- Q4 2020 revenues up 4.6% year-over-year; organic revenue
declines 0.4%
- Q4 2020 GAAP EPS of $0.45; non-GAAP EPS of $0.58
- Expanded Project Accelerate 2.0 in proteomics, spatial
biology and molecular diagnostics
- Strong revenue growth, Non-GAAP margin expansion and EPS
growth expected in FY 2021
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its fourth quarter and for the fiscal year ended
December 31, 2020.
Fourth Quarter 2020 Financial Results
Bruker’s revenues for the fourth quarter of 2020 were $627.5
million, an increase of 4.6% compared to $599.9 million in the
fourth quarter of 2019. In the fourth quarter of 2020, revenues
declined 0.4% organically year-over-year. Growth from acquisitions
was 0.4%, while favorable foreign currency translation contributed
4.6%. The fourth quarter of 2020 continued Bruker’s sequential
quarter-over-quarter recovery trend from the revenue and margin
declines in the first two quarters of 2020 due to the pandemic.
Fourth quarter 2020 Bruker Scientific Instruments (BSI) revenues
of $574.7 million increased 5.1% compared to the fourth quarter of
2019, with organic revenue approximately flat compared to the
fourth quarter of 2019. Fourth quarter 2020 Bruker Energy &
Supercon Technologies (BEST) revenues of $54.7 million declined
5.2% compared to the fourth quarter of 2019, including an organic
decline, net of intercompany eliminations, of 6.8%.
Fourth quarter 2020 GAAP operating income was $112.8 million,
compared to $117.7 million in the fourth quarter of 2019,
representing GAAP operating margins of 18.0%, and 19.6%,
respectively. The year-over-year decrease in GAAP operating income
was primarily due to restructuring charges in the fourth quarter of
2020, compared to the fourth quarter of 2019. Non-GAAP operating
income was $141.1 million in the fourth quarter of 2020, compared
to $132.5 million in the fourth quarter of 2019. Bruker’s fourth
quarter 2020 non-GAAP operating margin was 22.5%, up 40 basis
points compared to 22.1% in the fourth quarter of 2019.
Fourth quarter 2020 GAAP diluted earnings per share (EPS) were
$0.45, compared to $0.44 in the fourth quarter of 2019. Fourth
quarter 2020 non-GAAP diluted EPS were $0.58, an increase of 9.4%
compared to $0.53 in the fourth quarter of 2019. The year-over-year
increase in the Company’s non-GAAP operating income and diluted EPS
were primarily due to strong gross margin performance, expense
control, and a lower tax rate compared to the fourth quarter of
2019.
Fiscal Year 2020 Financial Results
For fiscal year 2020, Bruker’s revenues were $1,987.5 million, a
decline of 4.1% from $2,072.6 million in fiscal year 2019. In 2020,
revenues declined 6.0% organically year-over-year. Growth from
acquisitions was 0.5%, while favorable foreign currency translation
contributed 1.4%.
In 2020, BSI revenues of $1,810.0 million declined 3.6% compared
to 2019, including an organic decline of 5.5%. 2020 BEST revenues
of $189.5 million declined 9.7% compared to 2019, including an
organic decline, net of intercompany eliminations, of 11.0%.
In 2020, GAAP operating income was $248.3 million, compared to
$300.9 million in 2019, representing GAAP operating margins of
12.5% and 14.5%, respectively. Non-GAAP operating income in 2020
was $317.2 million, compared to $364.0 million in 2019. Bruker’s
non-GAAP operating margin in 2020 was 16.0%, compared to 17.6% in
2019.
Fiscal year 2020 GAAP diluted EPS were $1.02, compared to $1.26
in 2019. Non-GAAP diluted EPS were $1.35, compared to $1.57 in
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 the COVID-19 pandemic and
related economic slowdown, 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 pleased with our sequential recovery in the second half of
2020, and with our fourth quarter 2020 year-over-year margin
expansion, EPS and cash flow growth. In 2020, we have further
increased our operational excellence investments in productivity
and capacity growth, as well as in our next phase Project
Accelerate 2.0 strategy. In particular, we have expanded our high
growth, high margin Project Accelerate 2.0 initiatives to include
key additional opportunities in proteomics, spatial biology and
molecular diagnostics with very significant long-term
potential.”
Dr. Laukien continued: “After strong order trends in our BSI
segment in the second half of 2020, we enter 2021 with a healthy
backlog. We expect strong organic revenue growth, non-GAAP
operating margin expansion and non-GAAP EPS growth in 2021.”
Fiscal Year (FY) 2021 Financial Outlook
For FY 2021, Bruker expects approximately 11% to 13%
year-over-year revenue growth, including:
- organic revenue growth of approximately 7% to 9%, and
- a favorable foreign currency revenue tailwind of approximately
4%.
In FY 2021, Bruker also expects non-GAAP operating margin
expansion of 150 bps to 190 bps year-over-year, from 16.0% in FY
2020. This includes accelerated R&D investments of
approximately 10% of revenue and a headwind from foreign currency
translation to operating margin of approximately 80 basis points in
2021.
Finally, Bruker expects FY 2021 non-GAAP EPS of $1.72 to $1.77,
a 27% to 31% increase year-over-year.
Bruker’s revenue growth, non-GAAP operating margin expansion and
non-GAAP EPS guidance for FY 2021 are based on foreign exchange
rates as of December 31, 2020.
For the Company’s outlook for FY 2021 non-GAAP operating margin
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 operating margin and non-GAAP EPS.
Quarterly Earnings Call
Bruker will host a conference call and webcast to discuss its
financial results, business outlook, and related corporate and
financial matters today, February 16, 2021 at 8:30 a.m. Eastern
Standard Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q4 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
Fourth 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 10151902. The replay will be available beginning
one hour after the end of the conference call through March 16,
2021.
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 and cell biology research, in applied and pharma
applications, in microscopy and nanoanalysis, as well as in
industrial applications. 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 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, free
cash flow and return on invested capital, 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.
We define return on invested capital (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.
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 2021 non-GAAP operating margin,
non-GAAP EPS and non-GAAP tax rate, 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 operating margin, tax
rate 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 operating margins, EPS and tax rate calculated and
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 2021
financial outlook, including our outlook for revenue growth,
non-GAAP operating margin, non-GAAP EPS and non-GAAP tax rate;
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 success of our R&D investment
initiatives, 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)
December 31,
December 31,
2020
2019
ASSETS Current assets: Cash and cash
equivalents
$
681.8
$
678.3
Short-term investments
50.0
6.6
Accounts receivable, net
335.3
362.2
Inventories
692.3
577.2
Other current assets
165.5
172.0
Total current assets
1,924.9
1,796.3
Property, plant and equipment, net
395.5
306.1
Operating lease assets
67.4
65.6
Goodwill, intangibles, net and other long-term assets
660.1
603.5
Total assets
$
3,047.9
$
2,771.5
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST
AND SHAREHOLDERS' EQUITY Current liabilities: Current portion
of long-term debt
$
2.2
$
0.5
Accounts payable
134.6
118.4
Customer advances
189.2
137.9
Other current liabilities
467.6
388.8
Total current liabilities
793.6
645.6
Long-term debt
842.3
812.8
Operating lease liabilities
47.0
47.0
Other long-term liabilities
389.4
327.9
Redeemable noncontrolling interest
-
21.1
Total shareholders' equity
975.6
917.1
Total liabilities and shareholders' equity
$
3,047.9
$
2,771.5
Bruker Corporation CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Three Months Ended
Twelve Months Ended
(in millions, except per share amounts)
December 31,
December 31,
2020
2019
2020
2019
Revenues
$
627.5
$
599.9
$
1,987.5
$
2,072.6
Cost of revenues
314.5
303.6
1,047.7
1,077.3
Gross profit
313.0
296.3
939.8
995.3
Operating expenses: Selling, general and administrative
130.4
130.3
468.6
500.2
Research and development
57.1
46.7
198.0
187.7
Other charges, net
12.7
1.6
24.9
6.5
Total operating expenses
200.2
178.6
691.5
694.4
Operating income
112.8
117.7
248.3
300.9
Interest and other income (expense), net
(7.1
)
(6.5
)
(22.5
)
(20.5
)
Income before income taxes and noncontrolling interest in
consolidated subsidiaries
105.7
111.2
225.8
280.4
Income tax provision
34.4
42.4
64.4
82.4
Consolidated net income
71.3
68.8
161.4
198.0
Net income attributable to noncontrolling interests in consolidated
subsidiaries
2.4
0.2
3.6
0.8
Net income attributable to Bruker Corporation
$
68.9
$
68.6
$
157.8
$
197.2
Net income per common share attributable to Bruker
Corporation shareholders: Basic
$
0.45
$
0.45
$
1.03
$
1.27
Diluted
$
0.45
$
0.44
$
1.02
$
1.26
Weighted average common shares outstanding: Basic
152.7
154.1
153.4
155.2
Diluted
153.8
155.4
154.6
156.6
Bruker Corporation CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Twelve Months Ended
(in millions)
December 31,
December 31,
2020
2019
2020
2019
Cash flows from operating activities: Consolidated net income
$
71.3
$
68.8
$
161.4
$
198.0
Adjustments to reconcile consolidated net income to cash flows from
operating activities: Depreciation and amortization
21.7
18.3
80.4
75.6
Stock-based compensation expense
5.1
(0.5
)
16.0
9.6
Deferred income taxes
(25.9
)
(4.9
)
(25.4
)
(5.4
)
Other non-cash expenses, net
(0.7
)
8.4
24.8
10.1
Changes in operating assets and liabilities, net of acquisitions
and divestitures: Accounts receivable
3.9
3.0
40.8
(5.0
)
Inventories
21.8
20.7
(87.9
)
(60.2
)
Accounts payable and accrued expenses
14.6
5.6
(0.7
)
15.9
Income taxes payable, net
53.3
19.5
44.2
13.1
Deferred revenue
(3.2
)
(2.4
)
16.9
7.3
Customer advances
19.3
13.3
51.7
4.2
Other changes in operating assets and liabilities, net
22.8
(13.6
)
11.0
(49.8
)
Net cash provided by operating activities
204.0
136.2
333.2
213.4
Cash flows from investing activities: Purchases of
short-term investments
(50.0
)
-
(150.0
)
(6.4
)
Maturity of short-term investments
50.0
-
106.1
-
Purchases of investments held to maturity
(1.2
)
-
(1.2
)
-
Cash paid for acquisitions, net of cash acquired
(0.4
)
(11.0
)
(59.2
)
(90.0
)
Purchases of property, plant and equipment
(29.8
)
(28.2
)
(98.2
)
(73.0
)
Proceeds from sales of property, plant and equipment
0.1
-
0.2
11.0
Net proceeds from cross-currency swap agreements
1.5
-
8.6
-
Net cash used in investing activities
(29.8
)
(39.2
)
(193.7
)
(158.4
)
Cash flows from financing activities: Proceeds from 2019
Note Purchase Agreement
-
297.9
-
297.9
Proceeds from 2019 Term Loan Agreement
-
300.0
-
300.0
Repayment of revolving lines of credit
-
(311.4
)
(305.1
)
(361.9
)
Proceeds from revolving lines of credit
-
-
297.5
250.6
Repayment of 2012 Note Purchase Agreement
-
-
-
(15.0
)
Proceeds (Repayment) of other debt, net
(0.3
)
(0.2
)
(0.7
)
(4.6
)
Payment of deferred financing costs
-
(4.4
)
(0.1
)
(4.4
)
Proceeds from issuance of common stock, net
2.2
2.8
3.3
10.9
Payment of contingent consideration
(1.3
)
(0.6
)
(7.5
)
(6.2
)
Payment of dividends to common stockholders
(6.1
)
(6.2
)
(24.6
)
(25.0
)
Repurchase of common stock
(68.8
)
-
(123.2
)
(142.3
)
Cash Payments to noncontrolling interest
-
-
(1.2
)
-
Net cash (used in) provided by financing activities
(74.3
)
277.9
(161.6
)
300.0
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
15.0
7.0
25.7
0.6
Net change in cash, cash equivalents and restricted cash
114.9
381.9
3.6
355.6
Cash, cash equivalents and restricted cash at beginning of period
570.6
300.0
681.9
326.3
Cash, cash equivalents and restricted cash at end of period
$
685.5
$
681.9
$
685.5
$
681.9
Bruker Corporation RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (unaudited) (in millions,
except per share amounts)
Three Months Ended December
31,
Twelve Months Ended December
31,
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
$
112.8
$
117.7
$
248.3
$
300.9
Non-GAAP Adjustments: Restructuring Costs
10.1
2.8
15.8
1.4
Acquisition-Related Costs
3.7
1.6
3.2
16.8
Purchased Intangible Amortization
8.9
9.1
35.7
38.3
Other Costs
5.6
1.3
14.2
6.6
Total Non-GAAP Adjustments:
$
28.3
$
14.8
$
68.9
$
63.1
Non-GAAP Operating Income
$
141.1
$
132.5
$
317.2
$
364.0
Non-GAAP Operating Margin
22.5
%
22.1
%
16.0
%
17.6
%
Non-GAAP Interest & Other Expense, net
(7.1
)
(6.5
)
(22.5
)
(20.5
)
Non-GAAP Profit Before Tax
134.0
126.0
294.7
343.5
Non-GAAP Income Tax Provision
(42.7
)
(43.3
)
(82.9
)
(96.6
)
Non-GAAP Tax Rate
31.9
%
34.4
%
28.1
%
28.1
%
Minority Interest
(2.4
)
(0.2
)
(3.6
)
(0.8
)
Non-GAAP Net Income Attributable to Bruker
88.9
82.5
208.2
246.1
Weighted Average Shares Outstanding (Diluted)
153.8
155.4
154.6
156.6
Non-GAAP Earnings Per Share
$
0.58
$
0.53
$
1.35
$
1.57
Reconciliation of GAAP and Non-GAAP Gross Profit
GAAP Gross Profit
$
313.0
$
296.3
$
939.8
$
995.3
Non-GAAP Adjustments: Restructuring Costs
2.5
1.1
3.8
5.2
Acquisition-Related Costs
0.3
3.0
0.8
12.2
Purchased Intangible Amortization
4.8
5.1
19.9
23.5
Other Costs
3.8
-
3.7
0.8
Total Non-GAAP Adjustments:
11.4
9.2
28.2
41.7
Non-GAAP Gross Profit
$
324.4
$
305.5
$
968.0
$
1,037.0
Non-GAAP Gross Margin
51.7
%
50.9
%
48.7
%
50.0
%
Reconciliation of GAAP and Non-GAAP Selling, General and
Administrative (SG&A) Expenses
GAAP SG&A Expenses
$
130.4
$
130.3
$
468.6
$
500.2
Non-GAAP Adjustments: Purchased Intangible Amortization
4.2
4.0
15.8
14.9
Non-GAAP SG&A Expenses
$
126.2
$
126.3
$
452.8
$
485.3
Reconciliation of GAAP and Non-GAAP Tax Rate
GAAP Tax
Rate
32.5
%
38.1
%
28.5
%
29.4
%
Non-GAAP Adjustments: Tax Impact of Non-GAAP Adjustments
-0.1
%
-0.7
%
-0.5
%
-1.3
%
Stock Compensation
-0.1
%
-0.7
%
0.1
%
0.0
%
U.S. Tax Reform - Toll Charge
-0.2
%
0.0
%
-0.1
%
0.6
%
U.S. Tax Reform - Change in APB 23
0.0
%
0.0
%
0.0
%
0.0
%
Other Discrete Items
-0.2
%
-2.3
%
0.1
%
-0.6
%
Total Non-GAAP Adjustments:
-0.6
%
-3.7
%
-0.4
%
-1.3
%
Non-GAAP Tax Rate
31.9
%
34.4
%
28.1
%
28.1
%
Reconciliation of GAAP and Non-GAAP Earnings Per Share
(Diluted)
GAAP Earnings Per Share (Diluted)
$
0.45
$
0.44
$
1.02
$
1.26
Non-GAAP Adjustments: Restructuring Costs
0.07
0.02
0.10
0.01
Acquisition-Related Costs
0.02
0.01
0.02
0.11
Purchased Intangible Amortization
0.06
0.06
0.23
0.24
Other Costs
0.04
0.01
0.09
0.04
Income Tax Rate Differential
(0.06
)
(0.01
)
(0.11
)
(0.09
)
Total Non-GAAP Adjustments:
0.13
0.09
0.33
0.31
Non-GAAP Earnings Per Share (Diluted)
$
0.58
$
0.53
$
1.35
$
1.57
Reconciliation of GAAP Operating Cash Flow and Non-GAAP Free
Cash Flow
GAAP Operating Cash Flow
$
204.0
$
136.2
$
333.2
$
213.4
Non-GAAP Adjustments: Purchases of property, plant and equipment
(29.8
)
(28.2
)
(98.2
)
(73.0
)
Non-GAAP Free Cash Flow
$
174.2
$
108.0
$
235.0
$
140.4
Reconciliation of Non-GAAP Return on Invested Capital (ROIC)
Non-GAAP Operating Income (from above)
$
317.2
$
364.0
Less: Non-GAAP Income Tax Provision (from above)
(82.9
)
(96.6
)
Non-GAAP Operating Income after Tax
$
234.3
$
267.4
Average Total Invested Capital: Average Long-Term Debt
$
827.6
$
567.7
Average Current portion of Long-Term Debt
1.4
9.5
Average Total Shareholders' Equity
956.9
933.0
Less: Average Cash and Cash Equivalents
680.1
500.4
Average Total Invested Capital
$
1,105.8
$
1,009.8
Return on Invested Capital (ROIC)
21.2
%
26.5
%
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 December
31,
Twelve Months Ended December
31,
2020
2019
2020
2019
Revenue by Group: Bruker BioSpin
$
201.9
$
199.0
$
600.0
$
621.4
Bruker CALID
209.4
176.6
653.9
623.5
Bruker Nano
163.4
171.0
556.1
632.7
BEST
54.7
57.7
189.5
209.9
Eliminations
(1.9
)
(4.4
)
(12.0
)
(14.9
)
Total Revenue
$
627.5
$
599.9
$
1,987.5
$
2,072.6
Revenue by End Customer Geography: United States
$
123.8
$
150.5
$
455.9
$
529.8
Europe
272.1
218.7
764.7
718.8
Asia Pacific
195.8
186.5
629.1
651.0
Other
35.8
44.2
137.8
173.0
Total Revenue
$
627.5
$
599.9
$
1,987.5
$
2,072.6
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Total Bruker GAAP Revenue as of Prior
Comparable Period
$
599.9
$
553.6
$
2,072.6
$
1,895.6
Non-GAAP Adjustments: Acquisitions and divestitures
2.6
24.0
10.5
118.4
Organic
(2.4
)
28.9
(125.0
)
108.9
Currency
27.4
(6.6
)
29.4
(50.3
)
Total Non-GAAP Adjustments:
27.6
46.3
(85.1
)
177.0
Non-GAAP Revenue
$
627.5
$
599.9
$
1,987.5
$
2,072.6
Revenue Growth
4.6
%
8.4
%
-4.1
%
9.3
%
Organic Revenue Growth
-0.4
%
5.2
%
-6.0
%
5.7
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Bruker Scientific Instruments (1) GAAP
Revenue as of Prior Comparable Period
$
546.6
$
500.5
$
1,877.6
$
1,707.0
Non-GAAP Adjustments: Acquisitions and divestitures
2.7
22.3
9.6
113.6
Organic
1.2
29.1
(103.5
)
99.7
Currency
24.2
(5.3
)
26.3
(42.7
)
Total Non-GAAP Adjustments:
28.1
46.1
(67.6
)
170.6
Non-GAAP Revenue
$
574.7
$
546.6
$
1,810.0
$
1,877.6
Revenue Growth
5.1
%
9.2
%
-3.6
%
10.0
%
Organic Revenue Growth
0.2
%
5.8
%
-5.5
%
5.8
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
BEST, net of Intercompany Eliminations
GAAP Revenue as of Prior Comparable Period
$
53.3
$
53.1
$
195.0
$
188.6
Non-GAAP Adjustments: Acquisitions and divestitures
(0.1
)
1.7
0.9
4.8
Organic
(3.6
)
(0.3
)
(21.5
)
9.3
Currency
3.2
(1.2
)
3.1
(7.7
)
Total Non-GAAP Adjustments:
(0.5
)
0.2
(17.5
)
6.4
Non-GAAP Revenue
$
52.8
$
53.3
$
177.5
$
195.0
Revenue Growth
-0.9
%
0.4
%
-9.0
%
3.4
%
Organic Revenue Growth
-6.8
%
-0.6
%
-11.0
%
4.9
%
(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/20210216005345/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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