Quarterly Report (10-q)

Date : 11/04/2019 @ 9:23PM
Source : Edgar (US Regulatory)
Stock : Bruker Corporation (BRKR)
Quote : 50.66  0.71 (1.42%) @ 4:04PM

Quarterly Report (10-q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the quarterly period ended September 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from                  to

Commission File Number 000-30833

BRUKER CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

04-3110160

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

40 Manning Road, Billerica, MA 01821

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (978663-3660

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbols(s)

    

Name of each exchange on which registered

Common Stock

BRKR

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes   No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

    

Outstanding at October 30, 2019

Common Stock, $0.01 par value per share

153,991,644 shares

BRUKER CORPORATION

Quarterly Report on Form 10-Q

For the Quarter Ended September 30, 2019

Index

Page

Part I

FINANCIAL INFORMATION

1

Item 1:

Unaudited Condensed Consolidated Financial Statements

1

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

1

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2019 and 2018

2

Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interest and Shareholders’ Equity for the three and nine months ended September 30, 2019 and 2018

3

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

5

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4:

Controls and Procedures

45

Part II

OTHER INFORMATION

46

Item 1:

Legal Proceedings

46

Item 1A:

Risk Factors

46

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 6:

Exhibits

47

Signatures

48

PART I

FINANCIAL INFORMATION

ITEM 1.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

September 30, 

    

December 31, 

    

2019

    

2018

ASSETS

Current assets:

Cash and cash equivalents

$

296.3

$

322.4

Short-term investments

6.1

Accounts receivable, net

 

358.8

 

357.2

Inventories

 

586.7

 

509.6

Other current assets

 

186.1

 

115.1

Total current assets

 

1,434.0

 

1,304.3

Property, plant and equipment, net

 

278.1

 

270.6

Goodwill

282.3

275.7

Operating lease assets

68.9

Intangibles, net and other long-term assets

288.8

278.0

Total assets

$

2,352.1

$

2,128.6

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt

$

0.3

$

18.5

Accounts payable

 

116.6

 

104.5

Customer advances

 

126.1

 

124.4

Other current liabilities

 

400.0

 

351.9

Total current liabilities

 

643.0

 

599.3

Long-term debt

 

518.5

 

322.6

Operating lease liabilities

50.7

Other long-term liabilities

 

264.3

 

279.0

Commitments and contingencies (Note 13)

Redeemable noncontrolling interest

20.9

22.6

Shareholders' equity:

Preferred stock, $0.01 par value 5,000,000 shares authorized, none issued or outstanding

 

 

Common stock, $0.01 par value 260,000,000 shares authorized, 173,292,361 and 172,634,220 shares issued and 153,945,784 and 156,609,340 shares outstanding at September 30, 2019 and December 31, 2018, respectively

 

1.7

 

1.7

Treasury stock, at cost, 19,346,577 and 16,024,880 shares at September 30, 2019 and December 31, 2018, respectively

 

(543.8)

 

(401.5)

Accumulated other comprehensive income

 

(18.8)

 

17.0

Other shareholders' equity

 

1,406.1

 

1,279.4

Total shareholders' equity attributable to Bruker Corporation

 

845.2

 

896.6

Noncontrolling interest in consolidated subsidiaries

 

9.5

 

8.5

Total shareholders' equity

 

854.7

 

905.1

Total liabilities and shareholders' equity

$

2,352.1

$

2,128.6

The accompanying notes are an integral part of these financial statements.

1

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

(in millions, except per share data)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2019

    

2018

    

2019

    

2018

Product revenue

$

440.6

$

385.5

$

1,235.3

$

1,105.8

Service revenue

 

78.8

 

79.6

 

234.8

 

230.8

Other revenue

 

1.7

 

1.5

 

2.6

 

5.4

Total revenue

 

521.1

 

466.6

 

1,472.7

 

1,342.0

Cost of product revenue

 

220.4

 

197.3

 

627.9

 

571.6

Cost of service revenue

 

46.5

 

46.6

 

145.3

 

142.2

Cost of other revenue

0.3

0.1

0.5

1.0

Total cost of revenue

 

267.2

 

244.0

 

773.7

 

714.8

Gross profit

 

253.9

 

222.6

 

699.0

 

627.2

Operating expenses:

Selling, general and administrative

 

125.3

 

106.5

 

369.9

 

327.4

Research and development

 

46.1

 

41.8

 

141.0

 

128.6

Other charges (gain), net

 

(5.3)

 

5.2

 

4.9

 

15.2

Total operating expenses

 

166.1

 

153.5

 

515.8

 

471.2

Operating income

 

87.8

 

69.1

 

183.2

 

156.0

Interest and other income (expense), net

 

(4.6)

 

(3.7)

 

(14.0)

 

(11.5)

Income before income taxes and noncontrolling interest in consolidated subsidiaries

 

83.2

 

65.4

 

169.2

 

144.5

Income tax provision

 

21.7

 

21.2

 

40.0

 

41.4

Consolidated net income

 

61.5

 

44.2

 

129.2

 

103.1

Net income attributable to noncontrolling interests in consolidated subsidiaries

 

0.2

 

0.8

 

0.6

 

1.5

Net income attributable to Bruker Corporation

$

61.3

$

43.4

$

128.6

$

101.6

Net income per common share attributable to Bruker Corporation shareholders:

Basic

$

0.40

$

0.28

$

0.83

$

0.65

Diluted

$

0.39

$

0.28

$

0.82

$

0.65

Weighted average common shares outstanding:

Basic

 

154.2

 

156.4

 

155.7

 

156.1

Diluted

 

155.6

 

157.4

 

157.0

 

157.2

Comprehensive income (loss)

$

26.1

$

41.9

$

92.0

$

88.3

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

0.2

 

0.5

 

1.0

 

0.9

Less: Comprehensive income (loss) attributable to redeemable noncontrolling interest

(1.2)

(1.8)

Comprehensive income (loss) attributable to Bruker Corporation

$

27.1

$

41.4

$

92.8

$

87.4

Dividend declared per common share

$

0.04

$

0.04

$

0.12

$

0.12

The accompanying notes are an integral part of these financial statements.

2

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY

(in millions, except per share data)

    

    

    

    

    

    

    

    

Total

    

Shareholders'

Accumulated

Equity

Noncontrolling

Redeemable

Treasury

Additional

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Paid-In

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

Corporation

    

Subsidiaries

    

Equity

Balance at December 31, 2018

 

$

22.6

156,609,340

$

1.7

 

16,024,880

$

(401.5)

$

176.9

$

1,102.5

$

17.0

$

896.6

$

8.5

$

905.1

Stock options exercised

 

167,177

 

 

 

 

3.1

 

 

 

3.1

 

 

3.1

Restricted stock units vested

 

35,072

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.7

 

 

 

2.7

 

 

2.7

Shares issued for acquisition

 

3,087

 

 

(3,087)

 

 

 

 

 

 

 

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.3)

 

 

(6.3)

 

 

(6.3)

Consolidated net income (loss)

 

(0.2)

 

 

 

 

 

30.8

 

 

30.8

 

0.1

 

30.9

Other comprehensive income (loss)

 

(0.4)

 

 

 

 

 

 

(13.7)

 

(13.7)

 

(0.2)

 

(13.9)

Balance at March 31, 2019

 

$

22.0

156,814,676

$

1.7

 

16,021,793

$

(401.5)

$

182.7

$

1,127.0

$

3.3

$

913.2

$

8.4

$

921.6

Stock options exercised

 

145,606

 

 

 

 

2.7

 

 

 

2.7

 

 

2.7

Restricted stock units vested

 

2,344

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.6

 

 

 

2.6

 

 

2.6

Shares repurchased

 

(2,300,635)

 

 

2,300,635

 

(100.0)

 

 

 

 

(100.0)

 

 

(100.0)

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.3)

 

 

(6.3)

 

 

(6.3)

Consolidated net income (loss)

 

(0.3)

 

 

 

 

 

36.5

 

 

36.5

 

0.8

 

37.3

Other comprehensive income (loss)

 

0.3

 

 

 

 

 

 

12.1

 

12.1

 

0.1

 

12.2

Balance at June 30, 2019

 

$

22.0

154,661,991

$

1.7

 

18,322,428

$

(501.5)

$

188.0

$

1,157.2

$

15.4

$

860.8

$

9.3

$

870.1

Stock options exercised

 

152,918

 

 

 

 

3.1

 

 

 

3.1

 

 

3.1

Restricted stock units vested

 

155,024

 

 

 

 

(0.8)

 

 

 

(0.8)

 

 

(0.8)

Stock based compensation

 

 

 

 

 

3.5

 

 

 

3.5

 

 

3.5

Shares repurchased

 

(1,022,469)

 

 

1,022,469

 

(42.3)

 

 

 

 

(42.3)

 

 

(42.3)

Treasury stock acquired

(1,680)

1,680

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.2)

 

 

(6.2)

 

 

(6.2)

Consolidated net income (loss)

 

(0.2)

 

 

 

 

 

61.3

 

 

61.3

 

0.4

 

61.7

Other comprehensive income (loss)

 

(0.9)

 

 

 

 

 

 

(34.2)

 

(34.2)

 

(0.2)

 

(34.4)

Balance at September 30, 2019

 

$

20.9

153,945,784

$

1.7

 

19,346,577

$

(543.8)

$

193.8

$

1,212.3

$

(18.8)

$

845.2

$

9.5

$

854.7

The accompanying notes are an integral part of these financial statements.

3

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY

(in millions, except per share data)

    

    

    

    

    

    

    

    

Total

    

Shareholders'

Accumulated

Equity

Noncontrolling

Redeemable

Treasury

Additional

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Paid-In

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

Corporation

    

Subsidiaries

    

Equity

Balance at December 31, 2017

 

$

155,865,977

$

1.7

 

16,009,099

$

(401.2)

$

155.9

$

942.0

$

27.0

$

725.4

$

8.1

$

733.5

Restricted shares terminated

 

(6,553)

 

 

6,553

 

 

 

 

 

 

Stock options exercised

 

180,890

 

 

 

 

2.9

 

 

 

2.9

 

2.9

Restricted stock units vested

 

42,762

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.5

 

 

 

2.5

 

2.5

Shares issued for acquisition

 

(2,123)

 

 

2,123

 

(0.1)

 

 

 

 

(0.1)

 

(0.1)

Treasury stock acquired

 

(1,055)

 

 

1,055

 

 

 

 

 

 

Adoption impact from new revenue standard ASC 606

 

 

 

 

 

 

5.9

 

 

5.9

 

0.2

6.1

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.3)

 

 

(6.3)

 

(6.3)

Consolidated net income (loss)

 

 

 

 

 

 

27.0

 

 

27.0

 

0.4

27.4

Other comprehensive income (loss)

 

 

 

 

 

 

 

24.2

 

24.2

 

0.1

24.3

Balance at March 31, 2018

 

$

156,079,898

$

1.7

 

16,018,830

$

(401.3)

$

161.3

$

968.6

$

51.2

$

781.5

$

8.8

$

790.3

Stock options exercised

 

221,464

 

 

 

 

4.2

 

 

 

4.2

 

4.2

Restricted stock units vested

 

5,964

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.4

 

 

 

2.4

 

2.4

Treasury stock acquired

(1,384)

1,384

(0.1)

(0.1)

(0.1)

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.2)

 

 

(6.2)

 

(6.2)

Consolidated net income (loss)

 

 

 

 

 

 

31.2

 

 

31.2

 

0.3

31.5

Other comprehensive income (loss)

 

 

 

 

 

 

 

(36.4)

 

(36.4)

 

(0.4)

(36.8)

Balance at June 30, 2018

 

$

156,305,942

$

1.7

 

16,020,214

$

(401.4)

$

167.9

$

993.6

$

14.8

$

776.6

$

8.7

$

785.3

Stock options exercised

 

127,003

 

2.5

2.5

2.5

Restricted stock units vested

 

83,923

 

 

 

 

(0.4)

 

 

 

(0.4)

 

(0.4)

Stock based compensation

 

 

 

 

 

3.3

 

 

 

3.3

 

3.3

Treasury stock acquired

 

(4,666)

 

 

4,666

 

(0.1)

 

 

 

 

(0.1)

 

(0.1)

Cash dividends paid to common stockholders

(6.3)

(6.3)

(6.3)

Distribution to noncontrolling intersts

(0.9)

(0.9)

Consolidated net income (loss)

 

 

 

 

 

 

43.4

 

 

43.4

 

0.7

44.1

Other comprehensive income (loss)

 

 

 

 

 

 

 

(2.1)

 

(2.1)

 

(0.2)

(2.3)

Balance at September 30, 2018

 

$

156,512,202

$

1.7

 

16,024,880

$

(401.5)

$

173.3

$

1,030.7

$

12.7

$

816.9

$

8.3

$

825.2

The accompanying notes are an integral part of these financial statements.

4

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

Nine Months Ended September 30, 

    

2019

    

2018

Cash flows from operating activities:

Consolidated net income

$

129.2

$

103.1

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

Depreciation and amortization

 

57.3

 

48.3

Stock-based compensation expense

 

10.1

 

8.2

Deferred income taxes

 

(0.5)

 

(8.6)

Other non-cash expenses, net

 

1.7

 

28.7

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

Accounts receivable

 

(8.0)

 

(6.9)

Inventories

 

(80.9)

 

(55.3)

Accounts payable and accrued expenses

 

10.3

 

(1.2)

Income taxes payable, net

 

(6.4)

 

(8.5)

Deferred revenue

 

9.7

 

4.8

Customer advances

 

(9.1)

 

2.1

Other changes in operating assets and liabilities, net

 

(36.2)

 

(7.3)

Net cash provided by operating activities

 

77.2

 

107.4

Cash flows from investing activities:

Purchases of short-term investments

 

(6.4)

 

Maturities of short-term investments

117.0

Cash paid for acquisitions, net of cash acquired

(79.0)

(55.3)

Purchases of property, plant and equipment

 

(44.8)

 

(28.9)

Proceeds from sales of property, plant and equipment

 

11.0

 

0.1

Net cash (used in) provided by investing activities

 

(119.2)

 

32.9

Cash flows from financing activities:

Repayments of Note Purchase Agreement

(15.0)

Repayments of revolving lines of credit

(50.5)

(202.5)

Proceeds from revolving lines of credit

250.6

27.5

Repayment of other debt

(4.8)

(0.9)

Proceeds of other debt

0.4

Proceeds from issuance of common stock, net

8.1

8.9

Payment of contingent consideration

(5.6)

(2.3)

Repurchase of common stock

(142.3)

Payment of dividends

(18.8)

(18.8)

Cash payments to noncontrolling interest

(0.9)

Net cash provided by (used in) financing activities

 

22.1

 

(189.0)

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

 

(6.4)

 

(5.4)

Net change in cash, cash equivalents and restricted cash

 

(26.3)

 

(54.1)

Cash, cash equivalents and restricted cash at beginning of period

 

326.3

 

328.9

Cash, cash equivalents and restricted cash at end of period

$

300.0

$

274.8

The accompanying notes are an integral part of these financial statements.

5

BRUKER CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.    Description of Business

Bruker Corporation, together with its consolidated subsidiaries (Bruker or the Company), develops, manufactures and distributes high-performance scientific instruments and analytical and diagnostic solutions that enable its customers to explore life and materials at microscopic, molecular and cellular levels. Many of the Company’s products are used to detect, measure and visualize structural characteristics of chemical, biological and industrial material samples. The Company’s products address the rapidly evolving needs of a diverse array of customers in life science research, pharmaceuticals, biotechnology, applied markets, cell biology, clinical research, microbiology, in-vitro diagnostics, nanotechnology and materials science research.

The Company has two reportable segments, Bruker Scientific Instruments (BSI), which represented approximately 90.5% and 90.4% of the Company’s revenues during the three and nine months ended September 30, 2019, respectively, and 89.4% and 89.9% of the Company’s revenues during the three and nine months ended September 30, 2018, respectively; and Bruker Energy & Supercon Technologies (BEST), which represented the remainder of the Company’s revenues. Within BSI, the Company is organized into three operating segments: the Bruker BioSpin Group, the Bruker CALID Group and the Bruker Nano Group. For financial reporting purposes, the Bruker BioSpin Group, Bruker CALID Group and Bruker Nano Group operating segments are aggregated into the BSI reportable segment because each has similar economic characteristics, production processes, service offerings, types and classes of customers, methods of distribution and regulatory environments.

Bruker BioSpin — The Bruker BioSpin Group designs, manufactures and distributes enabling life science tools based on magnetic resonance technology. The majority of the Bruker BioSpin Group’s revenues are generated by academic and government research customers. Other customers include pharmaceutical and biotechnology companies and nonprofit laboratories, as well as chemical, food and beverage, clinical and other industrial companies.

Bruker CALID (Chemicals, Applied Markets, Life Science, In-Vitro Diagnostics, Detection)- The Bruker CALID Group designs, manufactures and distributes life science mass spectrometry and ion mobility spectrometry solutions, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy technologies and radiological/nuclear detectors for Chemical, Biological, Radiological, Nuclear and Explosive (CBRNE) detection. Customers of the Bruker CALID Group include: academic institutions and medical schools; pharmaceutical, biotechnology and diagnostics companies; contract research organizations; nonprofit and for-profit forensics laboratories; agriculture, food and beverage safety laboratories; environmental and clinical microbiology laboratories; hospitals and government departments and agencies.

Bruker Nano — The Bruker Nano Group designs, manufactures and distributes advanced X-ray instruments; atomic force microscopy instrumentation; advanced fluorescence optical microscopy instruments; analytical tools for electron microscopes and X-ray metrology; defect-detection equipment for semiconductor process control; handheld, portable and mobile X-ray fluorescence spectrometry instruments; and spark optical emission spectroscopy systems. Customers of the Bruker Nano Group include academic institutions, governmental customers, nanotechnology companies, semiconductor companies, raw material manufacturers, industrial companies, biotechnology and pharmaceutical companies and other businesses involved in materials analysis.

The Company's BEST reportable segment develops and manufactures superconducting and non-superconducting materials and devices for use in renewable energy, energy infrastructure, healthcare and "big science" research. The segment focuses on metallic low temperature superconductors for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research and other applications.

The unaudited condensed consolidated financial statements represent the consolidated accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and 2018, have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial information presented herein does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management,

6

all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement have been included. The results for interim periods are not necessarily indicative of the results expected for any other interim period or the full year.

At September 30, 2019, the Company's significant accounting policies and estimates, which are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, have not changed other than for lease accounting as detailed in Footnote 14.

2.    Revenue

The following table presents the Company’s revenues by Group and End Customer Geography (dollars in millions):

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

Revenue by Group:

 

 

Bruker BioSpin

 

$

143.7

$

139.5

 

$

422.4

$

411.2

Bruker CALID

 

158.2

134.6

 

446.9

393.9

Bruker Nano

 

169.9

143.0

 

461.7

401.4

BEST

 

52.5

50.9

 

152.2

139.2

Eliminations

 

(3.2)

(1.4)

 

(10.5)

(3.7)

Total revenue

$

521.1