Part I [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201%3A%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents Bruker Corporation's unaudited financial statements for Q1 2025, including balance sheets, income statements, and cash flows, with notes on accounting policies and key events [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $5.93 billion from $5.81 billion at year-end 2024, driven by higher inventories and other assets, while total liabilities rose to $4.08 billion from $3.98 billion, primarily due to increases in deferred revenue and other current liabilities, and total shareholders' equity grew to $1.83 billion Condensed Consolidated Balance Sheet Data (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$5,933.1** | **$5,806.7** | | Total Current Assets | $2,111.5 | $2,053.2 | | Goodwill and intangible assets, net | $2,434.6 | $2,419.8 | | **Total Liabilities** | **$4,081.9** | **$3,991.5** | | Total Current Liabilities | $1,344.9 | $1,281.3 | | Long-term debt | $2,076.1 | $2,061.8 | | **Total Shareholders' Equity** | **$1,832.9** | **$1,797.1** | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the first quarter of 2025, total revenue increased by 11.0% year-over-year to $801.4 million, but operating income fell significantly to $31.8 million from $64.8 million in Q1 2024, largely due to higher operating expenses, resulting in net income attributable to Bruker Corporation decreasing to $17.4 million, or $0.11 per diluted share Q1 2025 vs. Q1 2024 Statement of Operations (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $801.4 | $721.7 | 11.0% | | Gross Profit | $391.2 | $352.8 | 10.9% | | Operating Income | $31.8 | $64.8 | (50.9)% | | Net Income Attributable to Bruker | $17.4 | $50.9 | (65.8)% | | Diluted EPS | $0.11 | $0.35 | (68.6)% | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash provided by operating activities significantly improved to $65.0 million from $21.8 million in Q1 2024, while net cash used in investing activities decreased sharply to $26.1 million from $304.2 million, and financing activities used $51.2 million in cash, a reversal from the $151.7 million provided in the prior-year quarter Cash Flow Summary (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $65.0 | $21.8 | | Net cash used in investing activities | $(26.1) | $(304.2) | | Net cash provided by (used in) financing activities | $(51.2) | $151.7 | | Net increase (decrease) in cash | $1.0 | $(148.3) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details Bruker's business segments, acquisition updates, goodwill, legal contingencies, and a subsequent acquisition of RECIPE Chemicals + Instruments GmbH - The company operates through four reportable segments: BSI BioSpin, BSI CALID, BSI NANO, and Bruker Energy & Supercon Technologies (BEST)[21](index=21&type=chunk) - No acquisitions were completed in the first three months of 2025, with the report providing final valuation details for 2024 acquisitions of Chemspeed, and provisional details for NanoString and ELITechGroup[27](index=27&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - Goodwill increased slightly to **$1.53 billion** as of March 31, 2025, primarily due to foreign currency effects[50](index=50&type=chunk) - The company is involved in significant patent litigation matters inherited from its acquisitions of PhenomeX (vs AbCellera) and NanoString (vs 10x Genomics), with the accrual for legal matters being **$96.4 million** as of March 31, 2025[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - Subsequent to the quarter end, on April 14, 2025, the company acquired a **69.6% stake** in RECIPE Chemicals + Instruments GmbH for approximately **$65.3 million**[112](index=112&type=chunk) [Management's Discussion and Analysis (MD&A)](index=30&type=section&id=Item%202%3A%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 revenue growth and operating income decline due to acquisition and litigation costs, highlighting improved operating cash flow and liquidity [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Revenue for Q1 2025 grew 11.0% to $801.4 million, with BSI CALID and BSI BioSpin segments showing strong growth largely due to 2024 acquisitions, but operating income fell to $31.8 million from $64.8 million YoY, pressured by increased SG&A, R&D, and a significant jump in 'Other charges, net' Revenue by Segment (in millions) | Segment | Q1 2025 Revenue | Q1 2024 Revenue | % Change | | :--- | :--- | :--- | :--- | | BSI BioSpin | $207.8 | $182.8 | 13.7% | | BSI CALID | $280.1 | $227.9 | 22.9% | | BSI NANO | $256.6 | $240.4 | 6.7% | | BEST | $59.3 | $73.1 | (18.9)% | | **Total** | **$801.4** | **$721.7** | **11.0%** | - The increase in 'Other charges, net' to **$36.9 million** was primarily due to **$18.6 million** of acquisition-related litigation charges (related to BCA and NanoString), **$7.6 million** in restructuring charges, and **$2.1 million** in other acquisition-related expenses[141](index=141&type=chunk) - The effective tax rate increased to **34.7%** from **27.7%** in the prior year, mainly due to changes in jurisdictional mix and the impact of Pillar 2 global minimum tax rules, which added **2.1%** to the rate[146](index=146&type=chunk)[147](index=147&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company anticipates existing cash and credit facilities are sufficient for the next twelve months, with net cash from operations at $65.0 million, total debt at $2.1 billion, and access to a $900.0 million revolving credit facility, while repurchasing $10.0 million of common stock during the quarter - The company believes existing cash and credit facilities are sufficient to support operating and investing needs for at least the next twelve months[148](index=148&type=chunk) Key Cash Flow Data (in millions) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $65.0 | $21.8 | | Net cash used in investing activities | $(26.1) | $(304.2) | | Net cash provided by (used in) financing activities | $(51.2) | $151.7 | - During Q1 2025, the company repurchased **200,731 shares** for **$10.0 million** under its share repurchase program, with no shares repurchased in Q1 2024[154](index=154&type=chunk) - As of March 31, 2025, the company had total outstanding debt of **$2.1 billion** and a revolving credit facility providing up to **$900.0 million** in backup liquidity[155](index=155&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There were no material changes in the company's exposure to market risk from December 31, 2024, except for newly identified tariff risks, as a new universal 10% baseline tariff on all U.S. imports, announced on April 2, 2025, is expected to increase the company's cost of goods sold - A new universal baseline tariff of **10%** on all U.S. imports, announced on April 2, 2025, is expected to increase the company's costs of goods sold[159](index=159&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[160](index=160&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[162](index=162&type=chunk) Part II [Legal Proceedings](index=39&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is involved in various legal proceedings arising in the ordinary course of business, with material pending legal matters disclosed in Note 20 of the financial statements, detailing significant patent litigation, and is also subject to governmental investigations from time to time - Other than matters disclosed in Note 20 (Commitments and Contingencies), the company is not party to any material pending legal proceedings outside the ordinary course of business[163](index=163&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A%3A%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - The report refers to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, indicating no material changes[165](index=165&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2025, the company repurchased 200,731 shares of its common stock at an average price of $49.81 per share, for a total cost of approximately $10.0 million, with approximately $359.9 million remaining available for future repurchases under the authorized program as of March 31, 2025 Share Repurchase Activity for Q1 2025 | Period | Total Shares Purchased | Average Price Paid | Total Cost (approx.) | | :--- | :--- | :--- | :--- | | Jan 2025 | 0 | $— | $0 | | Feb 2025 | 200,731 | $49.81 | $10.0M | | Mar 2025 | 0 | $— | $0 | | **Total Q1** | **200,731** | **$49.81** | **$10.0M** | - As of the end of the quarter, **$359.9 million** remained available for repurchase under the 2023 Repurchase Program, which authorizes up to **$500.0 million** in buybacks over a two-year period[167](index=167&type=chunk)[168](index=168&type=chunk) [Other Information](index=40&type=section&id=Item%205%3A%20Other%20Information) On February 18, 2025, Dr. Cynthia Friend, a member of the Board of Directors, adopted a Rule 10b5-1 trading plan for the potential sale of company shares underlying her equity awards, set to terminate by December 15, 2025, or when all shares under the plan are sold - On February 18, 2025, Director Dr. Cynthia Friend adopted a Rule 10b5-1 trading plan to sell up to **5,192 shares** from vested RSUs and **4,300 shares** from stock options[169](index=169&type=chunk) [Exhibits](index=41&type=section&id=Item%206%3A%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications as required by the Sarbanes-Oxley Act (Sections 302 and 906) and the Inline XBRL financial data files - Exhibits filed include CEO/CFO certifications (31.1, 31.2, 32.1) and Inline XBRL documents (101 series)[171](index=171&type=chunk)

Financial Data and Key Metrics Changes - Bruker reported revenues increased by 11% year over year to $801.4 million, exceeding the preannounced range of $795 million to $800 million [11][36] - Constant exchange rate (CER) revenue growth was 12.5% year over year, with organic growth of 2.9% [11][36] - Non-GAAP operating margin was 12.7%, down year over year due to expected M&A dilution from strategic acquisitions [11][39] - Non-GAAP diluted EPS was $0.47, down from $0.53 in Q1 2024, primarily due to foreign exchange headwinds [12][39] Business Line Data and Key Metrics Changes - BioSpin revenue was $208 million with mid-teens percentage CER growth, driven by strong biopharma performance [12] - CALID group had revenue of €280 million with mid-20s percentage CER growth, led by microbiology and infection diagnostics [13] - Bruker Nano revenue was $257 million with high single-digit percentage CER growth, supported by inorganic revenue growth from NanoString [14] - BEST segment CER revenues declined in the high teens percentage due to weaker performance in the Research Instruments business [14] Market Data and Key Metrics Changes - Americas revenue declined in the low single digits percentage, while European revenue grew in the mid single digits percentage [37] - Asia Pacific revenue grew in the low single digits percentage despite a 10% decline in China [37] - EMEA region revenue was up mid-teens percentage [37] Company Strategy and Development Direction - Bruker launched innovative products in spatial biology, cellular analysis, NMR, microbiology, and molecular diagnostics, enhancing its strategic focus [9] - The company anticipates that post-genomic innovations will drive continued higher revenue CAGR differentiation beyond current headwinds in the U.S. and China [9] - Management is implementing cost initiatives, new pricing actions, and supply chain reengineering to mitigate headwinds from U.S. policy changes and tariffs [20][32] Management's Comments on Operating Environment and Future Outlook - Management expects U.S. academic government revenue to decline by 20% to 25% due to research funding policy changes [24] - The company anticipates a gross headwind of approximately €100 million to organic revenues in fiscal year 2025 from recent policy changes and tariffs [21] - Management remains optimistic about transforming Bruker's portfolio for above-market revenue growth and margin expansion once headwinds abate [46] Other Important Information - The company generated $65 million of operating cash flow in Q1 2025, with free cash flow of $39 million [40] - Updated fiscal year 2025 revenue guidance is $3.48 billion to $3.55 billion, reflecting reported growth of 3.5% to 5.5% [41] - Non-GAAP EPS guidance for 2025 is in the range of $2.40 to $2.48, translating to roughly 0% to 3% growth compared to 2024 [43] Q&A Session Summary Question: Was there any pull forward in the quarter due to tariffs? - Management indicated there was no significant pull forward due to tariffs, although a smooth installation helped Q1 slightly [51][53] Question: How are offsets from AI chips and funding initiatives being considered? - Management noted strong demand for AI tools and potential benefits from German and Korean stimulus funding, but these are expected to have a more significant impact in 2026 and beyond [59][62] Question: How will Bruker offset potential U.S. budget cuts next year? - Management highlighted various growth drivers, including biopharma and European investments, while acknowledging the need to navigate current headwinds [70][72] Question: What is the current state of the order book and backlog? - Management reported a slight decline in the order book year over year, with a backlog of approximately seven months, indicating a buffer for future quarters [78][79] Question: Can you elaborate on pricing and manufacturing initiatives to offset tariffs? - Management is implementing pricing actions and exploring onshoring production to mitigate tariff impacts, with significant cost actions already underway [85][90]

Financial Data and Key Metrics Changes - Bruker's Q1 2025 reported revenues increased 11% year over year to $801.4 million, exceeding the preannounced range of $795 million to $800 million [9][33] - Non-GAAP operating margin for Q1 2025 was 12.7%, down year over year due to expected M&A dilution from strategic acquisitions [9][35] - Diluted non-GAAP EPS for Q1 2025 was $0.47, down from $0.53 in Q1 2024, primarily due to FX currency headwinds [10][36] Business Line Data and Key Metrics Changes - BioSpin revenue was $208 million with mid-teens percentage CER growth, driven by strong biopharma performance [10] - CALID group had revenue of €280 million with mid-20s percentage CER growth, led by microbiology and infection diagnostics [11] - Bruker Nano revenue was $257 million with high single-digit percentage CER growth, supported by inorganic revenue growth from NanoString [12] Market Data and Key Metrics Changes - Americas revenue declined in the low single digits, while European revenue grew in the mid single digits, and Asia Pacific revenue grew in the low single digits despite a 10% decline in China [34] - EMEA region revenue was up mid-teens percentage, indicating strong performance in that market [34] Company Strategy and Development Direction - The company launched innovative products in spatial biology, cellular analysis, NMR, microbiology, and molecular diagnostics, aiming to strengthen high-value offerings [7] - Bruker anticipates that post-genomic innovations will drive continued higher revenue CAGR differentiation beyond current headwinds in the U.S. and China [7] - The company is implementing cost initiatives, new pricing actions, and supply network reengineering to mitigate headwinds from U.S. policy changes and tariffs [29][30] Management's Comments on Operating Environment and Future Outlook - Management expects U.S. academic government revenue to decline by 20% to 25% in 2025 due to funding uncertainties [22][23] - The company anticipates a gross headwind of approximately €100 million to organic revenues in 2025 from policy changes and tariffs [19] - Management remains optimistic about long-term growth, expecting to resume margin expansion and strong EPS growth in 2026 and beyond [42] Other Important Information - The company generated $65 million of operating cash flow in Q1 2025, with free cash flow of $39 million reflecting improved working capital performance [37] - Updated guidance for fiscal year 2025 includes reported revenues of $3.48 billion to $3.55 billion, representing growth of 3.5% to 5.5% [38] Q&A Session Summary Question: Was there any pull forward in the quarter due to tariffs? - Management indicated there was no significant pull forward due to tariffs, although a smooth installation contributed positively to Q1 [49][50] Question: How does the company plan to offset potential budget cuts in the U.S.? - Management highlighted several growth drivers, including biopharma, AI, and European defense spending, which could help offset budget cuts [66][68] Question: What is the current status of the order book and backlog? - The order book was slightly down year over year, but the backlog remains strong at around seven months, providing a buffer for future quarters [73][104]

Financial Performance - Bruker's Q1 2025 revenues increased by $79.7 million, representing an 11% growth compared to Q1 2024[6] - The company's constant-exchange rate (CER) growth was +12.5%[6] - Organic revenue change increased by +2.9%, with Bruker Scientific Instruments (BSI) up +5.1% and Bruker Energy & Supercon Technologies (BEST) down -17.7%[6] - Acquisitions contributed +9.6% to revenue growth, while foreign exchange (FX) had a -1.5% headwind[6] - Non-GAAP EPS decreased by -11.3% to $0.47, compared to $0.53 in Q1 2024[6] Segment Performance - Bruker BIOSPIN Group experienced mid-teens % CER revenue growth, driven by preclinical imaging and lab automation[12] - Bruker CALID Group saw mid-20s % CER revenue growth, with strong performance in Life Science Mass Spectrometry and Microbiology & Infection Diagnostics[12] - Bruker NANO Group's CER revenue increased by high single digits %, aided by NanoString acquisition[18] - Bruker Energy & Supercon Technologies (BEST) segment experienced a high teens % decline in CER revenue, primarily due to softness in superconductors for clinical MRI[18] Financial Outlook - The company projects FY 2025 revenue between $3.48 billion and $3.55 billion, representing a reported revenue growth of +3.5% to +5.5%[45] - Organic revenue growth for FY 2025 is expected to be between +0% and +2%[45] - Non-GAAP EPS for FY 2025 is projected to be between $2.40 and $2.48, with a reported EPS growth of +0% to +3%[45]

Core Insights - Solis Agrosciences has appointed Crystal Winkeler as Chief Business Officer to enhance its commercial team and drive growth initiatives [1][2] - Winkeler brings extensive experience from her previous roles, including leading investments at BioGenerator Ventures and co-founding Canopy Biosciences [2][3] - The company has shown significant progress in the AgTech sector, expanding its management team and launching new product offerings [6] Company Developments - Solis Agrosciences has secured a license for the Pairwise Fulcrum™ Platform and entered the whole-genome-sequencing market through the acquisition of Ferris Genomics [6] - The company has attracted new investments from Cultivation Capital and has significantly increased its sales [6] - Solis operates within the 39 North AgTech Innovation District in St. Louis, Missouri, focusing on high-quality AgTech research services [8][10] Leadership and Expertise - Crystal Winkeler is recognized for her ability to build business relationships and her scientific expertise, which will be beneficial for Solis [2][3] - Winkeler has a Ph.D. in Molecular Cell Biology from Washington University, adding to her qualifications [5] - Previous leadership roles include managing a team of over 40 at Canopy Biosciences and leading due diligence for seed investments at BioGenerator Ventures [3][4] Investment Landscape - Major investors in Solis include Hermann Companies, Cultivation Capital, and BioGenerator Ventures, among others [7] - Cultivation Capital is noted for being an active early-stage venture capital firm, having invested in over 150 companies since its inception [9]

| 供应商名称 | 供应商地址 | 供应商联系电 | 中标（成交）金额 | | --- | --- | --- | --- | | | | 话 | (元) | | 陕西文投国际贸易有 | 西安国际港务区新丝路国际电商产业 | 029- | 17600000.00 | | 限公司 | 园B座10层1002-4室 | 81777596 | | 四、主要标的信息 | 序号 | 产品名称 | 品牌、规格型号 | 制造商 | 单价(元) | 数量 | 总价(元) | | --- | --- | --- | --- | --- | --- | --- | | | 核磁共振波谱仪 | 布鲁克、AVANCENEO 600 | 布鲁克瑞士有限公司 | 6970000. 00 | 1 套 | 6970000.00 | | 2 | X 射线精细结构谱仪 | 安徽创谱、Table XAFS- 3000 | 安徽创谱仪器科技有限 公司 | 4000000. 00 | 1 套 | 4000000.00 | | 3 | 场发射电子探针显微镜 | 日本岛津、EPMA-8050G | 岛津制作所 | 6630000. 00 | 1 套 | 6 ...

Financial Results - Bruker Corporation announced preliminary revenue for Q1 2025, with figures subject to finalization before the May 7, 2025 release[5] - The preliminary financial results are unaudited and may undergo significant changes upon completion of financial closing procedures[6] - The company emphasizes that undue reliance should not be placed on these preliminary estimates due to their preliminary nature[8]

Technology and Innovation - The company reported successful installations of three 1.2 GHz NMR systems, enhancing ultra-high field access for studies in structural biology, pharmacology, and cellular biology[17]. - The acquisition of Spectral Instruments Imaging and Chemspeed Technologies AG was completed, expanding technological capabilities and product portfolio in preclinical imaging and lab automation[18][19]. - The minority investment in NovAliX aims to enhance expertise in structural biology and biophysics within the preclinical Contract Research Organization space[20]. - The company launched several new technologies in 2024, including the NIR-spectrometer BEAM and the next-generation Multi-Purpose Analyzer (MPA-III)[33]. - The introduction of machine learning algorithms and cloud-based applications, such as Novor V2.0 and TwinScape™, supports advancements in immunopeptidomics and quality control[33]. - The BSI BioSpin Segment focuses on high-value applications in structural proteomics, drug discovery, and biopharmaceutical research, catering to diverse customer needs[15]. - The BSI CALID Segment includes mass spectrometry solutions for various markets, including food safety, environmental analysis, and clinical diagnostics[31]. - The automation portfolio supports lab digitalization and connectivity, improving efficiency and compliance in research and quality control[28]. - The comprehensive software suite facilitates digitalization and AI readiness, integrating robotics and automation technologies for transformative lab solutions[29]. - The acquisition of Tornado Spectral Systems Inc. enhanced the Raman spectrometers product line with patented HTVS™ technology for improved chemical identification and quantification[35]. - The acquisition of Nanophoton Corporation added advanced Raman microscopes to the Bruker Optics division, significantly reducing measurement time by several hundred times[35]. - The acquisition of Dynamic Biosensors GmbH expanded the biophysical analytics portfolio, focusing on molecular interactions and kinetics[35]. - The acquisition of ELITechGroup complemented the MALDI BioTyper® platform, establishing Bruker as a growing specialist in infectious disease diagnostics[35]. - The BSI NANO Segment includes advanced X-ray instruments for determining the characteristics of matter and three-dimensional molecular structures[50]. - The BSI NANO Segment's XRD systems contribute to reduced development cycles for new products in various industries, including catalysts and semiconductors[53]. - The BSI NANO Segment's XRF systems provide qualitative and quantitative analysis of elemental composition, covering nearly all elements in the periodic table[54]. - The acquisition of NanoString Technologies led to the creation of the Bruker Spatial Biology division, enhancing capabilities in spatial transcriptomics and gene expression analysis[52]. - The Bruker Spatial Biology division offers technologies for elucidating gene and protein expression in a spatial context, aiding in biomarker development[50]. - The SC-XRD systems determine the three-dimensional structures of both small chemical molecules and larger biomolecules, critical for molecular analysis[57]. - The company offers a range of µCT systems that provide 3D imaging with resolution down to the sub-micron level, used in materials research and life sciences[58]. - EDS systems allow for simultaneous analysis of all elements in the periodic table, with applications in nanotechnology and materials analysis[59]. - EBSD systems provide quantitative microstructure analysis with sub-micron resolution, applicable in industries such as aerospace and automotive[60]. - S-OES instruments enable comprehensive metals analysis, widely used in production control laboratories[61]. Financial Performance and Revenue - The company maintains a diverse customer base with no single customer accounting for more than 10% of revenue in the last three fiscal years[81]. - The sales cycle for high-end research products typically ranges from three to twenty-four months, while industrial products range from two weeks to six months[78]. - The company has higher revenue levels in the fourth quarter, influenced by customer budgeting cycles[80]. - Revenue from U.S. operations represented approximately 28% of total consolidated revenue for fiscal 2024, up from 26% in 2023[124]. - Revenue from operations in Europe accounted for approximately 35% of total consolidated revenue for fiscal 2024, compared to 33% in 2023[124]. - Revenue from operations in the Asia Pacific region represented approximately 29% of total consolidated revenue for fiscal 2024, down from 33% in 2023[124]. - A significant portion of revenue is derived from U.S. academic institutions and research organizations, which rely on government funding, including NIH grants[129]. - International sales accounted for approximately 72% of total consolidated revenue for fiscal 2024, down from 74% in 2023[130]. - The company recorded net losses from currency translation adjustments of $79.6 million in 2024, while gaining $76.2 million in 2023[135]. - The company has not recorded impairments to goodwill for the years ended December 31, 2024, 2023, and 2022, but did incur an impairment loss for intangible assets during fiscal 2024[137]. - The company employed 11,396 full-time employees as of December 31, 2024, up from 9,707 in 2023, reflecting a growth in workforce[109]. - Total remaining performance obligations as of December 31, 2024, and 2023 were approximately $2,090.4 million and $2,226.7 million, respectively, indicating a decrease driven by lower BEST order bookings[107]. Market and Competitive Landscape - The company faces competition from various established firms across multiple segments, necessitating continuous innovation and technological advancement[82]. - The company faces substantial competition, with competitors potentially developing more effective products, which could lead to pricing pressure[141]. - A significant portion of sales are capital purchases, and any reduction in capital spending by customers could significantly decrease demand for the company's products[145]. - The company is dependent on investment in life science research, and any decline in funding could adversely affect revenue generation[142]. - The company is experiencing inflationary pressures and may increase product prices to offset these costs, which could impact demand[127]. - The company is subject to risks associated with geopolitical tensions, which could negatively affect business operations and financial condition[127]. - The imposition of tariffs by the United States on imported goods could increase costs and lower gross margins for the company[131]. - The new U.S. presidential administration has imposed or threatened tariffs ranging from 10-25% on various countries and products, potentially increasing costs[128]. - Supply chain issues have resulted in significant additional costs and manufacturing inefficiencies, adversely impacting revenue and operating results[120]. - The company has ceased operations in Russia due to adverse economic impacts from the conflict with Ukraine[127]. Regulatory and Compliance Risks - The company is subject to various regulatory requirements, including compliance with the FDA, which governs product-related activities and may result in significant costs if not adhered to[195]. - Compliance with GDPR and other data protection regulations poses risks, including potential fines for non-compliance[132]. - The transition from the European Union IVD Directive to the IVD Regulation (EU) 2017/746 requires recertification of products by May 2025, indicating a stricter regulatory environment[195]. - The company is subject to inquiries from various government agencies, which may divert management resources and impact revenue generation[196]. - The company is subject to export control laws, and failure to comply could delay shipments and adversely affect revenues[192]. Operational Challenges - The company relies on a limited number of suppliers and contract manufacturers, which could lead to delays and increased costs, adversely affecting revenues and profitability[175]. - Supply shortages and price increases of raw materials, particularly copper and niobium titanium, could negatively impact gross profits and production costs for superconducting products[177][178]. - The company faces risks related to dependence on third-party distributors, which could harm revenue and increase expenses if key distributors are lost[172]. - The reliance on liquid helium for superconducting magnets is subject to price fluctuations and shortages, potentially impacting profit margins[179]. - Disruptions at manufacturing facilities could harm customer relationships and impede revenue generation[146]. - The dependence on contract manufacturing may lead to challenges in meeting demand and maintaining product quality, affecting market reputation[173][174]. Strategic Initiatives and Investments - The company has received government grants from Germany and the United States for early-stage research and development projects, retaining non-exclusive rights to developed technologies[90]. - The company maintains a substantial patent portfolio, which is a strategic priority for competitive advantage, and intends to file additional patent applications as appropriate[96]. - The company is committed to talent development, offering various learning opportunities and a global performance management process to enhance employee skills[112][113]. - The company has ongoing collaborations and joint technology development agreements, including with Allegheny Technologies Incorporated for niobium-based superconductors[89]. - The company acquired 28 businesses from January 1, 2022, to December 31, 2024, to expand its technology base and product offerings[199]. Financial Obligations and Tax Risks - As of December 31, 2024, the company had an outstanding aggregate principal amount of debt totaling approximately $2.1 billion, with an additional $872.2 million available under its existing credit facility[152]. - The company’s ability to satisfy its debt obligations depends on future operating performance and economic conditions, with a significant portion of cash generated from foreign operations, amounting to $419.3 million held by foreign subsidiaries[152]. - Changes in the effective income tax rate could adversely affect the company's results, with the Inflation Reduction Act of 2022 introducing a 15% corporate alternative minimum tax and a 1% excise tax on stock repurchases, effective January 1, 2023[154]. - The OECD's Pillar Two model rules for a global minimum tax regime will be effective in stages starting January 1, 2024, which may increase tax complexity and uncertainty for the company[155]. - The company is subject to international tax risks, including potential double taxation and high withholding taxes on distributions from foreign subsidiaries, which could adversely affect earnings and cash flows[158]. Corporate Governance and Shareholder Matters - The ownership of shares is highly concentrated, with the Laukien family owning approximately 32% of outstanding common stock, which could lead to volatility in share price and influence over corporate decisions[168]. - The Board of Directors declared a quarterly dividend of $0.05 per share, payable in March 2025, but future dividends may be reduced or eliminated to fund growth or conserve capital[170]. - The company is highly dependent on key personnel, and the loss of such individuals could significantly delay or prevent the achievement of business objectives[169]. Cybersecurity and Information Security - The company has established a global Information Security Incident Response Team (ISIRT) to manage cybersecurity incidents and mitigate risks[206]. - As of December 31, 2024, no identified risk has required activation of the ISIRT, indicating effective management of cybersecurity threats[207]. - The company has implemented cybersecurity training for employees, which is mandatory at least annually to mitigate risks associated with cybersecurity threats[208]. Real Estate and Facilities - Principal properties include 272,000 sq ft in Wissembourg, France, and 456,000 sq ft in Faellanden, Switzerland, both owned[212]. - Total owned and leased properties across various locations include 1,500,000 sq ft dedicated to research, application, and development[212]. - The company has significant operations in Germany, with properties totaling approximately 1,000,000 sq ft across multiple cities[212]. - The U.S. operations include leased properties totaling 326,100 sq ft, with key locations in California and New Jersey[212]. Legal and Compliance Matters - Legal proceedings as of December 31, 2024, are detailed in Note 26 of the consolidated financial statements[213].

Financial Data and Key Metrics Changes - Bruker reported Q4 2024 revenues of $979.6 million, a 14.6% year-over-year increase, with constant exchange rate (CER) revenue growth of 15.8% [16][35] - For the full year 2024, revenues increased by 13.6% to $3.37 billion, with CER revenue growth of 14% and organic growth of 4% [19][42] - Non-GAAP diluted EPS for Q4 2024 was $0.76, up 8.6% from $0.70 in Q4 2023 [17][38] - Non-GAAP operating margin for Q4 2024 was 18.1%, matching Q4 2023, with a 300 basis point organic operating margin expansion [17][37] Business Line Data and Key Metrics Changes - BioSpin Group revenue for 2024 was $905.7 million, with low teens percentage growth in CER, driven by strong performance in Europe and the Americas [22] - CALID Group revenue reached $1.1 billion, with mid-teens percentage CER growth, primarily in microbiology and infection diagnostics [23] - Bruker NANO's revenue also hit $1.1 billion, growing in the high teens percentage CER, supported by semiconductor metrology [24] - BEST revenues grew in the low single digits percentage, driven by accelerator and FUSION technologies, but faced softness in clinical MRI superconductors [25] Market Data and Key Metrics Changes - Americas revenue grew in the low single-digit percentage, while European revenue increased in the mid-teens range, and Asia Pacific revenue declined in the high single-digit percentage year-over-year [35] - The company experienced strong market trends in diagnostics and semiconductor metrology, with signs of a biopharma recovery [14][35] Company Strategy and Development Direction - Bruker is focused on a multiyear transformation into a growth-oriented industry leader, emphasizing higher margin potential and rapid EPS increases [12][32] - The company aims for constant exchange rate revenue growth of 5% to 7% in 2025, with 3% to 4% organic growth and contributions from M&A [14][44] - Bruker is committed to a 140 basis point operating profit margin improvement in 2025, targeting non-GAAP EPS growth of 11% to 13% [14][45] Management's Comments on Operating Environment and Future Outlook - Management acknowledges uncertainty in the U.S. NIH and academic government market but remains confident in other growth drivers such as biopharma recovery and China stimulus funding [13][56] - The company expects a gradual recovery in the biopharma sector, with improvements anticipated in the first half of 2025 [77] - Management has built reasonable contingencies into their guidance to account for potential NIH funding reductions [110][112] Other Important Information - Bruker completed strategic acquisitions in 2024 to access large addressable markets, enhancing its portfolio with spatial biology, molecular diagnostics, and lab automation [31][32] - The company generated $189.9 million in operating cash flow in Q4 2024, with free cash flow of $151.1 million [39][40] - Bruker plans to return capital to shareholders through its existing share buyback program [40] Q&A Session Summary Question: Confidence in instrumentation sales despite NIH cuts - Management indicated that NIH funding is less than 5% of their exposure and has sufficient growth drivers outside the U.S. to support their guidance [54][56] Question: Academic government budget in Europe and China - Management noted that China is experiencing stimulus funding spread over multiple quarters, while Europe has shown reasonable performance [68][70] Question: Impact of NIH funding deterioration on margins and EPS - Management has modeled potential declines in NIH funding and believes they have built reasonable contingencies into their guidance [110][112] Question: Update on biopharma recovery timing - Management expects a gradual recovery in the biopharma sector, starting in the first half of 2025 [77] Question: Geographic concentration of backlog in BSI - The backlog is consistent with the company's geographic exposure, with a significant backlog level providing a cushion against uncertainties [83][84] Question: Operating margin expansion assumptions - Management targets around 140 basis points of expansion, factoring in organic headwinds and FX impacts [88][89]

Revenue Performance - Bruker's Q4 2024 revenues reached $979.6 million, a 14.6% increase from $854.5 million in Q4 2023, with organic revenue growth of 3.9% and constant-exchange rate (CER) revenue growth of 15.8%[4] - For FY 2024, Bruker reported revenues of $3.37 billion, up 13.6% from $2.96 billion in FY 2023, with organic revenue growth of 4.0% and CER revenue growth of 14.0%[9] - Revenue for Q4 2024 was $979.6 million, a 14.6% increase from $854.5 million in Q4 2023[31] - Total revenue for the year 2024 reached $3,366.4 million, up 13.6% from $2,964.5 million in 2023[31] - The company achieved a total revenue of $3,366.4 million for the twelve months ended December 31, 2024, up from $2,964.5 million in 2023, marking a growth rate of 13.6%[39] Earnings and Profitability - The non-GAAP diluted EPS for Q4 2024 was $0.76, an 8.6% increase compared to $0.70 in Q4 2023, while FY 2024 non-GAAP diluted EPS was $2.41, down 6.6% from $2.58 in FY 2023[8][12] - Non-GAAP gross profit for Q4 2024 was $514.2 million, up from $442.8 million in Q4 2023, representing a growth of 16.2%[34] - Non-GAAP gross profit margin increased to 52.5% in Q4 2024 from 51.8% in Q4 2023[34] - Non-GAAP operating income for the twelve months ended December 31, 2024, was $518.0 million, compared to $546.3 million for the same period in 2023, reflecting a decrease of 5.2%[34] - Non-GAAP net income attributable to Bruker Corporation for Q4 2024 was $115.4 million, compared to $102.4 million in Q4 2023, an increase of 12.8%[37] - Non-GAAP earnings per share (diluted) for the three months ended December 31, 2024, was $0.76, compared to $0.70 in the same period of 2023, reflecting an increase of 8.6%[38] Future Projections - Bruker expects FY 2025 revenues to be between $3.47 billion and $3.54 billion, representing a year-over-year growth of 3% to 5%[13] - The company anticipates FY 2025 non-GAAP EPS to range from $2.67 to $2.72, indicating an increase of 11% to 13% year-over-year[13] - Bruker projects organic revenue growth of 3% to 4% and M&A revenue growth contribution of 2% to 3% for FY 2025, with a foreign currency translation headwind of approximately 2%[15] Operational Metrics - In Q4 2024, Bruker achieved a non-GAAP operating margin of 18.1%, fully offsetting initial margin headwinds from strategic M&A and foreign exchange impacts[6] - The company reported a GAAP operating income of $72.1 million in Q4 2024, down from $103.5 million in Q4 2023, while non-GAAP operating income increased by 14.9% to $177.5 million[7] - Operating income for Q4 2024 was $72.1 million, down from $103.5 million in Q4 2023, reflecting an operating income margin of 7.4%[31] Cash Flow and Assets - Non-GAAP free cash flow for Q4 2024 was $151.1 million, down from $174.0 million in Q4 2023, a decrease of 13.2%[34] - Total assets increased to $5,810.4 million in 2024 from $4,249.9 million in 2023[30] - Long-term debt rose to $2,061.8 million in 2024, up from $1,160.3 million in 2023[30] - Cash and cash equivalents decreased to $183.4 million in 2024 from $488.3 million in 2023[30] Segment Performance - Bruker BioSpin segment revenue increased to $272.4 million for the three months ended December 31, 2024, from $257.9 million in 2023, reflecting a growth of 5.5%[39] - The Bruker CALID segment reported revenue of $320.6 million for the three months ended December 31, 2024, compared to $257.2 million in 2023, representing a significant increase of 24.6%[39] Currency Impact - Revenue growth from acquisitions contributed 11.9% in Q4 2024, while foreign currency translation had an unfavorable impact of 1.2%[4] - The company experienced a negative impact of $9.9 million from changes in foreign currency translation rates for the three months ended December 31, 2024[40]