- COVID-19 disruption and softer demand negatively affect Q2
2020 financial results
- Q2 2020 revenue decline of 13.4% year-over-year; organic
revenue decline of 12.7%
- Q2 2020 GAAP EPS of $0.16, compared to $0.23 in Q2 2019;
non-GAAP EPS of $0.21, compared to $0.33 in Q2 2019
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its second quarter and for the six months ended June
30, 2020.
Second Quarter 2020 Financial Results
Bruker’s revenues for the second quarter of 2020 were $424.6
million, a decline of 13.4% compared to the second quarter of 2019.
In the second quarter of 2020, revenues declined 12.7% organically
year-over-year, growth from acquisitions was 0.4%, while foreign
currency translation had a negative effect of 1.1%. The reported
and organic revenue declines were primarily due to COVID-19 related
disruptions worldwide and softer global instrumentation demand, due
to the ongoing pandemic.
Second quarter 2020 GAAP operating income was $37.9 million,
compared to $53.5 million in the second quarter of 2019,
representing GAAP operating margins of 8.9% and 10.9%,
respectively. Non-GAAP operating income was $49.0 million in the
second quarter of 2020, compared to $73.7 million in the second
quarter of 2019. Bruker’s second quarter 2020 non-GAAP operating
margin was 11.5%, compared to 15.0% in the second quarter of
2019.
Second quarter 2020 GAAP diluted earnings per share (EPS) were
$0.16, compared to $0.23 in the second quarter of 2019. Second
quarter 2020 non-GAAP diluted EPS were $0.21, compared to $0.33 in
the second quarter of 2019. The year-over-year declines in the
Company’s GAAP and non-GAAP operating income, operating margins and
diluted EPS were primarily due to lower revenues associated with
COVID-19 disruptions and softer academic and industrial demand,
partially offset by Bruker’s cost control and reduction
measures.
First Six Months of 2020 Financial Results
For the first six months of 2020, Bruker’s revenues were $848.6
million, a decline of 10.8% from $951.6 million in the first six
months of 2019. In the first six months of 2020, revenues declined
10.3% organically year-over-year, growth from acquisitions was
0.6%, while foreign currency translation had a negative effect of
1.1%.
In the first six months of 2020, GAAP operating income was $54.3
million, compared to $95.4 million in the first six months of 2019,
representing GAAP operating margins of 6.4% and 10.0%,
respectively. Non-GAAP operating income was $81.2 million, compared
to $136.0 million in the first six months of 2019. Bruker’s
non-GAAP operating margin in the first six months of 2020 was 9.6%,
compared to 14.3% in the first six months of 2019.
In the first six months of 2020 GAAP EPS were $0.22, compared to
$0.43 in the first six months of 2019. First half 2020 non-GAAP EPS
were $0.35, compared to $0.61 in the first half of 2019. The
year-over-year declines in the Company’s GAAP and non-GAAP
operating income, operating margins and diluted EPS were primarily
due to lower revenues and demand during the pandemic.
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: “I am
very proud of my 7,000 Bruker colleagues worldwide and of our
excellent safety record of protecting employees and families during
the pandemic. Our organization has continued to support our
customers globally with exemplary dedication. Operationally, we
have executed well in challenging times, with many customer
laboratories closed or at reduced capacity.”
He continued: “Our second quarter 2020 revenues declined less
than the scenarios that we outlined during our last earnings call.
Moreover, we were able to mitigate the negative impact of the
pandemic on our profitability and cash flow through cost control
and cost reduction measures. We continue to invest in our Project
Accelerate initiatives, including infectious disease diagnostics,
proteomics and metabolomics, and functional structural biology for
biopharma therapeutics development and vaccine research. Bruker
remains financially healthy and is well-positioned for anticipated
improvements in business conditions in the second half of
2020.”
Fiscal Year 2020 (FY 2020) Guidance Remains Suspended
Bruker’s FY 2020 financial guidance remains suspended. While
Bruker continues to expect the pandemic to have a negative
year-over-year impact on the Company’s third quarter 2020 financial
results, Bruker anticipates a sequential improvement in financial
results from the second quarter to the third quarter of 2020.
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, August 3, 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 “Q2 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
Second 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 10146589. The replay will be available beginning
one hour after the end of the conference call through September 3,
2020.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough discoveries
and develop new applications that improve the quality of human
life. Bruker’s high-performance scientific instruments and
high-value analytical and diagnostic solutions enable scientists to
explore life and materials at molecular, cellular and microscopic
levels. In close cooperation with our customers, Bruker is enabling
innovation, improved productivity and customer success in life
science molecular research, in applied and pharma applications, in
microscopy and nanoanalysis, and in industrial applications, as
well as in cell biology, preclinical imaging, clinical phenomics
and proteomics research and clinical microbiology. For more
information, please visit: www.bruker.com.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (GAAP), we use the following non-GAAP
financial measures: non-GAAP gross profit; non-GAAP gross profit
margin; non-GAAP operating income; non-GAAP operating profit;
non-GAAP operating margin; non-GAAP SG&A expense; non-GAAP
profit before tax; non-GAAP tax rate; non-GAAP net income and
non-GAAP earnings per share. These non-GAAP measures exclude costs
related to restructuring actions, acquisition and related
integration expenses, amortization of acquired intangible assets
and other non-operational costs.
We also may refer to organic revenue growth or decline and free
cash flow, which are also non-GAAP financial measures. We define
the term organic revenue as GAAP revenue excluding the effect of
changes in foreign currency translation rates and the effect of
acquisitions and divestitures, and believe it is a useful measure
to evaluate our continuing business. We define free cash flow as
net cash provided by operating activities less additions to
property, plant, and equipment. We believe free cash flow is a
useful measure to evaluate our business because it indicates the
amount of cash generated after additions to property, plant, and
equipment that is available for, among other things, acquisitions,
investments in our business, repayment of debt and return of
capital to shareholders.
The presentation of these non-GAAP financial measures is not
intended to be a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP and may
be different from non-GAAP financial measures used by other
companies, and therefore, may not be comparable among companies. We
believe these non-GAAP financial measures provide meaningful
supplemental information regarding our performance, however we urge
investors to review the reconciliation of these financial measures
to the comparable GAAP financial measures included in the
accompanying tables, and not to rely on any single financial
measure to evaluate our business. Specifically, management believes
that the non-GAAP measures mentioned above provide relevant and
useful information which is widely used by analysts, investors and
competitors in our industry, as well as by our management, in
assessing both consolidated and business unit performance.
We use these non-GAAP financial measures to evaluate our
period-over-period operating performance because our management
believes this provides a more comparable measure of our continuing
business by adjusting for certain items that are not reflective of
the underlying performance of our business. These measures may also
be useful to investors in evaluating the underlying operating
performance of our business and forecasting future results. We
regularly use these non-GAAP financial measures internally to
understand, manage, and evaluate our business results and make
operating decisions. We also measure our employees and compensate
them, in part, based on certain non-GAAP measures and use this
information for our planning and forecasting activities.
Additional information relating to the non-GAAP financial
measures used in this press release and reconciliations to the most
directly comparable GAAP financial measures is provided in the
tables accompanying this press release following our GAAP financial
statements.
Forward Looking Statements
Any statements contained in this press release which do not
describe historical facts may constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding management’s expectations
for future financial and operational performance and business
outlook; the impact of the COVID-19 pandemic; future funding trends
in certain industries, including life sciences; future economic
conditions; and statements found under the “Use of Non-GAAP
Financial Measures” section of this release. Any forward-looking
statements contained herein are based on current expectations, but
are subject to risks and uncertainties that could cause actual
results to differ materially from those indicated, including, but
not limited to, risks and uncertainties relating to the length and
severity of the COVID-19 pandemic, the impact of the pandemic on
global economic conditions and the length and severity of any
resulting recession, continued volatility in the capital markets,
the integration and assumption of liabilities of businesses we have
acquired or may acquire in the future, fluctuations in foreign
currency exchange rates, our material weaknesses in internal
controls, our ability to successfully implement our restructuring
initiatives and other cost reduction initiatives, changing
technologies, product development and market acceptance of our
products, the cost and pricing of our products, manufacturing,
competition, loss of key personnel, dependence on collaborative
partners, key suppliers and contract manufacturers, capital
spending and government funding policies, changes in governmental
regulations, international trade disputes, the use and protection
of intellectual property rights, litigation, and other risk factors
discussed from time to time in our filings with the Securities and
Exchange Commission, or SEC. These and other factors are identified
and described in more detail in our filings with the SEC,
including, without limitation, our annual report on Form 10-K for
the year ended December 31, 2019, as may be updated by our
quarterly reports on Form 10-Q. We expressly disclaim any intent or
obligation to update these forward-looking statements other than as
required by law.
-tables follow-
Bruker Corporation CONDENSED CONSOLIDATED BALANCE
SHEETS (in millions)
June 30,
December 31,
2020
2019
ASSETS Current assets: Cash and cash
equivalents
$
746.8
$
678.3
Short-term investments
50.0
6.6
Accounts receivable, net
324.5
362.2
Inventories
665.4
577.2
Other current assets
170.5
172.0
Total current assets
1,957.2
1,796.3
Property, plant and equipment, net
335.9
306.1
Operating lease assets
60.0
65.6
Intangibles, net and other long-term assets
590.3
603.5
Total assets
$
2,943.4
$
2,771.5
LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities: Current portion of long-term debt
$
100.7
$
0.5
Accounts payable
119.2
118.4
Customer advances
149.9
137.9
Other current liabilities
379.9
388.8
Total current liabilities
749.7
645.6
Long-term debt
924.2
812.8
Operating lease liabilities
42.4
47.0
Other long-term liabilities
320.5
327.9
Redeemable noncontrolling interest
-
21.1
Total shareholders' equity
906.6
917.1
Total liabilities and shareholders' equity
$
2,943.4
$
2,771.5
Bruker Corporation CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Three Months Ended
Six Months Ended
(in millions, except per share amounts)
June 30,
June 30,
2020
2019
2020
2019
Revenues
$
424.6
$
490.2
$
848.6
$
951.6
Cost of revenues
238.4
259.8
470.1
506.5
Gross profit
186.2
230.4
378.5
445.1
Operating expenses: Selling, general and administrative
102.4
124.5
223.6
244.6
Research and development
44.1
48.5
92.6
94.9
Other charges, net
1.8
3.9
8.0
10.2
Total operating expenses
148.3
176.9
324.2
349.7
Operating income
37.9
53.5
54.3
95.4
Interest and other income (expense), net
(6.6
)
(5.9
)
(9.5
)
(9.4
)
Income before income taxes and noncontrolling interest in
consolidated subsidiaries
31.3
47.6
44.8
86.0
Income tax provision
7.1
10.6
10.0
18.3
Consolidated net income
24.2
37.0
34.8
67.7
Net income attributable to noncontrolling interests in consolidated
subsidiaries
0.1
0.5
0.2
0.4
Net income attributable to Bruker Corporation
$
24.1
$
36.5
$
34.6
$
67.3
Net income per common share attributable to Bruker
Corporation shareholders: Basic
$
0.16
$
0.23
$
0.22
$
0.43
Diluted
$
0.16
$
0.23
$
0.22
$
0.43
Weighted average common shares outstanding: Basic
153.6
156.1
153.9
156.4
Diluted
154.7
157.6
155.1
157.7
Bruker Corporation CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended
Six Months Ended
(in millions)
June 30,
June 30,
2020
2019
2020
2019
Cash flows from operating activities: Consolidated net income
$
24.2
$
37.0
$
34.8
$
67.7
Adjustments to reconcile consolidated net income to cash flows from
operating activities: Depreciation and amortization
19.2
19.4
38.2
38.4
Stock-based compensation expense
3.1
3.0
6.4
6.1
Deferred income taxes
(2.2
)
(0.1
)
(1.1
)
(0.3
)
Other non-cash expenses, net
17.6
1.6
29.3
6.1
Changes in operating assets and liabilities, net of acquisitions
and divestitures: Accounts receivable
4.8
16.6
34.3
10.6
Inventories
(46.1
)
(26.6
)
(107.1
)
(69.8
)
Accounts payable and accrued expenses
(35.2
)
(8.2
)
(16.1
)
2.8
Income taxes payable, net
11.9
(11.3
)
(3.1
)
(19.2
)
Deferred revenue
(1.0
)
(4.7
)
19.6
9.2
Customer advances
5.3
(7.4
)
21.8
(0.9
)
Other changes in operating assets and liabilities, net
10.2
(8.7
)
(10.2
)
(25.9
)
Net cash provided by operating activities
11.8
10.6
46.8
24.8
Cash flows from investing activities: Purchases of
short-term investments
-
(6.4
)
(50.0
)
(6.4
)
Maturity of short-term investments
6.1
-
6.1
-
Cash paid for acquisitions, net of cash acquired
(2.6
)
(55.8
)
(24.6
)
(71.9
)
Purchases of property, plant and equipment
(20.3
)
(18.0
)
(50.8
)
(28.6
)
Proceeds from sales of property, plant and equipment
0.1
0.3
0.1
0.3
Net proceeds from cross-currency swap agreements
1.6
-
3.5
-
Net cash used in investing activities
(15.1
)
(79.9
)
(115.7
)
(106.6
)
Cash flows from financing activities: Repayment of revolving
lines of credit
(96.6
)
(2.6
)
(96.6
)
(28.5
)
Proceeds from revolving lines of credit
100.0
160.0
297.5
200.6
Repayment of 2012 Note Purchase Agreement
-
-
-
(15.0
)
Proceeds (Repayment) of other debt, net
(0.7
)
0.2
0.2
(4.1
)
Payment of deferred financing costs
(0.1
)
-
(0.1
)
-
Proceeds from issuance of common stock, net
1.3
2.7
1.9
5.8
Payment of contingent consideration
(0.9
)
(3.6
)
(1.2
)
(4.6
)
Payment of dividends to common stockholders
(6.1
)
(6.3
)
(12.3
)
(12.6
)
Repurchase of common Stock
(50.0
)
(100.0
)
(50.0
)
(100.0
)
Cash Payments to noncontrolling interest
-
-
(1.2
)
-
Net cash (used in) provided by financing activities
(53.1
)
50.4
138.2
41.6
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
7.9
2.8
(0.8
)
0.4
Net change in cash, cash equivalents and restricted cash
(48.5
)
(16.1
)
68.5
(39.8
)
Cash, cash equivalents and restricted cash at beginning of period
798.9
302.6
681.9
326.3
Cash, cash equivalents and restricted cash at end of period
$
750.4
$
286.5
$
750.4
$
286.5
Bruker Corporation RECONCILIATION OF GAAP
TO NON-GAAP FINANCIAL MEASURES (unaudited)
(in millions, except per share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Reconciliation of Non-GAAP Operating Income, Non-GAAP Profit
Before Tax, Non-GAAP Net Income, and Non-GAAP EPS
GAAP
Operating Income
$
37.9
$
53.5
$
54.3
$
95.4
Non-GAAP Adjustments: Restructuring Costs
1.5
1.4
3.8
5.4
Acquisition-Related Costs
(0.8
)
6.2
(1.9
)
11.1
Purchased Intangible Amortization
9.0
9.9
17.7
20.0
Other Costs
1.4
2.7
7.3
4.1
Total Non-GAAP Adjustments:
$
11.1
$
20.2
$
26.9
$
40.6
Non-GAAP Operating Income
$
49.0
$
73.7
$
81.2
$
136.0
Non-GAAP Operating Margin
11.5
%
15.0
%
9.6
%
14.3
%
Non-GAAP Interest & Other Expense, net
(6.6
)
(5.9
)
(9.5
)
(9.4
)
Non-GAAP Profit Before Tax
42.4
67.8
71.7
126.6
Non-GAAP Income Tax Provision
(9.6
)
(15.8
)
(16.6
)
(30.2
)
Non-GAAP Tax Rate
22.6
%
23.3
%
23.2
%
23.9
%
Minority Interest
(0.1
)
(0.5
)
(0.2
)
(0.4
)
Non-GAAP Net Income Attributable to
Bruker
32.7
51.5
54.9
96.0
Weighted Average Shares Outstanding (Diluted)
154.7
157.6
155.1
157.7
Non-GAAP Earnings Per Share
$
0.21
$
0.33
$
0.35
$
0.61
Reconciliation of GAAP and
Non-GAAP Gross Profit
GAAP Gross Profit
$
186.2
$
230.4
$
378.5
$
445.1
Non-GAAP Adjustments: Restructuring Costs
0.3
0.7
1.1
3.5
Acquisition-Related Costs
-
4.8
-
6.0
Purchased Intangible Amortization
5.2
6.1
10.1
12.9
Other Costs
-
0.8
0.1
0.8
Total Non-GAAP Adjustments:
5.5
12.4
11.3
23.2
Non-GAAP Gross Profit
$
191.7
$
242.8
$
389.8
$
468.3
Non-GAAP Gross Margin
45.1
%
49.5
%
45.9
%
49.2
%
Reconciliation of GAAP and Non-GAAP Selling,
General and Administrative (SG&A) Expenses
GAAP
SG&A Expenses
$
102.4
$
124.5
$
223.6
$
244.6
Non-GAAP Adjustments: Purchased Intangible
Amortization
3.8
3.9
7.6
7.2
Non-GAAP SG&A Expenses
$
98.6
$
120.6
$
216.0
$
237.4
Reconciliation of GAAP and Non-GAAP Tax Rate
GAAP Tax Rate
22.7
%
22.3
%
22.3
%
21.3
%
Non-GAAP Adjustments: Tax Impact of Non-GAAP
Adjustments
-1.1
%
-0.3
%
-0.7
%
-0.3
%
U.S. Tax Reform - Toll Charge
0.0
%
0.0
%
0.0
%
1.9
%
Other Discrete Items
1.0
%
1.3
%
1.6
%
1.0
%
Total Non-GAAP Adjustments:
-0.1
%
1.0
%
0.9
%
2.6
%
Non-GAAP Tax Rate
22.6
%
23.3
%
23.2
%
23.9
%
Reconciliation of GAAP and Non-GAAP Earnings
Per Share (Diluted)
GAAP Earnings Per Share (Diluted)
$
0.16
$
0.23
$
0.22
$
0.43
Non-GAAP Adjustments: Restructuring Costs
0.01
0.01
0.02
0.03
Acquisition-Related Costs
(0.01
)
0.04
(0.01
)
0.07
Purchased Intangible Amortization
0.06
0.06
0.11
0.13
Other Costs
0.01
0.02
0.05
0.03
Income Tax Rate Differential
(0.02
)
(0.03
)
(0.04
)
(0.08
)
Total Non-GAAP Adjustments:
0.05
0.10
0.13
0.18
Non-GAAP Earnings Per Share (Diluted)
$
0.21
$
0.33
$
0.35
$
0.61
Reconciliation of GAAP Operating Cash Flow and
Non-GAAP Free Cash Flow
GAAP Operating Cash Flow
$
11.8
$
10.6
$
46.8
$
24.8
Non-GAAP Adjustments: Purchases of property, plant
and equipment
(20.3
)
(18.0
)
(50.8
)
(28.6
)
Non-GAAP Free Cash Flow
$
(8.5
)
$
(7.4
)
$
(4.0
)
$
(3.8
)
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 June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Revenue by Group: Bruker BioSpin
$
125.1
$
150.9
$
246.0
$
278.7
Bruker CALID
132.7
140.5
273.2
288.7
Bruker Nano
125.5
151.0
245.6
291.8
BEST
44.8
51.9
91.0
99.7
Eliminations
(3.5
)
(4.1
)
(7.2
)
(7.3
)
Total Revenue
$
424.6
$
490.2
$
848.6
$
951.6
Revenue by End Customer Geography: United States
$
102.6
$
126.2
$
212.0
$
243.8
Europe
154.4
166.3
299.3
321.4
Asia Pacific
136.1
153.8
273.3
306.0
Other
31.5
43.9
64.0
80.4
Total Revenue
$
424.6
$
490.2
$
848.6
$
951.6
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Total Bruker GAAP Revenue as of Prior
Comparable Period
$
490.2
$
443.7
$
951.6
$
875.4
Non-GAAP Adjustments: Acquisitions and divestitures
1.7
38.6
6.0
64.5
Organic
(62.2
)
21.2
(98.4
)
44.7
Currency
(5.1
)
(13.3
)
(10.6
)
(33.0
)
Total Non-GAAP Adjustments:
(65.6
)
46.5
(103.0
)
76.2
Non-GAAP Revenue
$
424.6
$
490.2
$
848.6
$
951.6
Revenue Growth
-13.4
%
10.5
%
-10.8
%
8.7
%
Organic Revenue Growth
-12.7
%
4.8
%
-10.3
%
5.1
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Bruker Scientific Instruments (1) GAAP
Revenue as of Prior Comparable Period
$
442.4
$
402.4
$
859.2
$
789.4
Non-GAAP Adjustments: Acquisitions and divestitures
1.7
37.5
5.1
63.5
Organic
(56.2
)
13.7
(90.6
)
34.8
Currency
(4.6
)
(11.2
)
(8.9
)
(28.5
)
Total Non-GAAP Adjustments:
(59.1
)
40.0
(94.4
)
69.8
Non-GAAP Revenue
$
383.3
$
442.4
$
764.8
$
859.2
Revenue Growth
-13.4
%
9.9
%
-11.0
%
8.8
%
Organic Revenue Growth
-12.7
%
3.4
%
-10.5
%
4.4
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
BEST, net of Intercompany Eliminations
GAAP Revenue as of Prior Comparable Period
$
47.8
$
41.3
$
92.4
$
86.0
Non-GAAP Adjustments: Acquisitions and divestitures
-
1.0
1.0
1.0
Organic
(6.0
)
7.5
(7.9
)
9.9
Currency
(0.5
)
(2.0
)
(1.7
)
(4.5
)
Total Non-GAAP Adjustments:
(6.5
)
6.5
(8.6
)
6.4
Non-GAAP Revenue
$
41.3
$
47.8
$
83.8
$
92.4
Revenue Growth
-13.6
%
15.7
%
-9.3
%
7.4
%
Organic Revenue Growth
-12.5
%
18.2
%
-8.5
%
11.6
%
(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/20200803005709/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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