Slide 1: Q3 2024 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q3 2024 Earnings Presentation November 5, 2024 Frank H. Laukien, President & Chief Executive Officer Gerald Herman, Executive Vice President & Chief Financial Officer Joe Kostka, Director, Investor Relations
Slide 2: 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 3: Business Update
Q3 2024 Business Update 3
Slide 4: Q3 2024: Strong CER Revenue Growth; Margins and EPS Down Due to Strategic Acquisitions
Q3 2024 BUSINESS UPDATE Q3 2024: Strong CER Revenue Growth; Margins and EPS Down Due to Strategic Acquisitions in H1 2024 Q3 2024 Performance; Year-over-Year Changes Q3 Financials Revenues [$M] ❖ Revenue increase of $121.6M, or +16.4% ▪ Organic growth of +3.1% 864.4 +16.4% 742.8 ▪ BSI up +3.8%, and
Slide 5: YTD Q3 2024: Strong CER Revenue Growth; Margins and EPS Down
YTD Q3 2024 BUSINESS UPDATE YTD Q3 2024: Strong CER Revenue Growth; Margins and EPS Down Due to Strategic Acquisitions in H1-24 YTD Q3 2024 Performance; Year-over-Year Changes YTD Q3 Financials Revenues [$M] ❖ Revenue increased $276.8M, or +13.1% ▪ Organic growth of +4.0% +13.1% 2,386.8 2,110.0 ▪ BS
Slide 6: Group Revenue Performance (YoY): BioSpin and CALID
GROUP OVERVIEW Group YTD Q3 2024 Revenue Performance (YoY) Bruker BIOSPIN Group ▪ BIOSPIN CER revenue up high teens% ▪ Growth across Aca/Gov and industrial research end markets, excluding China ▪ Strong contributions from automation, software, and services Bruker CALID Group ▪ CALID CER revenue up l
Slide 7: Group Revenue Performance (YoY): NANO and BEST
GROUP OVERVIEW Group YTD Q3 2024 Revenue Performance (YoY) Bruker NANO Group ▪ NANO CER revenue up mid teens % ▪ Growth driven by cleantech and aca/gov need for AXS and NanoAnalysis tools ▪ Strength also in industrial R&D, and semicon metrology - bolstered by AI megatrend ▪ Cellular Analysis and Spa
Slide 8: CleanTech Example: Tools and Solutions Across Battery Value Chain
BRUKER ANALYTICAL BATTERY RESEARCH AND QC SOLUTIONS CleanTech Example: Tools and Solutions Across Battery Value Chain ▪ XRD, XRF, and XRM ▪ Automation Solutions for R&D and QC ▪ NMR and EPR ▪ Laboratory Software and Digitization ▪ FTIR and Raman Spectroscopy © 2024 2022 Bruker + -Bruker Q3 2024 Earn
Slide 9: New Integrated Bruker Biosensors Business
BRUKER BIOSEN SORS New Integrated Bruker Biosensors Business: Emerging Technology Leader for Biopharma Applications With the addition of dynamicBIOSENSORS, Bruker Biosensors now offers innovative and many unique instruments and workflows for biophysical characterization of molecular and cellular int
Slide 10: Financial Update
Q3 2024 Financial Update 10
Slide 11: Q3 2024 Selected GAAP and Non-GAAP Financial Measures
Q3 2024 YEAR-OVER-YEAR COMPARISON Q3 2024 Selected GAAP and Non-GAAP Financial Measures1 Comments (year-over-year) [$M, except EPS] Q3 2024 Q3 2023 Δ ▪ Reported revenue growth of +16.4% Revenues $864.4 $742.8 16.4% ▪ BSI organic revenue growth of 3.8% driven by BBIO, Operating Income $129.1 $148.3 -
Slide 12: Q3 2024 Revenue Performance
Q3 2024 YEAR-OVER-YEAR COMPARISON Q3 2024 Revenue Performance Q3 2024 Revenue Performance Year-over-Year Q3 2024 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +16.4% +3.1% +0.7% +12.5% +16.4% ▪ Organic revenue up +3.1% Q3 2024 Revenue Performance [$M] ✓ BSI up +3.8%
Slide 13: Q3 2024 Selected GAAP and Non-GAAP Financial Measures
Q3 2024 YEAR-OVER-YEAR COMPARISON Q3 2024 Selected GAAP and Non-GAAP Financial Measures1 [$ m, except EPS] Q3 2024 Q3 2023 Δ Comments (year-over-year) Total Revenues 864.4 742.8 16.4% Gross Profit 442.2 391.6 12.9% ▪ Gross margin down -150 bps due to product mix Margin (% of revenues) 51.2% 52.7% -1
Slide 14: YTD Q3 2024 Revenue Performance
YTD Q3 2024 YEAR-OVER-YEAR COMPARISON YTD Q3 2024 Revenue Performance YTD Q3 2024 Revenue Performance Year-over-Year YTD Q3 2024 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +13.1% +4.0% -0.1% +9.2% +13.1% ▪ Organic revenue up +4.0% ✓ BSI up +4.1% organic YTD Q3 20
Slide 15: YTD Q3 Selected GAAP and Non-GAAP Financial Measures
YTD 2024 YEAR-OVER-YEAR COMPARISON YTD Q3 Selected GAAP and Non-GAAP Financial Measures1 [$M, except EPS] YTD Q3 2024 YTD Q3 2023 Δ Comments (year-over-year) Total Revenues 2,386.8 2,110.0 13.1% 1,222.7 1,104.8 10.7% ▪ Gross margin decline of 120 bps primarily Gross Profit Margin (% of revenues) 51.
Slide 16: YTD Q3 2024 Cash Flow Year-over-Year
YTD 2024 YEAR-OVER-YEAR COMPARISON YTD Q3 2024 Cash Flow Year-over-Year [$M] YTD Q3 2024 YTD Q3 2023 Δ Comments (year-over-year) GAAP Net Income 99.9 223.9 (124.0) ▪ Free cash flow down -$86.5M driven by: Depreciation & amortization 130.9 77.6 53.3 ▪ Lower net income and timing of advances, Changes
Slide 17: FY 2024 Outlook
CEQ) So ea - FY 2024 Outlook — o G
Slide 18: Updated FY 2024 Financial Outlook (as of November 5, 2024)
Updated FY 2024 Financial Outlook (as of November 5, 2024) Assumptions & Estimates FY 2024 Guidance (with year-over-year %s) ▪ M&A revenue contribution of approximately +9.5% Revenue $3.34 to $3.37 billion ▪ FX approximately neutral to revenue Reported Growth +12.5% to +13.5% ▪ Non-GAAP operating ma
Slide 19: Appendix
Appendix 19
Slide 20: Q3 2024 Summary of Reported Revenue Growth Components
APPENDIX Q3 2024 Summary of Reported Revenue Growth Components [$M] Q3 2024 Q3 2023 Revenue as of the prior comparable period 742.8 638.9 Acquisitions and divestures 93.1 13.5 Organic 23.3 69.5 Currency 5.2 20.9 Revenue as of the current period 864.4 742.8 Revenue growth 16.4% 16.3% Organic revenue
Slide 21: Q3 2024 Selected GAAP Results Year-over-Year
APPENDIX Q3 2024 Selected GAAP Results Year-over-Year [$M, except EPS] Q3 2024 Q3 2023 Δ Total Revenues 864.4 742.8 16.4% Gross Profit 418.8 382.8 9.4% Margin (% of revenue) 48.4% 51.5% SG&A (229.9) (177.6) 29.4% (% of revenues) 26.6% 23.9% R&D (98.1) (71.3) 37.6% (% of revenues) 11.3% 9.6% Operatin
Slide 22: Q3 2024 Reconciliation of Selected GAAP to Non-GAAP Financial Measures
APPENDIX Q3 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures [$M, except EPS] Q3 2024 Q3 2023 GAAP Gross Profit 418.8 382.8 Non-GAAP Adjustments Restructuring Costs 1.2 1.1 Acquisition-Related Costs 6.8 - Purchased Intangible Amortization 13.9 5.9 Other Costs 1.5 1.8 Total Non-GAA
Slide 23: Q3 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX Q3 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] Q3 2024 Q3 2023 GAAP Operating Income 68.1 124.5 Non-GAAP Adjustments Restructuring Costs 4.3 4.8 Acquisition-Related Costs 13.3 1.6 Purchased Intangible Amortization 28.8 11.5 Other Costs 14
Slide 24: Q3 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX Q3 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] Q3 2024 Q3 2023 GAAP Net Income attributable to Bruker Corporation 40.9 88.1 Non-GAAP Adjustments Restructuring Costs 4.3 4.8 Acquisition-Related Costs 13.3 1.6 Purchased Intangible Amortizat
Slide 25: YTD Q3 2024 Summary of Reported Revenue Growth Components
APPENDIX YTD Q3 2024 Summary of Reported Revenue Growth Components [$M] YTD Q3 2024 YTD Q3 2023 Revenue as of the prior comparable period 2,110.0 1,822.3 Acquisitions and divestures 194.9 37.2 Organic 85.1 253.9 Currency (3.20) (3.4) Revenue as of the current period 2,386.8 2,110.0 Revenue growth 13
Slide 26: YTD Q3 2024 Selected GAAP Results Year-over-Year
APPENDIX YTD Q3 2024 Selected GAAP Results Year-over-Year [$M, except EPS] YTD Q3 2024 YTD Q3 2023 Δ Total Revenues 2,386.8 2,110.0 13.1% Gross Profit 1156.2 1,083.0 6.8% Margin (% of revenue) 48.4% 51.3% SG&A (646.5) (518.2) 24.8% (% of revenues) 27.1% 24.6% R&D (272.1) (211.3) 28.8% (% of revenues
Slide 27: YTD Q3 2024 Reconciliation of Selected GAAP to Non-GAAP Measures
APPENDIX YTD Q3 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures [$M, except EPS] YTD Q3 2024 YTD Q3 2023 GAAP Gross Profit 1,156.2 1,083.0 Non-GAAP Adjustments Restructuring Costs 9.8 1.4 Acquisition-Related Costs 18.5 0.5 Purchased Intangible Amortization 33.7 16.9 Other Costs 4
Slide 28: YTD Q3 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX YTD Q3 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] YTD Q3 2024 YTD Q3 2023 GAAP Operating Income 181.0 333.4 Non-GAAP Adjustments Restructuring Costs 17.6 5.7 Acquisition-Related Costs 46.4 7.9 Purchased Intangible Amortization 70.1 33.4
Slide 29: YTD Q3 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX YTD Q3 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] YTD Q3 2024 YTD Q3 2023 GAAP Net Income attributable to Bruker Corporation 99.4 221.7 Non-GAAP Adjustments Restructuring Costs 17.6 5.7 Acquisition-Related Costs 46.4 7.9 Purchased Intang
Slide 30: Q3 2024 Cash Flow Year-over-Year
APPENDIX Q3 2024 Cash Flow Year-over-Year [$ m] Q3 2024 Q3 2023 Δ Comments (year-over-year) GAAP Net Income 40.3 88.7 (48.4) Depreciation & amortization 51.0 26.6 24.4 ▪ Operating Cash Flow down -$5.7M driven by: Changes in working capital* (30.1) (79.6) 49.5 ▪ Reduced net income and higher other Ot
Slide 31: Balance Sheet
APPENDIX Balance Sheet [$M] Sep 30, 2024 Dec 31, 2023 Total Assets 6,112.9 4,249.9 Working Capital* 1,531.3 1,257.6 Goodwill, Intangibles, Net & Other Long-Term Assets 3,227.6 1,486.0 [$M] Sep 30, 2024 Dec 31, 2023 Cash, Cash Equivalents & Short-term Investments 148.1 488.3 Financial Debt 2,300.5 1,
Slide 32: Q3 2024 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q3 2024 BSI and BEST GAAP Performance Year-over-Year [$M] Q2 2024 Q2 2023 Δ REVENUE Scientific Instruments (BSI) 799.5 676.3 18.2% Organic Revenue Growth (%) 3.8% 10.9% Energy & Supercon Technologies (BEST) 68.7 70.6 -2.7% Corporate Eliminations (3.8) (4.1) Energy & Supercon Technologies (B
Slide 33: YTD Q3 2024 BSI and BEST GAAP Performance Year-over-Year
APPENDIX YTD Q3 2024 BSI and BEST GAAP Performance Year-over-Year [$M] YTD Q3 2024 YTD Q3 2023 Δ REVENUE Scientific Instruments (BSI) 2,186.2 1,917.2 14.0% Organic Revenue Growth (%) 4.1% 14.0% Energy & Supercon Technologies (BEST) 210.9 205.5 2.6% Corporate Eliminations (10.3) (12.7) Energy & Super
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