Bruker Corporation · NASDAQ:BRKR
Bruker — Investor Day (May 2024)
48 slides from Bruker's investor day presentation, May 17, 2024
Slide 1: Bruker Investor Webinar
BRUKER CORPORATION (NASDAQ: BRKR) Bruker Investor Webinar May 17, 2024
Slide 2: Agenda
BRUKER CORP ORATI ON M AY 1 7 , 2 0 2 4 INVESTOR WEBINAR Agenda 10:00 am to 12:00 pm EDT 01 Bruker Strategy & Opportunities Frank H. Laukien, President & CEO 05 Financial Outlook Gerald Herman, Executive Vice President and Chief Financial Officer 02 06 Chemspeed Bernd Gleixner, Division President Au
Slide 3: Safe Harbor Statement
BRUKER CORP ORATI ON Safe Harbor Statement Any statements contained in this presentation 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 193
Slide 4: Emerging Leader of the Post-Genomic Era
IN N OVATION WITH IN TEG RIT Y Bruker Corporation (Nasdaq: BRKR) Emerging Leader of the Post-Genomic Era May 17, 2024 Frank H. Laukien
Slide 5: Bruker Corporation at a Glance
BRUKER’S TRANSFORMATION INTO A FAST GROWTH COMPANY Bruker Corporation at a Glance ▪ Leading provider of high-value life science tools and solutions ~$3.0B (1) >8,500 R&D ~10% ▪ #1 or #2 market position in majority of our portfolio Revenue Colleagues of Revenue ▪ Deep expertise in physics, chemistry,
Slide 6: Bruker Has Transformed its Portfolio; Successful Dual Strategy
BRUKER’S TRANSFORMATION INTO A FAST GROWTH COMPANY Bruker Has Transformed its Portfolio; Successful Dual Strategy Pivot to Higher Growth, Higher Value Opportunities Operational Excellence ▪ Repositioned Bruker for high-growth, Project Accelerate 2.0 Initiatives ▪ Bruker Management Process drives hig
Slide 7: Bruker is the Technology and Market Leader in
BRUKER’S TRAN SF ORM A T ION IN TO A F AST GROWTH COMP ANY Bruker is the Technology and Market Leader in NMR and EPR Preclinical Imaging: MALDI BioTyper Mass Spec Imaging, Atomic Force Spectroscopy MRI, MPI, PET/MR, microCT for Microbiolgy MS Proteomics, MALDI- Microscopy (AFM) TOF and MRMS FT-IR/NI
Slide 8: Bruker's Dual Strategy is Driving Strong Profit Growth and Shareholder Value
BRUKER’S TRANSFORMATION INTO A FAST GROWTH COMPANY Bruker’s Dual Strategy is Driving Strong Profit Growth and Shareholder Value Organic Revenue CAGR Non-GAAP EPS CAGR ROIC 13% >20% 8% 8% 9% 3% 2% 4% 6% 2012-18 2018-23 2012-18 2018-23 2018-23 For FY 2027, we expect revenue >$4 billion, non-GAAP EPS >
Slide 9: Bruker M&A: Strategic and Disciplined
BRUKER M&A STRATEGY Bruker M&A: Strategic and Disciplined Advance Project Accelerate 2.0 and Strengthen Core Strategic 1. Expand life-science research 2. Enter adjacent growth 3. Enter very large TAMs with rationale: solutions for post-genomic era markets with synergies strong secular tailwinds Rece
Slide 10: Strengthening the Core: Recent Technology Bolt-on Acquisitions
RECENT M&A Strengthening the Core: Recent Technology Bolt-on Acquisitions Acquired Oct. 2023 Acquired Jan. 2024 Acquired Jan. 2024 Acquired Feb. 2024 Acquired Feb. 2024 Multi-gas analyzers for high Technology leader in ultra-high Raman instruments with Preclinical in-vivo optical imaging Advanced Ra
Slide 11: Positioned for the Post-Genomic Era
B RUKER’S TRANSFORM A TI ON INTO A FAST GROWTH COM PANY Positioned for the Post-Genomic Era Understanding the Hierarchy of Complexity in Biology The need for levels of multi-omics understanding in the Post Genomic Era The Genomic Era The Post-Genomic Era Sequencing Exploring beyond the "Linear Seque
Slide 12: Leader of the Post-Genomic Era
BRUKER’S TRANSFORMATION INTO A FAST GROWTH COMPANY Leader of the Post-Genomic Era Proteomics/Multiomics, Interactomics are a Key Part Essential & Central Complex Proteins and metabolites perform most ~21k genes, yet Transcription Translation functions in the body. Understanding them is millions of e
Slide 13: Bruker as a Leader of the Post-Genomic Era
BRUKER’S TRANSFORMATION INTO A FAST GROWTH COMPANY Bruker as a Leader of the Post-Genomic Era Bruker’s Post-Genomic Life-Science Tools and Diagnostics (>$800M revs) Recent Key Acquisitions Expand Post-genomic Solutions in Single- Cell and Spatial Biology timsTOF® GHz-NMR Functional MALDI Biotyper 4D
Slide 14: Vast Complexity of Post-Genomic Biology Creates Enormous Opportunities
Vast Complexity of Post-Genomic Biology ➔ Creates Enormous Opportunities for Bruker - Proteomics is Central - Spatial Context is a Must - Interactome & Function is the Holy Grail Innovation with Integrity May 17,Innovation 2024 with Integrity 14
Slide 15: Bernd Gleixner
CH EMSP EED OVERVIEW Bernd Gleixner Bernd Gleixner, Division President Automation / Managing Director Chemspeed, Switzerland ▪ Since March 2024: Managing Director, Chemspeed ▪ Since 2016: Bruker Biospin EVP of Operations ▪ 2002–2016: Medical device industry management roles ▪ Before 2002: Commercial
Slide 16: Chemspeed Overview
M AYGLE SIN 17,LINE 2024SUBTITLE IN VESTORW W ITH EBIN A MAR AX OF AP P ROX. 100 CH ARACTERS Compliance-ready workflow Acquired by Bruker on March 7, 2024 solutions to automate and digitalize regulated QC labs Over 25 Years of R&D Lab Automation ✓ Modular robotic automation solutions to Master title
Slide 17: Chemspeed automation for complex R&D and QC lab workflows
M AY 17, 2024 IN VESTOR W EBIN AR Chemspeed automation for complex R&D and QC lab workflows Saving customers time, cost and improving productivity and results Dimension 1 Dimension 2 Exchangeable robotic tools Deck Set-Ups +70 proprietary robotic tool-features Workstations can flexibly be equipped w
Slide 18: Chemspeed integrated walk-away automation solutions
M AY 17, 2024 IN VESTOR W EBIN AR Chemspeed integrated walk-away automation solutions From standardized systems to customized solutions for complex workflows Automation of R&D tasks all the way through fully integrated R&D workflows Reduce Increase output Minimize errors; Release brain Improve Enhan
Slide 19: Integrating Chemspeed with Bruker SciY Software Platform
M AY 17, 2024 IN VESTOR W EBIN AR Integrating Chemspeed with Bruker SciY Software Platform Enabling the Digital Lab of the Future Chemspeed SciY Automation Solutions Lab Software Solutions ❖ Liquid and material handling automation of ❖ Vendor-agnostic solutions for accessing complex laboratory workf
Slide 20: Introduction to Elitech MDx
Introduction to Elitech MDx Bruker Investor Webinar May 17, 2024 By Christoph Gauer, Ph.D. • Head of Bruker Molecular Diagnostics (MDx) business as of May 1st, 2024 • CEO ElitechGroup until April 2024 • Prior senior management positions at Siemens Healthcare • Prior CEO of Olympus Life Science Europ
Slide 21: A growing range of MDx platforms
A growing range of MDx platforms InGenius product family InGenius 3.0 ▪ Launched in 2016 ▪ Launched in 2021 ▪ To be launched in 2025 ▪ 36 results per shift ▪ 72 results per shift ▪ >140 results per shift ▪ Menu of more than 40 CE-IVD parameters ▪ Backward compatible with InGenius for ▪ Not backward
Slide 22: We focus on the mid-throughput market segment
We focus on the mid-throughput market segment Breakdown of the MDx market by throughput 2 High-throughput systems (including blood banks) 1 1 Mid-throughput 3 Low-throughput / POC Abbott Roche Cepheid InGenius 3.0 (2025) Becton Seegene InGenius Dickinson DiaSorin Abbott Bosch Sansure Molecular Holog
Slide 23: There is a long tail of assays
There is a long tail of assays High throughput parameters (HT) vs. esoteric testing - illustration Annual test volume High-throughput tests ▪ c.15 tests (e.g., STI, HIB, HPV, etc.) ▪ Represent the bulk of test volume Esoteric tests ▪ c.50-150 parameters (e.g., Bordetella, HHV6, Meningitis, Babesia,
Slide 24: Esoteric testing: PCR assays
Esoteric testing: PCR assays Much broader CE-IVD menu than the big players Transplant Sexually Transmitted Infections CMV Parvo B19 HHV7 STI Plus Macrolide resistance HPV HR EBV Adenov T. gondii CT HSV 1/2 Urogen BKV Enterov Hep E Blood Borne Viruses VZV JCV Aspergillus HIV HCV HBV HSV1 HHV6 (also Q
Slide 25: Esoteric testing: Sample types
Esoteric testing: Sample types Many more sample types CE-IVD validated than the big players WHOLE BLOOD NASAL SWAB AMNIOTIC FLUID VAGINAL SWAB NASOPH. SWAB NASOPH. PLASMA THROAT SWAB BLOOD CULTURE CAVITY LIQUID ASPIRATE BIOPSIES / CUTANEOUS SERUM RECTAL SWAB SPUTUM TISSUES SWAB y SALIVA / BRONCHIAL
Slide 26: Elitech Molecular Diagnostics Segment
M AY 17, 2 0 2 4 IN VESTOR W EBIN AR Acquired by Bruker on April 30, 2024 for €870M Molecular Diagnostics Segment (MDx) A specialized tier 2 provider of: Consumables & Sample-to-answer ✓ Molecular diagnostic sample-to-answer systems for Reagents Instruments mid-throughput testing & esoteric paramete
Slide 27: Bruker Spatial Biology – NanoString Overview
M AY 17, 2 0 2 4 IN VESTOR W EBIN AR Bruker Spatial Biology – NanoString Overview Mark R. Munch, Ph. D. President, Bruker NANO Group
Slide 28: NanoString Overview
M AY 17, 2 0 2 4 IN VESTOR W EBIN AR | BRUKER SP ATIAL BIOLOGY NanoString Overview Customers Publications Installed base 3,800+ ~7,700 1,650+ nCounter® GeoMx® CosMxTM AtoMxTM Analysis System Digital Spatial Profiler Spatial Molecular Imager Spatial Informatics Platform 2008 2019 2022 © 2023 Bruker I
Slide 29: nCounter Opportunity For Renewed Growth
M AY 17, 2 0 2 4 IN VESTOR W EBIN AR | BRUKER SP ATIAL BIOLOGY nCounter Opportunity For Renewed Growth Gene Expression Market Size, ($M)* nCounter Multiplexed gene expression 3% nCounter penetration profiling by hybridization in Mid-Low Plex technologies segment1 $1,840 $2,321 Target mRNA Target-spe
Slide 30: NanoString Spatial Positioning
M AY 17, 2024 IN VESTOR W EBIN AR | BRUKER SP ATIAL BIOLOGY NanoString Spatial Positioning TISSUE EXPLORATION CELLULAR EXPLORATION TISSUE STRUCTURES SINGLE CELL SUB-CELLULAR ~ 100um ~ 10um ~ 1um Whole Transcriptome 6000-plex RNA 570+ Proteins 70+ Proteins 40 slides/week 2-20 slides/week © 2023 Bruke
Slide 31: CosMx Performance Technology Based on Robust Hybridization
M AY 17, 2024 IN VESTOR W EBIN AR | Controlled Study: Benchmarking Spatial Platforms for BRUKER SP ATIAL BIOLOG Y Inflammatory Bowel Disease Dr. Parambir S. Dulai, MD 16 blocks; 11 patients Associate Professor of Medicine Ulcerative colitis, Crohn’s disease CosMx Performance Study Design • High numb
Slide 32: Bruker's CellScape | Precise Spatial Proteomics
M AY 17, 2024 IN VESTOR W EBIN AR | BRUKER SP ATIAL BIOLOGY Bruker’s CellScape | Precise Spatial Proteomics Developed by Bruker Differentiated, Quantitative Resolution & Dynamic Range Performance Straightforward, Reliable Product Launches: New Imaging Technique Chamber & Kits Expanded Applications w
Slide 33: Bruker Spatial Biology Portfolio
M AY 17, 2024 IN VESTOR W EBIN AR | BRUKER SP ATIAL BIOLOGY Bruker Spatial Biology Portfolio These products address different segments and are highly complementary Regional Single Cell and Sub-Cellular GeoMx® CosMxTM CellScapeTM © 2023 Bruker Innovation With Integrity | May 17, 2024 | 33
Slide 34: GeoMx | CosMx | CellScape Positioning
M AY 17, 2024 IN VESTOR W EBIN AR | BRUKER SP ATIAL BIOLOGY GeoMx | CosMx | CellScape Positioning - Distinct, Need Based Positioning Translational Research Discovery Research Clinical Translational Pharma, Clinical Dx ( Academic ) Academic Research Research and Development Dominant Overarching Need
Slide 35: New Medium-Term Outlook for FY 2027
MAY 17, 2024 INVESTOR WEBINAR New Medium-Term Outlook for FY 2027 ➔ Revenue >$4 billion; non-GAAP EPS >$4.00 Gerald Herman Executive Vice President & Chief Financial Officer May 17, 2024 Innovation with Integrity
Slide 36: Confirming FY 2024 Base Guidance from May 2, 2024
MAY 17, 2024 INVESTOR WEBINAR Confirming FY 2024 Base Guidance from May 2, 2024 Note: excludes NanoString business acquisition, for which no FY24 guidance can be given FY 2024 Base Guidance (with year-over-year %s), Updated Non-GAAP Assumptions without the impact of NanoString acquisition & Estimate
Slide 37: Prior Medium-Term Outlook (MTO) for FY 2026
MAY 17, 2024 INVESTOR WEBINAR Prior Medium-Term Outlook (MTO) for FY 2026 Prior Outlook for FY 2026 ▪ Revenue: $3.4B - $3.6B ▪ OPM: 21.0% - 22.0% ▪ Non-GAAP EPS: $3.40 - $3.70 New Developments since June 2023 • Delivered 3 consecutive years of double-digit organic revenue growth, including 14.5% yoy
Slide 38: New Non-GAAP Medium-Term Outlook for FY 2027
M AY 17, 2024 IN VESTOR W EBIN AR New Non-GAAP Medium-Term Outlook for FY 2027 Revenue Operating Margin Earnings Per Share $4.2B - $4.4B 19% - 20% $4.00 - $4.30 Core assumption is organic Strategic acquisitions in Mid-Teens % EPS revenue growth 200-300 bps single-cell and spatial biology CAGR in FY2
Slide 39: Key Financial Trends
M AY 17, 2024 IN VESTOR W EBIN AR Key Financial Trends REVENUE NON-GAAP EPS ▪ Bruker Management Process $4.2B-$4.4B $4.00-$4.30 drives profitable growth (1) $3.4B ▪ Margin expansion of ~280 bps (1) $2.64 $2.4B $2.10 over 3 years in FY25 to FY27 ▪ R&D investment remains ~10% 2021 2024-E 2027-O 2021 2
Slide 40: Outlook for Key Non-GAAP Trends from FY24 to FY27
M AY 17, 2024 IN VESTOR W EBIN AR Outlook for Key Non-GAAP Trends from FY24(1) to FY27 REVENUE GROWTH NON-GAAP EPS OF ~ $900 MILLION GROWTH OF ~$1.50 Previous MTO FY26 Previous MTO FY26 bottom of range bottom of range $4.00-$4.30 $4.2B-$4.4B ~$4.0B ~$3.65 >$3.7B (1) $3.40 $3.4B ~$3.10 $3.4B $2.64 (
Slide 41: Long-Term Non-GAAP Goals | FY 2028 & Beyond
M AY 17, 2024 IN VESTOR W EBIN AR Long-Term Non-GAAP Goals | FY 2028 & Beyond Organic Operating Margin Earnings Per Share Revenue Growth Expansion Growth Organic revenue growth > 50 bps organic operating 13% - 15% 200-300 bps above margin expansion per year EPS Growth LST market into low-mid 20% ran
Slide 42: Summary: Non-GAAP Medium-Term Outlook for FY 2027
M AY 17, 2024 IN VESTOR W EBIN AR Summary: Non-GAAP Medium-Term Outlook for FY 2027 ➔ Revenue >$4 billion; non-GAAP EPS >$4.00 Revenue Operating Margin Earnings Per Share $4.2B - $4.4B 19% - 20% $4.00 - $4.30 Core assumption is organic Strategic acquisitions in Mid-Teens % EPS revenue growth 200-300
Slide 43: Innovation with Integrity
Innovation with Integrity
Slide 44: Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth
M AY 17, 2024 IN VESTOR W EBIN AR Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth [$M] 2021 2022 2023 Revenue as of the prior comparable period $1,987.5 $2,417.9 $2,530.7 Non-GAAP components: Acquisitions and divestures 8.1 34.3 56.2 Organic 379.0 246.5 366.4 Currency 43.3 (
Slide 45: Reconciliation of GAAP and Non-GAAP Operating Income
M AY 17, 2024 IN VESTOR W EBIN AR Reconciliation of GAAP and Non-GAAP Operating Income [$M] 2021 2022 2023 GAAP Operating Income $413.3 $432.7 $436.9 Non-GAAP adjustments: Restructuring Costs 8.2 4.8 22.3 Acquisition-Related Costs 6.9 19.7 19.3 Purchased Intangible Amortization 37.4 37.1 47.1 Other
Slide 46: Reconciliation of GAAP and Non-GAAP Earnings per Share (Diluted)
M AY 17, 2024 IN VESTOR W EBIN AR Reconciliation of GAAP and Non-GAAP Earnings per Share (Diluted) [$] 2021 2022 2023 GAAP Earnings Per Share (Diluted) $1.81 $1.99 $2.90 Non-GAAP adjustments: Restructuring costs 0.05 0.03 0.15 Acquisition-related costs 0.05 0.13 0.13 Purchased intangible amortizatio
Slide 47: Non-GAAP Financial Measures
M AY 17, 2024 IN VESTOR W EBIN AR Non-GAAP Financial Measures Non-GAAP Financial Measures Additional information regarding our use of non-GAAP financial measures, including how we define and calculate such non-GAAP financial measures, is included on page 38 under Item 7— Management’s Discussion and
Slide 48: Innovation with Integrity
Innovation with Integrity