10-Q 1 brkr-20230930.htm 10-Q 10-Q
0001109354Q3false12-31http://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherAssetsCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#NonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2023#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2023#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInteresthttp://fasb.org/us-gaap/2023#ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest2023-05-310001109354us-gaap:ParentMember2023-09-300001109354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiCalidMember2023-07-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerNanoGroupMember2022-07-012022-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-09-300001109354us-gaap:ProductMember2023-07-012023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001109354us-gaap:NoncontrollingInterestMember2022-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiBiospinMember2023-07-012023-09-300001109354brkr:OtherCountryMember2022-07-012022-09-300001109354us-gaap:ParentMember2022-09-300001109354brkr:May2021RepurchaseProgramMember2023-01-012023-09-300001109354country:CN2023-07-012023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001109354us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001109354brkr:May2023RepurchaseProgramMember2023-07-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-07-012023-09-300001109354us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001109354us-gaap:CustomerRelationshipsMemberbrkr:ZontalIncMember2023-05-040001109354us-gaap:IntersegmentEliminationMember2022-01-012022-09-300001109354brkr:BiognosysAgMember2023-01-012023-03-310001109354us-gaap:OperatingSegmentsMemberbrkr:BsiNanoMember2022-07-012022-09-300001109354us-gaap:FairValueMeasurementsRecurringMember2023-09-300001109354country:CN2023-01-012023-09-300001109354us-gaap:CommonStockMember2022-07-012022-09-300001109354brkr:CorporateReconcilingItemsAndEliminationsMember2023-07-012023-09-300001109354brkr:UnvestedRestrictedStockUnitsRsuMember2023-07-012023-09-300001109354us-gaap:EmployeeSeveranceMember2023-01-012023-09-300001109354brkr:EuroNotesUnderThe2021PurchaseAgreementDue2031Member2023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001109354brkr:ZontalIncMember2023-05-0400011093542023-04-012023-06-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerNanoGroupMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2022-01-012022-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherCurrentAssetsMember2022-12-310001109354brkr:RedeemableNoncontrollingInterestMember2022-01-012022-03-310001109354us-gaap:InterestIncomeMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001109354us-gaap:OtherExpenseMember2023-01-012023-09-300001109354us-gaap:TreasuryStockCommonMember2023-09-300001109354brkr:IncentiveCompensationPlan2016Member2023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001109354us-gaap:NoncontrollingInterestMember2022-12-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-07-012023-09-300001109354brkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-09-300001109354brkr:ZontalIncMember2023-01-012023-09-300001109354country:DE2022-07-012022-09-300001109354brkr:OtherLoanMember2022-12-310001109354us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001109354brkr:MestrelabPreomicsBiognosysAcquisitionsAndMajorityOwnedAcquisitionMember2022-01-012022-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-07-012023-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:InterestIncomeMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-01-012022-09-300001109354us-gaap:CostOfSalesMember2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerBioSpinGroupMember2022-07-012022-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001109354brkr:NotePurchaseAgreement2019Due2029Member2023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2022-01-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300001109354us-gaap:NoncontrollingInterestMember2022-06-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerBioSpinGroupMember2022-01-012022-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2022-12-310001109354brkr:OtherCountryMember2023-07-012023-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestIncomeMember2023-01-012023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001109354us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-09-300001109354us-gaap:ParentMember2022-01-012022-03-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-09-300001109354us-gaap:RetainedEarningsMember2023-06-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2022-07-012022-09-300001109354us-gaap:TechnologyBasedIntangibleAssetsMember2022-12-310001109354us-gaap:CashFlowHedgingMember2022-01-012022-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-09-300001109354brkr:May2023RepurchaseProgramMember2023-05-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2022-07-012022-09-300001109354us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001109354us-gaap:FairValueMeasurementsRecurringMember2022-12-310001109354brkr:ElipticaLimitedMember2023-09-300001109354us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-3000011093542021-12-310001109354us-gaap:TransferredOverTimeMember2022-07-012022-09-300001109354brkr:EmployeeStockPurchasePlanMember2023-01-012023-09-300001109354brkr:RestOfAsiaPacificMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-07-012022-09-300001109354us-gaap:TreasuryStockCommonMember2022-06-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:OtherCurrentAssetsMember2023-09-300001109354us-gaap:TransferredOverTimeMember2023-01-012023-09-300001109354us-gaap:ParentMember2022-03-310001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerNanoGroupMember2022-01-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-01-012023-09-300001109354brkr:RedeemableNoncontrollingInterestMember2023-07-012023-09-300001109354us-gaap:OtherExpenseMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LongTermDebtMember2023-09-300001109354brkr:RedeemableNoncontrollingInterestMember2022-04-012022-06-300001109354brkr:NotePurchaseAgreement2019Due2029Member2022-12-310001109354brkr:RestOfAsiaPacificMember2023-07-012023-09-300001109354us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:EnergyAndSuperconTechnologiesMember2023-01-012023-09-300001109354us-gaap:EmployeeStockOptionMember2023-07-012023-09-3000011093542022-01-012022-12-310001109354us-gaap:CommonStockMember2022-06-300001109354brkr:UnvestedRestrictedStockUnitsRsuMember2022-07-012022-09-300001109354brkr:EmployeeStockPurchasePlanMember2023-07-012023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100011093542022-09-300001109354brkr:BiognosysAgMember2023-01-032023-01-030001109354brkr:RedeemableNoncontrollingInterestMember2021-12-310001109354us-gaap:DesignatedAsHedgingInstrumentMember2022-12-310001109354us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001109354us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-09-300001109354country:CH2023-01-012023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001109354us-gaap:TreasuryStockCommonMember2022-03-310001109354us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001109354us-gaap:CashFlowHedgingMember2023-07-012023-09-300001109354us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001109354brkr:ZontalIncMemberus-gaap:TradeNamesMember2023-05-040001109354brkr:ProvisionsForExcessInventoryMember2023-01-012023-09-300001109354us-gaap:CostOfSalesMember2023-07-012023-09-300001109354us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001109354us-gaap:ParentMember2022-04-012022-06-300001109354us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiBiospinMember2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:EnergyAndSuperconTechnologiesMember2023-07-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiNanoMember2023-07-012023-09-300001109354us-gaap:IntersegmentEliminationMember2023-07-012023-09-300001109354us-gaap:ParentMember2023-06-300001109354brkr:PhenomexIncMemberus-gaap:SubsequentEventMember2023-10-022023-10-020001109354us-gaap:RetainedEarningsMember2022-01-012022-03-310001109354brkr:PinpointTestingLlcMember2023-03-282023-03-280001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-01-012022-09-300001109354brkr:May2021RepurchaseProgramMember2022-07-012022-09-300001109354us-gaap:TreasuryStockCommonMember2022-09-300001109354us-gaap:InterestIncomeMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001109354us-gaap:RetainedEarningsMember2022-04-012022-06-300001109354brkr:RedeemableNoncontrollingInterestMember2022-06-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerNanoGroupMember2023-07-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-07-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LongTermDebtMember2022-12-310001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:OtherCurrentAssetsMember2022-12-310001109354us-gaap:TransferredOverTimeMember2022-01-012022-09-300001109354brkr:SwitzerlandFrancsNotesUnderThe2021NotesPurchaseAgreementMemberDue2031Member2023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-07-012022-09-300001109354us-gaap:CommonStockMember2022-12-310001109354us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300001109354us-gaap:RetainedEarningsMember2022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-01-012023-09-300001109354brkr:OtherLoanMember2023-09-300001109354us-gaap:ParentMember2021-12-310001109354country:DE2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiCalidMember2023-01-012023-09-300001109354brkr:PhenomexIncMember2023-09-300001109354us-gaap:CommonStockMember2023-07-012023-09-300001109354us-gaap:RetainedEarningsMember2022-06-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerCalidGroupMember2022-01-012022-09-3000011093542023-07-012023-09-300001109354brkr:CorporateReconcilingItemsAndEliminationsMember2022-07-012022-09-300001109354brkr:PhenomexIncMemberus-gaap:SubsequentEventMember2023-10-020001109354brkr:RestOfEuropeMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2022-07-012022-09-300001109354brkr:FasmatechScienceAndTechnologySaMember2023-03-032023-03-030001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2022-01-012022-09-300001109354brkr:RestOfEuropeMember2022-01-012022-09-300001109354us-gaap:CustomerRelationshipsMember2022-12-3100011093542022-01-012022-03-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001109354brkr:CapitalLeaseObligationsAndOtherLoanMember2023-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001109354us-gaap:CommonStockMember2023-01-012023-03-310001109354us-gaap:TransferredOverTimeMember2023-07-012023-09-300001109354us-gaap:FacilityClosingMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2022-12-310001109354us-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300001109354brkr:EmployeeStockPurchasePlanMember2022-07-012022-09-300001109354brkr:RedeemableNoncontrollingInterestMember2023-01-012023-03-310001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-09-300001109354brkr:May2021RepurchaseProgramMember2021-05-310001109354brkr:RedeemableNoncontrollingInterestMember2022-09-300001109354us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-01-012022-09-300001109354us-gaap:RetainedEarningsMember2023-04-012023-06-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2023-01-012023-09-300001109354us-gaap:CostOfSalesMember2022-01-012022-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:EnergyAndSuperconTechnologiesMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2022-01-012022-09-300001109354brkr:CorporateReconcilingItemsAndEliminationsMember2022-12-310001109354brkr:May2021RepurchaseProgramMember2022-01-012022-09-300001109354us-gaap:NoncontrollingInterestMember2021-12-310001109354us-gaap:AdditionalPaidInCapitalMember2022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-01-012023-09-300001109354us-gaap:CommonStockMember2021-12-310001109354brkr:MestrelabPreomicsBiognosysAcquisitionsAndMajorityOwnedAcquisitionMember2023-01-012023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001109354us-gaap:TradeNamesMember2023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2022-12-310001109354brkr:BankGuaranteesAndWorkingCapitalLineMember2023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeLossDerivativeQualifyingAsHedgeExcludedComponentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001109354brkr:EmployeeStockPurchasePlanMember2022-01-012022-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiNanoMember2022-01-012022-09-300001109354us-gaap:ParentMember2023-03-3100011093542022-04-012022-06-300001109354us-gaap:EmployeeStockOptionMember2023-07-012023-09-300001109354us-gaap:TransferredAtPointInTimeMember2022-01-012022-09-300001109354brkr:NotePurchaseAgreement2012Due2024Member2022-12-3100011093542022-08-310001109354brkr:TofwerkAgMember2023-09-300001109354us-gaap:RetainedEarningsMember2023-07-012023-09-300001109354us-gaap:TreasuryStockCommonMember2023-03-310001109354us-gaap:TreasuryStockCommonMember2022-12-310001109354us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMember2022-12-310001109354us-gaap:CustomerRelationshipsMember2023-09-300001109354brkr:TermLoanAgreementWithBalloonPaymentDue2026Member2023-09-300001109354us-gaap:ProductAndServiceOtherMember2023-07-012023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2022-12-310001109354brkr:ZontalIncMember2023-05-042023-05-040001109354us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001109354country:US2022-01-012022-09-300001109354us-gaap:ProductAndServiceOtherMember2022-01-012022-09-300001109354us-gaap:DomesticLineOfCreditMemberbrkr:RevolvingCreditAgreement2019Member2023-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityContractMember2023-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-09-300001109354brkr:RedeemableNoncontrollingInterestMember2023-04-012023-06-300001109354us-gaap:EmployeeSeveranceMember2023-09-300001109354country:US2022-07-012022-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerBioSpinGroupMember2023-07-012023-09-300001109354brkr:CapitalLeaseObligationsAndOtherLoanMember2022-12-310001109354brkr:RedeemableNoncontrollingInterestMember2023-06-300001109354us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001109354us-gaap:NoncontrollingInterestMember2023-03-310001109354brkr:InvestmentInBusinessesMemberbrkr:OtherInvestmentMember2023-01-012023-09-300001109354brkr:RestOfEuropeMember2023-07-012023-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2023-09-300001109354country:DE2023-07-012023-09-3000011093542022-01-012022-09-300001109354brkr:SwitzerlandFrancsNotesUnderThe2021NotesPurchaseAgreementMemberDue2031Member2022-12-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-01-012023-09-300001109354us-gaap:CommonStockMember2023-04-012023-06-300001109354us-gaap:OtherIntangibleAssetsMember2022-12-310001109354us-gaap:RetainedEarningsMember2022-07-012022-09-300001109354brkr:BiognosysAgMemberus-gaap:TradeNamesMember2023-01-030001109354us-gaap:OperatingSegmentsMemberbrkr:BsiCalidMember2022-07-012022-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerCalidGroupMember2023-01-012023-09-300001109354us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001109354brkr:MestrelabPreomicsBiognosysAcquisitionsAndMajorityOwnedAcquisitionMember2022-07-012022-09-300001109354country:CN2022-01-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-07-012022-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityContractMember2022-12-310001109354us-gaap:NoncontrollingInterestMember2023-06-300001109354brkr:OtherCountryMember2022-01-012022-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiBiospinMember2022-07-012022-09-300001109354country:US2023-01-012023-09-300001109354brkr:CorporateReconcilingItemsAndEliminationsMember2023-01-012023-09-300001109354brkr:RestOfAsiaPacificMember2022-01-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-07-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMember2022-07-012022-09-300001109354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310001109354us-gaap:TransferredAtPointInTimeMember2022-07-012022-09-300001109354us-gaap:FacilityClosingMember2022-12-310001109354us-gaap:TechnologyBasedIntangibleAssetsMember2023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001109354us-gaap:CostOfSalesMember2022-07-012022-09-300001109354us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2023-01-012023-09-300001109354us-gaap:ParentMember2022-07-012022-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMemberus-gaap:OtherCurrentAssetsMember2023-09-3000011093542023-06-300001109354us-gaap:NoncontrollingInterestMember2023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiBiospinMember2022-01-012022-09-300001109354us-gaap:CommonStockMember2022-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001109354brkr:May2021RepurchaseProgramMember2023-09-300001109354us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001109354us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001109354us-gaap:FacilityClosingMember2023-09-300001109354us-gaap:NoncontrollingInterestMember2023-04-012023-06-3000011093542023-01-012023-03-310001109354us-gaap:TreasuryStockCommonMember2022-01-012022-03-310001109354brkr:EuroNotesUnderThe2021PurchaseAgreementDue2031Member2022-12-310001109354us-gaap:RetainedEarningsMember2023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2023-07-012023-09-300001109354brkr:IncentiveCompensationPlan2016Member2023-01-012023-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2022-06-300001109354brkr:ContingentConsiderationMember2023-01-012023-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-07-012023-09-300001109354brkr:CorporateReconcilingItemsAndEliminationsMember2022-01-012022-09-300001109354brkr:OtherCountryMember2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerBioSpinGroupMember2023-01-012023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2021-12-310001109354brkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-12-310001109354brkr:InterherenceGmbhMember2023-07-032023-07-030001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestIncomeMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2023-07-012023-09-300001109354us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-07-012022-09-300001109354us-gaap:AdditionalPaidInCapitalMember2023-03-310001109354us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001109354brkr:RedeemableNoncontrollingInterestMember2023-09-300001109354us-gaap:OrderOrProductionBacklogMemberbrkr:BiognosysAgMember2023-01-030001109354us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-09-300001109354us-gaap:AdditionalPaidInCapitalMember2023-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-07-012022-09-300001109354brkr:May2023RepurchaseProgramMember2023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2023-07-012023-09-300001109354us-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300001109354brkr:TermLoanAgreementWithBalloonPaymentDue2026Member2022-12-310001109354us-gaap:OtherExpenseMember2022-01-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherComprehensiveIncomeMember2023-07-012023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2023-06-300001109354us-gaap:ProductMember2022-01-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2023-07-012023-09-300001109354brkr:RedeemableNoncontrollingInterestMember2022-12-310001109354us-gaap:CommonStockMember2022-04-012022-06-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2023-09-3000011093542022-06-300001109354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300001109354us-gaap:CommonStockMember2022-01-012022-03-310001109354us-gaap:RestrictedStockUnitsRSUMember2022-07-012022-09-300001109354us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMember2022-12-310001109354us-gaap:TreasuryStockCommonMember2021-12-3100011093542023-03-310001109354us-gaap:CashFlowHedgingMember2023-01-012023-09-300001109354us-gaap:ParentMember2023-07-012023-09-300001109354brkr:InvestmentInBusinessesMemberbrkr:TomeBiosciencesIncMember2023-07-262023-07-260001109354us-gaap:CommonStockMember2023-03-310001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-07-012022-09-300001109354us-gaap:RetainedEarningsMember2023-01-012023-03-310001109354brkr:BiognosysAgMember2023-01-030001109354us-gaap:OperatingSegmentsMemberbrkr:EnergyAndSuperconTechnologiesMember2023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMember2022-01-012022-09-300001109354us-gaap:ProductMember2023-01-012023-09-300001109354us-gaap:ProductAndServiceOtherMember2023-01-012023-09-300001109354us-gaap:OtherExpenseMember2023-07-012023-09-300001109354brkr:NotePurchaseAgreement2012Due2024Member2023-09-300001109354us-gaap:TechnologyBasedIntangibleAssetsMemberbrkr:ZontalIncMember2023-05-040001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2023-01-012023-09-3000011093542022-12-310001109354us-gaap:CashFlowHedgingMember2022-07-012022-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:InterestIncomeMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-07-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001109354us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2022-07-012022-09-300001109354us-gaap:ProductMember2022-07-012022-09-300001109354us-gaap:ParentMember2022-06-300001109354brkr:BiognosysAgMember2023-01-012023-09-300001109354country:US2023-07-012023-09-300001109354us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001109354us-gaap:TechnologyBasedIntangibleAssetsMemberbrkr:BiognosysAgMember2023-01-030001109354us-gaap:IntersegmentEliminationMember2022-07-012022-09-300001109354brkr:UnvestedRestrictedStockUnitsRsuMember2023-01-012023-09-300001109354us-gaap:RetainedEarningsMember2022-03-310001109354brkr:ProvisionsForExcessInventoryMember2022-12-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2023-07-012023-09-300001109354us-gaap:EmployeeSeveranceMember2022-12-310001109354brkr:UnvestedRestrictedStockUnitsRsuMember2022-01-012022-09-300001109354us-gaap:HybridInstrumentMember2023-09-300001109354us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300001109354us-gaap:RetainedEarningsMember2022-12-310001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMember2023-09-300001109354us-gaap:RetainedEarningsMember2021-12-310001109354us-gaap:AdditionalPaidInCapitalMember2022-03-310001109354us-gaap:OperatingSegmentsMemberbrkr:BsiNanoMember2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMember2023-09-300001109354brkr:AcquiferImagingGmbhAndDeltabyteGmbhMember2023-01-042023-01-040001109354us-gaap:CommonStockMember2022-03-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberbrkr:CrossCurrencyAndInterestRateSwapAgreementsMemberus-gaap:OtherComprehensiveIncomeMember2023-01-012023-09-300001109354us-gaap:TradeNamesMember2022-12-310001109354us-gaap:OrderOrProductionBacklogMemberbrkr:ZontalIncMember2023-05-040001109354us-gaap:ParentMember2022-12-3100011093542023-11-070001109354us-gaap:OperatingSegmentsMemberbrkr:EnergyAndSuperconTechnologiesMember2022-01-012022-09-300001109354us-gaap:EmployeeStockOptionMember2023-01-012023-09-300001109354us-gaap:PendingLitigationMember2023-09-300001109354us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001109354brkr:ProvisionsForExcessInventoryMember2023-09-300001109354us-gaap:ParentMember2023-04-012023-06-300001109354brkr:RedeemableNoncontrollingInterestMember2023-03-310001109354us-gaap:ProductAndServiceOtherMember2022-07-012022-09-300001109354us-gaap:ParentMember2023-01-012023-03-3100011093542022-03-310001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2022-12-3100011093542023-01-012023-09-300001109354us-gaap:TreasuryStockCommonMember2023-06-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:InterestIncomeMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-09-300001109354us-gaap:HybridInstrumentMember2022-12-310001109354us-gaap:InterestIncomeMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2022-07-012022-09-300001109354country:DE2022-01-012022-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-01-012022-09-300001109354us-gaap:PendingLitigationMember2022-12-310001109354us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2022-01-012022-09-300001109354brkr:RedeemableNoncontrollingInterestMember2022-03-3100011093542022-07-012022-09-300001109354us-gaap:OtherIntangibleAssetsMember2023-09-300001109354brkr:RestOfEuropeMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:LongTermDebtMember2022-07-012022-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:EnergyAndSuperconTechnologiesMember2022-12-310001109354brkr:USToEuroCrossCurrencyAndInterestRateSwapAgreementsMember2023-09-300001109354brkr:InvestmentInBusinessesMember2023-01-012023-09-300001109354brkr:ContingentConsiderationMember2022-12-310001109354us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001109354brkr:ContingentConsiderationMember2023-09-300001109354brkr:RedeemableNoncontrollingInterestMember2022-07-012022-09-300001109354us-gaap:RetainedEarningsMember2023-03-310001109354us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-12-310001109354us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001109354brkr:CorporateReconcilingItemsAndEliminationsMember2023-09-300001109354us-gaap:CommonStockMember2023-06-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2022-07-012022-09-300001109354us-gaap:NoncontrollingInterestMember2022-03-310001109354us-gaap:HybridInstrumentMember2023-01-012023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerCalidGroupMember2023-07-012023-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2022-07-012022-09-300001109354us-gaap:IntersegmentEliminationMember2023-01-012023-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300001109354brkr:RestOfAsiaPacificMember2022-07-012022-09-300001109354us-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-3000011093542023-09-300001109354brkr:USToSwissFrancCrossCurrencyAndInterestRateSwapAgreementsMember2023-09-300001109354us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001109354us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-09-300001109354country:CN2022-07-012022-09-300001109354us-gaap:CustomerRelationshipsMemberbrkr:BiognosysAgMember2023-01-030001109354us-gaap:OperatingSegmentsMemberbrkr:BrukerCalidGroupMember2022-07-012022-09-300001109354us-gaap:CommonStockMember2023-09-300001109354us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001109354us-gaap:OperatingSegmentsMemberbrkr:BsiCalidMember2022-01-012022-09-300001109354us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001109354us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300001109354brkr:MestrelabPreomicsBiognosysAcquisitionsAndMajorityOwnedAcquisitionMember2023-07-012023-09-300001109354us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestIncomeMemberus-gaap:ForeignExchangeForwardMember2022-01-012022-09-30iso4217:EURxbrli:purexbrli:sharesiso4217:CHFbrkr:Segmentiso4217:USDiso4217:USDxbrli:shares
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, 2023

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

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 7, 2023

Common Stock, $0.01 par value per share

138,411,212 shares

 

 


Table of Contents

 

BRUKER CORPORATION

Quarterly Report on Form 10-Q

For the Quarter Ended September 30, 2023

Table of Contents

Page

Part I

FINANCIAL INFORMATION

3

Item 1:

Unaudited Condensed Consolidated Financial Statements

3

Unaudited Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

3

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2023 and 2022

4

Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interests and Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022

5

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022

7

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2:

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

26

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

39

Item 4:

Controls and Procedures

41

Part II

OTHER INFORMATION

42

Item 1:

Legal Proceedings

42

Item 1A:

Risk Factors

42

Item 2:

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

42

Item 5:

Other Information

42

Item 6:

Exhibits

43

Signatures

44

 

2


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,
2023

 

 

December 31,
2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

363.6

 

 

$

645.5

 

Accounts receivable, net

 

 

485.4

 

 

 

472.7

 

Inventories

 

 

916.0

 

 

 

800.1

 

Assets held for sale

 

 

 

 

 

1.4

 

Other current assets

 

 

264.4

 

 

 

193.5

 

Total current assets

 

 

2,029.4

 

 

 

2,113.2

 

Property, plant and equipment, net

 

 

527.0

 

 

 

487.0

 

Goodwill

 

 

561.1

 

 

 

457.6

 

Intangible assets, net

 

 

291.9

 

 

 

270.9

 

Other long-term assets

 

 

410.2

 

 

 

283.1

 

Total assets

 

$

3,819.6

 

 

$

3,611.8

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt

 

$

121.0

 

 

$

18.7

 

Accounts payable

 

 

181.5

 

 

 

178.4

 

Deferred revenue and customer advances

 

 

381.2

 

 

 

370.2

 

Other current liabilities

 

 

388.6

 

 

 

347.0

 

Total current liabilities

 

 

1,072.3

 

 

 

914.3

 

Long-term debt

 

 

1,098.6

 

 

 

1,200.5

 

Other long-term liabilities

 

 

404.5

 

 

 

365.2

 

Commitments and contingencies (Note 16)

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

17.1

 

 

 

6.1

 

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, 175,826,534 and
   
175,389,586 shares issued and 145,901,313 and 147,023,144 shares outstanding at
   September 30, 2023 and December 31, 2022, respectively.

 

 

1.7

 

 

 

1.7

 

Treasury stock, at cost, 29,925,221 and 28,366,442 shares at September 30, 2023
   and December 31, 2022, respectively

 

 

(1,186.9

)

 

 

(1,085.0

)

Accumulated other comprehensive income (loss), net of tax

 

 

(5.2

)

 

 

14.8

 

Other shareholders’ equity

 

 

2,399.2

 

 

 

2,182.3

 

Total shareholders’ equity attributable to Bruker Corporation

 

 

1,208.8

 

 

 

1,113.8

 

Noncontrolling interests in consolidated subsidiaries

 

 

18.3

 

 

 

11.9

 

Total shareholders’ equity

 

 

1,227.1

 

 

 

1,125.7

 

Total liabilities, redeemable noncontrolling interests and shareholders’ equity

 

$

3,819.6

 

 

$

3,611.8

 

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

3


Table of Contents

 

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,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Product revenue

 

$

615.1

 

 

$

536.6

 

 

$

1,741.8

 

 

$

1,512.8

 

Service and other revenue

 

 

127.7

 

 

 

102.3

 

 

 

368.2

 

 

 

309.5

 

Total revenue

 

 

742.8

 

 

 

638.9

 

 

 

2,110.0

 

 

 

1,822.3

 

Cost of product revenue

 

 

293.0

 

 

 

240.5

 

 

 

823.0

 

 

 

699.6

 

Cost of service and other revenue

 

 

67.0

 

 

 

63.1

 

 

 

204.0

 

 

 

182.9

 

Total cost of revenue

 

 

360.0

 

 

 

303.6

 

 

 

1,027.0

 

 

 

882.5

 

Gross profit

 

 

382.8

 

 

 

335.3

 

 

 

1,083.0

 

 

 

939.8

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

177.6

 

 

 

144.8

 

 

 

518.2

 

 

 

442.7

 

Research and development

 

 

71.3

 

 

 

56.2

 

 

 

211.3

 

 

 

172.4

 

Other charges, net

 

 

9.4

 

 

 

3.0

 

 

 

20.1

 

 

 

23.0

 

Total operating expenses

 

 

258.3

 

 

 

204.0

 

 

 

749.6

 

 

 

638.1

 

Operating income

 

 

124.5

 

 

 

131.3

 

 

 

333.4

 

 

 

301.7

 

Interest and other income (expense), net

 

 

(5.3

)

 

 

(2.0

)

 

 

(30.1

)

 

 

(8.8

)

Income before income taxes, equity in income of unconsolidated
  investees, net of tax, and noncontrolling interests in consolidated
  subsidiaries

 

 

119.2

 

 

 

129.3

 

 

 

303.3

 

 

 

292.9

 

Income tax provision

 

 

30.8

 

 

 

41.2

 

 

 

80.6

 

 

 

93.0

 

Equity in income of unconsolidated investees, net of tax

 

 

0.3

 

 

 

0.3

 

 

 

1.2

 

 

 

0.3

 

Consolidated net income

 

 

88.7

 

 

 

88.4

 

 

 

223.9

 

 

 

200.2

 

Net income attributable to noncontrolling interests in consolidated
   subsidiaries

 

 

0.6

 

 

 

0.3

 

 

 

2.2

 

 

 

1.0

 

Net income attributable to Bruker Corporation

 

$

88.1

 

 

$

88.1

 

 

$

221.7

 

 

$

199.2

 

Net income per common share attributable to Bruker Corporation
   shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

 

$

0.60

 

 

$

1.51

 

 

$

1.34

 

Diluted

 

$

0.60

 

 

$

0.59

 

 

$

1.50

 

 

$

1.33

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

146.6

 

 

 

147.8

 

 

 

146.7

 

 

 

149.1

 

Diluted

 

 

147.3

 

 

 

148.6

 

 

 

147.5

 

 

 

149.9

 

Comprehensive income

 

$

58.0

 

 

$

44.6

 

 

$

203.5

 

 

$

113.7

 

Less: Comprehensive income (loss) attributable to noncontrolling
   interests

 

 

0.3

 

 

 

(0.3

)

 

 

2.9

 

 

 

(0.5

)

Less: Comprehensive loss attributable to redeemable
   noncontrolling interests

 

 

(0.8

)

 

 

(0.6

)

 

 

(1.1

)

 

 

(1.3

)

Comprehensive income attributable to Bruker Corporation

 

$

58.5

 

 

$

45.5

 

 

$

201.7

 

 

$

115.5

 

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

4


Table of Contents

 

BRUKER CORPORATION

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

(in millions, except share data)

 

Redeemable
Noncontrolling
Interests

 

 

 

Number of Common
Shares

 

 

Common
Stock
Amount

 

 

Number of 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, 2022

 

$

6.1

 

 

 

 

147,023,144

 

 

$

1.7

 

 

 

28,366,442

 

 

$

(1,085.0

)

 

$

256.3

 

 

$

1,926.0

 

 

$

14.8

 

 

$

1,113.8

 

 

$

11.9

 

 

$

1,125.7

 

Stock options exercised

 

 

 

 

 

 

34,957

 

 

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

 

 

0.7

 

Restricted stock units vested

 

 

 

 

 

 

18,463

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

(0.1

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.1

 

 

 

 

 

 

 

 

 

4.1

 

 

 

 

 

 

4.1

 

Employee stock purchase plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

0.2

 

Shares repurchased

 

 

 

 

 

 

(315,318

)

 

 

 

 

 

315,318

 

 

 

(22.2

)

 

 

(0.1

)

 

 

 

 

 

 

 

 

(22.3

)

 

 

 

 

 

(22.3

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.4

)

 

 

 

 

 

(7.4

)

 

 

 

 

 

(7.4

)

Biognosys acquisition - other shareholders

 

 

2.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other shareholders of majority-owned acquisitions

 

 

3.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from the sale of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.3

 

 

 

5.3

 

Consolidated net (loss) income

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

76.5

 

 

 

 

 

 

76.5

 

 

 

1.0

 

 

 

77.5

 

Other comprehensive income

 

 

0.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14.8

 

 

 

14.8

 

 

 

0.3

 

 

 

15.1

 

Balance at March 31, 2023

 

$

12.0

 

 

 

 

146,761,246

 

 

$

1.7

 

 

 

28,681,760

 

 

$

(1,107.2

)

 

$

261.1

 

 

$

1,995.1

 

 

$

29.6

 

 

$

1,180.3

 

 

$

18.5

 

 

$

1,198.8

 

Stock options exercised

 

 

 

 

 

 

26,265

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

 

 

0.5

 

Restricted stock units vested

 

 

 

 

 

 

2,897

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.1

 

 

 

 

 

 

 

 

 

4.1

 

 

 

 

 

 

4.1

 

Employee stock purchase plan

 

 

 

 

 

 

26,667

 

 

 

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

 

 

1.8

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.4

)

 

 

 

 

 

(7.4

)

 

 

 

 

 

(7.4

)

Biognosys acquisition - other shareholders

 

 

0.2