Bruker Corporation · NASDAQ:BRKR
Bruker — Q1 2023 Earnings Presentation
24 slides from Bruker's earnings presentation, May 4, 2023
Slide 1: Q1 2023 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q1 2023 Earnings Presentation May 4, 2023 Frank H. Laukien, President & Chief Executive Officer Gerald Herman, Executive Vice President & Chief Financial Officer Justin Ward, Senior Director, Investor Relations & Corporate Development
Slide 2: Safe Harbor Statement
BRUKER CORP ORATI ON Safe Harbor Statement 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 19
Slide 3: Business Update
Q1 2023 Business Update 3
Slide 4: Q1 2023: Strong Organic Order and Revenue Growth, Margin Expansion and EPS Growth
Q1 2023 BUSINESS UPDATE Q1 2023: Strong Organic Order and Revenue Growth, Margin Expansion and EPS Growth Providing a Solid Start for 2023 Q1 2023 Performance Year-over-Year Q1 Financials Revenues [$M] ❖ Revenue increased $90.3M, or +15.2% ▪ Organic growth of +17.6%; BSI up +18.4% and BEST up +9.7%
Slide 5: Constant Currency Q1 2023 Revenue Performance Year-over-Year
GROUP OVERVIEW Constant Currency Q1 2023 Revenue Performance Year-over-Year(1) Bruker BioSpin Group ▪ BioSpin up high-teens %, on solid customer demand and aftermarket growth; bookings stronger than revenues, including strong China bookings ▪ Solid performance in NMR, even without any GHz-class syst
Slide 6: Constant Currency Q1 2023 Revenue Performance Year-over-Year
GROUP OVERVIEW Constant Currency Q1 2023 Revenue Performance Year-over-Year(1) Bruker NANO Group ▪ NANO up low-20s% range, driven by strength in industrial research, greentech and semicon/microelectronics business; APAC and Americas strength ▪ Nano Surfaces & Metrology division drove NANO Group grow
Slide 7: Two New Orders for 1.2 GHz NMRs to Advance Life-Science and Green-Tech Research
1.2 GHZ UHF NMR Two New Orders for 1.2 GHz NMRs to Advance Life-Science and Green- Tech Research in the UK ❖ University of Warwick and University of Birmingham expanding fundamental research infrastructure with orders for two 1.2 GHz AvanceTM NMR spectrometers ❖ Each institution already has a Bruker
Slide 8: Innovations in Tissue Proteomics Sample Prep and Immunopeptidomics
PROJECT ACCELERATE 2.0 PRODUCT UPDATES Innovations in Tissue Proteomics Sample Prep and Immunopeptidomics Novel BeatBox FFPE Workflow Novel AI-Bioinformatics for timsTOF SCP-based Immunopeptidomics • Unmatched sensitivity of timsTOF SCP coupled to PaSER Novor algorithm delivers significant performan
Slide 9: Financial Update
Q1 2023 Financial Update 9
Slide 10: Q1 2023 Non-GAAP Financial Performance
Q1 2023 YEAR-OVER-YEAR COMPARISON Q1 2023 Non-GAAP Financial Performance Comments (year-over-year) [$M, except EPS] Q1 2023 Q1 2022 Δ ▪ Reported revenue growth of +15.2%, despite FX headwind Revenues $685.3 $595.0 +15.2% of (4.5%) Operating Income $139.4 $115.8 +20.4% ▪ Organic revenue growth of +17
Slide 11: Q1 2023 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE Q1 2023 Revenue Bridge Q1 2023 Revenue Performance Year-over-Year Q1 2023 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +15.2% +17.6% -4.5% +2.1% +15.2% ▪ Organic revenue up +17.6% Q1 2023 Revenue Bridge [$M] ✓ BSI up +18.4% organic +$
Slide 12: Q1 2023 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q1 2023 Non-GAAP Results Year-over-Year [$M, except EPS] Q1 2023 Q1 2022 Δ Comments (year-over-year) Total Revenues 685.3 595.0 +15.2% ▪ Gross margin up +70 bps on volume leverage, Gross Profit 365.9 313.3 +16.8% Margin (% of revenues) 53.4% 52.7% +70 bps higher Projec
Slide 13: Q1 2023 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q1 2023 Cash Flow Year-over-Year [$M] Q1 2023 Q1 2022 Δ Comments (year-over-year) GAAP Net Income 77.4 62.1 +15.3 ▪ Operating cash flow (OCF) up ~$10M on Depreciation & amortization 25.1 21.7 +3.4 higher profitability; Changes in working capital* (32.2) (36.7) +4.5 ▪ Q
Slide 14: FY 2023 Outlook
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Slide 15: FY 2023 Outlook: Increasing FY 2023 Guidance
FY 2023 GUIDANCE FY 2023 Outlook FY 2023 Non-GAAP Assumptions (as of May 4, 2023) Increasing FY 2023 Guidance ▪ Operating profit growth 8%-10%; ▪ Operating margin decline ~70 bps Revenue (in $B) $2.83 to $2.88 billion ▪ Accelerating R&D to ~10% of revenue, with focus (from $2.81-$2.86B) on proteomic
Slide 16: Appendix
Appendix 16
Slide 17: Q1 2023 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth
APPENDIX Q1 2023 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth [$M] Q1 2023 Q1 2022 Revenue as of the prior comparable period 595.0 554.7 Non-GAAP components: Acquisitions and divestures 12.7 5.8 Organic 104.7 58.2 Currency (27.1) (23.7) Revenue as of the current period 68
Slide 18: Q1 2023 GAAP Results Year-over-Year
APPENDIX Q1 2023 GAAP Results Year-over-Year [$M, except EPS] Q1 2023 Q1 2022 Δ Total Revenues 685.3 595.0 +15.2% Gross Profit 359.7 306.3 +17.4% Margin (% of revenue) 52.5% 51.5% SG&A (162.7) (145.7) +11.7% (% of revenues) 23.7% 24.5% R&D (69.0) (56.6) +21.9% (% of revenues) 10.1% 9.5% Operating In
Slide 19: Q1 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX Q1 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M] Q1 2023 Q1 2022 GAAP Operating Income 122.7 96.5 Restructuring Costs 0.5 0.4 Acquisition-Related Costs 3.0 5.3 Purchased Intangible Amortization 10.7 9.3 Other Costs 2.5 4.3 TOTAL 16.7 19.3 Non-GAAP Operating Income 139
Slide 20: Balance Sheet
APPENDIX Balance Sheet [$M] Mar 31, 2023 Dec 31, 2022 Total Assets 3,763.9 3,611.8 Working Capital* 1,134.3 1,094.4 Goodwill, Intangibles, Net & Other Long-Term Assets 1,117.0 1,011.6 [$M] Mar 31, 2023 Dec 31, 2022 Cash, Cash Equivalents & Short-term Investments 597.9 645.5 Financial Debt 1,230.7 1,
Slide 21: Q1 2023 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q1 2023 BSI and BEST GAAP Performance Year-over-Year [$M] Q1 2023 Q1 2022 Δ REVENUE Scientific Instruments (BSI) 626.6 539.5 +16% Organic Revenue Growth (%) +18.4% +9.5% Energy & Supercon Technologies (BEST) 62.2 59.7 +4% Corporate Eliminations (3.5) (4.2) Energy & Supercon Technologies (BE
Slide 22: Trailing Twelve Months Return on Invested Capital
APPENDIX Trailing Twelve Months Return on Invested Capital Trailing Twelve Trailing Twelve Months Ended Months Ended [$M] March 31, 2023 March 31, 2022 Non-GAAP Operating Income $529.2 $483.8 Non-GAAP Income Tax Provision (134.8) (132.0) Non-GAAP Operating Income after Tax 394.4 351.8 Average Total
Slide 23: Q1 2023 EBITDA
APPENDIX Q1 2023 EBITDA [$M] Mar 31, 2023 Mar 31, 2022 Δ Non-GAAP Net Income* $95.1 $74.6 +28% GAAP Interest Expense, Net 2.8 3.9 -28% Non-GAAP Income Tax Provision 36.9 36.5 +1% GAAP Depreciation Expense 14.3 12.2 +17% Amortization Expense** (0.1) (0.2) Total 53.8 52.4 +3% Non-GAAP EBITDA $149.0 $1
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