Slide 1: Q1 2024 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q1 2024 Earnings Presentation May 2, 2024 Frank H. Laukien, President & Chief Executive Officer Gerald Herman, Executive Vice President & Chief Financial Officer Justin Ward, Senior Director, 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: Q1 2024 Business Update
Q1 2024 Business Update 3
Slide 4: Q1 2024: Solid CER Revenue Growth Compared to Very Strong Q1-23
Q1 2024 BUSINESS UPDATE Q1 2024: Solid CER Revenue Growth Compared to Very Strong Q1-23; Margin Performance Impacted by Tough Comparison, Acquisitions and FX Q1 2024 Performance Year-over-Year Q1 Financials Revenues [$M] ❖ Revenue increased $36.4M, or +5.3% ▪ Organic growth of +1.6%; about $15M reve
Slide 5: Group Overview: Updates and CER Q1 2024 Revenue Performance YoY
GROUP OVERVIEW Updates and CER Q1 2024 Revenue Performance YoY Bruker BIOSPIN Group ▪ BIOSPIN up low single digit %, growth in biopharma, aca/gov and industrial markets ▪ No GHz-class NMRs in Q1-24, expect three in FY24, including one in Q2-24 ▪ Robust growth in NMR systems ▪ Chemspeed lab automatio
Slide 6: Group Overview: Updates and CER Q1 2024 Revenue Performance YoY
GROUP OVERVIEW Updates and CER Q1 2024 Revenue Performance YoY Bruker NANO Group ▪ NANO up mid teens %, with strong revenue growth across all markets, including inorganic contributions from recent Bruker Cellular Analysis and Nion acquisitions ▪ Tailwind from AI growth in semiconductor and advanced
Slide 7: Advancing 4D-Proteomics for Immunopeptidomes and Glycoproteomics
P ROJECT ACCELERATE 2 .0 - P ROTEOM ICS Advancing 4D-Proteomics for Immunopeptidomes and Glycoproteomics Proteomics, glycomics and immunopeptidomics enable post-genomic molecular and cell biology research, with key insights into disease biology and biomarkers for next-gen molecular diagnostics and d
Slide 8: Innovations Expanding Scientific Capabilities in Structural Biology and Broadening Adoption of NMR
IN N OVATION WITH IN TEG RIT Y Innovations Expanding Scientific Capabilities in Structural Biology and Broadening Adoption of NMR High-Resolution Solid-State NMR New Ascend Evo 600 NMR • One-year liquid Helium hold-time, more than doubled “With the new 160 kHz MAS probe we witness a leap forward in
Slide 9: Q1 2024 Financial Update
Q1 2024 Financial Update 9
Slide 10: Q1 2024 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE Q1 2024 Revenue Bridge Q1 2024 Revenue Performance Year-over-Year Q1 2024 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +5.3% +1.6% -0.1% +3.8% +5.3% ▪ Organic revenue up +1.6% Q1 2024 Revenue Bridge [$M] ✓ BSI flat organic +$11.1M -$1
Slide 11: Q1 2024 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q1 2024 Non-GAAP Results Year-over-Year [$M, except EPS] Q1 2024 Q1 2023 Δ Comments (year-over-year) Total Revenues 721.7 685.3 +5.3% ▪ Gross margin down -220 bps on strong Q1-23 Gross Profit 369.4 365.9 +1.0% Margin (% of revenues) 51.2% 53.4% -220 bps comparison, acq
Slide 12: Q1 2024 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q1 2024 Cash Flow Year-over-Year [$M] Q1 2024 Q1 2023 Δ Comments (year-over-year) GAAP Net Income 52.0 77.4 -25.4 ▪ Operating cash flow (OCF) down ~$66M on Depreciation & amortization 34.7 25.1 +9.6 lower net income and higher working capital, Changes in working capita
Slide 13: FY 2024 Outlook
CEQ) So ea - FY 2024 Outlook — o G
Slide 14: Updated FY 2024 Financial Outlook (as of May 2nd, 2024)
Updated FY 2024 Financial Outlook (as of May 2nd, 2024) Assumptions & Estimates FY 2024 Guidance (with year-over-year %s) ▪ Includes ELITech and ChemSpeed closed acquisitions ▪ Does not include pending NanoString acquisition, which in FY 2024 will be EPS-dilutive (see 4/22 PR) Revenue $3.29 to $3.35
Slide 15: Appendix
Appendix 15
Slide 16: Q1 2024 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth
APPENDIX Q1 2024 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth [$M] Q1 2024 Q1 2023 Revenue as of the prior comparable period 685.3 595.0 Non-GAAP components: Acquisitions and divestures 26.3 12.7 Organic 11.1 104.7 Currency (1.0) (27.1) Revenue as of the current period 72
Slide 17: Q1 2024 GAAP Results Year-over-Year
APPENDIX Q1 2024 GAAP Results Year-over-Year [$M, except EPS] Q1 2024 Q1 2023 Δ Total Revenues 721.7 685.3 +5.3% Gross Profit 352.8 359.7 -1.9% Margin (% of revenue) 48.9% 52.5% SG&A (195.4) (162.7) +20.1% (% of revenues) 27.1% 23.7% R&D (81.7) (69.0) +18.4% (% of revenues) 11.3% 10.1% Operating Inc
Slide 18: Q1 2024 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX Q1 2024 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M] Q1 2024 Q1 2023 GAAP Operating Income 64.8 122.7 Restructuring Costs 7.2 0.5 Acquisition-Related Costs 7.1 3.0 Purchased Intangible Amortization 16.2 10.7 Other Costs 5.4 2.5 TOTAL 35.9 16.7 Non-GAAP Operating Income 10
Slide 19: Balance Sheet
APPENDIX Balance Sheet [$M] Mar 31, 2024 Dec 31, 2023 Total Assets 4,506.4 4,249.9 Working Capital* 1,336.8 1,257.6 Goodwill, Intangibles, Net & Other Long-Term Assets 1,779.9 1,486.0 [$M] Mar 31, 2024 Dec 31, 2023 Cash, Cash Equivalents & Short-term Investments 340.1 488.3 Financial Debt 1,379.8 1,
Slide 20: Q1 2024 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q1 2024 BSI and BEST GAAP Performance Year-over-Year [$M] Q1 2024 Q1 2023 Δ REVENUE Scientific Instruments (BSI) 651.1 626.6 +3.9% BSI Organic Revenue Growth (%) +0.0% +18.4% Energy & Supercon Technologies (BEST) 73.1 62.2 +17.5% Corporate Eliminations (2.5) (3.5) Energy & Supercon Technolo
Slide 21: Trailing Twelve Months Return on Invested Capital
APPENDIX Trailing Twelve Months Return on Invested Capital Trailing Twelve Trailing Twelve Months Ended Months Ended [$M] March 31, 2024 March 31, 2023 Non-GAAP Operating Income $507.6 $529.2 Non-GAAP Income Tax Provision (134.3) (134.8) Non-GAAP Operating Income after Tax 373.3 394.4 Average Total
Slide 22: Q1 2024 EBITDA
APPENDIX Q1 2024 EBITDA [$M] Mar 31, 2024 Mar 31, 2023 Δ Non-GAAP Net Income* $77.7 $95.1 -18.3% GAAP Interest Expense, Net 2.4 2.8 -14.3% Non-GAAP Income Tax Provision 28.7 36.9 -22.2% GAAP Depreciation Expense 18.5 14.3 +29.4% Amortization Expense** (0.0) (0.1) Total 49.6 53.9 -8.0% Non-GAAP EBITD
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