- Q1 2024 revenues of $721.7 million, up 5.3% year-over-year
(yoy); organic revenue up 1.6% yoy, and constant-exchange rate
(CER) revenue up 5.5% yoy
- Q1 2024 GAAP EPS of $0.35; non-GAAP EPS of $0.53
- Updated FY 2024 guidance:
- Revenue $3.29 to $3.35 billion, up $60 million from prior
guidance, implying reported growth of 11% to 13% yoy.
- Organic revenue growth maintained at 5% to 7% yoy
- CER revenue growth of 12% to 14% yoy, including closed
Chemspeed and ELITech acquisitions, up from prior guidance of 8% to
10% yoy
- Non-GAAP EPS of $2.79 to $2.84, up $0.08 from prior
guidance, including ELITech EPS accretion, but excluding still
pending EPS-dilutive NanoString acquisition
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its first quarter ended March 31, 2024.
Bruker’s President and CEO Frank H. Laukien commented: “Bruker’s
first quarter 2024 was well executed by our teams with continued
organic revenue growth, even when compared to a very strong prior
year first quarter. Demand for our innovative and differentiated
products and solutions has remained solid, and we are maintaining
our 5% to 7% organic revenue growth guidance for FY 2024. We are
raising our CER revenue growth guidance for the year by 400 bps to
12% to 14%, now including the closed Chemspeed and ELITech
acquisitions.”
Dr. Laukien continued: “We are pleased to announce in a
simultaneous press release today that we have just closed the
acquisition of the ELITech sample-to-answer molecular diagnostics
business, focused on infectious disease, transplant and esoteric
testing. ELITech adds specialty molecular diagnostics experience,
leadership talent and additional customer access to Bruker’s
diagnostics business. Going forward, we expect ELITech to be
accretive to our consumables revenue percentage and organic revenue
CAGR, as well as to our non-GAAP operating margins and EPS.”
First Quarter 2024 Financial Results
Bruker’s revenues for the first quarter 2024 were $721.7
million, an increase of 5.3% compared to $685.3 million in Q1 2023.
In the first quarter of 2024, revenues increased 1.6% organically
yoy. Growth from acquisitions was 3.8%, while foreign currency
translation had a negative effect of 0.1%.
First quarter 2024 Bruker Scientific Instruments (BSI) segment
revenues of $651.1 million increased 3.9% yoy, with organic revenue
flat. First quarter 2024 Bruker Energy & Supercon Technologies
(BEST) segment revenues of $73.1 million increased 17.5% yoy, with
organic revenue growth, net of intercompany eliminations, of
18.9%.
First quarter 2024 GAAP operating income was $64.8 million,
compared to $122.7 million in Q1 2023. Non-GAAP operating income
was $100.7 million in the first quarter of 2024, compared to $139.4
million in Q1 2023. Bruker’s first quarter 2024 non-GAAP operating
margin was 14.0%, compared to 20.3% in Q1 2023.
First quarter 2024 GAAP diluted earnings per share (EPS) were
$0.35, compared to $0.52 in Q1 2023. First quarter 2024 non-GAAP
diluted EPS were $0.53, compared to $0.64 in Q1 2023.
Fiscal Year 2024 Financial Outlook
Bruker’s FY 2024 updated guidance now includes the expected
benefits of the Chemspeed acquisition closed in Q1 2024, and of the
ELITech acquisition, which closed on April 30, 2024. Our updated FY
2024 guidance does not include the pending, EPS-dilutive NanoString
acquisition, announced by Bruker on April 22, 2024, and expected to
close in Q2-24.
Bruker now expects FY 2024 revenues of $3.29 to $3.35 billion,
up $60 million from our prior guidance of $3.23 to $3.29 billion.
Bruker’s updated FY 2024 revenue guidance implies 11% to 13%
year-over-year reported revenue growth, up from our prior guidance
of 9% to 11%, and including yoy contributions from:
- Organic revenue growth of 5% to 7%, no change from prior
guidance
- Constant exchange rate (CER) revenue growth of 12% to 14%, up
400 bps vs. prior guidance, and reflecting all closed acquisitions,
including Chemspeed and ELITech
- Foreign currency translation headwind of -1%, vs. prior
expectation of a +1% tailwind.
Bruker now expects FY 2024 non-GAAP EPS of $2.79 to $2.84, up 8
cents from our prior guidance of $2.71 to $2.76, and excluding the
estimated impact of the pending dilutive NanoString
acquisition.
Bruker’s updated FY 2024 revenue and non-GAAP EPS guidance is
based on foreign currency exchange rates as of March 31, 2024.
For the Company’s outlook for 2024 organic revenue growth,
M&A revenue growth, constant exchange rate revenue growth, 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 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 2, 2024, at 8:30 am Eastern Standard
Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q1 2024 Earnings Webcast”
hyperlink. A slide presentation will be referenced during the
webcast and 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 (U.S. toll
free) or +1-412-317-6702 (international) and referencing “Bruker’s
First Quarter 2024 Earnings Conference Call”.
Bruker is enabling investors to pre-register for the earnings
conference call so that they can expedite their entry into the call
and avoid the need to wait for a live operator. In order to
pre-register for the call, investors can visit
https://dpregister.com/sreg/10188609/fc6205b657 and enter their
contact information. Investors will then be issued a personalized
phone number and PIN to dial into the live conference call.
Individuals can pre-register any time prior to the start of the
conference call on May 2.
A telephone replay of the conference call will be available by
dialing 1-877-344-7529 (U.S. toll free) or +1-412-317-0088
(international) and entering replay access code: 3497440. The
replay will be available beginning one hour after the end of the
conference call through June 2, 2024.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough discoveries
and develop new applications that improve the quality of human
life. Bruker’s high performance scientific instruments and high
value analytical and diagnostic solutions enable scientists to
explore life and materials at molecular, cellular, and microscopic
levels. In close cooperation with our customers, Bruker is enabling
innovation, improved productivity, and customer success in
life-science molecular and cell biology research, in applied and
pharma applications, in microscopy and nanoanalysis, as well as in
industrial research, semiconductor metrology and cleantech
applications. Bruker offers differentiated, high-value life science
and diagnostics systems and solutions in preclinical imaging,
clinical phenomics research, proteomics and multiomics, spatial and
single-cell biology, functional structural and condensate biology,
as well as in clinical microbiology and molecular diagnostics. For
more information, please visit: www.bruker.com.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (GAAP), we use the following non-GAAP
financial measures: non-GAAP gross profit; non-GAAP gross profit
margin; non-GAAP operating income; non-GAAP operating profit;
non-GAAP operating margin; non-GAAP SG&A expense; non-GAAP
interest and other income (expense), net, non-GAAP profit before
tax; non-GAAP tax rate; non-GAAP net income and non-GAAP diluted
earnings per share. These non-GAAP measures exclude costs related
to restructuring actions, acquisition and related integration
expenses, amortization of acquired intangible assets and other
non-operational costs.
We also may refer to organic revenue growth or decline, free
cash flow or use, return on invested capital, non-GAAP earnings
before interest taxes depreciation and amortization (EBITDA),
M&A revenue, and constant-exchange rate (CER) currency revenue
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 the term M&A revenue as GAAP
revenue from M&A activities excluding the effect of changes in
foreign currency translation rates, and believe it is a useful
measure to evaluate the effect of acquisitions on our operations.
We define the term CER currency revenue as GAAP revenue excluding
the effect of changes in foreign currency translation rates. 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. We define non-GAAP EBITDA as non-GAAP net income adjusting
out the effects of interest expense, net, non-GAAP income tax
expense and GAAP depreciation and amortization, with purchased
intangible amortization already adjusted out of non-GAAP net
income. We believe non-GAAP EBITDA is an important means of
comparing profitability of comparable companies.
The presentation of these non-GAAP financial measures is not
intended to be a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP and may
be different from non-GAAP financial measures used by other
companies, and therefore, may not be comparable among companies. We
believe these non-GAAP financial measures provide meaningful
supplemental information regarding our performance, however, we
urge investors to review the reconciliation of these financial
measures to the comparable GAAP financial measures included in the
accompanying tables, and not to rely on any single financial
measure to evaluate our business. Specifically, management believes
that the non-GAAP measures mentioned above provide relevant and
useful information which is widely used by analysts, investors and
competitors in our industry, as well as by our management, in
assessing both consolidated and business unit performance.
We use these non-GAAP financial measures to evaluate our
period-over-period operating performance because our management
believes this provides a more comparable measure of our continuing
business by adjusting for certain items that are not reflective of
the underlying performance of our business. These measures may also
be useful to investors in evaluating the underlying operating
performance of our business and forecasting future results. We
regularly use these non-GAAP financial measures internally to
understand, manage, and evaluate our business results and make
operating decisions. We also measure our employees and compensate
them, in part, based on certain non-GAAP measures and use this
information for our planning and forecasting activities.
Additional information relating to the non-GAAP financial
measures used in this press release and reconciliations to the most
directly comparable GAAP financial measures are provided in the
tables accompanying this press release following our GAAP financial
statements.
With respect to our outlook for 2024 non-GAAP organic revenue,
non-GAAP M&A revenue, non-GAAP constant exchange rate (CER)
revenue, 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 organic
revenue, operating margin, tax rate and EPS ranges exclude
primarily the future impact of restructuring actions, unusual gains
and losses, acquisition-related expenses and purchase accounting
fair value adjustments. These reconciling items are uncertain,
depend on various factors outside our management’s control and
could significantly impact, either individually or in the
aggregate, our future period operating margins, EPS and tax rate
calculated and presented in accordance with GAAP.
Forward-Looking Statements
Any statements contained in this press release which do not
describe historical facts may constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding our fiscal year 2024
financial outlook, our outlook for reported revenue growth, organic
revenue growth, M&A revenue growth contributions, CER currency
revenue growth, foreign currency translation revenue impact,
non-GAAP operating margin, non-GAAP EPS and non-GAAP tax rate;
management’s expectations for the impact of foreign currency and
acquisitions, expectations regarding the pending NanoString
acquisition and the impact of other acquisitions; and for future
financial and operational performance and business outlook; 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, the length and severity of any
recession and the impact on global economic conditions, the impact
of supply chain challenges, including inflationary pressures, the
impact of geopolitical tensions and any sanctions, including any
reduction in natural gas exports from Russia resulting from its
ongoing conflict with Ukraine and resulting market disruptions,
such as higher prices for and reduced availability of key metals
used in our products, the conflict in Israel, Palestine and
surrounding areas and the possible expansion of such conflicts and
potential geopolitical consequences, the ongoing tensions between
the United States and China, tariff and trade policy changes, and
the increasing potential of conflict involving countries in Asia
that are critical to our supply chain operations, such as Taiwan
and China, continued volatility in the capital markets, the impact
of increased interest rates, the integration and assumption of
liabilities of businesses we have acquired or may acquire in the
future, including our recent acquisitions of PhenomeX, ELITech and
Chemspeed, the possibility that the pending acquisition of
NanoString will not be completed in the expected timeframe or at
all, our restructuring and cost-control initiatives, changing
technologies, product development and market acceptance of our
products, the cost and pricing of our products, manufacturing and
outsourcing, competition, dependence on collaborative partners, key
suppliers and third party distributors, capital spending and
government funding policies, changes in governmental regulations,
intellectual property rights, litigation, exposure to foreign
currency fluctuations, the impact of foreign currency exchange
rates, our ability to service our debt obligations and fund our
anticipated cash needs, the effect of a concentrated ownership of
our common stock, loss of key personnel, payment of future
dividends 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, 2023, 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.
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions)
March 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
340.1
$
488.3
Accounts receivable, net
475.4
492.0
Inventories
1,060.5
968.3
Other current assets
264.4
215.6
Total current assets
2,140.4
2,164.2
Property, plant and equipment, net
586.1
599.7
Goodwill, intangibles, net and other
long-term assets
1,779.9
1,486.0
Total assets
$
4,506.4
$
4,249.9
LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
21.2
$
121.2
Accounts payable
199.1
202.7
Deferred revenue and customer advances
485.2
400.0
Other current liabilities
477.0
478.2
Total current liabilities
1,182.5
1,202.1
Long-term debt
1,357.3
1,160.3
Other long-term liabilities
515.8
474.2
Redeemable noncontrolling interests
17.9
18.7
Total shareholders' equity
1,432.9
1,394.6
Total liabilities, redeemable
noncontrolling interests and shareholders' equity
$
4,506.4
$
4,249.9
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
(in millions, except per share
data)
Three Months Ended March
31,
2024
2023
Revenue
$
721.7
$
685.3
Cost of revenue
368.9
325.6
Gross profit
352.8
359.7
Operating expenses:
Selling, general and administrative
195.4
162.7
Research and development
81.7
69.0
Other charges, net
10.9
5.3
Total operating expenses
288.0
237.0
Operating income
64.8
122.7
Interest and other income (expense),
net
6.8
(16.1
)
Income before income taxes, equity in
income of unconsolidated investees, net of tax, and noncontrolling
interests in consolidated subsidiaries
71.6
106.6
Income tax provision
19.8
29.9
Equity in income of unconsolidated
investees, net of tax
0.2
0.7
Consolidated net income
52.0
77.4
Net income attributable to noncontrolling
interests in consolidated subsidiaries
1.1
0.9
Net income attributable to Bruker
Corporation
$
50.9
$
76.5
Net income per common share attributable
to Bruker Corporation shareholders:
Basic
$
0.35
$
0.52
Diluted
$
0.35
$
0.52
Weighted average common shares
outstanding:
Basic
145.2
146.8
Diluted
145.9
147.6
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
(in millions)
Three Months Ended March
31,
2024
2023
Cash flows from operating activities:
Consolidated net income
$
52.0
$
77.4
Adjustments to reconcile consolidated net
income to cash flows from operating activities:
Depreciation and amortization
34.7
25.1
Stock-based compensation expense
5.3
6.5
Deferred income taxes
(2.1
)
1.2
Impairment of strategic investments and
other long-lived assets
1.4
6.9
Gain on sale of property, plant and
equipment
—
(9.8
)
Other non-cash expenses, net
(6.1
)
5.0
Changes in operating assets and
liabilities, net of acquisitions and divestitures:
Accounts receivable
15.6
8.3
Inventories
(64.8
)
(55.0
)
Accounts payable and accrued expenses
(3.7
)
13.1
Income taxes payable, net
(11.9
)
(5.8
)
Deferred revenue and customer advances
31.7
34.8
Other changes in operating assets and
liabilities, net
(30.3
)
(20.2
)
Net cash provided by operating
activities
21.8
87.5
Cash flows from investing activities:
Purchases of property, plant and
equipment
(21.4
)
(25.0
)
Cash paid for strategic investments
(10.0
)
(8.2
)
Cash paid for acquisitions, net of cash
acquired
(274.5
)
(88.1
)
Proceeds from sales of property, plant and
equipment
0.5
10.7
Net proceeds from cross-currency swap
agreements
1.2
2.4
Net cash used in investing activities
(304.2
)
(108.2
)
Cash flows from financing activities:
Repayments of revolving lines of
credit
(0.5
)
—
Proceeds from revolving lines of
credit
268.9
—
Proceeds (repayment) of other debt,
net
(3.4
)
(2.1
)
Repayment of 2012 Note Purchase
Agreement
(100.0
)
—
Repayment of 2019 Term Loan Agreement
(3.8
)
(3.8
)
Proceeds from issuance of common stock,
net
3.4
0.7
Payment of Deferred Financing Costs
(4.7
)
—
Payment of contingent consideration
—
(1.0
)
Payment of dividends to common
shareholders
(7.3
)
(7.4
)
Repurchase of common stock
—
(22.4
)
Proceeds from (payment for) the sale
(purchase) of noncontrolling interests
(0.9
)
5.3
Net cash used in financing activities
151.7
(30.7
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(17.6
)
4.1
Net change in cash, cash equivalents and
restricted cash
(148.3
)
(47.3
)
Cash, cash equivalents and restricted cash
at beginning of period
491.6
648.7
Cash, cash equivalents and restricted cash
at end of period
$
343.3
$
601.4
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
(unaudited and in millions, except per
share data)
Reconciliation of Non-GAAP Operating
Income, Non-GAAP Profit Before Tax, Non-GAAP Net Income and
Non-GAAP Earnings Per Share
Three Months Ended March
31,
2024
2023
GAAP operating income
$
64.8
$
122.7
Non-GAAP adjustments:
Restructuring costs
7.2
0.5
Acquisition-related costs
7.1
3.0
Purchased intangible amortization
16.2
10.7
Other costs
5.4
2.5
Total Non-GAAP adjustments:
35.9
16.7
Non-GAAP operating income
$
100.7
$
139.4
Non-GAAP operating margin
14.0
%
20.3
%
Non-GAAP interest & other expense,
net
6.8
(6.5
)
Non-GAAP profit before tax
107.5
132.9
Non-GAAP income tax provision
(28.7
)
(36.9
)
Non-GAAP tax rate
26.7
%
27.8
%
Minority interest
(1.1
)
(0.9
)
Non-GAAP net income attributable to
Bruker
77.7
95.1
Weighted average shares outstanding
(diluted)
145.9
147.6
Non-GAAP earnings per share
$
0.53
$
0.64
Reconciliation of GAAP Gross Profit to
Non-GAAP Gross Profit
Three Months Ended March
31,
2024
2023
GAAP gross profit
$
352.8
$
359.7
Non-GAAP adjustments:
Restructuring costs
3.7
0.2
Acquisition-related costs
3.0
0.1
Purchased intangible amortization
7.8
5.4
Other costs
2.1
0.5
Total Non-GAAP adjustments:
16.6
6.2
Non-GAAP gross profit
$
369.4
$
365.9
Non-GAAP gross margin
51.2
%
53.4
%
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued
(unaudited and in millions, except per
share data)
Reconciliation of GAAP Selling, General
and Administrative (SG&A) Expenses to Non-GAAP SG&A
Expenses
Three Months Ended March
31,
2024
2023
GAAP SG&A expenses
$
195.4
$
162.7
Non-GAAP adjustments:
Purchased intangible amortization
(8.3
)
(5.3
)
Non-GAAP SG&A expenses
$
187.1
$
157.4
Reconciliation of GAAP Interest and
Other Income (Expense), net to Non-GAAP Interest and Other Income
(Expense), net
Three Months Ended March
31,
2024
2023
GAAP interest and other income
(expense), net
$
6.8
$
(16.1
)
Non-GAAP adjustments:
Investments related adjustments
—
9.6
Non-GAAP interest and other income
(expense), net
$
6.8
$
(6.5
)
Reconciliation of GAAP Tax Rate to
Non-GAAP Tax Rate
Three Months Ended March
31,
2024
2023
GAAP tax rate
27.7
%
28.0
%
Non-GAAP adjustments:
Tax impact of non-GAAP adjustments
-0.6
%
0.1
%
Other discrete items
-0.4
%
-0.3
%
Total non-GAAP adjustments:
-1.0
%
-0.2
%
Non-GAAP tax rate
26.7
%
27.8
%
Reconciliation of GAAP Earnings Per
Share to Non-GAAP Earnings Per Share (Diluted)
Three Months Ended March
31,
2024
2023
GAAP earnings per share
(diluted)
$
0.35
$
0.52
Non-GAAP adjustments:
Restructuring Costs
0.05
—
Acquisition-related costs
0.05
0.02
Purchased intangible amortization
0.11
0.07
Other costs
0.04
0.01
Interest and other income (expense),
net
—
0.07
Income tax rate differential
(0.07
)
(0.05
)
Total non-GAAP adjustments:
0.18
0.12
Non-GAAP earnings per share
(diluted)
$
0.53
$
0.64
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued
(unaudited and in millions, except per
share data)
Reconciliation of GAAP Operating Cash
Flow to Non-GAAP Free Cash Flow
Three Months Ended March
31,
2024
2023
GAAP operating cash flow
$
21.8
$
87.5
Non-GAAP adjustments:
Purchases of property, plant and
equipment
(21.4
)
(25.0
)
Non-GAAP free cash flow
$
0.4
$
62.5
Reconciliation of Non-GAAP Return on
Invested Capital (ROIC)
Trailing Twelve Months Ended
March 31, 2024
Trailing Twelve Months Ended
March 31, 2023
Non-GAAP operating income
$
507.6
$
529.2
Less: non-GAAP income tax provision
(134.3
)
(134.8
)
Non-GAAP operating income after
tax
$
373.3
$
394.4
Average total invested capital
Average long-term debt
$
1,234.6
$
1,159.0
Average current portion of long-term
debt
70.7
65.6
Average total shareholders' equity
1,330.8
1,124.5
Less: average cash and cash
equivalents
(469.0
)
(707.0
)
Average total invested capital
$
2,167.1
$
1,642.0
Return on invested capital
(ROIC)
17.2
%
24.0
%
Reconciliation of Non-GAAP
EBITDA
Three Months Ended March
31,
2024
2023
Non-GAAP net income attributable to
Bruker
$
77.7
$
95.1
Non-GAAP adjustments:
Interest Expense, net1
2.4
2.8
Non-GAAP Income Tax Provision (from
above)
28.7
36.9
GAAP Depreciation Expense
18.5
14.3
Amortization Expense2
—
(0.1
)
Total Non-GAAP adjustments:
49.6
53.9
Non-GAAP EBITDA
$
127.3
$
149.0
Non-GAAP EBITDA Margin
17.6
%
21.7
%
1 GAAP Interest Expense, net
2 GAAP Amortization Expense - with
purchased intangible amortization already adjusted out of non-GAAP
net income
Bruker Corporation
REVENUE
(unaudited and in millions)
Three Months Ended March
31,
2024
2023
Revenue by group:
Bruker BioSpin
$
182.8
$
180.3
Bruker CALID
227.9
236.7
Bruker Nano
240.4
209.6
BEST
73.1
62.2
Eliminations
(2.5
)
(3.5
)
Total revenue
$
721.7
$
685.3
Three Months Ended March
31,
2024
2023
Revenue by end customer
geography:
United States
$
194.8
$
175.1
Europe
244.8
222.4
Asia Pacific
222.7
240.2
Other
59.4
47.6
Total revenue
$
721.7
$
685.3
Reconciliation of GAAP Reported Revenue
Growth to Organic Revenue Growth
Three Months Ended March
31,
2024
2023
Total Bruker
GAAP revenue as of prior comparable
period
$
685.3
$
595.0
Non-GAAP adjustments:
Acquisitions and divestitures
26.3
12.7
Organic
11.1
104.7
Currency
(1.0
)
(27.1
)
Total Non-GAAP adjustments:
36.4
90.3
GAAP revenue
$
721.7
$
685.3
Revenue growth
5.3
%
15.2
%
Organic revenue growth
1.6
%
17.6
%
Bruker Corporation
REVENUE - Continued
(unaudited and in millions)
Reconciliation of GAAP Reported Revenue
Growth to Organic Revenue Growth - Continued
Three Months Ended March
31,
2024
2023
Bruker Scientific Instruments
(1)
GAAP revenue as of prior comparable
period
$
626.6
$
539.5
Non-GAAP adjustments:
Acquisitions and divestitures
26.3
12.7
Organic
—
99.3
Currency
(1.8
)
(24.9
)
Total non-GAAP adjustments:
24.5
87.1
GAAP revenue
$
651.1
$
626.6
Revenue growth
3.9
%
16.1
%
Organic revenue growth
0.0
%
18.4
%
(1) Bruker Scientific Instruments (BSI)
revenue reflects the sum of the BSI BioSpin, CALID and Nano
Segments as presented in our 2023 10K.
Three Months Ended March
31,
2024
2023
BEST, net of Intercompany
Eliminations
GAAP revenue as of prior comparable
period
$
58.7
$
55.5
Non-GAAP adjustments:
Organic
11.1
5.4
Currency
0.8
(2.2
)
Total non-GAAP adjustments:
11.9
3.2
GAAP revenue
$
70.6
$
58.7
Revenue growth
20.3
%
5.8
%
Organic revenue growth
18.9
%
9.7
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502198584/en/
Justin Ward Sr. Director, Investor Relations & Corporate
Development Bruker Corporation T: +1 (978) 313-5800 E:
Investor.Relations@bruker.com
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