Bruker Reports First Quarter 2016 Financial Results

BILLERICA, Mass., May 4, 2016 /PRNewswire/ -- Bruker Corporation (NASDAQ: BRKR) today reported financial results for its first quarter ended March 31, 2016.

Bruker's revenues for the first quarter of 2016 were $375.4 million, an increase of 6.2 percent compared to revenues of $353.3 million in the first quarter of 2015.  Excluding a 1.5 percent net positive effect from acquisitions & divestitures, and a 0.9 percent negative effect from changes in foreign exchange rates, Bruker reported year-over-year organic revenue growth of 5.6 percent for the first quarter of 2016, compared to an organic revenue decline of 3.0 percent in the first quarter of 2015. 

First quarter 2016 GAAP earnings per diluted share (EPS) were $0.14, compared to GAAP EPS of $0.04 in the first quarter of 2015.  Bruker reported first quarter 2016 non-GAAP EPS of $0.21, an increase of 50 percent compared to non-GAAP EPS of $0.14 in the first quarter of 2015.  A reconciliation of GAAP to non-GAAP financial measures is provided in the financial tables accompanying this press release.

"We are pleased to report solid organic revenue growth, operating margin expansion and EPS growth in the first quarter of 2016," said Frank Laukien, President & CEO of Bruker.  "Our performance was driven by strong revenue and profitability growth in our BioSpin and CALID Groups.  In the first quarter of 2016, we achieved the acceptance of our first shielded ultra high-field Aeon™ 1 GHz NMR system ahead of schedule, which contributed to our better than expected financial performance.  For the full year 2016, we see a mix of opportunities and demand challenges.  We remain committed to our ongoing margin expansion and EPS growth, and our full year 2016 outlook remains unchanged."

2016 Financial Outlook

Bruker expects organic revenue growth of approximately 3 percent compared to the year 2015.  The Company expects to increase its 2016 non-GAAP operating profit margin by approximately 100 basis points year-over-year.  Bruker expects non-GAAP earnings per share to be between $0.97 and $1.02 in 2016. 

Quarterly Earnings Call

Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters at 4:45 p.m. Eastern Time today. To listen to the webcast, investors can go to http://ir.bruker.com and click on the "Events & Presentations" hyperlink.  A slide presentation that will be referenced during the webcast will be posted to the Company's website shortly before the webcast begins.  Investors can also listen to the earnings webcast via telephone by dialing 1-888-437-2685 or +1-412-317-6702, and referencing "Bruker's First Quarter 2016 Earnings Conference Call".  A telephone replay of the conference call will be available by dialing 1-877-344-7529 or +1-412-317-0088 and entering conference number: 10085054.  The replay will be available beginning one hour after the end of the conference through May 11, 2016.

About Bruker Corporation

For more than 50 years, Bruker has enabled scientists to make breakthrough discoveries and develop new applications that improve the quality of human life.  Bruker's high-performance scientific research instruments and high-value analytical solutions enable scientists to explore life and materials at molecular, cellular and microscopic levels. 

In close cooperation with our customers, Bruker is enabling innovation, productivity and customer success in life science molecular research, in applied and pharma applications, and in microscopy, nano-analysis and industrial applications, as well as in cell biology, preclinical imaging, clinical research, microbiology and molecular diagnostics.  For more information, please visit:  http://www.bruker.com.

Use of Non-GAAP Financial Measures

The non-GAAP financial measures used by Bruker Corporation in this press release and in its earnings webcast are organic revenue growth; non-GAAP gross profit; non-GAAP gross profit margin; non-GAAP operating income; non-GAAP operating margin;non-GAAP profit before tax; non-GAAP tax rate; non-GAAP net income; non-GAAP earnings per share; return on invested capital; and free cash flow.  These non-GAAP measures exclude costs related to restructuring costs, acquisition and related integration expenses, amortization of acquired intangible assets and other costs that are non-recurring in nature. There are limitations in using non-GAAP financial measures as they are not prepared in accordance with U.S. generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies.

We believe that the non-GAAP financial measures provide useful and supplementary information to investors regarding our quarterly and annual performance.  It is our belief that these non-GAAP financial measures are particularly important as Bruker implements restructuring initiatives to expand operating margins.  The financial impact of these activities, particularly restructuring activities, can be large and may adversely affect the comparability of our results from period-to-period.  We define free cash flow as net cash provided by operating activities less additions to property, plant, and equipment.  We believe free cash flow is a useful measure to evaluate our business as it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, strategic acquisitions, investments in our business, and repayment of debt.  We define return on invested capital (RoIC) as non-GAAP operating profit after income tax and minority interest divided by average total capital, which we define as debt plus equity minus cash.  We believe that RoIC is an important measure for how effectively the Company invests its capital.

We regularly use non-GAAP financial measures internally to understand, manage, and evaluate our business results and make operating decisions.  We also measure our employees and compensate them, in part, based on such non-GAAP measures.  For the same reasons, we also use this information for our forecasting activities.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.  The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial measures.  They are limited in value because they exclude charges that have a material effect on our reported results and, therefore, should not be relied upon as the sole financial measures to evaluate our financial results.  Investors are encouraged to review the reconciliation of the financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release. 

Forward Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, risks and uncertainties relating to adverse changes in conditions in the global economy and volatility in the capital markets, the integration of businesses we have acquired or may acquire in the future, our ability to successfully implement our restructuring initiatives, changing technologies, product development and market acceptance of our products, the cost and pricing of our products, manufacturing, competition, dependence on collaborative partners and key suppliers, capital spending and government funding policies, changes in governmental regulations, realization of anticipated benefits from economic stimulus programs, intellectual property rights, litigation, exposure to foreign currency fluctuations and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2015 and subsequently filed Quarterly Reports on Form 10-Q. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.

-tables follow-

SOURCE Bruker Corporation

Related Links

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