Company Quick10K Filing
Quick10K
Bruker
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$42.29 157 $6,632
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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
ILMN Illumina 41,904
MTD Mettler Toledo 16,033
COHR Coherent 3,726
PACB Pacific Biosciences of California 850
FLDM Fluidigm 368
HBIO Harvard Bioscience 104
HTGM HTG Molecular Diagnostics 27
BNGO Bionano Genomics 17
PRPO Precipio 15
ASTC Astrotech 14
BRKR 2019-06-30
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 brkr-20190630ex1010e7ba9.htm
EX-10.2 brkr-20190630ex102d2d419.htm
EX-10.3 brkr-20190630ex1036e9806.htm
EX-31.1 brkr-20190630ex311652be1.htm
EX-31.2 brkr-20190630ex312f05caf.htm
EX-32.1 brkr-20190630ex321217b28.htm

Bruker Earnings 2019-06-30

BRKR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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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 June 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 August 2, 2019

Common Stock, $0.01 par value per share

 

154,665,870 shares

Table of Contents

BRUKER CORPORATION

Quarterly Report on Form 10-Q

For the Quarter Ended June 30, 2019

Index

Page

Part I

FINANCIAL INFORMATION

1

Item 1:

Unaudited Condensed Consolidated Financial Statements

1

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

1

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

2

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

3

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 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

46

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

47

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)

June 30, 

    

December 31, 

    

2019

    

2018

ASSETS

Current assets:

Cash and cash equivalents

$

282.5

$

322.4

Short-term investments

6.3

Accounts receivable, net

 

348.0

 

357.2

Inventories

 

594.6

 

509.6

Other current assets

 

175.0

 

115.1

Total current assets

 

1,406.4

 

1,304.3

Property, plant and equipment, net

 

281.9

 

270.6

Goodwill

284.7

275.7

Operating lease assets

74.5

Intangibles, net and other long-term assets

302.2

278.0

Total assets

$

2,349.7

$

2,128.6

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt

$

0.3

$

18.5

Accounts payable

 

123.7

 

104.5

Customer advances

 

137.9

 

124.4

Other current liabilities

 

379.1

 

351.9

Total current liabilities

 

641.0

 

599.3

Long-term debt

 

493.9

 

322.6

Operating lease liabilities

55.4

Other long-term liabilities

 

267.3

 

279.0

Commitments and contingencies (Note 13)

Redeemable noncontrolling interest

22.0

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, 172,984,419 and 172,634,220 shares issued and 154,661,991 and 156,609,340 shares outstanding at June 30, 2019 and December 31, 2018, respectively

 

1.7

 

1.7

Treasury stock, at cost, 18,322,428 and 16,024,880 shares at June 30, 2019 and December 31, 2018, respectively

 

(501.5)

 

(401.5)

Accumulated other comprehensive income

 

15.4

 

17.0

Other shareholders' equity

 

1,345.2

 

1,279.4

Total shareholders' equity attributable to Bruker Corporation

 

860.8

 

896.6

Noncontrolling interest in consolidated subsidiaries

 

9.3

 

8.5

Total shareholders' equity

 

870.1

 

905.1

Total liabilities and shareholders' equity

$

2,349.7

$

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 June 30, 

Six Months Ended June 30, 

    

2019

    

2018

    

2019

    

2018

Product revenue

$

411.7

$

368.1

$

794.7

$

720.3

Service revenue

 

78.5

 

73.5

 

155.9

 

151.2

Other revenue

 

 

2.1

 

1.0

 

3.9

Total revenue

 

490.2

 

443.7

 

951.6

 

875.4

Cost of product revenue

 

210.0

 

188.7

 

407.5

 

374.3

Cost of service revenue

 

49.8

 

49.1

 

98.9

 

95.6

Cost of other revenue

0.7

0.1

0.9

Total cost of revenue

 

259.8

 

238.5

 

506.5

 

470.8

Gross profit

 

230.4

 

205.2

 

445.1

 

404.6

Operating expenses:

Selling, general and administrative

 

124.5

 

110.6

 

244.6

 

220.9

Research and development

 

48.5

 

43.6

 

94.9

 

86.8

Other charges, net

 

3.9

 

2.2

 

10.2

 

10.0

Total operating expenses

 

176.9

 

156.4

 

349.7

 

317.7

Operating income

 

53.5

 

48.8

 

95.4

 

86.9

Interest and other income (expense), net

 

(5.9)

 

(5.5)

 

(9.4)

 

(7.8)

Income before income taxes and noncontrolling interest in consolidated subsidiaries

 

47.6

 

43.3

 

86.0

 

79.1

Income tax provision

 

10.6

 

11.8

 

18.3

 

20.2

Consolidated net income

 

37.0

 

31.5

 

67.7

 

58.9

Net income attributable to noncontrolling interests in consolidated subsidiaries

 

0.5

 

0.3

 

0.4

 

0.7

Net income attributable to Bruker Corporation

$

36.5

$

31.2

$

67.3

$

58.2

Net income per common share attributable to Bruker Corporation shareholders:

Basic

$

0.23

$

0.20

$

0.43

$

0.37

Diluted

$

0.23

$

0.20

$

0.43

$

0.37

Weighted average common shares outstanding:

Basic

 

156.1

 

156.1

 

156.4

 

156.0

Diluted

 

157.6

 

157.0

 

157.7

 

157.0

Comprehensive income (loss)

$

49.5

$

(5.4)

$

65.9

$

46.4

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

0.9

 

(0.2)

 

0.8

 

0.4

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

(0.6)

Comprehensive income (loss) attributable to Bruker Corporation

$

48.6

$

(5.2)

$

65.7

$

46.0

Dividend declared per common share

$

0.04

$

0.04

$

0.08

$

0.08

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

Reedeemable

Treasury

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Additional

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Paid-In 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 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

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

 

(0.3)

 

 

 

 

 

36.5

 

 

36.5

 

0.8

 

37.3

Other comprehensive income

 

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

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

Reedeemable

Treasury

Other

Attributable to

Interests in

Total

Noncontrolling

Common Stock

Treasury

Stock

Additional

Retained

Comprehensive

Bruker

Consolidated

Shareholders'

    

Interest

  

  

Common Shares

    

Amount

    

Shares

    

Amount

    

Paid-In 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

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.5

 

 

 

2.5

 

2.5

Shares issued for acquisition

 

(2,123)

 

 

2,123

 

(0.1)

 

 

 

 

(0.1)

 

(0.1)

Treasury stock acquired

 

(1,055)

 

 

1,055

 

 

 

 

 

 

Adoption impact from new revenue standard ASC 606

 

 

 

 

 

 

5.9

 

 

5.9

 

0.2

6.1

Cash dividends paid to common stockholders

 

 

 

 

 

 

(6.3)

 

 

(6.3)

 

(6.3)

Consolidated net income

 

 

 

 

 

 

27.0

 

 

27.0

 

0.4

27.4

Other comprehensive income

 

 

 

 

 

 

 

24.2

 

24.2

 

0.1

24.3

Balance at March 31, 2018

 

$

156,079,898

$

1.7

 

16,018,830

$

(401.3)

$

161.3

$

968.6

$

51.2

$

781.5

$

8.8

$

790.3

Balance at March 31, 2018

 

$

156,079,898

$

1.7

 

16,018,830

$

(401.3)

$

161.3

$

968.6

$

51.2

$

781.5

$

8.8

$

790.3

Stock options exercised

 

221,464

 

 

 

 

4.2

 

 

 

4.2

 

4.2

Restricted stock units vested

 

5,964

 

 

 

 

 

 

 

 

Stock based compensation

 

 

 

 

 

2.4

 

 

 

2.4

 

2.4

Treasury stock acquired

(1,384)

1,384

(0.1)

(0.1)

(0.1)

Cash dividends paid to common stockholders