Slide 1: Q2 2024 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q2 2024 Earnings Presentation August 6, 2024 Frank H. Laukien, President & Chief Executive Officer Gerald Herman, Executive Vice President & Chief Financial Officer Joe Kostka, Associate 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
Q2 2024 Business Update 3
Slide 4: Q2 2024: Strong Organic and CER Revenue Growth, Operating Margin Impacted by Dilutive Acquisitions
Q2 2024 BUSINESS UPDATE Q2 2024: Strong Organic and CER Revenue Growth, Operating Margin Impacted by Dilutive Acquisitions Q2 2024 Performance; Year-over-Year Changes Q2 Financials Revenues [$M] ❖ Revenue increase of $118.8M, or +17.4% ▪ Organic growth of +7.4% 800.7 +17.4% 681.9 ▪ BSI up +8.6% and
Slide 5: H1 2024: Solid Revenue Growth; Initial Margin and EPS Decline Due to Recent Acquisitions
H1 2024 BUSINESS UPDATE H1 2024: Solid Revenue Growth; Initial Margin and EPS Decline Due to Recent Acquisitions H1 2024 Performance; Year-over-Year Changes H1 Financials Revenues [$M] ❖ Revenue increased $155.2M, or +11.4% ▪ Organic growth of +4.5% +11.4% 1,522.4 ▪ BSI up +4.2% and BEST up +7.3% or
Slide 6: Group H1 2024 CER Revenue Performance (YoY)
GROUP OVERVIEW Group H1 2024 CER Revenue Performance (YoY) Bruker BIOSPIN Group ▪ BIOSPIN up high teens% ▪ One GHz-class NMR in Q2-24, expect two more in H2-24 ▪ Growth across aca/gov and industrial research markets ▪ Chemspeed lab automation and digitization business acquisition closed in March 202
Slide 7: Group H1 2024 CER Revenue Performance (YoY)
GROUP OVERVIEW Group H1 2024 CER Revenue Performance (YoY) Bruker NANO Group ▪ NANO up mid teens % ▪ Strong growth in aca/gov, industrial, and semicon metrology, bolstered by AI megatrend ▪ Contributions from Bruker Cellular Analysis (ex-PhenomeX); Nanostring acquisition closed May 6, 2024; performi
Slide 8: Bruker Outpacing LST/Dx Market During Transformative Growth Period
TRANSF ORMA TI VE G ROW TH P ERIOD Bruker Outpacing LST/Dx Market During Transformative Growth Period Expecting ~70% cumulative reported revenue growth over 4 years, with >14% CER CAGR 4.00B YoY CER Growth +19.5% +11.6% +16.7% +16.0% 3.50B 3.00B 2.50B 2.00B 1.50B 1.00B 0.50B $1.99 $2.42 $2.53 $2.96
Slide 9: Expanding Scientific Capabilities in Single-Cell and Subcellular Proteomics and Multiomics Mass Spec Imaging
P ROJECT ACCELERATE 2 .0 IN N OVATIONS Expanding Scientific Capabilities in Single-Cell and Subcellular Proteomics and Multiomics Mass Spec Imaging timsTOF Ultra 2 neofleX MALDI-TOF Single-Cell and Subcellular Proteomics Multiomic Mass Spec Imaging (MSI) Sensitivity of >1,000 proteins at 25 pg enabl
Slide 10: Financial Update
Q2 2024 Financial Update 10
Slide 11: Q2 2024 Non-GAAP Financial Performance
Q2 2024 YEAR-OVER-YEAR COMPARISON Q2 2024 Non-GAAP Financial Performance Comments (year-over-year) [$M, except EPS] Q2 2024 Q2 2023 Δ ▪ Reported revenue growth of +17.4% Revenues $800.7 $681.9 17.4% ▪ BSI organic growth of 8.6% on BBIO and CALID strength; Operating Income $110.7 $104.1 6.3% solid gr
Slide 12: Q2 2024 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE Q2 2024 Revenue Bridge Q2 2024 Revenue Performance Year-over-Year Q2 2024 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +17.4% +7.4% -1.1% +11.1% +17.4% ▪ Organic revenue up +7.4% Q2 2024 Revenue Bridge [$M] ✓ BSI up +8.6% organic +$50
Slide 13: Q2 2024 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q2 2024 Non-GAAP Results Year-over-Year [$ m, except EPS] Q2 2024 Q2 2023 Δ Comments (year-over-year) Total Revenues 800.7 681.9 17.4% 411.1 347.3 18.4% ▪ Gross margin up +40 bps due to product mix Gross Profit Margin (% of revenues) 51.3% 50.9% 40 bps and volume lever
Slide 14: H1 2024 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE H1 2024 Revenue Bridge H1 2024 Revenue Performance Year-over-Year H1 2023 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +11.4% +4.5% -0.5% +7.4% +11.4% ▪ Organic revenue up +4.5% H1 2024 Revenue Bridge [$M] ✓ BSI up +4.2% organic +$61.
Slide 15: H1 2024 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE H1 2024 Non-GAAP Results Year-over-Year [$M, except EPS] H1 2024 H1 2023 Δ Comments (year-over-year) Total Revenues 1,522.4 1,367.2 11.4% 780.5 713.2 9.4% ▪ Gross margin decline of -90 bps primarily Gross Profit Margin (% of revenues) 51.3% 52.2% -90 bps impacted by re
Slide 16: H1 2024 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE H1 2024 Cash Flow Year-over-Year [$M] H1 2024 H1 2023 Δ Comments (year-over-year) GAAP Net Income 59.6 135.2 (75.6) ▪ Operating cash flow down -$77.8M driven Depreciation & amortization 79.9 51.0 28.9 by: Changes in working capital* (60.5) (79.6) 19.1 ▪ Reduced net inc
Slide 17: FY 2024 Outlook
CEQ) So ea - FY 2024 Outlook — o G
Slide 18: Updated FY 2024 Financial Outlook (as of August 6, 2024)
Updated FY 2024 Financial Outlook (as of August 6, 2024) Assumptions & Estimates FY 2024 Guidance (with year-over-year %s) ▪ Guidance now includes all recent acquisitions, including NanoString Revenue $3.38 to $3.44 billion ▪ M&A revenue tailwind ~10%, vs. prior guide of 7% ▪ FX revenue headwind of
Slide 19: Appendix
Appendix 19
Slide 20: Q2 2024 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth
APPENDIX Q2 2024 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth [$M] Q2 2024 Q2 2023 Revenue as of the prior comparable period 681.9 588.4 Non-GAAP components: Acquisitions and divestures 75.5 11 Organic 50.7 79.7 Currency (7.4) 2.8 Revenue as of the current period 800.7 68
Slide 21: Q2 2024 GAAP Results Year-over-Year
APPENDIX Q2 2024 GAAP Results Year-over-Year [$M, except EPS] Q2 2024 Q2 2023 Δ Total Revenues 800.7 681.9 17.4% Gross Profit 384.6 340.5 13.0% Margin (% of revenue) 48.0% 49.9% SG&A (221.3) (177.9) 24.4% (% of revenues) 27.6% 26.1% R&D (92.2) (71.0) 29.9% (% of revenues) 11.5% 10.4% Operating Incom
Slide 22: Q2 2024 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX Q2 2024 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M, except EPS] Q2 2024 Q2 2023 GAAP Operating Income 48.1 86.2 Restructuring Costs 6.1 0.4 Acquisition-Related Costs 26.0 3.3 Purchased Intangible Amortization 25.1 11.2 Other Costs 5.4 3.0 TOTAL 62.6 17.9 Non-GAAP Operati
Slide 23: H1 2024 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth
APPENDIX H1 2024 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth [$M] H1 2024 H1 2023 Revenue as of the prior comparable period 1,367.2 1,183.4 Non-GAAP components: Acquisitions and divestures 101.8 23.7 Organic 61.8 184.4 Currency (8.40) (24.3) Revenue as of the current per
Slide 24: H1 2024 GAAP Results Year-over-Year
APPENDIX H1 2024 GAAP Results Year-over-Year [$M, except EPS] H1 2024 H1 2023 Δ Total Revenues 1,522.4 1,367.2 11.4% Gross Profit 737.4 700.2 5.3% Margin (% of revenue) 48.4% 51.2% SG&A (416.6) (340.6) 22.3% (% of revenues) 27.4% 24.9% R&D (174.0) (140.0) 24.3% (% of revenues) 11.4% 10.2% Operating
Slide 25: H1 2024 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX H1 2024 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M] H1 2024 H1 2023 GAAP Operating Income 112.9 208.9 Restructuring Costs 13.3 0.9 Acquisition-Related Costs 33.1 6.3 Purchased Intangible Amortization 41.3 21.9 Other Costs 10.8 5.5 TOTAL 98.5 34.6 Non-GAAP Operating Incom
Slide 26: Q2 2024 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q2 2024 Cash Flow Year-over-Year [$ m] Q2 2024 Q2 2023 Δ Comments (year-over-year) GAAP Net Income 7.6 57.8 (50.2) Depreciation & amortization 45.2 25.9 19.3 ▪ Operating Cash Flow down -$12.1M driven by: Changes in working capital* (3.0) (47.3) 44.3 ▪ Reduced net incom
Slide 27: Balance Sheet
APPENDIX Balance Sheet [$M] Jun 30, 2024 Dec 31, 2023 Total Assets 5,902.6 4,249.9 Working Capital* 1,462.8 1,257.6 Goodwill, Intangibles, Net & Other Long-Term Assets 3,093.0 1,486.0 [$M] Jun 30, 2024 Dec 31, 2023 Cash, Cash Equivalents & Short-term Investments 169.7 488.3 Financial Debt 2,161.8 1,
Slide 28: Q2 2024 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q2 2024 BSI and BEST GAAP Performance Year-over-Year [$M] Q2 2024 Q2 2023 Δ REVENUE Scientific Instruments (BSI) 735.6 614.3 19.7% Organic Revenue Growth (%) 8.6% 13.0% Energy & Supercon Technologies (BEST) 69.1 72.7 -5.0% Corporate Eliminations (4.0) (5.1) Energy & Supercon Technologies (B
Slide 29: H1 2024 BSI and BEST GAAP Performance Year-over-Year
APPENDIX H1 2024 BSI and BEST GAAP Performance Year-over-Year [$M] H1 2024 H1 2023 Δ REVENUE Scientific Instruments (BSI) 1,386.7 1,240.9 11.7% Organic Revenue Growth (%) 4.2% 15.7% Energy & Supercon Technologies (BEST) 142.2 134.9 5.4% Corporate Eliminations (6.5) (8.6) Energy & Supercon Technologi
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