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 March 31, 2025
or
☐ 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: (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 May 2, 2025
Common Stock, $0.01 par value per share
151,531,803 shares
Quarterly Report on Form 10-Q
For the Quarter Ended March 31, 2025
Page
Part I
CONDENSED FINANCIAL INFORMATION
3
Item 1:
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024
Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024
4
Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024
5
Unaudited Condensed Consolidated Statements of Redeemable Noncontrolling Interests and Shareholders’ Equity for the three months ended March 31, 2025 and 2024
6
Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024
7
Notes to Unaudited Condensed Consolidated Financial Statements
8
Item 2:
Management’s Discussion and Analysis of Financial Condition and Results of Operations
30
Item 3:
Quantitative and Qualitative Disclosures About Market Risk
38
Item 4:
Controls and Procedures
Part II
OTHER INFORMATION
39
Legal Proceedings
Item 1A:
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Item 5:
Other Information
40
Item 6:
Exhibits
41
Signatures
42
2
PART I FINANCIAL INFORMATION
ITEM 1.UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
March 31,2025
December 31,2024
ASSETS
Current assets:
Cash and cash equivalents
$
184.2
183.4
Accounts receivable, net
537.8
565.5
Inventories
1,116.5
1,067.8
Other current assets
273.0
236.5
Total current assets
2,111.5
2,053.2
Property, plant and equipment, net
689.0
669.3
Goodwill and intangible assets, net
2,434.6
2,419.8
Other long-term assets
698.0
664.4
Total assets
5,933.1
5,806.7
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and finance lease obligations
37.7
32.5
Accounts payable
244.6
234.1
Deferred revenue and customer advances
470.6
438.2
Other current liabilities
592.0
576.5
Total current liabilities
1,344.9
1,281.3
Long-term debt
2,076.1
2,061.8
Other long-term liabilities
660.9
648.4
Redeemable noncontrolling interests
18.3
18.1
Total shareholders’ equity
1,832.9
1,797.1
Total liabilities, redeemable noncontrolling interests and shareholders’ equity
The accompanying notes are an integral part of these condensed consolidated financial statements.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
Three Months EndedMarch 31,
2025
2024
Product revenue
643.3
586.9
Service and other revenue
158.1
134.8
Total revenue
801.4
721.7
Cost of product revenue
322.3
291.7
Cost of service and other revenue
87.9
77.2
Total cost of revenue
410.2
368.9
Gross profit
391.2
352.8
Operating expenses:
Selling, general and administrative
225.4
195.3
Research and development
97.1
81.8
Other charges, net
36.9
10.9
Total operating expenses
359.4
288.0
Operating income
31.8
64.8
Interest and other income (expense), net
(6.7
)
6.8
Income before income taxes, equity in income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries
25.1
71.6
Income tax provision
8.7
19.8
Equity in income of unconsolidated investees, net of tax
0.4
0.2
Consolidated net income
16.8
52.0
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries
(0.6
1.1
Net income attributable to Bruker Corporation
17.4
50.9
Net income per common share attributable to Bruker Corporation shareholders:
Basic
0.11
0.35
Diluted
Weighted average common shares outstanding:
151.6
145.2
151.9
145.9
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended March 31,
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation gain (loss) before income taxes
71.3
(79.4
Income tax (benefit) expense on foreign currency translation adjustments
0.5
(2.2
Foreign currency translation gain (loss) after income taxes
70.8
(77.2
Designated hedging instruments:
Gain (loss) on designated hedging instruments before income taxes
(50.7
81.2
Income tax (benefit) expense related to designated hedging instruments
(12.1
19.1
Gain (loss) on designated hedging instruments after income taxes
(38.6
62.1
Pension and other postretirement plans:
Total pension and other postretirement benefit liability adjustments gain (loss) before income taxes
(0.8
0.7
Income tax (expense) benefit related to total pension and other postretirement benefit liability adjustments
(0.2
0.1
Total pension and other postretirement benefit liability adjustments gain (loss) after income taxes
0.6
Total other comprehensive income (loss)
31.6
(14.5
Total Comprehensive income
48.4
37.5
Less: Comprehensive income attributable to noncontrolling interests
0.3
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interests
Total Comprehensive income attributable to Bruker Corporation
47.9
37.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
(in millions, except share data)
RedeemableNoncontrollingInterests
Number of CommonShares Outstanding
CommonStockAmount
Number of TreasuryShares
TreasuryStockAmount
AdditionalPaid-InCapital
RetainedEarnings
AccumulatedOtherComprehensiveIncome (Loss), net of tax
TotalShareholders’EquityAttributable toBrukerCorporation
NoncontrollingInterests inConsolidatedSubsidiaries
TotalShareholders’Equity
Balance at December 31, 2024
151,677,952
1.8
30,778,879
(1,237.2
713.4
2,406.7
(103.5
1,781.2
15.9
Stock options exercised
—
18,771
Restricted stock units vested
24,999
Stock-based compensation
5.2
Employee stock purchase plan
Shares repurchased
(200,731
200,731
(10.0
(0.1
(10.1
Cash dividends paid to common shareholders ($0.05 per share)
(7.7
Proceeds from the sale of (distributions to) noncontrolling interests, net
(0.5
Consolidated net income (loss)
(0.4
(0.3
17.1
Other comprehensive income
30.4
31.0
Balance at March 31, 2025
151,520,991
30,979,610
(1,247.2
719.3
2,416.4
(73.1
1,817.2
15.7
Balance at December 31, 2023
18.7
145,164,826
1.7
282.9
2,323.8
6.0
1,377.2
1,394.6
146,765
3.4
23,051
4.6
(7.3
Loans to noncontrolling interest
(0.9
1.4
52.3
Other comprehensive loss
(13.7
(14.0
Balance at March 31, 2024
17.9
145,334,642
291.1
2,367.4
1,415.3
17.6
1,432.9
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization
50.4
34.7
Deferred income taxes
(22.7
(2.1
Other non-cash expenses, net
11.2
Changes in operating assets and liabilities, net of acquisitions and divestitures
9.3
(63.4
Net cash provided by operating activities
65.0
21.8
Cash flows from investing activities:
Purchases of property, plant and equipment
(26.0
(21.4
Cash paid for acquisitions, net of cash acquired
(1.1
(274.5
Other investing activities, net
1.0
(8.3
Net cash used in investing activities
(26.1
(304.2
Cash flows from financing activities:
Repayments of revolving line of credit
(167.9
Proceeds from revolving line of credit
139.9
268.9
Repayment of long-term debt
(107.2
Proceeds from long-term debt
2.9
Proceeds from issuance of common stock, net
Payment of dividends to common shareholders
Repurchase of common stock
Other financing activities, net
(5.6
Net cash provided by (used in) financing activities
(51.2
151.7
Effect of exchange rate changes on cash, cash equivalents and restricted cash
13.3
(17.6
Net increase (decrease) in cash, cash equivalents and restricted cash
(148.3
Cash, cash equivalents and restricted cash at beginning of period
186.7
491.6
Cash, cash equivalents and restricted cash at end of period
187.7
343.3
Supplemental disclosure of cash flow information:
Restricted cash period beginning balance
3.3
Restricted cash period ending balance
3.5
3.2
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2025
Bruker Corporation, together with its consolidated subsidiaries (Bruker or the Company), develops, manufactures and distributes high-performance scientific instruments and analytical and diagnostic solutions that enable its customers to explore life and materials at microscopic, molecular and cellular levels. Many of the Company’s products are used to detect, measure and visualize structural characteristics of chemical, biological and industrial material samples.
The Company has four reportable segments:
Designs, manufactures and distributes enabling life science tools based on magnetic resonance technology and provides automated laboratory research and development and quality control workflow solutions in a wide range of chemical research fields. Revenues are generated by academic and government research customers, pharmaceutical and biotechnology companies and nonprofit laboratories, as well as chemical, food and beverage, clinical and other industrial companies.
Designs, manufactures and distributes life science mass spectrometry, applied spectrometry and ion mobility spectrometry solutions, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy technologies, provides systems and assays for molecular diagnostics (MDx), biomedical systems/specialty IVD and microbiology, and radiological/nuclear detectors for Chemical, Biological, Radiological, Nuclear and Explosive (CBRNE) detection. Revenues are generated from academic institutions and medical schools; pharmaceutical, biotechnology and diagnostics companies; contract research organizations; nonprofit and for-profit forensics laboratories; agriculture, food and beverage safety laboratories; environmental and clinical microbiology laboratories; hospitals and government departments and agencies.
Designs, manufactures and distributes advanced X-ray instruments, atomic force microscopy instrumentation, advanced fluorescence optical microscopy instruments, analytical tools for electron microscopes and X-ray metrology, defect-detection equipment for semiconductor process control, handheld, portable and mobile X-ray fluorescence spectrometry instruments, spark optical emission spectroscopy systems, chip cytometry products and services for targeted spatial proteomics, multi-omic services, optofluidic and proteomic barcoding platforms, and products and services for spatial genomics research and spatial biology. Revenues are generated from academic institutions, governmental customers, nanotechnology companies, semiconductor companies, raw material manufacturers, industrial companies, biotechnology and pharmaceutical companies and other businesses involved in materials research and life science research analysis.
Develops and manufactures superconducting and non-superconducting materials and devices for use in renewable energy, energy infrastructure, healthcare and high energy physics research. The segment focuses on metallic low temperature superconductors for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research and other applications. Revenues are generated from medical, clinical, pharmaceutical, and aerospace companies as well as other businesses involved in materials research, fusion energy research, high energy physics, renewable energy, and environmental research. BEST also delivers extreme ultraviolet radiation (EUV/XUV) based technologies and solutions to world leading semiconductor companies and research labs.
The unaudited condensed consolidated financial statements represent the consolidated accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements as of March 31, 2025, and December 31, 2024, and for the three months ended March 31, 2025, and 2024, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the financial information presented herein does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement have been included. The results for interim periods are not necessarily indicative of the results expected for any other interim period or the full year.
At March 31, 2025, the Company’s significant accounting policies, which are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, have not changed.
In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-04 – Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This new guidance clarifies the accounting treatment of whether the settlement of convertible debt should be accounted for as an induced conversion or extinguishment of convertible debt. This guidance is effective for annual reporting periods beginning after December 15, 2025. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU No. 2024-03 – Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU No. 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregation of information related to income taxes paid as presented on the Cash Flow Statement. This new guidance is effective for annual reporting periods beginning after December 15, 2024. The Company is evaluating the impact of this adoption on the consolidated financial statements and related disclosures.
During the three months ended March 31, 2025, the Company did not complete any acquisitions. During the year ended December 31, 2024, the Company completed various acquisitions that collectively complemented its existing product offerings of the Company’s existing businesses.
The valuation methodology used to determine the fair value of the identifiable assets acquired and liabilities assumed, unless otherwise noted, is consistent with that described in Note 2, Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
9
2024 acquisitions:
The following table reflects the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2024 acquisitions (in millions):
NanoString Technologies
ELITechGroup
Chemspeed Technologies
Other
Total
Consideration Transferred:
Cash paid
392.6
951.9
175.4
128.9
1,648.8
Cash acquired
(43.4
(8.1
(52.6
Fair value of contingent consideration
13.4
Working capital and other closing adjustments
22.7
26.2
Total consideration transferred, net of cash acquired
392.1
931.2
174.8
137.7
1,635.8
Allocation of Consideration Transferred:
Accounts receivable
30.6
7.0
3.9
58.3
38.8
46.6
31.2
148.2
8.9
3.1
29.1
Property, plant and equipment
36.2
70.4
Other assets
23.1
41.3
17.3
9.7
91.4
Intangible assets:
Technology
54.0
193.3
27.9
42.6
317.8
Customer relationships
38.0
236.3
51.5
8.5
334.3
Backlog
9.4
4.9
14.8
Trade name
14.0
12.3
4.8
34.2
Goodwill
253.5
501.1
127.8
75.6
958.0
Deferred taxes (net)
(100.8
(3.2
(113.2
Liabilities assumed
(90.8
(66.9
(106.7
(43.1
(307.5
Total consideration allocated
10
Acquisitions material to the Company’s financial statements
The table below summarizes information on acquisitions material to the Company’s financial statements in 2024:
Acquisition date
May 6, 2024
April 30, 2024
March 6, 2024
Bruker segment
BSI NANO
BSI CALID
BSI BBIO
Activity of acquired business
End-to-end research solutions in the spatial biology field and provides life-science research solutions for spatial transcriptomics and gene expression analysis which have been critical in enabling scientists and medical researchers to advance vital discovery, translational, and pre-clinical disease research. The acquisition complements the Company's spatial proteomics platform and contributes to further its leadership in the post-genomic era.
Molecular diagnostics, microbiology and biomedical testing equipment. The acquisition expands the segment’s portfolio with the addition of pioneering innovation in molecular diagnostics which combined with the Segment's existing offerings establish Bruker as an innovative and growing infectious disease specialist in the in-vitro diagnostics market.
Automated laboratory research and development and quality control workflow solutions in a wide range of chemical research fields. The acquisition expands the segment’s portfolio in vendor-agnostic scientific software, R&D, and laboratory automation.
Location
Washington, U.S.A.
Various - Primarily Torino, Italy and Washington and Utah, U.S.A.
Füllinsdorf, Switzerland
Acquired interest
100%
Business/technology acquired
Substantially all of the assets and rights associated with the business of NanoString Technologies including the equity interests of the six subsidiaries (collectively, “NanoString”). The Company also assumed certain of its liabilities, including potential liabilities associated with ongoing litigations. Included in the liabilities assumed as of the acquisition date is $44.7M determined in accordance with ASC Topic 450. Refer to Note 20, Commitments and Contingencies for more details on these litigations.
Outstanding share capital of TecInvest S.à r.l, Eliman 1 S.à r.l,, and Eliman 2 S.à r.l, and their 100% interests in 18 subsidiaries (collectively “ELITech” or “ELITech Group”).
Outstanding share capital of Chemspeed Technologies AG and its three wholly owned subsidiaries (collectively “Chemspeed”).
In the acquisitions above, customer relationships and technology intangible assets were the most significant identifiable assets acquired. The fair value of the intangible assets is estimated using a multi-period excess earnings method for customer relationships and a relief from royalty method for technology. For the acquisition of ELITechGroup, the cash flow projections for the customer relationships included significant judgments and assumptions related to customer attrition rates, contributory asset charges, and discount rates and the cash flow projections for the technology included significant judgments and assumptions related to revenue growth rates, royalty rates, obsolescence rates and discount rates.
The following table presents estimated useful life for the acquired intangible assets as determined by the Company:
Chemspeed Technologies (a)
Intangible Asset — Technology
12 years
4 to 14 years
7 years
Intangible Asset — Tradenames
6 years
10 years
Intangible Asset — Customer relationships
15 years
5 to 15 years
The Company believes goodwill to represent future economic benefits of the acquisitions that are not individually identifiable, primarily expected synergies from combining the businesses such as the elimination of surplus facilities and headcount, and the utilization of the Company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services. The Company does not expect the amounts allocated to goodwill for ELITechGroup or Chemspeed to be deductible for tax purposes. The Company expects the amounts allocated to goodwill for NanoString to be deductible for tax purposes.
In the first quarter of 2025, the Company finalized its determination of the fair value of the identifiable assets acquired and liabilities assumed for the Chemspeed acquisition. The Company recorded the provisional determination of the fair value of the
11
identifiable assets acquired and liabilities assumed based on the information available as of the closing of the acquisition for the NanoString and ELITechGroup acquisitions. For NanoString, the Company recorded certain measurement period adjustments relating to the provisional amounts recorded for intangible assets and goodwill relating to updates to the Company’s valuation and other assumptions in the first quarter of 2025 and the fourth quarter of 2024. The related impact to the consolidated statements of operations that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date was a reduction of $0.6 million in amortization expense recorded during the first quarter of 2025. The final fair value of the net assets acquired may result in adjustments to these assets and liabilities, including goodwill.
Other 2024 Acquisitions
During the year ended December 31, 2024, the Company acquired other businesses which were accounted for under the acquisition method that complemented the Company’s existing product offerings.
The following table reflects the consideration transferred and the respective reportable segment for the acquisitions (in millions):
Name of Acquisition
Date Acquired
Segment
TotalConsideration, net of Cash Acquired
CashConsideration
Nion, LLC
January 2, 2024
42.9
37.4
Spectral Instruments Imaging LLC
February 1, 2024
28.8
29.0
Other (In aggregate)
Various
66.0
62.5
For the period from the date of acquisition through December 31, 2024, the revenues and results of operations included in the consolidated financial statements of the Company from the other acquisitions listed in table above were not material, therefore, additional pro forma information combining the results of operations of the Company and these acquisitions have not been included.
The table below summarizes information on certain of the Company’s other acquisitions in 2024:
Designer and manufacturer of high-end electron-optical instruments with diverse applications to the needs of its customers.
Manufacturer of preclinical optical systems for bioluminescent, fluorescent and x-ray imaging to fit the workflows of animal scientists.
Arizona, U.S.A.
Outstanding share capital of Nion, LLC (“Nion”).
Outstanding share capital of Spectral Instruments Imaging, LLC (“Spectral”).
Contingent consideration
Cash consideration is subject to adjustments of up to $23.0 million if certain revenue and non-revenue milestones are achieved through 2026.
Cash consideration is subject to adjustments of up to $10.0 million if certain revenue and EBITDA targets are met through 2025.
The following table presents estimated useful life for the acquired intangible assets for the material other acquisitions in 2024 as determined by the Company:
Nion, LLC (a)
not applicable
14 years
The amortization period for the intangible assets acquired for the Company’s other acquisitions is seven to eleven years for the technology, eleven to fifteen for customer relationships and twelve years for tradenames. The fair values of the trade name and technology of certain acquisitions were not material and were expensed in full during 2024.
The Company believes goodwill to represent future economic benefits of the acquisitions that are not individually identifiable, primarily expected synergies from combining the businesses such as the elimination of surplus facilities and headcount, and the
12
utilization of the Company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services. The Company does not expect the amounts allocated to goodwill to be deductible for tax purposes.
The Company has finalized its valuation of the assets acquired and liabilities assumed related to the Spectral Instruments Imaging LLC and Nion, LLC acquisitions within the measurement period, and no further adjustments will be made.
Results of operations for 2024 acquired businesses
Results from the acquisitions included in the consolidated financial statements of the Company from the acquisition dates through December 31, 2024 include revenues of $259.5 million and pre-tax losses totaling $108.0 million. Pre-tax losses include purchased intangible amortization and step up inventory costs related to the acquisitions as well as acquisition-related expenses, which are recorded within “Other charges, net” in the consolidated statements of operations. Acquisition-related expenses primarily relate to pre-close services, legal and professional services associated with integration activities, and other transaction costs. The tax effect of pre-tax losses incurred will be included in the related jurisdictional tax returns of its subsidiaries.
Supplemental Pro Forma Information
The unaudited pro forma financial information in the table below summarizes the combined GAAP revenue and net income (loss) results of the Company as though the material acquisitions of ELITechGroup and Chemspeed had been completed on January 1, 2024 (in millions):
Year ended December 31, 2024
Before Adjustments
Pro formaAdjustments
After Adjustments
Revenue
3,426.0
Net income (loss)
115.3
(15.7
99.6
The revenue and net income (loss) results for all 2024 acquisitions are included in the consolidated financial statements for the three months ended, March 31, 2025.
NanoString was unable to file its Annual Report on Form 10-K for the year ended December 31, 2023, under the Securities and Exchange Act of 1934, as amended, following NanoString and certain of its subsidiaries filing voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on February 4, 2024. Further, management considers that results of NanoString for the period from October 1, 2023, through May 6, 2024, are unlikely to be meaningful to users of these financial statements given the operations and financial results of NanoString were inherently materially impacted by the bankruptcy declaration. Accordingly, the pro forma financial information does not include the results of NanoString from January 1, 2024, through its acquisition date of May 6, 2024, as the historical financial statements after the quarter ended September 30, 2023 are not meaningful.
The pro forma adjustments that could impact the Company's consolidated net income include the following (in millions):
December 31, 2024
Net increase in amortization and depreciation expense associated with tangible and intangible assets
(2.4
Net increase in interest expense
(13.3
Total pro forma adjustments - net loss
The supplemental pro forma financial information presented above is for illustrative purposes only and does not include the pro forma adjustments that would be required under Article 11 of Regulation S-X for pro forma financial information. This supplemental pro forma financial information is not necessarily indicative of the financial position or results of operations that would have been realized if the NanoString, ELITechGroup and Chemspeed acquisitions had been completed on January 1, 2024. No effect has been given for synergies, if any, that may have been achieved through the acquisitions nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances.
See Note 22, Subsequent Events, for information related to an additional acquisition completed by the Company subsequent to March 31, 2025.
13
As of March 31, 2025, the aggregate amount of equity investments without readily determinable fair value using the measurement alternative is $34.2 million. During the three months ended March 31, 2025, the Company completed one minority investment. Total and cash consideration for the investment was de minimis.
As of December 31, 2024, the aggregate amount of equity investments without a readily determinable fair value using the measurement alternative is $35.6 million. During the year ended December 31, 2024, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):
Name
FinancialStatementClassification
TotalConsideration
NovAliX
July 31, 2024
50.1
34.1
Other minority investments
14.2
64.3
48.3
On July 31, 2024, the Company acquired a minority equity interest in NovAliX a preclinical contract research organization specializing in expert drug discovery services, headquartered in Strasbourg, France. The Company obtained a 30% interest in NovAliX’s common stock in exchange for consideration of EUR 31.5 million (approximately $34.1 million). The Company accounts for its investment in NovAliX using the equity-method of accounting. Concurrent with the transaction, the Company entered into an agreement with the remaining shareholders that provides the Company with the right to purchase, and the shareholders with the right to sell, the remaining ownership of NovAliX for cash at a contractually defined redemption value exercisable beginning in 2029 and ending in 2034. The Company recognized a liability, classified in other long-term liabilities in the consolidated balance sheet, related to the potential obligation to acquire the remaining equity interests if the purchase option is exercised, estimated at EUR 14.4 million (approximately $16.0 million) using the discounted cash flow method.
Refer to Note 11, Interest and other income (expense), net, for information on impairment charges, to write down the carrying value of certain minority investments for the three months ended March 31, 2024 and 2025, respectively.
The following table sets forth the changes in the carrying amount of goodwill (in millions):
1,507.3
Current period additions/adjustments
Foreign currency effect
25.4
1,532.9
14
Intangible Assets
The following is a summary of intangible assets (in millions):
GrossCarryingAmount
AccumulatedAmortization
Net CarryingAmount
Existing technology and related patents (a)
739.4
(310.6
428.8
724.5
(291.3
433.2
558.6
(137.8
420.8
550.6
(125.6
425.0
Trade names (b)
61.8
(17.9
43.9
60.9
(16.1
44.8
16.9
(8.7
8.2
16.5
(7.0
9.5
Intangible assets
1,376.7
(475.0
901.7
1,352.5
(440.0
912.5
For the three months ended March 31, 2025 and 2024, the Company recorded amortization expense of $27.3 million and $16.2 million, respectively, related to intangible assets subject to amortization.
On a quarterly basis, the Company reviews its goodwill and intangible assets to determine if there have been any triggering events that could indicate an impairment. During the three months ended March 31, 2025, the Company recognized a de minimis impairment charge to write off a trade name intangible asset which was no longer in use. The impairment charge is included in other charges, net within the consolidated statements of operations. Refer to Note 10, Restructuring and asset impairments for discussion related to the impairment of intangible and other long-lived assets in connection with the Company’s restructuring plans for the three months ended March 31, 2025.
The following table presents the Company’s revenue by end customer geography for the three months ended March 31 (in millions):
United States
217.4
194.8
Germany
61.1
66.8
Rest of Europe
224.1
178.1
China
101.2
115.7
Rest of Asia Pacific
131.4
107.0
66.2
59.3
The following table presents revenue for the Company recognized at a point in time versus over time for the three months ended March 31 (in millions):
Revenue recognized at a point in time
678.7
608.5
Revenue recognized over time
122.7
113.2
15
As of the three months ended March 31, 2025 and the year ended December 31, 2024 the following balances were associated with revenue (in millions):
Contract assets
109.1
105.2
Contract liabilities (a)
575.9
538.2
Remaining performance obligations (b)
2,072.0
2,090.4
Lease Revenue
The Company’s right to future consideration from reagent purchases under the reagent agreements is allocated to instrument revenue and is recorded as a lease receivable within other current and long-term assets. Agreements that do not meet the criteria to be classified as a sales-type lease are classified as operating leases. Lease revenue is presented in product revenue in the consolidated statements of operations and consisted of less than 2% of total consolidated revenue in each of the three months ended March 31, 2025 and 2024 respectively.
The Company's CEO is the chief operating decision maker. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We exclude from segment expenses and segment operating income (loss) certain corporate-related expenses and certain transactions or adjustments, such as costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, and costs associated with our global information technology transition initiatives. The Company's intersegment sales and transfers are accounted for at discounted market-based prices based on intersegment agreements. The chief operating decision maker uses segment operating income (loss) to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.
16
The following tables present segment results for the three months ended March 31, 2025, and 2024 (in millions):
Three Months EndedMarch 31, 2025
BSI BioSpin
BEST
Revenue from external customers
207.8
280.1
256.6
56.9
Intersegment revenue
2.4
Total segment revenue
803.8
Segment expenses:
Cost of revenue
109.7
117.8
118.9
46.4
392.8
39.0
72.9
69.3
5.3
186.5
22.0
45.3
95.8
Segment operating income
37.1
61.5
128.7
Reconciliation of Total operating income:
Corporate, elimination and other (a)
26.9
Unallocated expenses (b)
70.0
Total consolidated operating income
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries
Three Months EndedMarch 31, 2024
182.8
227.9
240.4
70.6
2.5
73.1
724.2
89.1
93.8
114.0
58.5
355.4
37.0
57.8
63.0
5.7
163.5
22.1
25.2
33.6
81.6
34.6
51.1
29.8
123.7
35.8
17
Refer to Note 6, Revenue for information on revenue by geographical area.
Total capital expenditures and depreciation and amortization by segment are as follows for the periods presented (in millions):
Capital Expenditures:
8.4
6.2
7.6
Corporate
4.7
2.7
Total capital expenditures
26.0
21.4
Depreciation and Amortization:
10.4
9.8
16.7
2.1
2.0
1.3
Total depreciation and amortization
Total assets by segment are as follows (in millions):
Assets:
BSI BioSpin, BSI CALID, BSI NANO & Corporate
5,768.6
5,648.4
204.9
199.8
Eliminations and other (a)
(40.4
(41.5
The Company is unable, without unreasonable effort or expense, to disclose the amount of total assets by the BSI BioSpin, BSI CALID and BSI NANO Segments as well as the Corporate function and further, the Company’s chief operating decision maker does not receive long-lived asset information individually by these reportable segments and Corporate.
The following table sets forth the computation of basic and diluted weighted average common shares outstanding (in millions):
Weighted average common shares outstanding - basic
Effect of dilutive securities:
Stock options and restricted stock units
Weighted average common shares outstanding - diluted
The following common share equivalents have been excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive (amounts in millions of shares):
Stock options
Unvested restricted stock units
18
The components of other charges, net are as follows (in millions):
Acquisition-related expenses, net (a)
4.1
Acquisition-related litigation charges
18.6
Restructuring charges
Information technology transformation costs (b)
3.0
0.8
Other (c)
1.5
10. Restructuring and Asset Impairments
The Company has undertaken restructuring actions impacting the reportable segments at various locations across North America, Europe and Asia. This includes workforce right-sizing actions resulting in severance and transition costs; and costs related to the consolidation of facilities resulting in asset impairment and accelerated depreciation charges.
The following table presents restructuring costs by segment as included within the Company’s consolidated statements of operations (in millions):
Cost of revenues:
1.2
3.7
Total Cost of revenues
2.6
Other charges, net:
5.8
Total Other charges, net
10.2
7.2
19
The following tables set forth the changes in restructuring reserves for the periods reported (in millions):
Severance
Exit Costs
Provisionsfor ExcessInventory
7.7
Cash payments
(4.0
(3.3
Other, non-cash adjustments and foreign currency effect
(1.3
(1.5
9.0
0.0
13.1
9.6
2.8
(9.1
(7.2
(1.9
(2.9
(2.8
8.3
During the three months ended March 31, 2025 and 2024, in connection with the Bruker Cellular Analysis restructuring plan, the Company recorded and accrued severance and termination charges of $0.5 million and $3.9 million respectively, and made payments of $3.0 million and $7.0 million, respectively. In addition, the Company charged $2.8 million to product restructuring costs due to scrapping of expired or expiring inventories during the three months ended March 31, 2024. The Company did not have similar charges during the three months ended March 31, 2025. Refer to Note 12, Restructurings and Asset Impairments of the Annual Report on Form 10K for the year ended December 31, 2024 for further information on this restructuring plan.
The components of interest and other income (expenses), net are as follows (in millions):
Interest income
Interest expense
(13.1
(5.0
Impairment of minority investments
Exchange gains on foreign currency transactions
4.3
Other income (expense)
0.9
The components of provision for income taxes are as follows (in millions):
March 31,2024
Income Tax Provision
Effective Tax Rates (a)
%
27.7
Penalties and Interest (recorded in provision for income taxes for unrecognized tax benefits)
20
The table below summaries unrecognized tax benefits and accrued interest and penalties components (in millions):
Unrecognized Tax Benefits (a)
65.6
63.7
Accrued Interest and Penalties (b)
The Company files tax returns in the United States, which include federal, state and local jurisdictions, and many foreign jurisdictions with varying statutes of limitations. The Company considers Germany, the United States and Switzerland to be its significant tax jurisdictions. The majority of the Company’s earnings are derived in Germany and Switzerland. Accounting for the various federal and local taxing authorities, the statutory rates for 2025 are approximately 30.0% and 20.0% for Germany and Switzerland, respectively. The mix of earnings in those two jurisdictions resulted in an increase of approximately 5.7% from the U.S. statutory rate of 21.0% in the three months ended March 31, 2025.
The Organization for Economic Co-operation and Development introduced its Pillar Two Framework Model Rules (“Pillar 2”), which provides guidance for a global minimum tax. Various countries have either enacted or are in the process of enacting legislation to implement this framework. Our income tax provision for the three months ended March 31, 2025, reflects currently enacted legislation and guidance related to the model rules. This enacted legislation and guidance had an impact on our income tax provision, resulting in an increase to the Company’s effective tax rate of 2.1% for the three months ended March 31, 2025. The Company continues to monitor the countries in which it operates as they enact legislation implementing Pillar 2.
Inventories consisted of the following (in millions):
Raw materials
398.0
388.7
Work-in-process
358.1
348.9
Finished goods
251.1
228.5
Demonstration units
109.3
101.7
Total Inventories
Finished goods include in-transit systems shipped to the Company’s customers for which control has not passed to the customers. As of March 31, 2025 and December 31, 2024, the value of finished goods inventory-in-transit was $64.3 million and $53.6 million, respectively.
Other current assets consisted of the following (in millions):
Unbilled receivables
97.3
93.6
Income and other taxes receivable (note 12)
58.1
34.5
Prepaid expenses
43.7
35.1
Deposits with vendors
31.5
26.1
Interest rate cross-currency swap agreements (note 17)
10.7
Lease receivable
7.9
25.0
28.9
21
The Company’s debt obligations consist of the following (in millions):
2024 term loan agreements:
CHF loan due 2027
165.3
162.1
CHF loan due 2029
CHF loan due 2031 (a)
169.5
165.2
2019 term loan agreement:
USD loan quarterly payments of $3.8 million and balloon payment due December 2026
259.5
263.3
Note Purchase Agreements (NPA – Senior notes):
2024 notes due April 15, 2034 - CHF 50 million 2.56% (a)
56.5
55.1
2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (a)
221.5
215.9
2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (a)
209.1
203.8
2021 notes due December 8, 2031 - CHF 300 million 0.88% (a)
339.1
330.5
2019 notes due December 11, 2029 - CHF 297 million 1.01% (a)
335.7
327.2
2021 notes due December 8, 2031 - EUR 150 million 1.03% (a)
162.2
155.3
CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (b)
27.5
Other loans
14.9
11.9
Unamortized debt issuance costs
(3.1
Total notes and loans outstanding
2,095.7
2,076.8
Finance lease obligations
17.5
Total debt
2,113.8
2,094.3
(37.7
(32.5
Total long-term debt, less current portion
22
Significant borrowings and repayments:
The following table summarizes the Company’s debt borrowings and repayments for the three months ended March 31, 2025 and 2024 (amounts in millions):
March 31, 2024
Proceeds from revolving lines of credit:
2024 Amended and Restated Credit Agreement
2019 Amended and Restated Credit Agreement (a)
Proceeds from revolving lines of credit - Total
Repayments of revolving lines of credit:
Repayments of revolving lines of credit - Total
Proceeds from long-term debt:
Proceeds from long-term debt - Total
Repayment of long-term debt:
USD notes under the 2012 Note Purchase Agreement
(100.0
USD notes under the 2019 Term Loan Agreement
(3.8
CHF notes under the 2024 Term Loan Agreement
(1.8
(3.4
Repayment of long-term debt - Total
Revolving Credit Facility:
As of March 31, 2025, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):
WeightedAverageInterest Rate
Total AmountCommitted byLenders
OutstandingBorrowings
OutstandingLetters ofCredit
TotalAmountAvailable
0.36%
900.0
899.7
Bank guarantees and working capital line
varies
173.4
Total revolving lines of credit
1,073.4
173.7
As of March 31, 2025, the Company was in compliance with the financial covenants of all debt agreements.
23
The Company measures the following financial assets and liabilities at fair value on a recurring basis. The following tables set forth the Company’s financial instruments and presents them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):
Quoted Pricesin ActiveMarketsAvailable(Level 1)
SignificantOtherObservableInputs(Level 2)
SignificantUnobservableInputs(Level 3)
Time deposits and money market funds
Interest rate and cross-currency swap agreements (note 17)
13.9
Forward currency contracts
Total assets recorded at fair value
Liabilities:
Contingent consideration (note 18)
Hybrid instruments liabilities (note 19)
80.2
Equity interest purchase option liability (a)
15.3
Total liabilities recorded at fair value
132.5
19.7
112.8
17.2
45.0
44.6
78.1
128.0
17.7
110.3
24
The Company's major exposures relate to foreign exchange rate, interest rate and commodity price risks. Risk management activities related to these risks are as follows:
Foreign Exchange Rate Risk:
The Company’s exposure to foreign exchange rate risk includes exchange risk as a result of non-U.S. operations having functional currencies other than the U.S. dollar, which is managed by cross-currency interest rate swap agreements and long-term debt designated as net investment hedges. As of March 31, 2025, the Company had several cross-currency interest rate swap agreements that qualify for hedge accounting with a notional value of $129.8 million of U.S. Dollar to Swiss Franc and a notional value of $129.8 million of U.S. Dollar to Euro to hedge the variability in the movement of foreign currency exchange rates on portions of our Euro and Swiss Franc denominated net asset investments.
In addition, the Company has foreign currency exposure at a transaction level, and this is addressed by forward currency contracts for significant exposures, which have not been designated as accounting hedges.
Interest Rate Risk:
The Company’s exposure to interest rate risk relates primarily to outstanding variable rate debt under the U.S. dollar denominated 2019 Term Loan and adverse movements in the related market rates. This exposure is managed as part of a cross-currency interest rate swap which involves the Company paying-fixed receiving-floating. The objective of this designated cash flow hedge is to offset the variability of cash flows on term loan debt interest payments attributable to changes in SOFR, a contractually specified rate. The difference between the interest rate received and paid under the interest rate and cross-currency swap agreements is recorded in Interest and other income (expense), net in the consolidated statements of operations and comprehensive income.
Commodity Price Risk:
The Company has arrangements with certain customers under which it has a firm commitment to deliver copper-based superconductors at a fixed price. In order to minimize the volatility that fluctuations in the price of copper have on the Company’s sales of these commodities, the Company enters into commodity hedge contracts. As commodity contracts settle, gains (losses) related to changes in fair values are included within revenues.
The Company had the following notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements and long-term debt designated as net investment hedges and the respective fair value of the instruments recorded in the consolidated balance sheets as follows (in millions):
Notional (in USD)
Fair Value
Derivatives designated as hedging instruments
Interest rate cross-currency swap agreements
4.4
11.1
(19.1
(17.2
(5.2
1,493.6
(49.3
1,453.0
(8.5
Total derivatives designated as hedging instruments
1,753.1
(54.5
1,716.3
(3.9
Derivatives not designated as hedging instruments
521.2
841.9
432.7
78.6
Total derivatives not designated as hedging instruments
953.9
920.5
5.5
Total derivatives
2,707.0
(52.1
2,636.8
1.6
25
The following is a summary of the gain (loss) included in Interest and other income (expense), net in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):
Three Months Ended March 31,
4.2
Embedded derivatives in purchase and delivery contracts
Derivatives designated as cash flow hedging instruments
1.9
Derivatives designated as net investment hedging instruments
The following is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):
(5.4
(31.1
50.5
(36.5
60.7
18. Contingent Consideration:
The following table sets forth the changes in contingent consideration liabilities (in millions):
Current period additions
Current period adjustments
Current period settlements
(0.7
Changes in fair value subsequent to acquisition are recognized in Acquisition-related expenses, net included in Other Charges, net, in the consolidated statements of operations. Contingent consideration payments in excess of the acquisition date fair value are included in net cash provided by operating activities, and the original acquisition date values are included in net cash provided by (used in) financing activities in the consolidated statements of cash flows.
26
19. Hybrid instruments liabilities:
Related to certain other majority owned acquisitions, the Company entered into agreements with the noncontrolling interest holders that provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining ownerships for cash at contractually defined redemption values.
The following table sets forth the changes in hybrid instruments liability (in millions):
Acquisitions
The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs:
Hybrid Instrument Liabilities
Valuation Technique
Unobservable Input
Range
Weighted Average (a)
Put / Call Options
Option Pricing Model
Revenue Risk Premium
1.6% - 12.6%
10.7%
EBITDA Risk Premium
10.1% - 25.1%
21.6%
In accordance with Accounting Standards Codification (“ASC”) Topic 450, Contingencies, the Company accrues anticipated costs of settlement, damages or other costs to the extent specific losses are probable and reasonably estimable. These accruals are adjusted periodically as assessments change or additional information becomes available.
Litigation and Related Contingencies
The Company’s product offerings include technology that is either developed or acquired, and these intellectual property rights, particularly patents, are a significant part of ongoing product development and differentiation. Lawsuits, claims and proceedings of a nature that claim infringement on patent licenses owned by others are considered normal to the business and may be pending from time to time against the Company. Intellectual property litigation is inherently complex and unpredictable. Although monetary and injunctive relief is typically sought, remedies and restitution are generally not determined until the conclusion of the trial court proceedings and can be modified on appeal. Accordingly, the outcomes of individual cases are difficult to time, predict or quantify.
Loss contingency provisions are recorded if the potential loss from any claim, asserted or unasserted, or legal proceeding related to patents, products and other matters, is considered probable and the amount can be reasonably estimated, or a range of loss can be determined. If the estimate of a probable loss is a range and no amount within the range is more likely, management’s best estimate is represented by the minimum amount of the range. Disclosure is provided when a loss is considered probable, but the loss is not reasonably estimable and when a material loss is reasonably possible but not probable. The outcome of any of these proceedings cannot be accurately predicted, and the ultimate resolution of any of these existing matters, net of amounts accrued in the Company's balance sheet, may have a material adverse effect on the Company's business or financial condition.
Third parties might allege that the Company or its collaborators are infringing their patent rights or that the Company is otherwise violating their intellectual property rights. An adverse outcome in any of these proceedings could result in one or more of the following and have material impact on our business or consolidated results of operations and financial position: (i) loss of patent protection; (ii) inability to continue to engage in certain activities; (iii) payment of significant damages, royalties, penalties and/or license fees to third parties; and, (iv) with respect to products acquired through acquisitions accounted for as business combinations, potentially significant intangible asset impairment charges.
At March 31, 2025, and December 31, 2024, the accrual for several legal matters that are probable and estimable was $96.4 million and $86.0 million, respectively. In management’s opinion, the Company is not currently involved in any legal proceedings other than those specifically identified below, individually or in the aggregate, that could materially adversely impact our operating results and cash flows. Unless included in our legal accrual or otherwise indicated below, a range of loss associated with any
27
individual material legal proceeding cannot be reasonably estimated. While the Company believes it has meritorious defenses for the matters described below, the ultimate resolution of, or increase in accruals for, one or more of these matters in any reporting period may have a material adverse effect on the Company's results of operations and cash flows for that period.
In connection with the Company’s acquisition of PhenomeX Inc. (“PhenomeX”) on October 2, 2023, the Company’s wholly owned subsidiary, Bruker Cellular Analysis, Inc. (“BCA”), was substituted as a party into the existing patent litigation between PhenomeX and AbCellera Biologics Inc (“AbCellera”) related to PhenomeX’s Beacon instruments and Opto products. The University of British Columbia (“UBC”), the owner and licensor to AbCellera of the asserted patents, is a co-plaintiff in the litigation. The plaintiffs’ complaint seeks unspecified damages and injunctive relief.
In connection with the acquisition of NanoString on May 6, 2024, the Company assumed certain of its liabilities, including the liabilities associated with the litigation matters related to NanoString’s GeoMx Digital Spatial Profiler products (the “GeoMx Matter”) and CosMx Spatial Molecular Imager products (the “CosMx Matter”). In the GeoMx Matter, in November 2023, a jury verdict in the U.S. District Court for the District of Delaware was entered in favor of the plaintiffs, 10x Genomics, Inc. (“10x”) and Prognosys Biosciences, Inc. (collectively, the “Plaintiffs”) awarding damages. On December 23, 2024, the Court issued an order upholding the jury’s damages award, plus interest and a damages true-up for GeoMx sales since the November 2023 verdict, while declining 10x’s request for enhanced damages and attorneys’ fees. The Court stated that it would grant 10x’s request for an injunction against GeoMx products in the United States, while noting that the proposed injunction would include a carve out for sales of consumables to the installed base of GeoMx customers. The Court has not yet issued a final judgment. Once a final judgment is issued, the Company intends to appeal the case to the U.S. Court of Appeals for the Federal Circuit and to seek a stay of any injunction that is ordered while the case is being appealed. The CosMx Matter complaint concerns claims by 10x and the President and Fellows of Harvard College (“Harvard”) of patent infringement with respect to CosMx Spatial Molecular Imager products as well as counterclaims against 10x and Harvard for antitrust and unfair competition violations. The CosMx Matter complaint seeks unspecified damages and injunctive relief.
In addition, the Company is subject to regulation by national, state and local government agencies in the United States and other countries in which it operates. From time to time, the Company is the subject of governmental investigations often involving regulatory, marketing and other business practices. These governmental investigations may result in the commencement of civil and criminal proceedings, fines, penalties and administrative remedies which could have a material adverse effect on the Company’s financial position, results of operations and/or liquidity.
At March 31, 2025, the Company did not have any preferred stock issued or outstanding (5,000,000 shares authorized with $0.01 par value).
At March 31, 2025, the Company had 182,500,601 shares issued and 151,520,991 shares outstanding of common stock (260,000,000 shares authorized with $0.01 par value).
Share Repurchase Program
In May 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Repurchase Program”) authorizing the purchase of up to $500.0 million of the Company’s common stock over a two-year period, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. At March 31, 2025, $359.9 million remains available for future purchase under the 2023 Repurchase Program.
During the three months ended March 31, 2025, the Company purchased a total of 200,731 shares at an aggregate cost of $10.0 million under the 2023 Repurchase Program. At March 31, 2025 the Company held 30,979,610 shares of treasury stock at cost.
During the three months ended March 31, 2024, the Company did not purchase any shares under the 2023 Repurchase Program.
In August 2022, the Inflation Reduction Act (“IRA”) was signed into law in the United States. The IRA introduced new tax provisions, including a 1.0% excise tax on stock repurchases. The Company expects additional guidance and regulations to be issued in future periods and will continue to assess its potential impact on its business as further information becomes available. The estimated excise tax on our stock repurchases was de minimis and was recorded in other current liabilities and additional paid in capital for the three months ended March 31, 2025.
Stock-Based Compensation
28
The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of operations and comprehensive income (in millions):
Restricted stock units
Employee Stock Purchase Plan
Total stock-based compensation expense
5.6
In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $0.6 million and $0.5 million in the three months ended March 31, 2025, and 2024, respectively, related to the fair value changes of hybrid instruments associated with the option rights of certain minority shareholders of the Company’s majority owned acquisitions.
At March 31, 2025, the Company expected to recognize pre-tax stock-based compensation expense of $4.0 million associated with outstanding stock option awards granted under the Company's stock plans over the weighted average remaining service period of 2.6 years. The Company also expects to recognize additional pre-tax stock-based compensation expense of $41.7 million associated with outstanding restricted stock units granted under the Company's 2016 Incentive Compensation Plan over the weighted average remaining service period of 2.6 years.
On April 14, 2025, the Company acquired 69.6% of the share capital of RECIPE Chemicals + Instruments GmbH (“RECIPE”) and its majority-owned subsidiary, WoBau GmbH (“WoBau”) for EUR 57.6 million (approximately $65.3 million). RECIPE is a leading provider of vendor-agnostic therapeutic drug monitoring and other clinical in vitro diagnostic kits for liquid chromatography-mass spectrometry systems/mass spectrometry systems, high performance liquid chromatography, and inductively coupled plasma mass spectrometry assays.
Concurrently with the acquisition, the Company entered into an agreement with the noncontrolling interest holder of RECIPE that provides the Company with the right to purchase, and the noncontrolling interest holder with the right to sell the remaining 30.4% of RECIPE based on a contractually defined pricing formula beginning in 2029. These rights may be accelerated based on certain events post-acquisition events. In addition, the agreement provides the Company with the right to purchase the remaining 10.1% of WoBau based on a contractually agreed upon pricing formula beginning 10.5 years after the acquisition.
29
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion of our financial condition and results of operations should be read in conjunction with our interim unaudited condensed consolidated financial statements and the notes to those statements included in Part 1, Item 1 of this Quarterly Report on Form 10-Q, and in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2024.
Any statements other than statements of historical fact contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Quarterly Report on Form 10-Q may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Without limiting the foregoing, the words “believe,” “anticipate,” “plan,” “expect,” “seek,” “may,” “will,” “intend,” “estimate,” “should” and similar expressions are intended to identify forward-looking statements.
Forward-looking statements include, but are not limited to, statements regarding:
Actual results may differ from those referred to in any forward-looking statements due to a number of factors, including, but not limited to, the risks described in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and in this Quarterly Report on Form 10-Q. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law.
We can experience quarter-to-quarter fluctuations in our operating results as a result of various factors, some of which are outside our control, such as:
Several of these factors have in the past affected and may continue to affect the amount and timing of revenue recognized on sales of our products and receipt of related payments and will likely continue to do so in the future. Accordingly, our operating results in any particular quarter may not necessarily be an indication of any future quarter’s operating performance.
OVERVIEW
We are a developer, manufacturer and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels. Our corporate headquarters are located in Billerica, Massachusetts. We maintain major research and development and manufacturing centers in Europe, Asia and North America and we have commercial offices located throughout the world. Bruker is organized into four reportable segments: the Bruker Scientific Instruments (BSI) BioSpin Segment, the BSI CALID Segment, the BSI NANO Segment and the Bruker Energy & Supercon Technologies (BEST) Segment.
Consolidated Results
The following table presents a summary of our consolidated results as of the three months ended March 31, 2025 and 2024 (dollars in millions):
GAAP Financial Measures:
Revenue year-on-year Growth Rate
11.0
Gross Profit
Gross Profit Margin
48.8
48.9
Operating Income
Operating Income Margin
4.0
Non-GAAP Financial Measures (see 'Non-GAAP Measures' below):
Non-GAAP Constant-exchange rate (CER) currency revenue
811.8
722.7
Non-GAAP Constant-exchange rate (CER) currency revenue year-on-year growth rate
12.5
Non-GAAP Organic Revenue
742.6
696.4
Non-GAAP Organic Revenue year-on-year growth rate
Non-GAAP Gross Profit
410.9
369.4
Non-GAAP Gross Profit Margin
51.3
51.2
Non-GAAP Operating Income
100.7
Non-GAAP Operating Income Margin
12.7
Non-GAAP Free Cash Flow
Discussion of GAAP financial measures follows in the Results of Operations paragraphs.
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Non-GAAP Financial Measures
Uses and definitions:
Although our unaudited condensed consolidated financial statements have been prepared in accordance with GAAP, we believe that describing revenue excluding the effects of foreign currency, and expenses excluding costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology transition initiatives, and other costs (“non-GAAP adjustments”), provides meaningful supplemental information regarding our performance but should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. We rely internally on certain measures that are not calculated according to GAAP. These measures include constant exchange rate (“CER”) currency revenue growth, organic revenue growth, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating margin, and free cash flow.
Our management believes that these financial measures provide relevant and useful information that is widely used by equity analysts, investors and competitors in our industry, as well as by our management, in assessing both consolidated and business unit performance and are useful measures to evaluate our continuing business. Additionally, management believes 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 which is available for, among other things, investments in our business, acquisitions, share repurchases, dividends and repayment of debt.
We regularly use these 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 and use this information for our planning and forecasting activities. These measures may also be useful to investors in evaluating the underlying operating performance of our business. The presentation of these non-GAAP financial measures is not intended to be a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and it may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies.
We define our non-GAAP financial measures as follows:
Reconciliations of GAAP to Non-GAAP financial measures:
The amounts listed below are in millions of dollars. Where relevant, we have also included the associated percentage margins.
GAAP revenue to non-GAAP CER currency revenue:
GAAP revenue
Effect of changes in foreign currency translation rates
(10.4
(1.0
Non-GAAP CER currency revenue
GAAP Revenue growth rate
Non-GAAP CER currency revenue growth rate
The increase in non-GAAP CER revenue growth was driven primarily by higher growth in industrial and biopharma markets, and revenue from acquisitions.
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GAAP revenue to non-GAAP Organic revenue:
Non-GAAP adjustments:
Acquisitions and divestitures
69.2
26.3
Non-GAAP Organic revenue
Non-GAAP Organic revenue growth rate
The increase in non-GAAP organic revenue growth was driven primarily by higher growth in industrial and academic and government markets, which included one ultra-high field NMR system.
GAAP Gross Profit to non-GAAP Gross Profit:
Restructuring costs
Acquisition-related costs
2.3
Purchased intangible amortization
7.8
Other costs
Non-GAAP gross profit
Non-GAAP gross profit margin for the three months ended March 31, 2025 was at consistent levels with the non-GAAP gross profit margin for the three months ended March 31, 2024.
GAAP Operating income to non-GAAP Operating income:
8.6
7.1
27.3
16.2
2.2
5.4
Non-GAAP operating income
The decrease in our non-GAAP operating margins in 2025 was primarily due to the impact from the NanoString acquisition.
GAAP Net operating cash flow to non-GAAP Free cash flow:
Less: purchases of property, plant and equipment
Free cash flow
For the three months ended March 31, 2025, our free cash flow was $38.6 million higher than the same period in 2024, primarily due to lower acquisition-related expenses and related working capital requirements.
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RESULTS OF OPERATIONS
Three Months Ended March 31, 2025, compared to the Three Months Ended March 31, 2024.
The following table presents our results for the periods presented (dollars in millions):
DollarChange
PercentageChange
56.4
23.3
79.7
10.5
38.4
30.1
15.4
238.5
71.4
24.8
(33.0
(50.9
)%
(13.5
(198.5
(46.5
(64.9
(11.1
(56.1
100.0
(35.2
(67.7
(1.7
(154.5
(33.5
(65.8
The following table presents revenue, change in revenue, and revenue growth by reportable segment for the periods presented (dollars in millions):
13.7
52.2
22.9
6.7
(13.8
(18.9
Eliminations (a)
(2.5
Revenue increases, compared to the year ago quarter, were driven primarily by the impact of our 2024 acquisitions and by growing demand for our differentiated instruments and solutions. For the three months ended March 31, 2025, the BSI BioSpin Segment recorded significant revenue from the sale of one GHz-class NMR system, and growth from the Chemspeed acquisition. The increase in revenue in the BSI CALID Segment for the three months ended March 31, 2025, relates primarily to the ELITechGroup acquisition and modest revenue growth across industrial and biopharma segments. The BSI NANO Segment revenue increase for the three months ended March 31, 2025, was driven by the NanoString acquisition.
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Geographically in the three months ended March 31, 2025, our North American revenue grew 10.0%, compared to the year ago quarter, primarily from the ELITechGroup and NanoString acquisitions that occurred in the second quarter of 2024. In addition, Asia Pacific revenue increased by 4.4%, and European revenue increased by 16.5% compared to the same period in 2024, which were also driven primarily by 2024 acquisitions.
The following table presents gross profit and gross profit margins by reportable segment for the three months ended March 31, 2025 and 2024 (dollars in millions):
Percentage ofSegmentRevenue
93.7
45.1
92.0
50.3
153.3
54.7
129.8
57.0
115.9
48.2
12.8
21.6
15.1
20.7
Total gross profit
The increase in gross profit and slight decrease in gross profit margin, compared to the prior year quarter, were both driven primarily by the impact of the ELITechGroup and NanoString acquisitions that occurred in 2024.
Selling, General and Administrative
Our selling, general and administrative expenses for the three months ended March 31, 2025, increased to 28.1% of total revenue, from 27.1% of total revenue for the comparable period in 2024. The increase as a percentage of revenue was a result of increased spending related to additional headcount and personnel expenses from our 2024 acquisitions.
Research and Development
Our research and development expenses for the three months ended March 31, 2025, increased to 12.1% of total revenue from 11.3% of total revenue for the comparable period in 2024. The increase as a percentage of revenue is a result of our increased investment in research and development capabilities, and the mix of research and developments costs from 2024 acquisitions.
Other Charges, Net
Other charges, net for the three months ended March 31, 2025, increased to $36.9 million compared to $10.9 million for the comparable period in 2024. The year over year increase was primarily due to $18.6 million of acquisition-related litigation charges that primarily relate to the acquisitions of BCA and NanoString, $7.6 million of restructuring charges related primarily to restructuring programs as described in Note 10, Restructuring and asset impairments, as well as an increase of $2.1 million in acquisition-related expenses due to costs from 2024 acquisitions. Please refer to Note 9, Other Charges, net for more details on our other charges, net costs.
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The following table presents operating income and operating margins on revenue by reportable segment for the periods presented (dollars in millions):
OperatingIncome (Loss)
23.7
11.4
40.2
14.4
41.1
18.0
(2.7
10.8
4.5
6.9
11.6
8.1
Corporate, eliminations and other (a)
(32.0
(26.4
Total operating income
The decrease in operating income was primarily due to the NanoString and Chemspeed acquisitions. The decrease in operating margin was primarily due to the ELITechGroup, NanoString, and Chemspeed acquisitions.
Interest and Other Income (Expense), Net
The increase in interest and other income (expense), net in the three months ended March 31, 2025, as compared to the same period in 2024 was primarily due to higher interest expense of $13.1 million due to increased borrowings.
The effective tax rates for the three months ended March 31, 2025, and 2024 were 34.7% and 27.7%, respectively. The increase in the Company's effective tax rate was primarily due to changes in jurisdictional mix and net unfavorable discrete activities.
LIQUIDITY AND CAPITAL RESOURCES
Cash flows
We anticipate that our existing cash and credit facilities will be sufficient to support our operating and investing needs for at least the next twelve months. Our future cash requirements could be affected by acquisitions that we may complete, purchases of our common stock or the payment of dividends in the future. Historically, we have used the liquidity generated from cash flow from operations, debt financings and issuances of common stock to finance our growth and operating needs. In the future, there are no assurances that we will continue to generate cash flow from operations or that additional financing alternatives will be available to us, if required, or, if available, will be obtained on terms favorable to us.
We aggregate all bank accounts that are subject to our notional cash pooling arrangement into a single balance on our consolidated balance sheets. Our notional cash pooling arrangement is managed by a third-party financial institution and as of March 31, 2025, it was in a positive position. The cash and cash equivalent balance held outside of the United States in our foreign subsidiaries was primarily located in the Netherlands, Switzerland, and Hong Kong.
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The following table presents our cash flows from operating activities, investing activities and financing activities for the periods presented (in millions):
Net cash provided by operating activities during the three months ended March 31, 2025, resulted primarily from consolidated net income adjusted for non-cash items of $55.7 million, and a change in operating assets and liabilities, net of acquisitions of $9.3 million. Net cash provided by operating activities during the three months ended March 31, 2024, resulted primarily from net income adjusted for non-cash items of $85.2 million, partially offset by a change in operating assets and liabilities, net of acquisitions and divestitures of $63.4 million.
The decrease in consolidated net income adjusted for non-cash items was primarily due to lower income as result of unfavorable margin mix and increased costs related to 2024 acquisitions.
In the first quarter of 2025, the change in operating assets and liabilities was not significant in the context of our working capital. In the first quarter of 2024, the net decrease in operating assets and liabilities was primarily attributable to an increase in inventory balances.
Net cash used in investing activities during the three months ended March 31, 2025, resulted primarily from purchases of property, plant and equipment of $26.0 million. Net cash used in investing activities during the three months ended March 31, 2024, resulted primarily from acquisitions of $274.5 million, purchases of property, plant and equipment of $21.4 million, and minority investments of $10.0 million.
Net cash used in financing activities during the three months ended March 31, 2025, was primarily from net repayments of our revolving line of credit of $28.0 million, repayments of long-term debt of $7.7 million, and cash paid for purchases of common stock under our repurchase program of $10.0 million, offset by proceeds from long-term debt of $2.9 million. Net cash provided by financing activities during the three months ended March 31, 2024, was primarily from cash received from the revolving line of credit of $268.9 million, offset by cash paid for repayment of the 2012 Note Purchase Agreement of $100.0 million, repayment of long term debt of $3.4 million, and dividend payments of $7.3 million.
During the three months ended March 31, 2025, the Company purchased a total of 200,731 shares at an aggregate cost of $10.0 million under the 2023 Repurchase Program. During the three months ended March 31, 2024, the Company did not purchase any shares under the 2023 Repurchase Program. Refer to Note 21, Shareholder's Equity, in the Notes to our Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for more information on our share repurchase program.
Credit Facilities
As of March 31, 2025, we have total outstanding debt of $2.1 billion and a revolving credit facility that provides for up to $900.0 million of backup liquidity to finance working capital needs, refinance or reduce existing indebtedness, and for general corporate use. In addition, the facility provides for an uncommitted incremental facility whereby, under certain circumstances, we may, at our option, increase the amount of the revolving facility or incur term loans in an aggregate amount not to exceed $400 million. As of March 31, 2025, we were in compliance with all covenants of our debt agreements.
For a summary of the fair and carrying values of our outstanding debt as of March 31, 2025, and December 31, 2024, refer to Note 15, Debt and Note 16, Fair Value of Financial Instruments to our unaudited condensed consolidated financial statements included in this report. For additional information on our outstanding debt and credit facility refer to Note 21 Debt, to our unaudited condensed consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024.
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES
There have been no material changes to our critical accounting policies and estimates since December 31, 2024. Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of our critical accounting policies.
RECENT ACCOUNTING PRONOUNCEMENTS
Information regarding recent accounting standard changes and developments is incorporated by reference from Part I, Item 1, Unaudited Condensed Consolidated Financial Statements, of this document and should be considered an integral part of this Item 2. Refer to Note 2, Recent Accounting Pronouncements in the Notes to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for recently adopted and issued accounting standards.
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information concerning market risk is contained in Item 7A “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2024. As of March 31, 2025, there were no material changes in our exposure to market risk from December 31, 2024 other than the following:
Tariff Risks
During the first quarter of 2025, various tariffs were announced on imports into the U.S. On April 2, 2025, the U.S. announced a new universal baseline tariff of 10%, plus significant additional country-specific tariffs for select trading partners, on all U.S. imports. The reciprocal country-specific tariffs were subsequently paused for 90 days on most countries. The imposition of the baseline 10% tariff will increase our costs of goods sold. We are conducting an internal review and are assessing how the increased reciprocal tariffs may affect operating profitability, business operations, and strategies to mitigate potential cost increases.
ITEM 4.CONTROLS AND PROCEDURES
We have established disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)) that are designed to ensure that material information relating to us, including our consolidated subsidiaries, is made known to our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) by others within our organization. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of March 31, 2025. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2025.
Management concluded that the unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q fairly state, in all material respects, our financial condition, results of operations and cash flows for the periods presented in conformity with GAAP.
Changes in Internal Controls over Financial Reporting
There have been no changes in our internal control over financial reporting during the three months ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
We are involved in lawsuits, claims, and proceedings, including, but not limited to, patent, customer, labor and employment and commercial matters, which arise in the ordinary course of business. As of March 31, 2025, other than as disclosed in Note 20, Commitments and Contingencies in the Notes to our Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, the Company is not party to any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company or any of its subsidiaries is a party or of which any of their property is the subject. However, the outcome of any of these proceedings cannot be accurately predicted, and the ultimate resolution of any of these existing matters may have a material adverse effect on the Company's business or financial condition.
In addition, we are subject to regulation by national, state and local government agencies in the United States and other countries in which we operate. From time to time, we are the subject of governmental investigations often involving regulatory, marketing and other business practices. These governmental investigations may result in the commencement of civil and criminal proceedings, fines, penalties and administrative remedies which could have a material adverse effect on our financial position, results of operations and/or liquidity.
ITEM 1A.RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, financial condition or future results. The risks described in this report and in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information about purchases made by or on behalf of the Company or any “affiliated purchaser”, as defined in Rule 10b-18(a)(3) under the Exchange Act, during the quarter ended March 31, 2025, of shares of our Common Stock.
Period
Total Number of Shares Purchased (1)
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Program (2)
January 1 - January 31, 2025
369,922,324
February 1 - February 28, 2025
49.81
359,922,966
March 1 - March 31, 2025
ITEM 5.OTHER INFORMATION
Director and Officer Trading Arrangements
During the quarter ended March 31, 2025, none of the Company’s directors or officers informed the Company of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as those terms are defined in Regulation S-K, Item 408 except as follows:
On February 18, 2025, Dr. Cynthia Friend, a member of the Company’s Board of Directors, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Dr. Friend’s plan provides for the sale of up to (a) 5,192 shares of the Company’s Common Stock underlying time-based restricted stock units and (b) 4,300 shares of Common Stock underlying stock options granted under an equity compensation plan. Any sales completed by Dr. Friend pursuant to the plan will be made in accordance with the prices and formulas set forth therein. The plan will terminate on the earlier of the date on which all the shares under the plan are sold and December 15, 2025, subject to earlier termination for certain specified events set forth in the plan.
ITEM 6.EXHIBITS
Exhibit No.
Description
31.1*
Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*
Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*
Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*
Inline XBRL Instance Document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 has been formatted in Inline XBRL (included in Exhibit 101)
* Filed or furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 7, 2025
By:
/s/ FRANK H. LAUKIEN, PH.D.
Frank H. Laukien, Ph.D.
President, Chief Executive Officer and Chairman
(Principal Executive Officer)
/s/ GERALD N. HERMAN
Gerald N. Herman
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
/s/ THOMAS BURES
Thomas Bures
Chief Accounting Officer
(Principal Accounting Officer)