- Q3 2021 revenues of $608.9 million, up 19.1% year-over-year
(yoy); organic growth of 17.8%
- Q3 2021 GAAP EPS of $0.57, up 63% yoy; non-GAAP EPS of
$0.63, up 50% yoy
- Raising FY 2021 guidance significantly on strong demand for
Bruker’s products and solutions
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its third quarter and for the nine months ended
September 30, 2021.
Third Quarter 2021 Financial Results
Bruker’s revenues for the third quarter of 2021 were $608.9
million, an increase of 19.1% compared to revenues of $511.4
million in the third quarter of 2020. In the third quarter of 2021,
revenues increased 17.8% organically year-over-year, growth from
acquisitions was 0.3% and foreign currency translation had a
positive effect of 1.0%. In the third quarter of 2021, Bruker
continued to see strong, broad-based demand for its products and
solutions across its Bruker Scientific Instruments (BSI) Groups and
the BEST segment.
Third quarter 2021 GAAP operating income was $113.2 million,
compared to $81.2 million in the third quarter of 2020,
representing GAAP operating margins of 18.6% and 15.9%,
respectively. Non-GAAP operating income was $125.4 million in the
third quarter of 2021, compared to $94.9 million in the third
quarter of 2020. Bruker’s third quarter 2021 non-GAAP operating
margin was 20.6%, compared to 18.6% in the third quarter of 2020.
The year-over-year increases in the Company’s GAAP and non-GAAP
operating income and operating margins were primarily due to higher
revenues and improved gross margins.
Third quarter 2021 GAAP diluted earnings per share (EPS) were
$0.57, compared to $0.35 in the third quarter of 2020. Third
quarter 2021 non-GAAP diluted EPS were $0.63, an increase of 50%
compared to $0.42 in the third quarter of 2020. Higher operating
income and a favorable tax rate in the third quarter of 2021 drove
growth in GAAP and non-GAAP EPS compared to the third quarter of
2020.
First Nine Months of 2021 Financial Results
For the first nine months of 2021, Bruker’s revenues were
$1,734.4 million, an increase of 27.5% from $1,360.0 million in the
first nine months of 2020. In the first nine months of 2021,
revenues increased 22.6% organically year-over-year. Growth from
acquisitions was 0.5%, while foreign currency translation had a
4.4% favorable effect. The reported and organic revenue increases
were consistent with strong demand and a robust recovery, compared
to the first nine months of 2020.
In the first nine months of 2021, GAAP operating income was
$287.9 million, compared to $135.5 million in the first nine months
of 2020, representing GAAP operating margins of 16.6% and 10.0%,
respectively. Non-GAAP operating income was $326.4 million in the
first nine months of 2021, compared to $176.1 million in the first
nine months of 2020. Bruker’s non-GAAP operating margin in the
first nine months of 2021 was 18.8%, compared to 12.9% in the first
nine months of 2020.
In the first nine months of 2021 GAAP diluted EPS were $1.32,
compared to $0.57 in the first nine months of 2020. Non-GAAP
diluted EPS were $1.51, an increase of 96.1% compared to $0.77 in
the first nine months of 2020. The year-over-year increases in the
Company’s GAAP and non-GAAP operating income, operating margins and
diluted EPS were primarily due to higher revenues, favorable volume
and operating leverage compared to the first nine months of 2020,
which were negatively affected by the COVID-19 pandemic.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Frank H. Laukien, President and CEO of Bruker, commented: “We
continue to see strong customer demand for our high-performance
instruments and solutions. In the third quarter of 2021, Bruker’s
revenues, margins and EPS all stepped up substantially year-over
year. Our teams continue to innovate and execute well, despite
supply chain challenges. We increase our outlook further and
anticipate excellent full year 2021 results.”
Fiscal Year (FY) 2021 Financial Outlook
Bruker is again raising its fiscal year 2021 guidance to account
for strong demand for its products and solutions during the first
nine months of 2021. Compared to FY 2020, the Company now expects
approximately the following FY 2021 full-year financial
performance:
- Reported revenue growth of 19.5% to 20.5%;
- Organic revenue growth of 16.5% to 17.5%;
- A combined tailwind from foreign currency and acquisitions of
3%;
- Non-GAAP operating margin of 19.5% to 20.0%, representing an
increase of 350 basis points to 400 basis points compared to FY
2020 non-GAAP operating margin of 16.0%;
- Non-GAAP EPS between $2.05 and $2.09, representing a
year-over-year increase of 52% to 55%.
Bruker’s expected revenue growth, non-GAAP operating margin
expansion and non-GAAP EPS guidance for FY 2021 are based on
foreign exchange rates as of September 30, 2021.
For the Company's outlook for FY 2021 non-GAAP operating margin
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 operating margin and non-GAAP EPS.
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 1st, at 4:30 p.m. Eastern Time.
To listen to the webcast, investors can go to https://ir.bruker.com
and click on the “Q3 2021 Earnings Webcast” hyperlink. A slide
presentation that will be referenced during the webcast 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 1-888-437-2685 (US toll free) or
+1-412-317-6702 (international) and referencing “Bruker’s Third
Quarter 2021 Earnings Conference Call”. A telephone replay of the
conference call will be available by dialing 1-877-344-7529 (US
toll free) or +1-412-317-0088 (international) and entering
conference number 10161328. The replay will be available beginning
one hour after the end of the conference call through December 1,
2021.
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 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
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 and free
cash flow, 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 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.
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 2021 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 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 2021
financial outlook, including our outlook for revenue growth,
foreign currency impact, non-GAAP operating margin, non-GAAP EPS
and non-GAAP tax rate; management’s expectations for future
financial and operational performance and business outlook; the
impact of the COVID-19 pandemic; future economic conditions; the
market demand for our products; 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
the length and severity of the COVID-19 pandemic (including the
impact of new variants of the virus), the impact of the pandemic on
global economic conditions and the length and severity of any
resulting recession, the availability, adoption and effectiveness
of vaccines, continued volatility in the capital markets, risks in
the supply chain, including for semiconductor chips and many other
materials used in our products, global shipment and logistics
risks, global inflationary risks, risks in the integration and
assumption of liabilities of businesses we have acquired or may
acquire in the future, the impact of changes in law, including
changes in tax rates, fluctuations in foreign currency exchange
rates, our ability to successfully implement our restructuring
initiatives and other cost reduction initiatives, changing
technologies, product development and market acceptance of our
products, the success of our R&D investment initiatives, the
cost and pricing of our products, manufacturing, competition, loss
of key personnel, dependence on collaborative partners, key
suppliers and contract manufacturers, capital spending and
government funding policies, changes in governmental regulations,
international trade disputes, the use and protection of
intellectual property rights, litigation, 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, 2020, 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,
December 31,
2021
2020
ASSETS Current assets: Cash and cash equivalents
$
573.0
$
681.8
Short-term investments
96.8
50.0
Accounts receivable, net
372.1
335.3
Inventories
732.8
692.3
Other current assets
212.9
165.6
Total current assets
1,987.6
1,925.0
Property, plant and equipment, net
389.4
395.5
Goodwill, intangibles, net and other long-term assets
749.0
728.5
Total assets
$
3,126.0
$
3,049.0
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND
SHAREHOLDERS' EQUITY Current liabilities: Current portion of
long-term debt
$
109.5
$
2.2
Accounts payable
141.1
134.6
Customer advances
178.3
189.2
Other current liabilities
490.6
465.9
Total current liabilities
919.5
791.9
Long-term debt
717.5
842.3
Other long-term liabilities
399.1
440.5
Redeemable noncontrolling interest
0.3
-
Total shareholders' equity
1,089.6
974.3
Total liabilities, redeemable noncontrolling interest and
shareholders' equity
$
3,126.0
$
3,049.0
Bruker Corporation CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended
Nine Months Ended
(in millions, except per share amounts)
September 30,
September 30,
2021
2020
2021
2020
Revenues
$
608.9
$
511.4
$
1,734.4
$
1,360.0
Cost of revenues
300.2
263.1
866.4
733.2
Gross profit
308.7
248.3
868.0
626.8
Operating expenses: Selling, general and administrative
141.3
114.6
407.9
338.2
Research and development
52.1
48.3
162.7
140.9
Other charges, net
2.1
4.2
9.5
12.2
Total operating expenses
195.5
167.1
580.1
491.3
Operating income
113.2
81.2
287.9
135.5
Interest and other income (expense), net
(4.4
)
(5.9
)
(13.8
)
(15.4
)
Income before income taxes and noncontrolling interest in
consolidated subsidiaries
108.8
75.3
274.1
120.1
Income tax provision
20.7
20.0
69.5
30.0
Consolidated net income
88.1
55.3
204.6
90.1
Net income attributable to noncontrolling interests in consolidated
subsidiaries
1.0
1.0
3.2
1.2
Net income attributable to Bruker Corporation
$
87.1
$
54.3
$
201.4
$
88.9
Net income per common share attributable to Bruker
Corporation shareholders: Basic
$
0.58
$
0.35
$
1.33
$
0.58
Diluted
$
0.57
$
0.35
$
1.32
$
0.57
Weighted average common shares outstanding: Basic
151.4
153.2
151.5
153.7
Diluted
152.8
154.3
153.0
154.8
Bruker Corporation CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
Three Months Ended
Nine Months Ended
(in millions)
September 30,
September 30,
2021
2020
2021
2020
Cash flows from operating activities: Consolidated net income
$
88.1
$
55.3
$
204.6
$
90.1
Adjustments to reconcile consolidated net income to cash flows from
operating activities: Depreciation and amortization
22.2
20.5
66.1
58.7
Stock-based compensation expense
4.2
4.5
11.9
10.9
Deferred income taxes
(2.7
)
1.6
(6.5
)
0.5
Other non-cash expenses, net
4.0
6.3
24.8
25.5
Changes in operating assets and liabilities, net of acquisitions
and divestitures: Accounts receivable
(39.2
)
2.6
(47.7
)
36.9
Inventories
(13.0
)
(12.7
)
(81.3
)
(109.7
)
Accounts payable and accrued expenses
26.9
0.8
39.9
(15.3
)
Income taxes payable, net
(41.2
)
(6.0
)
(34.2
)
(9.1
)
Deferred revenue
(0.6
)
0.5
19.4
20.1
Customer advances
(11.3
)
10.6
(9.5
)
32.4
Other changes in operating assets and liabilities, net
(13.5
)
(1.6
)
(43.7
)
(11.8
)
Net cash provided by operating activities
23.9
82.4
143.8
129.2
Cash flows from investing activities: Purchases of
short-term investments
-
(50.0
)
(48.0
)
(100.0
)
Maturity of short-term investments
0.7
50.0
0.7
56.1
Purchases of investments held to maturity
(0.5
)
-
(0.5
)
-
Cash paid for acquisitions, net of cash acquired
(41.0
)
(34.2
)
(45.0
)
(58.8
)
Purchases of property, plant and equipment
(16.3
)
(17.6
)
(63.6
)
(68.4
)
Proceeds from sales of property, plant and equipment
1.6
-
4.0
0.1
Net proceeds from cross-currency swap agreements
7.1
3.6
8.6
7.1
Net cash used in investing activities
(48.4
)
(48.2
)
(143.8
)
(163.9
)
Cash flows from financing activities: Repayment of revolving
lines of credit
-
(208.5
)
-
(305.1
)
Proceeds from revolving lines of credit
-
-
-
297.5
Proceeds (repayment) of other debt, net
(0.2
)
(0.6
)
(1.8
)
(0.4
)
Payment of deferred financing costs
-
-
-
(0.1
)
Proceeds from issuance of common stock, net
3.7
(0.8
)
5.9
1.1
Payment of contingent consideration
-
(5.0
)
(0.4
)
(6.2
)
Payment of dividends to common stockholders
(6.1
)
(6.2
)
(18.2
)
(18.5
)
Purchases of common stock
-
(4.4
)
(71.1
)
(54.4
)
Cash payments to noncontrolling interest
-
-
-
(1.2
)
Net cash used in financing activities
(2.6
)
(225.5
)
(85.6
)
(87.3
)
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
(8.1
)
11.5
(23.4
)
10.7
Net change in cash, cash equivalents and restricted cash
(35.2
)
(179.8
)
(109.0
)
(111.3
)
Cash, cash equivalents and restricted cash at beginning of period
611.7
750.4
685.5
681.9
Cash, cash equivalents and restricted cash at end of period
$
576.5
$
570.6
$
576.5
$
570.6
Bruker Corporation RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (unaudited) (in millions, except
per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Reconciliation of Non-GAAP Operating Income, Non-GAAP Profit Before
Tax, Non-GAAP Net Income, and Non-GAAP EPS
GAAP Operating
Income
$
113.2
$
81.2
$
287.9
$
135.5
Non-GAAP Adjustments: Restructuring Costs
1.1
1.9
5.2
5.7
Acquisition-Related Costs
0.7
1.4
3.9
(0.5
)
Purchased Intangible Amortization
9.2
9.1
27.2
26.8
Other Costs
1.2
1.3
2.2
8.6
Total Non-GAAP Adjustments:
$
12.2
$
13.7
$
38.5
$
40.6
Non-GAAP Operating Income
$
125.4
$
94.9
$
326.4
$
176.1
Non-GAAP Operating Margin
20.6
%
18.6
%
18.8
%
12.9
%
Non-GAAP Interest & Other Expense, net
(4.4
)
(5.9
)
(13.8
)
(15.4
)
Non-GAAP Profit Before Tax
121.0
89.0
312.6
160.7
Non-GAAP Income Tax Provision
(23.2
)
(23.6
)
(78.7
)
(40.2
)
Non-GAAP Tax Rate
19.2
%
26.5
%
25.2
%
25.0
%
Minority Interest
(1.0
)
(1.0
)
(3.2
)
(1.2
)
Non-GAAP Net Income Attributable to Bruker
96.8
64.4
230.7
119.3
Weighted Average Shares Outstanding (Diluted)
152.8
154.3
153.0
154.8
Non-GAAP Earnings Per Share
$
0.63
$
0.42
$
1.51
$
0.77
Reconciliation of GAAP and Non-GAAP Gross Profit
GAAP Gross Profit
$
308.7
$
248.3
$
868.0
$
626.8
Non-GAAP Adjustments: Restructuring Costs
0.2
0.3
1.6
1.3
Acquisition-Related Costs
0.1
0.5
0.1
0.5
Purchased Intangible Amortization
5.3
5.0
15.0
15.1
Other Costs
0.6
(0.3
)
0.1
(0.1
)
Total Non-GAAP Adjustments:
6.2
5.5
16.8
16.8
Non-GAAP Gross Profit
$
314.9
$
253.8
$
884.8
$
643.6
Non-GAAP Gross Margin
51.7
%
49.6
%
51.0
%
47.3
%
Reconciliation of GAAP and Non-GAAP Selling, General and
Administrative (SG&A) Expenses
GAAP SG&A Expenses
$
141.3
$
114.6
$
407.9
$
338.2
Non-GAAP Adjustments: Purchased Intangible Amortization
3.9
4.0
12.2
11.6
Non-GAAP SG&A Expenses
$
137.4
$
110.6
$
395.7
$
326.6
Reconciliation of GAAP and Non-GAAP Tax Rate
GAAP Tax
Rate
19.0
%
26.6
%
25.4
%
25.0
%
Non-GAAP Adjustments: Tax Impact of Non-GAAP Adjustments
-0.4
%
-0.5
%
-0.4
%
-0.7
%
Stock Compensation
0.9
%
0.2
%
0.5
%
0.3
%
U.S. Tax Reform - Change in APB 23
0.0
%
0.0
%
0.0
%
0.1
%
Other Discrete Items
-0.3
%
0.2
%
-0.3
%
0.3
%
Total Non-GAAP Adjustments:
0.2
%
-0.1
%
-0.2
%
0.0
%
Non-GAAP Tax Rate
19.2
%
26.5
%
25.2
%
25.0
%
Reconciliation of GAAP and Non-GAAP Earnings Per Share
(Diluted)
GAAP Earnings Per Share (Diluted)
$
0.57
$
0.35
$
1.32
$
0.57
Non-GAAP Adjustments: Restructuring Costs
0.01
0.01
0.03
0.04
Acquisition-Related Costs
-
0.01
0.03
-
Purchased Intangible Amortization
0.06
0.06
0.18
0.17
Other Costs
0.01
0.01
0.01
0.06
Income Tax Rate Differential
(0.02
)
(0.02
)
(0.06
)
(0.07
)
Total Non-GAAP Adjustments:
0.06
0.07
0.19
0.20
Non-GAAP Earnings Per Share (Diluted)
$
0.63
$
0.42
$
1.51
$
0.77
Reconciliation of GAAP Operating Cash Flow and Non-GAAP Free
Cash Flow
GAAP Operating Cash Flow
$
23.9
$
82.4
$
143.8
$
129.2
Non-GAAP Adjustments: Purchases of property, plant and equipment
(16.3
)
(17.6
)
(63.6
)
(68.4
)
Non-GAAP Free Cash Flow
$
7.6
$
64.8
$
80.2
$
60.8
Bruker Corporation REVENUE (unaudited)
(in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Revenue by Group: Bruker BioSpin
$
186.5
$
152.1
$
494.4
$
398.1
Bruker CALID
194.2
171.3
579.9
444.5
Bruker Nano
174.9
147.1
504.6
392.7
BEST
57.0
43.8
166.0
134.8
Eliminations
(3.7
)
(2.9
)
(10.5
)
(10.1
)
Total Revenue
$
608.9
$
511.4
$
1,734.4
$
1,360.0
Revenue by End Customer Geography: United States
$
163.2
$
120.1
$
442.0
$
332.1
Europe
210.9
193.3
646.3
492.6
Asia Pacific
191.6
160.0
525.8
433.3
Other
43.2
38.0
120.3
102.0
Total Revenue
$
608.9
$
511.4
$
1,734.4
$
1,360.0
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Total Bruker GAAP Revenue as of Prior
Comparable Period
$
511.4
$
521.1
$
1,360.0
$
1,472.7
Non-GAAP Adjustments: Acquisitions and divestitures
1.3
1.9
6.3
7.9
Organic
91.0
(24.2
)
307.4
(122.6
)
Currency
5.2
12.6
60.7
2.0
Total Non-GAAP Adjustments:
97.5
(9.7
)
374.4
(112.7
)
Non-GAAP Revenue
$
608.9
$
511.4
$
1,734.4
$
1,360.0
Revenue Growth
19.1
%
-1.9
%
27.5
%
-7.7
%
Organic Revenue Growth
17.8
%
-4.6
%
22.6
%
-8.3
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Bruker Scientific Instruments (1) GAAP
Revenue as of Prior Comparable Period
$
470.5
$
471.8
$
1,235.3
$
1,331.0
Non-GAAP Adjustments: Acquisitions and divestitures
1.3
1.9
6.3
6.9
Organic
79.0
(14.2
)
283.4
(104.7
)
Currency
4.8
11.0
53.9
2.1
Total Non-GAAP Adjustments:
85.1
(1.3
)
343.6
(95.7
)
Non-GAAP Revenue
$
555.6
$
470.5
$
1,578.9
$
1,235.3
Revenue Growth
18.1
%
-0.3
%
27.8
%
-7.2
%
Organic Revenue Growth
16.8
%
-3.0
%
22.9
%
-7.9
%
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
BEST, net of Intercompany Eliminations
GAAP Revenue as of Prior Comparable Period
$
40.9
$
49.3
$
124.7
$
141.7
Non-GAAP Adjustments: Acquisitions and divestitures
-
-
-
1.0
Organic
12.0
(10.0
)
24.0
(17.9
)
Currency
0.4
1.6
6.8
(0.1
)
Total Non-GAAP Adjustments:
12.4
(8.4
)
30.8
(17.0
)
Non-GAAP Revenue
$
53.3
$
40.9
$
155.5
$
124.7
Revenue Growth
30.3
%
-17.0
%
24.7
%
-12.0
%
Organic Revenue Growth
29.3
%
-20.3
%
19.2
%
-12.6
%
(1) Bruker Scientific Instruments (BSI) revenue reflects the
sum of the BSI Life Science and BSI Nano Segments as presented in
our 2020 Form 10-K.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211101005893/en/
Miroslava Minkova Sr. Director, Investor Relations &
Corporate Development
Investor Relations Bruker Corporation T: +1 (978) 663–3660, ext.
1479 E: Investor.Relations@bruker.com
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