- Q4 2024 revenues of $979.6 million, up 14.6% year-over-year
(yoy); Bruker organic revenue up 3.9%, and constant-exchange rate
(CER) revenue up 15.8%; Bruker Scientific Instrument (BSI) segment
organic revenue up 4.5%
- Q4 2024 non-GAAP operating margin of 18.1%, as operational
excellence and integration initiatives fully offset strategic
M&A and FX operating margin headwinds
- Q4 2024 GAAP diluted EPS $0.09; non-GAAP diluted EPS $0.76,
up 8.6% yoy
- FY 2024 revenues of $3.37 billion, up 13.6% yoy; Bruker
organic revenue up 4.0%, and CER revenue up 14.0%; BSI segment
organic revenue up 4.2%
- FY 2024 GAAP diluted EPS $0.76; non-GAAP diluted EPS $2.41,
down 6.6% yoy, due to impact of strategic acquisitions that closed
in H1-24
- Bruker initiates FY 2025 guidance (with percentages
year-over-year):
- Revenue $3.47 to $3.54 billion; up 3% to 5%, with CER growth
of 5% to 7%
- Non-GAAP EPS of $2.67 to $2.72; up 11% to 13%, with CER
increase of 14% to 16%
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its fourth quarter and for the full year ended December
31, 2024.
Frank H. Laukien, Bruker’s President and CEO, commented: “The
year 2024 was transformational for Bruker. We completed several
strategic acquisitions to access very large addressable markets
with strong secular tailwinds. In the process, we added key spatial
biology, molecular diagnostics and lab automation platforms to our
portfolio. For the fourth year in a row, Bruker has delivered well
above-market organic and double-digit CER revenue growth. With
approximately 70% cumulative revenue growth in the last four years,
we have now achieved significant scale.”
He continued: “Operational excellence and good progress with the
integration of our strategic acquisitions have delivered
significant organic operating margin improvements in the fourth
quarter, fully offsetting the initial margin headwinds from our
FY24 strategic M&A. We are confident in our ability to drive
solid revenue growth, strong margin expansion and double-digit EPS
growth in 2025, and beyond.”
Fourth Quarter 2024 Financial Results
Bruker’s revenues for the fourth quarter of 2024 were $979.6
million, an increase of 14.6% compared to $854.5 million in the
fourth quarter of 2023. In the fourth quarter of 2024, revenues
increased 3.9% organically year- over-year with constant-exchange
rate (CER) revenue growth of 15.8%. Revenue growth from
acquisitions was 11.9%, while foreign currency translation had an
unfavorable impact of 1.2%.
Fourth quarter 2024 Bruker Scientific Instruments (BSI) revenues
of $911.3 million increased 16.3% year-over- year, with organic
revenue growth of 4.5%. Fourth quarter 2024 Bruker Energy &
Supercon Technologies (BEST) revenues of $72.1 million decreased
4.1% year-over-year, with organic revenue, net of intercompany
eliminations, decreasing by 2.8%.
Fourth quarter 2024 GAAP operating income was $72.1 million,
compared to $103.5 million in the fourth quarter of 2023. Non-GAAP
operating income was $177.5 million in the fourth quarter of 2024,
an increase of 14.9% compared to $154.5 million in the fourth
quarter of 2023. Bruker’s fourth quarter 2024 non-GAAP operating
margin was 18.1%, achieving the same level as in the fourth quarter
of 2023, with 300 bps of organic operating margin improvements
fully offsetting M&A and FX margin headwinds.
Fourth quarter 2024 GAAP diluted earnings per share (EPS) were
$0.09, compared to $1.41 in the fourth quarter of 2023. Fourth
quarter 2024 non-GAAP diluted EPS were $0.76, an increase of 8.6%
compared to $0.70 in the fourth quarter of 2023.
Fiscal Year 2024 Financial Results
FY 2024 Bruker’s revenues were $3.37 billion, an increase of
13.6% from $2.96 billion in 2023. FY 2024 revenues increased 4.0%
organically year-over-year, with CER revenue growth of 14.0%.
Revenue growth from acquisitions was 10.0%, while foreign currency
translation had an unfavorable impact of 0.4%.
FY 2024 BSI revenues of $3.1 billion increased 14.7% compared to
$2.7 billion in 2023, including organic growth of 4.2%. FY 2024
BEST revenues of $283.0 million increased 0.8%, compared to $280.7
million in 2023. Organic revenue growth for BEST, net of
intercompany eliminations, was 1.9%.
In the first half of FY 2024, Bruker closed several strategic
acquisitions with an initial net dilutive impact to operating
margin and EPS. FY 2024 GAAP operating income was $253.1 million,
compared to $436.9 million in 2023. Non-GAAP operating income in FY
2024 was $518.0 million, down 5.2% compared to $546.3 million in
2023. Bruker’s non-GAAP operating margin in FY 2024 was 15.4%, a
decrease of 300 bps compared to 18.4% in 2023.
FY 2024 GAAP diluted EPS was $0.76, compared to $2.90 in FY
2023. FY 2024 non-GAAP diluted EPS was $2.41, down 6.6% compared to
$2.58 in FY 2023.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Fiscal Year 2025 Financial Outlook
Bruker expects FY 2025 revenues of $3.47 to $3.54 billion,
compared to FY 2024 revenues of $3.37 billion, with 3% to 5%
year-over-year reported revenue growth, including:
- CER revenue growth of 5% to 7%
- Organic revenue growth of 3% to 4%
- M&A revenue growth contribution of 2% to 3%
- Foreign currency translation headwind of approximately 2%
Bruker expects FY 2025 non-GAAP EPS of $2.67 to $2.72, compared
to FY 2024 non-GAAP EPS of $2.41, an increase of 11% to 13%
year-over-year, with CER non-GAAP EPS growth of 14% to 16%.
Bruker’s FY 2025 revenue and non-GAAP EPS guidance is based on
foreign currency exchange rates as of December 31, 2024.
For the Company’s outlook for 2025 organic revenue growth,
M&A revenue growth, constant exchange rate revenue growth, and
constant exchange rate non-GAAP EPS growth, 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 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, February 13, 2025, at 8:30 am Eastern
Standard Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q4 2024 Earnings Webcast”
hyperlink. A slide presentation will be referenced during the
webcast and 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 (U.S. toll
free) or +1-412-317-6702 (international) and referencing “Bruker’s
Fourth Quarter 2024 Earnings Conference Call”.
Bruker is enabling investors to pre-register for the earnings
conference call so that they can expedite their entry into the call
and avoid the need to wait for a live operator. In order to
pre-register for the call, investors can visit
https://dpregister.com/sreg/10196649/fe70e3a396 and enter their
contact information. Investors will then be issued a personalized
phone number and PIN to dial into the live conference call.
Individuals can pre-register any time prior to the start of the
conference call.
A telephone replay of the conference call will be available by
dialing 1-877-344-7529 (U.S. toll free) or +1-412-317-0088
(international) and entering replay access code: 5344184. The
replay will be available beginning one hour after the end of the
conference call through March 13, 2025.
About Bruker Corporation – Leader of the Post-Genomic Era
(Nasdaq: BRKR)
Bruker is enabling scientists and engineers to make breakthrough
post-genomic 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 post-genomic life science molecular and
cell biology research, in applied and biopharma applications, in
microscopy and nanoanalysis, as well as in industrial and cleantech
research, and next-gen semiconductor metrology in support of AI.
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 income
margin; non-GAAP SG&A expense; non-GAAP interest and other
income (expense), net; non-GAAP profit before income taxes;
non-GAAP income 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 constant-exchange rate (CER) currency
revenue growth, constant-exchange rate (CER) non-GAAP EPS growth,
and free cash flow or use which are also non-GAAP financial
measures. We define the term CER currency revenue as GAAP revenue
excluding the effect of changes in foreign currency translation
rates. We define the term CER EPS as non-GAAP EPS excluding the
effect of changes in foreign currency translation rates. 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 2025 non-GAAP organic revenue,
non-GAAP M&A revenue, non-GAAP constant exchange rate (CER)
revenue and non-GAAP EPS, 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 organic revenue 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 revenues and EPS 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
2025 and beyond financial outlook, our outlook for reported revenue
growth, organic revenue growth, M&A revenue growth
contributions, CER currency revenue growth, margin improvements,
foreign currency translation revenue impact, EPS, non-GAAP EPS, and
CER non-GAAP EPS growth; management’s expectations for the impact
of foreign currency and acquisitions; and for future financial and
operational performance and business outlook; future economic
conditions; 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, the length and severity of any recession and the
impact on global economic conditions, the impact of supply chain
challenges, including inflationary pressures, the impact of
geopolitical tensions and any sanctions, including any reduction in
natural gas exports from Russia resulting from its ongoing conflict
with Ukraine and resulting market disruptions, such as higher
prices for and reduced availability of key metals used in our
products, the conflict in Israel, Palestine and surrounding areas
and the possible expansion of such conflicts and potential
geopolitical consequences, the ongoing tensions between the United
States and China, tariff and trade policy changes, and the
increasing potential of conflict involving countries in Asia that
are critical to our supply chain operations, such as Taiwan and
China, continued volatility in the capital markets, the impact of
increased interest rates, the integration and assumption of
liabilities of businesses we have acquired or may acquire in the
future, including our recent acquisitions of PhenomeX, ELITech,
Chemspeed, and NanoString, our restructuring and cost-control
initiatives, changing technologies, product development and market
acceptance of our products, the cost and pricing of our products,
manufacturing and outsourcing, competition, dependence on
collaborative partners, key suppliers and third party distributors,
capital spending and government funding policies, changes in
governmental regulations, intellectual property rights, litigation,
exposure to foreign currency fluctuations, the impact of foreign
currency exchange rates, our ability to service our debt
obligations and fund our anticipated cash needs, the effect of a
concentrated ownership of our common stock, loss of key personnel,
payment of future dividends 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, 2023, 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.
Bruker Corporation
PRELIMINARY CONDENSED CONSOLIDATED
BALANCE SHEETS (unaudited)
(in millions)
December 31,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
183.4
$
488.3
Accounts receivable, net
560.4
492.0
Inventories
1,069.2
968.3
Other current assets
245.3
215.6
Total current assets
2,058.3
2,164.2
Property, plant and equipment, net
669.3
599.7
Goodwill, intangibles, net and other
long-term assets
3,082.8
1,486.0
Total assets
$
5,810.4
$
4,249.9
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
32.5
$
121.2
Accounts payable
234.1
202.7
Deferred revenue and customer advances
441.6
400.0
Other current liabilities
576.4
478.2
Total current liabilities
1,284.6
1,202.1
Long-term debt
2,061.8
1,160.3
Other long-term liabilities
648.8
474.2
Redeemable noncontrolling interests
18.1
18.7
Total shareholders' equity
1,797.1
1,394.6
Total liabilities, redeemable
noncontrolling interests and shareholders' equity
$
5,810.4
$
4,249.9
Bruker Corporation
PRELIMINARY CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited)
(in millions, except per share
data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Revenue
$
979.6
$
854.5
$
3,366.4
$
2,964.5
Cost of revenue
486.3
424.2
1,716.9
1,451.2
Gross profit
493.3
430.3
1,649.5
1,513.3
Operating expenses:
Selling, general and administrative
247.3
211.3
893.8
729.4
Research and development
104.4
83.4
376.5
294.8
Other charges, net
69.5
32.1
126.1
52.2
Total operating expenses
421.2
326.8
1,396.4
1,076.4
Operating income
72.1
103.5
253.1
436.9
Bargain purchase gain (loss) and
associated measurement period adjustments
(8.0
)
144.1
(8.0
)
144.1
Other Interest and other income
(expense)
(8.0
)
(6.7
)
(38.2
)
(36.8
)
Interest and other income (expense),
net
(16.0
)
137.4
(46.2
)
107.3
Income before income taxes, equity in
income (losses) of unconsolidated investees, net of tax, and
noncontrolling interests in consolidated subsidiaries (a)
56.1
240.9
206.9
544.2
Income tax provision
40.7
37.1
91.4
117.7
Equity in income (losses) of
unconsolidated investees, net of tax
(1.5
)
0.8
(1.7
)
2.0
Consolidated net income
13.9
204.6
113.8
428.5
Net income (loss) attributable to
noncontrolling interests in consolidated subsidiaries
0.2
(0.9
)
0.7
1.3
Net income attributable to Bruker
Corporation
$
13.7
$
205.5
$
113.1
$
427.2
Net income per common share attributable
to Bruker Corporation shareholders:
Basic
$
0.09
$
1.41
$
0.76
$
2.92
Diluted
$
0.09
$
1.41
$
0.76
$
2.90
Weighted average common shares
outstanding:
Basic
151.6
145.5
149.0
146.4
Diluted
152.0
146.0
149.5
147.2
a) On subsequent pages this is referred to
as “Profit before income tax”.
Bruker Corporation
PRELIMINARY CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
(in millions)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Cash flows from operating activities:
Consolidated net income
$
13.9
$
204.6
$
113.8
$
428.5
Adjustments to reconcile consolidated net
income to cash flows from operating activities:
Depreciation and amortization
52.9
37.3
183.8
114.9
Deferred income taxes
(27.4
)
(37.2
)
(71.6
)
(24.4
)
Bargain purchase gain (loss) and
associated measurement period adjustments
8.0
(144.1
)
8.0
(144.1
)
Other non-cash expenses, net
43.8
23.6
87.7
63.0
Changes in operating assets and
liabilities, net of acquisitions and divestitures:
98.7
121.3
(70.5
)
(87.8
)
Net cash provided by operating
activities
189.9
205.5
251.2
350.1
Cash flows from investing activities:
Purchases of property, plant and
equipment
(38.8
)
(31.5
)
(117.4
)
(106.9
)
Cash paid for acquisitions, net of cash
acquired
(20.9
)
(4.3
)
(1,597.6
)
(226.6
)
Other investing activities, net
(0.8
)
(1.0
)
(42.2
)
7.5
Net cash used in investing activities
(60.5
)
(36.8
)
(1,757.2
)
(326.0
)
Cash flows from financing activities:
Repayments of revolving lines of
credit
(224.1
)
—
(1,212.7
)
—
Proceeds from revolving lines of
credit
177.0
—
1,250.3
—
Repayment of long-term debt
(7.6
)
(5.2
)
(135.4
)
(23.5
)
Proceeds from long-term debt
1.1
(1.2
)
973.6
2.0
Proceeds from Public Offering of common
stock, net of issuance costs
—
—
403.0
—
Payment of dividends to common
shareholders
(7.5
)
(7.3
)
(30.1
)
(29.4
)
Repurchase of common stock
—
(50.4
)
—
(152.3
)
Other financing activities, net
(13.8
)
4.2
(18.9
)
9.8
Net cash provided by (used in) financing
activities
(74.9
)
(59.9
)
1,229.8
(193.4
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(19.5
)
15.9
(28.7
)
12.2
Net increase (decrease) in cash, cash
equivalents and restricted cash
35.0
124.7
(304.9
)
(157.1
)
Cash, cash equivalents and restricted cash
at beginning of period
151.7
366.9
491.6
648.7
Cash, cash equivalents and restricted cash
at end of period
$
186.7
$
491.6
$
186.7
$
491.6
Bruker Corporation
SUMMARY OF GAAP AND NON-GAAP FINANCIAL
MEASURES
(unaudited and in millions, except per
share data)
The following tables consist of a summary
of the Company's GAAP and Non-GAAP Financial Measures:
GAAP Financial Measures
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Gross Profit
$
493.3
$
430.3
$
1,649.5
$
1,513.3
Gross Profit Margin
50.4
%
50.4
%
49.0
%
51.0
%
SG&A Expenses
$
247.3
$
211.3
$
893.8
$
729.4
Interest and other income (expense),
net
$
(16.0
)
$
137.4
$
(46.2
)
$
107.3
Operating Income
$
72.1
$
103.5
$
253.1
$
436.9
Operating Income Margin
7.4
%
12.1
%
7.5
%
14.7
%
Profit before income tax
$
56.1
$
240.9
$
206.9
$
544.2
Income Tax rate
72.5
%
15.4
%
44.2
%
21.6
%
Net Income attributable to Bruker
Corporation
$
13.7
$
205.5
$
113.1
$
427.2
Diluted net income per common share
attributable to Bruker Corporation shareholders
$
0.09
$
1.41
$
0.76
$
2.90
Net cash provided by operating
activities
$
189.9
$
205.5
$
251.2
$
350.1
Revenue
$
979.6
$
854.5
$
3,366.4
$
2,964.5
Revenue Growth Rate
14.6
%
20.6
%
13.6
%
17.1
%
Non-GAAP Financial Measures
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Non-GAAP Gross Profit
$
514.2
$
442.8
$
1,736.9
$
1,547.6
Non-GAAP Gross Profit Margin
52.5
%
51.8
%
51.6
%
52.2
%
Non-GAAP SG&A Expenses
$
233.7
$
205.2
$
844.2
$
706.9
Non-GAAP Interest and other income
(expense), net
$
(7.9
)
$
(6.7
)
$
(13.9
)
$
(22.7
)
Non-GAAP Operating Income
$
177.5
$
154.5
$
518.0
$
546.3
Non-GAAP Operating Income Margin
18.1
%
18.1
%
15.4
%
18.4
%
Non-GAAP Profit before income tax
$
169.6
$
147.8
$
504.1
$
523.6
Non-GAAP Income Tax rate
32.5
%
31.3
%
28.6
%
27.2
%
Non-GAAP Net Income attributable to Bruker
Corporation
$
115.4
$
102.4
$
360.5
$
379.7
Non-GAAP Diluted earnings per share
$
0.76
$
0.70
$
2.41
$
2.58
Non-GAAP Free Cash Flow
$
151.1
$
174.0
$
133.8
$
243.2
Non-GAAP Constant-exchange rate (CER)
currency revenue
$
989.5
$
839.9
$
3,379.5
$
2,953.3
Non-GAAP Constant-exchange rate (CER)
currency revenue growth rate
15.8
%
18.6
%
14.0
%
16.7
%
The GAAP to Non-GAAP reconciliations of the above financial
measures are detailed in the following pages.
Bruker Corporation
RECONCILIATIONS OF GAAP TO NON-GAAP
FINANCIAL MEASURES
(unaudited and in millions, except per
share data)
Gross Profit and Gross Profit Margin
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
GAAP gross profit and margin
$
493.3
50.4
%
$
430.3
50.4
%
$
1,649.5
49.0
%
$
1,513.3
51.0
%
Non-GAAP adjustments:
Restructuring costs
1.8
0.2
%
2.1
0.2
%
11.6
0.3
%
3.5
0.1
%
Acquisition-related costs
3.5
0.4
%
2.0
0.2
%
22.0
0.7
%
2.5
0.1
%
Purchased intangibles amortization
14.1
1.4
%
7.4
0.8
%
47.8
1.4
%
24.3
0.9
%
Other costs
1.5
0.1
%
1.0
0.1
%
6.0
0.2
%
4.0
0.1
%
Total Non-GAAP adjustments
20.9
2.1
%
12.5
1.3
%
87.4
2.6
%
34.3
1.2
%
Non-GAAP gross profit and
margin
$
514.2
52.5
%
$
442.8
51.7
%
$
1,736.9
51.6
%
$
1,547.6
52.2
%
Selling, General and Administrative
(“SG&A”) Expenses
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
GAAP SG&A expenses
$
247.3
$
211.3
$
893.8
$
729.4
Non-GAAP adjustments:
Purchased intangibles amortization
(13.6
)
(6.1
)
(49.6
)
(22.5
)
Non-GAAP SG&A expenses
$
233.7
$
205.2
$
844.2
$
706.9
Interest and Other Income (Expense),
net
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
GAAP interest and other income
(expense), net
$
(16.0
)
$
137.4
$
(46.2
)
$
107.3
Non-GAAP adjustments:
Bargain purchase gain (loss) and
associated measurement period adjustments
8.0
(144.1
)
8.0
(144.1
)
Investments related adjustments
0.1
—
24.3
14.1
Non-GAAP interest and other income
(expense), net
$
(7.9
)
$
(6.7
)
$
(13.9
)
$
(22.7
)
Operating Income and Operating Income
Margin
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Operating income and margin
$
72.1
7.4
%
$
103.5
12.1
%
$
253.1
7.5
%
$
436.9
14.7
%
Non-GAAP adjustments:
Restructuring costs
7.1
0.7
%
16.6
1.9
%
24.7
0.7
%
22.3
0.8
%
Acquisition-related costs
29.6
3.0
%
11.4
1.3
%
76.0
2.3
%
19.3
0.7
%
Purchased intangibles amortization
29.1
3.0
%
13.7
1.6
%
99.2
2.9
%
47.1
1.6
%
Acquisition-related litigation charges
35.7
3.6
%
—
—
46.0
1.4
%
Other costs
3.9
0.4
%
9.3
1.2
%
19.0
0.6
%
20.7
0.6
%
Total Non-GAAP adjustments
105.4
10.7
%
51.0
6.0
%
264.9
7.9
%
109.4
3.7
%
Non-GAAP operating income and
margin
$
177.5
18.1
%
$
154.5
18.1
%
$
518.0
15.4
%
$
546.3
18.4
%
Bruker Corporation
RECONCILIATIONS OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued
(unaudited and in millions, except per
share data)
Profit before Income Taxes
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
GAAP profit before income tax
$
56.1
$
240.9
$
206.9
$
544.2
Non-GAAP adjustments:
Restructuring costs
7.1
16.6
24.7
22.3
Acquisition-related costs
29.6
11.4
76.0
19.3
Purchased intangibles amortization
29.1
13.7
99.2
47.1
Bargain purchase gain (loss) and
associated measurement period adjustments
8.0
(144.1
)
8.0
(144.1
)
Investments related adjustments
0.1
—
24.3
14.1
Acquisition-related litigation charges
35.7
—
46.0
—
Other costs
3.9
9.3
19.0
20.7
Total Non-GAAP adjustments
113.5
(93.1
)
297.2
(20.6
)
Non-GAAP profit before income
tax
$
169.6
$
147.8
$
504.1
$
523.6
Income Tax Rate
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
GAAP income tax rate
72.5
%
15.4
%
44.2
%
21.6
%
Non-GAAP adjustments:
Tax impact of non-GAAP adjustments
-42.3
%
19.3
%
-15.4
%
6.5
%
Other discrete items
2.3
%
-3.4
%
-0.2
%
-0.9
%
Total Non-GAAP adjustments
-40.0
%
15.9
%
-15.6
%
5.6
%
Non-GAAP income tax rate
32.5
%
31.3
%
28.6
%
27.2
%
Net Income Attributable to Bruker
Corporation
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
GAAP Net Income attributable to Bruker
Corporation
$
13.7
$
205.5
$
113.1
$
427.2
Non-GAAP adjustments:
Restructuring costs
7.1
16.6
24.7
22.3
Acquisition-related costs
29.6
11.4
76.0
19.3
Purchased intangibles amortization
29.1
13.7
99.2
47.1
Bargain purchase gain (loss) and
associated measurement period adjustments
8.0
(144.1
)
8.0
(144.1
)
Investments related adjustments
0.1
—
24.3
14.1
Acquisition-related litigation charges
35.7
—
46.0
—
Other costs
3.9
9.3
19.0
20.7
Tax effect of above Non-GAAP
adjustments
(14.4
)
(9.2
)
(52.6
)
(24.9
)
Equity in income (losses) of
unconsolidated investees, net of tax
1.5
(0.8
)
1.7
(2.0
)
Noncontrolling interests related to
non-GAAP adjustments
1.1
—
1.1
—
Total Non-GAAP adjustments
101.7
(103.1
)
247.4
(47.5
)
Non-GAAP Net Income attributable to
Bruker Corporation
$
115.4
$
102.4
$
360.5
$
379.7
Weighted Average Shares Outstanding
(Diluted)
152.0
146.0
149.5
147.2
Non-GAAP Diluted Earnings Per
Share
$
0.76
$
0.70
$
2.41
$
2.58
Bruker Corporation
RECONCILIATIONS OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued
(unaudited and in millions, except per
share data)
Earnings Per Share (Diluted)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Diluted net income per common share
attributable to Bruker Corporation shareholders
$
0.09
$
1.41
$
0.76
$
2.90
Non-GAAP adjustments:
Restructuring Costs
0.05
0.11
0.17
0.15
Acquisition-related costs
0.19
0.08
0.51
0.13
Purchased intangibles amortization
0.19
0.09
0.66
0.32
Acquisition-related litigation charges
0.23
—
0.31
—
Other costs
0.03
0.06
0.13
0.14
Bargain purchase gain (loss) and
associated measurement period adjustments
0.05
(0.99
)
0.05
(0.98
)
Investments related adjustments
—
—
0.16
0.10
Tax effect of above Non-GAAP
adjustments
(0.09
)
(0.05
)
(0.36
)
(0.17
)
Equity in income (losses) of
unconsolidated investees, net of tax
0.01
(0.01
)
0.01
(0.01
)
Noncontrolling interests related to
non-GAAP adjustments
0.01
—
0.01
—
Total Non-GAAP adjustments
0.67
(0.71
)
1.65
(0.32
)
Non-GAAP earnings per share
(diluted)
$
0.76
$
0.70
$
2.41
$
2.58
Free Cash Flow
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Net cash provided by operating
activities
$
189.9
$
205.5
$
251.2
$
350.1
Non-GAAP adjustments:
Purchases of property, plant and
equipment
(38.8
)
(31.5
)
(117.4
)
(106.9
)
Non-GAAP free cash flow (use)
$
151.1
$
174.0
$
133.8
$
243.2
Constant-exchange rate (CER) currency
revenue growth
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
GAAP revenue
$
979.6
$
854.5
$
3,366.4
$
2,964.5
Effect of changes in foreign currency
translation rates
9.9
(14.6
)
13.1
(11.2
)
Non-GAAP CER currency revenue
$
989.5
$
839.9
$
3,379.5
$
2,953.3
GAAP Revenue growth rate
14.6
%
20.6
%
13.6
%
17.1
%
Non-GAAP CER currency revenue growth
rate
15.8
%
18.6
%
14.0
%
16.7
%
Bruker Corporation
REVENUE
(unaudited and in millions)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Revenue by Segment:
Bruker BioSpin
$
272.4
$
257.9
$
905.7
$
798.5
Bruker CALID
320.6
257.2
1,093.5
960.4
Bruker Nano
318.3
268.5
1,098.3
941.9
BSI Revenue Total
911.3
783.6
3,097.5
2,700.8
BEST
72.1
75.2
283.0
280.7
Eliminations
(3.8
)
(4.3
)
(14.1
)
(17.0
)
Total revenue
$
979.6
$
854.5
$
3,366.4
$
2,964.5
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Revenue by End Customer
Geography:
United States
$
261.0
$
212.2
$
938.5
$
777.7
Europe
373.1
284.1
1,183.7
981.2
Asia Pacific
278.0
296.2
989.7
989.0
Other
67.5
62.0
254.5
216.6
Total revenue
$
979.6
$
854.5
$
3,366.4
$
2,964.5
Bruker Corporation
Summary of Reported Revenue Growth
Components
(unaudited and in millions)
Total Bruker Corporation
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Total Bruker
Total Bruker
GAAP revenue as of prior comparable
period
$
854.5
$
708.4
$
2,964.5
$
2,530.7
Acquisitions and divestitures revenue
(1)
101.8
19.0
296.7
56.2
Organic revenue (2)
33.2
112.5
118.3
366.4
Effect of changes in foreign currency
translation rates
(9.9
)
14.6
(13.1
)
11.2
GAAP revenue
$
979.6
$
854.5
$
3,366.4
$
2,964.5
Revenue growth
14.6
%
20.6
%
13.6
%
17.1
%
Organic revenue growth
3.9
%
15.9
%
4.0
%
14.5
%
Bruker Scientific Instruments
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Bruker Scientific Instruments
(3)
Bruker Scientific Instruments
(3)
GAAP revenue as of prior comparable
period
$
783.6
$
651.8
$
2,700.8
$
2,305.9
Acquisitions and divestitures revenue
(1)
101.8
19.0
296.7
56.2
Organic revenue (2)
35.2
101.0
113.2
333.4
Effect of changes in foreign currency
translation rates
(9.3
)
11.8
(13.2
)
5.3
GAAP revenue
$
911.3
$
783.6
$
3,097.5
$
2,700.8
Revenue growth
16.3
%
20.2
%
14.7
%
17.1
%
Organic revenue growth
4.5
%
15.5
%
4.2
%
14.5
%
BEST, net of Intercompany Eliminations
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
BEST, net of Intercompany
Eliminations
BEST, net of Intercompany
Eliminations
GAAP revenue as of prior comparable
period
$
70.9
$
56.6
$
263.7
$
224.8
Organic revenue (2)
(2.0
)
11.5
5.1
33.0
Effect of changes in foreign currency
translation rates
(0.6
)
2.8
0.1
5.9
GAAP revenue
$
68.3
$
70.9
$
268.9
$
263.7
Revenue growth
-3.7
%
25.3
%
2.0
%
17.3
%
Organic revenue growth
-2.8
%
20.3
%
1.9
%
14.7
%
(1) We define the term acquisitions and divestitures revenue as
GAAP revenue from M&A activities excluding the effect of
changes in foreign currency translation rates.
(2) 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.
(3) Bruker Scientific Instruments (BSI) revenue reflects the sum
of the BSI BioSpin, CALID and Nano Segments as presented in our
Annual Report on Form 10-K for the year ended December 31,
2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250213826255/en/
Joe Kostka Director, Investor Relations Bruker Corporation T: +1
(978) 313-5800 E: Investor.Relations@bruker.com
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