

864.4

742.8

2,386.8

2,110.0

Cost of revenue

445.6

360.0

1,230.6

1,027.0

Gross profit

418.8

382.8

1,156.2

1,083.0

Operating expenses:

Selling, general and administrative

229.9

177.6

646.5

518.2

Research and development

98.1

71.3

272.1

211.3

Other charges, net

22.7

9.4

56.6

20.1

Total operating expenses

350.7

258.3

975.2

749.6

Operating income

68.1

124.5

181.0

333.4

Interest and other income (expense), net

(12.8

)

(5.3

)

(30.2

)

(30.1

)

Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries (a)

55.3

119.2

150.8

303.3

Income tax provision

14.8

30.8

50.7

80.6

Equity in income (losses) of unconsolidated investees, net of tax

(0.2

)

0.3

(0.2

)

1.2

Consolidated net income

40.3

88.7

99.9

223.9

Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries

(0.6

)

0.6

0.5

2.2

Net income attributable to Bruker Corporation

40.9

88.1

99.4

221.7

Net income per common share attributable to Bruker Corporation shareholders:

Basic

0.27

0.60

0.67

1.51

Diluted

0.27

0.60

0.67

1.50

Weighted average common shares outstanding:

Basic

151.5

146.6

148.1

146.7

Diluted

152.0

147.3

148.7

147.5

a) On subsequent pages this is referred to as “Profit before income tax”.

Bruker Corporation PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in millions)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Cash flows from operating activities:

Consolidated net income

40.3

88.7

99.9

223.9

Adjustments to reconcile consolidated net income to cash flows from operating activities:

Depreciation and amortization

51.0

26.6

130.9

77.6

Stock-based compensation expense

6.3

5.7

18.5

17.8

Deferred income taxes

(21.9

)

3.4

(44.2

)

12.8

Impairment of minority investments and other long-lived assets

5.9

1.2

27.5

19.5

Gain on sale of minority investment

—

(6.8

)

Loss (Gain) on sale of property, plant and equipment

1.7

0.2

2.5

(9.4

)

Other non-cash (income) expenses, net

2.5

2.3

(4.6

)

18.3

Changes in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable

(18.8

)

(42.9

)

10.7

(12.4

)

Inventories

(11.1

)

(32.9

)

(105.1

)

(147.3

)

Accounts payable and accrued expenses

20.9

14.5

26.5

11.1

Income taxes payable, net

5.0

4.3

(17.4

)

(13.5

)

Deferred revenue and customer advances

(51.4

)

(14.6

)

(49.3

)

6.5

Other changes in operating assets and liabilities, net

8.0

(12.4

)

(34.6

)

(53.5

)

Net cash provided by operating activities

38.4

44.1

61.3

144.6

Cash flows from investing activities:

Purchases of property, plant and equipment

(32.6

)

(26.9

)

(78.6

)

(75.4

)

Proceeds from sale of minority investment

—

11.8

Cash paid for minority investments

(36.0

)

(10.0

)

(46.0

)

(19.3

)

Cash paid for acquisitions, net of cash acquired

(0.2

)

(119.6

)

(1,576.7

)

(222.3

)

Proceeds from sales of property, plant and equipment

—

0.2

0.9

10.9

Net proceeds from cross-currency swap agreements

1.2

1.3

3.7

5.1

Net cash used in investing activities

(67.6

)

(155.0

)

(1,696.7

)

(289.2

)

Cash flows from financing activities:

Repayments of revolving lines of credit

(148.5

)

—

(1,008.6

)

—

Proceeds from revolving lines of credit

0.1

—

1,093.4

—

Repayment of other debt, net

(6.0

)

(2.5

)

(16.5

)

(7.0

)

Proceeds from 2024 Note Purchase Agreements

—

472.1

—

Proceeds from 2024 Term Loan Agreements

166.1

—

495.6

—

Proceeds from other long-term debt

0.7

0.4

4.8

3.2

Repayment of 2012 Note Purchase Agreement

—

(100.0

)

—

Repayment of 2019 Term Loan Agreement

(3.8

)

(3.8

)

(11.3

)

(11.3

)

Payment of deferred financing costs

—

(5.5

)

—

Proceeds from Public Offering of common stock, net of issuance costs

—

403.0

—

Proceeds from (payment for) issuance of common stock under employee stock plans, net

(2.9

)

2.0

2.8

4.8

Payment of contingent consideration

(0.9

)

(0.2

)

(1.4

)

(2.7

)

Payment of dividends to common shareholders

(7.6

)

(7.4

)

(22.6

)

(22.1

)

Repurchase of common stock

—

(79.5

)

—

(101.9

)

Proceeds from (payment for) the sale (purchase) of noncontrolling interests

—

(1.5

)

(1.0

)

3.5

Net cash provided by (used in) financing activities

(2.8

)

(92.5

)

1,304.8

(133.5

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

10.4

(7.9

)

(9.3

)

(3.7

)

Net (decrease) in cash, cash equivalents and restricted cash

(21.5

)

(211.3

)

(339.9

)

(281.8

)

Cash, cash equivalents and restricted cash at beginning of period

173.2

578.2

491.6

648.7

Cash, cash equivalents and restricted cash at end of period

151.7

366.9

151.7

366.9

Bruker Corporation SUMMARY OF GAAP AND NON-GAAP FINANCIAL MEASURES (unaudited and in millions, except per share data) The following tables consist of a summary of the Company's GAAP and Non-GAAP Financial Measures: GAAP Financial Measures

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Gross Profit

418.8

382.8

1,156.2

1,083.0

Gross Profit Margin

48.4

51.5

48.4

51.3

SG&A Expenses

229.9

177.6

646.5

518.2

Interest and other income (expense), net

(12.8

)

(5.3

)

(30.2

)

(30.1

)

Operating Income

68.1

124.5

181.0

333.4

Operating Income Margin

7.9

16.8

7.6

15.8

Profit before income tax

55.3

119.2

150.8

303.3

Income Tax rate

26.8

25.8

33.6

26.6

Net Income attributable to Bruker Corporation

40.9

88.1

99.4

221.7

Diluted net income per common share attributable to Bruker Corporation shareholders

0.27

0.60

0.67

1.50

Net cash provided by operating activities

38.4

44.1

61.3

144.6

Revenue

864.4

742.8

2,386.8

2,110.0

Revenue Growth Rate

16.4

16.3

13.1

15.8

Non-GAAP Financial Measures

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Non-GAAP Gross Profit

442.2

391.6

1,222.7

1,104.8

Non-GAAP Gross Profit Margin

51.2

52.7

51.2

52.4

Non-GAAP SG&A Expenses

215.2

172.0

610.5

501.7

Non-GAAP Interest and other income (expense), net

(8.8

)

(5.3

)

(6.0

)

(16.0

)

Non-GAAP Operating Income

129.1

148.3

340.5

391.8

Non-GAAP Operating Income Margin

14.9

20.0

14.3

18.6

Non-GAAP Profit before income tax

120.3

143.0

334.5

375.8

Non-GAAP Income Tax rate

24.9

23.8

26.6

25.6

Non-GAAP Net Income attributable to Bruker Corporation

91.0

108.3

245.1

277.4

Non-GAAP Diluted earnings per share

0.60

0.74

1.65

1.88

Non-GAAP Free Cash Flow

5.8

17.2

(17.3

)

69.2

Non-GAAP Constant-exchange rate (CER) currency revenue

859.2

721.9

2,390.0

2,113.4

Non-GAAP Constant-exchange rate (CER) currency revenue growth rate

15.7

13.0

13.2

15.9

The GAAP to Non-GAAP reconciliations of the above financial measures are detailed in the following pages.

Bruker Corporation RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited and in millions, except per share data) Gross Profit and Gross Profit Margin

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

GAAP gross profit

418.8

48.4

382.8

51.5

1,156.2

48.4

1,083.0

51.3

Non-GAAP adjustments:

Restructuring costs

1.2

0.1

1.1

0.1

9.8

0.4

1.4

0.1

Acquisition-related costs

6.8

0.8

—

18.5

0.8

0.5

0.1

Purchased intangibles amortization

13.9

1.6

5.9

0.8

33.7

1.4

16.9

0.8

Other costs

1.5

0.3

1.8

0.2

4.5

0.2

3.0

0.1

Total Non-GAAP adjustments

23.4

2.8

8.8

1.1

66.5

2.8

21.8

1.1

Non-GAAP gross profit

442.2

51.2

391.6

52.6

1,222.7

51.2

1,104.8

52.4

Selling, General and Administrative (“SG&A”) Expenses

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

GAAP SG&A expenses

229.9

177.6

646.5

518.2

Non-GAAP adjustments:

Purchased intangibles amortization

(14.7

)

(5.6

)

(36.0

)

(16.5

)

Non-GAAP SG&A expenses

215.2

172.0

610.5

501.7

Interest and Other Income (Expense), net

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

GAAP interest and other income (expense), net

(12.8

)

(5.3

)

(30.2

)

(30.1

)

Non-GAAP adjustments:

Investments related adjustments

4.0

—

24.2

14.1

Non-GAAP interest and other income (expense), net

(8.8

)

(5.3

)

(6.0

)

(16.0

)

Operating Income and Operating Income Margin

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Operating income

68.1

7.9

124.5

16.8

181.0

7.6

333.4

15.8

Non-GAAP adjustments:

Restructuring costs

4.3

0.5

4.8

0.6

17.6

0.7

5.7

0.3

Acquisition-related costs

13.3

1.5

1.6

0.2

46.4

1.9

7.9

0.3

Purchased intangibles amortization

28.8

3.3

11.5

1.5

70.1

2.9

33.4

1.6

Other costs

14.6

1.7

5.9

0.9

25.4

1.2

11.4

0.5

Total Non-GAAP adjustments

61.0

7.0

23.8

3.2

159.5

6.7

58.4

2.7

Non-GAAP operating income

129.1

14.9

148.3

20.0

340.5

14.3

391.8

18.5

Bruker Corporation RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued (unaudited and in millions, except per share data) Profit before Income Taxes

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

GAAP profit before income tax

55.3

119.2

150.8

303.3

Non-GAAP adjustments:

Restructuring costs

4.3

4.8

17.6

5.7

Acquisition-related costs

13.3

1.6

46.4

7.9

Purchased intangibles amortization

28.8

11.5

70.1

33.4

Investments related adjustments

4.0

—

24.2

14.1

Other costs

14.6

5.9

25.4

11.4

Total Non-GAAP adjustments

65.0

23.8

183.7

72.5

Non-GAAP profit before income tax

120.3

143.0

334.5

375.8

Income Tax Rate

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

GAAP income tax rate

26.8

25.8

33.6

26.6

Non-GAAP adjustments:

Tax impact of non-GAAP adjustments

-3.4

-0.7

-5.5

-0.2

Other discrete items

1.5

-1.4

-1.5

-0.8

Total Non-GAAP adjustments

-1.9

-2.1

-7.0

-1.0

Non-GAAP income tax rate

24.9

23.8

26.6

25.6

Net Income Attributable to Bruker Corporation

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

GAAP Net Income attributable to Bruker Corporation

40.9

88.1

99.4

221.7

Non-GAAP adjustments:

Restructuring costs

4.3

4.8

17.6

5.7

Acquisition-related costs

13.3

1.6

46.4

7.9

Purchased intangibles amortization

28.8

11.5

70.1

33.4

Investments related adjustments

4.0

—

24.2

14.1

Other costs

14.6

5.9

25.4

11.4

Tax effect of Non-GAAP adjustments

(15.1

)

(3.3

)

(38.2

)

(15.6

)

Total Non-GAAP adjustments

49.9

20.5

145.5

56.9

Minority Interest

(0.2

)

0.3

(0.2

)

1.2

Non-GAAP Net Income attributable to Bruker Corporation

91.0

108.3

245.1

277.4

Weighted Average Shares Outstanding (Diluted)

152.0

147.3

148.7

147.5

Non-GAAP Diluted Earnings Per Share

0.60

0.74

1.65

1.88

Bruker Corporation RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued (unaudited and in millions, except per share data) Earnings Per Share (Diluted)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Diluted net income per common share attributable to Bruker Corporation shareholders

0.27

0.60

0.67

1.50

Non-GAAP adjustments:

Restructuring Costs

0.03

0.12

0.04

Acquisition-related costs

0.09

0.01

0.31

0.05

Purchased intangibles amortization

0.19

0.08

0.47

0.23

Other costs

0.10

0.04

0.17

0.08

Interest and other income (expense), net

0.03

—

0.16

0.10

Tax effect of Non-GAAP adjustments

(0.11

)

(0.02

)

(0.25

)

(0.11

)

Total Non-GAAP adjustments

0.33

0.14

0.98

0.39

Minority Interest

—

(0.01

)

Non-GAAP earnings per share (diluted)

0.60

0.74

1.65

1.88

Free Cash Flow

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Net cash provided by operating activities

38.4

44.1

61.3

144.6

Non-GAAP adjustments:

Purchases of property, plant and equipment

(32.6

)

(26.9

)

(78.6

)

(75.4

)

Non-GAAP free cash flow (use)

5.8

17.2

(17.3

)

69.2

Constant-exchange rate (CER) currency revenue growth

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

GAAP revenue

864.4

742.8

2,386.8

2,110.0

Effect of changes in foreign currency translation rates

(5.2

)

(20.9

)

3.2

3.4

Non-GAAP CER currency revenue

859.2

721.9

2,390.0

2,113.4

GAAP Revenue growth rate

16.4

16.3

13.1

15.8

Non-GAAP CER currency revenue growth rate

15.7

13.0

13.2

15.9

Bruker Corporation REVENUE (unaudited and in millions)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Revenue by Segment:

Bruker BioSpin

233.0

198.3

633.3

540.6

Bruker CALID

279.4

239.3

772.9

703.2

Bruker Nano

287.1

238.7

780.0

673.4

BEST

68.7

70.6

210.9

205.5

Eliminations

(3.8

)

(4.1

)

(10.3

)

(12.7

)

Total revenue

864.4

742.8

2,386.8

2,110.0

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Revenue by End Customer Geography:

United States

239.0

211.1

677.5

565.5

Europe

290.0

252.0

810.6

697.1

Asia Pacific

262.4

229.3

711.7

692.8

Other

73.0

50.4

187.0

154.6

Total revenue

864.4

742.8

2,386.8

2,110.0

Bruker Corporation Summary of Reported Revenue Growth Components (unaudited and in millions) Total Bruker Corporation

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Total Bruker

GAAP revenue as of prior comparable period

742.8

638.9

2,110.0

1,822.3

Acquisitions and divestitures revenue (1)

93.1

13.5

194.9

37.2

Organic revenue (2)

23.3

69.5

85.1

253.9

Effect of changes in foreign currency translation rates

5.2

20.9

(3.2

)

(3.4

)

GAAP revenue

864.4

742.8

2,386.8

2,110.0

Revenue growth

16.4

16.3

13.1

15.8

Organic revenue growth

3.1

10.9

4.0

13.9

Bruker Scientific Instruments

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Bruker Scientific Instruments (3)

GAAP revenue as of prior comparable period

676.3

582.3

1,917.2

1,654.1

Acquisitions and divestitures revenue (1)

93.1

13.5

194.9

37.2

Organic revenue (2)

25.4

63.7

78.0

232.4

Effect of changes in foreign currency translation rates

4.7

16.8

(3.9

)

(6.5

)

GAAP revenue

799.5

676.3

2,186.2

1,917.2

Revenue growth

18.2

16.1

14.0

15.9

Organic revenue growth

3.8

10.9

4.1

14.0

BEST, net of Intercompany Eliminations

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

BEST, net of Intercompany Eliminations

GAAP revenue as of prior comparable period

66.5

56.6

192.8

168.2

Organic revenue (2)

(2.1

)

5.8

7.1

21.5

Effect of changes in foreign currency translation rates

0.5

4.1

0.7

3.1

GAAP revenue

64.9

66.5

200.6

192.8

Revenue growth

-2.4

17.5

4.0

14.6

Organic revenue growth

-3.2

10.2

3.7

12.8

(1) We define the term acquisitions and divestitures revenue as GAAP revenue from M&A activities excluding the effect of changes in foreign currency translation rates.

(2) We define the term organic revenue as GAAP revenue excluding the effect of changes in foreign currency translation rates and the effect of acquisitions and divestitures.

(3) Bruker Scientific Instruments (BSI) revenue reflects the sum of the BSI BioSpin, CALID and Nano Segments as presented in our Annual Report on Form 10-K for the year ended December 31, 2023.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241105622939/en/

Joe Kostka Director, Investor Relations Bruker Corporation T: +1 (978) 313-5800 E: Investor.Relations@bruker.com

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