Bruker Corporation reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $864.4 million for Q3 2024, marking a 16.4% increase from $742.8 million in Q3 2023. This growth was driven by acquisitions contributing 12.5% and organic growth of 3.1%. For the nine months ended September 30, 2024, total revenue reached $2,386.8 million, up 13.1% from $2,110.0 million in the same period last year.
Despite the revenue increase, Bruker experienced a decline in profitability. Gross profit for Q3 2024 was $418.8 million, with a gross profit margin of 48.4%, down from 51.5% in Q3 2023. Operating income fell to $68.1 million, a decrease of 45.3% from $124.5 million in the prior year. Net income for Q3 2024 was $40.3 million, down 54.6% from $88.7 million in Q3 2023. For the nine-month period, net income was $99.9 million, a 55.4% decrease from $223.9 million in 2023.
The company’s total assets increased to $6,112.9 million as of September 30, 2024, up from $4,249.9 million at the end of 2023. Total liabilities also rose significantly to $4,269.8 million, primarily due to a substantial increase in long-term debt, which reached $2,264.5 million compared to $1,160.3 million at the end of 2023. This increase in debt was largely attributed to various acquisitions, including NanoString Technologies, ELITechGroup, and Chemspeed Technologies, totaling $1,613.5 million in cash paid for acquisitions during the nine months.
Bruker has also initiated restructuring plans, particularly within its Bruker Cellular Analysis segment, which includes workforce reductions and facility consolidations aimed at optimizing costs. The company recorded severance and termination charges of $1.3 million for Q3 2024 and $7.8 million for the nine months ended September 30, 2024, related to this restructuring.
In terms of cash flow, Bruker reported net cash provided by operating activities of $61.3 million for the nine months ended September 30, 2024, down from $144.6 million in the same period in 2023. The company’s cash and cash equivalents decreased to $148.1 million as of September 30, 2024, from $488.3 million at the end of 2023.
Overall, Bruker’s financial performance reflects a complex interplay of revenue growth driven by acquisitions, alongside challenges in profitability and increased debt levels.
About BRUKER CORP
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