Bruker(US:BRKR)2024-11-05 12:00Revenue Performance - Q3 2024 revenues reached $864.4 million, a 16.4% increase year-over-year, with organic revenue growth of 3.1% and constant-exchange rate (CER) revenue growth of 15.7%[1][2] - Updated FY2024 revenue guidance is set at $3.34 to $3.37 billion, indicating a year-over-year growth of 12.5% to 13.5%, with organic revenue growth projected at 3% to 4%[5][6] - For the first nine months of 2024, revenues totaled $2.39 billion, a 13.1% increase from $2.11 billion in the same period of 2023, with organic growth of 4.0%[4] - Total revenue for the three months ended September 30, 2024, was $864.4 million, an increase of 16.3% compared to $742.8 million for the same period in 2023[16] - Revenue for the three months ended September 30, 2024, was $864.4 million, representing a growth rate of 16.4% compared to $742.8 million in the same period of 2023[18] - Revenue from Bruker BioSpin segment for the three months ended September 30, 2024, was $233.0 million, up from $198.3 million in 2023, representing a growth of 17.4%[29] - Revenue from Bruker CALID segment for the nine months ended September 30, 2024, reached $772.9 million, compared to $703.2 million in 2023, indicating a growth of 9.9%[29] - Total revenue from the United States for the three months ended September 30, 2024, was $239.0 million, an increase from $211.1 million in 2023, marking a growth of 13.2%[30] - Total revenue from the Asia Pacific region for the nine months ended September 30, 2024, was $711.7 million, compared to $692.8 million in 2023, reflecting a growth of 2.1%[30] Profitability Metrics - GAAP diluted EPS for Q3 2024 was $0.27, down from $0.60 in Q3 2023; non-GAAP diluted EPS was $0.60, an 18.9% decrease from $0.74 in Q3 2023[3] - Non-GAAP operating income for Q3 2024 was $129.1 million, a decrease of 12.9% compared to $148.3 million in Q3 2023, resulting in a non-GAAP operating margin of 14.9%[3] - Operating income decreased to $68.1 million for the three months ended September 30, 2024, down from $124.5 million in the same period last year[16] - Net income attributable to Bruker Corporation for the three months ended September 30, 2024, was $40.9 million, a decline of 53.6% from $88.1 million in the prior year[16] - Consolidated net income for the three months ended September 30, 2024, was $40.3 million, a decrease from $88.7 million in the same period of 2023[17] - Non-GAAP net income attributable to Bruker Corporation for the three months ended September 30, 2024, was $91.0 million, compared to $108.3 million in the same period of 2023[19] - GAAP gross profit for Q3 2024 was $418.8 million, with a gross profit margin of 48.4%, compared to $382.8 million and 51.5% in Q3 2023[21] - Non-GAAP gross profit for Q3 2024 was $442.2 million, representing a margin of 51.2%, while in Q3 2023 it was $391.6 million with a margin of 52.6%[21] - GAAP operating income for Q3 2024 decreased to $68.1 million (7.9% margin) from $124.5 million (16.8% margin) in Q3 2023[23] - Non-GAAP operating income for Q3 2024 was $129.1 million (14.9% margin), down from $148.3 million (20.0% margin) in Q3 2023[23] Cash Flow and Expenses - Net cash provided by operating activities for the three months ended September 30, 2024, was $38.4 million, compared to $44.1 million in the same period of 2023[18] - Cash flows from investing activities for the three months ended September 30, 2024, resulted in a net cash outflow of $67.6 million, compared to $155.0 million in the same period of 2023[17] - SG&A expenses for the three months ended September 30, 2024, were $229.9 million, an increase from $177.6 million in the same period of 2023[18] - Research and development expenses for the three months ended September 30, 2024, were $98.1 million, up from $71.3 million in the same period last year, reflecting a 37.6% increase[16] - Non-GAAP free cash flow for the three months ended September 30, 2024, was $5.8 million, a decrease from $17.2 million in the same period of 2023[19] Balance Sheet Highlights - Total current assets increased to $2,191.4 million as of September 30, 2024, compared to $2,164.2 million at the end of December 31, 2023[14] - Total assets rose significantly to $6,112.9 million as of September 30, 2024, compared to $4,249.9 million at the end of December 31, 2023[15] - Total shareholders' equity increased to $1,825.1 million as of September 30, 2024, up from $1,394.6 million at the end of December 31, 2023[15] - Long-term debt increased to $2,264.5 million as of September 30, 2024, compared to $1,160.3 million at the end of December 31, 2023[15] Market and Strategic Insights - The company anticipates a contribution from M&A of approximately 9.5% to FY2024 revenue growth[5] - Despite delays in biopharma and China recoveries, BSI organic bookings grew in the upper mid-single digits year-over-year in Q3[1] - The company is focused on integrating and improving strategic acquisitions to drive above-market organic revenue growth and margin expansion in 2025[1] - Foreign currency translation is expected to have a neutral impact on FY2024 revenue growth[5] - The effect of changes in foreign currency translation rates for the nine months ended September 30, 2024, was a positive $3.2 million, compared to a positive $3.4 million in 2023[28]