BRKR

It has been about a month since the last earnings report for Bruker (BRKR). Shares have added about 12.5% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Bruker due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Bruker Corporation before we dive into how investors and analysts have reacted as of late. Bruker posted second-quarter 2026 adjusted earnings of 49 cents per share, up 53.1% year over year. The figure beat the Zacks Consensus Estimate of 38 cents by 28.9%. Quarterly revenues rose 5.2% to $838.5 million but missed the Zacks Consensus Estimate of $853.57 million by 2.2%. BSI revenues increased 4.7% year over year to $767.3 million, with organic growth of 2.3%. The segment’s order book rose 10% organically, driven by more than 50% growth in semiconductor orders and more than 20% growth in biopharma bookings. BioSpin revenues edged up 0.2% year over year to $195.7 million. CALID revenues rose 8.6% to $310.3 million, while Nano revenues increased 3.6% to $261.3 million. BEST revenues climbed 11.9% to $74.2 million, with organic growth of 8.9%, net of intercompany eliminations. Adjusted gross margin expanded 350 basis points year over year to 52.1%. Non-GAAP operating margin widened 510 bps to 14.1%, with adjusted operating income rising 64.6% to $118.5 million. Bruker delivered about $30 million of cost savings in the quarter and remains on track for more than $140 million of annualized savings in 2026. GAAP results included a $134.9 million non-cash goodwill impairment charge, contributing to a GAAP operating loss of $65.3 million. Bruker now expects 2026 revenues of $3.54-$3.57 billion, representing 3%-4% reported growth. Organic growth remains projected at 1%-2%, while the foreign-currency tailwind is now expected at 0.5%, down from 1.5%. Adjusted earnings guidance remains $2.10-$2.15 per share, implying 15%-17% growth. The company still targets 250-300 bps of adjusted operating margin expansion. For the third quarter, management expects organic revenue to be roughly flat to slightly higher, with about $20 million of semiconductor revenue shifting into the fourth quarter. It turns out, fresh estimates have trended downward during the past month. The consensus estimate has shifted -24.1% due to these changes. Currently, Bruker has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors. Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Bruker has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bruker Corporation (BRKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Bruker’s second quarter results prompted a significant negative market reaction, with shares declining sharply following the release. Management identified several factors behind the top-line shortfall, notably the ongoing weakness in U.S. academic and government funding and revenue timing delays in certain deep tech areas, such as semiconductor metrology tools. CEO Frank Laukien described the organic growth as “solid in many life science end markets,” but highlighted that softness in U.S. academic orders, as well as customer-driven delivery timing in semiconductor and energy research, weighed on reported revenues. The team also noted that favorable margin contributions from cost-saving actions and U.S. tariff refunds helped offset some of the revenue headwinds. Is now the time to buy BRKR? Find out in our full research report (it’s free). Revenue: $838.5 million vs analyst estimates of $854.8 million (5.2% year-on-year growth, 1.9% miss) Adjusted EPS: $0.49 vs analyst estimates of $0.38 (27.5% beat) The company dropped its revenue guidance for the full year to $3.56 billion at the midpoint from $3.59 billion, a 0.8% decrease Management reiterated its full-year Adjusted EPS guidance of $2.13 at the midpoint Operating Margin: -7.8%, down from 1.5% in the same quarter last year Organic Revenue rose 2.8% year on year (miss) Market Capitalization: $8.58 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Puneet Souda (Leerink Partners) asked about the accounting and timing of U.S. tariff refunds, and CFO Gerald Herman clarified that most of the benefit was recognized in Q2 and already factored into the full-year guidance. Michael Ryskin (Bank of America) inquired about the lighter-than-expected organic revenue growth and any unusual events in the quarter. CEO Frank Laukien pointed to persistent U.S. academic/government weakness and the impact of currency tailwinds turning to headwinds. Tycho Peterson (Jefferies) pressed for details on margin sustainability and the drivers behind the expected ramp in the fourth quarter. Herman emphasized that strong volume, favorable mix, and ongoing cost savings would drive Q4 margins, with Q3 margins expected to dip due to timing shifts. Subhalaxmi Nambi (Guggenheim) raised concerns about recurring timing dynamics shifting revenue into Q4 and asked about steps to improve visibility. Laukien noted improving order trends and book-to-bill ratios but acknowledged that delivery schedules for deep tech products contribute to revenue variability. Casey Woodring (JPMorgan) asked about the sustainability of strong order growth in security detection and energy research. Laukien said both segments exceeded expectations and appear sustainable, but energy research’s exceptionally high growth rate is not likely to persist at current levels. Looking forward, the StockStory team will be watching (1) the pace at which deep tech backlog, especially semiconductor and energy research tools, converts to revenue, particularly in Q4; (2) progress on additional cost savings and the impact of Bruker’s reorganized operating structure on margins; and (3) signs of stabilization or recovery in U.S. academic/government demand. Execution in these areas will be critical for achieving the company’s profitability and growth targets. Bruker currently trades at $56.26, down from $64.31 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 9:00 a.m. ET Director of Investor Relations - Joe Kostka President and Chief Executive Officer - Frank Laukien Executive Vice President and Chief Financial Officer - Gerald Herman Operator: Good day, and welcome to the Bruker Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to hand the call over to Joe Kostka, Director of Investor Relations. Please go ahead. Joe Kostka: Good morning. I would like to welcome everyone to Bruker Corporation's Second Quarter 2026 Earnings Conference Call. My name is Joe Kostka, and I am the Director of Bruker Investor Relations. Joining me on today's call are our President and CEO, Frank Laukien; and our EVP and CFO, Gerald Herman. In addition to the earnings release we issued earlier today, during today's conference call, we will be referencing a slide presentation that can be downloaded from the Events and Presentations section of Bruker's Investor Relations website. During today's call, we will be highlighting non-GAAP financial information. Reconciliations of our non-GAAP to GAAP financial measures are included in our earnings release and are posted on our website at ir.bruker.com. Before we begin, I would like to reference Bruker's safe harbor statement, which is shown on Slide 2 of the presentation. During this conference call, we will or may make forward-looking statements regarding future events and the financial and operational performance of the company that involve risks and uncertainties, including those related to our recent acquisitions, geopolitical risks, wars or blockades, market demand, tariffs, currency exchange rates, competitive dynamics or supply chains. The company's actual results may differ materially from such statements. Factors that might cause such differences include, but are not limited to, those discussed in today's earnings release and in our Form 10-K for the period ending December 31, 2025, as updated by our other SEC filings, which are available on our website and on the SEC's website. Also, please note that the following information is based on current business conditions and on our outlook as of today, August 4, 2026. We do not intend to update our forward-looking statements based on new information, future events or for other reasons, except as may be required by law, prior to the release of our third quarter 2026 financial results expected in early November 2026. You should not rely on these forward-looking statements as necessarily representing our views or outlook as of any date after today. We will begin today's call with Frank providing an overview of our business progress. Gerald will then cover the financials for the second quarter of 2026 in more detail and comment on our full year 2026 financial outlook. Now I'd like to turn the call over to Bruker's CEO, Frank Laukien. Frank Laukien: Thanks, Joe. Good morning, everyone, and thank you for joining us on today's second quarter 2026 earnings call. We are pleased that Bruker has returned to organic revenue growth in the second quarter and that our focus on cost reductions and profitability improvements resulted in solid margin expansion and non-GAAP EPS growth. Demand for our differentiated products and solutions improved further as our Scientific Instruments segment achieved 10% organic bookings growth year-over-year, a fourth consecutive quarter with a Scientific Instruments book-to-bill ratio above 1.0. Organic bookings in biopharma grew more than 20% in the second quarter, driven by demand for our NMR, x-ray and mass spectrometry solutions. In our academic and medical -- academic medical research business, bookings in Europe and China were up strongly. However, U.S. academic orders still remained weak in Q2. We saw notable Q2 order strength in our deep tech semiconductor tools and energy research technologies with both at over 50% organic order growth year-over-year. In semicon metrology, we sell robust and innovative metrology equipment for chip manufacturers with significant demand increases for high-bandwidth memory and advanced packaging driven by AI scaling. In energy research, we provide unique tools and modules for Fusion energy development and high-energy physics research. These proprietary deep tech capabilities, which also include our Security Detection systems are valuable to have in the portfolio as life science research demand recovers gradually. These deep tech tools tend to have longer delivery times, in some cases, of 9 to 24 months, determined by facility readiness, for example, for a new logic or memory chip wafer fabs or for large-scale fusion development projects. As a result, some of our strong deep tech bookings will benefit our Q4 and then 2027 and even the outer years. We are continuing to take costs out to drive margin expansion and double-digit EPS growth this year and also again in 2027. We have made good progress in the second quarter, realizing more cumulative cost reductions and we are well on track for our stated goal of delivering $140 million of annualized cost savings in 2026. I would like to thank our teams for their very important efforts in this area. Effective as of July 1 of this year, Bruker has adopted a new operating structure that combines our BioSpin, Daltonics and Optics division into a new Bruker Biosystems Group led by Group President, Juergen Srega. The newly merged Biosystems group addresses the growing need for scientific integration in the post-genomic era, which combines complementary life science research workflows into more comprehensive disease biology insights. Across post-genomic drug discovery, multiomics and applied markets, our customers connect structural, molecular and cellular information to understand complex systems biology or advanced materials research. The Biosystems Group brings together NMR, mass spectrometry, FTIR, Raman, preclinical automation software and applications expertise in any of these areas for connected workflows from research to quality control. Examples include metabolomics, RNA characterization or protein analysis, where NMR and mass spectrometry provide important complementary insights or as another example, in battery research, development and battery life cycle QC, where NMR and FTIR characterize electrolytes, electrodes and chemistry. In addition, Bruker Microbiology and Infection Diagnostics, which we sometimes abbreviate as BMID, previously a division within the CALID Group has now been established as a group under the leadership of Dr. Wolfgang Busch. This BMID group has a fast-growing microbiology and infection diagnostics portfolio from microbial identification, molecular diagnostics, hospital hygiene to emerging antimicrobial resistance testing and next-generation sequencing for sepsis and reflex testing. This modified group structure aligns Bruker more closely with markets and our customers. By organizing around connected workflows, we strengthen group level agility and our ability to prioritize investments that deliver innovation with the most impact. Following these changes, Bruker now operates in 4 groups. Bruker Biosystems, Bruker Nano, BMID or Bruker Microbiology and Infection Diagnostics and Bruker Energy and Supercon Technologies, or BEST. This new structure is expected to drive an additional $20 million of cost reductions in fiscal year '27. All right. On to the quarter. Let's turn to Slide 4 now for the P&L performance of the second quarter. Our Q2 '26 reported revenues of $839 million increased 5.2% year-over-year with organic growth of 2.8% or 3.4% organic growth, excluding tariff refunds in the second quarter. The revenue contribution from M&A was 1.5% and constant exchange rate or CER growth was 4.3% and the 0.9% FX revenue tailwind was actually 50 bps lower than originally expected. BSI segment revenues were up 2.3% organically, while BEST achieved organic revenue growth of 8.9% net of intercompany eliminations. Our second quarter '26 non-GAAP gross and operating margins were 52.1% and 14.1%, respectively, both up significantly year-over-year, albeit in comparison to a weak second quarter '25 and including a net U.S. tariff refund benefit that Gerald will describe in a moment. Our second quarter '26 diluted non-GAAP EPS was $0.49, up 53% from $0.32 in the second quarter of '25. Moving to Slide 5. H1 '26 revenues increased by 3.9% to $1.66 billion. First half organic revenue was still a decline of 0.8%, consisting of a 1.4% organic decline in Scientific Instruments and 6.1% organic growth at BEST, net of intercompany eliminations. Our first half '26 non-GAAP gross margin, operating margin and EPS were all up year-over-year and their performance is summarized on Slide 5. Gerald will go into more detail on the drivers shortly. Please turn to Slide 6 and 7, where we highlight the first half '26 performance of our 3 Scientific Instruments groups and of BEST, all in constant currency and year-over-year basis. In the first half of '26, the BioSpin Group revenue was $393 million down mid-single digits percentage year-over-year. BioSpin saw strong revenue growth in hospital clinical and biopharma, offset by weakness in China aca/gov, food testing and automation. NMR preclinical and preclinical imaging had robust order growth, both up double digits in the first half year-over-year. For the first half of '26, CALID Group revenue of $627 million increased in the mid-single-digit percentage, driven by mass spectrometry, including the TOFWERK acquisition. CALID saw strength in biopharma, security detection and European aca/gov, partially offset by weaker revenues in the U.S. First half revenue growth in Molecular Diagnostics was solid, while microbiology was roughly flat. Please turn to Slide 7 now. First half 2026 Bruker Nano revenue was $507 million with a low single-digit percentage decline. Nano saw weakness in aca/gov and industrial markets, while weakness in U.S. aca/gov funding continued to impact spatial biology. This was largely offset by robust strength in semiconductor metrology due to AI-driven orders for memory and advanced packaging metrology tools. Finally, the first half of '26 BEST revenues were up 6%, net of intercompany eliminations with strong growth in the superconductor business and solid revenue growth at Research Instruments, or RI. In the first half, RI secured very strong multiyear orders for Fusion Energy and high-energy physics technologies, and I'll come back to that in a moment. So moving to Slide 8 and 9. On Slide 8, we highlight our semiconductor metrology nanotools, which are now clearly moving the needle for Bruker. I won't go through the technical details but invite you to read those at your convenience. The first half '26 organic order growth was greater than 30% and the first half '26 organic revenue growth was greater than 15%, obviously, somewhat lagging behind order growth. And this business is very profitable. It has about a 30% EBIT margin. Longer lead times in this business, which can be 9 to 24 months, can result in revenue lagging order growth by several quarters. If you go to Slide 9, we touch on our other deep tech areas, our Security Detection on the left and Energy Research on the right. And those 2 businesses also seeing considerable strength. The first half detection orders and revenue were both up approximately 20% year-over-year, whereas, as I just mentioned, our first half research instruments, our energy research, our orders were up well over 100% year-over-year. In general, for perspective, keep in mind that Bruker and our orders tend to lag -- our revenues tend to lag the order trends by a couple of quarters. And for these deep tech areas that I just mentioned, many of them will begin to help our revenue and P&L in Q4 of this year and then very much into '27 and into the outer years. So in summary, in the second quarter, we achieved solid orders in many life science end markets, and we achieved very strong order growth in our so-called deep tech tools. We made further meaningful progress on our cost actions, setting us up for continued margin expansion and EPS growth in fiscal year '26. And we are proactively taking additional cost out steps that are expected to add additional P&L benefits next year. So with that, let me turn the call over to our CFO, Gerald Herman, who will review Bruker's Q2 and fiscal year '26 outlook in more detail. Gerald? Gerald Herman: Thank you, Frank, and thank you, everyone, for joining us today. I'm pleased to provide more detail on Bruker's second quarter and first half 2026 financial performance, starting on Slide 11. In the second quarter of 2026, our results came in at the low end of our expectations on the top line, but meaningfully ahead of expectations on margins and EPS. Our top line results in the second quarter of '26 were unfavorably impacted by U.S. tariff refunds and a stronger U.S. dollar, which translated into less tailwind on revenue in total, approximately 110 basis points. U.S. tariff refunds reduced our organic revenue growth from 3.4% to 2.8%, but strengthened our profitability in the quarter, adding around 200 basis points to the second quarter '26 operating margins year-over-year. Net U.S. tariffs contributed about $0.06 to EPS in the second quarter. Most importantly, we also saw the accumulating impact of our cost-saving actions accelerate in the quarter, together with favorable mix and volume. In the second quarter of '26, Bruker's reported revenue increased 5.2% to $838.5 million, reflecting a pivot to organic growth in the quarter of 2.8% or 3.4% year-over-year, excluding U.S. tariff refunds. Acquisitions contributed 1.5% to our top line, while foreign exchange was a 0.9% tailwind, resulting in constant exchange rate revenue growth of 4.3% year-over-year. Geographically and on a year-over-year organic basis, in the second quarter of '26, our Americas and European revenues both grew approximately 10%, while Asia Pacific revenue declined in the low double-digit percentage, including a low double-digit decline of revenue in China. For our EMEA region, revenue was down low single-digit percentage. BSI organic revenue grew 2.3% in the second quarter of '26 with low single-digit organic growth in CALID and Bruker NANO, partially offset by flat revenue performance in BioSpin. BSI systems revenue was roughly flat and BSI aftermarket revenues were up mid-single digits organically year-over-year. Our BSI segment order book performance was up organically a solid 10% year-over-year, driven by greater than 50% growth in semi and greater than 20% growth in biopharma, partially offset by declines in U.S. aca/gov and food safety. Second quarter '26 non-GAAP gross margin increased 350 basis points to 52.1%. Non-GAAP operating margin was 14.1%, up 510 basis points, driven by our cost-saving actions, positive net U.S. tariff impact and favorable volume mix, partially offset by foreign currency headwinds, as shown on the slide. On a non-GAAP basis, second quarter '26 diluted EPS was $0.49, up 53% rather from the $0.32 in the second quarter of '25. Our non-GAAP effective tax rate was 25% compared to 23.6% in the second quarter of '25. On a GAAP basis, we reported a diluted loss per share of $0.41 compared to GAAP EPS of $0.05 in the second quarter of '25. Our second quarter '26 GAAP results include a noncash goodwill impairment charges of $135 million related to our automation and spatial biology businesses, which continued to experience operating losses. Weighted average diluted shares outstanding in the second quarter of 2026 were 152.8 million, an increase of 1.1 million shares from the second quarter of 2025. Slide 12 shows Bruker's performance for the first half of 2026, which has similar drivers to the second quarter. Turning to Slide 13. In the second quarter of 2026, our operating cash flow improved $50 million year-over-year, driven by improved profitability and the timing of tax and vendor payments in the quarter. Free cash flow improved approximately $43 million on a year-over-year basis. On stronger EBITDA in the second quarter of 2026, our net leverage ratio is now 2.8x as of June 30, 2026. Turning now to Slide 15. Our fiscal year 2026 financial update -- outlook rather, has been updated for foreign currency and effective tax rates only. We now expect a foreign exchange tailwind to revenues of 0.5% rather than 1.5% previously, resulting in reported revenue of $3.54 billion to $3.57 billion and representing reported growth of 3% to 4% compared to fiscal year '25. Organic revenue growth of 1% to 2% year-over-year, which is unchanged and acquisitions are expected to contribute 1.5% to growth also unchanged. We continue to expect non-GAAP operating margin expansion of 250 to 300 basis points year-over-year, largely driven by our cost-saving actions. On the bottom line, we continue to expect non-GAAP EPS for fiscal year '26 in the range of $2.10 to $2.15 or non-GAAP EPS growth of 15% to 17% compared to fiscal year '25, all unchanged as lower headwinds from foreign exchange are broadly offset by higher -- our higher effective tax rate. Other guidance assumptions are listed on the slide. Our fiscal year 2026 ranges have been updated for foreign currency rates as of June 30, 2026. Now some color on the third quarter of '26. We expect approximately $20 million of previously planned third quarter revenue to shift into the fourth quarter, driven by semiconductor customer delivery requirements. This results in Q3 organic revenue to be roughly flat to up slightly year-over-year. On operating margins and EPS in the third quarter, we now expect a slight sequential decrease due to the $20 million semi revenue shift from the third to the fourth quarter and the $0.06 net U.S. tariff EPS benefit previously expected to come into the third quarter being pulled into the second quarter. On a positive note, for the fourth quarter of 2026, we now expect meaningful sequential and year-over-year increases in organic revenue growth, operating margin and EPS due to significantly higher volume and favorable mix in the fourth quarter. To wrap up, Q2 '26 was another solid bookings quarter for Bruker, giving us further confidence in a gradual market recovery in several key markets and geographies. Our cost-saving actions are well on track, positioning us well for significant margin and profitability improvement in fiscal year '26, and we're driving towards further significant margin improvement and double-digit EPS growth also in 2027. With that, I'd like to turn the call over back to Joe. Thank you very much. Joe Kostka: Thanks, Gerald. We will now begin the Q&A portion of the call. Operator? Operator: [Operator Instructions] And our first question will come from Puneet Souda of Leerink Partners. Puneet Souda: First one is on the tariff refund treatment. Some of the peers are calling it as a pass-through with no net impact as these refunds are passed on to the customers. So I just wanted to clarify on the treatment. And what is embedded in the tariff refund in the second half and for the full year guide because you're reiterating it, but it does appear that if we account for the refund that it is a step down. So if you could just clarify those points. Gerald Herman: Puneet, it's Gerald. So on -- with respect to the first question, with respect to the tariff refunds, as you can guess, right, some of those tariff elements were charged to individual customers, and that resulted in a contra revenue element, which is considered in our press release and the materials we provided. With respect to EPS, we've also indicated that, that generated roughly 200 basis points of margin expansion in the quarter for the second quarter. As far as the second half goes, we've already factored that or baked that into our earlier guide numbers. We had just actually assumed that it would be more likely recovered in the third and the fourth quarters, not in the second quarter. So we had a slightly earlier pull forward of that into the second quarter. But overall, that's already been baked into our original guidance model. Puneet Souda: Yes, that's helpful. I'll follow up later. But just maybe one quick one on semi. You're pointing to 50% order growth there, correct me if I'm wrong. But in terms of -- I mean, the visibility into this and the timing of delivery, maybe, Frank, could you double-click? Obviously, this is an end market that is fairly actionable right now, just given the AI demand. What sort of sustainability that you're hearing from the customer end because obviously, these are somewhat separated from the leading AI companies that are driving that demand. So maybe just could you elaborate a bit on the timing of the installs and conversion into revenue? Frank Laukien: Yes. Yes. No, this is -- the orders are remarkable for the first half and even more so in Q2. Of course, there will be some fluctuations. But if anything, it seems to be accelerating as one would expect probably. We think -- and from what we read about others that are more deeply in semiconductor lithography or metrology, we think this is very sustainable this year and next. And then I think the debate is whether it's sustainable at that pace in '28 and beyond. People just don't know yet. But I would think that the visibility of the sector for the next 6 quarters plus seems excellent. That's not necessarily our own data. That's the general what we read from the industry. It is correct that many of these orders as wonderful as they are, and they are absolutely fantastic. They usually have an even longer delivery times than an average NMR or mass spec. So that can easily be 3 to sometimes 6 to 8 quarters. Visibility is very good because those customers are very -- they're like almost like clockwork, right? And they know when they need it for a new wafer fab and so on. So good visibility, but a little bit of a delayed gratification as more of -- some of that comes in, in Q4. As Gerald said, I think we'll have a very strong Q4. And then quite a bit of this goes into next year in terms of revenue and P&L help and even into '28. So great sustainability, great visibility, slightly longer lead times. Operator: The next question comes from Michael Ryskin of Bank of America. Michael Ryskin: I want to just go back to 2Q performance briefly. I'm not sure if you want to talk ex tariffs or including tariffs, but overall organic was still a little bit lighter than we would have expected, especially I think in BSI, we were looking at more something like mid-single digits, especially given the comps. So you touched on academic and government, some other end markets. Again, a lot of that was expected and known. Is there anything unusual that happened in the quarter? Any pushouts or timing? Or just sort of how to think about 2Q relative to your prior assumptions? Frank Laukien: Yes, Mike, thank you. So other than about the combined effect of the tariff refunds on revenue, which was, as you can see, was 60 bps. And there is an additional 50 bps effect from the currency tailwind actually being about 50 bps lower than had been expected because currency rates changed. That will become more pronounced in Q3. In Q3, that currency tailwind is on the revenues line is turning into a currency headwind. So in Q3, that takes out about -- it's not organic, but it takes out about EUR 15 million in revenue independent of the revenue shift that Gerald had explained. But back to Q2 and to your question, so that combined effect was about 110 bps of growth rate. Still on the light side on the revenues and on the organic revenues, -- and the #1 and #2 and #3 reasons our U.S. aca/gov. Our U.S. aca/gov revenues in Q2, which is the result of weak orders in the second half of last year, were down more than $10 million, actually more than $15 million still year-over-year. So as I said earlier, yes, the order -- that just takes a couple of quarters. What you're seeing there right now, that was the biggest weakness in revenue in the second quarter. Michael Ryskin: Okay. And if I could squeeze a follow-up, just, Gerald, maybe for you. The margin ramp through the second half of the year, I mean, obviously, there was the margins came in better in 2Q, but a lot of that was tariffs. If you could just walk us through the margin ramp in 3Q and the rest of the year. I know it's a big second point. So I would love to get some clarity on that. Gerald Herman: Yes. In terms of the -- I mean, I mentioned in my prepared remarks on the third quarter, we are expecting some shift of revenue, particularly related to semi, as Frank was just noting. We got strong orders and some of the revenue because of customer timing is moving to the fourth quarter. In addition, we -- as I mentioned earlier, we did have a shift of what we expected from a tariff perspective of the third quarter into the second. So we have slight -- we think from a margin perspective, we think this is likely going to be somewhat down from what we initially expected. And on the revenue line, we think we're going to be sort of flat to slightly up from an organic perspective in the third quarter. And then, of course, we have a strong expected fourth quarter, significant growth there. There's a bunch of factors related to that. There's the pushout I just described in semi. There's -- we have a much stronger expectation around -- we have an ultra-high field coming into the fourth quarter. We have a number of mix improvements that are much better in that. We have a much higher volume. And as I think you know, we get to a much better story in terms of our overall EPS growth in the fourth quarter. It's shaping up to be a larger fourth quarter than we had expected, likely in around the $1 billion range. We've done this level of revenue growth in the past in the fourth quarter. So I think we just can execute to those levels. And that's our expectation at the moment. Operator: The next question comes from Tycho Peterson of Jefferies. Tycho Peterson: Gerald, I'm going to actually pick up right there on margins. So you mentioned mix. I mean, is there some coming from the pricing actions you took last year coming out of backlog? And then how are you thinking about input costs here going forward? Also, are you backing off the 300 to 350 basis of core margin expansion? You had that in the deck last quarter. I didn't see you reiterate that. And then the incremental cost actions, how do we think about those flowing through into '27? Gerald Herman: Okay. Well, there's a lot there. Let's start in the reverse order. On the cost actions, we're well on track. We're north of the $140 million. Frank mentioned the adoption of a new operating structure for Bruker, and that's going to contribute some more additional savings beyond the $140 million we are planning for in 2026 that will mostly hit in 2027, but still some -- so we're well on track with, I would say, a strong cost-saving actions even going forward beyond what we've already delivered. By the way, just from a cost savings perspective, we have delivered about $30 million in cost saving actions in the second quarter. So we're kind of right on track to where we expect it to be. With respect to the other questions, let's sort of take one at a time here. I think our cadence with respect to the third quarter has just now shifted a little bit further into the fourth. As I said earlier, we have a strong set up in the fourth quarter typically, even seasonally for Bruker, and it appears that we're going to have another one of those as we march into the fourth quarter of '26. The mix story, we are going to get some and continue to get some pricing benefit from adjustments we made in 2025 into '26, including in the fourth quarter. The biggest piece, I'd say, for the fourth quarter performance is really going to be about volume. With the scale that we will deliver in the fourth quarter, I think the volume piece is going to be much more important actually than just the mix elements. But we do expect better mix with respect to semi or ultra-high field and some of our other key businesses are going to perform more strongly in the fourth quarter based on what we see at this stage. Frank Laukien: I think, Tycho, to your operating margin question, if you even look at our Slide 15, so if we haven't been clear enough, yes, that continues to be based -- our guidance continues to be based on an operating margin up 250 to 300 bps reported, including a 50 bps headwind and detailed a little bit on our Slide 15 on the outlook. So that is unchanged. Tycho Peterson: And then on the COGS side, Gerald, just inflationary memory chips, tungsten, et cetera? Gerald Herman: Yes. That seems to be -- I mean, from an energy cost perspective, we've already baked that into the guide earlier. We're not seeing, at least at this stage, any significant pressure there at this point. We are having some supply chain challenges around componentry, mostly in the electronics side. But at this stage, we're pretty comfortable that, that's already been baked into our current guide. Tycho Peterson: Okay. And then, Frank, just in terms of the order book, I appreciate the color on semis. Just can you maybe talk about elsewhere, academic and gov, maybe where you're feeling a little bit better. You talked last quarter about some signs of improvement there. Frank Laukien: Yes. It's -- the U.S. is still weak, as I said. And then -- so we're seeing the encouraging NIH outlays, but they did not yet translate into significant Q2 orders. We will observe what's happening in Q3. And of course, the Q3 budget flush, which seems to be underway, could for us also mean decent Q4 U.S. aca/gov bookings, but we'll see. In Q2 already, the aca/gov orders outside of the U.S., and particularly in the EU was up more than 10% -- and in China, the orders were up more than 20% for aca/gov in Q2. So remember, China was down on revenue, but then on orders, it was up more than 20% in aca/gov. So that's that 6 months delay that you usually see at Bruker. So yes, aca/gov, which I think that really supports the strength of our ASMS mass spec introduction of the new things we can do with our NMRs and of course, our -- even our other spatial biology and other tools or so, the portfolio and I think it's spot on. I think the innovation will have major impact if we only had a little bit more U.S. funding, but maybe that's coming. And where we have funding, it really -- it has a big impact. So that bodes well for aca/gov competitiveness and market shares gains except it's starting right now in Europe and in APAC and China, in particular. Operator: The next question comes from Subbu Nambi of Guggenheim. Subhalaxmi Nambi: Then this will be at least the second year in a row where there is a timing dynamic challenge at the top line and seemingly a push out to Q4 or maybe even 2027. First, can you explain steps you're taking to improve visibility? And second, at Doug's bus tour in May, you indicated that 4% was a good starting point for 2027 revenue growth expectation. Given the timing dynamics, if this revenue gets pushed out to '27, would that be on top of that 4%? Frank Laukien: So Subbu, very good questions. Yes, I mean, what are we doing to increase visibility, strong orders, right? We've had improving orders with better book-to-bill above 1 and pretty good order growth in the Scientific Instruments segment again in Q2 and now 4 orders in a row. That is helping us with visibility. The visibility sometimes, however, is -- and especially in these deep tech orders for Q4 and for next year. So yes, Q4 will -- should have a nice mid-single-digit organic growth rate. So it's a little bit of a roller coaster with Q2 growth and Q4 organic growth in Q1 and Q3 -- Q1 was down. Q3 will be flat to slightly up. But for the year, it's what we're what we've been aiming for and what we've -- what's in our guidance, namely the organic revenue growth of 1% to 2%, which is a transition year admittedly because it comes from a year of '25, where we were declining organically for all the factors that you know. Whether Q4 -- the Q4 growth rate is then whether it is indicative of our '27 growth rate is too early to say. So give us another -- give us a bit more time to see how bookings are, obviously, in Q3 and yes, also in Q4, and then we'll be able to comment on that. We generally believe, of course, in a further growth acceleration in organic growth acceleration in '27 compared to '26, but we cannot quantify that at this time. Subhalaxmi Nambi: And Gerald, I know you kind of explained this on the call on margins. You previously indicated that even with flat top line growth, you would be able to meet margin targets in Q3. You pointed to progress, including facility rationalization, timing and support. Some of it was just structural. What changed? Is it just this product mix? Or -- and do you get this back at some point over the subsequent 1 or 2 quarters? Frank Laukien: I don't think anything changed. Gerald was just talking about sequential. What happened is that the -- we had assumed that we would get the tariff refunds maybe ratably over Q2, Q3, Q4. And remarkably, they came in rather quickly, mostly in June. So that's why our margins, that's why we pointed it out in Q2, our operating margins and our EPS had a greater benefit than we had expected from the tariff refunds coming in faster. We'll still have some in Q3, Q4, but to a lesser extent. So Q3 is still okay also on the margin side. But sequentially, Q2 in a good way, we overshot a little bit because some -- primarily because of these margin -- these tariff refunds that really came in the last half of June, quite honestly, faster than we had expected. We thought the government would slow walk them. They did not. Operator: The next question comes from Luke Sergott of Barclays. Luke Sergott: Just a quick one on the bookings. Just to clear up. So the bookings, were they down quarter-over-quarter? I'm just trying to get a level set of the overall dollar size that you guys had. Frank Laukien: So you mean sequentially? Gerald Herman: Sequentially. Luke Sergott: Yes. Were they down sequentially? Gerald Herman: No. No, they were up sequentially. Frank Laukien: We're scrambling for the numbers, but they were up. Yes. Luke Sergott: Okay. Great. And then as you think about the 4Q step-up here and in light of the strong bookings that you guys have had, how much of that 4Q step over the $1 billion, roughly about that number is already covered in your backlog? Frank Laukien: So it's obviously going to be more than $1 billion, right? You do the math, $1.02 billion to $1.04 billion or something like that. And percentage of that -- a lot of that is in our backlog now. But of course, we also get -- we get some ongoing orders. I don't have a number right now, more than 50% for sure, but I don't have an exact number, probably 2/3. But again, sorry, I do not have a -- you've stumped us twice. We do not have exact numbers for both of your questions. We will, however, when we call you back because we just don't have it at our fingertips. Luke Sergott: All right. That's a bucket list to stump you twice, Frank. I appreciate it. Frank Laukien: Yes. Luke, you're on a roll. More questions. Luke, do you have any other question? I'm sorry to do this to you. Luke Sergott: Yes. So on the -- and just sticking on the guide here as you guys think about the pickup and in the business. But like from a demand perspective, what needs to get better? Is it all on the academic side? Are you seeing continued momentum on the pharma? Anything there from a geography or end market that needs to actually improve for you to realize that back end -- the 4Q guide? Frank Laukien: Quite honestly, almost everything is pretty good now. Applied markets, so food and food analysis is a little weak, but that's small for us anyway. And U.S. aca/gov clearly is the one outlier even with U.S. aca/gov , even if it stayed weak, we'll take a growth step up next year. And if U.S. aca/gov came back at least in a modest way, then obviously, we take a bigger growth step up next year. So more and more areas, biopharma has been great in the last 2 or 3 quarters and again, in Q2. So pharma, biopharma, the tools that we sell into that, timsOmni, timsTOF systems, NMRs, spatial biology, X-ray, it's really all quite good, plus then what you -- what people sometimes call these idiosyncratic growth drivers because they're not -- what we call them deep tech now because they're just not all life science, but they are absolutely terrific. However, with this delayed gratification of them typically having 9, sometimes longer -- 9 months or longer delivery times. And that's driven by the customers, not by our capacity. Gerald Herman: Just on your other question around bookings growth sequentially, it is up, but I'd say it's low single digits up organically from the previous quarter. Frank Laukien: Sequentially. Gerald Herman: Yes. Sequentially. Operator: The next question comes from Casey Woodring of JPMorgan. Casey Woodring: Yes, just a follow-up on the deep tech piece. I appreciate the comments on semi, but you also flagged strong security detection and energy research orders in the first half of the year. I guess is the strength that you're seeing there and the outperformance, was that something you had expected to begin the year? And was that contemplated in the guide? Or is this kind of incrementally better than expected? And then how do you view the sustainability of both of those businesses in terms of demand as we look into 2027, especially on the security side? Frank Laukien: On the security side, that was better than expected, but not hugely better. We expected strong security detection orders but probably not greater than 20%. So it was incrementally better than what we had expected. It seems very -- we have a very good product line there and differentiated products, plus security and defense concerns are not abating. So that looks very sustainable. I think that business for -- as far as I can see or anybody can see, we would expect good growth trends there and with good margins in security detection that started whatever, a couple of years ago, and it's just been getting stronger. So it's incrementally stronger than expected, but partly baked in. A lot of these orders are for things that you deliver to an airport sometime middle of next year. So it doesn't all go into Q2, Q3, Q4. And Energy Research that greatly exceeded in terms of timings and amount that greatly exceeded what we had expected. It's well over 100%. At that level, at that high growth rate, it's not sustainable, but that business is very sustainable because a lot of -- some of these orders are literally for '27, '28 and some go to '29. So they all have very good continuing revenue growth in the foreseeable future. But they've been betting -- I don't know, they've been betting 800 or something instead of the usual batting 400 to use baseball terminology. They've just done really, really well. And their order success rate and win rate has been ahead of their own expectations, and we're delighted. Casey Woodring: Got it. That's helpful. And then maybe just a quick follow-up. Europe grew 10%. Maybe just walk through what you're seeing across the businesses in that region. Frank Laukien: And what region was that? I didn't catch it. Casey Woodring: Europe yes, grew 10%. So just maybe unpack that performance. Frank Laukien: I believe it was healthy on NMR on other BioSpin tools as well, EPR and preclinical imaging. It was healthy on the mass spec offerings. I don't have it but for all the other divisions. It was very healthy also on -- sorry, on molecular diagnostics, our ELITech business is just doing great, and they just keep growing and placing instruments ahead of business plan last year. They thought that might settle a little bit. It hasn't first half booking -- sorry, first half placements in molecular diagnostics. The ELITech business was ahead, well ahead of business plan, and that then bodes very well as the consumables pull-through then builds on that larger installed base. Those were some of the highlights. Gerald Herman: Yes. And I'd just add, biopharma was solid as well in that -- in the quarter in Europe. Frank Laukien: Right. Operator: The next question comes from Dan Arias of Stifel. Daniel Arias: Frank, just a follow-up on your comments around revenue recognition timing tied to the metrology business. What portion of the portfolio falls into that bucket of 6-plus quarters when it comes to acceptance and just hitting the P&L? Just trying to get my hands around on pie charts, et cetera, within that business. Frank Laukien: So okay, the deep tech portfolio is maybe altogether is around 15% of our portfolio. Now I cannot break out how much of that would have 3 or 4 quarters delivery time versus 6 and longer that I can't break out readily. But the deep tech portfolio with a longer delivery times of, let's say, 3 to 6 quarters is about 15% of our portfolio. And that does not include, in this case, we have not 15%, we have not included Supercon Technologies. I guess you could also call that deep tech, but I didn't put that into that bucket. Here, I looked at instruments and systems and modules rather than superconducting wires. So if you Yes. So 15% is deep tech semiconductor metrology, security detection, energy research. But in this case, I did not bundle the Supercon solutions into that, that, of course, they have -- they get these 5- or 7-year framework contracts. That has a very different rhythm. But about 15%, I think, is the question that you're looking for. 15% is probably what you're looking for. Daniel Arias: Okay. Helpful. And then just maybe on input costs, which you guys referenced before, the market for helium is pretty tight again. How much is that a factor for your magnets business at this point? I mean it's been material in the past, but I know that you guys have worked to have those machines be less helium intense than they used to be. So just kind of trying to check in on whether that's something to think about. Frank Laukien: Yes. No, it's something we think about. And of course, there is even blockades and all, right? So it's manageable because we've taken so many proactive steps in recent years. First of all, at our factories and final test sites that use a lot of helium, they really all have helium liquefaction, sorry is the terminology. So we capture all of it and liquefy all of it. And I think we're at 80%, 90% that we liquefy. In addition, many of our newer magnets for the customers and also for our deliveries and installations have considerably lower helium consumption. And we've offered now for some years, we and also some other third-party vendors helium gas capture and recompression, repurification, liquefaction solutions. So more and more of the larger labs are equipped with that. So I'm not saying it's pain-free, but it's been greatly mitigated. And I'd say at the overall financial level, it's not something we need to highlight. It's manageable. Operator: The next question will come from Jack Meehan of Operon Research. Jack Meehan: I wanted to dig a little bit more -- dig more into CALID first. The microbiology business flat year-to-date. Can you just give us an update on what you're seeing in MALDI? Historically, that's been a pretty steady double-digit grower. Are there any regional or competitive dynamics you would call out? Frank Laukien: Jack, so no, I don't think so. I think there's just also some quarterly fluctuations. They ended up getting some very large deals that they'll expect to deliver in Q3 and Q4, for instance, in Latin America and some other places. So I think that's more of a fluctuation. Generally, that instruments business tends to be maybe now a mid, sometimes high single-digit grower, but the aftermarket for that business tends to be in the double-digit grower. So that's also our expectation for the year. Jack Meehan: Great. Okay. And then I appreciate all the color in terms of the cost savings program cadence. I was wondering if you could humor us and just talk about like how you feel about the trajectory on margins into 2027. How much of that we can assume just kind of builds into the next year versus areas you might be looking to reinvest? Frank Laukien: Okay. Well, we're not ready for '27 color or guidance. But yes, we very much intend to again grow our margins well above 100 bps next year as well from our '26 basis. And of course, we're looking for double-digit, hopefully, mid-teens EPS, non-GAAP EPS growth next year as well. As we had said and that, that won't end with '27, we're really on a -- our goal is to drive back towards a 20% EBIT operating margin as quickly as possible and then more gradually move up to the low 20s in EBIT and mid-20s in EBITDA. Gerald Herman: Congrats on Operon. Frank Laukien: One more question, are we -- one more question. Yes. Joe Kostka: Okay. Yes, Operator. We can do one more question. Operator: One more question. Okay. Our next question will come from Brendan Digan of Citi. Albert Hu: This is Albert Hu on for Brendan. I just want to circle back on the 4Q growth. I kind of want to exactly understand what is baked in. We got the $20 million push out from 3Q, the ultra-high field that was originally supposed to be in 2Q, got pushed to 4Q. Am I missing anything here? And can you remind us what -- why exactly they got pushed out in the first place? And then what's the confidence level that it will get pushed out again? Frank Laukien: Okay. So the third item is, of course, that currency has turned this year with Q3 being the switchover point where a revenue currency tailwind turns into a revenue currency headwind. So for the year, as you've seen, that's the FX part that we adjusted in our overall guidance. It's now 0.5% tailwind, and it used to be 1.5% tailwind. And the biggest effect of that is in Q3 and in Q4. So that's not organic. So maybe it's not -- it shouldn't be a concern, but just saying. Q4 growth, yes, mostly the EUR 20 million in deliveries that we -- that I think are shifting from -- that Gerald said are shifting from Q3 to Q4. It's almost all semi. -- simply when the sites are ready, when the customers are ready. And of course, it's a little different in the mix from what we had expected at the beginning of the year. We're a little bit more semi-heavy and faster turning aca/gov. So in the U.S., still weaker than we had expected because monies are coming out later. And the ultra-high field that we are expecting in Q4 revenue, I mean, these things are never guaranteed because we have to install them. But I think our success ratio of delivery and success on installations is greater than 80% -- but don't get hung up on that either. The NMR business always has the ability to make it up. If one slides out, they'll try to fill in something else. So we're pretty comfortable with our strong Q4 guidance at this -- or implied guidance for Q4 at this point. I think that's simply what happens every year. We try to smooth it out a little bit. And then during the year, some customer delays or sometimes technical delays come in. So I think we'll be cool in Q4 and Q4 should be a good quarter and Q3 should be okay, but sequentially not as strong as what we had expected. Operator: This concludes our question-and-answer session. I would like to turn the call back over to Joe Kostka for any closing remarks. Joe Kostka: Thank you for joining us today. Bruker's leadership team looks forward to meeting with you at an event or speaking with you directly during the third quarter. Feel free to reach out to me to arrange a follow-up. Have a good day. Operator: The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect. Before you buy stock in Bruker, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bruker wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* That performance is why people listen. 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Bruker (BRKR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Bruker (BRKR) just updated its 2026 revenue guidance alongside second quarter results, pairing a forecast of US$3.54b to US$3.57b in sales with a sizeable goodwill impairment and a reported quarterly net loss. See our latest analysis for Bruker. The sharp 1 day share price decline of 21.79% left Bruker trading at US$50.30, even though the 1 year total shareholder return is 57.62% and the 5 year total shareholder return is down 38.05%. This points to strong recent momentum but a weaker longer term record. If this earnings reaction has you thinking about where else growth and risk could show up next, it may be worth scanning for other health focused AI opportunities through the 41 healthcare AI stocks Bruker is now trading well below its recent level after the goodwill hit and fresh guidance, so the question is whether that reset already reflects the risks or whether patience could still offer a more attractive entry. Bruker’s most followed valuation narrative points to a fair value of $59.75 per share compared with the latest close at $50.30. That gap is built on specific assumptions about future cash flows and profitability rather than short term sentiment. Read the complete narrative. Curious what sits behind that margin story. The narrative leans on steady revenue increases, a sharp profit swing, and a premium earnings multiple. The exact mix of those inputs is where things get interesting. Result: Fair Value of $59.75 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this Bruker narrative could be knocked off course if research funding stays weak for longer, or if tariff and currency pressures continue to weigh on tool demand. Find out about the key risks to this Bruker narrative. Given the mix of confidence and concern around Bruker right now, it makes sense to review the numbers yourself and move quickly to form your own view with the 3 key rewards and 1 important warning sign. If Bruker has sharpened your focus on where opportunity and risk can show up next, do not stop here. Broaden your watchlist with targeted stock ideas. Spot potential mispricings by reviewing companies that screen as attractively valued through the 52 high quality undervalued stocks. Strengthen your income strategy by checking out businesses that appear in the 7 dividend fortresses. Prioritize resilience by focusing on companies passing the filters in the 82 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BRKR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Bruker (NASDAQ:BRKR) returned to organic revenue growth in the second quarter, posted stronger bookings across its Scientific Instruments business, and maintained its earnings outlook while adjusting guidance for currency and tax changes. Bruker (NASDAQ:BRKR) returned to organic revenue growth, with second-quarter revenue increasing 5.2% to $838.5 million. Scientific Instruments bookings rose 10% organically, with a book-to-bill ratio above 1.0x, pointing to continued order momentum. Non-GAAP EPS increased to $0.49 as operating margins improved despite a GAAP loss driven by a non-cash goodwill impairment charge. Management updated its 2026 outlook for currency and tax impacts while maintaining expectations for double-digit non-GAAP EPS growth. Strong demand in semiconductor tools, biopharma, and energy research helped offset continued softness in U.S. academic research spending. Bruker (NASDAQ:BRKR) reported second-quarter 2026 revenue of $838.5 million, up 5.2% year over year, with organic growth of 2.8%, or 3.4% excluding tariff refunds. The company’s Bruker Scientific Instruments (BSI) segment generated 10% organic bookings growth during the quarter and achieved a book-to-bill ratio above 1.0x, while BSI revenue increased 4.7% to $767.3 million. The Bruker Energy & Supercon Technologies (BEST) segment delivered even faster revenue growth, rising 11.9% to $74.2 million. Profitability improved on an adjusted basis despite a reported GAAP loss. Bruker posted a GAAP operating loss of $65.3 million and a GAAP diluted loss per share of $0.41, primarily reflecting $134.9 million in non-cash goodwill impairment charges. Excluding those and other adjustments, non-GAAP operating income increased to $118.5 million, operating margin expanded to 14.1%, and non-GAAP diluted EPS rose to $0.49 from $0.32 a year earlier. Management also updated its fiscal 2026 guidance to reflect changes in currency and tax assumptions. Bruker now expects full-year revenue between $3.54 billion and $3.57 billion, representing 3% to 4% reported growth with 1% to 2% organic growth, while maintaining its non-GAAP EPS outlook of $2.10 to $2.15. The return to organic revenue growth and double-digit bookings growth in the Scientific Instruments business may indicate improving demand across several of Bruker’s core end markets. Strong orders in semiconductor metrology, biopharma, and energy research suggest the company continues to benefit from investment in advanced research tools and technologies tied to AI-related semiconductor development. At the same time, management noted that U.S. academic demand remained soft, highlighting that the recovery is not yet broad across every customer segment. The significant GAAP loss was driven by a non-cash goodwill impairment rather than operating performance, making margin expansion and higher adjusted earnings important metrics for investors evaluating the underlying business. The decision to maintain the company’s earnings outlook while only adjusting guidance for currency and tax changes may also support confidence in its operating expectations for the remainder of 2026. Investors will be watching whether Bruker can sustain the improvement in Scientific Instruments bookings and convert that demand into stronger organic revenue growth over the coming quarters. Key areas to monitor include recovery in U.S. academic research spending, continued demand from semiconductor and biopharma customers, execution on margin expansion initiatives, and progress toward the company’s full-year targets of $3.54 billion to $3.57 billion in revenue and non-GAAP EPS of $2.10 to $2.15. Bruker Corporation stock price

Interested in Bruker Corporation? Here are five stocks we like better. Second-quarter results improved: Revenue rose 5.2% year over year to $838.5 million, while non-GAAP operating margin expanded to 14.1% and adjusted EPS increased 53% to $0.49. GAAP results included a $135 million non-cash goodwill impairment charge. Bookings strengthened in biopharma and deep-tech markets: Scientific Instruments organic bookings grew 10%, led by more than 20% growth in biopharma, while semiconductor and energy-research orders each increased more than 50%. Management expects much of this demand to convert into revenue from the fourth quarter onward, with larger contributions in 2027 and later. Full-year outlook was maintained: Bruker continues to forecast 1%–2% organic revenue growth, 15%–17% non-GAAP EPS growth and $2.10–$2.15 in 2026 adjusted EPS, supported by $140 million in targeted annualized cost savings. Third-quarter revenue may be roughly flat because semiconductor shipments are shifting into the fourth quarter. Bruker (NASDAQ:BRKR) reported second-quarter revenue growth and expanded profitability as demand improved for scientific instruments, particularly in biopharma and several “deep tech” markets including semiconductor metrology, security detection and energy research. Second-quarter reported revenue increased 5.2% year over year to $838.5 million. Organic revenue rose 2.8%, or 3.4% excluding the effect of U.S. tariff refunds, while acquisitions added 1.5 percentage points to growth and foreign exchange provided a 0.9% tailwind. CEO Frank Laukien said the company had returned to organic revenue growth and recorded its fourth consecutive quarter with a scientific-instruments book-to-bill ratio above 1.0. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Non-GAAP gross margin rose 350 basis points to 52.1%, while non-GAAP operating margin increased 510 basis points to 14.1%. Bruker reported non-GAAP diluted earnings per share of $0.49, up 53% from $0.32 a year earlier. On a GAAP basis, the company reported a diluted loss per share of $0.41, compared with GAAP EPS of $0.05 in the prior-year quarter, reflecting a $135 million non-cash goodwill impairment charge related to its automation and spatial biology businesses. Scientific Instruments organic bookings grew 10% in the second quarter, led by more than 20% growth in biopharma bookings. Laukien said demand for the company’s NMR, X-ray and mass spectrometry offerings supported that performance. Academic and medical research bookings increased strongly in Europe and China, though U.S. academic orders remained weak. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? Bruker also cited particularly strong order growth in semiconductor tools and energy research technologies, with each category posting more than 50% organic order growth year over year during the quarter. The company’s semiconductor metrology business, which serves chip manufacturers, is benefiting from demand for high-bandwidth memory and advanced packaging technologies associated with AI scaling, according to Laukien. During the first half, semiconductor metrology recorded organic order growth of more than 30% and organic revenue growth of more than 15%. Laukien said the business carries an approximately 30% EBIT margin, although revenue conversion can lag bookings because delivery lead times may range from nine to 24 months. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Security detection orders and revenue each increased about 20% in the first half, while energy research orders at Bruker’s Research Instruments business rose well over 100%. Laukien said energy-research order performance exceeded the company’s expectations, but cautioned that such a high growth rate is not sustainable. Some projects are expected to generate revenue in 2027, 2028 and, in some cases, 2029. “These deep tech tools tend to have longer delivery times,” Laukien said, noting that facility readiness for new chip fabrication plants and large-scale fusion projects can influence shipment timing. The company expects some of the strong deep-tech bookings to contribute to fourth-quarter results, with a larger impact anticipated in 2027 and later years. Bruker’s Scientific Instruments segment, or BSI, posted 2.3% organic revenue growth in the second quarter. Within the segment, CALID and Bruker Nano each delivered low-single-digit organic growth, while BioSpin revenue was flat. BSI instrument revenue was roughly flat, while aftermarket revenue increased by a mid-single-digit percentage. For the first half, BioSpin revenue was $393 million and declined by a mid-single-digit percentage. The business saw strong growth in hospital, clinical and biopharma markets, offset by weakness in China, academic and government markets, food testing and automation. CALID revenue rose by a mid-single-digit percentage to $627 million, aided by mass spectrometry and the Softwork acquisition. Bruker Nano revenue was $507 million, down by a low-single-digit percentage as weakness in academic, government and industrial markets was partly offset by semiconductor metrology demand. BEST, Bruker’s Energy & Supercon Technologies business, delivered 8.9% organic revenue growth in the second quarter, net of intercompany eliminations. First-half BEST revenue rose 6%, supported by growth in superconductors and research instruments. Chief Financial Officer Gerald Herman said second-quarter organic revenue growth was reduced by U.S. tariff refunds, which lowered reported organic growth by roughly 60 basis points. However, the refunds benefited profitability, adding about 200 basis points to operating-margin expansion year over year and approximately $0.06 to quarterly EPS. Herman also cited foreign-exchange effects, saying the U.S. dollar was stronger than expected and reduced the anticipated revenue tailwind. The company said second-quarter organic revenue in the Americas and Europe grew by approximately 10%, while Asia-Pacific revenue declined by a low-double-digit percentage, including a low-double-digit decline in China revenue. Bruker said it remains on track to achieve $140 million in annualized cost savings during 2026. Herman said the company realized about $30 million in cost-saving actions during the second quarter. The company expects the initiatives to support margin expansion and double-digit EPS growth in both 2026 and 2027. Effective July 1, Bruker combined its BioSpin, Daltonics and Optics divisions into a new Bruker BioSpin group led by Group President Juergen Srega. The company also established Bruker Microbiology & Infection Diagnostics, or BMID, as a separate group led by Dr. Wolfgang Pusch. Bruker now operates through four groups: Bruker BioSpin, Bruker Nano, BMID, and Bruker Energy & Supercon Technologies. Laukien said the reorganization is designed to align the company around connected scientific workflows across life sciences, multi-omics, drug discovery, diagnostics and applied markets. The revised structure is expected to generate an additional $20 million in cost reductions in fiscal 2027. Bruker updated its full-year 2026 revenue outlook for foreign exchange and tax-rate changes but maintained its underlying organic growth, margin and earnings expectations. The company now expects reported revenue of $3.54 billion to $3.57 billion, representing growth of 3% to 4% from 2025. It continues to project organic revenue growth of 1% to 2%, with acquisitions contributing 1.5%. The company reiterated expectations for non-GAAP operating-margin expansion of 250 to 300 basis points and non-GAAP EPS of $2.10 to $2.15, representing 15% to 17% growth from 2025. For the third quarter, Bruker expects organic revenue to be roughly flat to slightly higher year over year, as approximately $20 million of semiconductor-related revenue is expected to move into the fourth quarter due to customer delivery requirements. The company expects a slight sequential decrease in third-quarter operating margin and EPS, partly because tariff-related EPS benefits arrived earlier than anticipated in the second quarter. Management expects a stronger fourth quarter, with meaningful sequential and year-over-year increases in organic revenue growth, operating margin and EPS driven by higher volume, favorable product mix, semiconductor deliveries and an anticipated ultra-high-field NMR installation. Bruker Corporation, founded in 1960 by physicist Günther Laukien and headquartered in Billerica, Massachusetts, is a leading developer and manufacturer of high-performance scientific instruments and analytical solutions. The company designs systems that enable molecular and materials research across academic, governmental, and industrial laboratories. Bruker's product portfolio encompasses nuclear magnetic resonance (NMR) spectrometers for molecular structure and dynamics studies, mass spectrometry platforms for proteomics and metabolomics, X-ray diffraction and scattering instruments for crystallography and materials characterization, atomic force and scanning probe microscopes for nanoscale surface analysis, as well as preclinical imaging systems such as micro-CT and MRI scanners. In addition to hardware, Bruker provides software suites, applications support, training services, and long-term maintenance agreements to ensure optimal instrument performance. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Bruker Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Q2-26 Bruker Scientific Instruments (BSI) bookings up 10% organically year-over-year (yoy), with BSI book-to-bill >1.0x Q2-26 revenue of $838.5 million, up +5.2% yoy; up 2.8% organically, or +3.4% excluding tariff refunds Q2-26 GAAP diluted loss per share of $(0.41); non-GAAP diluted earnings per share (EPS) $0.49 Updating FY2026 guidance for currency and tax only: BILLERICA, Mass., August 04, 2026--(BUSINESS WIRE)--Bruker Corporation (Nasdaq: BRKR) today announced financial results for the three and six months ended June 30, 2026. Frank H. Laukien, Bruker’s President and CEO, commented: "We returned to organic revenue growth in the second quarter and our Scientific Instruments segment achieved 10% organic bookings growth year-over-year. Our focus on cost and profitability resulted in solid margin expansion and non-GAAP EPS growth in the quarter. In particular, we achieved strong order bookings growth for our differentiated products and solutions in the semiconductor tools, energy research and biopharma markets. In our academic and medical research business, US academic demand remained soft in Q2, while aca/gov bookings in Europe and China were up strongly. We are gaining confidence in a gradual market recovery, and we anticipate significant organic margin expansion and non-GAAP EPS growth not only this year, but in 2027 as well." Second Quarter 2026 (Q2-26) Financial Results Bruker’s revenues for the second quarter of 2026 were $838.5 million, an increase of 5.2% compared to $797.4 million in the second quarter of 2025. In Q2-26, revenues increased organically yoy by 2.8%, or 3.4% excluding tariff refunds. Growth from acquisitions was 1.5%, with constant-exchange rate (CER) growth of 4.3%, while foreign currency translation had a favorable impact of 0.9% yoy. Q2-26 Bruker Scientific Instruments (BSI) revenues of $767.3 million increased 4.7% yoy, with organic revenue increasing by 2.3%. Q2-26 Bruker Energy & Supercon Technologies (BEST) revenues of $74.2 million increased 11.9% yoy, with an organic revenue increase of 8.9%, net of intercompany eliminations. Q2-26 GAAP operating loss was $(65.3) million, compared to GAAP operating income of $11.9 million in the second quarter of 2025. Second quarter 2026 GAAP financial results include non-cash goodwill impairment charges of $134.9 million. Bruker’s Q2-26 non-GAAP operating income was $118.5 million, compared to $72.0 million in the second quarter of 2025, and Q2-26 non-GAAP operating margin was 14.1%, compared to 9.0% in the second quarter of 2025. Q2-26 GAAP diluted loss per share was $(0.41), compared to diluted earnings per share of $0.05 in the second quarter of 2025. Q2-26 non-GAAP diluted EPS was $0.49, compared to $0.32 in the second quarter of 2025. First Half 2026 Financial Results For the first half of 2026, Bruker’s revenues were $1.7 billion, an increase of 3.9% compared to $1.6 billion in the first half of 2025. In the first half of 2026, revenues decreased organically by 0.8% yoy, while growth from acquisitions was 2.0%, CER growth was 1.2%, and foreign currency translation had a favorable impact of 2.7%. In the first half of 2026, BSI revenues of $1.5 billion increased 3.3% yoy, with revenue decreasing by 1.4% organically. First half 2026 BEST revenues of $141.0 million increased 12.3% yoy, with organic growth of 6.1%, net of intercompany eliminations. In the first half of 2026, GAAP operating loss was $(55.1) million, which includes the impact of impairment charges noted above, compared to GAAP operating income of $43.7 million in the first half of 2025. Bruker's non-GAAP operating income in the first half of 2026 was $202.7 million, compared to $173.7 million in the first half of 2025. Bruker’s non-GAAP operating margin in the first half of 2026 improved to 12.2%, compared to 10.9% in the first half of 2025. First half 2026 GAAP diluted loss per share was $(0.39), compared to diluted earnings per share of $0.16 in the first half of 2025. First half 2026 non-GAAP diluted EPS was $0.80, compared to $0.78 in the first half of 2025, including a currency headwind of 5 cents. Updating Fiscal Year 2026 (FY26) Financial Outlook for Currency and Tax Only Bruker now expects FY26 revenues of $3.54 to $3.57 billion, compared to FY25 revenues of $3.44 billion, with 3% to 4% year-over-year reported revenue growth, including: Organic revenue growth of 1% to 2%, M&A revenue growth of approximately 1.5%, CER revenue growth of 2.5% to 3.5%, and Foreign currency translation revenue tailwind of approximately 0.5% (previously 1.5%). Bruker continues to expect FY26 non-GAAP EPS of $2.10 to $2.15 compared to $1.83 in FY25, an increase of 15% to 17% year-over-year, now at an effective non-GAAP tax rate of 27.5%. This includes a currency headwind of approximately $0.10, or 5%. Our FY26 revenue and non-GAAP EPS guidance is based on foreign currency exchange rates as of June 30, 2026. For the Company’s outlook for 2026 organic revenue growth, M&A revenue growth, constant exchange rate revenue growth, and constant exchange rate non-GAAP EPS growth, and non-GAAP EPS, each of which are forward-looking non-GAAP measures, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measures, or reconciliations to such GAAP financial measures on a forward-looking basis. Please see "Use of Non-GAAP Financial Measures" below for a description of items excluded from our expected non-GAAP EPS. Quarterly Earnings Call Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters today, August 4, 2026, at 9:00 am Eastern Daylight Time. To listen to the webcast, investors can go to https://ir.bruker.com and click on the "Q2 2026 Earnings Webcast" hyperlink. A slide presentation will be referenced during the webcast and will be posted to our Investor Relations website shortly before the webcast begins. Investors can also listen to the earnings webcast via telephone by dialing 1-888-437-2685 (U.S. toll free) or +1-412-317-6702 (international) and referencing "Bruker’s Second Quarter 2026 Earnings Conference Call." Bruker is enabling investors to pre-register for the earnings conference call so that they can expedite their entry into the call and avoid the need to wait for a live operator. In order to pre-register for the call, investors can visit https://dpregister.com/sreg/10210859/10488dbff5c and enter their contact information. Investors will then be issued a personalized phone number and PIN to dial into the live conference call. Individuals can pre-register any time prior to the start of the conference call. A telephone replay of the conference call will be available by dialing 1-855-669-9658 (U.S. toll free) or +1-412-317-0088 (international) and entering replay access code: 2701950. The replay will be available beginning one hour after the end of the conference call through September 4, 2026. About Bruker Corporation – Leader of the Post-Genomic Era (Nasdaq: BRKR) Bruker is enabling scientists and engineers to make breakthrough post-genomic discoveries and develop new applications that improve the quality of human life. Bruker’s high-performance scientific instruments and high value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular, and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity, and customer success in post-genomic life science molecular and cell biology research, in specialty diagnostics, in applied and biopharma applications, in microscopy and nanoanalysis, as well as in industrial and cleantech research, and next-gen semiconductor metrology in support of AI. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, clinical microbiology and molecular diagnostics, as well as in the semiconductor industry. For more information, please visit www.bruker.com. Use of Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), we use the following non-GAAP financial measures: non-GAAP gross profit; non-GAAP gross profit margin; non-GAAP operating income; non-GAAP operating income margin; non-GAAP SG&A expense; non-GAAP interest and other income (expense), net; non-GAAP profit before income taxes; non-GAAP income tax rate; non-GAAP net income and non-GAAP diluted earnings per share. These non-GAAP measures exclude costs related to restructuring actions, impairments, acquisition and related integration expenses, amortization of acquired intangible assets, and other non-operational costs. We also may refer to CER currency revenue growth, CER non-GAAP EPS growth, and free cash flow which are also non-GAAP financial measures. We define the term CER currency revenue as GAAP revenue excluding the effect of changes in foreign currency translation rates. We define the term CER EPS as non-GAAP EPS excluding the effect of changes in foreign currency translation rates. 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 because it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, acquisitions, investments in our business, repayment of debt and return of capital to shareholders. 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 may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies. We believe these non-GAAP financial measures provide meaningful supplemental information regarding our performance. However, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included in the accompanying tables, and not to rely on any single financial measure to evaluate our business. Specifically, management believes that the non-GAAP measures mentioned above provide relevant and useful information which is widely used by analysts, investors and competitors in our industry, as well as by our management, in assessing both consolidated and business unit performance. We use these non-GAAP financial measures to evaluate our period-over-period operating performance because our management believes this provides a more comparable measure of our continuing business by adjusting for certain items that are not reflective of the underlying performance of our business. These measures may also be useful to investors in evaluating the underlying operating performance of our business and forecasting future results. 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 certain non-GAAP measures and use this information for our planning and forecasting activities. Additional information relating to the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable GAAP financial measures are provided in the tables accompanying this press release following our GAAP financial statements. With respect to our outlook for 2026 non-GAAP organic revenue, non-GAAP M&A revenue, and non-GAAP EPS, we are not providing the most directly comparable GAAP financial measures or corresponding reconciliations to such GAAP financial measures on a forward-looking basis, because we are unable to predict with reasonable certainty certain items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. Our expected non-GAAP organic revenue and EPS ranges exclude primarily the future impact of restructuring actions, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments. These reconciling items are uncertain, depend on various factors outside our management’s control and could significantly impact, either individually or in the aggregate, our future revenues and EPS presented in accordance with GAAP. Forward-Looking Statements Any statements contained in this press release which do not describe historical facts may constitute 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, including statements regarding our fiscal year 2026 and beyond financial outlook, our outlook for reported revenue growth, organic revenue growth, M&A revenue growth contributions, CER currency revenue growth, margin improvements, foreign currency translation revenue impact, EPS, non-GAAP EPS, and CER Non-GAAP EPS growth; effects of academic market and tariff dynamics on our future financial results and our ability to mitigate such effects in the future; management’s expectations for the impact of foreign currency and acquisitions; the effects of our expanded cost savings initiatives; and for future financial and operational performance and business outlook; future economic conditions; and statements found under the "Use of Non-GAAP Financial Measures" section of this release. 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 indicated, including, but not limited to, (1) the length and severity of any recession and the impact on global economic conditions, (2) the impact of supply chain challenges, including inflationary pressures, (3) the impact of geopolitical instability and tensions and any sanctions, including any reduction in natural gas exports from Russia resulting from the ongoing conflict with Ukraine and resulting market disruptions, such as higher prices for and reduced availability of key metals used in our products, (4) the conflict in Israel, Palestine and surrounding areas and hostilities in the Middle East, including heightened tensions in Iran, and the possible expansion of such conflicts and potential geopolitical consequences and global instability, (5) the ongoing tensions between the United States and China, tariff increases or uncertainties and trade policy changes and restrictions, and the increasing potential of conflict involving countries in Asia that are critical to our supply chain operations, such as Taiwan and China, (6) continued volatility in the capital markets, (7) the impact of increased interest rates, (8) the integration and assumption of liabilities of businesses we have acquired or may acquire in the future, (9) our restructuring and cost-control initiatives, changing technologies, product development and market acceptance of our products, (10) the cost and pricing of our products, manufacturing and outsourcing, competition, dependence on collaborative partners, key suppliers and third party distributors, capital spending and government funding policies, (11) changes in governmental regulations, intellectual property rights, and litigation, (12) exposure to foreign currency fluctuations, (13) the impact of foreign currency exchange rates, (14) our ability to service our debt obligations and fund our anticipated cash needs, (15) the effect of a concentrated ownership of our common stock, (16) the loss of key personnel, (17) payment of future dividends, (18) the impact (if any) of macroeconomic issues, including uncertainties related to trade policies or tariff regulations, and (19) other risk factors discussed from time to time in our filings with the Securities and Exchange Commission, or SEC. 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, 2025, as may be updated by our quarterly reports on Form 10-Q. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by applicable law. Bruker CorporationRECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES(unaudited and in millions, except per share data) The tables below present the GAAP to Non-GAAP reconciliation for the three and six months ended June 30, 2026, and June 30, 2025, respectively, for the following measures: Gross Profit and Gross Profit Margin; Selling, General and Administrative ("SG&A") Expenses; Operating (loss) income and Operating (loss) income margin; Interest and Other Income (Expense), net; Profit (loss) before Income Taxes; Net Income (loss) Attributable to Bruker Corporation Common Shareholders; Diluted net income (loss) per common share; and Income Tax rate. Bruker CorporationRECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued(unaudited and in millions, except per share data) Bruker CorporationRECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued(unaudited and in millions, except per share data) The tables below present the GAAP to Non-GAAP reconciliation for CER currency revenue, organic revenue, free cash flow, and weighted average common shares outstanding (Diluted): View source version on businesswire.com: https://www.businesswire.com/news/home/20260804224000/en/ Contacts Joe KostkaDirector, Investor RelationsBruker CorporationT: +1 (978) 313-5800E: [email protected]

Scientific instrument company Bruker (NASDAQ:BRKR) missed Wall Street’s revenue expectations in Q2 CY2026, but sales rose 5.2% year on year to $838.5 million. The company’s full-year revenue guidance of $3.56 billion at the midpoint came in 1% below analysts’ estimates. Its non-GAAP profit of $0.49 per share was 27.5% above analysts’ consensus estimates. Is now the time to buy Bruker? Find out in our full research report. Revenue: $838.5 million vs analyst estimates of $854.8 million (5.2% year-on-year growth, 1.9% miss) Adjusted EPS: $0.49 vs analyst estimates of $0.38 (27.5% beat) The company dropped its revenue guidance for the full year to $3.56 billion at the midpoint from $3.59 billion, a 0.8% decrease Management reiterated its full-year Adjusted EPS guidance of $2.13 at the midpoint Operating Margin: 14.1%, up from 1.5% in the same quarter last year Free Cash Flow was -$106.2 million compared to -$148.8 million in the same quarter last year Organic Revenue rose 2.8% year on year (miss) Market Capitalization: $9.79 billion With roots dating back to the pioneering days of nuclear magnetic resonance technology, Bruker (NASDAQ:BRKR) develops and manufactures high-performance scientific instruments that enable researchers and industrial analysts to explore materials at microscopic, molecular, and cellular levels. A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last five years, Bruker grew its sales at a decent 9.1% compounded annual growth rate. Its growth was slightly above the average healthcare company and shows its offerings resonate with customers. We at StockStory place the most emphasis on long-term growth, but within healthcare, a half-decade historical view may miss recent innovations or disruptive industry trends. Bruker’s recent performance shows its demand has slowed as its annualized revenue growth of 5.9% over the last two years was below its five-year trend. We’re wary when companies in the sector see decelerations in revenue growth, as it could signal changing consumer tastes aided by low switching costs. We can dig further into the company’s sales dynamics by analyzing its organic revenue, which strips out one-time events like acquisitions and currency fluctuations that don’t accurately reflect its fundamentals. Over the last two years, Bruker’s organic revenue averaged 1% year-on-year declines. Because this number is lower than its two-year revenue growth, we can see that some mixture of acquisitions and foreign exchange rates boosted its headline results. This quarter, Bruker’s revenue grew by 5.2% year on year to $838.5 million, missing Wall Street’s estimates. Looking ahead, sell-side analysts expect revenue to grow 4.3% over the next 12 months, a slight deceleration versus the last two years. This projection doesn’t excite us and indicates its products and services will face some demand challenges. ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention. AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice. Adjusted operating margin is one of the best measures of profitability because it tells us how much money a company takes home after subtracting all core expenses, like marketing and R&D. It also removes various one-time costs to paint a better picture of normalized profits. Bruker has managed its cost base well over the last five years. It demonstrated solid profitability for a healthcare business, producing an average adjusted operating margin of 16.2%. Looking at the trend in its profitability, Bruker’s adjusted operating margin decreased by 6.3 percentage points over the last five years. The company’s two-year trajectory also shows it failed to get its profitability back to the peak as its margin fell by 3.3 percentage points. This performance was poor no matter how you look at it - it shows its expenses were rising and it couldn’t pass those costs onto its customers. In Q2, Bruker generated an adjusted operating margin profit margin of 14.1%, up 5.1 percentage points year on year. This increase was a welcome development and shows it was more efficient. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable. Bruker’s flat EPS over the last five years was below its 9.1% annualized revenue growth. This tells us the company became less profitable on a per-share basis as it expanded. Diving into the nuances of Bruker’s earnings can give us a better understanding of its performance. As we mentioned earlier, Bruker’s adjusted operating margin expanded this quarter but declined by 6.3 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; interest expenses and taxes can also affect EPS but don’t tell us as much about a company’s fundamentals. In Q2, Bruker reported adjusted EPS of $0.49, up from $0.32 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Bruker’s full-year EPS to grow 29.6% from $1.84 to $2.38. It was good to see Bruker beat analysts’ EPS expectations this quarter. On the other hand, its revenue missed and its organic revenue fell slightly short of Wall Street’s estimates. Overall, this quarter could have been better. The stock traded down 11.9% to $56.63 immediately after reporting. Bruker’s latest earnings report disappointed. One quarter doesn’t define a company’s quality, so let’s explore whether the stock is a buy at the current price. If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a pivot back to organic revenue growth in Q2, supported by a fourth consecutive quarter of Scientific Instruments book-to-bill ratios above 1.0. Experienced exceptional demand in 'deep tech' sectors, with semiconductor metrology and energy research orders both grew over 50% in the second quarter, driven by AI scaling and fusion energy projects. Attributed revenue softness in the U.S. academic and government sectors to weak order activity from the second half of 2025, which typically lags by several quarters. Implemented a new four-group operating structure (Biosystems, Nano, BMID, and BEST) to better align with integrated post-genomic workflows and multiomics research. Realized significant margin expansion and remains on track to achieve $140 million in annualized cost savings for 2026, with $30 million in savings delivered during the second quarter. and favorable product mix, despite macroeconomic headwinds. Noted that while China revenues declined in the low double-digits, organic bookings in the region for academic and government customers grew more than 20%. Anticipates a significant Q4 revenue step-up to approximately $1 billion, driven by semiconductor delivery requirements and ultra-high field NMR installations. Expects the new organizational structure to generate an additional $20 million in cost reductions specifically during fiscal year 2027. Projects that strong deep tech bookings will primarily benefit late 2026 and 2027 due to extended delivery timelines of 9 to 24 months determined by facility readiness. Maintains full-year organic growth guidance of 1% to 2%, viewing 2026 as a transition year toward accelerated growth in 2027. Assumes a shift in currency impact from a tailwind to a headwind starting in Q3, resulting in a revised full-year reported revenue outlook. Recorded a $135 million non-cash goodwill impairment charge related to the automation and spatial biology businesses due to ongoing operating losses. Benefited from a $0.06 EPS contribution in Q2 from accelerated U.S. tariff refunds, which were pulled forward from expected Q3/Q4 timing. Identified supply chain challenges in electronic componentry as a persistent but managed headwind already factored into guidance. Flagged U.S. academic and government funding as a primary outlier where recovery in outlays has not yet translated into significant new orders. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management believes the AI-driven demand for high-bandwidth memory and advanced packaging metrology is sustainable through at least the next six quarters. Visibility is high because chip manufacturers operate on strict timelines for new wafer fabs, though revenue recognition lags orders by 3 to 8 quarters. Management characterized helium risks as manageable due to proactive investments in liquefaction technology at factories that capture 80% to 90% of usage. Newer magnet designs have significantly lower helium consumption, and the company offers capture and recycling solutions to large-scale labs. Reiterated the goal of expanding operating margins by over 100 basis points annually to return to a 20% EBIT margin as quickly as possible. Confirmed that cost-saving actions are on track, with $30 million delivered in Q2 alone, supporting a mid-teens non-GAAP EPS growth target for 2027.