- Q4 2019 revenue growth of 8.4%, organic revenue growth of
5.2% year-over-year
- FY 2019 revenue growth of 9.3%, organic revenue growth of
5.7% year-over-year
- Q4 2019 GAAP EPS of $0.44; non-GAAP EPS of $0.53, a decrease
of 2% year-over-year
- FY 2019 GAAP EPS of $1.26; non-GAAP EPS of $1.57, an
increase of 12% year-over-year
- Suspends FY2020 guidance due to COVID-19 disruption
Bruker Corporation (Nasdaq: BRKR) today announced final audited
financial results for the fourth quarter and fiscal year 2019, and
the filing of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2019. The Company’s Audit Committee with the
assistance of independent, external legal counsel and independent
forensic accountants has concluded its internal investigation into
an allegation related to the Company’s year-end close, primarily
related to income tax matters, including the effective income tax
rate for 2019 and the related income tax balance sheet accounts.
With today’s Form 10-K filing, Bruker is now current with its SEC
reporting obligations and in compliance with its Nasdaq continued
listing requirements.
Bruker’s final operating results for the fourth quarter and
fiscal year 2019, including revenue and operating income were
unchanged from the preliminary operating results reported in
Bruker’s press release and 8-K filing, dated February 18, 2020.
Fourth Quarter 2019 Financial Results
As previously announced on February 18, 2020, Bruker’s revenues
for the fourth quarter of 2019 were $599.9 million, an increase of
8.4% compared to the fourth quarter of 2018. In the fourth quarter
of 2019, Bruker’s year-over-year organic revenue growth was 5.2%.
Growth from acquisitions was 4.3%, constant currency growth was
9.5%, while foreign currency translation had a negative effect of
1.1%.
Fourth quarter 2019 GAAP operating income was $117.7 million,
compared to $106.4 million in the fourth quarter of 2018,
representing GAAP operating margins of 19.6% and 19.2%,
respectively. Non-GAAP operating income was $132.5 million,
compared to $122.8 million in the fourth quarter of 2018. Bruker’s
fourth quarter 2019 non-GAAP operating margin was 22.1%, compared
to 22.2% in the fourth quarter of 2018.
Fourth quarter 2019 GAAP diluted earnings per share (EPS) were
$0.44, compared to $0.50 per share in the fourth quarter of 2018.
Fourth quarter 2019 non-GAAP diluted EPS were $0.53, compared to
$0.54 per share in the fourth quarter of 2018. The year-over-year
declines in GAAP and non-GAAP diluted EPS were driven by a higher
effective tax rate in the fourth quarter of 2019.
Fiscal Year 2019 Financial Results
As previously announced on February 18, 2020, in fiscal year
2019, Bruker’s revenues were $2,072.6 million, an increase of 9.3%
from $1,895.6 million in 2018. In fiscal year 2019, Bruker’s
organic revenue growth was 5.7% year-over-year. Growth from
acquisitions was 6.3%, constant currency growth was 12.0%, while
foreign currency translation had a negative effect of 2.7%.
Fiscal year 2019 GAAP operating income was $300.9 million,
compared to $262.4 million in 2018, representing GAAP operating
margins of 14.5% and 13.8%, respectively. Fiscal year 2019 non-GAAP
operating income was $364.0 million, compared to $317.9 million in
2018. Bruker’s non-GAAP operating margin in fiscal year 2019 was
17.6%, an increase of 80 basis points, compared to 16.8% in
2018.
Fiscal year 2019 GAAP EPS were $1.26, compared to $1.14 in
fiscal year 2018. Fiscal year 2019 non-GAAP diluted EPS were $1.57,
an increase of 12%, compared to $1.40 in fiscal year 2018. The
increase in GAAP and non-GAAP EPS compared to the prior year was
driven primarily by revenue growth, and higher gross and operating
profit, partially offset by an increase in the effective tax rate
for fiscal year 2019.
On a GAAP basis, for fiscal year 2019, Bruker reported an
effective tax rate of 29.4%, compared to 26.0% in fiscal year 2018.
Bruker’s non-GAAP effective tax rate for fiscal year 2019 was
28.1%, compared to 26.1% in fiscal year 2018. The increase in the
effective tax rate for fiscal year 2019 was due to a geographical
mix shift in earnings to higher tax jurisdictions and changes in
tax reserves. For fiscal year 2020, the Company anticipates its
non-GAAP effective tax rate to return to a range between 25% and
27%.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Suspending Fiscal Year 2020 (FY 2020) Guidance
In light of the challenging business conditions created by the
global spread of COVID-19, Bruker is suspending its guidance for FY
2020. The Company expects to provide a business update on its first
quarter 2020 earnings conference call in early May 2020. Bruker
anticipates that both revenue and earnings will be lower in the
first quarter of 2020 than in the first quarter of 2019. The
Company’s second quarter 2020 results are expected to be
significantly negatively impacted by COVID-19 related disruptions
to the Company’s operations, to customer operations, and to global
supply chains and logistics.
Bruker’s President and CEO Frank Laukien commented: “First and
foremost, our concern is for the safety and health of our employees
and their families, as well as for that of our customers and
partners. Fundamentally, Bruker contributes, indirectly or
directly, in important ways to global healthcare, food supply, IT
infrastructure, and homeland security. We support many customers in
their important research and development, analytical and diagnostic
testing, as well as product safety and quality assurance, which are
and will remain a high priority for our societies. Finally, Bruker
continues to have a solid balance sheet and a strong liquidity
position.”
Dr. Laukien continued: “With our enabling life science and
diagnostic tools, we are particularly pleased to provide essential
research and service support for infectious disease research, for
anti-viral vaccine and therapeutic drug discovery and development,
as well as for clinical microbiology and viral testing in support
of the fight against the COVID-19 pandemic. Our clinical
microbiology solutions are key for early identification of
bacterial or fungal diseases that can affect COVID-19 patients with
weakened immune systems, who may be also suffering from pneumonia
or hospital-acquired complications.”
Internal Investigation
As previously disclosed on February 18, 2020, the Company’s
Audit Committee initiated an internal investigation into an
allegation received in connection with the Company’s year-end
close, primarily relating to income tax matters including the
effective income tax rate for 2019 and the related income tax
balance sheet accounts. The Audit Committee, with the assistance of
independent, external legal counsel and independent forensic
accountants, concluded its investigation in March 2020. The
Investigation did not identify any material misstatements or
omissions regarding the Company’s financial statements, nor any
misconduct, violations of the Company’s Code of Conduct or tone at
the top failures.
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: 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 SG&A expense;
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 may refer to organic revenue growth, 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. 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 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. 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 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, expected growth,
and business outlook, including our outlook for revenue, EPS,
operating margins or non-GAAP effective tax rate; statements
regarding our business focus; the impact of foreign currency; the
impact of the COVID-19 coronavirus; 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 outcome of the Audit Committee’s recently concluded internal
investigation, the impact of the delay in the Company’s
finalization of its financial statements for and as of the period
and year ended December 31, 2019, the suspension of fiscal year
2020 guidance, adverse changes in conditions in the global economy
and volatility in the capital markets, the impact of the COVID-19
coronavirus outbreak, 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,
2019. 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,
2019
2018
ASSETS Current assets: Cash and cash
equivalents
$ 678.3
$ 322.4
Short-term investments
6.6
-
Accounts receivable, net
362.2
357.2
Inventories
577.2
509.6
Other current assets
172.0
115.1
Total current assets
1,796.3
1,304.3
Property, plant and equipment, net
306.1
270.6
Operating lease assets
65.6
-
Intangibles, net and other long-term assets
603.5
553.7
Total assets
$ 2,771.5
$ 2,128.6
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Current portion of long-term debt
$ 0.5
$ 18.5
Accounts payable
118.4
104.5
Customer advances
137.9
124.4
Other current liabilities
388.8
351.9
Total current liabilities
645.6
599.3
Long-term debt
812.8
322.6
Operating lease liabilities
47.0
-
Other long-term liabilities
327.9
279.0
Redeemable noncontrolling interest
21.1
22.6
Total shareholders' equity
917.1
905.1
Total liabilities and shareholders' equity
$ 2,771.5
$ 2,128.6
Bruker Corporation CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Three Months Ended
Twelve Months Ended
(in millions, except per share amounts)
December 31,
December 31,
2019
2018
2019
2018
Revenues
$ 599.9
$ 553.6
$ 2,072.6
$ 1,895.6
Cost of revenues
303.6
280.8
1,077.3
995.6
Gross profit
296.3
272.8
995.3
900.0
Operating expenses: Selling, general and administrative
130.3
117.3
500.2
444.7
Research and development
46.7
44.8
187.7
173.4
Other charges, net
1.6
4.3
6.5
19.5
Total operating expenses
178.6
166.4
694.4
637.6
Operating income
117.7
106.4
300.9
262.4
Interest and other income (expense), net
(6.5)
(6.2)
(20.5)
(17.7)
Income before income taxes and noncontrolling interest in
consolidated subsidiaries
111.2
100.2
280.4
244.7
Income tax provision
42.4
22.3
82.4
63.7
Consolidated net income (loss)
68.8
77.9
198.0
181.0
Net income attributable to noncontrolling interests in consolidated
subsidiaries
0.2
(0.2)
0.8
1.3
Net income (loss) attributable to Bruker Corporation
$ 68.6
$ 78.1
$ 197.2
$ 179.7
Net income (loss) per common share attributable to Bruker
Corporation shareholders: Basic
$ 0.45
$ 0.50
$ 1.27
$ 1.15
Diluted
$ 0.44
$ 0.50
$ 1.26
$ 1.14
Weighted average common shares outstanding: Basic
154.1
156.6
155.2
156.2
Diluted
155.4
157.4
156.6
157.2
Bruker Corporation CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Twelve Months Ended
(in millions)
December 31,
December 31,
2019
2018
2019
2018
Cash flows from operating activities: Consolidated net income
(loss)
$ 68.8
$ 77.9
$ 198.0
$ 181.0
Adjustments to reconcile consolidated net income to cash flows from
operating activities: Depreciation and amortization
18.3
16.6
75.6
64.9
Stock-based compensation expense
(0.5)
3.1
9.6
11.3
Deferred income taxes
(4.9)
(6.5)
(5.4)
(15.1)
Other non-cash expenses, net
8.4
11.1
10.1
39.8
Changes in operating assets and liabilities, net of acquisitions
and divestitures: Accounts receivable
3.0
(23.6)
(5.0)
(30.5)
Inventories
20.7
19.8
(60.2)
(35.5)
Accounts payable and accrued expenses
5.6
6.2
15.9
5.0
Income taxes payable, net
19.5
12.5
13.1
4.0
Deferred revenue
(2.4)
2.3
7.3
7.1
Customer advances
13.3
1.4
4.2
3.5
Other changes in operating assets and liabilities, net
(13.6)
11.5
(49.8)
4.2
Net cash provided by operating activities
136.2
132.3
213.4
239.7
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
(11.0)
(136.3)
(90.0)
(191.6)
Purchases of property, plant and equipment
(28.2)
(20.3)
(73.0)
(49.2)
Proceeds from sales of property, plant and equipment
-
0.3
11.0
0.4
Net cash used in investing activities
(39.2)
(156.3)
(158.4)
(123.4)
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)
(15.6)
(361.9)
(218.1)
Proceeds from revolving lines of credit
-
101.9
250.6
129.4
Repayment of 2012 Note Purchase Agreement
-
-
(15.0)
-
Repayment of other debt, net
(0.2)
(3.9)
(4.6)
(4.8)
Payment of deferred financing costs
(4.4)
-
(4.4)
-
Proceeds from issuance of common stock, net
2.8
0.5
10.9
9.4
Repurchase of common stock
-
-
(142.3)
-
Payment of contingent consideration
(0.6)
-
(6.2)
(2.3)
Payment of dividends to common stockholders
(6.2)
(6.3)
(25.0)
(25.1)
Cash Payments to noncontrolling interest
-
-
-
(0.9)
Net cash provided by (used in) financing activities
277.9
76.6
300.0
(112.4)
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
7.0
(1.1)
0.6
(6.5)
Net change in cash, cash equivalents and restricted cash
381.9
51.5
355.6
(2.6)
Cash, cash equivalents and restricted cash at beginning of period
300.0
274.8
326.3
328.9
Cash, cash equivalents and restricted cash at end of period
$ 681.9
$ 326.3
$ 681.9
$ 326.3
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,
2019
2018
2019
2018
Reconciliation of Non-GAAP Operating Income, Non-GAAP Profit Before
Tax, Non-GAAP Net Income, and Non-GAAP EPS
GAAP Operating
Income
$ 117.7
$ 106.4
$ 300.9
$ 262.4
Non-GAAP Adjustments: Restructuring Costs
2.8
2.7
1.4
9.4
Acquisition-Related Costs
1.6
3.4
16.8
7.3
Purchased Intangible Amortization
9.1
7.4
38.3
28.9
Other Costs
1.3
2.9
6.6
9.9
Total Non-GAAP Adjustments:
$ 14.8
$ 16.4
$ 63.1
$ 55.5
Non-GAAP Operating Income
$ 132.5
$ 122.8
$ 364.0
$ 317.9
Non-GAAP Operating Margin
22.1%
22.2%
17.6%
16.8%
Non-GAAP Interest & Other Expense, net
(6.5)
(6.2)
(20.5)
(17.7)
Non-GAAP Profit Before Tax
126.0
116.6
343.5
300.2
Non-GAAP Income Tax Provision
(43.3)
(31.5)
(96.6)
(78.5)
Non-GAAP Tax Rate
34.4%
27.0%
28.1%
26.1%
Minority Interest
(0.2)
0.2
(0.8)
(1.3)
Non-GAAP Net Income Attributable to Bruker
82.5
85.3
246.1
220.4
Weighted Average Shares Outstanding (Diluted)
155.4
157.4
156.6
157.2
Non-GAAP Earnings Per Share
$ 0.53
$ 0.54
$ 1.57
$ 1.40
Reconciliation of GAAP and Non-GAAP Gross Profit
GAAP Gross Profit
$ 296.3
$ 272.8
$ 995.3
$ 900.0
Non-GAAP Adjustments: Restructuring Costs
1.1
1.8
5.2
2.6
Acquisition-Related Costs
3.0
2.3
12.2
3.9
Purchased Intangible Amortization
5.1
5.0
23.5
21.6
Other Costs
-
0.6
0.8
0.6
Total Non-GAAP Adjustments:
9.2
9.7
41.7
28.7
Non-GAAP Gross Profit
$ 305.5
$ 282.5
$ 1,037.0
$ 928.7
Non-GAAP Gross Margin
50.9%
51.0%
50.0%
49.0%
Reconciliation of GAAP and Non-GAAP Selling, General and
Administrative (SG&A) Expenses
GAAP SG&A Expenses
$ 130.3
$ 117.3
$ 500.2
$ 444.7
Non-GAAP Adjustments: Purchased Intangible Amortization
4.0
2.4
14.9
7.3
Non-GAAP SG&A Expenses
$ 126.3
$ 114.9
$ 485.3
$ 437.4
Reconciliation of GAAP and Non-GAAP Tax Rate
GAAP Tax
Rate
38.1%
22.3%
29.4%
26.0%
Non-GAAP Adjustments: Tax Impact of Non-GAAP Adjustments
-0.7%
-1.2%
-1.3%
-0.6%
U.S. Tax Reform - Toll Charge
0.0%
-2.9%
0.6%
-2.7%
U.S. Tax Reform - Tax Rate Change
0.0%
0.1%
0.0%
0.1%
U.S. Tax Reform - Change in APB
0.0%
8.6%
0.0%
3.5%
Other Discrete Items
-3.0%
0.1%
-0.6%
-0.2%
Total Non-GAAP Adjustments:
-3.7%
4.7%
-1.3%
0.1%
Non-GAAP Tax Rate
34.4%
27.0%
28.1%
26.1%
Reconciliation of GAAP and Non-GAAP Earnings Per Share
(Diluted)
GAAP Earnings Per Share (Diluted)
$ 0.44
$ 0.50
$ 1.26
$ 1.14
Non-GAAP Adjustments: Restructuring Costs
0.02
0.02
0.01
0.06
Acquisition-Related Costs
0.01
0.02
0.11
0.05
Purchased Intangible Amortization
0.06
0.04
0.24
0.18
Other Costs
0.01
0.02
0.04
0.06
Income Tax Rate Differential
(0.01)
(0.06)
(0.09)
(0.09)
Total Non-GAAP Adjustments:
0.09
0.04
0.31
0.26
Non-GAAP Earnings Per Share (Diluted)
$ 0.53
$ 0.54
$ 1.57
$ 1.40
Reconciliation of GAAP Operating Cash Flow and Non-GAAP Free
Cash Flow
GAAP Operating Cash Flow
$ 136.2
$ 132.3
$ 213.4
$ 239.7
Non-GAAP Adjustments: Purchases of property, plant and equipment
(28.2)
(20.3)
(73.0)
(49.2)
Non-GAAP Free Cash Flow
$ 108.0
$ 112.0
$ 140.4
$ 190.5
Reconciliation of Non-GAAP Return on Invested Capital
(ROIC)
Non-GAAP Operating Income (from above)
$ 364.0
$ 317.9
Less: Non-GAAP Income Tax Provision (from above)
(96.6)
(78.5)
Non-GAAP Operating Income after Tax
$ 267.4
$ 239.4
Average Total Invested Capital: Average Long-Term Debt
$ 567.7
$ 369.1
Average Current portion of Long-Term Debt
9.5
9.3
Average Total Shareholders' Equity
933.0
830.6
Less: Average Cash and Cash Equivalents
500.4
323.7
Average Total Invested Capital
$ 1,009.8
$ 885.3
Return on Invested Capital (ROIC)
26.5%
27.0%
Bruker Corporation
REVENUE (unaudited) (in millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2019
2018
2019
2018
Revenue by Group: Bruker BioSpin
$ 199.0
$ 179.9
$ 621.4
$ 591.1
Bruker CALID
176.6
153.9
623.5
547.8
Bruker Nano
171.0
166.7
632.7
568.1
BEST
57.7
55.6
209.9
194.8
Eliminations
(4.4)
(2.5)
(14.9)
(6.2)
Total Revenue
$ 599.9
$ 553.6
$ 2,072.6
$ 1,895.6
Revenue by End Customer Geography: United States
$ 150.5
$ 142.1
$ 529.8
$ 489.4
Europe
218.7
219.6
718.8
701.3
Asia Pacific
186.5
152.4
651.0
549.2
Other
44.2
39.5
173.0
155.7
Total Revenue
$ 599.9
$ 553.6
$ 2,072.6
$ 1,895.6
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Total Bruker GAAP Revenue as of Prior
Comparable Period
$ 553.6
$ 530.5
$ 1,895.6
$ 1,765.9
Non-GAAP Adjustments: Acquisitions and divestitures
24.0
17.0
118.4
28.2
Organic
28.9
18.2
108.9
76.0
Constant Currency Revenue Growth:
52.9
35.2
227.3
104.2
Currency
(6.6)
(12.1)
(50.3)
25.5
Total Non-GAAP Adjustments:
46.3
23.1
177.0
129.7
Non-GAAP Revenue
$ 599.9
$ 553.6
$ 2,072.6
$ 1,895.6
Revenue Growth
8.4%
4.4%
9.3%
7.3%
Organic Revenue Growth
5.2%
3.4%
5.7%
4.3%
Constant Currency Revenue Growth
9.5%
6.6%
12.0%
5.9%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Bruker Scientific Instruments (1) GAAP
Revenue as of Prior Comparable Period
$ 500.5
$ 484.4
$ 1,707.0
$ 1,583.9
Non-GAAP Adjustments: Acquisitions and divestitures
22.3
17.0
113.6
28.2
Organic
29.1
10.1
99.7
74.4
Constant Currency Revenue Growth:
51.4
27.1
213.3
102.6
Currency
(5.3)
(11.0)
(42.7)
20.5
Total Non-GAAP Adjustments:
46.1
16.1
170.6
123.1
Non-GAAP Revenue
$ 546.6
$ 500.5
$ 1,877.6
$ 1,707.0
Revenue Growth
9.2%
3.3%
10.0%
7.8%
Organic Revenue Growth
5.8%
2.1%
5.8%
4.7%
Constant Currency Revenue Growth
10.3%
5.6%
12.5%
6.5%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
BEST, net of Intercompany Eliminations
GAAP Revenue as of Prior Comparable Period
$ 53.1
$ 46.1
$ 188.6
$ 182.0
Non-GAAP Adjustments: Acquisitions and divestitures
1.7
-
4.8
-
Organic
(0.3)
8.1
9.3
1.6
Constant Currency Revenue Growth:
1.4
8.1
14.1
1.6
Currency
(1.2)
(1.1)
(7.7)
5.0
Total Non-GAAP Adjustments:
0.2
7.0
6.4
6.6
Non-GAAP Revenue
$ 53.3
$ 53.1
$ 195.0
$ 188.6
Revenue Growth
0.4%
15.2%
3.4%
3.6%
Organic Revenue Growth
-0.5%
17.6%
4.9%
0.9%
Constant Currency Revenue Growth
2.8%
17.6%
7.4%
0.9%
(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/20200327005522/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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