BRUKER CORP
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
BRKR$61.31+5.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-10.
0000950170-24-057736
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-09.
0000950170-24-094832
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 55 current paragraphs.
39 unchanged; 11 reworded; 4 added; 0 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
During the first six months of 2024, Bruker acquired Elitech, Nanostring and Chemspeed. These businesses extend our capabilities in molecular diagnostics and life science analytical instruments focused on spatial biology, respectively. The Chemspeed acquisition brings to Bruker new capabilities in lab automation. The Elitech business will be integrated in the BSI CALD segment, the Nanostring acquisition will be integrated into the BSI Nano segment and the Chemspeed business will be integrated into the BSI BioSpin segment.
Current report
Our gross profit margin decreased to 48.4% during the six months ended June 30, 2024, as compared to 51.2% in the same period in 2023, as a result of product mix, acquisition related costs, increases in purchased intangible amortization related to acquisitions in the period, and unfavorable foreign exchange rate movements.
Current report
Our non-GAAP gross profit margin increased in the three months ended June 30, 2024, as compared to the same period in 2023, as result of product mix and volume leverage partially offset by net unfavorable impact of foreign exchange rate movements, and costs contributed by acquisitions compared to 2023.
Current report
costs related to addressing any potential cybersecurity threats.
Reworded paragraphs (11)
Previous wording
Actual results may differ from those referred to in any forward-looking statements due to a number of factors, including, but not limited to, the risks described in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q, including the factors presented on page 32. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.
Current wording
Actual results may differ from those referred to in any forward-looking statements due to a number of factors, including, but not limited to, the risks described in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in this Quarterly Report on Form 10-Q, including the factors presented on page 35-36. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.
Previous wording
We are a developer, manufacturer and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels. Our corporate headquarters are located in Billerica, Massachusetts. We maintain major technical and manufacturing centers in Europe, Asia and North America and we have sales offices located throughout the world. Bruker is organized into four reportable segments: the Bruker Scientific Instruments (BSI) BioSpin Segment, the BSI CALID Segment, the BSI NANO Segment and the Bruker Energy & Supercon Technologies (BEST) Segment.
Current wording
We are a developer, manufacturer and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels. Our corporate headquarters are located in Billerica, Massachusetts. We maintain major technical and manufacturing centers in Europe, Asia and North America and we have sales offices located throughout the world. Bruker is organized into four reportable segments: the Bruker Scientific Instruments (BSI) BioSpin Segment, the BSI Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection (CALID) Segment, the BSI Nano Segment and the Bruker Energy & Supercon Technologies (BEST) Segment.
Previous wording
Revenue for the three months ended March 31, 2024, increased by $36.4 million, or 5.3%, to $721.7 million, compared to $685.3 million for the comparable period in 2023. The revenue growth was attributed to an increase of 3.8% from acquisitions, offset by a decrease of 0.1% from unfavorable foreign exchange rate movements. Excluding the unfavorable effects of foreign exchange rate movements and our recent acquisitions, our organic revenue, a non-GAAP measure, increased 1.6%. Revenue increases were driven by demand for our differentiated high-value scientific instruments and life science solutions compared to the same period in 2023.
Current wording
Revenue for the three months ended June 30, 2024, increased by $118.8 million, or 17.4%, to $800.7 million, compared to $681.9 million for the comparable period in 2023. Approximately 11.1% of the revenue growth during the three months ended June 30, 2024, was attributed to acquisitions, and was offset by a decrease of 1.1% from unfavorable foreign exchange rate movements. Excluding the unfavorable effects of foreign exchange rate movements and our recent acquisitions, our organic revenue, a non-GAAP measure, increased 7.4%. Revenue increases were driven by demand for our differentiated high-value scientific instruments and life science solutions compared to the same period in 2023.
Previous wording
Our gross profit margin decreased to 48.9% during the three months ended March 31, 2024, as compared to 52.5% in the same period in 2023, as a result of product mix, acquisitions and unfavorable foreign exchange rate movements.
Current wording
Our gross profit margin decreased to 48.0% during the three months ended June 30, 2024, as compared to 49.9% in the same period in 2023, as a result of product mix, acquisition related costs, increases in purchased intangible amortization related to acquisitions in the period, and unfavorable foreign exchange rate movements.
Previous wording
Our income tax provision in the three months ended March 31, 2024 and 2023, was $19.8 million and $29.9 million, respectively, representing effective tax rates of 27.7% and 28.0%, respectively. The decrease in our effective tax rate was primarily due to change in jurisdictional mix, and the impact of discrete items.
Current wording
Our income tax provision in the three months ended June 30, 2024, and 2023 was $16.1 million and $19.9 million, respectively, representing effective tax rates of 67.4% and 25.7%, respectively. Our income tax provision in the six months ended June 30, 2024, and 2023 was $35.9 million and $49.8 million, respectively, representing effective tax rates of 37.6% and 27.1%, respectively. The increase in the Company's effective tax rate was primarily due to change in jurisdictional mix, and the impact of valuation allowance recorded on capital loss carryforwards related to the impairment charges on strategic investments.
Previous wording
Diluted earnings per share for the three months ended March 31, 2024, was $0.35, a decrease of $0.17 compared to $0.52 per share in the same period in 2023. The decrease in diluted earnings per share in the three months ended March 31, 2024, was driven by lower net income, partially offset by lower weighted average shares outstanding as compared to the three months ended March 31, 2023, due to share repurchases under our repurchase program.
Current wording
Diluted earnings per share for the three months ended June 30, 2024, was $0.05, a decrease of $0.34 compared to $0.39 per share in the same period in 2023. Diluted earnings per share for the six months ended June 30, 2024, was $0.40, a decrease of $0.52 compared to $0.91 per share in the same period in 2023. The decrease in diluted earnings per share in both the three and six months ended June 30, 2024, was driven primarily by net income, which decreased compared to the same periods in the prior year related to mix of profitability from acquisitions and acquisition related expenses.
Previous wording
Our non-GAAP gross profit margin decreased in the three months ended March 31, 2024, as compared to the same period in 2023, due to transitory factors, including product mix, acquisitions and unfavorable foreign exchange rate movements.
Current wording
Our non-GAAP gross profit margin decreased in the six months ended June 30, 2024, as compared to the same period in 2023. The decrease in non-GAAP gross margin was primarily due to acquisitions.
Previous wording
Our non-GAAP operating margin decreased in the three months ended March 31, 2024, as compared to the same period in 2023, due to the impact of the same factors impacting gross margins: product mix, acquisition and unfavorable foreign exchange rate movements. We also increased planned sales and marketing activities and investments in our research and development capabilities, as compared to 2023.
Current wording
Our non-GAAP operating margin decreased in the three and six months ended June 30, 2024 as compared to the same period in 2023 primarily due to acquisitions and unfavorable foreign exchange rate movements. We also increased sales and marketing activities and investments in our research and development capabilities, as compared to 2023.
Previous wording
the time it takes for customers to construct or prepare their facilities for our products; and
Current wording
the time it takes for customers to construct or prepare their facilities for our products;
Previous wording
fluctuations in estimates impacting costs related to our self-funded health insurance plan.
Current wording
fluctuations in estimates impacting costs related to our self-funded health insurance plan; and
Previous wording
For a further discussion of our critical accounting policies, please refer to our Annual Report on Form 10-K for the year ended December 31, 2023.
Current wording
For a further discussion of our critical accounting policies, please refer to our Annual Report on Form 10-K for the year ended December 31, 2023, and Note 1, Description of Business in the Notes to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Revenue for the six months ended June 30, 2024, increased by $155.2 million, or 11.4%, to $1,522.4 million, compared to $1,367.2 million for the comparable period in 2023. Approximately 7.4% of the revenue growth during the six months ended June 30, 2024, was attributed to acquisitions, and offset by a decrease of 0.5% from unfavorable foreign exchange rate movements. Excluding the unfavorable effects of foreign exchange rate movements and our recent acquisitions, our organic revenue, a non-GAAP measure, increased 4.5%. Revenue increases were driven by demand for our differentiated high-value scientific instruments and life science solutions compared to the same period in 2023.