Core Insights - Bruker Corporation has launched the LUMOS II ILIM, a quantum cascade laser-based infrared imaging microscope, which sets new performance standards for capturing ultrafast IR images with enhanced spatial resolution, expected to significantly boost the CALID segment [1][4]. Company Developments - Following the announcement of the LUMOS II ILIM on January 8, Bruker shares increased by 3.3%, closing at $62.95, with strong demand noted in the CALID segment for differentiated instruments [2]. - The company has a market capitalization of $9.21 billion, with a projected revenue increase of 13.1% for 2024 according to the Zacks Consensus Estimate [3]. - The LUMOS II ILIM features a patented coherence reduction method for infrared imaging, allowing for rapid determination of chemical complexity in biological tissues [4]. - The microscope integrates AI-powered data evaluation, enabling discoveries in life science and pharma research, and supports multimodal imaging for enhanced analytical depth [5]. Industry Prospects - The global infrared imaging market was valued at $7.35 billion in 2023 and is expected to grow at a compound annual growth rate of 6.1% by 2030, with a focus on multispectral imaging and AI integration [6]. - In addition to the LUMOS II ILIM, Bruker launched the Dimension Nexus atomic force microscope in December 2024, enhancing access to advanced AFM technology [7][8]. - Bruker's 1.2 GHz Ascend NMR spectrometer has been accepted at the Swiss High-field NMR Facility, significantly enhancing research capabilities in structural biology [9]. Stock Performance - Over the past 30 days, Bruker shares have gained 10.1%, contrasting with a 1.5% decline in the industry [10].

Group 1 - Bruker Corporation (BRKR) has been added to the Zacks Rank 5 (Strong Sell) List due to a 7.3% downward revision in the consensus estimate for its current year earnings over the last 60 days [1] - Commercial Metals Company (CMC) is also on the Zacks Rank 5 (Strong Sell) List, with a 14.5% downward revision in the consensus estimate for its current year earnings over the last 60 days [1] - Concentrix Corporation (CNXC) has seen a 5.5% downward revision in the consensus estimate for its current year earnings over the last 60 days, leading to its inclusion in the Zacks Rank 5 (Strong Sell) List [2]

Company Overview - Bruker Corporation (BRKR) announced a new technology, EpicIF, to enhance its CellScape Precise Spatial Proteomics platform for highly multiplexed immunofluorescence [1] - The EpicIF technology is expected to expand antibody compatibility and double throughput while preserving tissue integrity and preventing cross-reactivity [1][4] Product Details - The CellScape platform, launched in 2022, analyzes protein expression within cellular contexts, providing high-resolution insights into spatial proteomics [2][3] - CellScape allows researchers to map proteins in tissue samples, revealing cell-specific protein patterns and interactions, which is crucial for cancer research, drug discovery, and personalized medicine [3] - EpicIF enhances photobleaching efficacy by combining a proprietary reagent with visible light, allowing for the erasure of fluorescence signals while preserving epitopes and tissue integrity [5] Market Performance - Following the announcement of EpicIF, BRKR shares fell by approximately 4.6% to $57.73, with a year-to-date decline of 21.5%, compared to a 4% decline in the industry and a 26.1% increase in the S&P 500 [2] - Bruker currently has a market capitalization of $8.8 billion [2] Industry Prospects - The global spatial proteomics market was valued at $77.6 billion in 2023 and is projected to grow at a CAGR of 14.8% from 2024 to 2030 [6] - Growth in the market is driven by technological advancements and increasing demand for in-depth protein analysis, particularly through advanced imaging and mass spectrometry techniques [7]

Financial Performance - Total revenue for Q3 2024 was $864.4 million, a 16.3% increase from $742.8 million in Q3 2023[9] - Product revenue reached $709.3 million, up 15.3% from $615.1 million year-over-year[9] - Net income attributable to Bruker Corporation was $40.9 million in Q3 2024, down 53.7% from $88.1 million in Q3 2023[9] - Gross profit for Q3 2024 was $418.8 million, compared to $382.8 million in Q3 2023, reflecting a gross margin improvement[9] - Operating income decreased to $68.1 million in Q3 2024 from $124.5 million in Q3 2023, indicating a decline in operational efficiency[9] - Consolidated net income for the quarter is $50.9 million, with a comprehensive income of $52.3 million[13] - The company reported a consolidated net income of $40.9 million for the quarter ending September 30, 2024[13] - For the three months ended September 30, 2024, net income attributable to Bruker Corporation was $40.9 million, compared to $30.0 million for the same period in 2023, representing a year-over-year increase of 36.3%[114] Expenses and Costs - Research and development expenses increased to $98.1 million in Q3 2024, up 37.6% from $71.3 million in Q3 2023, highlighting a focus on innovation[9] - Selling, general and administrative expenses accounted for 26.6% of total revenue, compared to 23.9% in the same period last year, driven by planned investments in sales and marketing[173] - Total other charges, net for the three months ended September 30, 2024, amounted to $22.7 million, compared to $9.4 million for the same period in 2023[125] - Restructuring charges for the three months ended September 30, 2024, were $4.3 million, down from $4.8 million in the same period of 2023[126] - The company incurred acquisition-related expenses of $6.8 million for the three months ended September 30, 2024, compared to $1.6 million in the same period of 2023[125] Assets and Liabilities - Total assets as of September 30, 2024, were $6,112.9 million, significantly higher than $4,249.9 million at the end of 2023[6] - Long-term debt rose to $2,264.5 million as of September 30, 2024, compared to $1,160.3 million at the end of 2023, indicating increased leverage[7] - Cash and cash equivalents decreased to $148.1 million from $488.3 million at the end of 2023, reflecting liquidity challenges[6] - The company reported a total shareholders' equity of $1,825.1 million as of September 30, 2024, up from $1,394.6 million at the end of 2023[8] - Total debt as of September 30, 2024, was $2,297.3 million, an increase from $1,281.5 million as of December 31, 2023[83] Revenue Segments - The BSI BioSpin segment generates revenue from academic, government, and industrial customers, focusing on magnetic resonance technology[17] - The BSI CALID segment provides mass spectrometry and molecular diagnostics solutions, serving a diverse customer base including pharmaceutical and biotechnology companies[18] - The BSI NANO segment focuses on advanced microscopy and analytical tools, catering to nanotechnology and semiconductor industries[19] - The BEST segment develops superconducting materials for applications in healthcare and renewable energy[20] - Revenue from BSI BioSpin segment was $233.0 million for the three months ended September 30, 2024, compared to $198.3 million in 2023, reflecting a 17.5% growth[28] - The BSI NANO Segment saw a revenue increase of 48.4% to $287.1 million, attributed to the NanoString acquisition and strong demand in the semiconductor metrology market[171] Acquisitions and Investments - The company completed acquisitions totaling $1,627.0 million in cash consideration during the nine months ended September 30, 2024[38] - The acquisition of NanoString Technologies, Inc. was completed for approximately $392.6 million in cash, enhancing the company's spatial biology capabilities[39] - ELITechGroup was acquired for $951.9 million in cash, with a net consideration of $931.2 million after adjustments[43] - The company acquired 100% of Dynamic Biosensors GmbH for approximately $21.0 million on October 1, 2024[142] - The company integrated ELITech and Nanostring into its BSI CALID and BSI NANO segments, respectively, enhancing its capabilities in molecular diagnostics and life science[151] Cash Flow and Liquidity - Cash provided by operating activities decreased to $61.3 million from $144.6 million, reflecting a decline of 57.5% year-over-year[15] - Net cash used in investing activities significantly increased to $1,696.7 million from $289.2 million, indicating a rise of 485.5%[15] - The company reported a cash balance of $151.7 million at the end of the period, down from $366.9 million at the end of September 2023[15] - The net change in cash, cash equivalents, and restricted cash for the nine months ended September 30, 2024, was a decrease of $339.9 million[201] - The company anticipates that existing cash and credit facilities will be sufficient to support operating and investing needs for at least the next twelve months[198] Tax and Compliance - The effective tax rate for the three months ended September 30, 2024, was 26.8%, up from 25.8% in 2023, primarily due to changes in jurisdictional mix and net unfavorable discrete activities[110] - The income tax provision for the nine months ended September 30, 2024, was $50.7 million, compared to $80.6 million for the same period in 2023, reflecting a decrease in effective tax rate from 33.6% to 26.6%[110] - The Company had gross unrecognized tax benefits of approximately $71.7 million as of September 30, 2024, compared to $58.5 million as of December 31, 2023[112] Stock and Shareholder Information - Cash dividends paid to common shareholders amounted to $7.7 million, at a rate of $0.05 per share[13] - The number of common shares outstanding increased to 145,334,000 by March 31, 2024[13] - As of September 30, 2024, $369.9 million remains available for future purchases under the 2023 Repurchase Program, which authorizes up to $500.0 million in stock repurchases[117] - The Company did not purchase any shares under the 2023 Repurchase Program during the three and nine months ended September 30, 2024[118]

Earnings Performance - Adjusted EPS for Q3 2024 was 60 cents, down 18.9% YoY, missing the Zacks Consensus Estimate by 1.6% [1] - GAAP EPS was 27 cents compared to 60 cents in the year-ago period [1] - Following the earnings announcement, BRKR stock rose 1.7% in aftermarket trading [2] Revenue Analysis - Q3 2024 revenues were $864.4 million, up 16.4% YoY but missed the Zacks Consensus Estimate by 0.1% [3] - Organic revenue growth was 3.1%, excluding 12.5% from acquisitions and 0.7% from foreign currency impacts [3] - US revenues increased 13.2% YoY to $239.0 million, exceeding the model forecast of $233.9 million [3] - Europe revenues rose 15.1% YoY to $290 million, below the model forecast of $322.1 million [4] - Asia Pacific revenues increased 14.4% YoY to $262.4 million, below the model forecast of $267.7 million [4] - Other category revenues surged 44.8% YoY to $73 million, significantly above the model forecast of $26.9 million [4] Segmental Performance - BSI segment revenues grew 18.2% YoY to $799.5 million [5] - BioSpin Group revenues increased 17.5% YoY to $233 million, below the model forecast of $247.3 million [6] - CALID revenues rose 16.8% YoY to $279.4 million, slightly below the model forecast of $280.8 million [7] - NANO revenues climbed 20.3% YoY to $287.1 million, above the model forecast of $260.8 million [7] - BEST segment revenues declined 2.7% YoY to $68.7 million, below the model forecast of $77.3 million [8] Margin Trends - Gross profit increased 9.4% to $418.6 million, but gross margin contracted 308 bps to 48.4% due to a 23.8% rise in costs [9] - SG&A expenses rose 30.2% to $229.9 million, and R&D expenses increased 37.6% YoY to $98.1 million [10] - Adjusted operating expenses grew 32.2% YoY to $328.0 million [10] - Adjusted operating profit declined 32.7% YoY to $90.8 million, with the adjusted operating margin contracting 766 bps to 10.5% [10] Financial Position - Cash and cash equivalents stood at $148.1 million at the end of Q3 2024, down from $169.7 million at the end of Q2 [11] - Total long-term debt increased to $2.26 billion from $1.16 billion at the end of Q2 [11] - Cumulative net cash flow from operating activities was $61.3 million, down from $144.6 million in the comparable period last year [11] 2024 Guidance - Full-year 2024 revenue guidance lowered to $3.34-$3.37 billion from $3.38-$3.44 billion, indicating YoY growth of 12.5%-13.5% [12] - Adjusted EPS guidance for 2024 revised to $2.36-$2.41 from $2.59-$2.64 [13] Strategic Developments - Completed three strategic acquisitions in H1 2024, accelerating portfolio transformation and market expansion into spatial biology, molecular diagnostics, and laboratory automation [15] Industry Comparison - Phibro Animal Health (PAHC) reported Q4 fiscal 2024 adjusted EPS of 41 cents, beating estimates by 20.6%, with revenues of $273.2 million exceeding estimates by 4.1% [16][17] - Quest Diagnostics (DGX) reported Q3 2024 adjusted EPS of $2.30, beating estimates by 1.8%, with revenues of $2.49 billion exceeding estimates by 3.4% [17] - HealthEquity (HQY) reported Q2 fiscal 2025 adjusted EPS of 86 cents, surpassing estimates by 22.9%, with revenues of $299.9 million exceeding estimates by 5.4% [18][19]

Q3 2024 Performance - Bruker's Q3 2024 revenue increased by $121.6 million, a +16.4% increase year-over-year[4] - The company's Q3 2024 organic growth was +3.1%, with BSI up +3.8% and BEST down -3.2% organically[4] - Acquisitions contributed +12.5% to Bruker's Q3 2024 revenue growth[4] - Bruker's Q3 2024 Non-GAAP EPS decreased by -18.9% to $0.60[4] YTD Q3 2024 Performance - Bruker's YTD Q3 2024 revenue increased by $276.8 million, a +13.1% increase year-over-year[5] - The company's YTD Q3 2024 organic growth was +4.0%, with BSI up +4.1% and BEST up +3.7% organically[5] - Acquisitions contributed +9.2% to Bruker's YTD Q3 2024 revenue growth[5] - Bruker's YTD Q3 2024 Non-GAAP EPS decreased by -12.2% to $1.65[5] FY 2024 Outlook - Bruker expects FY 2024 revenue between $3.34 to $3.37 billion, representing a reported growth of +12.5% to +13.5%[25] - The company anticipates an organic growth of +3% to +4% for FY 2024[25] - Bruker projects a Non-GAAP EPS between $2.36 to $2.41 for FY 2024, a decline of -6.5% to -8.5%[25]

Financial Data and Key Metrics Changes - Q3 2024 reported revenues increased 16.4% year-over-year to $864.4 million, with organic revenue growth of 3.1% and a currency tailwind of 0.7% [16][35] - Non-GAAP operating margin was 14.9%, down 510 basis points year-over-year, primarily due to recent strategic acquisitions [17][35] - GAAP diluted EPS was $0.27, compared to $0.60 in Q3 2023, while non-GAAP diluted EPS was $0.60, down 18.9% from $0.74 in Q3 2023 [18][35] Business Line Data and Key Metrics Changes - Bruker BioSpin Group revenue was $633 million, growing in the high-teens percentage, with strong contributions from automation and services [22] - Bruker CALID Group revenue was $773 million, with low-double-digit CER revenue growth, driven by microbiology and infectious disease diagnostics [23] - Bruker NANO revenue was $780 million, with mid-teens percentage CER revenue growth, supported by semiconductor metrology [24] - BEST segment CER revenues grew in the low-single digits, driven by research instruments and technology for semiconductor lithography [25] Market Data and Key Metrics Changes - Americas revenue grew in the low-single digits, while Asia-Pacific revenue (excluding China) was up double-digit percentage [40] - China revenue declined low double-digits, and European revenue declined low single-digit percentage year-over-year [40] - EMEA region revenue was up mid-teens percentage year-over-year [40] Company Strategy and Development Direction - The company is focused on integrating and improving recently acquired businesses to drive above-market organic revenue growth and significant margin expansion in 2025 and beyond [15][33] - Strategic expansion into single-cell spatial molecular diagnostics and lab automation is expected to contribute to profitable growth [33] Management's Comments on Operating Environment and Future Outlook - Management noted that delayed recoveries in biopharma and China demand will not significantly benefit fiscal year 2024, leading to a lowered guidance [14][45] - The company anticipates low-single-digit organic revenue growth in Q4 2024, following a strong Q4 2023 [49] - Management expressed optimism about stimulus orders from China and improvements in biopharma demand in 2025 [63][64] Other Important Information - The company is adjusting its fiscal year 2024 guidance to a revenue range of $3.34 billion to $3.37 billion, with organic revenue growth of 3% to 4% [46] - Non-GAAP EPS guidance for fiscal year 2024 is now in the range of $2.36 to $2.41, down from a prior range of $2.59 to $2.64 [48] Q&A Session Summary Question: Impact of biopharma and China on guidance cut - Management indicated that the guidance cut is primarily due to a significant decline in China orders, which are down approximately 20% year-over-year, and slower recovery in biopharma [55][56] Question: Outlook for 2025 - Management acknowledged that estimates for 2025 would likely be lowered due to the current weakness in biopharma and China, with no specific guidance provided yet [58][64] Question: Confidence in above-market growth - Management expressed confidence in above-market growth driven by strong demand in diagnostics and semiconductor metrology, despite current challenges [61][66] Question: Book-to-bill ratio and order dynamics - The book-to-bill ratio for Q3 was below 1, but organic bookings growth in BSI was the best in several quarters, indicating positive momentum despite challenges in China and biopharma [88][89] Question: Margin dilution from acquisitions - Management confirmed that acquisition integration is on track, with expectations for significant margin improvement in the coming years [72][74]

Exhibit 99.1 Bruker Reports Third Quarter 2024 Financial Results • Q3 2024 revenues of $864.4 million, up 16.4% year-over-year (yoy); Bruker organic revenue up 3.1% yoy, and CER revenue up 15.7% yoy; BSI segment organic revenue up 3.8% yoy • Q3 2024 GAAP diluted EPS $0.27; non-GAAP diluted EPS $0.60 • Updated FY2024 guidance: o Revenue $3.34 to $3.37 billion, implying Bruker organic revenue growth of 3% to 4%, and CER revenue growth of approximately 13% yoy o Non-GAAP EPS of $2.36 - $2.41 BILLERICA, Massach ...

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Bruker Corporation (BRKR) recently announced the release of its latest innovative neuroscience research solution, the OptoVolt module, at the Neuroscience 2024 conference. The module uniquely addresses the challenges of voltage imaging by providing scanner technology. The latest release expands Bruker's Ultima multiphoton microscope platform with advanced neuroscience research capabilities. BRKR's Likely Stock Trend Following the News Subsequent to the news, the share price of BRKR moved south 1.6% to $65.9 ...