Slide 1: Q4 2024 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q4 2024 Earnings Presentation February 13, 2025 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
Q4 2024 Business Update 3
Slide 4: Q4 2024: Strong Revenue Growth; Achieved 18.1% Non-GAAP Operating Margin
Q4 2024: Strong Revenue Growth; Achieved 18.1% Non-GAAP Operating Margin, Fully Offsetting M&A and FX Headwinds Q4 2024 Performance; Year-over-Year Changes Q4 Financials ❖ Revenue increase of $125.1M, or +14.6% Revenues [$M] ▪ Constant exchange rate (CER) growth of +15.8% +14.6% ▪ Organic growth of
Slide 5: FY 2024: Strong Revenue Growth; Margins and EPS Down Due to Expected Initial Headwinds
FY 2024: Strong Revenue Growth; Margins and EPS Down Due to Expected Initial Headwinds from Strategic Acquisitions FY 2024 Performance; Year-over-Year Changes FY 2024 Financials ❖ Revenue increased by $401.9M, or +13.6% Revenues [$M] ▪ CER growth of +14.0%; double-digit CER growth for 4th year in a
Slide 6: Group CER FY 2024 Revenue Performance (YoY)
GROUP OVERVIEW Group CER FY 2024 Revenue Performance (YoY) Bruker BIOSPIN Group ▪ BIOSPIN CER revenue up low teens% ▪ Strong growth in Europe and Americas, partially offset by decline in China ▪ Strong contributions from automation, software, and services ▪ Four GHz-class systems in revenue, consist
Slide 7: Group CER FY 2024 Revenue Performance (YoY)
GROUP OVERVIEW Group CER FY 2024 Revenue Performance (YoY) Bruker NANO Group ▪ NANO CER revenue up high teens% ▪ Growth driven by semicon metrology and industrial R&D - bolstered by AI megatrend ▪ Solid demand for X-Ray and NanoAnalysis tools ▪ Cellular Analysis and Spatial Biology moderated by soft
Slide 8: Strong Q4 and FY24 for Microbiology and Semicon Metrology
DIVERSIF IED P ORTF OLIO Strong Q4 and FY24 for Microbiology and Semicon Metrology, both with Well Above Corporate Average Margins Microbiology & Infection Diagnostics Semiconductor Metrology Organic Revenue Growth of Mid-Teens in Q4-24 and High- Single-Digits in FY24 Installed base of >7000 MALDI B
Slide 9: Key Takeaways on our Multiyear Transformation
BRUKER’S TRAN SF ORM A T ION IN TO A F AST GROWTH COMP ANY Key Takeaways on our Multiyear Transformation Track Record of Performance Execution + Attained Scale: ~70% Cumulative Revenue Growth in Last 4 Years to >$3.35B (15% CER CAGR) + Profit Expansion: Achieved ~1000 bps Operating Margin Increase i
Slide 10: Financial Update
Q4 2024 Financial Update 10
Slide 11: Q4 2024 Selected Non-GAAP Financial Measures
Q4 2024 YEAR-OVER-YEAR COMPARISON Q4 2024 Selected Non-GAAP Financial Measures1 [$ m, except EPS] Q4 2024 Q4 2023 Δ Comments (year-over-year) Total Revenues 979.6 854.5 14.6% ▪ Revenue growth of 14.6% Gross Profit 514.2 442.8 16.1% Margin (% of revenues) 52.5% 51.8% 70 bps ▪ Gross margin up +70 bps
Slide 12: Q4 2024 Selected Non-GAAP Financial Measures
Q4 2024 YEAR-OVER-YEAR COMPARISON Q4 2024 Selected Non-GAAP Financial Measures1 Comments (year-over-year) [$M, except EPS] Q4 2024 Q4 2023 Δ ▪ Reported revenue growth of +14.6% Revenues $979.6 $854.5 14.6% ▪ BSI organic revenue growth of 4.5% driven by NANO and Operating Income $177.5 $154.5 14.9% C
Slide 13: FY 2024 Non-GAAP Financial Measures
FY 2024 YEAR-OVER-YEAR COMPARISON FY 2024 Non-GAAP Financial Measures1 [$M, except EPS] FY 2024 FY 2023 Δ Comments (year-over-year) Total Revenues 3,366.4 2,964.5 13.6% 1,736.9 1,547.6 12.2% ▪ Revenue growth of 13.6% Gross Profit Margin (% of revenues) 51.6% 52.2% -60 bps ▪ Gross margin decline of -
Slide 14: FY 2024 Cash Flow Year-over-Year
FY 2024 YEAR-OVER-YEAR COMPARISON FY 2024 Cash Flow Year-over-Year [$M] FY 2024 FY 2023 Δ Comments (year-over-year) 2 GAAP Net Income 113.8 428.52 (314.7) ▪ Free cash flow down -$109.4M, driven by: Depreciation & amortization 183.8 114.9 68.9 ▪ Lower net income and timing of advances, Changes in wor
Slide 15: FY 2025 Outlook
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Slide 16: FY 2025 Non-GAAP Financial Outlook
FY 2025 Non-GAAP Financial Outlook (as of February 13, 2025) FY 2025 Guidance (with year-over-year %s) Non-GAAP Assumptions & Estimates Revenue $3.47 to $3.54B ▪ Operating margin expansion of ~140 bps Reported Revenue Growth +3% to +5% ▪ Compared to FY24 operating margin of 15.4% ▪ R&D OPEX investme
Slide 17: Appendix
Appendix 17
Slide 18: Q4 2024 Summary of Reported Revenue Growth Components
APPENDIX Q4 2024 Summary of Reported Revenue Growth Components [$M] Q4 2024 Q4 2023 Revenue as of the prior comparable period 854.5 708.4 Acquisitions and divestures 101.8 19 Organic 33.2 112.5 Currency (9.9) 14.6 Revenue as of the current period 979.6 854.5 Revenue growth 14.6% 20.6% Organic revenu
Slide 19: Q4 2024 Selected GAAP Results Year-over-Year
APPENDIX Q4 2024 Selected GAAP Results Year-over-Year [$M, except EPS] Q4 2024 Q4 2023 Δ Total Revenues 979.6 854.5 14.6% Gross Profit 493.3 430.3 14.6% Margin (% of revenue) 50.4% 50.4% SG&A (247.3) (211.3) 17.0% (% of revenues) 25.2% 24.7% R&D (104.4) (83.4) 25.2% (% of revenues) 10.7% 9.8% Operat
Slide 20: Q4 2024 Reconciliation of Selected GAAP to Non-GAAP Financial Measures
APPENDIX Q4 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures [$M, except EPS] Q4 2024 Q4 2023 GAAP Gross Profit 493.3 430.3 Non-GAAP Adjustments Restructuring Costs 1.8 2.1 Acquisition-Related Costs 3.5 2.0 Purchased Intangible Amortization 14.1 7.4 Other Costs 1.5 1.0 Total Non-G
Slide 21: Q4 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX Q4 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] Q4 2024 Q4 2023 GAAP Operating Income 72.1 103.5 Non-GAAP Adjustments Restructuring Costs 7.1 16.6 Acquisition-Related Costs 29.6 11.4 Purchased Intangible Amortization 29.1 13.7 Acquisition-
Slide 22: Q4 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX Q4 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] Q4 2024 Q4 2023 GAAP Net Income attributable to Bruker Corporation 13.7 205.5 Non-GAAP Adjustments Restructuring Costs 7.1 16.6 Acquisition-Related Costs 29.6 11.4 Purchased Intangible Amorti
Slide 23: FY 2024 Summary of Reported Revenue Growth Components
APPENDIX FY 2024 Summary of Reported Revenue Growth Components [$M] FY 2024 FY 2023 Revenue as of the prior comparable period 2,964.5 2,530.7 Acquisitions and divestures 296.7 56.2 Organic 118.3 366.4 Currency (13.1) 11.2 Revenue as of the current period 3,366.4 2,964.5 Revenue growth 13.6% 17.1% Or
Slide 24: FY 2024 Selected GAAP Results Year-over-Year
APPENDIX FY 2024 Selected GAAP Results Year-over-Year [$M, except EPS] FY 2024 FY 2023 Δ Total Revenues 3,366.4 2,964.5 13.6% Gross Profit 1,649.5 1,513.3 9.0% Margin (% of revenue) 49.0% 51.0% SG&A (893.8) (729.4) 22.5% (% of revenues) 26.6% 24.6% R&D (376.5) (294.8) 27.7% (% of revenues) 11.2% 9.9
Slide 25: FY 2024 Reconciliation of Selected GAAP to Non-GAAP Financial Measures
APPENDIX FY 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures [$M, except EPS] FY 2024 FY 2023 GAAP Gross Profit 1,649.5 1,513.3 Non-GAAP Adjustments Restructuring Costs 11.6 3.5 Acquisition-Related Costs 22.0 2.5 Purchased Intangible Amortization 47.8 24.3 Other Costs 6.0 4.0 Tota
Slide 26: FY 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX FY 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] FY 2024 FY 2023 GAAP Operating Income 253.1 436.9 Non-GAAP Adjustments Restructuring Costs 24.7 22.3 Acquisition-Related Costs 76 19.3 Purchased Intangible Amortization 99.2 47.1 Acquisition-
Slide 27: FY 2024 Reconciliation of Selected GAAP to Non-GAAP Measures (continued)
APPENDIX FY 2024 Reconciliation of selected GAAP to Non-GAAP Financial Measures (continued) [$M, except EPS] FY 2024 FY 2023 GAAP Net Income attributable to Bruker Corporation 113.1 427.2 Non-GAAP Adjustments Restructuring Costs 24.7 22.3 Acquisition-Related Costs 76.0 19.3 Purchased Intangible Amor
Slide 28: Q4 2024 Cash Flow Year-over-Year
APPENDIX Q4 2024 Cash Flow Year-over-Year [$ m] Q4 2024 Q4 2023 Δ Comments (year-over-year) 2 13.9 204.62 (190.7) GAAP Net Income ▪ Free Cash Flow down -$22.9M driven by: Depreciation & amortization 52.9 37.3 15.6 ▪ Reduced net income and higher other Changes in working capital1 6.4 34.5 (28.1) item
Slide 29: Balance Sheet
APPENDIX Balance Sheet [$M] Dec 31, 2024 Dec 31, 2023 Total Assets 5,810.4 4,249.9 Working Capital* 1,395.5 1,257.6 Goodwill, Intangibles, Net & Other Long-Term Assets 3,082.8 1,486.0 [$M] Dec 31, 2024 Dec 31, 2023 Cash, Cash Equivalents & Short-term Investments 183.4 488.3 Financial Debt 2,097.4 1,
Slide 30: Q4 2024 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q4 2024 BSI and BEST GAAP Performance Year-over-Year [$M] Q4 2024 Q4 2023 Δ REVENUE Scientific Instruments (BSI) 911.3 783.6 16.3% Organic Revenue Growth (%) 4.5% 15.5% Energy & Supercon Technologies (BEST) 72.1 75.2 -4.1% Corporate Eliminations (3.8) (4.3) Energy & Supercon Technologies (B
Slide 31: FY 2024 BSI and BEST GAAP Performance Year-over-Year
APPENDIX FY 2024 BSI and BEST GAAP Performance Year-over-Year [$M] FY 2024 FY 2023 Δ REVENUE Scientific Instruments (BSI) 3,097.5 2,700.8 14.7% Organic Revenue Growth (%) 4.2% 14.5% Energy & Supercon Technologies (BEST) 283.0 280.7 0.8% Corporate Eliminations (14.1) (17.0) Energy & Supercon Technolo
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