- Q2 2023 revenues of $681.9 million, up 15.9% year-over-year
(yoy); organic revenue up 13.5% yoy
- Q2 2023 GAAP EPS $0.39; non-GAAP EPS $0.50, up 11.1%
yoy
- Bruker increases FY 2023 revenue guidance to $2.85-$2.90
billion; implies revenue growth of 12.5%-14.5%, and organic revenue
growth at 9.5%-11.5%
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its second quarter and for the six months ended June
30, 2023.
Second Quarter 2023 Financial Results
Bruker’s revenues for the second quarter of 2023 were $681.9
million, an increase of 15.9% compared to $588.4 million in the
second quarter of 2022. In the second quarter of 2023, revenues
increased 13.5% organically year-over-year. Growth from
acquisitions was 1.9%, while foreign currency translation had a
positive effect of 0.5%.
Second quarter 2023 Bruker Scientific Instruments (BSI) revenues
of $614.3 million increased 15.4% year-over-year, with organic
revenue growth of 13.0%. Second quarter 2023 Bruker Energy &
Supercon Technologies (BEST) revenues of $72.7 million increased
22.8% year-over-year, with organic revenue growth, net of
intercompany eliminations, of 18.4%.
Second quarter 2023 GAAP operating income was $86.2 million, an
increase of 16.6% compared to $73.9 million in the second quarter
of 2022, representing GAAP operating margins of 12.6%, in both
periods. Non-GAAP operating income was $104.1 million in the second
quarter of 2023, an increase of 6.6% compared to $97.7 million in
the second quarter of 2022. Bruker’s second quarter 2023 non-GAAP
operating margin was 15.3%, down 130 basis points from 16.6% in the
second quarter of 2022.
Second quarter 2023 GAAP diluted earnings per share (EPS) were
$0.39, compared to $0.33 in the second quarter of 2022. Second
quarter 2023 non-GAAP diluted EPS were $0.50, an increase of 11.1%
compared to $0.45 in the second quarter of 2022.
First Half of 2023 Financial Results
For the first half of 2023, Bruker’s revenues were $1.367
billion, an increase of 15.5% from $1.183 billion in the first half
of 2022. In the first half of 2023, revenues increased 15.6%
organically year-over-year. Growth from acquisitions was 2.0%,
while foreign currency translation had a negative effect of
2.1%.
In the first half of 2023, BSI revenues of $1.241 billion
increased 15.8% compared to $1.072 billion in the first half of
2022, including organic growth of 15.7%. First half 2023 BEST
revenues of $134.9 million increased 13.5% compared to $118.9
million in the first half of 2022. Organic growth for BEST, net of
intercompany eliminations, was 14.1%.
In the first half of 2023, GAAP operating income was $208.9
million, compared to $170.4 million in the first half of 2022,
representing GAAP operating margins of 15.3% and 14.4%,
respectively. Non-GAAP operating income in the first half of 2023
was $243.5 million, up 14.1% compared to $213.5 million in the
first half of 2022. Bruker’s non-GAAP operating margin in first
half 2023 was 17.8%, a decrease of 20 bps compared to 18.0% in the
first half of 2022.
First half 2023 GAAP diluted EPS was $0.91, compared to $0.74 in
the first half of 2022. First half 2023 non-GAAP diluted EPS was
$1.15, up 22.3% compared to $0.94 in the first half of 2022.
Return on invested capital (ROIC), a non-GAAP measure, was 23.7%
for the trailing twelve months ended June 30, 2023, compared to
25.9% for the trailing twelve months ended June 30, 2022.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Frank H. Laukien, Bruker’s President and CEO, commented: “Bruker
had a strong first half of the year, with organic revenue growth of
15.6% and non-GAAP EPS growth of 22.3% year-over-year. Our strong
momentum supports the planned investments in our transformational
Project Accelerate 2.0 initiatives, particularly in proteomics and
spatial biology. In addition, we are investing in our recent
acquisitions in proteomics consumables and proteomics drug
discovery services, as well as in neuroscience research tools,
applied market solutions and scientific software. Given our good
first half results, solid bookings and backlog, we expect
mid-to-high single digit organic revenue growth in the second half
of 2023, and we are raising our organic revenue growth guidance for
FY 2023 again.”
Raising our Fiscal Year 2023 Revenue Outlook by 50
bps
For FY 2023, Bruker is increasing its revenue guidance to a
range of $2.85-$2.90 billion, up from prior outlook of $2.83-$2.88
billion. Bruker’s raised revenue guidance implies 12.5%-14.5%
year-over-year reported revenue growth, including year-over-year
contributions from:
- organic revenue growth of 9.5%-11.5%, up 50 basis points (bps)
from prior outlook of 9.0%-11.0%
- M&A revenue growth contributions of ~2%, no change from
prior guidance
- foreign currency translation revenue growth tailwind of ~1.0%,
no change from prior guidance.
Bruker continues to expect FY 2023 non-GAAP EPS of $2.55-$2.60,
or 9.0%-11.0% year-over-year non-GAAP EPS growth, with no change
from prior guidance.
Bruker’s revenue and non-GAAP EPS guidance are based on foreign
exchange rates as of June 30, 2023.
For the Company’s outlook for FY 2023 organic 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, August 3, 2023, at 8:30 a.m. Eastern
Daylight Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q2 2023 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 (US toll
free) or +1-412-317-6702 (international) and referencing “Bruker’s
Second Quarter 2023 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
replay access code: 4163720. The replay will be available beginning
one hour after the end of the conference call through September 3,
2023.
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 and non-GAAP earnings
before interest taxes depreciation and amortization (EBITDA) 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.
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 2023 non-GAAP organic 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 2023
financial outlook, our outlook for reported revenue growth, organic
revenue growth, M&A revenue growth contributions, constant
currency revenue growth, foreign currency translation revenue
growth, non-GAAP operating margin, non-GAAP EPS and non-GAAP tax
rate; management’s expectations for the impact of foreign currency
and acquisitions, and for future financial and operational
performance and business outlook; future economic conditions; the
duration and impact of supply chain and geopolitical challenges;
strategic investments; 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
COVID-19, 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, 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, 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, 2022, 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)
June 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
574.8
$
645.5
Accounts receivable, net
450.8
472.7
Inventories
914.6
800.1
Other current assets
243.1
194.9
Total current assets
2,183.3
2,113.2
Property, plant and equipment, net
522.7
487.0
Goodwill, intangibles, net and other
long-term assets
1,151.0
1,011.6
Total assets
$
3,857.0
$
3,611.8
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
120.9
$
18.7
Accounts payable
188.8
178.4
Deferred revenue and customer advances
397.4
370.2
Other current liabilities
343.8
347.0
Total current liabilities
1,050.9
914.3
Long-term debt
1,122.5
1,200.5
Other long-term liabilities
421.0
365.2
Redeemable noncontrolling interests
11.9
6.1
Total shareholders' equity
1,250.7
1,125.7
Total liabilities, redeemable
noncontrolling interests and shareholders' equity
$
3,857.0
$
3,611.8
Bruker Corporation CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in
millions, except per share data)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue
$
681.9
$
588.4
$
1,367.2
$
1,183.4
Cost of revenue
341.4
290.2
667.0
578.9
Gross profit
340.5
298.2
700.2
604.5
Operating expenses:
Selling, general and administrative
177.9
152.2
340.6
297.9
Research and development
71.0
59.6
140.0
116.2
Other charges, net
5.4
12.5
10.7
20.0
Total operating expenses
254.3
224.3
491.3
434.1
Operating income
86.2
73.9
208.9
170.4
Interest and other income (expense),
net
(8.7
)
(4.3
)
(24.8
)
(6.8
)
Income before income taxes, equity in
income of unconsolidated investee, net of tax, and noncontrolling
interests in consolidated subsidiaries
77.5
69.6
184.1
163.6
Income tax provision
19.9
19.9
49.8
51.8
Equity in income of unconsolidated
investee, net of tax
0.2
—
0.9
—
Consolidated net income
57.8
49.7
135.2
111.8
Net income attributable to noncontrolling
interests in consolidated subsidiaries
0.7
0.2
1.6
0.7
Net income attributable to Bruker
Corporation
$
57.1
$
49.5
$
133.6
$
111.1
Net income per common share attributable
to Bruker Corporation shareholders:
Basic
$
0.39
$
0.33
$
0.91
$
0.74
Diluted
$
0.39
$
0.33
$
0.91
$
0.74
Weighted average common shares
outstanding:
Basic
146.8
149.0
146.8
149.7
Diluted
147.7
149.8
147.6
150.6
Bruker Corporation CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in
millions)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Cash flows from operating activities:
Consolidated net income
$
57.8
$
49.7
$
135.2
$
111.8
Adjustments to reconcile consolidated net
income to cash flows from operating activities:
Depreciation and amortization
25.9
21.6
51.0
43.3
Stock-based compensation expense
5.6
9.7
12.1
17.7
Deferred income taxes
8.2
(4.2
)
9.4
(8.2
)
Impairment of minority investments and
other long-lived assets
11.4
(0.1
)
18.3
1.9
Gain on disposal of minority
investment
(6.8
)
—
(6.8
)
—
Gain on sale of property, plant and
equipment
0.2
(0.5
)
(9.6
)
(11.2
)
Other non-cash expenses, net
11.0
10.7
16.0
13.2
Changes in operating assets and
liabilities, net of acquisitions and divestitures:
Accounts receivable
22.2
(2.0
)
30.5
(4.4
)
Inventories
(59.4
)
(55.6
)
(114.4
)
(104.6
)
Accounts payable and accrued expenses
(16.5
)
(17.2
)
(3.4
)
(17.3
)
Income taxes payable, net
(12.0
)
(17.1
)
(17.8
)
(16.5
)
Deferred revenue and customer advances
(13.7
)
(24.1
)
21.1
21.2
Other changes in operating assets and
liabilities, net
(20.9
)
(15.3
)
(41.1
)
(13.5
)
Net cash provided by (used in) operating
activities
13.0
(44.4
)
100.5
33.4
Cash flows from investing activities:
Purchases of property, plant and
equipment
(23.5
)
(17.9
)
(48.5
)
(36.9
)
Maturity of short-term investments
—
100.0
—
100.0
Proceeds from disposal of minority
investment
11.8
—
11.8
—
Cash paid for strategic investments
(1.1
)
(26.1
)
(9.3
)
(38.1
)
Cash paid for acquisitions, net of cash
acquired
(14.6
)
(1.6
)
(102.7
)
(85.4
)
Proceeds from sales of property, plant and
equipment
—
1.1
10.7
13.8
Net proceeds from cross-currency swap
agreements
1.4
1.6
3.8
1.9
Net cash (used in) provided by investing
activities
(26.0
)
57.1
(134.2
)
(44.7
)
Cash flows from financing activities:
Proceeds from long-term debt
2.8
0.1
2.8
0.1
Repayment of other debt, net
(2.4
)
(0.6
)
(4.5
)
(1.0
)
Repayment of 2012 Note Purchase
Agreement
—
—
—
(105.0
)
Repayment of 2019 Note Purchase
Agreement
(3.7
)
(0.7
)
(7.5
)
(1.5
)
Proceeds from issuance of common stock,
net
2.1
0.2
2.8
3.3
Payment of contingent consideration
(1.5
)
(3.6
)
(2.5
)
(4.8
)
Payment of dividends to common
shareholders
(7.3
)
(7.5
)
(14.7
)
(15.0
)
Repurchase of common stock
—
(60.3
)
(22.4
)
(165.9
)
Proceeds (payment) from the sale of
noncontrolling interests
(0.3
)
(7.4
)
5.0
(7.4
)
Net cash used in financing activities
(10.3
)
(79.8
)
(41.0
)
(297.2
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
0.1
(26.2
)
4.2
(36.9
)
Net change in cash, cash equivalents and
restricted cash
(23.2
)
(93.3
)
(70.5
)
(345.4
)
Cash, cash equivalents and restricted cash
at beginning of period
601.4
819.6
648.7
1,071.7
Cash, cash equivalents and restricted cash
at end of period
$
578.2
$
726.3
$
578.2
$
726.3
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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP operating income
$
86.2
$
73.9
$
208.9
$
170.4
Non-GAAP adjustments:
Restructuring costs
0.4
3.8
0.9
4.2
Acquisition-related costs
3.3
8.3
6.3
13.6
Purchased intangible amortization
11.2
9.3
21.9
18.6
Other costs
3.0
2.4
5.5
6.7
Total Non-GAAP adjustments:
17.9
23.8
34.6
43.1
Non-GAAP operating income
$
104.1
$
97.7
$
243.5
$
213.5
Non-GAAP operating margin
15.3
%
16.6
%
17.8
%
18.0
%
Non-GAAP interest & other expense,
net
(4.2
)
(4.3
)
(10.7
)
(8.5
)
Non-GAAP profit before tax
99.9
93.4
232.8
205.0
Non-GAAP income tax provision
(25.2
)
(26.3
)
(62.1
)
(62.8
)
Non-GAAP tax rate
25.2
%
28.2
%
26.7
%
30.6
%
Minority interest
(0.7
)
(0.2
)
(1.6
)
(0.7
)
Non-GAAP net income attributable to
Bruker
74.0
66.9
169.1
141.5
Weighted average shares outstanding
(diluted)
147.7
149.8
147.6
150.6
Non-GAAP earnings per share
$
0.50
$
0.45
$
1.15
$
0.94
Reconciliation of GAAP Gross Profit to Non-GAAP Gross
Profit
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP gross profit
$
340.5
$
298.2
$
700.2
$
604.5
Non-GAAP adjustments:
Restructuring costs
0.1
1.3
0.3
1.4
Acquisition-related costs
0.4
—
0.5
0.2
Purchased intangible amortization
5.6
4.5
11.0
9.0
Other costs
0.7
0.7
1.2
2.9
Total Non-GAAP adjustments:
6.8
6.5
13.0
13.5
Non-GAAP gross profit
$
347.3
$
304.7
$
713.2
$
618.0
Non-GAAP gross margin
50.9
%
51.8
%
52.2
%
52.2
%
Reconciliation of GAAP Selling, General and Administrative
(SG&A) Expenses to Non-GAAP SG&A Expenses
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP SG&A expenses
$
177.9
$
152.2
$
340.6
$
297.9
Non-GAAP adjustments:
Purchased intangible amortization
(5.7
)
(4.8
)
(10.9
)
(9.6
)
Non-GAAP SG&A expenses
$
172.2
$
147.4
$
329.7
$
288.3
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES -
Continued (unaudited and in millions, except per share
data) Reconciliation of GAAP Interest and Other Income
(Expense), net to Non-GAAP Interest and Other Income (Expense),
net
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP interest and other income
(expense), net
$
(8.7
)
$
(4.3
)
$
(24.8
)
$
(6.8
)
Non-GAAP adjustments:
Investments related adjustments
4.5
—
14.1
(1.7
)
Non-GAAP interest and other income
(expense), net
$
(4.2
)
$
(4.3
)
$
(10.7
)
$
(8.5
)
Reconciliation of GAAP Tax Rate to Non-GAAP Tax Rate
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP tax rate
25.7
%
28.6
%
27.1
%
31.7
%
Non-GAAP adjustments:
Tax impact of non-GAAP adjustments
-0.5
%
-0.4
%
-0.2
%
-0.4
%
Other discrete items
0.0
%
0.0
%
-0.2
%
-0.7
%
Total non-GAAP adjustments:
-0.5
%
-0.4
%
-0.4
%
-1.1
%
Non-GAAP tax rate
25.2
%
28.2
%
26.7
%
30.6
%
Reconciliation of GAAP Earnings Per Share to Non-GAAP
Earnings Per Share (Diluted)
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP earnings per share
(diluted)
$
0.39
$
0.33
$
0.91
$
0.74
Non-GAAP adjustments:
Restructuring Costs
—
0.03
0.01
0.03
Acquisition-related costs
0.02
0.05
0.04
0.09
Purchased intangible amortization
0.08
0.06
0.15
0.12
Other costs
0.02
0.02
0.04
0.03
Interest and other income (expense),
net
0.03
—
0.09
—
Income tax rate differential
(0.04
)
(0.04
)
(0.09
)
(0.07
)
Total non-GAAP adjustments:
0.11
0.12
0.24
0.20
Non-GAAP earnings per share
(diluted)
$
0.50
$
0.45
$
1.15
$
0.94
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free
Cash Flow
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP operating cash flow
$
13.0
$
(44.4
)
$
100.5
$
33.4
Non-GAAP adjustments:
Purchases of property, plant and
equipment
(23.5
)
(17.9
)
(48.5
)
(36.9
)
Non-GAAP free cash flow
$
(10.5
)
$
(62.3
)
$
52.0
$
(3.5
)
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES -
Continued (unaudited and in millions, except per share
data)
Reconciliation of Non-GAAP Return on
Invested Capital (ROIC)
Trailing Twelve Months Ended
June 30, 2023
Trailing Twelve Months Ended
June 30, 2022
Non-GAAP operating income
$
535.6
$
482.7
Less: non-GAAP income tax provision
(133.7
)
(133.4
)
Non-GAAP operating income after
tax
$
401.9
$
349.3
Average total invested capital
Average long-term debt
$
1,148.4
$
948.1
Average current portion of long-term
debt
67.5
61.1
Average total shareholders' equity
1,126.7
1,003.2
Less: average cash and cash
equivalents
(648.9
)
(665.6
)
Average total invested capital
$
1,693.7
$
1,346.8
Return on invested capital
(ROIC)
23.7
%
25.9
%
Reconciliation of Non-GAAP EBITDA
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Non-GAAP net income attributable to
Bruker
$
74.0
$
66.9
$
169.1
$
141.5
Non-GAAP adjustments:
Interest Expense, net1
2.0
3.4
4.8
7.3
Non-GAAP Income Tax Provision (from
above)
25.2
26.3
62.1
62.8
GAAP Depreciation Expense
14.7
12.3
29.1
24.7
Amortization Expense2
(0.2
)
0.7
(0.3
)
0.5
Total Non-GAAP adjustments:
41.7
42.7
95.7
95.3
Non-GAAP EBITDA
$
115.7
$
109.6
$
264.8
$
236.8
Non-GAAP EBITDA Margin
17.0
%
18.6
%
19.4
%
20.0
%
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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue by group:
Bruker BioSpin
$
162.0
$
159.8
$
342.3
$
317.6
Bruker CALID
227.2
190.3
463.9
393.5
Bruker Nano
225.1
182.2
434.7
360.7
BEST
72.7
59.2
134.9
118.9
Eliminations
(5.1
)
(3.1
)
(8.6
)
(7.3
)
Total revenue
$
681.9
$
588.4
$
1,367.2
$
1,183.4
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenue by end customer
geography:
United States
$
179.3
$
171.5
$
354.4
$
326.5
Europe
222.7
197.6
445.1
399.5
Asia Pacific
223.3
176.5
463.5
365.4
Other
56.6
42.8
104.2
92.0
Total revenue
$
681.9
$
588.4
$
1,367.2
$
1,183.4
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Total Bruker
Total Bruker
GAAP revenue as of prior comparable
period
$
588.4
$
570.8
$
1,183.4
$
1,125.5
Non-GAAP adjustments:
Acquisitions and divestitures
11.0
9.3
23.7
15.1
Organic
79.7
50.1
184.4
108.3
Currency
2.8
(41.8
)
(24.3
)
(65.5
)
Total Non-GAAP adjustments:
93.5
17.6
183.8
57.9
GAAP revenue
$
681.9
$
588.4
$
1,367.2
$
1,183.4
Revenue growth
15.9
%
3.1
%
15.5
%
5.1
%
Organic revenue growth
13.5
%
8.8
%
15.6
%
9.6
%
Bruker Corporation REVENUE -
Continued (unaudited and in millions) Reconciliation
of GAAP Reported Revenue Growth to Organic Revenue Growth -
Continued
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Bruker Scientific Instruments
(1)
Bruker Scientific Instruments
(1)
GAAP revenue as of prior comparable
period
$
532.3
$
517.1
$
1,071.8
$
1,023.3
Non-GAAP adjustments:
Acquisitions and divestitures
11.0
9.3
23.7
15.1
Organic
69.4
42.0
168.7
90.0
Currency
1.6
(36.1
)
(23.3
)
(56.6
)
Total non-GAAP adjustments:
82.0
15.2
169.1
48.5
GAAP revenue
$
614.3
$
532.3
$
1,240.9
$
1,071.8
Revenue growth
15.4
%
2.9
%
15.8
%
4.7
%
Organic revenue growth
13.0
%
8.1
%
15.7
%
8.8
%
(1) Bruker Scientific Instruments (BSI) revenue reflects the sum
of the BSI BioSpin, CALID and Nano Segments as presented in our
2022 10K.
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
BEST, net of Intercompany
Eliminations
BEST, net of Intercompany
Eliminations
GAAP revenue as of prior comparable
period
$
56.1
$
53.7
$
111.6
$
102.2
Non-GAAP adjustments:
Organic
10.3
8.1
15.7
18.3
Currency
1.2
(5.7
)
(1.0
)
(8.9
)
Total non-GAAP adjustments:
11.5
2.4
14.7
9.4
GAAP revenue
$
67.6
$
56.1
$
126.3
$
111.6
Revenue growth
20.5
%
4.5
%
13.2
%
9.2
%
Organic revenue growth
18.4
%
15.1
%
14.1
%
17.9
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803919157/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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