Q2 15 earnings slides-final

Bruker Corporation (NASDAQ: BRKR)
Q2 2015 Earnings Presentation
Frank Laukien, President & CEO
Anthony Mattacchione, SVP & Interim CFO
Joshua Young, VP, Investor RelationsAugust 5, 2015
Innovation with Integrity

Any statements contained in this presentation that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.
Any forward-looking statements contained herein are based on current expectations, but are subject to
risks and uncertainties that could cause actual results to differ materially from those projected, including,
but not limited to, risks and uncertainties relating to adverse changes in conditions in the global economy
and volatility in the capital markets, the integration of businesses we have acquired or may acquire in the
future, our ability to successfully implement restructuring initiatives, changing technologies, product
development and market acceptance of our products, the cost and pricing of our products,
manufacturing, competition, dependence on collaborative partners and key suppliers, capital spending
and government funding policies, changes in governmental regulations, realization of anticipated benefits
from economic stimulus programs, intellectual property rights, litigation, and exposure to foreign
currency fluctuations and other risk factors discussed from time to time in our filings with the Securities
and Exchange Commission. These and other factors are identified and described in more detail in our
filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended
December 31, 2014 and our quarterly report on Form 10-Q for the period ended March 31, 2015. We will
also be referencing non-GAAP financial measures in this presentation. A reconciliation of non-GAAP to
GAAP results is available in our earnings press release and in this presentation.
Bruker Corporation
Safe Harbor & Reg. G Statement
© Bruker Corporation 2

Q2-15 & H1 2015 Business Update

$0.21
$0.19
Q2-14
Q2-15
Q2 Financials
Revenues [$ m]
Non-GAAP EPS
Organic revenue growth in CALID & NANO Groups
offset by organic decline in BIOSPIN and BEST
-13%
-10%
457
396
Q2-14 Q2-15
Q2 2015 Performance
 Revenues decline -$61m, or -13% y-o-y
− FX headwinds lower revenue -12% y-o-y
− 2014 CAM divestitures result in -$12M
y-o-y revenue decline
 Organic revenue growth improved sequentially
to +1% y-o-y, driven by Europe and China
 Non-GAAP EPS of $0.19 in Q2-15
− Y-o-y gross margin comparison affected
by product mix in Q2-14 and Q2-15
− CAM restructuring benefit partially offset
by FX headwinds
− Discrete tax benefit partially offset by FX
transaction losses

$0.32
$0.32
H1 2014
H1 2015
H1 Financials
Revenues [$ m]
Non-GAAP EPS
In H1 2015, Bruker expanded operating margins
by 90 bps despite decline in revenues
-15%
flat
881
749
H1 2014 H1 2015
H1 2015 Performance
 Revenues decline -15% y-o-y
 Organic revenue decline of -1% y-o-y
1.Low to mid-single digit organic revenue
growth from NANO and CALID Groups
2.Double-digit organic revenue decline in
BIOSPIN Group due to weak 2014 orders
3.Europe strong, while APAC (ex-China)
declines in double digits
 Non-GAAP operating margin expands by
+90 basis points y-o-y
 Reported non-GAAP EPS flat, but would have
grown $0.05 or +16%, excluding FX headwind
 GAAP Net income and GAAP EPS both improved
+13%, compared to H1-14

Bruker BIOSPIN Group
 Mid-single digit y-o-y organic revenue decline represents sequential
improvement from Q1-15
 Profitability lower due to negative product mix and the y-o-y effects
from the large, 21-Tesla research magnet revenue in Q2-14
 Weak Preclinical Imaging revenue due to site delays, softer market
 Good growth in NMR bookings in H1 2015, including orders from
former Agilent customers
Bruker CALID Group
 Low single-digit organic revenue growth; improved margins,
primarily due to 2014 CAM restructuring
 Daltonics Division growth driven by good performance from MALDI
Biotyper and MALDI TOF research products
 Healthy interest in new Daltonics products introduced at ASMS 2015
 Detection Division delivers strong organic revenue growth as a result
of large orders in 2014
 Bruker Optics Division experienced weaker market conditions
6© Bruker Corporation
GROUP OVERVIEW:
Q2 2015 Performance

Bruker NANO Group
 Reports low single-digit organic revenue growth
 Nano Surfaces Division sees weak demand in research and auto-
AFM, with good acceptance of Fluorescence Microscopy products
 Nano Analytics Division drives growth for X-ray fluorescence
microanalyzers
 AXS Division delivers organic revenue growth, with good bookings
 NANO Group growth overall still subdued due to soft demand from
semiconductor, data storage and other industrial customers
BEST Segment
 Organic revenue decline of -8%
 Phase out of ITER project and some revenue shifts into H2-15 lead
to lower revenue and profitability
 Strong bookings driven by major superconductor customers
 Technical progress in scale-up of high current, high-temperature
superconductors (HTS)
GROUP OVERVIEW:
Q2 2015 Performance

ASMS Introduction: MALDI Tissuetyper™
a Breakthrough in Mass Spec Imaging (MSI) for
Anatomical Pathology Research
• Dramatic further improvement
in spatial resolution, image
quality and contrast of MALDI
Imaging
• Order of magnitude increase in
speed and throughput, e.g.
– One small biopsy per minute
– Large image in 2.5 hours
(left: rat testis, pixel
diameter 10 μm, 395k pixels,
200 shots per pixel)
• Significant increase in ease-of-
use and robustness makes
MALDI Tissuetyper suitable
for pathology research

ASMS Introduction: MALDI
PharmaPulse™ Launch
• Fast enough for true pharma
HTS drug discovery and hit
generation ( <1sec/sample)
– 10-100x faster than
multiplexed LC/SPE-MS
• Label free detection
accelerates assay
development, reduces
complexity of screening and
minimizes artifacts from label
interference
• Low consumable costs and less
waste with 100x less solvent
than multiplexed LC/SPE-MS
– No need for SPE cartridges or
LC columns

Bruker 2015 Priorities
Continue transformation of leadership,
management processes, and systems
Execute BIOSPIN rightsizing and factory
consolidation
Accelerate further outsourcing of high-
level assemblies in CALID and NANO
Drive profitable growth initiative
• New high-performance products
• New high-value analytical and clinical
solutions
• Entry into adjacent markets

Q2 2015 Financial Update

NON-GAAP FINANCIAL PERFORMANCE:
Q2 2015 Overview
[$ m, except EPS] Q2 2015 Q2 2014 Δ
Revenues 396.0 457.4 -13%
Operating Income 42.9 52.7 -19%
Margin (%) 10.8% 11.5%
EPS $0.19 $0.21 -10%
Free Cash Flow -9.2 5.4 -14.6M
 Non-GAAP operating margins
decline due to negative mix
and y-o-y effect of 21-Tesla
research magnet in Q2-14
 Free cash flow decreases
y-o-y, primarily due to
accounts payable and
accounts receivable timing
 Solid balance sheet
improvement, with net cash
higher and improved
working capital-to-revenue
ratio
COMMENTS
[$ m] Jun 30, 2015 Jun 30, 2014 Δ
Net Cash 129.0 101.9 27%
Working capital (WC)* 642.2 789.5 -19%
WC-to-revenue ratio 0.38 0.42 -0.04
* WC = (Accounts Receivable +
Inventory – Accounts Payable)

Q2 2014 Organic Currency Divestitures Q2 2015
$457.4M
$396.0M
Q2 2015 revenue bridge
 Organic revenue growth
of 1% equally driven by
CALID and NANO Groups
 Divestitures completely
related to divested CAM
assets
Q2 2015 DRIVERS
Q2 2015 Revenue Bridge [$ m]
$3.2 -$52.6
-$12.0
Organic Currency Divestitures Total
0.7% -11.5% -2.6% -13.4%
Q2 2015 Revenue for Bruker Corp.

Q2 2015 Non-GAAP Results
 Gross margin down year-
over-year due to tough
comparison and less
profitable revenue mix
 Operating spending
declines by -$24M due to
FX, restructuring benefit,
and expense control
 Discrete tax benefit in
Q2-15 of ~ +$6.5 million
 FX headwinds lower EPS
by (-$0.01) in Q2-15
COMMENTS[$ m, except EPS] Q2 2015 Q2 2014 Δ
Total Revenues 396.0 457.4 -13%
Gross Profit 178.4 211.8 -16%
Margin (% of revenues) 45.1% 46.3%
SG&A -98.0 -114.6 -14%
(% of revenues) 24.7% 25.1%
R&D -37.5 -44.5 -16%
(% of revenues) 9.5% 9.7%
(% of revenues) 10.8% 11.5%
Tax Rate 10.3% 30.0% 1970 bps
Net Income* 31.9 34.9 -9%
EPS $0.19 $0.21 -10%
Shares Outstanding 169.7 169.5 NM
* Attributable to BrukerSum of items may not total due to rounding

Q2 2015 Reconciliation of GAAP and
Non-GAAP Results
[$ m, except EPS] Q2 2015 Q2 2014
GAAP Operating Income 31.6 35.4
Restructuring Costs 5.2 10.7
Acquisition-Related Costs -2.8 0.5
Purchased Intangible Amortization 5.2 4.8
Other Costs 3.7 1.3
TOTAL 11.3 17.3
Non-GAAP Operating Income 42.9 52.7
Non-GAAP Interest & Other Income (Expense), net -6.0* -2.3
Non GAAP Profit* Before Tax 36.9 50.4
Non-GAAP Income Tax Provision -3.8 -15.1
Non-GAAP Tax Rate 10.3% 30.0%
Minority Interest -1.2 -0.4
Non-GAAP Net Income** 31.9 34.9
Non-GAAP EPS $0.19 $0.21
* Attributable to Bruker, excludes $0.2M of net losses
Sum of items may not total due to rounding

H1 2014 Organic Currency Acq. & Div. H1 2015
$881.1M
$749.5M
H1 2015 revenue bridge
 Organic revenue decline
of -1.0%
 Acquisitions &
divestitures primarily
relate to $24M of
divested CAM assets
 Weaker Euro drove most
of the -$99M decline in
revenues from FX rates
H1 2015 DRIVERS
H1 2015 Revenue Bridge [$ m]
-$9.3 -$99.4
-$22.9
Organic Currency
Acquisitions &
Divestitures Total
-1.0% -11.3% -2.6% -14.9%
H1 2015 Revenue for Bruker Corp.

H1 2015 Non-GAAP Results
 H1 2015 performance is
generally on track
 Improved gross margins
in NANO & CALID Groups
offset lower BIOSPIN
gross margins
– CAM restructuring
adds 60 bps to gross
margin
 Excluding FX and CAM
restructuring, operating
spending is flat
 Non-GAAP operating
margin increases by
+90 bps
 Non-GAAP EPS headwind
of ($0.05) from FX
COMMENTS[$ m, except EPS] H1 2015 H1 2014 Δ
Gross Profit 345.5 399.0 -13%
Margin (% of revenues) 46.1% 45.3%
SG&A -192.1 -223.7 -14%
(% of revenues) 25.6% 25.4%
R&D -74.7 -90.5 -17%
(% of revenues) 10.0% 10.3%
(% of revenues) 10.5% 9.6%
Tax Rate 18.2% 28.5% -1030 bps
Net Income* 55.0 53.6 3%
EPS $0.32 $0.32 NM

H1 2015 Reconciliation of GAAP and
Non-GAAP Results
[$ m, except EPS] H1 2015 H1 2014
GAAP Operating Income 46.8 56.0
Restructuring Costs 8.5 13.1
Acquisition-Related Costs -2.6 1.6
Purchased Intangible Amortization 10.4 10.0
Other Costs 15.6 4.1
TOTAL 31.9 28.8
Non-GAAP Operating Income 78.7 84.8
Non-GAAP Interest & Other Income (Expense), net* -9.5 -7.5
Non-GAAP Profit* Before Tax 69.2 77.3
Non-GAAP Income Tax Provision -12.6 -22.0
Non-GAAP Tax Rate 18.2% 28.5%
Minority Interest -1.6 -1.7
Non-GAAP Net Income** 55.0 53.6
Non-GAAP EPS $0.32 $0.32
* Attributable to Bruker, excludes $0.2M of net losses for 2015 and $0.3M of
net gains for 2014Sum of items may not total due to rounding

H1 2015 Cash Flow Statement
 Higher net income
includes fewer
restructuring charges in
H1-15 versus H1-14
 Changes in working
capital is lower, primarily
due to accounts
receivable and accounts
payable timing
 CapEx spending well-
managed in H1-15
COMMENTS[$ m] H1 2015 H1 2014 Δ
Net Income 30.0 26.8 3.2
Depreciation & amortization 26.7 30.0 -3.3
Changes in working capital* 14.4 18.8 -4.4
Other -45.6 -44.1 -1.5
Operating cash flow 25.5 31.5 -6.0
Capital expenditures -13.4 -16.8 3.4
Free cash flow 12.1 14.7 -2.6

Full Year 2015 Outlook

FY 2015 Financial Outlook (unchanged)
Revenues (organic) Approximately +1%
Non-GAAP Operating
Margin
>100 bps
Non-GAAP EPS Approximately flat with
2014
Bruker FY 2015 Outlook
 Changes in currency
reduce revenues by
-9% to -10%
 FX generates -12% or
(-$0.09) headwind to
non-GAAP EPS in 2015
 CAM related revenues
decrease by ~$50M in
2015
 Capex of up to $40M
 Tax rate: ~25%-27% in
H2 2015
 Current currency
assumptions:
Yen/USD: 122
USD/EUR: 1.11
2015 ASSUMPTIONS

Appendix

Q2 2015 GAAP Results
[$ m, except EPS] Q2 2015 Q2 2014 Δ
Gross Profit 169.4 200.5 -16%
Margin (% of sales) 42.8% 43.8%
SG&A -98.5 -115.0 -14%
(% of revenues) 24.9% 25.1%
R&D -37.5 -44.5 -16%
Net Income* 21.9 16.4 34%
EPS $0.13 $0.10 30%

Q2 2015 Cash Flow Statement
[$ m] Q2 2015 Q2 2014 Δ
Net Income 23.1 16.8 6.3
Depreciation & amortization 13.2 14.8 -1.6
Changes in working capital* -16.1 1.8 -17.9
Other -21.7 -20.4 -1.3
Operating cash flow -1.5 13.0 -14.5
Capital expenditures -7.7 -7.6 -0.1
Free cash flow -9.2 5.4 -14.6
* WC = (Accounts Receivable + Inventory - Accounts Payable)

Balance sheet
[$ m] Jun 30, 2015 Jun 30, 2014 Dec 31, 2014
Cash, Cash Equivalents & Short-term
Investments
493.6 457.6 497.5
Financial Debt 364.6 355.7 355.0
Net Cash 129.0 101.9 142.5
[$ m] Jun 30, 2015 Jun 30, 2014 Dec 31, 2014
Total Assets 1,820.4 2,003.9 1,864.8
Working Capital* 642.2 789.5 694.6
Intangibles, Net & Other Long-Term
Assets
232.8 245.1 248.6
* WC = (Accounts Receivable + Inventory - Accounts Payable)

H1 2015 GAAP Results
[$ m, except EPS] H1 2015 H1 2014 Δ
Gross Profit 329.6 380.2 -13%
Margin (% of sales) 44.0% 43.2%
SG&A -193.1 -224.5 -14%
(% of revenues) 25.8% 25.5%
R&D -74.7 -90.5 -17%
(% of revenues) 10.0% 10.3%
Net Income* 28.4 25.1 13%
EPS $0.17 $0.15 13%

Q2 SEGMENT RESULTS:
BSI and BEST GAAP Performance
[$ m] Q2 2015 Q2 2014 Δ
REVENUE
Scientific Instruments (BSI) 366.2 421.5 -13%
Organic Revenue Growth (%) 0.6% -2.5%
Energy & Supercon Technologies (BEST) 30.8 41.4 -26%
Organic Revenue Growth (%) -8.1% 6.3%
Corporate Eliminations -1.0 -5.5
Total Revenue 396.0 457.4 -13%
OPERATING INCOME
Scientific Instruments (BSI) 28.7 31.2 -8%
Energy & Supercon Technologies (BEST) 2.6 4.4 -41%
Corporate Eliminations 0.3 -0.2
Total Operating Income 31.6 35.4 -11%
Sum of items may not total due to rounding

Q2 15 earnings slides-final

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Q2 15 earnings slides-final