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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, 2021
 
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: (978663-3660
 
 
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 
2
, 2021
Common Stock, $0.01 par value per share
 
151,655,227 shares
 
 
 

BRUKER CORPORATION
Quarterly Report on
Form 10-Q
For the Quarter Ended September 30, 2021
Index
 
         
Page
 
Part I
        3  
Item 1:
   Unaudited Condensed Consolidated Financial Statements      3  
     Unaudited Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020      3  
     Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2021 and 2020      4  
     Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interest and Shareholders’ Equity for the three and nine months ended September 30, 2021 and 2020      5  
     Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020      7  
     Notes to Unaudited Condensed Consolidated Financial Statements      8  
Item 2:
   Management’s Discussion and Analysis of Financial Condition and Results of Operations      25  
Item 3:
   Quantitative and Qualitative Disclosures About Market Risk      38  
Item 4:
   Controls and Procedures      40  
Part II
        40  
Item 1:
   Legal Proceedings      40  
Item 1A:
   Risk Factors      41  
Item 2:
   Unregistered Sales of Equity Securities and Use of Proceeds      43  
Item 6:
   Exhibits      44  
     Signatures      45  
 
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,

2021
   
December 31,
2020
 
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $ 573.0     $ 681.8  
Short-term investments
     96.8       50.0  
Accounts receivable, net
     372.1       335.3  
Inventories
     732.8       692.3  
Assets held for sale
     4.5           
Other current assets
     210.1       165.6  
    
 
 
   
 
 
 
Total current assets
     1,989.3       1,925.0  
Property, plant and equipment, net
     389.4       395.5  
Goodwill
     324.2       320.4  
Intangible assets, net
     217.7       229.1  
Assets held for sale
 
 
0.4
 
 
 
 
 
Other long-term assets
     206.7       179.0  
    
 
 
   
 
 
 
Total assets
   $ 3,127.7     $ 3,049.0  
    
 
 
   
 
 
 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’
EQUITY
            
Current liabilities:
                
Current portion of long-term debt
   $ 109.5     $ 2.2  
Accounts payable
     141.1       134.6  
Customer advances
     178.3       189.2  
Other current liabilities
     492.3       465.9  
    
 
 
   
 
 
 
Total current liabilities
     921.2       791.9  
Long-term debt
     717.5       842.3  
Other long-term liabilities
     399.1       440.5  
Commitments and contingencies (Note 14)
                
Redeemable noncontrolling interest
     0.3           
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, 174,835,498 and 174,045,610 shares issued and 151,690,664 and 151,987,081 shares outstanding at September 30, 2021 and December 31, 2020,
 
respectively
     1.7       1.7  
Treasury stock, at cost, 23,144,834 and 22,058,529 shares at September 30, 2021 and December 31, 2020, respectively
     (738.1 )     (667.0 )
 
Accumulated other comprehensive income (loss)
     (10.7 )
 
    3.7  
Other shareholders’ equity
     1,822.7       1,622.8  
    
 
 
   
 
 
 
Total shareholders’ equity attributable to Bruker Corporation
     1,075.6       961.2  
Noncontrolling interest in consolidated subsidiaries
     14.0       13.1  
    
 
 
   
 
 
 
Total shareholders’ equity
     1,089.6       974.3  
    
 
 
   
 
 
 
Total liabilities, redeemable noncontrolling interest and shareholders’ equity
   $ 3,127.7     $ 3,049.0  
    
 
 
   
 
 
 
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,
 
    
2021
   
2020
   
2021
   
2020
 
Product revenue
   $ 508.3     $ 419.6     $ 1,441.2     $ 1,111.6  
Service revenue
     99.0       90.0       287.8       244.3  
Other revenue
     1.6       1.8       5.4       4.1  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total revenue
     608.9       511.4       1,734.4       1,360.0  
Cost of product revenue
     243.5       210.3       700.4       584.1  
Cost of service revenue
     56.5       52.6       165.3       148.4  
Cost of other revenue
     0.2       0.2       0.7       0.7  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total cost of revenue
     300.2       263.1       866.4       733.2  
    
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
     308.7       248.3       868.0       626.8  
Operating expenses:
                                
Selling, general and administrative
     141.3       114.6       407.9       338.2  
Research and development
     52.1       48.3       162.7       140.9  
Other charges, net
     2.1       4.2       9.5       12.2  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     195.5       167.1       580.1       491.3  
    
 
 
   
 
 
   
 
 
   
 
 
 
Operating income
     113.2       81.2       287.9       135.5  
Interest and other income (expense), net
     (4.4     (5.9     (13.8     (15.4
    
 
 
   
 
 
   
 
 
   
 
 
 
Income before income taxes and noncontrolling interest in consolidated subsidiaries
     108.8       75.3       274.1       120.1  
Income tax provision
     20.7       20.0       69.5       30.0  
    
 
 
   
 
 
   
 
 
   
 
 
 
Consolidated net income
     88.1       55.3       204.6       90.1  
Net income attributable to noncontrolling interests in consolidated subsidiaries
     1.0       1.0       3.2       1.2  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income attributable to Bruker Corporation
   $ 87.1     $ 54.3     $ 201.4     $ 88.9  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net income per common share attributable to Bruker Corporation shareholders:
                                
Basic
   $ 0.58     $ 0.35     $ 1.33     $ 0.58  
    
 
 
   
 
 
   
 
 
   
 
 
 
Diluted
   $ 0.57     $ 0.35     $ 1.32     $ 0.57  
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted average common shares outstanding:
                                
Basic
     151.4       153.2       151.5       153.7  
Diluted
     152.8       154.3       153.0       154.8  
Comprehensive income
   $ 73.1     $ 64.0     $ 188.1     $ 110.1  
Less: Comprehensive income attributable to noncontrolling interests
     0.7       1.4       0.9       1.5  
Less: Comprehensive loss attributable to redeemable noncontrolling interest
                                (0.5
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive income attributable to Bruker Corporation
   $ 72.4     $ 62.6     $ 187.2     $ 109.1  
    
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements.
 
4

BRUKER CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY
(in millions, except per share data)
 
    
Redeemable
Noncontrolling
Interest
    
Common
Shares
   
Common
Stock
Amount
    
Treasury
Shares
    
Treasury
Stock
Amount
   
Additional
Paid-In

Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Shareholders’
Equity
Attributable to
Bruker
Corporation
   
Noncontrolling
Interests in
Consolidated
Subsidiaries
   
Total
Shareholders’
Equity
 
Balance at December 31, 2020
  $          151,987,081     $ 1.7       22,058,529     $ (667.0   $ 216.3     $ 1,406.5     $ 3.7     $ 961.2     $ 13.1     $ 974.3  
Stock options
exercised
            65,312       —                         1.2                       1.2               1.2  
Restricted stock units vested
            21,821       —                         (0.1                     (0.1             (0.1
Stock based compensation
                                            3.4                       3.4               3.4  
Shares purchased
            (530,729             530,729       (32.8                             (32.8             (32.8
Dividends declared to common stockholders ($0.04 per share)
                                                    (6.1             (6.1             (6.1
Consolidated net income
                                                    56.7               56.7       1.1       57.8  
Other comprehensive income (loss)
                                                            (15.8     (15.8     (0.2     (16.0
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at March 31, 2021
  $ —         151,543,485     $ 1.7       22,589,258     $ (699.8   $ 220.8     $ 1,457.1     $ (12.1   $ 967.7     $ 14.0     $ 981.7  
Stock options
exercised
            64,783       —                         1.0                       1.0               1.0  
Restricted stock units vested
            1,780       —                                                                       
Stock based compensation
                                            3.6                       3.6               3.6  
Shares purchased
            (555,576             555,576       (38.3                             (38.3             (38.3
Dividends declared to common stockholders ($0.04 per share)
                                                    (6.0             (6.0             (6.0
Formation of Acuity Spatial Genomics Inc.
    0.3                                                               —                 —    
Consolidated net income
    —                                                 57.6               57.6       1.1       58.7  
Other comprehensive income (loss)
                                                            16.4       16.4       (1.7     14.7  
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at June 30, 2021
  $ 0.3       151,054,472     $ 1.7       23,144,834     $ (738.1   $ 225.4     $ 1,508.7     $ 4.3     $ 1,002.0     $ 13.4     $ 1,015.4  
Stock options
exercised
            385,597       —                         8.3                       8.3               8.3  
Restricted stock units vested
            250,595       —                         (4.5 )                     (4.5 )             (4.5 )
Stock based compensation
                                            3.8                       3.8               3.8  
Dividends declared to common stockholders ($0.04 per share)
                                                    (6.1             (6.1             (6.1
Consolidated net income
    —                                                 87.1               87.1       1.0       88.1  
Other comprehensive income (loss)
                                                            (15.0 )     (15.0 )     (0.4     (15.4 )
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at September 30, 2021
  $ 0.3       151,690,664     $ 1.7       23,144,834     $ (738.1   $ 233.0     $ 1,589.7     $ (10.7 )   $ 1,075.6     $ 14.0     $ 1,089.6  
  
 
 
    
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements
 
5

BRUKER CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY
(in millions, except per share data)
 
    
Redeemable
Noncontrolling
Interest
   
Common
Shares
   
Common
Stock
Amount
    
Treasury
Shares
    
Treasury
Stock
Amount
   
Additional
Paid-In

Capital
   
Retained
Earnings
   
Accumulated
Other
Comprehensive
Income (Loss)
   
Total
Shareholders’
Equity
Attributable to
Bruker
Corporation
   
Noncontrolling
Interests in
Consolidated
Subsidiaries
   
Total
Shareholders’
Equity
 
Balance at December 31, 2019
  $ 21.1       154,155,798     $ 1.7       19,346,577     $ (543.8   $ 199.7     $ 1,274.7     $ (25.5   $ 906.8     $ 10.3     $ 917.1  
Stock options exercised
            30,182       —                         0.7                       0.7               0.7  
Restricted stock units vested
            40,516       —                         (0.1                     (0.1             (0.1
Stock based
compensation
                                            3.0                       3.0               3.0  
Cash dividends paid to common stockholders ($0.04 per share)
    —                                                 (6.2             (6.2     (1.2     (7.4
Acquired remaining 20% interest in Hain LifeScience GmbH
    (20.6                                             (1.3             (1.3             (1.3
Consolidated net income
    —                                                 10.5               10.5       0.1       10.6  
Other comprehensive income (loss)
    (0.5                                                     2.2       2.2       (0.2     2.0  
  
 
 
   
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at March 31, 2020
  $ —         154,226,496     $ 1.7       19,346,577     $ (543.8   $ 203.3     $ 1,277.7     $ (23.3   $ 915.6     $ 9.0     $ 924.6  
Stock options exercised
            61,968       —                         1.3                       1.3               1.3  
Restricted stock units vested
            3,510       —                         (0.1                     (0.1             (0.1
Stock based compensation
                                            2.8                       2.8               2.8  
Shares Repurchased
            (1,214,282             1,214,282       (50.0                             (50.0             (50.0
Cash dividends paid to common stockholders ($0.04 per share)
                                                    (6.1             (6.1             (6.1
Consolidated net income
                                                    24.1               24.1       0.1       24.2  
Other comprehensive income
                                                            9.8       9.8       0.1       9.9  
  
 
 
   
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at June 30,
2020
  $ —         153,077,692     $ 1.7       20,560,859     $ (593.8   $ 207.3     $ 1,295.7     $ (13.5   $ 897.4     $ 9.2     $ 906.6  
Stock options exercised
            25,461       —                         0.5                       0.5               0.5  
Restricted stock units vested
            208,652       —                         (1.2                     (1.2             (1.2
Stock based compensation
                                            4.1                       4.1               4.1  
Shares Repurchased
            (127,278             127,278       (5.0                             (5.0             (5.0
Cash dividends paid to common stockholders ($0.04 per share)
                                                    (6.3             (6.3             (6.3
Consolidated net income
                                                    54.3               54.3       1.0       55.3  
Other comprehensive income
                                                            8.3       8.3       0.4       8.7  
  
 
 
   
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Balance at September 30,
2020
  $ —         153,184,527     $ 1.7       20,688,137     $ (598.8   $ 210.7     $ 1,343.7     $ (5.2   $ 952.1     $ 10.6     $ 962.7  
  
 
 
   
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements
 
6

BRUKER CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
    
Nine Months Ended
September 30,
 
    
2021
   
2020
 
Cash flows from operating activities:
                
Consolidated net income
   $ 204.6     $ 90.1  
Adjustments to reconcile consolidated net income to cash flows from operating activities:
                
Depreciation and amortization
     66.1       58.7  
Stock-based compensation expense
     11.9       10.9  
Deferred income taxes
     (6.5     0.5  
Other
non-cash
expenses, net
     24.8       25.5  
Changes in operating assets and liabilities, net of acquisitions and divestitures:
                
Accounts receivable
     (47.7     36.9  
Inventories
     (81.3     (109.7
Accounts payable and accrued expenses
     45.9       (15.3
Income taxes payable, net
     (33.4 )     (9.1
Deferred revenue
     19.4       20.1  
Customer advances
     (9.5 )     32.4  
Other changes in operating assets and liabilities, net
     (50.5     (11.8
    
 
 
   
 
 
 
Net cash provided by operating activities
     143.8       129.2  
    
 
 
   
 
 
 
Cash flows from investing activities:
                
Purchases of short-term investments
     (48.0     (100.0
Maturity of short-term investments
    
0.7
      56.1  
Purchases of investments held to maturity
     (0.5         
Cash paid for acquisitions, net of cash acquired
     (45.0     (58.8
Purchases of property, plant and equipment
     (63.6     (68.4
Proceeds from sales of property, plant and equipment
     4.0       0.1  
Net proceeds from cross currency swap agreements
     8.6       7.1  
    
 
 
   
 
 
 
Net cash used in investing activities
     (143.8     (163.9
    
 
 
   
 
 
 
Cash flows from financing activities:
                
Repayments of revolving lines of credit
              (305.1
Proceeds from revolving lines of credit
     —         297.5  
Repayment of other debt
     (2.2     (0.4
Proceeds from other debt
     0.4           
Payment of deferred financing costs
     —         (0.1
Proceeds from issuance of common stock, net
     5.9       1.1  
Payment of contingent consideration
     (0.4     (6.2
Payment of dividends to common stockholders
     (18.2     (18.5
Purchases of common stock
     (71.1     (54.4
Cash payments to noncontrolling interest
              (1.2
    
 
 
   
 
 
 
Net cash
used in financing activities
     (85.6     (87.3
    
 
 
   
 
 
 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
     (23.4     10.7  
    
 
 
   
 
 
 
Net change in cash, cash equivalents and restricted cash
     (109.0     (111.3
Cash, cash equivalents and restricted cash at beginning of period
     685.5       681.9  
    
 
 
   
 
 
 
Cash, cash equivalents and restricted cash at end of period
   $ 576.5     $ 570.6  
    
 
 
   
 
 
 
Supplemental disclosure of cash flow information:
                
Restricted cash period beginning balance
   $ 3.7     $ 3.6  
    
 
 
   
 
 
 
Restricted cash period ending balance
   $ 3.5     $ 3.5  
    
 
 
   
 
 
 
The accompanying notes are an integral part of these financial statements
 
7

BRUKER CORPORATION
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2021
 
1.
Description of Business
Bruker Corporation, together with its consolidated subsidiaries (Bruker or the Company), develops, manufactures and distributes high-performance scientific instruments and analytical and diagnostic solutions that enable its customers to explore life and materials at microscopic, molecular and cellular levels. Many of the Company’s products are used to detect, measure and visualize structural characteristics of chemical, biological and industrial material samples. The Company’s products address the rapidly evolving n
e
eds of a diverse array of customers in life science research, pharmaceuticals, biotechnology, applied markets, cell biology, clinical research, microbiology, in vitro diagnostics, nanotechnology and materials science research.
The Company has four operating segments,
Bruker BioSpin Group, Bruker CALID Group, Bruker Scientific Instruments (BSI) Nano Group
and
Bruker Energy
 & Supercon Technologies (BEST)
. The Company has three reportable segments,
BSI Life Science segment, BSI NANO segment
and
BEST. 
For financial reporting purposes, the Bruker BioSpin
 
Group and Bruker CALID Group operating segments are aggregated into the reportable BSI Life Science segment because each has similar economic characteristics, production processes, service offerings, types and classes of customers, methods of distribution and regulatory environments.
Bruker BioSpin
— The Bruker BioSpin Group designs, manufactures and distributes enabling life science tools based on magnetic resonance technology. Bruker BioSpin Group’s revenues are generated by academic and government research customers, pharmaceutical and biotechnology companies and nonprofit laboratories, as well as chemical, food and beverage, clinical and other industrial companies.
Bruker CALID (Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection)
— The Bruker CALID Group designs, manufactures and distributes life science mass spectrometry and ion mobility spectrometry solutions, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy technologies and radiological/nuclear detectors for Chemical, Biological, Radiological, Nuclear and Explosive (CBRNE) detection. Customers of the Bruker CALID Group include: academic institutions and medical schools; pharmaceutical, biotechnology and diagnostics companies; contract research organizations; nonprofit and
for-profit
forensics laboratories; agriculture, food and beverage safety laboratories; environmental and clinical microbiology laboratories; hospitals and government departments and agencies.
The BSI NANO segment designs, manufactures and distributes advanced X-ray instruments; atomic force microscopy instrumentation; advanced fluorescence optical microscopy instruments; analytical tools for electron microscopes and X-ray metrology; defect-detection equipment for semiconductor process control; handheld, portable and mobile X-ray fluorescence spectrometry instruments; spark optical emission spectroscopy systems; chip cytometry products and services for targeted spatial proteomics, multi-omic services, and products and services for spatial genomics research. Customers of the BSI NANO segment include academic institutions, governmental customers, nanotechnology companies, semiconductor companies, raw material manufacturers, industrial companies, biotechnology and pharmaceutical companies and other businesses involved in materials research and life science research analysis. 
The BEST reportable segment develops and manufactures superconducting and
non-superconducting
materials and devices for use in healthcare, renewable energy, energy infrastructure and “big science” research. The segment focuses on metallic low temperature superconductors for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research and other applications.
The unaudited condensed consolidated financial statements represent the consolidated accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements as of September 30, 2021 and December 31, 2020, and for the three and nine months ended September 30, 2021 and 2020, have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, the financial information presented herein does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement have been included. The results for interim periods are not necessarily indicative of the results expected for any other interim period or the full year.
 
8

At September 30, 2021, the Company’s significant accounting policies, which are detailed in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2020, have not changed.
Risks & Uncertainties
The Company is subject to risks common to its industry including, but not limited to, global economic conditions, rapid technological change, government and academic funding levels, the impact of the
COVID-19
coronavirus, changes in commodity prices, spending patterns of its customers, protection of its intellectual property, availability of key raw materials and components, compliance with existing and future regulation by government agencies and fluctuations in foreign currency exchange rates and interest rates.
The impact of the
COVID-19
worldwide pandemic has been and will likely continue to be extensive in certain geographies and aspects of society. The pandemic has resulted in and will likely continue to result in significant disruptions to the global economy, global supply chains, as well as businesses and capital markets around the world.
Impacts to the Company’s business included temporary closures in 2020 of many of the Company’s government and university customers and suppliers, disruptions or restrictions on employees’ and customers’ ability to travel, and delays in product installations or shipments to and from affected countries. In an effort to halt the outbreak of
COVID-19,
a number of countries, including the United States, implemented and some continue to implement significant restrictions on travel, shelter in place or stay at home orders, and business closures. While some of these restrictions are loosening in certain jurisdictions, some markets have returned to restrictions in the face of increases in new
COVID-19
cases or new strains of the virus. A number of states, including California, Massachusetts and New Jersey where the Company has significant operations have implemented
re-opening
policies as vaccines to protect against the virus continue to be administered. However, many of the Company’s employees in these areas continue to work remotely, and many
re-openings
have been delayed or pulled back as the virus continues to spread and as new strains of the virus emerge. In addition, while some parts of the world are beginning to resume
pre-pandemic
business operations, certain Asia Pacific geographies where the Company operates are continuing to experience significant
COVID-19
disruptions. Much of the commercial activity in sales and marketing, and customer demonstrations and applications training, is still either being conducted remotely or postponed. Even where customers have
re-opened
their sites, some still operate at productivity levels that are below
pre-pandemic
levels in an effort to accommodate safety protocols and as a result of pandemic-related supply chain disruptions. Any resurgence of the virus or the emergence of new strains of the virus, particularly any new strains which are more easily transmitted or which are resistant to existing vaccines, may require the Company or its customers to close or partially close operations once again. These travel restrictions, business closures and operating reductions at Bruker, customers, distributors, and/or suppliers have in the past adversely impacted and may continue to adversely impact the Company’s operations worldwide, including the ability to manufacture, sell or distribute products, as well as cause temporary closures of foreign distributors, or the facilities of suppliers or customers. Global supply chains, including for semiconductor chips, components and raw materials such as copper, have been disrupted, causing shortages, which could impact the Company’s ability to manufacture or supply its products. The Company could also experience increased compensation expenses associated with employee recruiting and employee retention to the extent employment opportunities continue to multiply post-pandemic, causing the search for and retention of talent to become more competitive. This disruption of the Company’s employees, distributors, suppliers and customers has historically impacted and may continue to impact the Company’s global sales and operating results.
Further, on September 9, 2021, President Biden directed the Department of Labor’s Occupational Safety and Health Administration (“OSHA”) to issue an Emergency Temporary Standard (“ETS”) requiring that all employers with at least 100 employees ensure that their employees are fully vaccinated for
COVID-19
by January 4, 2022 or obtain a negative
COVID-19
test at least once a week. The OSHA ETS was issued on November 4, 2021. President Biden also issued an Executive Order requiring certain
COVID-19
precautions for government contractors and their subcontractors, including mandatory employee vaccination (subject to medical and religious exemptions). It is not currently possible to predict with any certainty the exact impact on the Company of the OSHA ETS or the requirements for government contractors and their subcontractors. Any requirement to mandate
COVID-19
vaccination of the Company’s workforce or require the Company’s unvaccinated employees to be tested weekly could result in employee attrition and difficulty securing future labor needs and may have an adverse effect on future profit margins. In addition, any requirement to impose obligations on the Company’s suppliers under the Executive Order covering government contractors and their subcontractors could impact the price and continuity of supply of raw materials and the Company’s results of operations and financial condition could be adversely affected.
The Company has experienced supply chain interruptions as a result of the COVID-19 pandemic. Various factors, including increased demand for certain components and production delays and other natural events and disasters, are contributing to shortages of certain components used in the Company’s products and increased difficulties in the Company’s ability to obtain a consistent supply of materials at stable pricing levels. Supply shortages and longer lead times for components used in the Company’s products, including limited source components, can result in significant additional costs and inefficiencies in manufacturing. A shortage of key components may cause a significant disruption to the Company’s production activities, which could have a substantial adverse effect on the Company’s financial condition or results of operations. If the Company is unsuccessful in resolving any such component shortages in a timely manner, the Company could experience a significant adverse impact on the timing of its revenue, a possible loss of revenue, or an increase in manufacturing costs, any of which would have a material adverse impact on the Company’s operating results. 
 
9

The Company is continuing to monitor and assess the effects of the
COVID-19
pandemic on commercial operations in 2021. However, the Company cannot at this time accurately predict what effects these conditions will ultimately have on future operations due to uncertainties relating to the severity of the disease, the duration of the outbreak, including the impact of any resurgence of the virus or the continued emergence of new strains of the virus, the effectiveness and availability of vaccines, (including to protect against any new strains of the virus), the willingness of individuals to receive vaccines, and the length or severity of the travel restrictions, business closures, and other safety and precautionary measures imposed by the governments of impacted countries. The pandemic has also adversely affected the economies and financial markets of many countries, which has affected and likely will continue to affect demand for the Company’s products and its operating results.
The preparation of the unaudited condensed consolidated financial statements requires the Company to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis the Company evaluates estimates, judgments and methodologies. Changes in estimates are recorded in the period in which they become known. The Company bases estimates on historical experience and on various other assumptions that they believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. The full extent to which the
COVID-19
pandemic will directly or indirectly impact future business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning
COVID-19,
new strains of the virus, the effectiveness and availability of
COVID-19
vaccines or individuals’ willingness to receive vaccines, and the actions taken to contain or treat the virus, as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of
COVID-19
within the financial statements and there may be changes to those estimates in future
 
periods. Actual results may differ from management’s estimates if these results differ from historical experience.
 
2.
Recent Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Updates (“ASU”)
No. 2020-04,
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
(“ASU
2020-04”),
which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and sale or transfer of debt securities classified as
held-to-maturity.
In January 2021, the FASB issued ASU
2021-01,
Reference Rate Reform (Topic 848): Scope, to clarify that certain optional expedients and exceptions under the reference rate reform guidance for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in the reference rate reform guidance, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. This temporary guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company may elect to apply this guidance for all contract modifications or eligible hedging relationships during that time period subject to certain criteria. The Company is still evaluating the impact of reference rate reform and whether this guidance will be adopted.
In December 2019, the FASB issued ASU 2019-12 -
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.
The guidance simplifies the accounting for income taxes by removing certain exceptions within the current guidance; including the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The amendment also improves consistent application by clarifying and amending existing guidance related to aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step up in the tax basis of goodwill. This guidance is effective for annual and interim periods beginning after December 15, 2020 and early adoption was permitted. The Company adopted this ASU on January 1, 2021 and it did not have a material impact on the Company’s consolidated financial statements.
 
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3.
Revenue
The following table presents the Company’s revenues by Group and End Customer Geography (dollars in millions):
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
 
    
2021
    
2020
    
2021
    
2020
 
Revenue by Group:
                                   
Bruker BioSpin
   $ 186.5      $ 152.1      $ 494.4      $ 398.1  
Bruker CALID
     194.2        171.3        579.9        444.5  
Bruker Nano
     174.9        147.1        504.6        392.7  
BEST
     57.0        43.8        166.0        134.8  
Eliminations
     (3.7      (2.9      (10.5      (10.1
    
 
 
    
 
 
    
 
 
    
 
 
 
Total revenue
   $ 608.9      $ 511.4      $ 1,734.4      $ 1,360.0  
    
 
 
    
 
 
    
 
 
    
 
 
 
     
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
 
    
2021
    
2020
    
2021
    
2020
 
Revenue by End Customer Geography:
                                   
United States
   $ 163.2      $ 120.1      $ 442.0      $ 332.1  
Germany
     55.5        50.4        186.4        134.9  
Rest of Europe
     155.4        142.9        459.9        357.7  
Asia Pacific
     191.6        160.0        525.8        433.3  
Other
     43.2        38.0        120.3        102.0  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total revenue
   $ 608.9      $ 511.4      $ 1,734.4      $ 1,360.0  
    
 
 
    
 
 
    
 
 
    
 
 
 
Revenue for the Company recognized at a point in time versus over time is as follows (dollars in millions):
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
 
    
2021
    
2020
    
2021
    
2020
 
Revenue recognized at a point in time
   $ 530.8      $ 442.2      $ 1,503.0      $ 1,174.0  
Revenue recognized over time
     78.1        69.2        231.4        186.0  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total revenue
   $ 608.9      $ 511.4      $ 1,734.4      $ 1,360.0  
    
 
 
    
 
 
    
 
 
    
 
 
 
Remaining Performance Obligations
Remaining performance obligations represent the aggregate transaction price allocated to a promise to transfer a good or service that is fully or partially unsatisfied at the end of the period. As of September 30, 2021, remaining performance obligations were approximately $2,035.9
 
million. The Company expects to recognize revenue on approximately 68.4% of the remaining performance obligations over the next twelve months and the remaining performance obligations primarily within one to three years.
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the Company’s unaudited condensed consolidated balance sheets.
Contract assets—
Most of the Company’s long-term contracts are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Billing often occurs subsequent to revenue recognition, resulting in contract assets. Contract assets are generally classified as other current assets in the unaudited condensed consolidated balance sheets. The balance of contract assets as of September 30, 2021 and December 31, 2020 was $56.4 million and $41.8 million, respectively.
Contract liabilities—
The Company often receives cash payments from customers in advance of the Company’s performance, resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the unaudited condensed consolidated balance sheets based on the timing of when revenue recognition is expected. As of September 30, 2021 and December 31, 2020, the contract liabilities were $400.6 million and $399.4 million, respectively. The increase in the contract liability balance during the nine months ended September 30, 2