Company Quick10K Filing
Bruker
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 158 $7,442
10-Q 2019-11-04 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-08 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-16 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-Q 2013-05-09 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-03-01 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-12 Annual: 2009-12-31
8-K 2020-02-18 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-01-13 Earnings, Regulation FD
8-K 2019-12-11 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-29 Other Events
8-K 2019-05-20 Shareholder Vote
8-K 2019-05-09 Other Events, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-25 Other Events
8-K 2019-02-14 Officers, Exhibits
8-K 2019-02-07 Enter Agreement, Earnings, Exhibits
8-K 2018-11-04 Officers
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-06 Officers, Exhibits
8-K 2018-05-21 Shareholder Vote, Other Events
8-K 2018-05-03 Earnings, Exhibits
8-K 2018-03-12 Officers, Exhibits
8-K 2018-02-28 Officers, Exhibits
8-K 2018-02-16 Officers, Exhibits
8-K 2018-02-08 Earnings, Exhibits
BRKR 2019-09-30
Part Ifinancial Information
Item 1.Unaudited Condensed Consolidated Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-10.1 ex-10d1.htm
EX-31.1 ex-31d1.htm
EX-31.2 ex-31d2.htm
EX-32.1 ex-32d1.htm

Bruker Earnings 2019-09-30

BRKR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WAT 14,408 2,823 2,267 2,406 428 580 702 14,780 18% 21.0 21%
PKI 9,598 6,399 3,692 2,802 1,364 252 529 11,558 49% 21.8 4%
BIO 9,137 7,647 2,160 2,289 1,239 905 1,583 8,992 54% 5.7 12%
BRKR 7,442 2,350 1,489 1,972 940 190 323 7,650 48% 23.7 8%
COHR 3,303 2,137 835 1,557 568 126 153 3,383 36% 22.1 6%
AXDX 1,214 159 133 7 3 -86 -73 1,298 41% -17.8 -54%
PACB 927 171 95 79 24 -111 -108 908 30% -8.4 -65%
FLDM 850 284 111 120 32 -69 -60 824 27% -13.8 -24%
QTRX 818 109 35 47 24 -37 -37 752 50% -20.4 -34%
EYPT 175 91 63 10 8 -98 -92 177 79% -1.9 -108%

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Table of Contents

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, 2019

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 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 October 30, 2019

Common Stock, $0.01 par value per share

153,991,644 shares

Table of Contents

BRUKER CORPORATION

Quarterly Report on Form 10-Q

For the Quarter Ended September 30, 2019

Index

Page

Part I

FINANCIAL INFORMATION

1

Item 1:

Unaudited Condensed Consolidated Financial Statements

1

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

1

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income (Loss) for the three and nine months ended September 30, 2019 and 2018

2

Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interest and Shareholders’ Equity for the three and nine months ended September 30, 2019 and 2018

3

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

5

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2:

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

29

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4:

Controls and Procedures

45

Part II

OTHER INFORMATION

46

Item 1:

Legal Proceedings

46

Item 1A:

Risk Factors

46

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 6:

Exhibits

47

Signatures

48

Table of Contents

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, 

    

December 31, 

    

2019

    

2018

ASSETS

Current assets:

Cash and cash equivalents

$

296.3

$

322.4

Short-term investments

6.1

Accounts receivable, net

 

358.8

 

357.2

Inventories

 

586.7

 

509.6

Other current assets

 

186.1

 

115.1

Total current assets

 

1,434.0

 

1,304.3

Property, plant and equipment, net

 

278.1

 

270.6

Goodwill

282.3

275.7

Operating lease assets

68.9

Intangibles, net and other long-term assets

288.8

278.0

Total assets

$

2,352.1

$

2,128.6

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt

$

0.3

$

18.5

Accounts payable

 

116.6

 

104.5

Customer advances

 

126.1

 

124.4

Other current liabilities

 

400.0

 

351.9

Total current liabilities

 

643.0

 

599.3

Long-term debt

 

518.5

 

322.6

Operating lease liabilities

50.7

Other long-term liabilities

 

264.3

 

279.0

Commitments and contingencies (Note 13)

Redeemable noncontrolling interest

20.9

22.6

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, 173,292,361 and 172,634,220 shares issued and 153,945,784 and 156,609,340 shares outstanding at September 30, 2019 and December 31, 2018, respectively

 

1.7

 

1.7

Treasury stock, at cost, 19,346,577 and 16,024,880 shares at September 30, 2019 and December 31, 2018, respectively

 

(543.8)

 

(401.5)

Accumulated other comprehensive income

 

(18.8)

 

17.0

Other shareholders' equity

 

1,406.1

 

1,279.4

Total shareholders' equity attributable to Bruker Corporation

 

845.2

 

896.6

Noncontrolling interest in consolidated subsidiaries

 

9.5

 

8.5

Total shareholders' equity

 

854.7

 

905.1

Total liabilities and shareholders' equity

$

2,352.1

$

2,128.6

The accompanying notes are an integral part of these financial statements.

1

Table of Contents

BRUKER CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

(in millions, except per share data)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2019

    

2018

    

2019

    

2018

Product revenue

$

440.6

$

385.5

$

1,235.3

$

1,105.8

Service revenue

 

78.8

 

79.6

 

234.8

 

230.8

Other revenue

 

1.7

 

1.5

 

2.6

 

5.4

Total revenue

 

521.1

 

466.6

 

1,472.7

 

1,342.0

Cost of product revenue

 

220.4

 

197.3

 

627.9

 

571.6

Cost of service revenue

 

46.5

 

46.6

 

145.3

 

142.2

Cost of other revenue

0.3

0.1

0.5

1.0

Total cost of revenue

 

267.2

 

244.0

 

773.7

 

714.8

Gross profit

 

253.9

 

222.6

 

699.0

 

627.2

Operating expenses:

Selling, general and administrative

 

125.3

 

106.5

 

369.9

 

327.4

Research and development

 

46.1

 

41.8

 

141.0

 

128.6

Other charges (gain), net

 

(5.3)

 

5.2

 

4.9

 

15.2

Total operating expenses

 

166.1

 

153.5

 

515.8

 

471.2

Operating income

 

87.8

 

69.1

 

183.2

 

156.0

Interest and other income (expense), net

 

(4.6)

 

(3.7)

 

(14.0)

 

(11.5)

Income before income taxes and noncontrolling interest in consolidated subsidiaries

 

83.2

 

65.4

 

169.2

 

144.5

Income tax provision

 

21.7

 

21.2

 

40.0

 

41.4

Consolidated net income

 

61.5

 

44.2

 

129.2

 

103.1

Net income attributable to noncontrolling interests in consolidated subsidiaries

 

0.2

 

0.8

 

0.6

 

1.5

Net income attributable to Bruker Corporation

$

61.3

$

43.4

$

128.6

$

101.6

Net income per common share attributable to Bruker Corporation shareholders:

Basic

$

0.40

$

0.28

$

0.83

$

0.65

Diluted

$

0.39

$

0.28

$

0.82

$

0.65

Weighted average common shares outstanding:

Basic

 

154.2

 

156.4

 

155.7

 

156.1

Diluted

 

155.6

 

157.4

 

157.0

 

157.2

Comprehensive income (loss)

$

26.1

$

41.9

$

92.0

$

88.3

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

0.2

 

0.5

 

1.0

 

0.9

Less: Comprehensive income (loss) attributable to redeemable noncontrolling interest

(1.2)

(1.8)

Comprehensive income (loss) attributable to Bruker Corporation

$

27.1

$

41.4

$

92.8

$

87.4

Dividend declared per common share

$

0.04

$

0.04

$

0.12

$

0.12

The accompanying notes are an integral part of these financial statements.

2

Table of Contents

BRUKER CORPORATION

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

(in millions, except per share data)

    

    

    

    

    

    

    

    

Total

    

Shareholders'

Accumulated

Equity

Noncontrolling

Redeemable

Treasury

Additional

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Paid-In

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

Corporation

    

Subsidiaries

    

Equity

Balance at December 31, 2018

 

$

22.6

156,609,340

$

1.7

 

16,024,880

$

(401.5)

$

176.9

$

1,102.5

$

17.0

$

896.6

$

8.5

$

905.1

Stock options exercised

 

167,177

 

 

 

 

3.1

 

 

 

3.1

 

 

3.1

Restricted stock units vested

 

35,072

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.7

 

 

 

2.7

 

 

2.7

Shares issued for acquisition

 

3,087

 

 

(3,087)

 

 

 

 

 

 

 

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.3)

 

 

(6.3)

 

 

(6.3)

Consolidated net income (loss)

 

(0.2)

 

 

 

 

 

30.8

 

 

30.8

 

0.1

 

30.9

Other comprehensive income (loss)

 

(0.4)

 

 

 

 

 

 

(13.7)

 

(13.7)

 

(0.2)

 

(13.9)

Balance at March 31, 2019

 

$

22.0

156,814,676

$

1.7

 

16,021,793

$

(401.5)

$

182.7

$

1,127.0

$

3.3

$

913.2

$

8.4

$

921.6

Stock options exercised

 

145,606

 

 

 

 

2.7

 

 

 

2.7

 

 

2.7

Restricted stock units vested

 

2,344

 

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.6

 

 

 

2.6

 

 

2.6

Shares repurchased

 

(2,300,635)

 

 

2,300,635

 

(100.0)

 

 

 

 

(100.0)

 

 

(100.0)

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.3)

 

 

(6.3)

 

 

(6.3)

Consolidated net income (loss)

 

(0.3)

 

 

 

 

 

36.5

 

 

36.5

 

0.8

 

37.3

Other comprehensive income (loss)

 

0.3

 

 

 

 

 

 

12.1

 

12.1

 

0.1

 

12.2

Balance at June 30, 2019

 

$

22.0

154,661,991

$

1.7

 

18,322,428

$

(501.5)

$

188.0

$

1,157.2

$

15.4

$

860.8

$

9.3

$

870.1

Stock options exercised

 

152,918

 

 

 

 

3.1

 

 

 

3.1

 

 

3.1

Restricted stock units vested

 

155,024

 

 

 

 

(0.8)

 

 

 

(0.8)

 

 

(0.8)

Stock based compensation

 

 

 

 

 

3.5

 

 

 

3.5

 

 

3.5

Shares repurchased

 

(1,022,469)

 

 

1,022,469

 

(42.3)

 

 

 

 

(42.3)

 

 

(42.3)

Treasury stock acquired

(1,680)

1,680

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.2)

 

 

(6.2)

 

 

(6.2)

Consolidated net income (loss)

 

(0.2)

 

 

 

 

 

61.3

 

 

61.3

 

0.4

 

61.7

Other comprehensive income (loss)

 

(0.9)

 

 

 

 

 

 

(34.2)

 

(34.2)

 

(0.2)

 

(34.4)

Balance at September 30, 2019

 

$

20.9

153,945,784

$

1.7

 

19,346,577

$

(543.8)

$

193.8

$

1,212.3

$

(18.8)

$

845.2

$

9.5

$

854.7

The accompanying notes are an integral part of these financial statements.

3

Table of Contents

BRUKER CORPORATION

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

(in millions, except per share data)

    

    

    

    

    

    

    

    

Total

    

Shareholders'

Accumulated

Equity

Noncontrolling

Redeemable

Treasury

Additional

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Paid-In

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Earnings

    

Income (Loss)

    

Corporation

    

Subsidiaries

    

Equity

Balance at December 31, 2017

 

$

155,865,977

$

1.7

 

16,009,099

$

(401.2)

$

155.9

$

942.0

$

27.0

$

725.4

$

8.1

$

733.5

Restricted shares terminated

 

(6,553)

 

 

6,553

 

 

 

 

 

 

Stock options exercised

 

180,890

 

 

 

 

2.9

 

 

 

2.9

 

2.9

Restricted stock units vested

 

42,762

 

 

 

 

 

 

 

—</