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Bruker releases 4Q16 and FY16 results

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World Cement,

Bruker Corporation's revenues for 4Q16 were US$470.3 million, a decline of 1.6% compared to 4Q15. Excluding a 1.9% positive effect from acquisitions and a 1.3% negative effect from changes in foreign currency rates, Bruker reported a year-over-year organic revenue decline of 2.2% in 4Q16.

4Q16 GAAP earnings per diluted share (EPS) were US$0.43, compared to US$0.36 in 4Q15. 4Q16 non-GAAP EPS were US$0.46, compared to US$0.38 in the fourth quarter of 2015. A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release.

For the year 2016, Bruker's revenues declined 0.8% to US$1 611.3 million, compared to US$1623.8 million for the year 2015. Excluding a 2.0% positive effect from acquisitions, and a 0.5% negative effect from changes in foreign currency rates, Bruker's year-over-year organic revenue decline was 2.3% for the year 2016. Bruker reported GAAP EPS of US$0.95 in 2016, compared to US$0.60 in 2015. Non-GAAP EPS for 2016 were US$1.19, compared to US$0.89 in 2015. Significant non-cash tax benefits related to the release of US tax valuation allowances contributed US$0.15 to FY16 non-GAAP EPS, and gains related to foreign currency transactions contributed US$0.03 to FY16 non-GAAP EPS. These items had the same effect on our FY16 GAAP EPS.

Frank Laukien, President and CEO of Bruker, commented: "In the fourth quarter of 2016, Bruker again delivered strong operational and EPS improvements. During the year 2016, Bruker continued to expand gross and operating margins significantly, and delivered strong EPS growth, despite weakness in our European academic and global industrial markets."

He continued: "I am also very pleased with our recent strategic bolt-on acquisitions, which will enable us to offer more integrated analytical and diagnostic solutions, and accelerate our consumables, assay and software after-market growth strategy. In addition, these acquisitions added important preclinical PET/SPECT, micro-EPR and nano-indenting product lines, and we believe we are now a global leader in superconducting materials."

Dr. Laukien concluded: "We are planning to return to revenue growth in 2017 through a combination of resumed organic growth and contributions from acquisitions. While we experienced pronounced weakness in European academic markets in the first three quarters of 2016, European bookings improved in the fourth quarter year-over-year, and we now anticipate less headwind from Europe in 2017. With 150 basis points (bps) year-over-year expansion of our non-GAAP operating margin in 2016, we are proud to have delivered a cumulative 460 bps in non-GAAP operating margin expansion in the last two years."

The following financial outlook is based on average foreign exchange rates during the month of January 2017. For FY17, the Company expects reported revenue growth of 1.5% to 2.5%, which includes organic revenue growth of 1% to 2%, and growth from acquisitions of 3.5% to 4%. Changes in foreign currency rates are expected to have a negative impact on reported revenues of 3% to 3.5%. Starting with our non-GAAP operating margin of 14.8% in 2016, and including the effects of our recent acquisitions, Bruker expects to increase its FY17 non-GAAP operating margin by 40 bps to 70 bps year-over-year. This includes approximately 40 bps headwind in FY17 from our recent strategic acquisitions. For FY 2017, Bruker anticipates non-GAAP EPS of US$1.05 to US$1.09.

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