BILLERICA, Mass., May 2, 2019 /PRNewswire/ -- Bruker
Corporation (Nasdaq: BRKR) today announced financial results for
its first quarter ended March 31,
2019.
Bruker's revenues for the first quarter of 2019 were
$461.4 million, an increase of 6.9%
compared to the first quarter of 2018. In the first quarter of
2019, Bruker's year-over-year organic revenue growth was 5.5%.
Growth from acquisitions was 6.0%, while foreign currency
translation had a negative effect of 4.6%.
First quarter 2019 Bruker Scientific Instruments (BSI) segment
revenues of $416.8 million increased
7.7% compared to the first quarter of 2018, including organic
growth of 5.5%. First quarter 2019 Bruker Energy & Supercon
Technologies (BEST) segment revenues of $44.6 million decreased 0.2% compared to the
first quarter of 2018, including organic growth, net of
intercompany eliminations, of 5.4%.
First quarter 2019 GAAP operating income was $41.9 million, compared to $38.1 million in the first quarter of 2018,
representing a GAAP operating margin of 9.1%, compared to 8.8% in
the first quarter of 2018. Non-GAAP operating income was
$62.3 million, compared to
$52.9 million in the first quarter of
2018. Bruker's first quarter 2019 non-GAAP operating margin was
13.5%, up 125 basis points (bps) from 12.3% in the first quarter of
2018, including a favorable impact of 80 bps from changes in
foreign currency rates.
First quarter 2019 GAAP diluted earnings per share (EPS) were
$0.20, compared to $0.17 in the first quarter of 2018. First quarter
2019 non-GAAP diluted EPS were $0.28,
a 16.7% increase compared to $0.24 in
the first quarter of 2018.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Frank Laukien, President and CEO
of Bruker, commented: "Bruker is off to a solid start in fiscal
year 2019, with good organic revenue growth, as well as sustained
margin expansion and EPS improvement. Our dual strategy of
portfolio transformation and operational excellence continues to
yield improving results. With attractive secular growth
opportunities for our Project Accelerate initiatives, great
product innovation, and mostly healthy end markets, we believe that
Bruker is on track to deliver on our updated 2019 financial
commitments."
Fiscal Year (FY) 2019 Financial Outlook
Bruker is raising its full year 2019 revenue and earnings
guidance to reflect positive first quarter 2019 financial
performance and recent acquisitions, partially offset by higher
unfavorable foreign exchange impact on revenues for the year. The
Company now expects year-over-year revenue growth of 7.0% to 8.0%,
including the following updates from our previously issued outlook
on February 11, 2019:
- organic revenue growth of 4.5% to 5.5%;
- growth from acquisitions of approximately 5.0%;
- constant currency revenue growth of 9.5% to 10.5%;
- a foreign currency revenue headwind of approximately 2.5%;
- non-GAAP operating margin expansion of 90 bps to 120 bps, from
16.8% in FY 2018, including an estimated 30 bps tailwind from
foreign currency translation in FY 2019, and
- non-GAAP EPS of $1.57 to
$1.61, an increase of 12% to 15%
compared to FY 2018.
For the Company's outlook for FY 2019 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, May
2nd, at 4:30 p.m. Eastern
Daylight Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the "Q1 2019 Earnings Webcast"
hyperlink. A slide presentation that will be referenced during the
webcast will be posted to the Company's 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 First
Quarter 2019 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: 10131125. The replay will be available beginning
one hour after the end of the conference through June 2, 2019.
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 in this press release or in the earnings
webcast: organic revenue and revenue growth on a constant currency
basis; non-GAAP gross profit; non-GAAP gross profit margin;
non-GAAP operating income; non-GAAP operating profit; non-GAAP
operating margin; non-GAAP profit before tax; non-GAAP tax rate;
non-GAAP net income and non-GAAP 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 refer to organic revenue growth and free cash flow in
this press release or on the earnings webcast, 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. Related to organic growth, we also present constant
currency information to provide a framework for assessing how our
underlying businesses performed excluding the effect of only
foreign currency rate fluctuations. To present this information,
current and comparative prior period results for entities reporting
in currencies other than U.S. dollars are converted into U.S.
dollars using the average exchange rates from the comparative
period rather than the actual exchange rates in effect during the
respective periods. 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 these non-GAAP financial
measures and reconciliations to the most directly comparable GAAP
financial measures is provided in the tables accompanying this
press release following our GAAP financial statements and in our
slide presentation, which is available through the "Bruker Earnings
Release" hyperlink on Bruker's Investor Relations web site
ir.bruker.com.
With respect to the Company's outlook for 2019 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 management's expectations
for future financial and operational performance, expected growth,
and business outlook; statements regarding our business focus; our
fiscal year 2019 outlook; 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
adverse changes in conditions in the global economy and 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
ability to successfully implement our restructuring 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, 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, 2018. We expressly disclaim any
intent or obligation to update these forward-looking statements
other than as required by law.
-tables follow-
Contacts:
Pam
Clark
Investor Relations
Bruker Corporation
T: +1 (978) 663–3660, ext 1479
E: investor.relations@bruker.com
Bruker
Corporation
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
(in
millions)
|
March
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
ASSETS
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
298.8
|
|
$
322.4
|
Accounts receivable,
net
|
360.4
|
|
357.2
|
Inventories
|
541.8
|
|
509.6
|
Other current
assets
|
142.7
|
|
115.1
|
Total
current assets
|
1,343.7
|
|
1,304.3
|
|
|
|
|
Property, plant and
equipment, net
|
267.6
|
|
270.6
|
Operating lease
assets
|
77.4
|
|
-
|
Intangibles, net and
other long-term assets
|
553.8
|
|
553.7
|
|
|
|
|
Total
assets
|
$
2,242.5
|
|
$
2,128.6
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
2.6
|
|
$
18.5
|
Accounts
payable
|
126.5
|
|
104.5
|
Customer
advances
|
132.4
|
|
124.4
|
Other current
liabilities
|
371.2
|
|
351.9
|
Total
current liabilities
|
632.7
|
|
599.3
|
|
|
|
|
Long-term
debt
|
332.0
|
|
322.6
|
Operating lease
liabilities
|
58.3
|
|
-
|
Other long-term
liabilities
|
275.7
|
|
279.0
|
|
|
|
|
Redeemable
noncontrolling interest
|
22.0
|
|
22.6
|
|
|
|
|
Total shareholders'
equity
|
921.8
|
|
905.1
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
2,242.5
|
|
$
2,128.6
|
Bruker
Corporation
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
(in millions,
except per share amounts)
|
March
31,
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
461.4
|
|
$
431.7
|
|
|
Cost of
revenues
|
246.7
|
|
232.3
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
214.7
|
|
199.4
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
120.1
|
|
110.3
|
|
|
Research and
development
|
46.4
|
|
43.2
|
|
|
Other charges,
net
|
6.3
|
|
7.8
|
|
|
Total operating
expenses
|
172.8
|
|
161.3
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
41.9
|
|
38.1
|
|
|
|
|
|
|
|
|
|
|
Interest and other
income (expense), net
|
(3.5)
|
|
(2.3)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes and noncontrolling
|
|
|
|
|
|
interest in
consolidated subsidiaries
|
38.4
|
|
35.8
|
|
|
Income tax
provision
|
7.7
|
|
8.4
|
|
|
|
|
|
|
|
|
|
|
Consolidated net
income (loss)
|
30.7
|
|
27.4
|
|
|
Net income
attributable to noncontrolling
|
|
|
|
|
|
interests in
consolidated subsidiaries
|
(0.1)
|
|
0.4
|
|
|
Net income (loss)
attributable to Bruker Corporation
|
$
30.8
|
|
$
27.0
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share attributable to
|
|
|
|
|
|
Bruker Corporation
shareholders:
|
|
|
|
|
|
Basic
|
$
0.20
|
|
$
0.17
|
|
|
Diluted
|
$
0.20
|
|
$
0.17
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
Basic
|
156.7
|
|
155.9
|
|
|
Diluted
|
157.9
|
|
157.0
|
|
|
Bruker
Corporation
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
(in
millions)
|
|
|
March
31,
|
|
|
|
|
2019
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
|
Consolidated
net income (loss)
|
|
$
30.7
|
|
$
27.4
|
Adjustments to
reconcile consolidated net income to cash flows
|
|
|
|
|
from operating
activities:
|
|
|
|
|
|
Depreciation
and amortization
|
|
19.0
|
|
15.8
|
|
Stock-based
compensation expense
|
|
3.1
|
|
2.5
|
|
Deferred income
taxes
|
|
(0.2)
|
|
(7.1)
|
|
Other non-cash
expenses, net
|
|
4.5
|
|
18.2
|
Changes in
operating assets and liabilities, net of acquisitions and
divestitures:
|
|
|
|
|
Accounts
receivable
|
|
(6.0)
|
|
10.0
|
|
Inventories
|
|
|
(43.2)
|
|
(32.0)
|
|
Accounts
payable and accrued expenses
|
|
11.0
|
|
(13.7)
|
|
Income taxes
payable, net
|
|
(7.9)
|
|
(3.3)
|
|
Deferred
revenue
|
|
|
13.9
|
|
5.9
|
|
Customer
advances
|
|
|
6.5
|
|
17.8
|
|
Other changes
in operating assets and liabilities, net
|
(17.2)
|
|
2.3
|
Net cash
provided by operating activities
|
|
14.2
|
|
43.8
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Maturities of
short-term investments
|
|
-
|
|
117.0
|
|
Cash paid for
acquisitions, net of cash acquired
|
(16.1)
|
|
(0.4)
|
|
Purchases of
property, plant and equipment
|
(10.6)
|
|
(8.5)
|
Net cash (used
in) provided by investing activities
|
|
(26.7)
|
|
108.1
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from
revolving lines of credit
|
|
40.6
|
|
-
|
|
Repayment of
revolving lines of credit
|
|
(25.9)
|
|
(195.0)
|
|
Repayment of
note purchase agreement
|
|
(15.0)
|
|
-
|
|
Repayment of
other debt, net
|
|
(4.3)
|
|
(0.1)
|
|
Proceeds from
issuance of common stock, net
|
3.1
|
|
2.6
|
|
Payment of
contingent consideration
|
|
(1.0)
|
|
-
|
|
Payment of
dividends
|
|
(6.3)
|
|
(6.3)
|
Net cash used
in financing activities
|
|
(8.8)
|
|
(198.8)
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash
|
(2.4)
|
|
5.8
|
Net change in
cash, cash equivalents and restricted cash
|
(23.7)
|
|
(41.1)
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
326.3
|
|
328.9
|
Cash, cash
equivalents and restricted cash at end of period
|
$
302.6
|
|
$
287.8
|
Bruker
Corporation
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)
|
|
|
|
|
|
|
|
|
(in millions,
except per share amounts)
|
Three Months
Ended March 31,
|
|
|
|
|
2019
|
|
2018
|
|
|
|
Reconciliation of
Non-GAAP Operating Income, Non-GAAP
Profit Before Tax, Non-GAAP Net Income, and Non-GAAP
EPS
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
41.9
|
|
$
38.1
|
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
Restructuring
Costs
|
4.0
|
|
3.5
|
|
|
Acquisition-Related
Costs
|
4.9
|
|
1.0
|
|
|
|
Purchased Intangible
Amortization
|
10.1
|
|
6.8
|
|
|
|
Other
Costs
|
1.4
|
|
3.5
|
|
|
|
Total
Non-GAAP Adjustments:
|
$
20.4
|
|
$
14.8
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income
|
$
62.3
|
|
$
52.9
|
|
|
|
Non-GAAP Operating Margin
|
13.5%
|
|
12.3%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Interest
& Other Expense, net
|
(3.5)
|
|
(2.3)
|
|
|
|
Non-GAAP Profit
Before Tax
|
58.8
|
|
50.6
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income Tax
Provision
|
(14.4)
|
|
(12.0)
|
|
|
|
Non-GAAP Tax Rate
|
24.5%
|
|
23.7%
|
|
|
|
|
|
|
|
|
|
|
Minority
Interest
|
0.1
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income Attributable to Bruker
|
44.5
|
|
38.2
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding (Diluted)
|
157.9
|
|
157.0
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Earnings
Per Share
|
$
0.28
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Gross Profit
|
|
|
|
|
|
|
GAAP Gross
Profit
|
$
214.7
|
|
$
199.4
|
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
Restructuring
Costs
|
2.8
|
|
0.2
|
|
|
|
Acquisition-Related
Costs
|
1.2
|
|
-
|
|
|
|
Purchased Intangible
Amortization
|
6.8
|
|
5.4
|
|
|
|
Other
Costs
|
-
|
|
-
|
|
|
|
Total
Non-GAAP Adjustments:
|
10.8
|
|
5.6
|
|
|
|
Non-GAAP Gross
Profit
|
$
225.5
|
|
$
205.0
|
|
|
|
Non-GAAP Gross Margin
|
48.9%
|
|
47.5%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Tax Rate
|
|
|
|
|
|
|
GAAP Tax
Rate
|
20.1%
|
|
23.5%
|
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
Tax Impact of
Non-GAAP Adjustments
|
-0.4%
|
|
-0.3%
|
|
|
|
U.S. Tax Reform- Toll
Charge
|
4.2%
|
|
0.0%
|
|
|
|
Other Discrete
Items
|
0.6%
|
|
0.5%
|
|
|
|
Total
Non-GAAP Adjustments:
|
4.4%
|
|
0.2%
|
|
|
|
Non-GAAP Tax
Rate
|
24.5%
|
|
23.7%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Earnings Per Share (Diluted)
|
|
|
|
|
|
|
GAAP Earnings Per
Share (Diluted)
|
$
0.20
|
|
$
0.17
|
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
Restructuring
Costs
|
0.03
|
|
0.02
|
|
|
|
Acquisition-Related
Costs
|
0.03
|
|
0.01
|
|
|
|
Purchased Intangible
Amortization
|
0.06
|
|
0.04
|
|
|
|
Other
Costs
|
0.01
|
|
0.02
|
|
|
|
Income Tax Rate
Differential
|
(0.05)
|
|
(0.02)
|
|
|
|
Total
Non-GAAP Adjustments:
|
0.08
|
|
0.07
|
|
|
|
Non-GAAP Earnings
Per Share (Diluted)
|
$
0.28
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Operating Cash Flow and Non-GAAP Free Cash Flow
|
|
|
|
|
|
|
GAAP Operating
Cash Flow
|
$
14.2
|
|
$
43.8
|
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
Purchases of
property, plant and equipment
|
(10.6)
|
|
(8.5)
|
|
|
|
Non-GAAP Free Cash
Flow
|
$
3.6
|
|
$
35.3
|
|
|
|
Bruker
Corporation
|
|
|
|
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Three Months
Ended March 31,
|
|
|
|
2019
|
|
2018
|
|
|
Revenue by
Group:
|
|
|
|
|
|
Bruker
BioSpin
|
$
127.8
|
|
$
131.8
|
|
|
Bruker
CALID
|
148.2
|
|
131.3
|
|
|
Bruker
Nano
|
140.8
|
|
123.9
|
|
|
BEST
|
47.8
|
|
45.6
|
|
|
Eliminations
|
(3.2)
|
|
(0.9)
|
|
|
Total
Revenue
|
$
461.4
|
|
$
431.7
|
|
|
|
|
|
|
|
|
Revenue by
End Customer Geography:
|
|
|
|
|
|
United
States
|
$
117.6
|
|
$
104.8
|
|
|
Europe
|
155.1
|
|
161.4
|
|
|
Asia
Pacific
|
152.2
|
|
126.9
|
|
|
Other
|
36.5
|
|
38.6
|
|
|
Total
Revenue
|
$
461.4
|
|
$
431.7
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Reported Revenue Growth to Organic Revenue
Growth
|
Total
Bruker
|
|
GAAP Revenue as of
Prior Comparable Period
|
$
431.7
|
|
$
384.9
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
Acquisitions and
divestitures
|
26.0
|
|
2.0
|
|
|
Organic
|
23.5
|
|
15.3
|
|
|
Constant Currency Revenue Growth:
|
49.5
|
|
17.3
|
|
|
Currency
|
(19.8)
|
|
29.5
|
|
|
Total
Non-GAAP Adjustments:
|
29.7
|
|
46.8
|
|
|
Non-GAAP
Revenue
|
$
461.4
|
|
$
431.7
|
|
|
Revenue Growth
|
6.9%
|
|
12.2%
|
|
|
Organic Revenue Growth
|
5.5%
|
|
4.0%
|
|
|
Constant Currency Revenue Growth
|
11.5%
|
|
4.5%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Reported Revenue Growth to Organic Revenue
Growth
|
BSI
Segment
|
|
GAAP Revenue as of
Prior Comparable Period
|
$
387.0
|
|
$
346.4
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
Acquisitions and
divestitures
|
26.0
|
|
2.0
|
|
|
Organic
|
21.1
|
|
13.3
|
|
|
Constant Currency Revenue Growth:
|
47.1
|
|
15.3
|
|
|
Currency
|
(17.3)
|
|
25.3
|
|
|
Total
Non-GAAP Adjustments:
|
29.8
|
|
40.6
|
|
|
Non-GAAP
Revenue
|
$
416.8
|
|
$
387.0
|
|
|
Revenue Growth
|
7.7%
|
|
11.7%
|
|
|
Organic Revenue Growth
|
5.5%
|
|
3.8%
|
|
|
Constant Currency Revenue Growth
|
12.2%
|
|
4.4%
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP Reported Revenue Growth to Organic Revenue
Growth
|
BEST Segment, net
of Intercompany Eliminations
|
|
GAAP Revenue as of
Prior Comparable Period
|
$
44.7
|
|
$
38.5
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
Acquisitions and
divestitures
|
-
|
|
-
|
|
|
Organic
|
2.4
|
|
2.0
|
|
|
Constant Currency Revenue Growth:
|
2.4
|
|
2.0
|
|
|
Currency
|
(2.5)
|
|
4.2
|
|
|
Total
Non-GAAP Adjustments:
|
(0.1)
|
|
6.2
|
|
|
Non-GAAP
Revenue
|
$
44.6
|
|
$
44.7
|
|
|
Revenue Growth
|
-0.2%
|
|
16.1%
|
|
|
Organic Revenue Growth
|
5.4%
|
|
5.1%
|
|
|
Constant Currency Revenue Growth
|
5.4%
|
|
5.1%
|
|
|
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SOURCE Bruker Corporation