Bruker reports Q4 and full year 2023 financial results

Bruker Corporation announced financial results for its fourth quarter and for the full year ended December 31, 2023.

Bruker’s President and CEO Frank Laukien commented: “Bruker’s transformation into a fast-growth company is on track after three consecutive years of double-digit organic revenue growth. Remarkably, in 2023 our industry-leading 14.5% organic revenue growth included double-digit growth from each of our four groups. For the full year 2023, we also delivered 10.3% non-GAAP EPS growth, while investing significantly in R&D, capacity and productivity. This shows the resiliency of our innovation model and exemplifies our focus on disciplined entrepreneurialism.”

Dr Laukien continued: “Demand for our innovative and differentiated products and solutions has remained solid, as Bruker emerges as a leader in the post-genomic era – a powerful new secular growth trend. For fiscal year 2024, we again expect to achieve well above-market organic revenue and non-GAAP EPS growth.”

Fourth quarter (Q4) 2023 financial results
Bruker’s revenues for Q4 2023 were $854.5 million, an increase of 20.6% compared to $708.4 million in Q4 2022. In Q4 2023, revenues increased 15.9% organically yoy. Growth from acquisitions was 2.7%, while foreign currency translation had a positive effect of 2.0%.

Q4 2023 Bruker Scientific Instruments (BSI) revenues of $783.6 million increased 20.2% yoy, with organic revenue growth of 15.5%. Q4 2023 Bruker Energy & Supercon Technologies (BEST) revenues of $75.2 million increased 27.7% yoy, with organic revenue growth, net of intercompany eliminations, of 20.3%.

Q4 2023 GAAP operating income was $103.5 million, compared to $131.0 million in Q4 2022. Non-GAAP operating income was $154.5 million in Q4 2023, compared to $148.9 million in Q4 2022. Bruker’s Q4 2023 non-GAAP operating margin was 18.1%, a decrease of ~ 290 basis points from 21.0% in Q4 2022. Q4 2023 pro forma non-GAAP operating margin excluding the PhenomeX acquisition was 20.6%.

Q4 2023 GAAP diluted earnings per share (EPS) were $1.41, compared to $0.66 in Q4 2022. Q4 2023 GAAP EPS included a $0.99 per share gain on the PhenomeX acquisition1. Q4 2023 non-GAAP diluted EPS were $0.70, a decrease of 5.4% compared to $0.74 in Q4 2022. Pro forma non-GAAP diluted EPS excluding the PhenomeX acquisition was $0.80, up 8.1% yoy.

Fiscal year (FY) 2023 financial results
FY 2023, Bruker’s revenues were $2.96 billion, an increase of 17.1% from $2.53 billion in 2022. FY 2023 revenues increased 14.5% organically year-over-year. Growth from acquisitions was 2.2%, while foreign currency translation had a positive effect of 0.4%.

FY 2023 BSI revenues of $2.70 billion increased 17.1% yoy, with organic growth of 14.5%. FY 2023 BEST revenues of $280.7 million increased 18.4% yoy, with organic revenue growth, net of intercompany eliminations, of 14.7%.

FY 2023 GAAP operating income was $436.9 million, compared to $432.7 million in FY 2022. Non-GAAP operating income for FY 2023 was $546.3 million, up 8.0% compared to $505.6 million in FY 2022. Bruker’s non-GAAP operating margin for FY 2023 was 18.4%, a decrease of ~ 160 bps compared to 20.0% in FY 2022. FY 2023 pro forma non-GAAP operating income excluding the PhenomeX acquisition grew 11.9% yoy, and pro forma non-GAAP operating margin excluding the PhenomeX acquisition was 19.1%.

FY 2023 GAAP diluted EPS were $2.90, compared to $1.99 in FY 2022. FY 2023 non-GAAP diluted EPS were $2.58, up 10.3% compared to $2.34 in FY 2022. FY 2023 pro forma non-GAAP diluted EPS excluding the PhenomeX acquisition were up 14.5% yoy.

Return on invested capital (ROIC), a non-GAAP measure, was 20.6% for FY 2023, compared to 24.3% for FY 2022. A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release.

Fiscal year 2024 outlook
Bruker expects FY 2024 revenues of $3.23 to $3.29 billion, or 9% to 11% yoy reported revenue growth, including yoy contributions from:

• Organic revenue growth of 5% to 7%
• Constant exchange rate (CER) revenue growth of 8% to 10%, with M&Acontributions of ~3%
• Foreign currency translation tailwind of ~1%

Bruker expects FY 2024 non-GAAP EPS of $2.71 to $2.76, or 5% to 7% growth yoy.

Bruker’s revenue and non-GAAP EPS guidance are based on foreign currency exchange rates as of January 31, 2024.
MB Bureau