Slide 1: Q4 2023 Earnings Presentation
BRUKER CORPORATION (NASDAQ: BRKR) Q4 2023 Earnings Presentation February 13, 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: Business Update
Q4 2023 Business Update 3
Slide 4: Q4 2023: Excellent Organic Revenue Growth; Solid Pro forma Non-GAAP EPS Growth
Q4 2023 FINANCIAL UPDATE Q4 2023: Excellent Organic Revenue Growth; Solid Pro forma Non-GAAP EPS Growth Excluding BCA* Q4 2023 Performance; Year-over-Year Changes Q4 Financials ❖ Revenue increase of +$146.1M, or +20.6% Revenues [$M] ▪ Organic growth of +15.9% ▪ BSI up +15.5% and BEST up +20.3% organ
Slide 5: FY 2023: Very Strong Organic Revenue Growth; Solid Non-GAAP EPS Growth
FY 2023 FINANCIAL REVIEW FY 2023: Very Strong Organic Revenue Growth; Solid Non-GAAP EPS Growth FY 2023 Performance; Year-over-Year Changes ❖ Revenue increase of $433.8M, or +17.1% 2023 Financials ▪ Organic growth of +14.5% Revenues [$M] ▪ BSI up +14.5% and BEST up +14.7% organically ▪ Acquisitions
Slide 6: CER FY 2023 Revenue Performance Year-over-Year
GROUP OVERVIEW CER FY 2023 Revenue Performance Year-over-Year(1) Bruker BIOSPIN Group ▪ BIOSPIN up mid teens %, solid growth in academic/government (aca/gov) and applied markets ▪ Four GHz-class NMRs in 2023 revenue, including one in Q3-23 and three in Q4-23 ▪ Robust growth in NMR systems and SciY™
Slide 7: CER FY 2023 Revenue Performance Year-over-Year
GROUP OVERVIEW CER FY 2023 Revenue Performance Year-over-Year(1) Bruker NANO Group ▪ NANO up high teens %, with strong revenue growth across all markets ▪ Nano Surfaces & Metrology strong in aca/gov, industrial and semicon markets ▪ Strong tailwind from AI trends in semiconductor and advanced packag
Slide 8: Bruker – An Emerging Leader of the Post-Genomic Era
BRUKER – AN EMERGING LEADER OF THE POST-GENOMIC ERA Leading timsTOF® Platform for Proteomics and other key Multiomics fields Solutions for Single-Cell, Spatial, Structural, Quantitative & Interaction Biology ig h ts e I n s Dis e as an d Proteins, PTMs, s B iology te m Lipids, Glycans & Metabolites
Slide 9: Two Technology Acquisitions Fill Gaps and Strengthen Portfolio
M&A UPDATE MID-FEBRUARY 2024 Two Technology Acquisitions Fill Gaps and Strengthen Portfolio Spectral Instruments Imaging LLC Nanophoton Research Raman Microscopy Systems for Preclinical Optical Imaging ❖ Acquired February 1st, 2024 RAMANtouch™ high-speed Raman microscope: simultaneous 400 spectra ❖
Slide 10: Financial Update
Q4 2023 Financial Update 10
Slide 11: Q4 2023 Non-GAAP Financial Performance
Q4 2023 YEAR-OVER-YEAR COMPARISON Q4 2023 Non-GAAP Financial Performance Comments (year-over-year) [$M, except EPS] Q4 2023 Q4 2022 Δ ▪ Reported revenue growth of +20.6% Revenues $854.5 $708.3 +20.6% ▪ Organic revenue growth of +15.9%, driven by strong growth Operating Income $154.5 $148.9 +3.8% fro
Slide 12: Q4 2023 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE Q4 2023 Revenue Bridge Q4 2023 Revenue Performance Year-over-Year Q4 2023 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +20.6% +15.9% +2.0% +2.7% +20.6% ▪ Organic revenue up +15.9% Q4 2023 Revenue Bridge [$M] ✓ BSI up +15.5% organic +$
Slide 13: Q4 2023 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q4 2023 Non-GAAP Results Year-over-Year [$ m, except EPS] Q4 2023 Q4 2022 Δ Comments (year-over-year) Total Revenues 854.5 708.3 +20.6% ▪ Gross margin down -80 bps, on FX and M&A Gross Profit 442.8 372.3 +18.9% (% of revenues) 51.8% 52.6% -80 bps headwinds, partially o
Slide 14: 2023 Revenue Bridge
NON-GAAP FINANCIAL PERFORMANCE 2023 Revenue Bridge 2023 Revenue Performance Year-over-Year 2023 Drivers (year-over-year) Organic Currency Portfolio Total ▪ Reported revenue up +17.1% +14.5% 0.4% +2.2% +17.1% ▪ Organic revenue up +14.5% 2023 Revenue Bridge [$M] ✓ BSI up +14.5% organic ✓ BEST up +14.7
Slide 15: 2023 Non-GAAP Results Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE 2023 Non-GAAP Results Year-over-Year [$M, except EPS] 2023 2022 Δ Comments (year-over-year) Total Revenues 2964.5 2530.7 +17.1% ▪ Gross margin down slightly on FX headwinds Gross Profit 1547.6 1330.1 +16.4% (% of revenues) 52.2% 52.6% -40 bps ▪ Non-GAAP operating margi
Slide 16: 2023 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE 2023 Cash Flow Year-over-Year [$M] 2023 2022 Δ Comments (year-over-year) GAAP Net Income 428.51 298.5 +130 ▪ Operating cash flow up +$76M on improved Depreciation & amortization 114.9 88.8 +26.1 working capital performance; Changes in working capital* (124.7) (172.5) +
Slide 17: FY 2024 Outlook
CEQ) So ea - FY 2024 Outlook — o G
Slide 18: FY 2024 Outlook (as of February 13, 2024)
FY 2024 Outlook (as of February 13, 2024) Assumptions & Estimates FY 2024 Guidance (with year-over-year %s) ▪ M&A revenue tailwind ~3% (guidance excludes announced, but not-yet-closed potential transactions) ▪ FX revenue tailwind ~1% Revenue $3.23 to $3.29 billion ▪ Non-GAAP operating margin down ~8
Slide 19: Appendix
Appendix 19
Slide 20: Q4 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth
APPENDIX Q4 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth [$M] Q4 2023 Q4 2022 Revenue as of the prior comparable period 708.4 683.5 Non-GAAP components: Acquisitions and divestures 19.0 11.6 Organic 112.5 60.8 Currency 14.6 (47.5) Revenue as of the current period 146.1 708.4
Slide 21: Q4 2023 GAAP Results Year-over-Year
APPENDIX Q4 2023 GAAP Results Year-over-Year [$M, except EPS] Q4 2023 Q4 2022 Δ Total Revenues 854.5 708.4 +20.6% Gross Profit 430.3 365.9 +17.6% (% of revenue) 50.4% 51.7% SG&A (211.3) (164.7) +28.3% (% of revenues) 24.7% 23.2% R&D (83.4) (63.5) +31.3% (% of revenues) 9.8% 9.0% Operating Income 103
Slide 22: Q4 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX Q4 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M, except EPS] Q4 2023 Q4 2022 GAAP Operating Income 103.5 131.0 Restructuring Costs 16.6 0.4 Acquisition-Related Costs 11.4 4.3 Purchased Intangible Amortization 13.7 9.6 Other Costs 9.3 3.6 TOTAL 51.0 17.9 Non-GAAP Opera
Slide 23: FY 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth
APPENDIX FY 2023 Reconciliation of GAAP Revenue Growth to Organic Revenue Growth [$M] FY Q4 2023 FY Q4 2022 Revenue as of the prior comparable period 2,530.7 2,417.9 Non-GAAP components: Acquisitions and divestures 56.2 34.3 Organic 366.4 246.5 Currency 11.2 (168.2) Revenue as of the current period
Slide 24: FY 2023 GAAP Results Year-over-Year
APPENDIX FY 2023 GAAP Results Year-over-Year [$M, except EPS] FY 2023 FY 2022 Δ Total Revenues 2,964.5 2,530.7 +17.1% Gross Profit 1,513.3 1,305.7 +15.9% (% of revenue) 51.0% 51.6% SG&A (729.4) (607.4) +20.1% (% of revenues) 24.6% 24.0% R&D (294.8) (235.9) +25.0% (% of revenues) 9.9% 9.3% Operating
Slide 25: FY 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year
APPENDIX FY 2023 Reconciliation of GAAP and Non-GAAP Results Year-over-Year [$M] FY 2023 FY 2022 GAAP Operating Income 436.9 432.7 Restructuring Costs 22.3 4.8 Acquisition-Related Costs 19.3 19.7 Purchased Intangible Amortization 47.1 37.1 Other Costs 20.7 11.3 TOTAL 109.4 72.9 Non-GAAP Operating In
Slide 26: Q4 2023 Cash Flow Year-over-Year
NON-GAAP FINANCIAL PERFORMANCE Q4 2023 Cash Flow Year-over-Year [$ m] Q4 2023 Q4 2022 Δ Comments (year-over-year) GAAP Net Income 204.61 98.3 +106.3 Depreciation & amortization 37.3 24.5 +12.8 • Operating Cash Flow up +$34.0M on improved working capital performance Changes in working capital* 34.5 (
Slide 27: Balance Sheet
APPENDIX Balance Sheet [$M] Dec 31, 2023 Dec 31, 2022 Total Assets 4,238.8 3,611.8 Working Capital* 1,257.6 1,094.4 Goodwill, Intangibles, Net & Other Long-Term Assets 1,474.1 1,011.6 [$M] Sep 30, 2023 Dec 31, 2022 Cash, Cash Equivalents & Short-term Investments 488.3 645.5 Financial Debt 1,282.8 1,
Slide 28: Q4 2023 BSI and BEST GAAP Performance Year-over-Year
APPENDIX Q4 2023 BSI and BEST GAAP Performance Year-over-Year [$M] Q4 2023 Q4 2022 Δ REVENUE Scientific Instruments (BSI) 783.6 651.8 +20.2% Organic Revenue Growth (%) +15.5% +8.5% Energy & Supercon Technologies (BEST) 75.2 58.9 +27.7% Corporate Eliminations (4.3) (2.3) Energy & Supercon Technologie
Slide 29: FY 2023 BSI and BEST GAAP Performance Year-over-Year
APPENDIX FY 2023 BSI and BEST GAAP Performance Year-over-Year [$M] FY 2023 FY 2022 Δ REVENUE Scientific Instruments (BSI) 2,700.8 2,305.9 +17.1% Organic Revenue Growth (%) +14.5% +9.5% Energy & Supercon Technologies (BEST) 280.7 237.1 +18.4% Corporate Eliminations (17.0) (12.3) Energy & Supercon Tec
Slide 30: Trailing Twelve Months Return on Invested Capital
APPENDIX Trailing Twelve Months Return on Invested Capital Trailing Twelve Trailing Twelve Months Ended Months Ended December 31, December 31, [$M] 2023 2022 Non-GAAP Operating Income 546.3 505.6 Non-GAAP Income Tax Provision (142.5) (134.4) Non-GAAP Operating Income after Tax 403.8 371.2 Average To
Slide 31: Q4 2023 EBITDA
APPENDIX Q4 2023 EBITDA [$M] Dec 30, 2023 Dec 30, 2022 Δ Non-GAAP Net Income* 102.4 109.4 -6.4% GAAP Interest Expense, Net 2.1 3.2 -33.1% Non-GAAP Income Tax Provision 46.3 28.6 +61.9% GAAP Depreciation Expense 23.6 14.9 +58.4% Amortization Expense** 0.6 - +100.0% Total 72.6 46.7 +55.5% Non-GAAP EBI
Slide 32: FY 2023 EBITDA
APPENDIX FY 2023 EBITDA [$M] Dec 31, 2023 Dec 31, 2022 Δ Non-GAAP Net Income* 379.7 348.9 +8.8% GAAP Interest Expense, Net 8.9 13.3 -33.4% Non-GAAP Income Tax Provision 142.6 134.4 +6.1% GAAP Depreciation Expense 67.8 51.7 +31.1% Amortization Expense** 0.8 0.7 +13.4% Total 220.1 200.1 +10.0% Non-GAA
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