Bruker Corporation · NASDAQ:BRKR
Bruker — Goldman, Sachs 30th Global Healthcare Conference (June 2009)
22 slides from Bruker's conference presentation, Jun 9, 2009
Slide 1: Bruker Corporation (BRKR) Overview
Bruker Corporation (BRKR) Overview Goldman, Sachs 30th Global Healthcare Conference June 9, 2009 Frank Laukien, President & CEO
Slide 2: Safe Harbor Statement
Bruker Corporation Safe Harbor Statement Any statements contained in this presentation that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are
Slide 3: Breakdown of 2008 Revenue
Breakdown of 2008 Revenue Bruker can weather a severe recession and may benefit substantially from US & global stimulus programs Revenue by Customers Revenue by Geography 2008 Annual Revenue: $1.1 Billion Stimulus funding and supplementary budgets can cushion recession and may provide significant up
Slide 4: Example of Supplementary Budget Benefit: Japan National Police Agency
Example of Supplementary Budget Benefit : Japan National Police Agency (NPA) Order for 51 Mass Spectrometers for Forensics In late 2008, the Japanese National Police Agency (NPA) signed a $12M contract (from supplementary budget) for 51 Bruker ESI-TOF mass spectrometers for: Exact Mass Analysis and
Slide 5: U.S. & Global Stimulus Funding for Scientific Instruments
U.S. & Global Stimulus Funding for Scientific Instruments: US NIH, NSF, NASA, DoE, NIST, other U.S. government spending (e.g. USDA, DHS, DoD) could positively affect >10% of Bruker’s revenues Global government stimulus spending (incl. US, Japan, Germany, EU, China, others) could positively affect >2
Slide 6: Key Financials: Growth, Margins & Cash Flow
Key Financials Growth, Margins & Cash Flow BRKR 2008 Financials Revenue $1.1B ($1.03B in 2007) 7% GAAP growth (3% FX-adjusted) Adj. EBITDA $170M ($196M in 2007) Non-GAAP EPS $0.47 ($0.66 in 2007) Operating Cash Flow $107M ($108M in 2007) 12/31/08: Net Debt $56.1M (Goodwill & Intangibles)/Asset Ratio
Slide 7: Growth and Margins: Profitability & Margin Opportunities
Growth and Margins Profitability & Margin Opportunities (see appendix for non-GAAP reconciliation) Bruker BioSpin and Bruker Optics are the two fully established, market-leading, and quite profitable Bruker divisions. They strive for incremental margin improvements, operational excellence and improv
Slide 8: Key Financials: Important Balance Sheet Ratios
Key Financials Important Balance Sheet Ratios Operational Excellence & Lean Initiatives $0.13 change from 2006 to 2009 equates to $140M of lower working capital to support revenue run-rate WC = (A/R + Inventory) - AP 0.7 0.9 1.0 1.2 1.1 1.3 1.3 1.4 1.4 (0.4) 0.1 0.6 1.1 1.6 Q107 Q207 Q307 Q407 Q108
Slide 9: Quantum Jumps in Performance: X-ray Revolution
Quantum Jumps in Performance X-ray Revolution: Unique, High-Performance Systems for Broader Markets and New Users 2008 PITTCON Editor’s Gold and R&D 100 Award Winner SMART X2S World’s First Fully Automated Molecular Structure Machine New: Pittcon 2009 S8 LION Simultaneous WD-XRF Spectrometer for Qua
Slide 10: Bruker BioSpin's Global Technology and Market Leadership in NMR
10 Quantum Jumps in Performance Bruker BioSpin’s Global Technology and Market Leadership in NMR Spectroscopy November 2008: Saudi KAUST order of 10 NMR systems for ~$20M (revenue not recognized yet) 3 New Unique Ultra-High Field NMR Magnet Introductions in 2009 ENC ’09: world’s highest field, active
Slide 11: World's First Solid State DNP-NMR Spectrometer
Quantum Jumps in Performance World’s First Solid State DNP-NMR Spectrometer with >50x Signal Enhancement Factor! World’s first Commercial solid state Dynamic Nuclear Polarization (DNP)-NMR spectrometer, co-developed with MIT Polarization enhancement yields factor 50-150x gain in sensitivity for Soli
Slide 12: Revolution in Mass Spectrometry: maXis UHR-TOF
Quantum Jumps in Performance Revolution in Mass Spectrometry maXis™ UHR-TOF launched at ASMS 2008 Bruker has ‘rewritten the book’ with UHR-TOF Ultra-high resolution 40-60k Broad mass range and high mass Mass accuracy in MS & MS/MS <1ppm High speed at 20 full spectra/sec Isotopic fidelity for molecul
Slide 13: MALDI-TOF MS Based Edmass Solution
Pittcon/ASMS 2009: New Opportunities: MALDI-TOF MS Based Edmass™ Solution Next-Gen Protein Sequencing! MALDI In-Source-Decay Mass Spectrometry A single Edmass™ spectrum can provide for sequence calls of >80 a.a. residues in seconds Both N- and C-terminals can be assigned using T3-sequencing on Bruke
Slide 14: Bruker MALDI Molecular Imager
ASMS 2009: New Opportunities Bruker MALDI Molecular Imager™ MALDI Tissue Imaging and Molecular Histology Complete MALDI Molecular Imaging Solution: For proteins, peptides, lipids based on MALDI-TOF New: FTMS Imaging of drugs and metabolites New: Molecular Histology by MIRAX integration ImagePrep™ Sa
Slide 15: New ultrafleXtreme MALDI-TOF/TOF
ASMS 2009: Quantum Jumps in Performance Revolution in Mass Spectrometry Continues New ultrafleXtremeTM MALDI-TOF/TOF New ultrafleXtreme™ is Fastest and Most Flexible MALDI-TOF/TOF 1 kHz proprietary smartbeam™-II laser True 1 kHz in TOF and TOF/TOF Highly complementary to ESI-MS maXis, ion traps or F
Slide 16: New Opportunities: Bruker Advanced Supercon Business
New Opportunities: Bruker Advanced Supercon Business Superconductors and Supercon Devices March 2009: Bruker and Nexans Successfully Complete EU HTS Superconducting Cable Bruker is developing more efficient, flexible and reliable energy technologies Euro 5.2M HTS ‘Super 3C’ cable project met targete
Slide 17: Bruker Corporation
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Slide 18: GAAP Reconciliation: Operating Income
Growth and Margins GAAP Reconciliation Reconciliation of Operating Income 2008 2007 GAAP Operating Income (a) 108.2 $ 137.7 $ Adjustments: Bruker BioSpin Acquisition Related Charges (b) 6.2 7.4 Non-Cash Stock-Based Compensation Charges (c) 4.5 2.2 Restructuring Charges (e) 2.3 - Non-GAAP Operating I
Slide 19: GAAP Reconciliation: Net Income
Growth and Margins GAAP Reconciliation We believe the inclusion of the non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company’s performance, especially when comparing such
Slide 20: GAAP Reconciliation: EPS
Growth and Margins GAAP Reconciliation We believe the inclusion of the non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company’s performance, especially when comparing such
Slide 21: GAAP Reconciliation: EBITDA
Growth and Margins GAAP Reconciliation We believe the inclusion of the non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the Company’s performance, especially when comparing such
Slide 22: GAAP Reconciliation: Footnotes
Growth and Margins GAAP Reconciliation (a) “GAAP” (Reported) results were determined in accordance with United States Generally Accepted Accounting Principles (GAAP). (b) Results in 2008 and 2007 include charges associated with the acquisition of the Bruker Biospin Group. Under US GAAP, this transac
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