- Q3 2020 revenues of $511.4 million decline 1.9%
year-over-year; organic revenue down 4.6%
- Q3 2020 GAAP EPS of $0.35, compared to $0.39 in Q3 2019;
non-GAAP EPS of $0.42, compared to $0.43 in Q3 2019
- Significant sequential improvements compared to Q2 2020
results
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its third quarter and for the nine months ended
September 30, 2020.
Third Quarter 2020 Financial Results
Bruker’s revenues for the third quarter of 2020 were $511.4
million, a decrease of 1.9% compared to $521.1 million in the third
quarter of 2019. In the third quarter of 2020, revenues declined
4.6% organically year-over-year. Growth from acquisitions was 0.3%,
while favorable foreign currency translation contributed 2.4%. The
reported and organic revenue declines were due to softer
instruments demand by academic and industrial customers, and
reduced demand for BEST superconductors during the COVID-19
pandemic and economic slowdown.
Third quarter 2020 GAAP operating income was $81.2 million,
compared to $87.8 million in the third quarter of 2019,
representing GAAP operating margins of 15.9%, and 16.8%,
respectively. Non-GAAP operating income was $94.9 million in the
third quarter of 2020, compared to $95.5 million in the third
quarter of 2019. Bruker’s third quarter 2020 non-GAAP operating
margin was 18.6%, compared to 18.3% in the third quarter of
2019.
Third quarter 2020 GAAP diluted earnings per share (EPS) were
$0.35, compared to $0.39 in the third quarter of 2019. Third
quarter 2020 non-GAAP diluted EPS were $0.42, compared to $0.43 in
the third quarter of 2019. The year-over-year declines in the
Company’s GAAP and non-GAAP operating income and diluted EPS were
primarily due to lower revenues associated with softer instruments
and superconductor demand during the pandemic, partially offset by
cost control and cost reduction measures.
First Nine Months of 2020 Financial Results
For the first nine months of 2020, Bruker’s revenues were
$1,360.0 million, a decline of 7.7% from $1,472.7 million in the
first nine months of 2019. In the first nine months of 2020,
revenues declined 8.3% organically year-over-year. Growth from
acquisitions was 0.5%, while foreign currency translation had a
0.1% favorable effect.
In the first nine months of 2020, GAAP operating income was
$135.5 million, compared to $183.2 million in the first nine months
of 2019, representing GAAP operating margins of 10.0% and 12.4%,
respectively. Non-GAAP operating income was $176.1 million,
compared to $231.5 million in the first nine months of 2019.
Bruker’s non-GAAP operating margin in the first nine months of 2020
was 12.9%, compared to 15.7% in the first nine months of 2019.
In the first nine months of 2020 GAAP diluted EPS were $0.57,
compared to $0.82 in the first nine months of 2019. Non-GAAP
diluted EPS were $0.77, compared to $1.04 in the first nine months
of 2019. The year-over-year declines in the Company’s GAAP and
non-GAAP operating income, operating margins and diluted EPS were
primarily due to lower revenues during COVID-19, partially offset
by cost control and cost reduction measures.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Frank H. Laukien, President and CEO of Bruker, commented: “We
are navigating a challenging environment, with some academic and
industrial customers still negatively impacted by the pandemic. We
are nonetheless pleased with our strengthened financial performance
in the third quarter, as our non-GAAP operating margin and non-GAAP
EPS improved significantly compared to the first two quarters of
2020 and approached our third quarter 2019 levels.”
Dr. Laukien continued: “Bruker remains committed to the safety
of our employees and to supporting our customers, while we continue
to invest in our Project Accelerate initiatives and operational
excellence. Our biopharma, diagnostics and proteomics initiatives
are all doing very well, and we anticipate that Bruker will return
to healthy revenue growth and margin expansion in 2021.”
Fiscal Year 2020 (FY 2020) Guidance Remains Suspended
Bruker’s FY 2020 financial guidance remains suspended. Bruker
expects that the pandemic and related economic slowdown will
continue to have a negative year-over-year impact on the Company’s
fourth quarter 2020 financial results.
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 2nd, at 4:30 p.m. Eastern
Standard Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q3 2020 Earnings Webcast”
hyperlink. A slide presentation that will be referenced during the
webcast 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 (US toll
free) or +1-412-317-6702 (international) and referencing “Bruker’s
Third Quarter 2020 Earnings Conference Call”. A telephone replay of
the conference call will be available by dialing 1-877-344-7529 (US
toll free) or +1-412-317-0088 (international) and entering
conference number 10149346. The replay will be available beginning
one hour after the end of the conference call through December 2,
2020.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough 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 life
science molecular research, in applied and pharma applications, in
microscopy and nanoanalysis, and in industrial applications, as
well as in cell biology, preclinical imaging, clinical phenomics
and proteomics research and clinical microbiology. 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 profit;
non-GAAP operating margin; non-GAAP SG&A expense; non-GAAP
profit before tax; non-GAAP 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 organic revenue growth or decline and free
cash flow, 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 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 is provided in the
tables accompanying this press release following our GAAP financial
statements.
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 management’s expectations
for future financial and operational performance and business
outlook; the impact of the COVID-19 pandemic; 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, risks and uncertainties relating to the length and
severity of the COVID-19 pandemic, the impact of the pandemic on
global economic conditions and the length and severity of any
resulting recession, continued volatility in the capital markets,
the integration and assumption of liabilities of businesses we have
acquired or may acquire in the future, fluctuations in foreign
currency exchange rates, our material weaknesses in internal
controls, our ability to successfully implement our restructuring
initiatives and other cost reduction initiatives, changing
technologies, product development and market acceptance of our
products, the cost and pricing of our products, manufacturing,
competition, loss of key personnel, dependence on collaborative
partners, key suppliers and contract manufacturers, capital
spending and government funding policies, changes in governmental
regulations, international trade disputes, the use and protection
of intellectual property rights, litigation, 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, 2019, as may be updated by our
quarterly reports on Form 10-Q. We expressly disclaim any intent or
obligation to update these forward-looking statements other than as
required by law.
-tables follow-
Bruker Corporation CONDENSED CONSOLIDATED BALANCE
SHEETS (in millions) September 30,
December 31,
2020
2019
ASSETS Current assets: Cash and cash
equivalents
$
567.1
$
678.3
Short-term investments
50.0
6.6
Accounts receivable, net
329.9
362.2
Inventories
695.9
577.2
Other current assets
183.2
172.0
Total current assets
1,826.1
1,796.3
Property, plant and equipment, net
354.6
306.1
Operating lease assets
60.7
65.6
Intangibles, net and other long-term assets
638.0
603.5
Total assets
$
2,879.4
$
2,771.5
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND
SHAREHOLDERS' EQUITY Current liabilities: Current
portion of long-term debt
$
1.7
$
0.5
Accounts payable
113.9
118.4
Customer advances
154.6
137.9
Other current liabilities
413.0
388.8
Total current liabilities
683.2
645.6
Long-term debt
828.2
812.8
Operating lease liabilities
42.1
47.0
Other long-term liabilities
363.2
327.9
Redeemable noncontrolling interest
-
21.1
Total shareholders' equity
962.7
917.1
Total liabilities and shareholders' equity
$
2,879.4
$
2,771.5
Bruker Corporation CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS Three Months Ended Nine Months
Ended (in millions, except per share amounts)
September 30, September 30,
2020
2019
2020
2019
Revenues
$
511.4
$
521.1
$
1,360.0
$
1,472.7
Cost of revenues
263.1
267.2
733.2
773.7
Gross profit
248.3
253.9
626.8
699.0
Operating expenses: Selling, general and administrative
114.6
125.3
338.2
369.9
Research and development
48.3
46.1
140.9
141.0
Other charges, net
4.2
(5.3
)
12.2
4.9
Total operating expenses
167.1
166.1
491.3
515.8
Operating income
81.2
87.8
135.5
183.2
Interest and other income (expense), net
(5.9
)
(4.6
)
(15.4
)
(14.0
)
Income before income taxes and noncontrolling interest in
consolidated subsidiaries
75.3
83.2
120.1
169.2
Income tax provision
20.0
21.7
30.0
40.0
Consolidated net income
55.3
61.5
90.1
129.2
Net income attributable to noncontrolling interests in consolidated
subsidiaries
1.0
0.2
1.2
0.6
Net income attributable to Bruker Corporation
$
54.3
$
61.3
$
88.9
$
128.6
Net income per common share attributable to Bruker
Corporation shareholders: Basic
$
0.35
$
0.40
$
0.58
$
0.83
Diluted
$
0.35
$
0.39
$
0.57
$
0.82
Weighted average common shares outstanding: Basic
153.2
154.2
153.7
155.7
Diluted
154.3
155.6
154.8
157.0
Bruker Corporation CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS Three Months Ended Nine Months
Ended (in millions) September 30, September
30,
2020
2019
2020
2019
Cash flows from operating activities: Consolidated net income
$
55.3
$
61.5
$
90.1
$
129.2
Adjustments to reconcile consolidated net income to cash flows from
operating activities: Depreciation and amortization
20.5
18.9
58.7
57.3
Stock-based compensation expense
4.5
4.0
10.9
10.1
Deferred income taxes
1.6
(0.2
)
0.5
(0.5
)
Other non-cash expenses, net
6.3
(4.4
)
25.5
1.7
Changes in operating assets and liabilities, net of acquisitions
and divestitures: Accounts receivable
2.6
(18.6
)
36.9
(8.0
)
Inventories
(12.7
)
(11.1
)
(109.7
)
(80.9
)
Accounts payable and accrued expenses
0.8
7.5
(15.3
)
10.3
Income taxes payable, net
(6.0
)
12.8
(9.1
)
(6.4
)
Deferred revenue
0.5
0.5
20.1
9.7
Customer advances
10.6
(8.2
)
32.4
(9.1
)
Other changes in operating assets and liabilities, net
(1.6
)
(10.3
)
(11.8
)
(36.2
)
Net cash provided by operating activities
82.4
52.4
129.2
77.2
Cash flows from investing activities: Purchases of
short-term investments
(50.0
)
-
(100.0
)
(6.4
)
Maturity of short-term investments
50.0
-
56.1
-
Cash paid for acquisitions, net of cash acquired
(34.2
)
(7.1
)
(58.8
)
(79.0
)
Purchases of property, plant and equipment
(17.6
)
(16.2
)
(68.4
)
(44.8
)
Proceeds from sales of property, plant and equipment
-
10.7
0.1
11.0
Net proceeds from cross-currency swap agreements
3.6
-
7.1
-
Net cash used in investing activities
(48.2
)
(12.6
)
(163.9
)
(119.2
)
Cash flows from financing activities: Repayment of revolving
lines of credit
(208.5
)
(22.0
)
(305.1
)
(50.5
)
Proceeds from revolving lines of credit
-
50.0
297.5
250.6
Repayment of 2012 Note Purchase Agreement
-
-
-
(15.0
)
Proceeds (Repayment) of other debt, net
(0.6
)
(0.3
)
(0.4
)
(4.4
)
Payment of deferred financing costs
-
-
(0.1
)
-
Proceeds from issuance of common stock, net
(0.8
)
2.3
1.1
8.1
Payment of contingent consideration
(5.0
)
(1.0
)
(6.2
)
(5.6
)
Payment of dividends to common stockholders
(6.2
)
(6.2
)
(18.5
)
(18.8
)
Repurchase of common stock
(4.4
)
(42.3
)
(54.4
)
(142.3
)
Cash Payments to noncontrolling interest
-
-
(1.2
)
-
Net cash (used in) provided by financing activities
(225.5
)
(19.5
)
(87.3
)
22.1
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
11.5
(6.8
)
10.7
(6.4
)
Net change in cash, cash equivalents and restricted cash
(179.8
)
13.5
(111.3
)
(26.3
)
Cash, cash equivalents and restricted cash at beginning of period
750.4
286.5
681.9
326.3
Cash, cash equivalents and restricted cash at end of period
$
570.6
$
300.0
$
570.6
$
300.0
Bruker Corporation RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (unaudited) (in millions, except
per share amounts) Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Reconciliation of Non-GAAP Operating Income, Non-GAAP Profit Before
Tax, Non-GAAP Net Income, and Non-GAAP EPS
GAAP Operating
Income
$
81.2
$
87.8
$
135.5
$
183.2
Non-GAAP Adjustments: Restructuring Costs
1.9
(6.8
)
5.7
(1.4
)
Acquisition-Related Costs
1.4
4.1
(0.5
)
15.2
Purchased Intangible Amortization
9.1
9.2
26.8
29.2
Other Costs
1.3
1.2
8.6
5.3
Total Non-GAAP Adjustments:
$
13.7
$
7.7
$
40.6
$
48.3
Non-GAAP Operating Income
$
94.9
$
95.5
$
176.1
$
231.5
Non-GAAP Operating Margin
18.6
%
18.3
%
12.9
%
15.7
%
Non-GAAP Interest & Other Expense, net
(5.9
)
(4.6
)
(15.4
)
(14.0
)
Non-GAAP Profit Before Tax
89.0
90.9
160.7
217.5
Non-GAAP Income Tax Provision
(23.6
)
(23.1
)
(40.2
)
(53.3
)
Non-GAAP Tax Rate
26.5
%
25.4
%
25.0
%
24.5
%
Minority Interest
(1.0
)
(0.2
)
(1.2
)
(0.6
)
Non-GAAP Net Income Attributable to Bruker
64.4
67.6
119.3
163.6
Weighted Average Shares Outstanding (Diluted)
154.3
155.6
154.8
157.0
Non-GAAP Earnings Per Share
$
0.42
$
0.43
$
0.77
$
1.04
Reconciliation of GAAP and Non-GAAP Gross Profit
GAAP Gross Profit
$
248.3
$
253.9
$
626.8
$
699.0
Non-GAAP Adjustments: Restructuring Costs
0.3
0.6
1.3
4.1
Acquisition-Related Costs
0.5
3.3
0.5
9.3
Purchased Intangible Amortization
5.0
5.4
15.1
18.3
Other Costs
(0.3
)
-
(0.1
)
0.8
Total Non-GAAP Adjustments:
5.5
9.3
16.8
32.5
Non-GAAP Gross Profit
$
253.8
$
263.2
$
643.6
$
731.5
Non-GAAP Gross Margin
49.6
%
50.5
%
47.3
%
49.7
%
Reconciliation of GAAP and Non-GAAP Selling, General and
Administrative (SG&A) Expenses
GAAP SG&A Expenses
$
114.6
$
125.3
$
338.2
$
369.9
Non-GAAP Adjustments: Purchased Intangible Amortization
4.0
3.7
11.6
10.9
Non-GAAP SG&A Expenses
$
110.6
$
121.6
$
326.6
$
359.0
Reconciliation of GAAP and Non-GAAP Tax Rate
GAAP Tax
Rate
26.6
%
26.1
%
25.0
%
23.6
%
Non-GAAP Adjustments: Tax Impact of Non-GAAP Adjustments
-0.5
%
-2.7
%
-0.7
%
-1.5
%
Stock Compensation
0.2
%
0.4
%
0.3
%
0.8
%
U.S. Tax Reform - Toll Charge
0.0
%
0.0
%
0.0
%
1.0
%
U.S. Tax Reform - Change in APB 23
0.0
%
0.0
%
0.1
%
0.0
%
Other Discrete Items
0.2
%
1.6
%
0.3
%
0.6
%
Total Non-GAAP Adjustments:
-0.1
%
-0.7
%
0.0
%
0.9
%
Non-GAAP Tax Rate
26.5
%
25.4
%
25.0
%
24.5
%
Reconciliation of GAAP and Non-GAAP Earnings Per Share
(Diluted)
GAAP Earnings Per Share (Diluted)
$
0.35
$
0.39
$
0.57
$
0.82
Non-GAAP Adjustments: Restructuring Costs
0.01
(0.04
)
0.04
(0.01
)
Acquisition-Related Costs
0.01
0.03
-
0.10
Purchased Intangible Amortization
0.06
0.05
0.17
0.18
Other Costs
0.01
0.01
0.06
0.03
Income Tax Rate Differential
(0.02
)
(0.01
)
(0.07
)
(0.08
)
Total Non-GAAP Adjustments:
0.07
0.04
0.20
0.22
Non-GAAP Earnings Per Share (Diluted)
$
0.42
$
0.43
$
0.77
$
1.04
Reconciliation of GAAP Operating Cash Flow and Non-GAAP Free
Cash Flow
GAAP Operating Cash Flow
$
82.4
$
52.4
$
129.2
$
77.2
Non-GAAP Adjustments: Purchases of property, plant and equipment
(17.6
)
(16.2
)
(68.4
)
(44.8
)
Non-GAAP Free Cash Flow
$
64.8
$
36.2
$
60.8
$
32.4
Days Inventory Outstanding is calculated as follows: GAAP Average
Inventory balance divided by (GAAP Revenue less Non-GAAP Gross
Profit (defined above)) Days Payable Outstanding is calculated as
follows: GAAP Average Accounts Payable balance divided by (GAAP
Revenue less Non-GAAP Gross Profit (defined above) plus the Change
in GAAP Inventory balance) Days Sales Outstanding is calculated as
follows: GAAP Average Accounts Receivable balance divided by GAAP
Revenue
Bruker Corporation REVENUE (unaudited)
(in millions) Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenue by Group: Bruker BioSpin
$
152.1
$
143.7
$
398.1
$
422.4
Bruker CALID
171.3
158.2
444.5
446.9
Bruker Nano
147.1
169.9
392.7
461.7
BEST
43.8
52.5
134.8
152.2
Eliminations
(2.9
)
(3.2
)
(10.1
)
(10.5
)
Total Revenue
$
511.4
$
521.1
$
1,360.0
$
1,472.7
Revenue by End Customer Geography: United States
$
120.1
$
135.5
$
332.1
$
379.3
Europe
193.3
178.7
492.6
500.1
Asia Pacific
160.0
158.5
433.3
464.5
Other
38.0
48.4
102.0
128.8
Total Revenue
$
511.4
$
521.1
$
1,360.0
$
1,472.7
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Total Bruker GAAP Revenue as of Prior
Comparable Period
$
521.1
$
466.6
$
1,472.7
$
1,342.0
Non-GAAP Adjustments: Acquisitions and divestitures
1.9
29.9
7.9
94.4
Organic
(24.2
)
35.3
(122.6
)
80.1
Currency
12.6
(10.7
)
2.0
(43.8
)
Total Non-GAAP Adjustments:
(9.7
)
54.5
(112.7
)
130.7
Non-GAAP Revenue
$
511.4
$
521.1
$
1,360.0
$
1,472.7
Revenue Growth
-1.9
%
11.7
%
-7.7
%
9.7
%
Organic Revenue Growth
-4.6
%
7.6
%
-8.3
%
6.0
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Bruker Scientific Instruments (1) GAAP
Revenue as of Prior Comparable Period
$
471.8
$
417.1
$
1,331.0
$
1,206.5
Non-GAAP Adjustments: Acquisitions and divestitures
1.9
27.9
6.9
91.4
Organic
(14.2
)
35.7
(104.7
)
70.5
Currency
11.0
(8.9
)
2.1
(37.4
)
Total Non-GAAP Adjustments:
(1.3
)
54.7
(95.7
)
124.5
Non-GAAP Revenue
$
470.5
$
471.8
$
1,235.3
$
1,331.0
Revenue Growth
-0.3
%
13.1
%
-7.2
%
10.3
%
Organic Revenue Growth
-3.0
%
8.6
%
-7.9
%
5.8
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
BEST, net of Intercompany Eliminations
GAAP Revenue as of Prior Comparable Period
$
49.3
$
49.5
$
141.7
$
135.5
Non-GAAP Adjustments: Acquisitions and divestitures
-
2.0
1.0
3.0
Organic
(10.0
)
(0.4
)
(17.9
)
9.5
Currency
1.6
(1.8
)
(0.1
)
(6.3
)
Total Non-GAAP Adjustments:
(8.4
)
(0.2
)
(17.0
)
6.2
Non-GAAP Revenue
$
40.9
$
49.3
$
124.7
$
141.7
Revenue Growth
-17.0
%
-0.4
%
-12.0
%
4.6
%
Organic Revenue Growth
-20.3
%
-0.8
%
-12.6
%
7.0
%
(1)
Bruker Scientific Instruments (BSI) revenue reflects the sum of the
BSI Life Science and BSI Nano Segments as presented in our 2019
Form 10-K.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201102005945/en/
Miroslava Minkova Director, Investor Relations & Corporate
Development Bruker Corporation T: +1 (978) 663–3660, ext. 1479 E:
Investor.Relations@bruker.com
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