- Q3 2022 reported revenue growth of 4.9% year-over-year
(yoy); organic revenue growth of 12.7%
- Q3 2022 GAAP operating margin 20.6%; non-GAAP operating
margin 22.4%, up 180 basis points yoy
- Q3 2022 GAAP EPS $0.59; non-GAAP EPS $0.66, up 4.8%
yoy
- Given strong year-to-date performance and high backlog,
Bruker is raising its FY 2022 guidance for organic revenue growth
and non-GAAP operating margin expansion
Bruker Corporation (Nasdaq: BRKR) today announced financial
results for its third quarter and for the nine months ended
September 30, 2022.
Third Quarter 2022 Financial Results
Bruker’s revenues for the third quarter of 2022 were $638.9
million, an increase of 4.9% compared to $608.9 million in the
third quarter of 2021. In the third quarter of 2022, revenues
increased 12.7% organically year-over-year. Growth from
acquisitions was 1.2%, while foreign currency translation had a
negative effect of 9.0%.
Third quarter 2022 Bruker Scientific Instruments (BSI) revenues
of $582.3 million increased 4.8% year-over-year, with organic
revenue growth of 12.0%. Third quarter 2022 Bruker Energy &
Supercon Technologies (BEST) revenues of $59.3 million increased
4.0% year-over-year, with organic revenue growth, net of
intercompany eliminations, of 20.3%.
Third quarter 2022 GAAP operating income was $131.3 million, an
increase of 16.0% compared to $113.2 million in the third quarter
of 2021, representing GAAP operating margins of 20.6% and 18.6%,
respectively. Non-GAAP operating income was $143.2 million in the
third quarter of 2022, an increase of 14.2% compared to $125.4
million in the third quarter of 2021. Bruker’s third quarter 2022
non-GAAP operating margin was 22.4%, an increase of 180 basis
points (bps) compared to 20.6% in the third quarter of 2021. The
increase was primarily due to higher gross margins resulting from
differentiated, high-value products and operating leverage.
Third quarter 2022 GAAP diluted earnings per share (EPS) were
$0.59 compared to $0.57 in the third quarter of 2021. Third quarter
2022 non-GAAP diluted EPS were $0.66, an increase of 4.8% compared
to $0.63 in the third quarter of 2021.
First Nine Months of 2022 Financial Results
For the first nine months of 2022, Bruker’s revenues were $1.822
billion, an increase of 5.1% from $1.734 billion in the first nine
months of 2021. In the first nine months of 2022, revenues
increased 10.7% organically year-over-year. Growth from
acquisitions was 1.3%, while foreign currency translation had a
negative effect of 6.9%.
In the first nine months of 2022, BSI revenues of $1.654 billion
increased 4.8% compared to first nine months of 2021, including
organic growth of 9.9%. First nine months 2022 BEST revenues of
$178.2 million increased 7.3% year-over-year with organic growth,
net of intercompany eliminations, of 18.7%.
In the first nine months of 2022, GAAP operating income was
$301.7 million, up 4.8% compared to $287.9 million in the first
nine months of 2021, representing GAAP operating margins of 16.6%
in both periods. Non-GAAP operating income in the first nine months
of 2022 was $356.7 million, up 9.3% compared to $326.4 million in
the first nine months of 2021. Bruker’s non-GAAP operating margin
in first nine months of 2022 was 19.6%, an increase of 80 bps
compared to 18.8% in the first nine months of 2021. The operating
margin expansion in the first nine months of 2022 was primarily
driven by 160 bps of non-GAAP gross margin improvement
year-over-year, which was partially offset by planned Project
Accelerate 2.0 R&D and SG&A expense investments.
First nine months of 2022 GAAP diluted EPS was $1.33, compared
to $1.32 in the first nine months of 2021. First nine months 2022
non-GAAP diluted EPS was $1.60, up 6.0% compared to $1.51 in the
first nine months of 2021.
A reconciliation of non-GAAP to GAAP financial measures is
provided in the tables accompanying this press release.
Frank H. Laukien, President and CEO of Bruker, commented:
“Bruker had a solid first nine months of 2022, with 10.7% organic
revenue growth, 160 bps non-GAAP gross margin expansion and 80 bps
non-GAAP operating margin expansion year-over-year, despite
continued supply chain and geopolitical challenges. Robust demand
for our differentiated, high-performance products and solutions
drove double-digit year-over-year organic growth in BSI new order
bookings in the first nine months of 2022".
He continued: "With our strong year-to-date performance, we are
increasing our fiscal year 2022 guidance for organic revenue growth
and non-GAAP operating margin expansion, while maintaining our
non-GAAP EPS guidance. We also believe that our well-performing
Project Accelerate 2.0 high growth / high margin initiatives, as
well as our strong backlog builds resiliency for Bruker in 2023 and
beyond.”
Raised Fiscal Year 2022 Financial Outlook
Bruker is increasing its FY 2022 organic revenue growth
guidance, while lowering reported revenue growth guidance to
account for stronger foreign currency headwinds. For FY 2022,
Bruker now expects 1.5% to 3.5% year-over-year reported revenue
growth, including:
- organic revenue growth of 8% to 10%, up from prior guidance of
7% to 9% organic growth
- M&A revenue contributions of approximately 1.5%, with no
change from prior guidance
- foreign currency translation headwinds of approximately 8%
versus prior guidance of 6%
Bruker now expects FY 2022 non-GAAP operating margin expansion
of 60 bps to 90 bps year-over-year, up from our prior guidance of
30 bps to 60 bps, all compared to our 19.4% non-GAAP operating
margin in FY 2021.
Bruker continues to expect FY 2022 non-GAAP EPS of $2.29 to
$2.33, unchanged from prior guidance, which represents a 9% to 11%
non-GAAP EPS increase compared to FY 2021.
Bruker’s organic revenue growth, non-GAAP operating margin
expansion and non-GAAP EPS guidance for FY 2022 are based on
foreign exchange rates as of September 30, 2022.
For the Company’s outlook for FY 2022, organic revenue growth,
non-GAAP operating margin 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 operating margin and non-GAAP EPS.
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, November 3, 2022, at 8:30 a.m. Eastern
Daylight Time. To listen to the webcast, investors can go to
https://ir.bruker.com and click on the “Q3 2022 Earnings Webcast”
hyperlink. A slide presentation that will be referenced during the
webcast 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 (US toll
free) or +1-412-317-6702 (international) and referencing “Bruker’s
Third Quarter 2022 Earnings Conference Call.” A telephone replay of
the conference call will be available by dialing 1-877-344-7529 (US
toll free) or +1-412-317-0088 (international) and entering replay
access code: 2541704. The replay will be available beginning one
hour after the end of the conference call through December 3,
2022.
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 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, and return on invested capital, 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 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.
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 2022 non-GAAP organic 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 2022
financial outlook, our outlook for reported revenue growth, organic
revenue growth, non-GAAP operating margin, non-GAAP EPS and
non-GAAP tax rate; management’s expectations for the impact of
foreign currency and acquisitions, 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 the length and severity of the COVID-19
pandemic, the impact of the pandemic on global economic conditions,
the length and severity of any resulting recession, the impact of
supply chain challenges, including inflationary pressures, the
impact of geopolitical tensions and any resulting 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, continued
volatility in the capital markets, the integration and assumption
of liabilities of businesses we have acquired or may acquire in the
future, 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, 2021, 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.
-tables follow-
Bruker Corporation
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions)
September 30, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
626.2
$
1,068.2
Short-term investments
—
100.0
Accounts receivable, net
421.3
416.9
Inventories
749.5
710.1
Assets held for sale
—
4.4
Other current assets
239.6
172.2
Total current assets
2,036.6
2,471.8
Property, plant and equipment, net
421.5
406.1
Goodwill, intangibles, net and other
long-term assets
878.8
772.1
Total assets
$
3,336.9
$
3,650.0
LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt
$
17.0
$
112.4
Accounts payable
157.7
147.4
Customer advances
175.5
197.5
Other current liabilities
514.4
481.2
Total current liabilities
864.6
938.5
Long-term debt
1,136.8
1,221.8
Other long-term liabilities
381.8
404.9
Redeemable noncontrolling interests
5.7
0.2
Total shareholders’ equity
948.0
1,084.6
Total liabilities, redeemable
noncontrolling interests and shareholders’ equity
$
3,336.9
$
3,650.0
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
(in millions, except per share
data)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue
$
638.9
$
608.9
$
1,822.3
$
1,734.4
Cost of revenue
303.6
300.2
882.5
866.4
Gross profit
335.3
308.7
939.8
868.0
Operating expenses:
Selling, general and administrative
144.8
141.3
442.7
407.9
Research and development
56.2
52.1
172.4
162.7
Other charges, net
3.0
2.1
23.0
9.5
Total operating expenses
204.0
195.5
638.1
580.1
Operating income
131.3
113.2
301.7
287.9
Interest and other income (expense),
net
(2.0
)
(4.4
)
(8.8
)
(13.8
)
Income before income taxes, equity in
income of unconsolidated investee, net of tax, and noncontrolling
interests in consolidated subsidiaries
129.3
108.8
292.9
274.1
Income tax provision
41.2
20.7
93.0
69.5
Equity in income of unconsolidated
investee, net of tax
0.3
—
0.3
—
Consolidated net income
88.4
88.1
200.2
204.6
Net income attributable to noncontrolling
interests in consolidated subsidiaries
0.3
1.0
1.0
3.2
Net income attributable to Bruker
Corporation
$
88.1
$
87.1
$
199.2
$
201.4
Net income per common share attributable
to Bruker Corporation shareholders:
Basic
$
0.60
$
0.58
$
1.34
$
1.33
Diluted
$
0.59
$
0.57
$
1.33
$
1.32
Weighted average common shares
outstanding:
Basic
147.8
151.4
149.1
151.5
Diluted
148.6
152.8
149.9
153.0
Bruker Corporation
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (unaudited)
(in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Cash flows from operating activities:
Consolidated net income
$
88.4
$
88.1
$
200.2
$
204.6
Adjustments to reconcile consolidated net
income to cash flows from operating activities:
Depreciation and amortization
21.0
22.2
64.3
66.1
Stock-based compensation expense
5.3
4.2
23.0
11.9
Deferred income taxes
(17.5
)
(2.7
)
(25.7
)
(6.5
)
Other non-cash expenses, net
7.9
4.0
11.8
24.8
Changes in operating assets and
liabilities, net of acquisitions and divestitures:
Accounts receivable
(35.3
)
(39.2
)
(39.7
)
(47.7
)
Inventories
(34.5
)
(13.0
)
(139.1
)
(81.3
)
Accounts payable and accrued expenses
17.6
32.9
0.3
45.9
Income taxes payable, net
27.1
(40.4
)
10.6
(33.4
)
Deferred revenue
(2.4
)
(0.6
)
14.0
19.4
Customer advances
(8.3
)
(11.3
)
(3.5
)
(9.5
)
Other changes in operating assets and
liabilities, net
0.2
(20.3
)
(13.3
)
(50.5
)
Net cash provided by operating
activities
69.5
23.9
102.9
143.8
Cash flows from investing activities:
Purchases of short-term investments
—
—
—
(48.0
)
Maturity of short-term investments
—
0.7
100.0
0.7
Cash paid for strategic investments
(2.7
)
(0.5
)
(40.8
)
(0.5
)
Cash paid for acquisitions, net of cash
acquired
(0.1
)
(41.0
)
(85.5
)
(45.0
)
Purchases of property, plant and
equipment
(57.7
)
(16.3
)
(94.6
)
(63.6
)
Proceeds from sales of property, plant and
equipment
—
1.6
13.8
4.0
Net proceeds from cross currency swap
agreements
2.9
7.1
4.8
8.6
Net cash used in investing activities
(57.6
)
(48.4
)
(102.3
)
(143.8
)
Cash flows from financing activities:
Repayment of other debt, net
(0.3
)
(0.2
)
(1.2
)
(1.8
)
Repayment of 2012 Note Purchase
Agreement
—
—
(105.0
)
—
Repayment of 2019 Note Purchase
Agreement
(0.8
)
—
(2.3
)
—
Proceeds from issuance of common stock,
net
(2.5
)
3.7
0.8
5.9
Payment of contingent consideration
3.1
—
(1.7
)
(0.4
)
Payment of dividends to common
shareholders
(7.4
)
(6.1
)
(22.4
)
(18.2
)
Repurchase of common stock
(70.9
)
—
(236.8
)
(71.1
)
Purchase of minority interest
(3.2
)
—
(10.6
)
—
Net cash used in financing activities
(82.0
)
(2.6
)
(379.2
)
(85.6
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(26.9
)
(8.1
)
(63.8
)
(23.4
)
Net change in cash, cash equivalents and
restricted cash
(97.0
)
(35.2
)
(442.4
)
(109.0
)
Cash, cash equivalents and restricted cash
at beginning of period
726.3
611.7
1,071.7
685.5
Cash, cash equivalents and restricted cash
at end of period
$
629.3
$
576.5
$
629.3
$
576.5
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 September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP operating income
$
131.3
$
113.2
$
301.7
$
287.9
Non-GAAP adjustments:
Restructuring costs
0.2
1.1
4.4
5.2
Acquisition-related costs
1.8
0.7
15.4
3.9
Purchased intangible amortization
8.9
9.2
27.5
27.2
Other costs
1.0
1.2
7.7
2.2
Total Non-GAAP adjustments:
11.9
12.2
55.0
38.5
Non-GAAP operating income
$
143.2
$
125.4
$
356.7
$
326.4
Non-GAAP operating margin
22.4
%
20.6
%
19.6
%
18.8
%
Non-GAAP interest & other expense,
net
(1.9
)
(4.4
)
(10.4
)
(13.8
)
Non-GAAP profit before tax
141.3
121.0
346.3
312.6
Non-GAAP income tax provision
(43.0
)
(23.2
)
(105.8
)
(78.7
)
Non-GAAP tax rate
30.4
%
19.2
%
30.6
%
25.2
%
Minority interest
(0.3
)
(1.0
)
(1.0
)
(3.2
)
Non-GAAP net income attributable to
Bruker
98.0
96.8
239.5
230.7
Weighted average shares outstanding
(diluted)
148.6
152.8
149.9
153.0
Non-GAAP earnings per share
$
0.66
$
0.63
$
1.60
$
1.51
Reconciliation of GAAP Gross Profit to Non-GAAP Gross
Profit
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP gross profit
$
335.3
$
308.7
$
939.8
$
868.0
Non-GAAP adjustments:
Restructuring costs
(0.3
)
0.2
1.1
1.6
Acquisition-related costs
0.1
0.1
0.3
0.1
Purchased intangible amortization
4.5
5.3
13.5
15.0
Other costs
0.2
0.6
3.1
0.1
Total Non-GAAP adjustments:
4.5
6.2
18.0
16.8
Non-GAAP gross profit
$
339.8
$
314.9
$
957.8
$
884.8
Non-GAAP gross margin
53.2
%
51.7
%
52.6
%
51.0
%
Reconciliation of GAAP Selling, General and Administrative
(SG&A) Expenses to Non-GAAP SG&A Expenses
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP SG&A expenses
$
144.8
$
141.3
$
442.7
$
407.9
Non-GAAP adjustments:
Purchased intangible amortization
(4.4
)
(3.9
)
(14.0
)
(12.2
)
Non-GAAP SG&A expenses
$
140.4
$
137.4
$
428.7
$
395.7
Bruker Corporation RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued (unaudited and in millions,
except per share data)
Reconciliation of GAAP Interest and Other Income (Expense),
net to Non-GAAP Interest and Other Income (Expense), net
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP interest and other income
(expense), net
$
(2.0
)
$
(4.4
)
$
(8.8
)
$
(13.8
)
Non-GAAP adjustments:
Strategic investments related
adjustments
0.1
—
(1.6
)
—
Non-GAAP interest and other income
(expense), net
$
(1.9
)
$
(4.4
)
$
(10.4
)
$
(13.8
)
Reconciliation of GAAP Tax Rate to Non-GAAP Tax Rate
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP tax rate
31.9
%
19.0
%
31.8
%
25.4
%
Non-GAAP adjustments:
Tax impact of non-GAAP adjustments
-1.1
%
-0.4
%
-0.6
%
-0.4
%
Other discrete items
-0.4
%
0.6
%
-0.6
%
0.2
%
Total non-GAAP adjustments:
-1.5
%
0.2
%
-1.2
%
-0.2
%
Non-GAAP tax rate
30.4
%
19.2
%
30.6
%
25.2
%
Reconciliation of GAAP Earnings Per Share to Non-GAAP
Earnings Per Share (Diluted)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP earnings per share
(diluted)
$
0.59
$
0.57
$
1.33
$
1.32
Non-GAAP adjustments:
Restructuring costs
—
0.01
0.03
0.03
Acquisition-related costs
0.01
—
0.10
0.03
Purchased intangible amortization
0.06
0.06
0.18
0.18
Other costs
0.02
0.01
0.05
0.01
Income tax rate differential
(0.02
)
(0.02
)
(0.09
)
(0.06
)
Total non-GAAP adjustments:
0.07
0.06
0.27
0.19
Non-GAAP earnings per share
(diluted)
$
0.66
$
0.63
$
1.60
$
1.51
Reconciliation of GAAP Operating Cash Flow to Non-GAAP Free
Cash Flow
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP operating cash flow
$
69.5
$
23.9
$
102.9
$
143.8
Non-GAAP adjustments:
Purchases of property, plant and
equipment
(57.7
)
(16.3
)
(94.6
)
(63.6
)
Non-GAAP free cash flow
$
11.8
$
7.6
$
8.3
$
80.2
Bruker Corporation
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES - Continued
(unaudited and in millions, except per
share data)
Reconciliation of Non-GAAP Return on
Invested Capital (ROIC)
Trailing Twelve Months Ended
September 30, 2022
Trailing Twelve Months Ended
September 30, 2021
Non-GAAP operating income
$
500.5
$
467.5
Less: non-GAAP income tax provision
(153.2
)
(121.4
)
Non-GAAP operating income after
tax
$
347.3
$
346.1
Average total invested capital
Average long-term debt
$
929.1
$
775.2
Average current portion of long-term
debt
63.3
55.6
Average total shareholders' equity
1,021.8
1,026.3
Less: average cash and cash
equivalents
(599.6
)
(570.1
)
Average total invested capital
$
1,414.6
$
1,287.0
Return on invested capital
(ROIC)
24.6
%
26.9
%
Bruker Corporation REVENUE (unaudited and in
millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue by group:
Bruker BioSpin
$
175.7
$
186.5
$
493.3
$
494.4
Bruker CALID
207.5
194.2
601.0
579.9
Bruker Nano
199.1
174.9
559.8
504.6
BEST
59.3
57.0
178.2
166.0
Eliminations
(2.7
)
(3.7
)
(10.0
)
(10.5
)
Total revenue
$
638.9
$
608.9
$
1,822.3
$
1,734.4
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue by end customer
geography:
United States
$
191.8
$
163.2
$
518.3
$
442.0
Europe
203.6
210.9
603.1
646.3
Asia Pacific
196.7
191.6
562.1
525.8
Other
46.8
43.2
138.8
120.3
Total revenue
$
638.9
$
608.9
$
1,822.3
$
1,734.4
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Total Bruker
Total Bruker
GAAP revenue as of prior comparable
period
$
608.9
$
511.4
$
1,734.4
$
1,360.0
Non-GAAP adjustments:
Acquisitions and divestitures
7.6
1.3
22.7
6.3
Organic
77.4
91.0
185.7
307.4
Currency
(55.0
)
5.2
(120.5
)
60.7
Total Non-GAAP adjustments:
30.0
97.5
87.9
374.4
GAAP revenue
$
638.9
$
608.9
$
1,822.3
$
1,734.4
Revenue growth
4.9
%
19.1
%
5.1
%
27.5
%
Organic revenue growth
12.7
%
17.8
%
10.7
%
22.6
%
Bruker Corporation REVENUE - Continued
(unaudited and in millions)
Reconciliation of GAAP Reported Revenue Growth to Organic
Revenue Growth - Continued
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Bruker Scientific Instruments
(1)
Bruker Scientific Instruments
(1)
GAAP revenue as of prior comparable
period
$
555.6
$
470.5
$
1,578.9
$
1,235.3
Non-GAAP adjustments:
Acquisitions and divestitures
7.6
1.3
22.7
6.3
Organic
66.6
79.0
156.6
283.4
Currency
(47.5
)
4.8
(104.1
)
53.9
Total non-GAAP adjustments:
26.7
85.1
75.2
343.6
GAAP revenue
$
582.3
$
555.6
$
1,654.1
$
1,578.9
Revenue growth
4.8
%
18.1
%
4.8
%
27.8
%
Organic revenue growth
12.0
%
16.8
%
9.9
%
22.9
%
(1) Bruker Scientific Instruments (BSI) revenue reflects the sum
of the BSI Life Science and the BSI Nano Segments as presented in
our 2021 10K.
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
BEST, net of Intercompany
Eliminations
BEST, net of Intercompany
Eliminations
GAAP revenue as of prior comparable
period
$
53.3
$
40.9
$
155.5
$
124.7
Non-GAAP adjustments:
Organic
10.8
12.0
29.1
24.0
Currency
(7.5
)
0.4
(16.4
)
6.8
Total non-GAAP adjustments:
3.3
12.4
12.7
30.8
GAAP revenue
$
56.6
$
53.3
$
168.2
$
155.5
Revenue growth
6.2
%
30.3
%
8.2
%
24.7
%
Organic revenue growth
20.3
%
29.3
%
18.7
%
19.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221103005425/en/
Justin Ward Sr. Director, Investor Relations & Corporate
Development Bruker Corporation T: +1 (978) 663–3660, ext. 1479 E:
Investor.Relations@bruker.com
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