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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the quarterly period ended September 30, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from to

Commission File Number 000-30833

 

BRUKER CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

04-3110160

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

40 Manning Road, Billerica, MA 01821

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (978) 663-3660

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbols(s)

 

Name of each exchange

on which registered

 

Common Stock

BRKR

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

 

 

Class

 

Outstanding at November 1, 2022

 

Common Stock, $0.01 par value per share

147,082,724 shares

 

 


 

BRUKER CORPORATION

Quarterly Report on Form 10-Q

For the Quarter Ended September 30, 2022

Index

 

 

 

Page

Part I

FINANCIAL INFORMATION

3

Item 1:

Unaudited Condensed Consolidated Financial Statements

3

 

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

3

 

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2022 and 2021

4

 

Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interests and Shareholders’ Equity for the three and nine months ended September 30, 2022 and 2021

5

 

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

7

 

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4:

Controls and Procedures

44

Part II

OTHER INFORMATION

45

Item 1:

Legal Proceedings

45

Item 1A:

Risk Factors

45

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 6:

Exhibits

46

 

Signatures

47

 

2


 

PART I FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data)

 

 

 

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

 

 

381.5

 

 

 

339.5

 

Intangible assets, net

 

 

214.0

 

 

 

211.8

 

Other long-term assets

 

 

283.3

 

 

 

220.8

 

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

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

5.7

 

 

 

0.2

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value 5,000,000 shares authorized, none issued or
   outstanding

 

 

 

 

 

 

Common stock, $0.01 par value 260,000,000 shares authorized, 175,297,676 and
   
174,905,035 shares issued and 147,366,634 and 150,753,687 shares outstanding
   at September 30, 2022 and December 31, 2021, respectively

 

 

1.7

 

 

 

1.7

 

Treasury stock, at cost, 27,931,042 and 24,151,348 shares at September 30, 2022
   and December 31, 2021, respectively

 

 

(1,058.6

)

 

 

(820.3

)

Accumulated other comprehensive loss, net of tax

 

 

(92.1

)

 

 

(8.2

)

Other shareholders’ equity

 

 

2,086.0

 

 

 

1,897.3

 

Total shareholders’ equity attributable to Bruker Corporation

 

 

937.0

 

 

 

1,070.5

 

Noncontrolling interests in consolidated subsidiaries

 

 

11.0

 

 

 

14.1

 

Total shareholders’ equity

 

 

948.0

 

 

 

1,084.6

 

Total liabilities, redeemable noncontrolling interests and shareholders’ equity

 

$

3,336.9

 

 

$

3,650.0

 

The accompanying notes are an integral part of these financial statements

3


 

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in millions, except per share data)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Product revenue

 

$

536.6

 

 

$

508.3

 

 

$

1,512.8

 

 

$

1,441.2

 

Service revenue

 

 

100.9

 

 

 

99.0

 

 

 

305.0

 

 

 

287.8

 

Other revenue

 

 

1.4

 

 

 

1.6

 

 

 

4.5

 

 

 

5.4

 

Total revenue

 

 

638.9

 

 

 

608.9

 

 

 

1,822.3

 

 

 

1,734.4

 

Cost of product revenue

 

 

240.5

 

 

 

243.5

 

 

 

699.6

 

 

 

700.4

 

Cost of service revenue

 

 

63.1

 

 

 

56.5

 

 

 

182.8

 

 

 

165.3

 

Cost of other revenue

 

 

 

 

 

0.2

 

 

 

0.1

 

 

 

0.7

 

Total 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

 

Comprehensive income

 

$

44.6

 

 

$

73.1

 

 

$

113.7

 

 

$

188.1

 

Less: Comprehensive (loss) income attributable to noncontrolling
   interests

 

 

(0.3

)

 

 

0.7

 

 

 

(0.5

)

 

 

0.9

 

Less: Comprehensive loss attributable to redeemable
   noncontrolling interests

 

 

(0.6

)

 

 

 

 

 

(1.3

)

 

 

 

Comprehensive income attributable to Bruker Corporation

 

$

45.5

 

 

$

72.4

 

 

$

115.5

 

 

$

187.2

 

The accompanying notes are an integral part of these financial statements

4


 

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

(in millions, except share data)

 

 

Redeemable
Noncontrolling
Interests

 

 

 

Common
Shares

 

 

Common
Stock
Amount

 

 

Treasury
Shares

 

 

Treasury
Stock
Amount

 

 

Additional
Paid-In
Capital

 

 

Retained
Earnings

 

 

Accumulated
Other
Comprehensive
Loss

 

 

Total
Shareholders’
Equity
Attributable to
Bruker
Corporation

 

 

Noncontrolling
Interests in
Consolidated
Subsidiaries

 

 

Total
Shareholders’
Equity

 

Balance at December 31, 2021

 

$

0.2

 

 

 

 

150,753,687

 

 

$

1.7

 

 

 

24,151,348

 

 

$

(820.3

)

 

$

237.8

 

 

$

1,659.5

 

 

$

(8.2

)

 

$

1,070.5

 

 

$

14.1

 

 

$

1,084.6

 

Stock options exercised

 

 

 

 

 

 

118,630

 

 

 

 

 

 

 

 

 

 

 

 

3.1

 

 

 

 

 

 

 

 

 

3.1

 

 

 

 

 

 

3.1

 

Restricted stock units vested

 

 

 

 

 

 

22,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.8

 

 

 

 

 

 

 

 

 

3.8

 

 

 

 

 

 

3.8

 

Shares repurchased

 

 

 

 

 

 

(1,603,055

)

 

 

 

 

 

1,603,055

 

 

 

(105.6

)

 

 

 

 

 

 

 

 

 

 

 

(105.6

)

 

 

 

 

 

(105.6

)

Cash dividends paid to common shareholders
   ($
0.05 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.5

)

 

 

 

 

 

(7.5

)

 

 

 

 

 

(7.5

)

Consolidated net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61.6

 

 

 

 

 

 

61.6

 

 

 

0.5

 

 

 

62.1

 

PreOmics Acquisition - other shareholders

 

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss

 

 

(0.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8.9

)

 

 

(8.9

)

 

 

(0.3

)

 

 

(9.2

)

Balance at March 31, 2022

 

$

6.8

 

 

 

 

149,291,702

 

 

$

1.7

 

 

 

25,754,403

 

 

$

(925.9

)

 

$

244.7

 

 

$

1,713.6

 

 

$

(17.1

)

 

$

1,017.0

 

 

$

14.3

 

 

$

1,031.3

 

Stock options exercised

 

 

 

 

 

 

14,110

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

0.2

 

Restricted stock units vested

 

 

 

 

 

 

1,811