Have you evaluated the performance of Bruker's (BRKR) international operations during the quarter that concluded in June 2024? Considering the extensive worldwide presence of this scientific equipment maker, analyzing the patterns in international revenues is crucial for understanding its financial resilience and potential for growth. In today's increasingly interconnected global economy, a company's ability to tap into international markets can be a pivotal factor in shaping its overall financial health an ...

Revenue Performance - Total revenue for Q2 2024 was $800.7 million, a 17.4% increase from $681.9 million in Q2 2023[7] - Product revenue reached $654.4 million in Q2 2024, up 16.9% from $559.6 million in Q2 2023[7] - Service and other revenue increased to $146.3 million in Q2 2024, compared to $122.3 million in Q2 2023, reflecting a 19.6% growth[7] - Total revenue for the six months ended June 30, 2024, reached $1,522.4 million, up 11.3% from $1,367.2 million in the prior year[29] - Revenue from the United States for the three months ended June 30, 2024, was $243.7 million, a 35.9% increase compared to $179.3 million in the same period of 2023[31] - Organic revenue for the three months ended June 30, 2024, increased by 7.4% excluding the effects of foreign exchange and acquisitions[142] - Organic revenue for the six months ended June 30, 2024, increased by 4.5% excluding the effects of foreign exchange and acquisitions[143] Profitability Metrics - Gross profit for Q2 2024 was $384.6 million, representing a gross margin of 48.0%, compared to 49.9% in Q2 2023[7] - Net income for Q2 2024 was $7.6 million, a significant decrease from $57.8 million in Q2 2023[9] - The company reported a total comprehensive loss of $28.9 million for Q2 2024, compared to a comprehensive income of $52.9 million in Q2 2023[10] - Operating income for the three months ended June 30, 2024, decreased to $48.1 million, a decline of 44.2% compared to $86.2 million in the same period in 2023[155] - Diluted earnings per share for the three months ended June 30, 2024, was $0.05, a decrease of $0.34 compared to $0.39 per share in the same period in 2023[145] - Gross profit margin decreased to 48.0% for the three months ended June 30, 2024, compared to 49.9% for the same period in 2023[144] Expenses and Investments - Research and development expenses for Q2 2024 were $92.2 million, up from $71.0 million in Q2 2023, indicating a 29.0% increase[7] - Total operating expenses increased by 32.3% to $336.5 million for the three months ended June 30, 2024, compared to $254.3 million in the same period in 2023[155] - Other charges, net for the six months ended June 30, 2024, included $21.6 million of acquisition-related charges, significantly up from $5.8 million in the same period in 2023[176] - The company expects to incur additional restructuring charges of $7.2 million through the remainder of 2024 as part of a global restructuring program[124] Balance Sheet Highlights - Total assets as of June 30, 2024, were $5,902.6 million, up from $4,249.9 million at the end of 2023[4] - Total liabilities increased to $4,078.1 million as of June 30, 2024, compared to $2,836.6 million at the end of 2023[5] - Total shareholders' equity attributable to Bruker Corporation was $1,807.0 million, an increase from $1,789.2 million at the end of the previous quarter[12] - Cash and cash equivalents decreased to $169.7 million from $488.3 million at the end of 2023[4] Acquisitions and Goodwill - The company completed various acquisitions in 2024, with total consideration transferred amounting to $1,613.0 million[37] - Goodwill allocated from acquisitions in 2024 was $876.1 million[37] - The company acquired NanoString Technologies, Inc. for approximately $392.6 million in cash, including the assumption of certain liabilities[38] - The Company incurred $7.2 million in acquisition-related expenses associated with the NanoString acquisition, primarily for legal and professional services[42] - The carrying amount of goodwill increased from $582.6 million at December 31, 2023, to $1,443.8 million at June 30, 2024[78] Cash Flow Analysis - Net cash provided by operating activities decreased to $22.9 million from $100.5 million year-over-year, a decline of about 77%[16] - Net cash used in investing activities rose sharply to $1,629.1 million from $134.2 million, reflecting increased capital expenditures and acquisitions[16] - Net cash provided by financing activities was $1,307.5 million for the six months ended June 30, 2024, mainly from proceeds from a revolving line of credit and long-term debt[188] Debt and Financing - The Company's total debt increased to $2,158.4 million as of June 30, 2024, up from $1,281.5 million at the end of 2023, reflecting a substantial rise in financial obligations[82] - The Company has a total of $900 million committed under the 2024 Amended and Restated Credit Agreement, with outstanding borrowings of $222.6 million as of June 30, 2024[83] - The Company entered into a term loan agreement providing for a CHF 150 million three-year term loan facility and a CHF 150 million five-year term loan facility[85] Tax and Compliance - The income tax provision for the three months ended June 30, 2024, was $16.1 million, representing an effective tax rate of 67.4%, compared to $19.9 million and 25.7% for the same period in 2023[108] - The effective tax rate increased primarily due to changes in jurisdictional mix and the impact of valuation allowance on capital loss carryforwards[108] - The Company had gross unrecognized tax benefits of approximately $69.4 million as of June 30, 2024, up from $58.5 million at the end of 2023[109] Shareholder Actions - Cash dividends declared and paid to common shareholders were $7.7 million, at a rate of $0.05 per share[12] - The Company approved a share repurchase program in May 2023, authorizing the purchase of up to $500.0 million of common stock, with $369.9 million remaining available as of June 30, 2024[113] - The Company completed a public offering in May 2024, issuing 6,000,000 shares at a price of $67.29 per share, resulting in net proceeds of approximately $403.0 million[116]

| --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | Q2 2024 Earnings Presentation BRUKER CORPORATION (NASDAQ: BRKR) | | | | August 6, 2024 | | | | Frank H. Laukien, President & Chief Executive Officer Gerald Herman, Executive Vice President & Chief Financial Officer Joe Kostka, Associate Director, Investor Relations | | | BRUKER CORPORATION ...

Financial Data and Key Metrics - Q2 2024 reported revenues increased by 17.4% to $800.7 million, with organic revenue growth of 7.4% [11] - Non-GAAP operating margin decreased by 150 bps year-over-year to 13.8% due to acquisition-related headwinds [12] - Q2 2024 GAAP-diluted EPS was $0.05, compared to $0.39 in Q2 2023, while non-GAAP diluted EPS increased by 4% to $0.52 [12] - First half 2024 revenues increased by 11.4% to $1.52 billion, with organic revenue growth of 4.5% [13] - First half 2024 non-GAAP EPS was down 8.7% due to transformative acquisitions [13] Business Line Performance - BioSpin Group revenue grew in the high-teens percentage in H1 2024, driven by academic, government, and industrial research markets [14] - CALID Group revenue increased in the high single digits, driven by molecular spectroscopy, microscopy, and the newly acquired ELITech molecular diagnostics business [15] - Bruker Nano revenue grew in the mid-teens percentage, with strong contributions from the recently acquired Bruker Cellular Analysis and NanoString businesses [15] - BEST segment revenue grew in the high single digits, driven by big science projects and semiconductor lithography tools [16] Market Performance - Americas revenue grew in the low-teens percentage in Q2 2024, while Asia-Pacific revenue was flat [22] - European revenue had low double-digit growth, while EMEA revenue was up low-single digits year-over-year [22] - Semiconductor metrology orders were strong in Pacific RIM countries and North America, driven by AI megatrends [6] Company Strategy and Industry Competition - The company is executing its dual strategy of Project Accelerate 2.0 portfolio transformation and operational excellence, focusing on spatial biology, molecular diagnostics, and lab automation [5][6] - Recent acquisitions (Chemspeed, ELITech, NanoString) are performing well, with Chemspeed exceeding expectations and ELITech showing mid-to-high single-digit revenue growth [6][7] - The company expects a solid rebound in NanoString revenue in 2025, with significant cost actions and operational improvements already underway [9][10] Management Commentary on Operating Environment and Future Outlook - Management expects mid-single-digit organic revenue growth in Q3 2024 and maintains full-year organic revenue growth guidance of 5% to 7% [5] - The company anticipates a strong Q4 2024, driven by backlog and new orders, with EPS growth expected to reaccelerate in Q4 [27][52] - Management remains optimistic about the long-term growth potential of the semiconductor metrology and molecular diagnostics businesses [36][47] Other Important Information - The company completed $1.3 billion in funding for the ELITech and NanoString acquisitions, with $0.9 billion financed through fixed low-interest rates and $400 million through a follow-on equity offering [20] - Free cash outflow in Q2 2024 was $25.1 million, compared to $10.5 million in Q2 2023, due to acquisition-related expenses [20] Q&A Session Summary Question: Operating margin expectations for Q3 and factors driving it [30] - Management expects around 16% operating profit margin for the full year, with a 300 bps headwind from M&A and FX [31] - Continued strength in diagnostics and semiconductor metrology is offsetting weakness in biopharma and China [31] Question: Bruker's ability to outperform the market post-acquisitions [33] - The company has repositioned itself for the post-genomic era, focusing on spatial biology, proteomics, and multiomics, which are driving organic growth [35][36] - Semiconductor metrology and molecular diagnostics are key growth drivers, with semiconductor metrology expected to approach 10-15% of revenue in the coming years [36] Question: Order trends and backlog for BSI in Q2 [40] - BSI book-to-bill was in the mid-0.9 range, with organic order growth in the mid-single digits [40] - Backlog is expected to normalize over the next two years, with strong demand in academic/government markets outside of China [41] Question: 2025 setup and yen impact [43] - Management remains confident in the medium-term outlook presented in May 2024, with no changes to the 2025-2027 EPS targets [64] - The yen's recent strengthening has minimal impact on Bruker, as Japan's business volume has declined [44] Question: China stimulus impact on Q3 and Q4 [49] - China orders were muted in Q2, with customers delaying purchases while awaiting stimulus funding, which is expected to benefit 2025 more than 2024 [50][67] - Q4 is expected to be strong, driven by backlog and new orders, with mid-single-digit growth in Q3 [52] Question: M&A step-up and IP situation [55][57] - The incremental $90 million revenue step-up is driven by multiple small factors across acquisitions, with no single standout driver [56] - The IP situation with NanoString remains stable, with no new developments, and the company expects further clarity in 2025 [58] Question: Segment performance in H2 2024 [59] - Semiconductor metrology orders were stronger than expected in H1, but revenue realization may extend into 2025 due to long lead times [60] - Biopharma and China remain weak, while other segments like diagnostics and industrial research are performing well [60] Question: Backlog and 2025-2027 EPS targets [62] - Backlog is normalizing as expected, with no significant changes to the 2024 guidance or medium-term outlook [63][64] Question: Growth assumptions by segment and organic growth range [70] - Biopharma and China are the main culprits for lower growth expectations, while semiconductor metrology and diagnostics are performing better than expected [71] - The wider organic growth range reflects market uncertainties, with the company likely to land in the lower half of the 5-7% range [72] Question: timsTOF Ultra 2 rollout and franchise outlook [73] - The timsTOF Ultra 2 has improved the company's competitive position, with strong bookings and customer interest, although revenue growth remains modest [74]

Bruker Corporation (BRKR) has announced a strategic partnership with NovAliX, a leading preclinical Contract Research Organization (CRO) based in Strasbourg, France. This collaboration is set to accelerate innovation in drug discovery by leveraging Bruker's advanced biophysical technologies and NovAliX's expertise in drug discovery services. The partnership aims to enhance the development, incubation and deployment of novel drug discovery methods, with a focus on improving target identification and drug can ...

Bruker Corporation (BRKR) delivered adjusted earnings per share (EPS) of 52 cents in the second quarter of 2024, up 4% year over year. The figure came in line with the Zacks Consensus Estimate. The adjustments include expenses related to the amortization of purchased intangibles, acquisition-related costs and restructuring costs, among others. GAAP EPS was 5 cents compared with 39 cents in the year-ago period. Revenues in Detail Bruker registered revenues of $800.7 million in the second quarter, up 17.4% ye ...

For the quarter ended June 2024, Bruker (BRKR) reported revenue of $800.7 million, up 17.4% over the same period last year. EPS came in at $0.52, compared to $0.50 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $796.23 million, representing a surprise of +0.56%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.52. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they comp ...

Investors in Bruker Corporation (BRKR) need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 20, 2024 $50 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could als ...

Bruker (BRKR) came out with quarterly earnings of $0.52 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this scientific equipment maker would post earnings of $0.46 per share when it actually produced earnings of $0.53, delivering a surprise of 15.22%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Bruker, which be ...

Exhibit 99.1 Bruker Reports Second Quarter 2024 Financial Results • Q2 2024 revenues of $800.7 million, up 17.4% year-over-year (yoy); organic revenue up 7.4% yoy; CER revenue up 18.5% yoy • Q2 2024 GAAP EPS $0.05; non-GAAP EPS $0.52, up 4.0% yoy • Bruker increases FY 2024 revenue guidance to $3.38-$3.44 billion, now including the NanoString business; implies revenue growth of 14% to 16%, and organic revenue growth of 5% to 7% yoy BILLERICA, Massachusetts – August 6, 2024 – Bruker Corporation (Nasdaq: BRKR) ...