- Q4 2023 revenues of $854.5 million, up 20.6% year-over-year
(yoy); organic revenue up 15.9% yoy
- Q4 2023 GAAP EPS of $1.41, including a $0.99 per share gain
on PhenomeX acquisition[1];
- Q4 2023 non-GAAP EPS of $0.70, down 5.4% yoy; pro forma
non-GAAP EPS excluding PhenomeX acquisition up 8.1% yoy
- Full year 2023 revenues of $2.96 billion, up 17.1% yoy;
organic revenue growth of 14.5% yoy
- Full year 2023 GAAP EPS of $2.90; non-GAAP EPS of $2.58, up
10.3% yoy; pro forma non-GAAP EPS excluding PhenomeX acquisition up
14.5% yoy
- Bruker expects 2024 constant-exchange rate (CER) revenue
growth of 8% to 10% yoy, including organic revenue growth of 5% to
7%.
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its fourth quarter and for the full year ended December
31, 2023.
Bruker’s President and CEO Frank Laukien commented: “Bruker’s
transformation into a fast-growth company is on track after three
consecutive years of double-digit organic revenue growth.
Remarkably, in 2023 our industry-leading 14.5% organic revenue
growth included double-digit growth from each of our four groups.
For the full year 2023, we also delivered 10.3% non-GAAP EPS
growth, while investing significantly in R&D, capacity and
productivity. This shows the resiliency of our innovation model and
exemplifies our focus on disciplined entrepreneurialism.”
Dr. Laukien continued: “Demand for our innovative and
differentiated products and solutions has remained solid, as Bruker
emerges as a leader in the post-genomic era – a powerful new
secular growth trend. For fiscal year 2024, we again expect to
achieve well above-market organic revenue and non-GAAP EPS
growth.”
Fourth Quarter (Q4) 2023 Financial Results
Bruker’s revenues for Q4 2023 were $854.5 million, an increase
of 20.6% compared to $708.4 million in Q4 2022. In Q4 2023,
revenues increased 15.9% organically yoy. Growth from acquisitions
was 2.7%, while foreign currency translation had a positive effect
of 2.0%.
Q4 2023 Bruker Scientific Instruments (BSI) revenues of $783.6
million increased 20.2% yoy, with organic revenue growth of 15.5%.
Q4 2023 Bruker Energy & Supercon Technologies (BEST) revenues
of $75.2 million increased 27.7% yoy, with organic revenue growth,
net of intercompany eliminations, of 20.3%.
Q4 2023 GAAP operating income was $103.5 million, compared to
$131.0 million in Q4 2022. Non-GAAP operating income was $154.5
million in Q4 2023, compared to $148.9 million in Q4 2022. Bruker’s
Q4 2023 non-GAAP operating margin was 18.1%, a decrease of ~ 290
basis points from 21.0% in Q4 2022. Q4 2023 pro forma non-GAAP
operating margin excluding the PhenomeX acquisition was 20.6%.
Q4 2023 GAAP diluted earnings per share (EPS) were $1.41,
compared to $0.66 in Q4 2022. Q4 2023 GAAP EPS included a $0.99 per
share gain on the PhenomeX acquisition1. Q4 2023 non-GAAP diluted
EPS were $0.70, a decrease of 5.4% compared to $0.74 in Q4 2022.
Pro forma non-GAAP diluted EPS excluding the PhenomeX acquisition
was $0.80, up 8.1% yoy.
[1] In Q4 2023, Bruker recorded a GAAP gain of $144.1 million,
or $0.99 per share, in connection with the PhenomeX acquisition,
which closed on October 2, 2023. This ‘bargain purchase gain’
reflects the excess of identifiable net assets acquired, including
deferred tax assets related to acquired tax NOLs, over the purchase
consideration paid.
Fiscal Year (FY) 2023 Financial Results
FY 2023, Bruker’s revenues were $2.96 billion, an increase of
17.1% from $2.53 billion in 2022. FY 2023 revenues increased 14.5%
organically year-over-year. Growth from acquisitions was 2.2%,
while foreign currency translation had a positive effect of
0.4%.
FY 2023 BSI revenues of $2.70 billion increased 17.1% yoy, with
organic growth of 14.5%. FY 2023 BEST revenues of $280.7 million
increased 18.4% yoy, with organic revenue growth, net of
intercompany eliminations, of 14.7%.
FY 2023 GAAP operating income was $436.9 million, compared to
$432.7 million in FY 2022. Non-GAAP operating income for FY 2023
was $546.3 million, up 8.0% compared to $505.6 million in FY 2022.
Bruker’s non-GAAP operating margin for FY 2023 was 18.4%, a
decrease of ~ 160 bps compared to 20.0% in FY 2022. FY 2023 pro
forma non-GAAP operating income excluding the PhenomeX acquisition
grew 11.9% yoy, and pro forma non-GAAP operating margin excluding
the PhenomeX acquisition was 19.1%.
FY 2023 GAAP diluted EPS were $2.90, compared to $1.99 in FY
2022. FY 2023 non-GAAP diluted EPS were $2.58, up 10.3% compared to
$2.34 in FY 2022. FY 2023 pro forma non-GAAP diluted EPS excluding
the PhenomeX acquisition were up 14.5% yoy.
Return on invested capital (ROIC), a non-GAAP measure, was 20.6%
for FY 2023, compared to 24.3% for FY 2022. A reconciliation of
non-GAAP to GAAP financial measures is provided in the tables
accompanying this press release.
Fiscal Year 2024 Outlook
Bruker expects FY 2024 revenues of $3.23 to $3.29 billion, or 9%
to 11% yoy reported revenue growth, including yoy contributions
from:
- Organic revenue growth of 5% to 7%
- Constant exchange rate (CER) revenue growth of 8% to 10%, with
M&A[2] contributions of ~3%
- Foreign currency translation tailwind of ~1%
Bruker expects FY 2024 non-GAAP EPS of $2.71 to $2.76, or 5% to
7% growth yoy.
Bruker’s revenue and non-GAAP EPS guidance are based on foreign
currency exchange rates as of January 31, 2024.
For the Company’s outlook for 2024 organic revenue growth,
M&A revenue growth, constant exchange rate revenue growth, and
non-GAAP EPS, we are not able to provide without unreasonable
effort the most directly comparable GAAP financial measures, or
reconciliations to such GAAP financial measures on a
forward-looking basis. Please see “Use of Non-GAAP Financial
Measures” below for a description of items excluded from our
expected non-GAAP EPS.
[2] FY 2024 guidance excludes M&A transactions that have not
yet closed, regardless of any earlier announcement, including
Chemspeed and ELITech.
Quarterly Earnings Call
Bruker will host a conference call and webcast to discuss its
financial results, business outlook, and related corporate and
financial matters today, February 13, 2024, at 8:30 am Eastern
Standard Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q4 2023 Earnings Webcast”
hyperlink. A slide presentation will be referenced during the
webcast and will be posted to our Investor Relations website
shortly before the webcast begins. Investors can also listen to the
earnings webcast via telephone by dialing 1-888-437-2685 (U.S. toll
free) or +1-412-317-6702 (international) and referencing “Bruker’s
Fourth Quarter 2023 Earnings Conference Call”.
Bruker is enabling investors to pre-register for the earnings
conference call so that they can expedite their entry into the call
and avoid the need to wait for a live operator. In order to
pre-register for the call, investors can visit
https://dpregister.com/sreg/10185998/fb79eecad8 and enter their
contact information. Investors will then be issued a personalized
phone number and PIN to dial into the live conference call.
Individuals can pre-register any time prior to the start of the
conference call on February 13.
A telephone replay of the conference call will be available by
dialing 1-877-344-7529 (U.S. toll free) or +1-412-317-0088
(international) and entering replay access code: 3088295. The
replay will be available beginning one hour after the end of the
conference call through March 13, 2024.
About Bruker Corporation (Nasdaq: BRKR)
Bruker is enabling scientists to make breakthrough discoveries
and develop new applications that improve the quality of human
life. Bruker’s high performance scientific instruments and high
value analytical and diagnostic solutions enable scientists to
explore life and materials at molecular, cellular, and microscopic
levels. In close cooperation with our customers, Bruker is enabling
innovation, improved productivity, and customer success in
life-science molecular and cell biology research, in applied and
pharma applications, in microscopy and nanoanalysis, as well as in
industrial research, semiconductor metrology and cleantech
applications. Bruker offers differentiated, high-value life science
and diagnostics systems and solutions in preclinical imaging,
clinical phenomics research, proteomics and multiomics, spatial and
single-cell biology, functional structural and condensate biology,
as well as in clinical microbiology and molecular diagnostics. For
more information, please visit: www.bruker.com.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles (GAAP), we use the following non-GAAP
financial measures: non-GAAP gross profit; non-GAAP gross profit
margin; non-GAAP operating income; non-GAAP operating profit;
non-GAAP operating margin; non-GAAP SG&A expense; non-GAAP
interest and other income (expense), net, non-GAAP profit before
tax; non-GAAP tax rate; non-GAAP net income and non-GAAP diluted
earnings per share. These non-GAAP measures exclude costs related
to restructuring actions, acquisition and related integration
expenses, amortization of acquired intangible assets and other
non-operational costs.
We also may refer to organic revenue growth or decline, free
cash flow or use, return on invested capital and non-GAAP earnings
before interest taxes depreciation and amortization (EBITDA) which
are also non-GAAP financial measures. We define the term organic
revenue as GAAP revenue excluding the effect of changes in foreign
currency translation rates and the effect of acquisitions and
divestitures, and believe it is a useful measure to evaluate our
continuing business. [We define the term M&A revenue as GAAP
revenue from M&A activities [excluding the effect of changes in
foreign currency translation rates], and believe it is a useful
measure to evaluate the effect of acquisitions on our operations.]
We define the term constant-exchange rate (CER) currency revenue as
GAAP revenue excluding the effect of changes in foreign currency
translation rates. We define free cash flow as net cash provided by
operating activities less additions to property, plant, and
equipment. We believe free cash flow is a useful measure to
evaluate our business because it indicates the amount of cash
generated after additions to property, plant, and equipment that is
available for, among other things, acquisitions, investments in our
business, repayment of debt and return of capital to shareholders.
We define return on invested capital (ROIC) as non-GAAP operating
profit after income tax divided by average total capital, which we
define as debt plus equity minus cash and cash equivalents. We
believe ROIC is an important measure of how effectively the Company
invests its capital. We define non-GAAP EBITDA as non-GAAP net
income adjusting out the effects of interest expense, net, non-GAAP
income tax expense and GAAP depreciation and amortization, with
purchased intangible amortization already adjusted out of non-GAAP
net income. We believe non-GAAP EBITDA is an important means of
comparing profitability of comparable companies.
The presentation of these non-GAAP financial measures is not
intended to be a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP and may
be different from non-GAAP financial measures used by other
companies, and therefore, may not be comparable among companies. We
believe these non-GAAP financial measures provide meaningful
supplemental information regarding our performance, however, we
urge investors to review the reconciliation of these financial
measures to the comparable GAAP financial measures included in the
accompanying tables, and not to rely on any single financial
measure to evaluate our business. Specifically, management believes
that the non-GAAP measures mentioned above provide relevant and
useful information which is widely used by analysts, investors and
competitors in our industry, as well as by our management, in
assessing both consolidated and business unit performance.
We use these non-GAAP financial measures to evaluate our
period-over-period operating performance because our management
believes this provides a more comparable measure of our continuing
business by adjusting for certain items that are not reflective of
the underlying performance of our business. These measures may also
be useful to investors in evaluating the underlying operating
performance of our business and forecasting future results. We
regularly use these non-GAAP financial measures internally to
understand, manage, and evaluate our business results and make
operating decisions. We also measure our employees and compensate
them, in part, based on certain non-GAAP measures and use this
information for our planning and forecasting activities.
Additional information relating to the non-GAAP financial
measures used in this press release and reconciliations to the most
directly comparable GAAP financial measures are provided in the
tables accompanying this press release following our GAAP financial
statements.
With respect to our outlook for 2024 non-GAAP organic revenue,
non-GAAP M&A revenue, non-GAAP constant exchange rate (CER)
revenue, non-GAAP operating margin, non-GAAP EPS and non-GAAP tax
rate, we are not providing the most directly comparable GAAP
financial measures or corresponding reconciliations to such GAAP
financial measures on a forward-looking basis, because we are
unable to predict with reasonable certainty certain items that may
affect such measures calculated and presented in accordance with
GAAP without unreasonable effort. Our expected non-GAAP organic
revenue, operating margin, tax rate and EPS ranges exclude
primarily the future impact of restructuring actions, unusual gains
and losses, acquisition-related expenses and purchase accounting
fair value adjustments. These reconciling items are uncertain,
depend on various factors outside our management’s control and
could significantly impact, either individually or in the
aggregate, our future period operating margins, EPS and tax rate
calculated and presented in accordance with GAAP.
Forward-Looking Statements
Any statements contained in this press release 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 1934, as
amended, including statements regarding our fiscal year 2024
financial outlook, our outlook for reported revenue growth, organic
revenue growth, M&A revenue growth contributions, constant
exchange rate (CER) currency revenue growth, foreign currency
translation revenue impact, non-GAAP operating margin, non-GAAP EPS
and non-GAAP tax rate; management’s expectations for the impact of
foreign currency and acquisitions, expectations regarding the
benefits of our acquisition of PhenomeX Inc.; and for future
financial and operational performance and business outlook; future
economic conditions; the duration and impact of supply chain and
geopolitical challenges; strategic investments; and statements
found under the “Use of Non-GAAP Financial Measures” section of
this release. Any forward-looking statements contained herein are
based on current expectations, but are subject to risks and
uncertainties that could cause actual results to differ materially
from those indicated, including, but not limited to, risks and
uncertainties relating to COVID-19, the length and severity of any
recession and the impact on global economic conditions, the impact
of supply chain challenges, including inflationary pressures, the
impact of geopolitical tensions and any sanctions, including any
reduction in natural gas exports from Russia resulting from its
ongoing conflict with Ukraine and resulting market disruptions,
such as higher prices for and reduced availability of key metals
used in our products, the conflict in Israel, Palestine and
surrounding areas and the possible expansion of such conflicts and
potential geopolitical consequences, the ongoing tensions between
the United States and China, tariff and trade policy changes, and
the increasing potential of conflict involving countries in Asia
that are critical to our supply chain operations, such as Taiwan
and China, continued volatility in the capital markets, the impact
of increased interest rates, the integration and assumption of
liabilities of businesses we have acquired or may acquire in the
future, including our recent acquisition of PhenomeX, our announced
but not yet closed potential acquisitions of Chemspeed and of
Elitech, our restructuring and cost-control initiatives, changing
technologies, product development and market acceptance of our
products, the cost and pricing of our products, manufacturing and
outsourcing, competition, dependence on collaborative partners, key
suppliers and third party distributors, capital spending and
government funding policies, changes in governmental regulations,
intellectual property rights, litigation, exposure to foreign
currency fluctuations, the impact of foreign currency exchange
rates, our ability to service our debt obligations and fund our
anticipated cash needs, the effect of a concentrated ownership of
our common stock, loss of key personnel, payment of future
dividends and other risk factors discussed from time to time in our
filings with the Securities and Exchange Commission, or SEC. These
and other factors are identified and described in more detail in
our filings with the SEC, including, without limitation, our annual
report on Form 10-K for the year ended December 31, 2022, as may be
updated by our quarterly reports on Form 10-Q. We expressly
disclaim any intent or obligation to update these forward-looking
statements other than as required by law.
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions)
December 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
488.3
$
645.5
Accounts receivable, net
492.0
472.7
Inventories
968.3
800.1
Other current assets
216.4
194.9
Total current assets
2,165.0
2,113.2
Property, plant and equipment, net
599.7
487.0
Goodwill, intangibles, net and other
long-term assets
1,474.1
1,011.6
Total assets
$
4,238.8
$
3,611.8
LIABILITIES, REDEEMABLE NONCONTROLLING
INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
121.2
$
18.7
Accounts payable
202.7
178.4
Deferred revenue and customer advances
400.0
370.2
Other current liabilities
467.1
347.0
Total current liabilities
1,191.0
914.3
Long-term debt
1,160.3
1,200.5
Other long-term liabilities
474.2
365.2
Redeemable noncontrolling interests
18.6
6.1
Total shareholders' equity
1,394.7
1,125.7
Total liabilities, redeemable
noncontrolling interests and shareholders' equity
$
4,238.8
$
3,611.8
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
(in millions, except per share
data)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Revenue
$
854.5
$
708.4
$
2,964.5
$
2,530.7
Cost of revenue
424.2
342.5
1,451.2
1,225.0
Gross profit
430.3
365.9
1,513.3
1,305.7
Operating expenses:
Selling, general and administrative
211.3
164.7
729.4
607.4
Research and development
83.4
63.5
294.8
235.9
Other charges, net
32.1
6.7
52.2
29.7
Total operating expenses
326.8
234.9
1,076.4
873.0
Operating income
103.5
131.0
436.9
432.7
Bargain purchase gain
144.1
—
144.1
—
Interest and other income (expense)
(6.7
)
(10.0
)
(36.8
)
(18.8
)
Interest and other income (expense),
net
137.4
(10.0
)
107.3
(18.8
)
Income before income taxes, equity in
income of unconsolidated investees, net of tax, and noncontrolling
interests in consolidated subsidiaries
240.9
121.0
544.2
413.9
Income tax provision
37.1
23.4
117.7
116.4
Equity in income of unconsolidated
investees, net of tax
0.8
0.7
2.0
1.0
Consolidated net income
204.6
98.3
428.5
298.5
Net income attributable to noncontrolling
interests in consolidated subsidiaries
(0.9
)
0.9
1.3
1.9
Net income attributable to Bruker
Corporation
$
205.5
$
97.4
$
427.2
$
296.6
Net income per common share attributable
to Bruker Corporation shareholders:
Basic
$
1.41
$
0.66
$
2.92
$
2.00
Diluted
$
1.41
$
0.66
$
2.90
$
1.99
Weighted average common shares
outstanding:
Basic
145.5
147.1
146.4
148.6
Diluted
146.0
147.9
147.2
149.4
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
(in millions)
Three Months Ended December
31,
Twelve Months Ended December
31,,
2023
2022
2023
2022
Cash flows from operating activities:
Consolidated net income
$
204.6
$
98.3
$
428.5
$
298.5
Adjustments to reconcile consolidated net
income to cash flows from operating activities:
Depreciation and amortization
37.3
24.5
114.9
88.8
Stock-based compensation expense
6.2
4.7
24.0
27.7
Deferred income taxes
(36.0
)
10.9
(23.2
)
(14.8
)
Bargain purchase gain on acquisition
(144.1
)
(144.1
)
Impairment of strategic investments and
other long-lived assets
2.7
—
22.2
—
Gain on sale of strategic investment
—
—
(6.8
)
—
Gain on sale of property, plant and
equipment
0.9
—
(8.5
)
—
Other non-cash expenses, net
13.8
6.5
32.1
18.3
Changes in operating assets and
liabilities, net of acquisitions and divestitures:
Accounts receivable
11.5
(28.2
)
(0.9
)
(67.9
)
Inventories
22.3
1.2
(125.0
)
(137.9
)
Accounts payable and accrued expenses
12.0
12.9
23.1
13.2
Income taxes payable, net
92.8
(17.4
)
79.3
(6.8
)
Deferred revenue and customer advances
(7.1
)
42.2
(0.6
)
52.7
Other changes in operating assets and
liabilities, net
(11.4
)
15.9
(64.9
)
2.6
Net cash provided by operating
activities
205.5
171.5
350.1
274.4
Cash flows from investing activities:
Purchases of property, plant and
equipment
(31.5
)
(34.6
)
(106.9
)
(129.2
)
Maturity of short-term investments
—
—
—
100.0
Proceeds from sale of strategic
investment
3.0
—
14.8
—
Cash paid for strategic investments
(5.4
)
(19.4
)
(24.7
)
(60.2
)
Cash paid for acquisitions, net of cash
acquired
(4.3
)
(96.8
)
(226.6
)
(182.3
)
Proceeds from sales of property, plant and
equipment
0.2
0.1
11.1
13.9
Net proceeds from cross-currency swap
agreements
1.3
1.4
6.4
6.2
Net cash used in investing activities
(36.7
)
(149.3
)
(325.9
)
(251.6
)
Cash flows from financing activities:
Proceeds from long-term debt
(1.2
)
3.5
2.0
3.9
Proceeds (repayment) of other debt,
net
(1.5
)
(2.0
)
(8.5
)
(3.6
)
Repayment of 2012 Note Purchase
Agreement
—
—
—
(105.0
)
Repayment of 2019 Note Purchase
Agreement
(3.7
)
(3.7
)
(15.0
)
(6.0
)
Proceeds from issuance of common stock,
net
4.7
2.0
9.5
2.8
Payment of contingent consideration
—
(1.0
)
(2.7
)
(2.7
)
Payment of dividends to common
shareholders
(7.3
)
(7.4
)
(29.4
)
(29.8
)
Repurchase of common stock
(50.4
)
(26.3
)
(152.3
)
(263.1
)
Proceeds from (payment for) the sale
(purchase) of noncontrolling interests
(0.5
)
(1.2
)
3.0
(11.8
)
Net cash used in financing activities
(59.9
)
(36.1
)
(193.4
)
(415.3
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
15.8
33.3
12.1
(30.5
)
Net change in cash, cash equivalents and
restricted cash
124.7
19.4
(157.1
)
(423.0
)
Cash, cash equivalents and restricted cash
at beginning of period
366.9
629.3
648.7
1,071.7
Cash, cash equivalents and restricted cash
at end of period
$
491.6
$
648.7
$
491.6
$
648.7
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
(unaudited and in millions, except per
share data)
Reconciliation of Non-GAAP Operating
Income, Non-GAAP Profit Before Tax, Non-GAAP Net Income and
Non-GAAP Earnings Per Share
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP operating income
$
103.5
$
131.0
$
436.9
$
432.7
Non-GAAP adjustments:
Restructuring costs
16.6
0.4
22.3
4.8
Acquisition-related costs
11.4
4.3
19.3
19.7
Purchased intangible amortization
13.7
9.6
47.1
37.1
Other costs
9.3
3.6
20.7
11.3
Total Non-GAAP adjustments:
51.0
17.9
109.4
72.9
Non-GAAP operating income
$
154.5
$
148.9
$
546.3
$
505.6
Non-GAAP operating margin
18.1
%
21.0
%
18.4
%
20.0
%
Non-GAAP interest & other expense,
net
(6.7
)
(10.0
)
(22.7
)
(20.4
)
Non-GAAP profit before tax
147.8
138.9
523.6
485.2
Non-GAAP income tax provision
(46.3
)
(28.6
)
(142.6
)
(134.4
)
Non-GAAP tax rate
31.3
%
20.6
%
27.2
%
27.7
%
Minority interest
0.9
(0.9
)
(1.3
)
(1.9
)
Non-GAAP net income attributable to
Bruker
102.4
109.4
379.7
348.9
Non-GAAP net income attributable to
Bruker excluding BCA
117.5
109.4
394.8
348.9
Weighted average shares outstanding
(diluted)
146.0
147.9
147.2
149.4
Non-GAAP earnings per share
$
0.70
$
0.74
$
2.58
$
2.34
Non-GAAP earnings per share excluding
BCA
$
0.80
$
0.74
$
2.68
$
2.34
Reconciliation of GAAP Gross Profit to
Non-GAAP Gross Profit
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP gross profit
$
430.3
$
365.9
$
1,513.3
$
1,305.7
Non-GAAP adjustments:
Restructuring costs
2.1
(0.2
)
3.5
0.9
Acquisition-related costs
2.0
0.1
2.5
0.4
Purchased intangible amortization
7.4
4.8
24.3
18.3
Other costs
1.0
1.7
4.0
4.8
Total Non-GAAP adjustments:
12.5
6.4
34.3
24.4
Non-GAAP gross profit
$
442.8
$
372.3
$
1,547.6
$
1,330.1
Non-GAAP gross margin
51.8
%
52.6
%
52.2
%
52.6
%
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued
(unaudited and in millions, except per
share data)
Reconciliation of GAAP Selling, General
and Administrative (SG&A) Expenses to Non-GAAP SG&A
Expenses
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP SG&A expenses
$
211.3
$
164.7
$
729.4
$
607.4
Non-GAAP adjustments:
Purchased intangible amortization
(6.1
)
(4.8
)
(22.5
)
(18.8
)
Non-GAAP SG&A expenses
$
205.2
$
159.9
$
706.9
$
588.6
Reconciliation of GAAP Interest and
Other Income (Expense), net to Non-GAAP Interest and Other Income
(Expense), net
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP interest and other income
(expense), net
$
137.4
$
(10.0
)
$
107.3
$
(18.8
)
Non-GAAP adjustments:
Investments related adjustments
(144.1
)
—
(130.0
)
(1.6
)
Non-GAAP interest and other income
(expense), net
$
(6.7
)
$
(10.0
)
$
(22.7
)
$
(20.4
)
Reconciliation of GAAP Tax Rate to
Non-GAAP Tax Rate
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP tax rate
15.4
%
19.3
%
21.6
%
28.1
%
Non-GAAP adjustments:
Tax impact of non-GAAP adjustments
19.3
%
1.7
%
6.5
%
-1.8
%
Other discrete items
-3.4
%
-0.4
%
-0.9
%
1.4
%
Total non-GAAP adjustments:
15.9
%
1.3
%
5.6
%
-0.4
%
Non-GAAP tax rate
31.3
%
20.6
%
27.2
%
27.7
%
Reconciliation of GAAP Earnings Per
Share to Non-GAAP Earnings Per Share (Diluted)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP earnings per share
(diluted)
$
1.41
$
0.66
$
2.90
$
1.99
Non-GAAP adjustments:
Restructuring Costs
0.11
—
0.15
0.03
Acquisition-related costs
0.08
0.03
0.13
0.13
Purchased intangible amortization
0.09
0.07
0.32
0.25
Other costs
0.06
0.01
0.14
0.06
Interest and other income (expense),
net
(0.99
)
—
(0.88
)
—
Income tax rate differential
(0.06
)
(0.03
)
(0.18
)
(0.12
)
Total non-GAAP adjustments:
(0.71
)
0.08
(0.32
)
0.35
Non-GAAP earnings per share
(diluted)
$
0.70
$
0.74
$
2.58
$
2.34
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued
(unaudited and in millions, except per
share data)
Reconciliation of GAAP Operating Cash
Flow to Non-GAAP Free Cash Flow
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
GAAP operating cash flow
$
205.5
$
171.5
$
350.1
$
274.4
Non-GAAP adjustments:
Purchases of property, plant and
equipment
(31.5
)
(34.6
)
(106.9
)
(129.2
)
Non-GAAP free cash flow
$
174.0
$
136.9
$
243.2
$
145.2
Reconciliation of Non-GAAP Return on
Invested Capital (ROIC)
FY 2023
FY 2022
Non-GAAP operating income
$
546.3
$
505.6
Less: non-GAAP income tax provision
(142.5
)
(134.4
)
Non-GAAP operating income after
tax
$
403.8
$
371.2
Average total invested capital
Average long-term debt
$
1,181.9
$
1,213.0
Average current portion of long-term
debt
70.0
65.6
Average total shareholders' equity
1,272.6
1,108.3
Less: average cash and cash
equivalents
(566.9
)
(856.9
)
Average total invested capital
$
1,957.6
$
1,530.0
Return on invested capital
(ROIC)
20.6
%
24.3
%
Reconciliation of Non-GAAP
EBITDA
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Non-GAAP net income attributable to
Bruker
$
102.4
$
109.4
$
379.7
$
348.9
Non-GAAP adjustments:
Interest Expense, net1
2.1
3.2
8.9
13.3
Non-GAAP Income Tax Provision (from
above)
46.3
28.6
142.6
134.4
GAAP Depreciation Expense
23.6
14.9
67.8
51.7
Amortization Expense2
0.6
—
0.8
0.7
Total Non-GAAP adjustments:
72.6
46.7
220.1
200.1
Non-GAAP EBITDA
$
175.0
$
156.1
$
599.8
$
549.0
Non-GAAP EBITDA Margin
20.5
%
22.0
%
20.2
%
21.7
%
1 GAAP Interest Expense, net
2 GAAP Amortization Expense - with
purchased intangible amortization already adjusted out of non-GAAP
net income
Bruker Corporation
REVENUE
(unaudited and in millions)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Revenue by group:
Bruker BioSpin
$
257.9
$
203.4
$
798.5
$
696.7
Bruker CALID
257.2
221.2
960.4
822.2
Bruker Nano
268.5
227.2
941.9
787.0
BEST
75.2
58.9
280.7
237.1
Eliminations
(4.3
)
(2.3
)
(17.0
)
(12.3
)
Total revenue
$
854.5
$
708.4
$
2,964.5
$
2,530.7
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Revenue by end customer
geography:
United States
$
212.2
$
177.8
$
777.7
$
696.1
Europe
284.2
236.2
981.3
839.3
Asia Pacific
296.2
242.8
989.0
804.9
Other
61.9
51.6
216.5
190.4
Total revenue
$
854.5
$
708.4
$
2,964.5
$
2,530.7
Reconciliation of GAAP Reported Revenue
Growth to Organic Revenue Growth
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Total Bruker
Total Bruker
GAAP revenue as of prior comparable
period
$
708.4
$
683.5
$
2,530.7
$
2,417.9
Non-GAAP adjustments:
Acquisitions and divestitures
19.0
11.6
56.2
34.3
Organic
112.5
60.8
366.4
246.5
Currency
14.6
(47.5
)
11.2
(168.0
)
Total Non-GAAP adjustments:
146.1
24.9
433.8
112.8
GAAP revenue
$
854.5
$
708.4
$
2,964.5
$
2,530.7
Revenue growth
20.6
%
3.6
%
17.1
%
4.7
%
Organic revenue growth
15.9
%
8.9
%
14.5
%
10.2
%
Bruker Corporation
REVENUE - Continued
(unaudited and in millions)
Reconciliation of GAAP Reported Revenue
Growth to Organic Revenue Growth - Continued
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Bruker Scientific Instruments
(1)
Bruker Scientific Instruments
(1)
GAAP revenue as of prior comparable
period
$
651.8
$
629.2
$
2,305.9
$
2,208.1
Non-GAAP adjustments:
Acquisitions and divestitures
19.0
11.6
56.2
34.3
Organic
101.0
53.4
333.4
210.0
Currency
11.8
(42.4
)
5.3
(146.5
)
Total non-GAAP adjustments:
131.8
22.6
394.9
97.8
GAAP revenue
$
783.6
$
651.8
$
2,700.8
$
2,305.9
Revenue growth
20.2
%
3.6
%
17.1
%
4.4
%
Organic revenue growth
15.5
%
8.5
%
14.5
%
9.5
%
(1) Bruker Scientific Instruments (BSI)
revenue reflects the sum of the BSI BioSpin, CALID and Nano
Segments as presented in our 2022 10K.
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
BEST, net of Intercompany
Eliminations
BEST, net of Intercompany
Eliminations
GAAP revenue as of prior comparable
period
$
56.6
$
54.3
$
224.8
$
209.8
Non-GAAP adjustments:
Organic
11.5
7.4
33.0
36.5
Currency
2.8
(5.1
)
5.9
(21.5
)
Total non-GAAP adjustments:
14.3
2.3
38.9
15.0
GAAP revenue
$
70.9
$
56.6
$
263.7
$
224.8
Revenue growth
25.3
%
4.2
%
17.3
%
7.1
%
Organic revenue growth
20.3
%
13.6
%
14.7
%
17.4
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240213882810/en/
Justin Ward Sr. Director, Investor Relations & Corporate
Development Bruker Corporation T: +1 (978) 313-5800 E:
Investor.Relations@bruker.com
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