Slide 1: Q3 2022 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q3 2022 Earnings Presentation November 3, 2022 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: Q3 2022 Business Update
Q3 2022 Business Update 3
Slide 4: Q3 2022: Strong Organic Revenue Growth and Margin Expansion on Project Accelerate 2.0
Q3 2022 BUSINESS UPDATE Q3 2022: Strong Organic Revenue Growth and Margin Expansion on Project Accelerate 2.0 Initiatives and Volume Leverage Q3 2022 Performance Year-over-Year Q3 Financials Revenues [$M] ❖ Revenue increased $30.0M, or +4.9% ▪ Organic growth of +12.7%, with BSI up +12.0% and BEST up
Slide 5: YTD Q3 2022: Project Accelerate 2.0 Driving Robust Organic Revenue Growth
YTD Q3 2022 BUSINESS UPDATE YTD Q3 2022: Project Accelerate 2.0 Driving Robust Organic Revenue Growth with Solid Gross Margin Improvement YTD Q3 2022 Performance Year-over-Year YTD Q3 Financials Revenues [$M] ❖ Organic bookings growth for BSI strong, with book-to-bill >1.1 ❖ Revenue increased $87.9M
Slide 6: Constant Currency YTD Q3 2022 Revenue Performance Year-over-Year
GROUP OVERVIEW Constant Currency YTD Q3 2022 Revenue Performance Year-over-Year(1) Bruker BIOSPIN Group ▪ BIOSPIN revenue up mid single digits %, despite one fewer GHz-class NMR YTD ▪ Continued strength in biopharma and applied markets; Europe outlook positive ▪ Received orders for three single-stor
Slide 7: Constant Currency YTD Q3 2022 Revenue Performance Year-over-Year
GROUP OVERVIEW Constant Currency YTD Q3 2022 Revenue Performance Year-over-Year(1) Bruker NANO Group ▪ BNANO up high teens %, driven by X-Ray and Nano Surface tools ▪ Semiconductor metrology and microelectronics tools with continued strength ▪ Fluorescence microscopy up on enhanced research capabili
Slide 8: timsTOF Advancing Clinical Proteomics Research in Sweden
4 D P ROTEOMICS timsTOF Advancing Clinical Proteomics Research in Sweden ❖ BioMS in Sweden has purchased 6 timsTOFs across three institutes in order to advance high-throughput proteomics workflows for clinical research and emerging LDT. ▪ At each of the three sites: a timsTOF HT, a timsTOF SCP, and
Slide 9: NMR Innovations Enabling Novel Functional Structural Biology Research
IN N OVATION IN F UN CTION AL STRUCT UR AL BIOLOGY NMR Innovations Enabling Novel Functional Structural Biology Research 8 mm TXO CryoProbe for 15N-TROSY NMR 160 kHz Magic Angle Spinning (MAS) Probe ▪ 2x sensitivity and significantly increased resolution for ▪ Significantly improved resolution for a
Slide 10: Q3 2022 Financial Update
Q3 2022 Financial Update 10
Slide 11: Q3 2022 Non-GAAP Financial Performance
Q3 2022 YEAR-OVER-YEAR COMPARISON Q3 2022 Non-GAAP Financial Performance Comments (year-over-year) [$ m, except EPS] Q3 2022 Q3 2021 Δ ▪ Reported revenue up +4.9%, despite FX headwind of 9% Revenues $638.9 $608.9 +4.9% ▪ Organic revenue growth of +12.7%; solid execution from Operating Income $143.2
Slide 12: Q3 2022 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE Q3 2022 Revenue Bridge Q3 2022 Revenue Performance Year-over-Year Q3 2022 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +4.9% +12.7% -9.0% +1.2% +4.9% ▪ Organic revenue up +12.7% Q3 2022 Revenue Bridge [$M] ✓ BSI up +12.0% organic +$77
Slide 13: Q3 2022 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q3 2022 Non-GAAP Results Year-over-Year [$ m, except EPS] Q3 2022 Q3 2021 Δ Comments (year-over-year) Total Revenues 638.9 608.9 +4.9% ▪ Gross margin up +150 bps on higher Project Gross Profit 339.8 314.9 +7.9% Margin (% of revenues) 53.2% 51.7% +150 bps Accelerate mix
Slide 14: YTD Q3 2022 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE YTD Q3 2022 Revenue Bridge YTD Q3 2022 Revenue Performance Year-over-Year YTD Q3 2022 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +5.1% +10.7% -6.9% +1.3% +5.1% ▪ Organic revenue up +10.7% YTD Q3 2022 Revenue Bridge [$M] ✓ BSI up +9.
Slide 15: YTD Q3 2022 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE YTD Q3 2022 Non-GAAP Results Year-over-Year [$ m, except EPS] YTD Q3 2022 YTD Q3 2021 Δ Comments (year-over-year) Total Revenues 1,822.3 1,734.4 +5.1% ▪ Gross margin up +160 bps on higher Project Gross Profit 957.8 884.8 +8.3% Margin (% of revenues) 52.6% 51.0% +160 bp
Slide 16: YTD Q3 2022 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE YTD Q3 2022 Cash Flow Year-over-Year [$ m] YTD Q3 2022 YTD Q3 2021 Δ YTD Comments (year-over-year) GAAP Net Income 200.2 204.6 -4.4 YTD Q3-22 free cash flow (FCF) $8.3M, Depreciation & amortization 64.3 66.1 -1.8 compared to YTD Q3-21 FCF of $80.2M: Changes in working
Slide 17: FY 2022 Outlook
CEQ) So ea - FY 2022 Outlook — o G
Slide 18: FY 2022 Raised Organic Revenue Growth and Non-GAAP Operating Margin Expansion Outlook
FY 2022 GUIDANCE FY 2022 Raised Organic Revenue Growth and Non-GAAP Operating Margin Expansion Outlook FY 2022 Assumptions FY 2022 Guidance Year-over-year, and vs. prior guidance ▪ Organic revenue growth +8% to +10%; up from prior guidance of +7% to +9% Revenue Growth +1.5% to +3.5% ▪ FX revenue hea
Slide 19: Appendix
Appendix 19
Slide 20: Q3 2022 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth
APPENDIX Q3 2022 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth [$M] Q3 2022 Q3 2021 Revenue as of the prior comparable period 608.9 511.4 Non-GAAP components: Acquisitions and divestures 7.6 1.3 Organic 77.4 91.0 Currency (55.0) 5.2 Revenue as of the current period 638.9 6
Slide 21: Q3 2022 GAAP Results Year-over-Year
APPENDIX Q3 2022 GAAP Results Year-over-Year [$M, except EPS] Q3 2022 Q3 2021 Δ Total Revenues 638.9 608.9 +4.9% Gross Profit 335.3 308.7 +8.6% Margin (% of revenue) 52.5% 50.7% SG&A (144.8) (141.3) +2.5% (% of revenues) 22.7% 23.2% R&D (56.2) (52.1) +7.9% (% of revenues) 8.8% 8.6% Operating Income
Slide 22: Q3 2022 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX Q3 2022 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M, except EPS] Q3 2022 Q3 2021 GAAP Operating Income 131.3 113.2 Restructuring Costs 0.2 1.1 Acquisition-Related Costs 1.8 0.7 Purchased Intangible Amortization 8.9 9.2 Other Costs 1.0 1.2 TOTAL 11.9 12.2 Non-GAAP Operatin
Slide 23: YTD Q3 2022 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth
APPENDIX YTD Q3 2022 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth [$M] YTD Q3 2022 YTD Q3 2021 Revenue as of the prior comparable period 1,734.4 1,360.0 Non-GAAP components: Acquisitions and divestures 22.7 6.3 Organic 185.7 307.4 Currency (120.5) 60.7 Revenue as of the c
Slide 24: YTD Q3 2022 GAAP Results Year-over-Year
APPENDIX YTD Q3 2022 GAAP Results Year-over-Year [$M, except EPS] YTD Q3 2022 YTD Q3 2021 Δ Total Revenues 1,822.3 1,734.4 +5.1% Gross Profit 939.8 868.0 +8.3% Margin (% of revenue) 51.6% 50.0% SG&A (442.7) (407.9) +8.5% (% of revenues) 24.3% 23.5% R&D (172.4) (162.7) +6.0% (% of revenues) 9.5% 9.4%
Slide 25: YTD Q3 2022 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX YTD Q3 2022 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M, except EPS] YTD Q3 2022 YTD Q3 2021 GAAP Operating Income 301.7 287.9 Restructuring Costs 4.4 5.2 Acquisition-Related Costs 15.4 3.9 Purchased Intangible Amortization 27.5 27.2 Other Costs 7.7 2.2 TOTAL 55.0 38.5 No
Slide 26: Q3 2022 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q3 2022 Cash Flow Year-over-Year [$ m] Q3 2022 Q3 2021 Δ Comments (year-over-year) GAAP Net Income 88.4 88.1 +0.3 Q3-22 free cash flow up $4.2M: Depreciation & amortization 21.0 22.2 -1.2 ▪ Timing of tax / other payments, offset by Changes in working capital* (60.1) (5
Slide 27: Balance Sheet
APPENDIX Balance Sheet [$M, except EPS] Sep 30, 2022 Dec 31, 2021 Total Assets 3,336.9 3,650.0 Working Capital* 1,013.1 979.6 Goodwill, Intangibles, Net & Other Long-Term Assets 878.8 772.1 [$M, except EPS] Sep 30, 2022 Dec 31, 2021 Cash, Cash Equivalents & Short-term Investments 626.2 1,168.2 Finan
Slide 28: Q3 2022 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q3 2022 BSI and BEST GAAP Performance Year-over-Year [$M] Q3 2022 Q3 2021 Δ REVENUE Scientific Instruments (BSI) 582.3 555.6 +5% Organic Revenue Growth (%) +12.0% +16.8% Energy & Supercon Technologies (BEST) 59.3 57.0 +4% Corporate Eliminations (2.7) (3.7) Energy & Supercon Technologies (BE
Slide 29: YTD Q3 2022 BSI and BEST GAAP Performance Year-over-Year
APPENDIX YTD Q3 2022 BSI and BEST GAAP Performance Year-over-Year [$M] YTD Q3 2022 YTD Q3 2021 Δ REVENUE Scientific Instruments (BSI) 1,654.1 1,578.9 +5% Organic Revenue Growth (%) +9.9% +22.9% Energy & Supercon Technologies (BEST) 178.2 166.0 +7% Corporate Eliminations (10.0) (10.5) Energy & Superc
Slide 30: Trailing Twelve Months Return on Invested Capital
APPENDIX Trailing Twelve Months Return on Invested Capital Trailing Twelve Trailing Twelve Months Ended Months Ended [$M, except EPS] September 30, 2022 September 30, 2021 Non-GAAP Operating Income $500.5 $467.5 Non-GAAP Income Tax Provision (153.2) (121.4) Non-GAAP Operating Income after Tax 347.3
Slide 31: Innovation and Multiyear Transformation Delivering Shareholder Value
TRANSFORMATION UPDATE Innovation and Multiyear Transformation Delivering Shareholder Value Accelerated Revenue Growth & Margin Expansion, With Top-Tier ROIC Revenue Growth Acceleration Significant non-GAAP Operating Non-GAAP EPS DD CAGR Margin expansion, ROIC >20% $2.10 $2.4B 28% ROIC $2.1B $2.0B $1
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