- Q3 2023 revenues of $742.8 million, up 16.3% year-over-year
(yoy); organic revenue up 10.9% yoy
- Q3 2023 GAAP EPS $0.60; non-GAAP EPS $0.74, up 12.1%
yoy
- Bruker increases FY 2023 revenue guidance to $2.88-$2.91
billion; implies reported revenue growth of 14%-15% yoy, and
organic revenue growth of 11.5%-12.5% yoy, with organic growth up
150 bps at the midpoint vs. prior guidance
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its third quarter and for the nine months ended
September 30, 2023.
Third Quarter 2023 Financial Results
Bruker’s revenues for the third quarter of 2023 were $742.8
million, an increase of 16.3% compared to $638.9 million in the
third quarter of 2022. In the third quarter of 2023, revenues
increased 10.9% organically year-over-year. Growth from
acquisitions was 2.1%, while foreign currency translation had a
positive effect of 3.3%.
Third quarter 2023 Bruker Scientific Instruments (BSI) revenues
of $676.3 million increased 16.1% year-over-year, with organic
revenue growth of 10.9%. Third quarter 2023 Bruker Energy &
Supercon Technologies (BEST) revenues of $70.6 million increased
19.1% year-over-year, with organic revenue growth, net of
intercompany eliminations, of 10.2%.
Third quarter 2023 GAAP operating income was $124.5 million, a
decrease of 5.2% compared to $131.3 million in the third quarter of
2022, representing GAAP operating margins of 16.8% and 20.6%,
respectively. Non-GAAP operating income was $148.3 million in the
third quarter of 2023, an increase of 3.6% compared to $143.2
million in the third quarter of 2022. Bruker’s third quarter 2023
non-GAAP operating margin was 20.0%, down 240 basis points from
22.4% in the third quarter of 2022.
Third quarter 2023 GAAP diluted earnings per share (EPS) were
$0.60, compared to $0.59 in the third quarter of 2022. Third
quarter 2023 non-GAAP diluted EPS were $0.74, an increase of 12.1%
compared to $0.66 in the third quarter of 2022.
First Nine Months of 2023 Financial Results
For the first nine months of 2023, Bruker’s revenues were $2.11
billion, an increase of 15.8% from $1.82 billion in the first nine
months of 2022. In the first nine months of 2023, revenues
increased 13.9% organically year-over-year. Growth from
acquisitions was 2.0%, while foreign currency translation had a
negative effect of 0.1%.
In the first nine months of 2023, BSI revenues of $1.92 billion
increased 15.9% year-over-year, with organic growth of 14.0%. First
nine months 2023 BEST revenues of $205.5 million increased 15.3%
year-over-year, with organic revenue growth, net of intercompany
eliminations, of 12.8%.
In the first nine months of 2023, GAAP operating income was
$333.4 million, compared to $301.7 million in the first nine months
of 2022, representing GAAP operating margins of 15.8% and 16.6%,
respectively. Non-GAAP operating income in the first nine months of
2023 was $391.8 million, up 9.8% compared to $356.7 million in the
first nine months of 2022. Bruker’s non-GAAP operating margin in
the first nine months of 2023 was 18.6%, a decrease of 100 bps
compared to 19.6% in the first nine months of 2022.
First nine months of 2023 GAAP diluted EPS was $1.50, compared
to $1.33 in the first nine months of 2022. First nine months of
2023 non-GAAP diluted EPS was $1.88, up 17.5% compared to $1.60 in
the first nine months of 2022.
Return on invested capital (ROIC), a non-GAAP measure, was 23.2%
for the trailing twelve months ended September 30, 2023, compared
to 24.6% for the trailing twelve months ended September 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
continues to deliver excellent growth, with three consecutive
quarters of double-digit organic revenue growth year-to-date in
2023. We anticipate high-single digit organic revenue growth in the
fourth quarter of 2023, which puts us on track for three
consecutive years of double-digit organic revenue growth in
2021-2023. This year, Bruker has demonstrated great resiliency in
difficult market conditions, with industry-leading organic revenue
growth of 13.9%, and non-GAAP EPS growth of 17.5% in the first nine
months of 2023. Given our strong year-to-date financial results,
solid backlog, and positive outlook for the fourth quarter, we are
raising our organic revenue growth guidance for FY 2023 again, by
150 bps at the midpoint.”
Dr. Laukien continued: “We are very pleased with the early
October acquisition of our new Cellular Analysis business, formerly
known as PhenomeX. Our Cellular Analysis business is a leader in
single-cell biology solutions, for advanced antibody and stable
cell line development in support of biologics and cell & gene
therapy in the biopharmaceutical industry, as well as for clinical
oncology research in major cancer centers.”
Fiscal Year 2023 Outlook
For FY 2023, Bruker is increasing revenue guidance to a range of
$2.88-$2.91 billion, up from prior outlook of $2.85-$2.90 billion.
Bruker’s updated revenue guidance implies 14%-15% year-over-year
reported revenue growth, up from prior guidance of 12.5%-14.5%,
including contributions from:
- Organic revenue growth of 11.5%-12.5%, up 150 basis points
(bps) at the midpoint from prior outlook of 9.5%-11.5%,
- M&A revenue growth contribution of ~2.5%, up from prior
guidance of ~2%, largely due to expected fourth quarter 2023
revenue from the Cellular Analysis business acquired on October 2,
2023,
- Constant currency (CC) revenue growth of 14%-15%, up from prior
guidance of 11.5%-13.5%, and
- Foreign currency translation impact on revenue now neutral, vs.
prior guidance of a 1% tailwind.
Bruker now expects FY 2023 non-GAAP EPS of $2.48-$2.53, or 6%-8%
year-over-year growth. Our updated non-GAAP EPS guidance reflects a
$0.05 expected increase from the core business, more than offset by
a ~$0.12 negative impact from the Cellular Analysis business in the
fourth quarter of 2023, resulting overall in a $0.07 decrease from
prior FY 2023 guidance. Bruker is rapidly right-sizing the Cellular
Analysis cost structure, with the expectation that it will be
slightly dilutive in FY 2024, and accretive to our non-GAAP EPS by
FY 2026. Excluding Cellular Analysis, Bruker’s updated FY 2023
guidance implies 11%-13% non-GAAP EPS growth year-over-year, up
from prior guidance of 9%-11%.
Bruker’s revenue and non-GAAP EPS guidance are based on foreign
exchange rates as of September 30, 2023.
For the Company’s outlook for FY 2023 organic revenue growth,
M&A revenue growth, constant currency 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. Furthermore, we define “core” as excluding
Bruker Cellular Analysis business, formerly known as PhenomeX.
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, November 2, 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 “Q3 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 1-833-470-1428 (U.S. toll
free) with access code 085221. International dial-in numbers can be
found at
https://www.netroadshow.com/conferencing/global-numbers?confId=57367
and will use the same access code. A telephone replay of the
conference call will be available by dialing 1-866-813-9403 (US
toll free) and entering replay access code: 245713. The replay will
be available beginning one hour after the end of the conference
call through December 2, 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 the term constant 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 2023 non-GAAP organic revenue,
non-GAAP M&A revenue, non-GAAP constant currency 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
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 benefits of our
acquisition of PhenomeX Inc.; 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, 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
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 acquisition of PhenomeX 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.
-tables follow-
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE
SHEETS (unaudited)
(in millions)
September 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
363.6
$
645.5
Accounts receivable, net
485.4
472.7
Inventories
916.0
800.1
Other current assets
264.4
194.9
Total current assets
2,029.4
2,113.2
Property, plant and equipment, net
527.0
487.0
Goodwill, intangibles, net and other
long-term assets
1,261.8
1,011.6
Total assets
$
3,818.2
$
3,611.8
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
121.0
$
18.7
Accounts payable
181.5
178.4
Deferred revenue and customer advances
381.2
370.2
Other current liabilities
388.6
347.0
Total current liabilities
1,072.3
914.3
Long-term debt
1,098.6
1,200.5
Other long-term liabilities
403.1
365.2
Redeemable noncontrolling interests
17.1
6.1
Total shareholders' equity
1,227.1
1,125.7
Total liabilities, redeemable
noncontrolling interests and shareholders' equity
$
3,818.2
$
3,611.8
Bruker Corporation
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
(in millions, except per share
data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue
$
742.8
$
638.9
$
2,110.0
$
1,822.3
Cost of revenue
360.0
303.6
1,027.0
882.5
Gross profit
382.8
335.3
1,083.0
939.8
Operating expenses:
Selling, general and administrative
177.6
144.8
518.2
442.7
Research and development
71.3
56.2
211.3
172.4
Other charges, net
9.4
3.0
20.1
23.0
Total operating expenses
258.3
204.0
749.6
638.1
Operating income
124.5
131.3
333.4
301.7
Interest and other income (expense),
net
(5.3
)
(2.0
)
(30.1
)
(8.8
)
Income before income taxes, equity in
income of unconsolidated investee, net of tax, and noncontrolling
interests in consolidated subsidiaries
119.2
129.3
303.3
292.9
Income tax provision
30.8
41.2
80.6
93.0
Equity in income of unconsolidated
investee, net of tax
0.3
0.3
1.2
0.3
Consolidated net income
88.7
88.4
223.9
200.2
Net income attributable to noncontrolling
interests in consolidated subsidiaries
0.6
0.3
2.2
1.0
Net income attributable to Bruker
Corporation
$
88.1
$
88.1
$
221.7
$
199.2
Net income per common share attributable
to Bruker Corporation shareholders:
Basic
$
0.60
$
0.60
$
1.51
$
1.34
Diluted
$
0.60
$
0.59
$
1.50
$
1.33
Weighted average common shares
outstanding:
Basic
146.6
147.8
146.7
149.1
Diluted
147.3
148.6
147.5
149.9
Bruker Corporation
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
(in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Cash flows from operating activities:
Consolidated net income
$
88.7
$
88.4
$
223.9
$
200.2
Adjustments to reconcile consolidated net
income to cash flows from operating activities:
Depreciation and amortization
26.6
21.0
77.6
64.3
Stock-based compensation expense
5.7
5.3
17.8
23.0
Deferred income taxes
3.4
(17.5
)
12.8
(25.7
)
Impairment of strategic investments and
other long-lived assets
1.2
—
19.5
—
Gain on sale of strategic investment
—
—
(6.8
)
—
Gain on sale of property, plant and
equipment
0.2
—
(9.4
)
—
Other non-cash expenses, net
3.5
7.9
19.5
11.8
Changes in operating assets and
liabilities, net of acquisitions and divestitures:
Accounts receivable
(42.9
)
(35.3
)
(12.4
)
(39.7
)
Inventories
(34.0
)
(34.5
)
(148.4
)
(139.1
)
Accounts payable and accrued expenses
14.4
17.6
11.0
0.3
Income taxes payable, net
4.3
27.1
(13.5
)
10.6
Deferred revenue and customer advances
(14.6
)
(10.7
)
6.5
10.5
Other changes in operating assets and
liabilities, net
(12.4
)
0.2
(53.5
)
(13.3
)
Net cash provided by (used in) operating
activities
44.1
69.5
144.6
102.9
Cash flows from investing activities:
Purchases of property, plant and
equipment
(26.9
)
(57.7
)
(75.4
)
(94.6
)
Maturity of short-term investments
—
—
—
100.0
Proceeds from sale of strategic
investment
—
—
11.8
—
Cash paid for strategic investments
(10.0
)
(2.7
)
(19.3
)
(40.8
)
Cash paid for acquisitions, net of cash
acquired
(119.6
)
(0.1
)
(222.3
)
(85.5
)
Proceeds from sales of property, plant and
equipment
0.2
—
10.9
13.8
Net proceeds from cross-currency swap
agreements
1.3
2.9
5.1
4.8
Net cash (used in) provided by investing
activities
(155.0
)
(57.6
)
(289.2
)
(102.3
)
Cash flows from financing activities:
Proceeds from long-term debt
0.4
0.3
3.2
0.4
Repayment of other debt, net
(2.5
)
(0.6
)
(7.0
)
(1.6
)
Repayment of 2012 Note Purchase
Agreement
—
—
—
(105.0
)
Repayment of 2019 Note Purchase
Agreement
(3.8
)
(0.8
)
(11.3
)
(2.3
)
Proceeds from issuance of common stock,
net
2.0
(2.5
)
4.8
0.8
Payment of contingent consideration
(0.2
)
3.1
(2.7
)
(1.7
)
Payment of dividends to common
shareholders
(7.4
)
(7.4
)
(22.1
)
(22.4
)
Repurchase of common stock
(79.5
)
(70.9
)
(101.9
)
(236.8
)
Proceeds from (payment for) the sale
(purchase) of noncontrolling interests
(1.5
)
(3.2
)
3.5
(10.6
)
Net cash used in financing activities
(92.5
)
(82.0
)
(133.5
)
(379.2
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(7.9
)
(26.9
)
(3.7
)
(63.8
)
Net change in cash, cash equivalents and
restricted cash
(211.3
)
(97.0
)
(281.8
)
(442.4
)
Cash, cash equivalents and restricted cash
at beginning of period
578.2
726.3
648.7
1,071.7
Cash, cash equivalents and restricted cash
at end of period
$
366.9
$
629.3
$
366.9
$
629.3
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP operating income
$
124.5
$
131.3
$
333.4
$
301.7
Non-GAAP adjustments:
Restructuring costs
4.8
0.2
5.7
4.4
Acquisition-related costs
1.6
1.8
7.9
15.4
Purchased intangible amortization
11.5
8.9
33.4
27.5
Other costs
5.9
1.0
11.4
7.7
Total Non-GAAP adjustments:
23.8
11.9
58.4
55.0
Non-GAAP operating income
$
148.3
$
143.2
$
391.8
$
356.7
Non-GAAP operating margin
20.0
%
22.4
%
18.6
%
19.6
%
Non-GAAP interest & other expense,
net
(5.3
)
(1.9
)
(16.0
)
(10.4
)
Non-GAAP profit before tax
143.0
141.3
375.8
346.3
Non-GAAP income tax provision
(34.1
)
(43.0
)
(96.2
)
(105.8
)
Non-GAAP tax rate
23.8
%
30.4
%
25.6
%
30.6
%
Minority interest
(0.6
)
(0.3
)
(2.2
)
(1.0
)
Non-GAAP net income attributable to
Bruker
108.3
98.0
277.4
239.5
Weighted average shares outstanding
(diluted)
147.3
148.6
147.5
149.9
Non-GAAP earnings per share
$
0.74
$
0.66
$
1.88
$
1.60
Reconciliation of GAAP Gross
Profit to Non-GAAP Gross Profit
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP gross profit
$
382.8
$
335.3
$
1,083.0
$
939.8
Non-GAAP adjustments:
Restructuring costs
1.1
(0.3
)
1.4
1.1
Acquisition-related costs
—
0.1
0.5
0.3
Purchased intangible amortization
5.9
4.5
16.9
13.5
Other costs
1.8
0.2
3.0
3.1
Total Non-GAAP adjustments:
8.8
4.5
21.8
18.0
Non-GAAP gross profit
$
391.6
$
339.8
$
1,104.8
$
957.8
Non-GAAP gross margin
52.7
%
53.2
%
52.4
%
52.6
%
Reconciliation of GAAP
Selling, General and Administrative (SG&A) Expenses to Non-GAAP
SG&A Expenses
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP SG&A expenses
$
177.6
$
144.8
$
518.2
$
442.7
Non-GAAP adjustments:
Purchased intangible amortization
(5.6
)
(4.4
)
(16.5
)
(14.0
)
Non-GAAP SG&A expenses
$
172.0
$
140.4
$
501.7
$
428.7
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP interest and other income
(expense), net
$
(5.3
)
$
(2.0
)
$
(30.1
)
$
(8.8
)
Non-GAAP adjustments:
Investments related adjustments
—
0.1
14.1
(1.6
)
Non-GAAP interest and other income
(expense), net
$
(5.3
)
$
(1.9
)
$
(16.0
)
$
(10.4
)
Reconciliation of GAAP Tax
Rate to Non-GAAP Tax Rate
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP tax rate
25.8
%
31.9
%
26.6
%
31.8
%
Non-GAAP adjustments:
Tax impact of non-GAAP adjustments
-0.7
%
-1.1
%
-0.2
%
-0.6
%
Other discrete items
-1.4
%
-0.4
%
-0.8
%
-0.6
%
Total non-GAAP adjustments:
-2.1
%
-1.5
%
-1.0
%
-1.2
%
Non-GAAP tax rate
23.8
%
30.4
%
25.6
%
30.6
%
Reconciliation of GAAP
Earnings Per Share to Non-GAAP Earnings Per Share (Diluted)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP earnings per share
(diluted)
$
0.60
$
0.59
$
1.50
$
1.33
Non-GAAP adjustments:
Restructuring Costs
0.03
—
0.04
0.03
Acquisition-related costs
0.01
0.01
0.05
0.10
Purchased intangible amortization
0.08
0.06
0.23
0.18
Other costs
0.04
0.02
0.07
0.05
Interest and other income (expense),
net
—
—
0.10
—
Income tax rate differential
(0.02
)
(0.02
)
(0.11
)
(0.09
)
Total non-GAAP adjustments:
0.14
0.07
0.38
0.27
Non-GAAP earnings per share
(diluted)
$
0.74
$
0.66
$
1.88
$
1.60
Reconciliation of GAAP
Operating Cash Flow to Non-GAAP Free Cash Flow
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
GAAP operating cash flow
$
44.1
$
69.5
$
144.6
$
102.9
Non-GAAP adjustments:
Purchases of property, plant and
equipment
(26.9
)
(57.7
)
(75.4
)
(94.6
)
Non-GAAP free cash flow
$
17.2
$
11.8
$
69.2
$
8.3
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
September 30, 2023
Trailing Twelve Months Ended
September 30, 2022
Non-GAAP operating income
$
540.7
$
500.5
Less: non-GAAP income tax provision
(124.8
)
(153.2
)
Non-GAAP operating income after
tax
$
415.9
$
347.3
Average total invested capital
Average long-term debt
$
1,119.3
$
929.1
Average current portion of long-term
debt
69.0
63.3
Average total shareholders' equity
1,099.0
1,021.8
Less: average cash and cash
equivalents
(494.9
)
(599.6
)
Average total invested capital
$
1,792.4
$
1,414.5
Return on invested capital
(ROIC)
23.2
%
24.6
%
Reconciliation of Non-GAAP
EBITDA
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Non-GAAP net income attributable to
Bruker
$
108.3
$
98.0
$
277.4
$
239.5
Non-GAAP adjustments:
Interest Expense, net1
1.9
2.7
6.7
10.0
Non-GAAP Income Tax Provision (from
above)
34.1
43.0
96.2
105.8
GAAP Depreciation Expense
15.1
12.1
44.2
36.8
Amortization Expense2
0.5
0.3
0.2
0.8
Total Non-GAAP adjustments:
51.6
58.1
147.3
153.4
Non-GAAP EBITDA
$
159.9
$
156.1
$
424.7
$
392.9
Non-GAAP EBITDA Margin
21.5
%
24.4
%
20.1
%
21.6
%
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue by group:
Bruker BioSpin
$
198.3
$
175.7
$
540.6
$
493.3
Bruker CALID
239.3
207.5
703.2
601.0
Bruker Nano
238.7
199.1
673.4
559.8
BEST
70.6
59.3
205.5
178.2
Eliminations
(4.1
)
(2.7
)
(12.7
)
(10.0
)
Total revenue
$
742.8
$
638.9
$
2,110.0
$
1,822.3
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue by end customer
geography:
United States
$
211.1
$
191.8
$
565.5
$
518.3
Europe
252.0
203.6
697.1
603.1
Asia Pacific
229.3
196.7
692.8
562.1
Other
50.4
46.8
154.6
138.8
Total revenue
$
742.8
$
638.9
$
2,110.0
$
1,822.3
Reconciliation of GAAP
Reported Revenue Growth to Organic Revenue Growth
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Total Bruker
Total Bruker
GAAP revenue as of prior comparable
period
$
638.9
$
608.9
$
1,822.3
$
1,734.4
Non-GAAP adjustments:
Acquisitions and divestitures
13.5
7.6
37.2
22.7
Organic
69.5
77.4
253.9
185.7
Currency
20.9
(55.0
)
(3.4
)
(120.5
)
Total Non-GAAP adjustments:
103.9
30.0
287.7
87.9
GAAP revenue
$
742.8
$
638.9
$
2,110.0
$
1,822.3
Revenue growth
16.3
%
4.9
%
15.8
%
5.1
%
Organic revenue growth
10.9
%
12.7
%
13.9
%
10.7
%
Bruker Corporation
REVENUE - Continued
(unaudited and in
millions)
Reconciliation of GAAP
Reported Revenue Growth to Organic Revenue Growth -
Continued
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Bruker Scientific Instruments
(1)
Bruker Scientific Instruments
(1)
GAAP revenue as of prior comparable
period
$
582.3
$
555.6
$
1,654.1
$
1,578.9
Non-GAAP adjustments:
Acquisitions and divestitures
13.5
7.6
37.2
22.7
Organic
63.7
66.6
232.4
156.6
Currency
16.8
(47.5
)
(6.5
)
(104.1
)
Total non-GAAP adjustments:
94.0
26.7
263.1
75.2
GAAP revenue
$
676.3
$
582.3
$
1,917.2
$
1,654.1
Revenue growth
16.1
%
4.8
%
15.9
%
4.8
%
Organic revenue growth
10.9
%
12.0
%
14.0
%
9.9
%
(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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
BEST, net of Intercompany
Eliminations
BEST, net of Intercompany
Eliminations
GAAP revenue as of prior comparable
period
$
56.6
$
53.3
$
168.2
$
155.5
Non-GAAP adjustments:
Organic
5.8
10.8
21.5
29.1
Currency
4.1
(7.5
)
3.1
(16.4
)
Total non-GAAP adjustments:
9.9
3.3
24.6
12.7
GAAP revenue
$
66.5
$
56.6
$
192.8
$
168.2
Revenue growth
17.5
%
6.2
%
14.6
%
8.2
%
Organic revenue growth
10.2
%
20.3
%
12.8
%
18.7
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102201198/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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