Slide 1: Q3 2023 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q3 2023 Earnings Presentation November 2, 2023 Frank H. Laukien, President & Chief Executive Officer Gerald Herman, Executive Vice President & Chief Financial Officer Mark Munch, President Bruker NANO Group & Corporate Executive Vice President Justin Ward, Senior Di
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: Q3 2023 Business Update
Q3 2023 Business Update 3
Slide 4: Q3 2023: Strong Revenue Growth, Solid EPS Growth
Q3 2023 BUSINESS UPDATE Q3 2023: Strong Revenue Growth, Solid EPS Growth Q3 2023 Performance; Year-over-Year Changes Q3 Financials ❖ Revenue increase of $103.9M, or +16.3% Revenues [$M] ▪ Organic growth of +10.9% 742.8 +16.3% ▪ BSI up +10.9% and BEST up +10.2% organically 638.9 ▪ Acquisitions add +2
Slide 5: YTD Q3 2023: Strong Revenue Growth, Solid EPS Growth
YTD Q3 2023 BUSINESS UPDATE YTD Q3 2023: Strong Revenue Growth, Solid EPS Growth YTD Q3 2023 Performance; Year-over-Year Changes YTD Q3 Financials ❖ Revenue increase of $287.7M, or +15.8% Revenues [$M] ▪ Organic growth of +13.9% ▪ BSI up +14.0% and BEST up +12.8% organically +15.8% 2,110.0 1,822.3 ▪
Slide 6: Constant Currency YTD Q3 2023 Revenue Performance Year-over-Year
GROUP OVERVIEW Constant Currency YTD Q3 2023 Revenue Performance Year-over-Year(1) Bruker BIOSPIN Group ▪ BIOSPIN up HSD %, solid growth in aca/gov, industrial and applied markets ▪ One 1.2 GHz NMR in Q3-23 (also one in Q3-22); expect 1 or 2 GHz-class NMRs in Q4-23 ▪ Robust growth in NMR systems and
Slide 7: Constant Currency YTD Q3 2023 Revenue Performance Year-over-Year
GROUP OVERVIEW Constant Currency YTD Q3 2023 Revenue Performance Year-over-Year(1) Bruker NANO Group ▪ NANO up low 20%, with strong revenue growth across end markets ▪ Nano Surfaces & Metrology strong in aca/gov, industrial and semicon markets ▪ Strong tailwind from AI trends in semiconductor and ad
Slide 8: Introducing Bruker Cellular Analysis, a Leader in Single-Cell Biology Tools
P ROJECT ACCELERATE 2 .0 M & A Introducing Bruker Cellular Analysis, a Leader in Single-Cell Biology Tools Complements Bruker’s spatial biology and single-cell research tools via acquisition of PhenomeX Strategic Rationale Beacon® Optofluidic Systems IsoSpark® System ✓ Perfectly fits Project Acceler
Slide 9: Cellular Analysis Acquisition: Financial Details
P ROJECT ACCELERATE 2 .0 M & A Cellular Analysis Acquisition: Financial Details Attractive valuation, accelerating path to profitability, longer-term high RoIC investment ▪ Acquired for $122 million (incl. $14m bridge loan) at ~2x REV. ▪ Transaction closed on October 2nd, 2023. ▪ Rapid right-sizing
Slide 10: Q3 2023 Financial Update
Q3 2023 Financial Update 10
Slide 11: Q3 2023 Non-GAAP Financial Performance
Q3 2023 YEAR-OVER-YEAR COMPARISON Q3 2023 Non-GAAP Financial Performance Comments (year-over-year) [$M, except EPS] Q3 2023 Q3 2022 Δ ▪ Reported revenue growth of +16.3% Revenues $742.8 $638.9 +16.3% ▪ Organic revenue growth of +10.9%, driven by solid growth Operating Income $148.3 $143.2 +3.6% in a
Slide 12: Q3 2023 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE Q3 2023 Revenue Bridge Q3 2023 Revenue Performance Year-over-Year Q3 2023 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +16.3% +10.9% +3.3% +2.1% +16.3% ▪ Organic revenue up +10.9% Q3 2023 Revenue Bridge [$M] ✓ BSI up +10.9% organic +$
Slide 13: Q3 2023 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q3 2023 Non-GAAP Results Year-over-Year [$ m, except EPS] Q3 2023 Q3 2022 Δ Comments (year-over-year) Total Revenues 742.8 638.9 +16.3% ▪ Gross margin down -50 bps on FX headwind, Gross Profit 391.6 339.8 +15.2% (% of revenues) 52.7% 53.2% -50 bps partially offset by o
Slide 14: YTD Q3 2023 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE YTD Q3 2023 Revenue Bridge YTD Q3 2023 Revenue Performance Year-over-Year YTD Q3 2023 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +15.8% +13.9% -0.1% +2.0% +15.8% ▪ Organic revenue up +13.9% YTD Q3 2023 Revenue Bridge [$M] ✓ BSI up +
Slide 15: YTD Q3 2023 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE YTD Q3 2023 Non-GAAP Results Year-over-Year [$M, except EPS] YTD Q3 2023 YTD Q3 2022 Δ Comments (year-over-year) Total Revenues 2,110.0 1,822.3 +15.8% ▪ Gross margin down slightly on FX headwinds Gross Profit 1,104.8 957.8 +15.3% (% of revenues) 52.4% 52.6% -20 bps ▪ N
Slide 16: YTD Q3 2023 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE YTD Q3 2023 Cash Flow Year-over-Year [$M] YTD Q3 2023 YTD Q3 2022 Δ Comments (year-over-year) GAAP Net Income 223.9 200.2 +23.7 ▪ Operating cash flow up +$41.7M on higher Depreciation & amortization 77.6 64.3 +13.3 net income and other items; Changes in working capital
Slide 17: FY 2023 Outlook
CEQ) So ea - FY 2023 Outlook — o G
Slide 18: FY 2023 Outlook, as of November 2, 2023
FY 2023 Outlook, as of November 2, 2023 Assumptions & Estimates Updated FY 2023 Guidance (with year-over-year %s) ▪ M&A revenue tailwind ~2.5%, vs. prior ~2% ▪ FX revenue impact neutral, vs. prior ~1% tailwind Revenue $2.88 to $2.91 billion ▪ Non-GAAP operating margin down -150 bps, vs. (up from $2.
Slide 19: Appendix
Appendix 19
Slide 20: Q3 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth
APPENDIX Q3 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth [$M] Q3 2023 Q3 2022 Revenue as of the prior comparable period 638.9 608.9 Non-GAAP components: Acquisitions and divestures 13.5 7.6 Organic 69.5 77.4 Currency 20.9 (55.0) Revenue as of the current period 742.8 638.9 Re
Slide 21: Q3 2023 GAAP Results Year-over-Year
APPENDIX Q3 2023 GAAP Results Year-over-Year [$M, except EPS] Q3 2023 Q3 2022 Δ Total Revenues 742.8 638.9 +16.3% Gross Profit 382.8 335.3 +14.2% (% of revenue) 51.5% 52.5% SG&A (177.6) (144.8) +22.7% (% of revenues) 23.9% 22.7% R&D (71.3) (56.2) +26.9% (% of revenues) 9.6% 8.8% Operating Income 124
Slide 22: Q3 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX Q3 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M, except EPS] Q3 2023 Q3 2022 GAAP Operating Income 124.5 131.3 Restructuring Costs 4.8 0.2 Acquisition-Related Costs 1.6 1.8 Purchased Intangible Amortization 11.5 8.9 Other Costs 5.9 1.0 TOTAL 23.8 11.9 Non-GAAP Operati
Slide 23: YTD Q3 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth
APPENDIX YTD Q3 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth [$M] YTD Q3 2023 YTD Q3 2022 Revenue as of the prior comparable period 1,822.3 1,734.4 Non-GAAP components: Acquisitions and divestures 37.2 22.7 Organic 253.9 185.7 Currency (3.4) (120.5) Revenue as of the current
Slide 24: YTD Q3 2023 GAAP Results Year-over-Year
APPENDIX YTD Q3 2023 GAAP Results Year-over-Year [$M, except EPS] YTD Q3 2023 YTD Q3 2022 Δ Total Revenues 2,110.0 1,822.3 +15.8% Gross Profit 1,083.0 939.8 +15.2% (% of revenue) 51.3% 51.6% SG&A (518.2) (442.7) +17.1% (% of revenues) 24.6% 24.3% R&D (211.3) (172.4) +22.6% (% of revenues) 10.0% 9.5%
Slide 25: YTD Q3 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX YTD Q3 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M] YTD Q3 2023 YTD Q3 2022 GAAP Operating Income 333.4 301.7 Restructuring Costs 5.7 4.4 Acquisition-Related Costs 7.9 15.4 Purchased Intangible Amortization 33.4 27.5 Other Costs 11.4 7.7 TOTAL 58.4 55.0 Non-GAAP Oper
Slide 26: Q3 2023 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q3 2023 Cash Flow Year-over-Year [$ m] Q3 2023 Q3 2022 Δ Comments (year-over-year) GAAP Net Income 88.7 88.4 +0.3 Depreciation & amortization 26.6 21.0 +5.6 • Operating Cash Flow down -$25.4M on higher working capital (inventories and Changes in working capital* (80.7)
Slide 27: Balance Sheet
APPENDIX Balance Sheet [$M] Sep 30, 2023 Dec 31, 2022 Total Assets 3,818.2 3,611.8 Working Capital* 1,219.9 1,094.4 Goodwill, Intangibles, Net & Other Long-Term Assets 1,261.8 1,011.6 [$M] Sep 30, 2023 Dec 31, 2022 Cash, Cash Equivalents & Short-term Investments 363.6 645.5 Financial Debt 1,221.0 1,
Slide 28: Q3 2023 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q3 2023 BSI and BEST GAAP Performance Year-over-Year [$M] Q3 2023 Q3 2022 Δ REVENUE Scientific Instruments (BSI) 676.3 582.3 +16.1% Organic Revenue Growth (%) +10.9% +12.0% Energy & Supercon Technologies (BEST) 70.6 59.3 +19.1% Corporate Eliminations (4.1) (2.7) Energy & Supercon Technologi
Slide 29: YTD Q3 2023 BSI and BEST GAAP Performance Year-over-Year
APPENDIX YTD Q3 2023 BSI and BEST GAAP Performance Year-over- Year [$M] YTD Q3 2023 YTD Q3 2022 Δ REVENUE Scientific Instruments (BSI) 1,917.2 1,654.1 +15.9% Organic Revenue Growth (%) +14.0% +9.9% Energy & Supercon Technologies (BEST) 205.5 178.2 +15.3% Corporate Eliminations (12.7) (10.0) Energy &
Slide 30: Trailing Twelve Months Return on Invested Capital
APPENDIX Trailing Twelve Months Return on Invested Capital Trailing Twelve Trailing Twelve Months Ended Months Ended September 30, September 30, [$M] 2023 2022 Non-GAAP Operating Income 540.7 500.5 Non-GAAP Income Tax Provision (124.8) (153.2) Non-GAAP Operating Income after Tax 415.9 347.3 Average
Slide 31: Q3 2023 EBITDA
APPENDIX Q3 2023 EBITDA [$M] Sep 30, 2023 Sep 30, 2022 Δ Non-GAAP Net Income* 108.3 98.0 +10.5% GAAP Interest Expense, Net 1.9 2.7 -28.4% Non-GAAP Income Tax Provision 34.1 43.0 -20.7% GAAP Depreciation Expense 15.1 12.1 +24.8% Amortization Expense** (0.5) 0.3 Total 51.6 58.1 -11.2% Non-GAAP EBITDA
Slide 32: YTD Q3 2023 EBITDA
APPENDIX YTD Q3 2023 EBITDA [$M] Sep 30, 2023 Sep 30, 2022 Δ Non-GAAP Net Income* 277.4 239.5 +15.8% GAAP Interest Expense, Net 6.7 10.0 -32.8% Non-GAAP Income Tax Provision 96.2 105.8 -9.1% GAAP Depreciation Expense 44.2 36.8 +20.1% Amortization Expense** 0.2 0.8 Total 147.3 153.4 -3.9% Non-GAAP EB
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