Bruker Corporation · NASDAQ:BRKR
Bruker — Q1 2021 Earnings Presentation
21 slides from Bruker's earnings presentation, May 5, 2021
Slide 1: Q1 2021 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q1 2021 Earnings Presentation May 5, 2021 Frank H. Laukien, President & CEO Gerald Herman, Executive Vice President & Chief Financial Officer Miroslava Minkova, Senior Director of Investor Relations & Corporate Development
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
Q1 2021 Business Update 3
Slide 4: Q1 2021: Business and Market Recovery Lead to Significant Step Ups in Revenues, Margins and EPS
Q1 2021 BUSINESS UP DATE Q1 2021: Business and Market Recovery Lead to Significant Step Ups in Revenues, Margins and EPS Q1 2021 Performance Year-over-Year Q1 Financials ❖ Revenues increase $130.7M, or +30.8% Revenues [$M] ▪ Organic growth of +23.8%, with BSI up +25.6% and BEST up +7.1% 554.7 +30.8%
Slide 5: Q1 2021 Revenue Performance Year-over-Year
G ROUP OVERVIEW Q1 2021 Revenue Performance Year-over-Year(1) Bruker BIOSPIN Group ▪ BIOSPIN grows >20%, as customer demand and instrument deliveries recover ▪ BIOSPIN systems revenue up strongly, including customer acceptance of two GHz-class systems ▪ Aftermarket and software revenues grow Bruker
Slide 6: Q1 2021 Revenue Performance Year-over-Year
G ROUP OVERVIEW Q1 2021 Revenue Performance Year-over-Year(1) Bruker NANO Group ▪ NANO grows >20%, with significant recovery in NANO’s industrial research and academic businesses, and continued robust semi and microelectronics demand ▪ X-ray and Nano-surface revenue up strongly ▪ Microelectronics an
Slide 7: Benchtop Fourier 80 FT-NMR US Rollout
NEW P RODUCT UP DATES Benchtop Fourier 80TM FT-NMR US Rollout Makes Routine Magnetic Resonance Analysis More Broadly Accessible ❖ Next generation, high-performance 80 MHz Fourier Transform Nuclear Magnetic Resonance (FT-NMR) benchtop spectrometer launched in the US: ▪ Permanent magnet, does not requ
Slide 8: Acuity Spatial Genomics For In Situ Spatial 3D Genomics
P ROJECT ACCELERATE 2 .0 UP DATES Acuity Spatial Genomics For In Situ Spatial 3D Genomics New venture, majority-owned by Bruker, opening a new frontier in spatial 3D genomics and multiomic analyses for discovery ▪ Leverages patented innovations developed in the lab of Ting Wu, PhD, Professor of Gene
Slide 9: Financial Update
Q1 2021 Financial Update 9
Slide 10: Q1 2021 Non-GAAP Financial Performance
Q1 2021 YEAR -OVER - Y EA R COM P ARISON Q1 2021 Non-GAAP Financial Performance [$ m, except EPS] Q1 2021 Q1 2020 Δ Comments Revenues $554.7 $424.0 +30.8% Operating Income $102.2 $32.2 +217.4% ▪ Reported revenue up +30.8%, organic revenue up +23.8% Operating Margin (%) 18.4% 7.6% +1080 bps ▪ Operati
Slide 11: Q1 2021 Revenue Bridge
N ON -GAAP F INAN CIAL P ERF ORM AN CE Q1 2021 Revenue Bridge Q1 2021 Revenue Performance Year-over-Year Q1 2021 DRIVERS Organic Currency Portfolio Total ▪ Reported revenue up +30.8% +23.8% +6.2% +0.8% +30.8% ▪ Organic revenue up +23.8% ✓ BSI up +25.6% organic, with >20% organic Q1 2021 Revenue Brid
Slide 12: Q1 2021 Non-GAAP Results Year-over-Year
N ON -GAAP F INAN CIAL P ERF ORM AN CE Q1 2021 Non-GAAP Results Year-over-Year [$ m, except EPS] Q1 2021 Q1 2020 Δ Comments Total Revenues 554.7 424.0 +30.8% Gross Profit 284.3 198.1 +43.5% ▪ Gross margin up +460 bps due to volume leverage, Margin (% of revenues) 51.3% 46.7% +460 bps and higher Proj
Slide 13: Q1 2021 Cash Flow Year-over-Year
N ON -GAAP F INAN CIAL P ERF ORM AN CE Q1 2021 Cash Flow Year-over-Year [$ m] Q1 2021 Q1 2020 Δ Comments GAAP Net Income 57.8 10.6 +47.2 Q1 2021 free cash flow of $73.3M, compared to Depreciation & amortization 22.3 19.0 +3.3 $4.5M in Q1-20: Changes in working capital* (19.1) (21.3) +2.2 ▪ Step up i
Slide 14: Raising FY 2021 Outlook
CEQ) So ea - Raising FY 2021 Outlook —_ vA
Slide 15: Raising FY 2021 revenue growth, non-GAAP operating margin and non-GAAP EPS outlook
F Y 2021 GUIDAN CE Raising FY 2021 revenue growth, non-GAAP operating margin and non-GAAP EPS outlook FY 2021 Assumptions FY 2021 Non-GAAP (Comparison to prior Year-over-Year Guidance guidance in parentheses) ▪ Organic revenue growth: +11% to +13% Revenue Growth +14% to +16% (up from +7% to +9% prio
Slide 16: Appendix
Q1 2021 Appendix 16
Slide 17: Q1 2021 GAAP Results Year-over-Year
Q1 2021 Q1 2021 GAAP Results Year-over-Year [$ m, except EPS] Q1 2021 Q1 2020 Δ Total Revenues 554.7 424.0 +30.8% Gross Profit 278.7 192.3 +44.9% Margin (% of revenue) 50.2% 45.4% SG&A (131.8) (121.2) +8.7% (% of revenues) 23.8% 28.6% R&D (54.8) (48.5) +13.0% (% of revenues) 9.9% 11.4% Operating Inc
Slide 18: Q1 2021 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
AP P ENDIX Q1 2021 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M, except EPS] Q1 2021 Q1 2020 GAAP Operating Income 89.1 16.4 Restructuring Costs 2.4 2.3 Acquisition-Related Costs 0.9 (1.1) Purchased Intangible Amortization 9.0 8.7 Other Costs 0.8 5.9 TOTAL 13.1 15.8 Non-GAAP Operat
Slide 19: Balance Sheet
AP P ENDIX Balance Sheet [$ m, except EPS] Mar 31, 2021 Dec 31, 2020 Total Assets 3,034.9 3,049.0 Working Capital* 874.4 893.0 Goodwill, Intangibles, Net & Other Long-Term Assets 704.6 728.5 [$ m, except EPS] Mar 31, 2021 Dec 31, 2020 Cash, Cash Equivalents & Short-term Investments 746.8 731.8 Finan
Slide 20: BSI and BEST GAAP Performance Year-over-Year
Q1 2021 GAAP SEG M EN T RESULTS BSI and BEST GAAP Performance Year-over-Year [$ m] Q1 2021 Q1 2020 Δ REVENUE Scientific Instruments (BSI) 506.2 381.5 +33% Organic Revenue Growth (%) +25.6% -8.2% Energy & Supercon Technologies (BEST) 52.4 46.2 +13% Corporate Eliminations (3.9) (3.7) Energy & Supercon
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