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Bruker Corporation (BRKR) Presents at Wells Fargo 21st Annual Healthcare Conference Transcript

Bruker Corporation (Nasdaq: BRKR) announced today that its senior leadership will present at the following conferences:

Wells Fargo 21st Annual Healthcare Conference in Boston, MA
Wednesday, September 9, 2026 at 8:00 a.m. Eastern Time

Morgan Stanley 24th Annual Global Healthcare Conference in New York City
Wednesday, September 16, 2026, at 10:45 a.m. Eastern Time

Bank of America Global Healthcare Conference in London, UK
Tuesday, September 22, 2026, at 6:45 a.m. Eastern Time

Live audio webcasts of the presentations will be available on the Investor Relations section of the Company's website at https://ir.bruker.com. Replays of the presentations will be posted in the “Events & Presentations” section of the Bruker Corporation Investor Relations website after the event and will be available for at least 30 days following the presentations.

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 applied and biopharma applications, in microscopy, as well as in industrial and cleantech research, and semiconductor metrology in support of AI. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, proteomics and multiomics, spatial and single-cell biology, structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit www.bruker.com.

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Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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RRP Preferred for High-Field Demonstration and First-of-a-Kind Power Plant Opportunities

HANAU, Germany--(BUSINESS WIRE)--Bruker Energy & Supercon Technologies (BEST), a segment of Bruker Corporation (Nasdaq: BRKR), and Luvata Materials & Solutions, a Business Unit of Luvata Group (LUVATA) today announced a strategic collaboration to support the rapidly growing demand for superconducting materials and technologies required by next-generation magnetic confinement fusion power demonstration plant projects worldwide.

The BEST-LUVATA collaboration aims to further strengthen and expand industrial readiness and availability of high-performance RRP superconductors to significantly upscale global manufacturing capacity, enhance supply chain flexibility and resilience, and to increase industry's ability to meet the demanding requirements of large-scale, high-field magnetic confinement fusion programs.

Clean, safe and inexhaustible fusion energy has generated unprecedented interest in recent years to power AI, GDP growth and human technological and industrial activities for the future. The most mature fusion technologies require superconductors to confine the energy-producing plasma, which is hotter than the core of the sun. Next-generation RRP superconductors are ideally suited for large and critical projects involving tokamaks and stellarators because of their high-performance, high-current carrying capacity, robustness and materials strength, and availability in industrial quantities.

RRP stands for Rod-Restack Process, an advanced manufacturing technology to produce highest performance niobium-tin (Nb3Sn) superconducting wires with high critical current density (Jc) for high magnetic fields of 12 to 20 Tesla. RRP superconductors have been successfully deployed in the LHC at CERN, in ultra-high field NMR magnets, and in high-field magnet tokamak fusion projects.

Both BEST and LUVATA have extensive experience in advanced superconducting applications and a strong track record of supporting landmark fusion projects worldwide. Together, they previously contributed materials, manufacturing expertise, and technological know-how to major international programs, such ITER (International Thermonuclear Experimental Reactor) and the Wendelstein 7-X stellarator, the world's most advanced superconducting plasma physics facilities.

"The future of fusion energy will depend not only on scientific breakthroughs, but also on the availability of a robust industrial ecosystem capable of delivering reliable high-performance superconductor products at scale," said Dr. Burkhard Prause, President & Chief Executive Officer of Bruker Energy and Supercon Technologies. "By leveraging our complementary capabilities at scaling production for our high-performance and proven RRP superconductors, we aim to further strengthen global superconducting supply chains and support our fusion project customers worldwide."

Major fusion programs are underway in Europe, America, China, Japan, and South Korea. These initiatives are driving demand for proven, robust superconducting technologies and experienced large-scale manufacturing partners. The upcoming high-field tokamak and stellarator demand will surpass previous large projects, which were aimed at advancing plasma physics and fusion pilot know-how. For example, Gauss Fusion is evaluating RRP for its high-field stellarator Gauss Industrial Demonstrator and its GIGA fusion power plant platform.

"The fusion sector is entering an exciting phase of growth and industrialization," said Dr. Antti Kilpinen, Executive Vice President – Superconductors, at Luvata Materials & Solutions. "The emergence of large-scale fusion programs creates a significant opportunity for experienced industrial partners to contribute to the fusion energy industry's development. Together, we aim to strengthen the availability of reliable superconductors for customer success in executing ambitious fusion energy projects."

About Bruker Energy & Supercon Technologies (BEST)

BEST, together with Research Instruments GmbH (RI), is the deep-tech segment of Bruker Corporation (Nasdaq: BRKR) focused on advanced superconductors and superconducting solutions, on enabling fusioneering and high-energy fundamental physics research and accelerator technologies, as well as on bespoke EUV semiconductor lithography modules. BEST develops and provides high-performance superconductors, including high-performance RRP® conductors, as well as superconducting solutions and key technologies for customers in diverse markets, ranging from life science tools (NMR, EPR, preclinical MRI, gyrotrons, MRMS, other), healthcare (OEM MRI and proton therapy magnets), to magnetic confinement fusion and wind energy demonstrators. BEST is a leading superconducting wire manufacturer, with major manufacturing sites in Germany, the US and the UK. For more than 50 years, our high-performance superconductors have met or exceeded the needs of healthcare, academic and national labs, and deep-tech industrial customers worldwide.

For more information, please visit www.bruker.com.

About Luvata Materials & Solutions (LUVATA)

Luvata Materials & Solutions, a Business Unit of Luvata Group, offers a broad portfolio of highly specialized copper products and superconducting wires that play a vital role in many of today’s fastest-growing industries. We focus on delivering complex, high-quality copper and other metal products, supported by exceptional technical expertise that creates significant value for our customers. Working closely with customers and partners, we develop innovative solutions for industries including science, electronics, power generation and distribution, renewable energy, healthcare, automotive, and metals and mining. Luvata collaborates extensively with fusion energy companies, research institutes, and universities, and is an active member of FinnFusion. Over the years, we have proudly contributed to leading international fusion projects and research facilities, including ITER (International Thermonuclear Experimental Reactor), JET, JT-60, and KSTAR, as well as numerous other publicly funded research programs around the world. Luvata Group is part of Mitsubishi Materials Corporation.

For more information, please visit: www.luvata.com.

Bank of New York Mellon Corp acquired a new stake in Bruker Corporation (NASDAQ:BRKR – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 745,079 shares of the medical research company’s stock, valued at approximately $44,839,000. Bank of New York Mellon Corp owned 0.49% of Bruker at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Thrivent Financial for Lutherans boosted its position in shares of Bruker by 561.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 179,792 shares of the medical research company’s stock worth $8,470,000 after buying an additional 152,603 shares during the period. Hantz Financial Services Inc. raised its holdings in shares of Bruker by 202.7% in the 4th quarter. Hantz Financial Services Inc. now owns 41,306 shares of the medical research company’s stock valued at $1,946,000 after buying an additional 27,659 shares during the period. Fifth Third Bancorp raised its holdings in shares of Bruker by 4,058.3% in the 1st quarter. Fifth Third Bancorp now owns 57,135 shares of the medical research company’s stock valued at $2,064,000 after buying an additional 55,761 shares during the period. Franklin Resources Inc. lifted its stake in Bruker by 317.7% during the 4th quarter. Franklin Resources Inc. now owns 2,309,404 shares of the medical research company’s stock worth $108,796,000 after acquiring an additional 1,756,460 shares in the last quarter. Finally, Amundi boosted its holdings in Bruker by 244.2% during the 1st quarter. Amundi now owns 62,611 shares of the medical research company’s stock valued at $2,261,000 after acquiring an additional 44,421 shares during the period. Institutional investors and hedge funds own 79.52% of the company’s stock.

Analyst Upgrades and Downgrades Several equities analysts have weighed in on BRKR shares. Zacks Research raised Bruker from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 4th. Stifel Nicolaus set a $50.00 price objective on shares of Bruker in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of Bruker from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. JPMorgan Chase & Co. upped their target price on shares of Bruker from $55.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. Finally, Citigroup reduced their target price on shares of Bruker from $60.00 to $53.00 and set a “hold” rating on the stock in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Bruker presently has a consensus rating of “Moderate Buy” and an average target price of $56.64.

Check Out Our Latest Report on BRKR Bruker Stock Performance Shares of Bruker stock opened at $59.25 on Friday. The business has a 50-day simple moving average of $58.78 and a 200-day simple moving average of $47.94. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.92 and a current ratio of 1.85. Bruker Corporation has a one year low of $28.53 and a one year high of $65.30. The company has a market cap of $9.03 billion, a PE ratio of -84.64, a P/E/G ratio of 1.75 and a beta of 1.28.

Bruker (NASDAQ:BRKR – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The medical research company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.11. Bruker had a negative net margin of 2.35% and a positive return on equity of 12.47%. The company had revenue of $838.50 million for the quarter, compared to the consensus estimate of $853.57 million. During the same period in the prior year, the firm posted $0.32 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Bruker has set its FY 2026 guidance at 2.100-2.150 EPS. On average, equities research analysts forecast that Bruker Corporation will post 2.12 EPS for the current fiscal year.

Bruker Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Monday, September 21st will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Monday, September 21st. Bruker’s dividend payout ratio is -28.57%.

About Bruker (Free Report)

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.

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Handelsbanken Fonder AB increased its holdings in Bruker Corporation (NASDAQ: BRKR) by 49.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,805 shares of the medical research company's stock after acquiring an additional 18,165 shares during the period. Handelsbanken Fonder

BOSTON--(BUSINESS WIRE)---- $BRKR #BRKR--Bruker Corporation (Nasdaq: BRKR) today announced an expanded strategic collaboration with Atinary Technologies Inc., the pioneer of Self-Driving Labs® technologies and AI-driven R&D with applications in pharmaceuticals, chemicals, energy, and materials. Bruker also made a minority investment in Atinary. Financial details were not disclosed. Atinary intends to integrate Chemspeed configurable laboratory automation platforms, Bruker analytical instruments and SciY sc.

LEIDEN, The Netherlands--(BUSINESS WIRE)---- $BRKR #BRKR--Bruker Corporation (Nasdaq: BRKR) today announced a majority investment in MIMETAS B.V., a developer of organ-on-a-chip platforms and advanced human tissue and disease models for drug discovery and development. The investment expands Bruker's post-genomic solutions for disease biology research, as well as for drug discovery and development into Microphysiological Systems (MPS), also referred to as New Approach Methodologies (NAMs), and based on human ph.

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.

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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.

Bookings Strength Led by Biopharma and Deep Tech 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.

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.

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.

Segment and Regional Trends 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.

Cost Actions and Operating Structure 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.

Outlook Maintained, With Revenue Timing Shifted 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.

About Bruker (NASDAQ:BRKR)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].

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[url="]Bruker Corporation[/url] (Nasdaq: BRKR) today announced financial results for the three and six months ended June 30, 2026.Frank H. Laukien, Bruker's Pre

BILLERICA, Mass.--(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 Corporation

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in millions, except per share data)

  Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Revenue

$

838.5

$

797.4

$

1,661.9

$

1,598.8

Cost of revenue

422.5

439.5

866.1

849.7

Gross profit

416.0

357.9

795.8

749.1

Operating expenses:

Selling, general and administrative

238.9

231.4

481.0

456.8

Research and development

94.3

100.2

195.6

197.3

Goodwill impairment charge

134.9

—

134.9

—

Other charges, net

13.2

14.4

39.4

51.3

Total operating expenses

481.3

346.0

850.9

705.4

Operating (loss) income

(65.3

)

11.9

(55.1

)

43.7

Interest and other income (expense), net

24.6

(11.4

)

36.3

(18.1

)

(Loss) income before income taxes, equity in income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries (a)

(40.7

)

0.5

(18.8

)

25.6

Income tax provision (benefit)

14.2

(3.1

)

16.7

5.6

Equity in income of unconsolidated investees, net of tax

4.0

0.6

0.3

1.0

Consolidated net (loss) income

(50.9

)

4.2

(35.2

)

21.0

Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries

1.1

(3.4

)

2.4

(4.0

)

Net (loss) income attributable to Bruker Corporation

$

(52.0

)

$

7.6

$

(37.6

)

$

25.0

Dividends on Series A Mandatory Convertible Preferred Stock

10.9

—

21.8

—

Net (loss) income attributable to Bruker Corporation common shareholders

$

(62.9

)

$

7.6

$

(59.4

)

$

25.0

Net (loss) income per common share attributable to Bruker Corporation shareholders:

Basic

$

(0.41

)

$

0.05

$

(0.39

)

$

0.16

Diluted

$

(0.41

)

$

0.05

$

(0.39

)

$

0.16

Weighted average common shares outstanding:

Basic

152.3

151.6

152.2

151.6

Diluted

152.3

151.7

152.2

151.8

Bruker Corporation

REVENUE

(unaudited and in millions)

  Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Revenue by Segment:

Bruker BioSpin

$

195.7

$

195.3

$

393.2

$

403.1

Bruker CALID

310.3

285.8

626.6

565.9

Bruker Nano

261.3

252.1

507.3

508.7

BSI Revenue Total

767.3

733.2

1,527.1

1,477.7

BEST

74.2

66.3

141.0

125.6

Eliminations

(3.0

)

(2.1

)

(6.2

)

(4.5

)

Total revenue

$

838.5

$

797.4

$

1,661.9

$

1,598.8

Revenue by End Customer Geography:

United States

$

248.2

$

222.9

$

470.1

$

440.3

Europe

308.7

272.5

630.3

557.7

Asia Pacific

217.3

242.1

426.0

474.7

Other

64.3

59.9

135.5

126.1

Total revenue

$

838.5

$

797.4

$

1,661.9

$

1,598.8

Bruker Corporation
RECONCILIATIONS 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.

Gross Profit

Gross Profit Margin

SG&A Expenses

Operating (Loss) income

Operating (Loss) income Margin

Interest and other income (expense), net

(Loss) profit before income tax (a)

Net (loss) income attributable to Bruker Corporation Common Shareholders

Diluted net (loss) income per common share attributable to Bruker Corporation Common Shareholders (b)

Income Tax Rate

Three Months Ended June 30, 2026:

GAAP

$416.0

49.6%

$238.9

$(65.3)

(7.8)%

$24.6

$(40.7)

$(62.9)

$(0.41)

(34.9)%

Non-GAAP adjustments:

Restructuring costs

0.3

—

—

4.2

0.5%

—

4.2

4.2

0.03

—

Acquisition-related costs

0.8

0.1%

—

4.4

0.5%

—

4.4

4.4

0.03

—

Purchased intangibles amortization

18.3

2.2%

(15.0)

33.3

4.0%

—

33.3

33.3

0.22

—

Goodwill and Intangible assets impairment charges

—

—

—

134.9

16.1%

—

134.9

134.9

0.88

—

Lease and fixed asset impairment charges

0.3

—

—

2.9

0.3%

—

2.9

2.9

0.02

—

Unrealized gain on equity interest investment

—

—

—

—

—

(27.6)

(27.6)

(27.6)

(0.18)

—

Other costs

0.9

0.2%

—

4.1

0.5%

1.5

5.6

1.4

—

—

Tax effect of above Non-GAAP adjustments

—

—

—

—

—

—

—

(15.0)

(0.10)

56.0%

Other Discrete Items

—

—

—

—

—

—

—

—

—

3.9%

Total Non-GAAP adjustments

20.6

2.5%

(15.0)

183.8

21.9%

(26.1)

157.7

138.5

0.90

59.9%

Non-GAAP

$436.6

52.1%

$223.9

$118.5

14.1%

$(1.5)

$117.0

$75.6

$0.49

25.0%

Three Months Ended June 30, 2025:

GAAP

$357.9

44.9%

$231.4

$11.9

1.5%

$(11.4)

$0.5

$7.6

$0.05

(620.0)%

Non-GAAP adjustments:

Restructuring costs

4.4

0.6%

—

7.3

0.9%

—

7.3

7.3

0.05

—

Acquisition-related costs

2.8

0.4%

—

5.5

0.7%

—

5.5

5.5

0.04

—

Purchased intangibles amortization

15.0

1.9%

(16.5)

31.5

4.0%

—

31.5

31.5

0.21

—

Acquisition-related litigation charges

—

—

—

4.0

0.5%

—

4.0

4.0

0.03

—

Other costs

7.1

0.8%

—

11.8

1.4%

0.4

12.2

9.9

0.07

—

Tax effect of above Non-GAAP adjustments

—

—

—

—

—

—

—

(17.5)

(0.13)

643.6%

Other Discrete Items

—

—

—

—

—

—

—

—

—

—

Total Non-GAAP adjustments

29.3

3.7%

(16.5)

60.1

7.5%

0.4

60.5

40.7

0.27

643.6%

Non-GAAP

$387.2

48.6%

$214.9

$72.0

9.0%

$(11.0)

$61.0

$48.3

$0.32

23.6%

Bruker Corporation
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued
(unaudited and in millions, except per share data)

Gross Profit

Gross Profit Margin

SG&A Expenses

Operating (Loss) Income

Operating (Loss) income Margin

Interest and other income (expense), net

(Loss) Profit before income tax (a)

Net (loss) income attributable to Bruker Corporation Common Shareholders

Diluted net (loss) income per common share attributable to Bruker Corporation Common Shareholders (b)

Income Tax Rate

Six Months Ended June 30, 2026

GAAP

$795.8

47.9%

$481.0

$(55.1)

(3.3)%

$36.3

$(18.8)

$(59.4)

$(0.39)

(88.8)%

Non-GAAP adjustments:

Restructuring costs

9.8

0.6%

—

22.0

1.3%

—

22.0

22.0

0.14

—

Acquisition-related costs

4.2

0.3%

—

11.9

0.7%

—

11.9

11.9

0.08

—

Purchased intangibles amortization

35.0

2.1%

(30.7)

65.8

4.0%

—

65.8

65.8

0.43

—

Gain on remeasurement of previously held equity interest

—

—

—

—

—

(12.2)

(12.2)

(12.2)

(0.08)

—

Goodwill and Intangible assets impairment charges

0.7

—

—

137.6

8.3%

—

137.6

137.6

0.90

—

Lease and fixed asset impairment charges

2.1

0.1%

—

15.6

0.9%

—

15.6

15.6

0.10

—

Unrealized gain on equity interest investment

—

—

—

—

—

(27.6)

(27.6)

(27.6)

(0.18)

—

Other costs

0.8

0.1%

—

4.9

0.3%

0.3

5.2

4.2

0.03

—

Tax effect of above Non-GAAP adjustments

—

—

—

—

—

—

—

(35.3)

(0.23)

112.3%

Other Discrete Items

—

—

—

—

—

—

—

—

—

2.6%

Total Non-GAAP adjustments

52.6

3.2%

(30.7)

257.8

15.5%

(39.5)

218.3

182.0

1.19

114.9%

Non-GAAP

$848.4

51.1%

$450.3

$202.7

12.2%

$(3.2)

$199.5

$122.6

$0.80

26.1%

Six Months Ended June 30, 2025:

GAAP

$749.1

46.9%

$456.8

$43.7

2.7%

$(18.1)

$25.6

$25.0

$0.16

21.9%

Non-GAAP adjustments:

Restructuring costs

7.0

0.4%

—

17.5

1.1%

—

17.5

17.5

0.12

—

Acquisition-related costs

5.1

0.3%

—

14.1

0.9%

—

14.1

14.1

0.09

—

Purchased intangibles amortization

29.0

1.8%

(29.6)

58.8

3.7%

—

58.8

58.8

0.39

—

Acquisition-related litigation charges

—

—

—

22.6

1.4%

—

22.6

22.6

0.15

—

Other costs

7.9

0.5%

—

17.0

1.1%

2.4

19.4

16.7

0.11

—

Tax effect of above Non-GAAP adjustments

—

—

—

—

—

—

—

(35.7)

(0.24)

4.2%

Other Discrete Items

—

—

—

—

—

—

—

—

—

—

Total Non-GAAP adjustments

49.0

3.0%

(29.6)

130.0

8.2%

2.4

132.4

94.0

0.62

4.2%

Non-GAAP

$798.1

49.9%

$427.2

$173.7

10.9%

$(15.7)

$158.0

$119.0

$0.78

26.1%

Bruker Corporation
RECONCILIATIONS 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):

Total Bruker

Bruker Scientific Instruments (a)

BEST

Three Months Ended June 30,

2026

yoy

growth

(c)

2025

2026

yoy

growth

(c)

2025

2026

yoy

growth

(c)

2025

GAAP revenue

$

838.5

5.2%

$

797.4

$

767.3

4.7%

$

733.2

$

71.2

10.9%

$

64.2

Effect of changes in foreign currency translation rates

7.0

23.4

5.7

21.2

1.3

2.2

Non-GAAP CER currency revenue

831.5

4.3%

774.0

761.6

3.9%

712.0

69.9

8.9%

62.0

Acquisitions (b)

11.4

29.6

11.4

29.6

—

—

Non-GAAP Organic revenue

$

820.1

2.8%

$

744.4

$

750.2

2.3%

$

682.4

$

69.9

8.9%

$

62.0

Total Bruker

Bruker Scientific Instruments (a)

BEST

Six Months Ended June 30,

2026

yoy

growth

(c)

2025

2026

yoy

growth

(c)

2025

2026

yoy

growth

(c)

2025

GAAP revenue

$

1,661.9

3.9%

$

1,598.8

$

1,527.1

3.3%

$

1,477.7

$

134.8

11.3%

$

121.1

Effect of changes in foreign currency translation rates

43.6

13.0

37.3

12.0

6.3

1.0

Non-GAAP CER currency revenue

1,618.3

1.2%

1,585.8

1,489.8

0.8%

1,465.7

128.5

6.1%

120.1

Acquisitions (b)

32.2

98.8

32.2

98.8

—

—

Non-GAAP Organic revenue

$

1,586.1

(0.8)%

$

1,487.0

$

1,457.6

(1.4)%

$

1,366.9

$

128.5

6.1%

$

120.1

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net cash used in operating activities

$

(77.4

)

$

(127.5

)

$

(6.2

)

$

(62.5

)

Non-GAAP adjustments:

Purchases of property, plant and equipment and intangible assets

(28.8

)

(21.3

)

(53.0

)

(47.3

)

Non-GAAP free cash flow

$

(106.2

)

$

(148.8

)

$

(59.2

)

$

(109.8

)

Bruker Corporation

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued

(unaudited and in millions, except per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

GAAP Weighted Average Common Shares Outstanding (Diluted)

152.3

151.7

152.2

151.8

Stock options, restricted stock units, and employee stock purchase plan (a)

0.5

—

0.5

—

Series A Mandatory Convertible Preferred Stock (b)

—

—

—

—

Non-GAAP Weighted Average Common Shares Outstanding (Diluted)

152.8

151.7

152.7

151.8

Bruker Corporation

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

  June 30,
2026

December 31,
2025

ASSETS

Current assets:

Cash and cash equivalents

$

184.9

$

298.8

Accounts receivable, net

545.9

544.9

Inventories

1,120.1

1,094.6

Other current assets

374.1

274.2

Total current assets

2,225.0

2,212.5

Property, plant and equipment, net

714.1

744.8

Goodwill, intangibles, net and other long-term assets

3,113.8

3,284.1

Total assets

$

6,052.9

$

6,241.4

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt and finance lease obligations

$

10.1

$

16.6

Accounts payable

200.2

215.9

Current portion of deferred revenue and customer advances

444.6

441.3

Other current liabilities

549.8

605.4

Total current liabilities

1,204.7

1,279.2

Long-term debt

1,814.7

1,852.5

Other long-term liabilities

597.7

599.4

Redeemable noncontrolling interests

35.6

36.8

Total shareholders' equity

2,400.2

2,473.5

Total liabilities, redeemable noncontrolling interests and shareholders' equity

$

6,052.9

$

6,241.4

Bruker Corporation

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in millions)

  Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Cash flows from operating activities:

Consolidated net (loss) income

$

(50.9

)

$

4.2

$

(35.2

)

$

21.0

Adjustments to reconcile net (loss) income to cash flows from operating activities:

Depreciation and amortization

58.0

56.1

116.3

106.5

Asset impairments

141.8

7.5

157.7

10.3

Other non-cash expenses (income), net

(29.4

)

(35.0

)

(23.9

)

(49.3

)

Changes in operating assets and liabilities, net of acquisitions and divestitures

(196.9

)

(160.3

)

(221.1

)

(151.0

)

Net cash used in operating activities

(77.4

)

(127.5

)

(6.2

)

(62.5

)

Cash flows from investing activities:

Purchases of property, plant and equipment and intangible assets

(28.8

)

(21.3

)

(53.0

)

(47.3

)

Cash paid for acquisitions, net of cash acquired

—

(68.4

)

(16.0

)

(69.5

)

Other investing activities, net

3.5

(1.4

)

4.0

(0.4

)

Net cash used in investing activities

(25.3

)

(91.1

)

(65.0

)

(117.2

)

Cash flows from financing activities:

Repayments of revolving lines of credit

(25.0

)

(51.2

)

(25.0

)

(219.1

)

Proceeds from revolving lines of credit

195.0

168.3

195.0

308.2

Repayment of long-term debt

(2.3

)

(14.6

)

(183.6

)

(22.3

)

Proceeds from long-term debt

—

—

—

2.9

Payment of dividends to shareholders

(18.5

)

(7.6

)

(37.1

)

(15.3

)

Other financing activities, net

—

0.6

(5.0

)

(10.1

)

Net cash provided by (used in) financing activities

149.2

95.5

(55.7

)

44.3

Effect of exchange rate changes on cash, cash equivalents and restricted cash

5.0

31.6

12.9

44.9

Net decrease in cash, cash equivalents and restricted cash

51.5

(91.5

)

(114.0

)

(90.5

)

Cash, cash equivalents and restricted cash at beginning of period

137.6

187.7

303.1

186.7

Cash, cash equivalents and restricted cash at end of period

$

189.1

$

96.2

$

189.1

$

96.2

On July 28, 2026, Bruker Corp BRKR shares rose by 4.8% to a current price of $62.91, reflecting positive momentum in the stock. Over the past year, the shares have fluctuated between a 52-week high of $64.54 and a low of $28.53, showcasing a substantial recovery in value.

GF Value™ verdict: Current price $62.91 vs GF Value™ $62.89, indicating a nearly neutral position with a slight upside of 0.03%.GF Score™: 86/100, signaling a strong overall evaluation of the company.Most notable signal: Insider activity shows $0.3M in sales over the last three months without any buying.Is BRKR Overvalued or Undervalued?The current market price of Bruker Corp BRKR is $62.91, which is very close to the GF Value™ estimate of $62.89. This places the stock in a fairly valued category, suggesting that it is neither significantly overvalued nor undervalued at this time. However, it's important to note that the GF Value™ is derived from a combination of historical trading multiples, past business growth, and future performance estimates, which can be less reliable for companies that are unprofitable or cash-flow-negative. Given Bruker's current financial standing, caution is warranted as the stock price could reflect a temporary market sentiment rather than sustainable growth.

While the GF Value™ suggests a fair price, the company's status as cash-flow-negative indicates that potential risks may be present for investors. Therefore, understanding the valuation in broader context, particularly through historical metrics, becomes crucial for a complete assessment.

How Does BRKR's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)N/A34.8x (5-Year Median)Forward P/E29.7xN/ABruker does not currently have a P/E ratio available, as it is unprofitable, making traditional earnings-based valuation methods less applicable. The forward P/E ratio of 29.7x is significantly lower than the 5-year median P/E of 34.8x, indicating that the stock may be trading below its historical valuation based on earnings expectations. However, since earnings are not applicable in this scenario, this analysis aligns with the GF Value™ verdict that the stock is fairly valued but does not provide a compelling investment case.

What Does BRKR's GF Score™ Tell Us?The GF Score™ evaluates a company's financial strength, profitability, growth prospects, valuation, and momentum to provide a comprehensive assessment of its potential. Bruker Corp's GF Score™ of 86/100 reflects a strong position, particularly highlighted by its valuation rank of 9/10 and momentum rank of 9/10, which suggests positive market performance. However, the financial strength rank of 5/10 and a low Piotroski F-Score of 3 indicate weaknesses that could raise concerns for potential investors.

MetricRatingGF Score™86/100Financial Strength5/10Profitability8/10Growth7/10Valuation9/10Momentum9/10Overall, while Bruker excels in valuation and momentum, its financial strength and profitability metrics suggest caution. The combination of a strong GF Score™ with notable weaknesses in critical areas indicates an interesting yet complex investment landscape for Bruker Corp.

What Are Gurus and Insiders Doing with BRKR?Currently, six gurus hold Bruker Corp's stock, with five increasing their positions and one reducing their holdings in recent quarters. This activity indicates a generally positive outlook among institutional investors, which can be a strong signal of confidence in the company's future. However, insider activity tells a different story, with insiders selling $0.3 million worth of shares in the last three months without any purchases. This pattern may suggest a lack of confidence among those closest to the company, raising red flags for potential investors.

The contrasting signals from guru ownership and insider activity highlight the need for a deeper analysis of Bruker Corp's fundamentals, as institutional support does not necessarily align with insider sentiment.

What This Means for InvestorsBased on the GF Value™ assessment, Bruker Corp BRKR is currently fairly valued, with its share price closely aligning with the estimated intrinsic value. However, the company's cash-flow-negative status and mixed signals from insiders and gurus suggest that there could be potential risks involved. Investors should approach this stock with caution, considering both the favorable momentum and the underlying financial weaknesses. For more detailed insights, visit the Bruker Corp (BRKR) stock page and explore the GF Value™ page for further analysis.

Frequently Asked QuestionsWhat is BRKR's GF Score™?

Bruker Corp's GF Score™ is 86/100, indicating a strong overall evaluation of the company based on various financial metrics.

Is BRKR overvalued or undervalued?

Bruker Corp is currently fairly valued, with a market price of $62.91 closely aligning with the GF Value™ estimate of $62.89.

What is BRKR's P/E ratio?

Bruker Corp does not currently have a P/E ratio available due to its unprofitability, while the forward P/E stands at 29.7x.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Posted by Defense World Staff on Jul 27th, 2026

California Public Employees Retirement System trimmed its position in Bruker Corporation (NASDAQ:BRKR – Free Report) by 27.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,653 shares of the medical research company’s stock after selling 51,544 shares during the quarter. California Public Employees Retirement System owned 0.09% of Bruker worth $4,900,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada increased its stake in Bruker by 8.3% in the first quarter. Royal Bank of Canada now owns 123,336 shares of the medical research company’s stock valued at $5,148,000 after acquiring an additional 9,501 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Bruker during the first quarter valued at approximately $262,000. Goldman Sachs Group Inc. boosted its holdings in Bruker by 107.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,465,319 shares of the medical research company’s stock valued at $61,162,000 after purchasing an additional 758,301 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Bruker by 2.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 366,204 shares of the medical research company’s stock valued at $15,285,000 after purchasing an additional 9,235 shares during the period. Finally, Focus Partners Wealth grew its stake in shares of Bruker by 115.0% in the 1st quarter. Focus Partners Wealth now owns 11,232 shares of the medical research company’s stock valued at $469,000 after purchasing an additional 6,008 shares during the period. 79.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth BRKR has been the subject of several analyst reports. Guggenheim raised their target price on Bruker from $50.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Barclays upped their price target on Bruker from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Weiss Ratings upgraded Bruker from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. UBS Group set a $60.00 price objective on Bruker in a report on Wednesday, June 24th. Finally, Citigroup boosted their target price on shares of Bruker from $44.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Bruker currently has an average rating of “Hold” and a consensus price target of $56.79.

View Our Latest Analysis on Bruker

Bruker Price Performance NASDAQ BRKR opened at $60.45 on Monday. The stock’s 50 day simple moving average is $56.32 and its 200 day simple moving average is $46.29. Bruker Corporation has a one year low of $28.53 and a one year high of $64.54. The firm has a market cap of $9.20 billion, a PE ratio of -251.88, a price-to-earnings-growth ratio of 1.94 and a beta of 1.29. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.55 and a quick ratio of 0.72.

Bruker (NASDAQ:BRKR – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.08. Bruker had a positive return on equity of 11.60% and a negative net margin of 0.65%.The firm had revenue of $823.40 million during the quarter, compared to the consensus estimate of $795.62 million. During the same quarter in the previous year, the company posted $0.47 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Bruker has set its FY 2026 guidance at 2.100-2.150 EPS. As a group, sell-side analysts forecast that Bruker Corporation will post 2.12 earnings per share for the current fiscal year.

Bruker Announces Dividend The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, June 22nd. Bruker’s dividend payout ratio is presently -83.33%.

About Bruker (Free Report)

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.

Further Reading Five stocks we like better than Bruker RTX and Lockheed Earnings: Can Strong Guidance Reset the Defense Trade? These 4 Earnings Reports Expose the Market’s Growing Economic Divide Broadcom May Be the Biggest Winner From Alphabet’s Earnings Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Want to see what other hedge funds are holding BRKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bruker Corporation (NASDAQ:BRKR – Free Report).

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BILLERICA, Mass.--(BUSINESS WIRE)---- $BRKR #BRKR--Bruker Corporation (Nasdaq: BRKR) today announced it will report second quarter 2026 financial results before market opening on Tuesday, August 4, 2026. The Company will host a conference call and webcast at 9:00 a.m. Eastern Daylight Time to discuss the results and current business trends. To listen to the webcast, investors can go to https://ir.bruker.com and click on the “Q2 2026 Earnings Webcast” hyperlink in the “Events & Presentations” section. A sli.

Posted by Defense World Staff on Jul 22nd, 2026

Fifth Third Bancorp boosted its holdings in Bruker Corporation (NASDAQ:BRKR – Free Report) by 4,058.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,135 shares of the medical research company’s stock after purchasing an additional 55,761 shares during the quarter. Fifth Third Bancorp’s holdings in Bruker were worth $2,064,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Orbis Allan Gray Ltd acquired a new position in Bruker in the second quarter valued at $192,735,000. Price T Rowe Associates Inc. MD increased its position in Bruker by 2,963.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,366,520 shares of the medical research company’s stock valued at $111,488,000 after acquiring an additional 2,289,269 shares during the period. AQR Capital Management LLC raised its stake in Bruker by 125.3% during the 2nd quarter. AQR Capital Management LLC now owns 3,326,820 shares of the medical research company’s stock valued at $137,065,000 after acquiring an additional 1,850,215 shares during the last quarter. Franklin Resources Inc. lifted its position in Bruker by 317.7% during the 4th quarter. Franklin Resources Inc. now owns 2,309,404 shares of the medical research company’s stock worth $108,796,000 after acquiring an additional 1,756,460 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Bruker by 222.6% in the 4th quarter. Millennium Management LLC now owns 1,839,587 shares of the medical research company’s stock valued at $86,663,000 after purchasing an additional 1,269,316 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Bruker Price Performance Shares of NASDAQ BRKR opened at $60.43 on Wednesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.72 and a current ratio of 1.55. Bruker Corporation has a one year low of $28.53 and a one year high of $64.54. The firm has a market capitalization of $9.20 billion, a P/E ratio of -251.79, a PEG ratio of 1.80 and a beta of 1.29. The company’s fifty day moving average is $55.29 and its two-hundred day moving average is $46.03.

Bruker (NASDAQ:BRKR – Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The medical research company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.23 by $0.08. Bruker had a negative net margin of 0.65% and a positive return on equity of 11.60%. The firm had revenue of $823.40 million during the quarter, compared to analysts’ expectations of $795.62 million. During the same quarter last year, the business earned $0.47 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Bruker has set its FY 2026 guidance at 2.100-2.150 EPS. Analysts forecast that Bruker Corporation will post 2.12 EPS for the current fiscal year.

Bruker Announces Dividend The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were issued a $0.05 dividend. The ex-dividend date was Monday, June 22nd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.3%. Bruker’s dividend payout ratio is currently -83.33%.

Analyst Upgrades and Downgrades A number of equities analysts recently weighed in on BRKR shares. JPMorgan Chase & Co. lifted their price objective on shares of Bruker from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, June 8th. Barclays lifted their target price on shares of Bruker from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Bruker from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Leerink Partners increased their price target on shares of Bruker from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Finally, TD Cowen restated a “hold” rating on shares of Bruker in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $56.79.

View Our Latest Stock Report on BRKR

Bruker Profile (Free Report)

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.

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Key Takeaways Bruker shares rose 50.3% in a year, aided by strong BSI NANO growth and solid bookings. Bruker saw AI-driven demand lift metrology tool orders, with Semi Metrology above $300M revenues. Bruker cut long-term debt to $1.66B and generated $47.0M in first-quarter free cash flow. Bruker Corporation (BRKR - Free Report) has witnessed strong momentum over the past year. Shares of the company have risen 50.3%, outperforming the industry’s 42.5% growth. The S&P 500 composite has increased 28.2% during the same time frame.

With healthy fundamentals and strong growth opportunities, this Zacks Rank #3 (Hold) company appears to be a solid wealth creator for its investors at the moment.

Bruker designs and manufactures proprietary life science and materials research systems and associated products. Bruker is located at 90 regions across the globe. It has direct sales forces employed through North America, Europe, Japan, Asia Pacific and Australia. 

The company reports through four segments — Bruker Scientific Instruments (“BSI”) BioSpin, BSI CALID (Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection), BSI NANO, and Bruker Energy & Supercon Technologies (“BEST”). 

Factors Favoring BRKR’s Share Price GrowthBruker’s share price is trending upward, prompted by its strong growth of BSI NANO segment. Within this, the company highlighted organic bookings growth above expectations in the first quarter of 2026, with BSI book-to-bill above 1.0X for the third consecutive quarter. 

AI-driven demand for memory chips and advanced packaging continued to drive orders for metrology tools. Semi Metrology has grown into a business generating more than $300 million in annual revenues.

Investors are currently focused on the company’s strong market share gain in preclinical imaging (PCI) space. In the first quarter of 2026, BioSpin reported acceptance of an 18 Tesla preclinical MRI system, reinforcing Bruker’s positioning at the high end of the installed base. 

Over time, broader adoption of imaging in translational research can support system demand and service pull-through, particularly as new hyperpolarization and workflow enhancements increase the utility of MRI-based platforms.

From a solvency viewpoint, cash and cash equivalents totaled $133.4 million at the end of the first quarter of 2026 compared with $298.8 million at the close of 2025. The company repaid $181.3 million of long-term debt, reducing the balance to $1.66 billion as of March 31, 2026, from $1.85 billion at year-end 2025. This reflects the debt paydown and working capital usage, including higher inventories. 

Net leverage declined to 2.9X at the end of the quarter. The bullish 2026 outlook supports continued investments in business. Bruker generated $71.2 million of operating cash flow in the first quarter and spent $24.2 million on capital expenditures, resulting in $47.0 million of free cash flow.

Image Source: Zacks Investment Research

Factors That May Offset BRKR’s GainsBruker’s business remains vulnerable to tariffs and currency effects, which influenced year-over-year results in the first quarter of 2026. Adjusted operating margin declined to 10.2% from 12.7% in the year-ago period, partly tied to tariff-related changes and foreign exchange. 

In the first quarter of 2026, foreign exchange reduced adjusted EPS by $0.05. For full-year 2026, management continues to assume an EPS currency impact of about 8%, which can limit comparability and keep consensus estimates sensitive to rate moves. 

The company also faces competition in the life science tools, metrology and diagnostics markets from larger peers that benefit from broad installed bases and significant scale in R&D and distribution. In a softer demand setting for academic and industrial customers, competitive discounting and mix shifts can reduce returns from growth initiatives.

A Look at BRKR’s EstimatesThe Zacks Consensus Estimate for 2026 EPS has remained unchanged at $2.12 in the past 30 days.

The company has an estimated long-term EPS growth rate of 14.8%, in line with the industry’s growth rate. 

Stocks to ConsiderSome better-ranked stocks in the broader medical space are Globus Medical (GMED - Free Report) , Integra LifeSciences (IART - Free Report) and Phibro Animal Health (PAHC - Free Report) . 

Globus Medical has an earnings yield of 5.5%, well ahead of the industry’s negative 3% yield. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 26.3%. The company’s shares have rallied 43.8% against the industry’s 4.8% decline over the past year.

GMED carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Integra LifeSciences, carrying a Zacks Rank #2 at present, has an earnings yield of 16% against the industry’s negative 3% yield. Shares of the company have gained 22.8% compared with the industry’s 4.8% growth. IART’s earnings topped estimates in each of the trailing four quarters, the average surprise being 16.8%.

Phibro Animal Health, carrying a Zacks Rank #2 at present, has an earnings yield of 9.2% compared with the industry’s 2.8% yield. Shares of the company have climbed 43.1% against the industry’s 27.9% decline. PAHC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 16.3%.

MUNICH--(BUSINESS WIRE)---- $BRKR #BRKR--At ESCMID Global 2026, the Bruker Microbiology & Infection Diagnostics division (Bruker Corporation, Nasdaq: BRKR) announces the European launch of MyGenius PRO®, a fully automated, sample-to-answer (S2A) molecular diagnostics system based on PCR (Polymerase Chain Reaction) technology. Designed for infectious disease diagnostics, the new S2A system enables higher throughput, continuous loading of samples, consumables, and reagents, and supports random-access operati.

On April 17, 2026, Bruker Corp (BRKR) shares rose 4.5% today, bringing the current price to $40.70. The stock has experienced a 52-week range of $28.53 to $56.2

A few weeks ago, a research paper out of MIT (the college) crossed my desk that most investors would have ignored.

It was about worms.

Specifically, it was about a team that had successfully mapped the entire brain of a microscopic worm — every neuron, every connection. 

Then it laid out what it would take to scale that process from a worm… to a mouse… and eventually, to a human.

Now, here’s where things get interesting for us.

For decades, mapping the human brain has been one of science’s biggest challenges. And while we’re still years away from a definitive solution, we’re starting to see the missing piece fall into place that could break the whole field wide open: brain-computer interfaces.

These are systems that allow the brain to communicate directly with machines — turning thought into action and speech.

Right now, the headlines focus on major players like Elon Musk’s Neuralink— buffeted by twelve patients, a $9B valuation, and IPO rumors.

Sam Altman also committed $250 million to his own brain-chip startup earlier this year.

The reporting surrounding these companies often leans toward the dramatic: the merging of mind and machine, the next frontier of artificial intelligence, the possibility of restoring lost functions or even augmenting human cognition. 

It is a story that lends itself to headlines. But it is also, in some ways, a misleading one. The visible pieces of this emerging field — the implants, the interfaces — represent only its final layer.

What they’re hiding is a much larger system that must exist before they can function in any meaningful way.

This is where the real opportunity lies for us. And in order to understand, we need to dig deeper than the headlines…

The Critical Systems Holding This Breakthrough Back Once I got over my initial excitement after reading the report and considering what it might mean, I did what traders do: I moved straight to the supply chain. 

The MIT thesis, perhaps unintentionally, offers a map of this growing system. 

It identifies several areas that must advance together: structural imaging, which captures the physical wiring of the brain; functional imaging, which records activity; molecular analysis, which explains how neurons behave; and computational infrastructure, which integrates and simulates these layers. 

Each of these parts has made significant progress in isolation. What’s new is the recognition that they are dependent on each other so that major progress in one without the others is unlikely.

This interdependence means that what we’re really looking at is a set of bottlenecks that are overlooked in the broader narrative.

This is exactly the kind of shift we focus on inside the Masters in Trading Challenge — learning how to move past the obvious story and identify where the real edge sits before it becomes consensus.

It’s not about predicting the headline outcome. It’s about understanding what has to happen underneath it—and positioning early. If you want to see exactly how we approach setups like this, you can learn more about the Masters in Trading Challenge here.

One of the clearest examples of this shows up in imaging. Imaging a brain at sufficient resolution is not simply a matter of improving a single machine. It requires scaling entire systems — microscopes, data pipelines, processing algorithms — by orders of magnitude.

The thesis suggests that even mapping a mouse brain would require dozens of high-throughput electron microscopes operating continuously for years.

And for a human brain? That demands far more extensive infrastructure that’s currently lacking.

The Next “Genome Project” Is Already Taking Shape Building these systems are not incremental challenges. They resemble, in scale and coordination, the kinds of efforts more commonly associated with large public works or scientific “moonshots.” 

The Human Genome Project – the effort to map all human DNA that turned biology into a data-driven science and made genetic research dramatically faster and cheaper – is often cited as an analogy. 

When it was all said and done, that project required more than a decade and billions of dollars to complete. 

Brain emulation, if pursued at a similar scale, would likely demand comparable levels of investment and collaboration.

If the history of technological change offers any guidance, it is that the most transformative shifts rarely occur where attention is first directed. 

They unfold, instead, in the spaces beneath the surface, where small advances accumulate until they alter what is possible.

The sensors. The chips. The imaging systems.

That’s where capital is starting to flow.

Right now, I’m tracking 14 names tied to this theme — 10 public, 4 private.

In today’s essay, I’m breaking down all fourteen names across three buckets:

Two to start with today Eight to build deeper exposure And four private companies to watch as they approach public markets. Let’s dive in…

Bucket 1 – Start Here If you only buy two names from this basket, start here.

Butterfly Network (BFLY): ~$500M market cap BFLY produces handheld, chip-based ultrasound devices used in brain imaging. And unlike some of the other names on this list, this early-stage player is already bringing in sound business.

Last quarter, BFLY turned profitable for the first time, with revenue growing 41% year-over-year to $31.5M.

That momentum is only increasing as BFLY secures more contracts around its signature tech. Its ultrasound chip is licensed into Forest Neurotech, an Eric Schmidt-backed brain-computer interface project – and that’s just one key partnership among many.

At a $500M market cap – with real revenue and BCI exposure – the risk/reward looks cleaner than most.

How I’d Play It Start a position and add on pullbacks to support. This isn’t a moonshot—it’s a functioning business with an underappreciated catalyst.

Quantum-Si (QSI): ~$194M market cap This is the asymmetric bet. It offers the only commercial single-molecule protein sequencer currently available on the market.

The MIT research identifies protein sequencing as a gating technology for brain mapping. Right now, this is the only U.S.-listed way to access it. With revenue at just $2.4 million, this is a company firmly in its earliest stages with massive growth ahead.

How I’d Play It Keep position size small. Treat it like a call option, not a core holding. If the thesis works, the upside could be significant. If not, downside risk is real.

Bucket 2 – Add These to Go Deeper These names round out the basket if you want broader exposure. It’s a mix of small-cap volatility and large-cap stability.

Hyperfine (HYPR): $127M market cap HYPR provides the only FDA-cleared portable brain MRI system on the market – its Swoop device, which brings imaging directly to the bedside.

HYPR’s reach is beginning to expand beyond the U.S. Just this year, the startup received approval in India to sell its devices, opening up a large new market.

HYPR is one of the smallest small-caps on this list. And it always trades on news.

With that approval and a surge in value since March, HYPR remains one of the best early land-grab opportunities in this basket.

How I’d Play It Add HYPR for direct brain imaging exposure. Watch upcoming guidance for signs of international traction.

NVIDIA (NVDA): $5.6T market cap Most investors own NVIDIA for AI, but few connect it to the brain race. That’s about to change.

NVIDIA’s Holoscan is an important application in the brain imaging race. For those who don’t know, it’s an AI-enabled sensor processing platform designed for real-time edge computing that can be deployed in various use cases – from security applications to the medical field.

Many of the top BCI players are building their tech on top of NVIDIA’s Holoscan. BCI manufacturer Synchron’s interface runs on NVIDIA Holoscan. And another BCI startup, Merge Labs, is expected to train models on its chips.

Regardless of which platform wins, NVIDIA sits upstream.

How I’d Play It If you already own it, you have exposure. If not, this is another reason to consider it.

Micron (MU): $560B market cap This is the memory bottleneck trade. Compute has scaled far faster than memory over the last three decades. That gap is becoming critical for both AI and brain emulation.

Micron is the clearest U.S.-listed play on high-bandwidth memory. And with so many clients for its chips already being participants in the modern brain race, this stock is one of the best ways to gain early exposure today.

How I’d Play It It’s cyclical. Look to buy on weakness.

Medtronic (MDT): $100B market cap Medtronic partnered with Precision Neuroscience, gaining exposure to BCIs without building the technology internally.

That’s a massive edge in a market where the biggest BCI makers are still dealing with major cost overruns and costly implementation failures.

Medtronic is already a giant in the space. With this partnership in place, MDT represents a more conservative way to trade the theme.

How I’d Play It Useful for portfolios seeking income and lower volatility with some upside optionality.

Nautilus Biotechnology (NAUT): $331.6M market cap This stock is a complementary play to QSI. NAUT approaches protein sequencing differently but targets the same bottleneck. And a recent partnership with Baylor College adds early validation.

How I’d Play It Smaller position than QSI. Treat both as a paired bet.

Bruker (BRKR): $5.56B market cap This is a “picks and shovels” name that’s been setting off my UOA Monitor for weeks.

In fact, I just recently recommended the trade on Masters in Trading LIVE  as the perfect way to gain early exposure to the BCI trend.

This stock already has massive penetration in the space. Its microscopy systems are used across leading brain-mapping labs. It’s a medium-sized player with a lot of room to run.

How I’d Play It A more stable position relative to smaller biotech names.

Thermo Fisher (TMO): $174.5B market cap One of only two companies globally producing the high-throughput electron microscopes used in connectomics research. A long-term compounder.

How I’d Play It A steady, long-duration hold with lower volatility.

Broadcom (AVGO): $2.01T market cap AVGO provides custom AI chips and networking infrastructure for hyperscalers. While not a direct BCI play, it supports the systems that make brain-scale computation possible.

How I’d Play It Similar to NVIDIA—core infrastructure exposure.

Bucket 3 – Watching, But Not Yet Public These are private companies to monitor for IPO activity. When one files, expect ripple effects across the entire basket.

Neuralink
Private: ~$9B valuation Elon Musk’s BCI company has twelve patients implanted. So far, it’s one of the most regulatorily compliant and well capitalized names in the space, already backed by FDA Breakthrough Device designation.

How I’d Play It Not publicly tradable yet. When it files, expect rapid repricing across related equities.

Synchron
Private: Pre-IPO Synchron offers a less invasive interface delivered via the jugular vein – all backed by Jeff Bezos and Bill Gates. As I alluded to at the top, Synchron also has several major partnerships in place with companies like NVIDIA and Apple Vision Pro.

HOW I’D PLAY IT Watch for IPO filing. Potentially lower-risk than Neuralink due to its approach.

Precision Neuroscience
Private: Pre-IPO Precision is working on a surface-level brain interface developed by a former Neuralink engineer. And it just recently received FDA clearance and partnered with Medtronic – all great signs as it works its way to a potential IPO.

How I’d Play It Indirect exposure exists through Medtronic. Consider direct exposure if it goes public.

Colossal Biosciences
Private: Pre-IPO Colossal is connected to Harvard geneticist George Church. While it’s not a pure BCI play, the company is part of a broader biotech ecosystem that could intersect with neural research.

How I’d Play It Highly speculative. Monitor for developments.

One last note: I’m long QSI. I do not currently hold the other names listed here. This reflects my research and watchlist—not a recommendation to buy or sell any security. Small-cap stocks in this space can be highly volatile. Do your own research and consult a licensed professional before investing.

What Happens Next History shows that when a complex problem becomes a matter of engineering—when it can be broken down into discrete constraints—capital flows to the solutions. And that all happens often before the broader narrative fully takes hold.

Today, much of this ecosystem remains underfollowed and, in some cases, mispriced relative to its potential role in the broader shift.

That won’t last.

As progress in these underlying technologies becomes more visible — through partnerships, breakthroughs, and eventually public listings — the market will connect the dots.

When it does, the repricing is unlikely to be gradual.

For investors, the takeaway is straightforward: Focus less on the outcome and more on what must happen for that outcome to exist.

That’s where the opportunity is today.

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BILLERICA, Mass.--(BUSINESS WIRE)--Bruker Corporation (Nasdaq: BRKR) today announced financial results for the three months ended March 31, 2026.

Frank H. Laukien, Bruker’s President and CEO, commented: “While US academic demand, tariff and currency headwinds still pressured our first quarter results, our Q1 financial performance came in ahead of expectations. We are encouraged that our first quarter BSI segment bookings grew organically at a high single digit percentage, and our BSI book-to-bill ratio was again greater than 1.0x. Healthy bookings trends included solid academic orders for our post-genomic research solutions from outside the US, strong AI-driven demand in semiconductor metrology and in SciY laboratory software, bookings strength in industrial research tools and security detection systems.”

He continued: “Importantly, we have introduced impactful new products and solutions at recent scientific and medical conferences, further strengthening our leadership position in NMR, leading the way in spatial biology, and innovating in microbiology and molecular diagnostics. With increased visibility, we reconfirm our FY26 guidance, and we expect a return to organic revenue growth in Q2. All in, Bruker remains poised to deliver significant operating margin expansion and double-digit EPS growth in FY2026.”

First Quarter 2026 (Q1-26) Financial Results

Bruker’s revenues for the first quarter of 2026 were $823.4 million, an increase of 2.7% compared to $801.4 million in the first quarter of 2025. In Q1-26, revenues decreased organically by 4.4% yoy, while growth from acquisitions was 2.6%, and foreign currency translation had a favorable impact of 4.5% yoy.

Q1-26 Bruker Scientific Instruments (BSI) revenues of $759.8 million increased 2.1% yoy, with organic revenue decreasing by 5.0%. Q1-26 Bruker Energy & Supercon Technologies (BEST) revenues of $66.9 million increased 12.8% yoy, with an organic revenue increase of 3.0%, net of intercompany eliminations.

Q1-26 GAAP operating income was $10.2 million, compared to GAAP operating income of $31.8 million in the first quarter of 2025. Bruker's Q1-26 non-GAAP operating income was $84.2 million, compared to $101.7 million in the first quarter of 2025, and Q1-26 non-GAAP operating margin was 10.2%, compared to 12.7% in the first quarter of 2025.

Q1-26 GAAP diluted earnings per share was $0.02, compared to diluted earnings per share of $0.11 in the first quarter of 2025. Q1-26 non-GAAP diluted EPS was $0.31, compared to $0.47 in the first quarter of 2025.

Reconfirming Previous Fiscal Year 2026 (FY26) Financial Outlook

Bruker continues to expect FY26 revenues of $3.57 to $3.60 billion, compared to FY25 revenues of $3.44 billion, with 4% to 5% year-over-year reported revenue growth, including:

Organic revenue growth of 1% to 2%, M&A revenue growth contribution of approximately 1.5%, and Foreign currency translation revenue tailwind of approximately 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. This includes a currency headwind of approximately $0.15, or 8%, implying constant exchange rate (CER) non-GAAP EPS growth of 23% to 25% yoy.

Our FY26 revenue and non-GAAP EPS guidance is based on foreign currency exchange rates as of March 31, 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, May 6, 2026, at 8:00 am Eastern Daylight Time. To listen to the webcast, investors can go to https://ir.bruker.com and click on the “Q1 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 First 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/10208837/103f221d07a 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: 6572958. The replay will be available beginning one hour after the end of the conference call through June 6, 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, as well as in clinical microbiology and molecular diagnostics. 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 Corporation

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in millions, except per share data)

  Three Months Ended
March 31,

2026

2025

Revenue

$

823.4

$

801.4

Cost of revenue

443.6

410.2

Gross profit

379.8

391.2

Operating expenses:

Selling, general and administrative

242.1

225.4

Research and development

101.3

97.1

Other charges, net

26.2

36.9

Total operating expenses

369.6

359.4

Operating income

10.2

31.8

Interest and other income (expense), net

11.7

(6.7

)

Income before income taxes, equity in (losses) income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries (a)

21.9

25.1

Income tax provision

2.5

8.7

Equity in (losses) income of unconsolidated investees, net of tax

(3.7

)

0.4

Consolidated net income

15.7

16.8

Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries

1.3

(0.6

)

Net income attributable to Bruker Corporation

$

14.4

$

17.4

Dividends on Series A Mandatory Convertible Preferred Stock

10.9

—

Net income attributable to Bruker Corporation common shareholders

$

3.5

$

17.4

Net income per common share attributable to Bruker Corporation common shareholders:

Basic

$

0.02

$

0.11

Diluted

$

0.02

$

0.11

Weighted average common shares outstanding:

Basic

152.2

151.6

Diluted

152.7

151.9

  a) On subsequent pages this is referred to as “Profit before income tax”.

Bruker Corporation

REVENUE

(unaudited and in millions)

  Three Months Ended
March 31,

2026

2025

Revenue by Segment:

Bruker BioSpin

$

197.5

$

207.8

Bruker CALID

316.3

280.1

Bruker Nano

246.0

256.6

BSI Revenue Total

759.8

744.5

BEST

66.9

59.3

Eliminations

(3.3

)

(2.4

)

Total revenue

$

823.4

$

801.4

Revenue by End Customer Geography:

United States

$

221.9

$

217.4

Europe

321.6

285.2

Asia Pacific

208.7

232.6

Other

71.2

66.2

Total revenue

$

823.4

$

801.4

Bruker Corporation
RECONCILIATIONS 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 months ended March 31, 2026, and March 31, 2025, respectively, for the following measures: Gross Profit and Gross Profit Margin; Selling, General and Administrative (“SG&A”) Expenses; Operating Income and Operating Income Margin; Interest and Other Income (Expense), net; Profit before Income Taxes; Net Income Attributable to Bruker Corporation Common Shareholders; Diluted net income per common share; and Income Tax rate.

Gross Profit

Gross Profit Margin

SG&A Expenses

Operating Income

Operating Income Margin

Interest and other income (expense), net

Profit before income tax (a)

Net Income attributable to Bruker Corporation Common Shareholders

Diluted net income per common share

Income Tax Rate

Three Months Ended March 31, 2026:

GAAP

$

379.8

46.1

%

$

242.1

$

10.2

1.2

%

$

11.7

$

21.9

$

3.5

$

0.02

11.4

%

Non-GAAP adjustments:

Restructuring costs

9.5

1.2

%

—

17.8

2.2

%

—

17.8

17.8

0.12

—

Acquisition-related costs

3.4

0.4

%

—

7.5

0.9

%

—

7.5

7.5

0.05

—

Purchased intangibles amortization

16.7

2.0

%

(15.7

)

32.5

3.9

%

—

32.5

32.5

0.21

—

Intangible assets impairment charges

0.7

0.1

%

—

2.7

0.3

%

—

2.7

2.7

0.02

—

Gain on remeasurement of previously held equity interest

—

—

—

—

—

(12.2

)

(12.2

)

(12.2

)

(0.08

)

Investments related adjustments

—

—

—

—

—

(1.2

)

(1.2

)

(1.2

)

(0.01

)

—

Lease and fixed asset impairment charges

1.8

0.2

%

—

12.7

1.5

%

—

12.7

12.7

0.08

—

Other costs

(0.1

)

—

—

0.8

0.2

%

—

0.8

0.8

0.01

—

Tax effect of above Non-GAAP adjustments

—

—

—

—

—

—

—

(20.3

)

(0.13

)

16.2

%

Equity in income (losses) of unconsolidated investees, net of tax

—

—

—

—

—

—

—

3.7

0.02

—

Noncontrolling interests related to non-GAAP adjustments

—

—

—

—

—

—

—

(0.5

)

—

—

Total Non-GAAP adjustments

32.0

3.9

%

(15.7

)

74.0

9.0

%

(13.4

)

60.6

43.5

0.29

16.2

%

Non-GAAP

$

411.8

50.0

%

$

226.4

$

84.2

10.2

%

$

(1.7

)

$

82.5

$

47.0

$

0.31

27.6

%

Three Months Ended March 31, 2025:

GAAP

$

391.2

48.8

%

$

225.4

$

31.8

4.0

%

$

(6.7

)

$

25.1

$

17.4

$

0.11

34.7

%

Non-GAAP adjustments:

Restructuring costs

2.6

0.3

%

—

10.2

1.3

%

—

10.2

10.2

0.07

—

Acquisition-related costs

2.3

0.3

%

—

8.6

1.1

%

—

8.6

8.6

0.06

—

Purchased intangibles amortization

14.0

1.7

%

(13.1

)

27.3

3.4

%

—

27.3

27.3

0.18

—

Acquisition-related litigation charges

—

—

—

18.6

2.3

%

—

18.6

18.6

0.12

—

Investments related adjustments

—

—

—

—

—

2.0

2.0

2.0

0.01

—

Other costs

0.8

0.2

%

—

5.2

0.6

%

—

5.2

5.2

0.03

—

Tax effect of above Non-GAAP adjustments

—

—

—

—

—

—

—

(18.2

)

(0.11

)

(0.6

)%

Other Discrete Items

—

—

—

—

—

—

—

—

—

(6.4

)%

Equity in income (losses) of unconsolidated investees, net of tax

—

—

—

—

—

—

—

(0.4

)

—

—

Total Non-GAAP adjustments

19.7

2.5

%

(13.1

)

69.9

8.7

%

2.0

71.9

53.3

0.36

(7.0

)%

Non-GAAP

$

410.9

51.3

%

$

212.3

$

101.7

12.7

%

$

(4.7

)

$

97.0

$

70.7

$

0.47

27.7

%

Bruker Corporation
RECONCILIATIONS 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 weighted average common shares outstanding (Diluted), CER currency revenue, organic revenue, and free cash flow:

Three Months Ended
March 31,

2026

2025

GAAP Weighted Average Common Shares Outstanding (Diluted)

152.7

151.9

Stock options, restricted stock units, and employee stock purchase plan

—

—

Series A Mandatory Convertible Preferred Stock (a)

—

—

Non-GAAP Weighted Average Common Shares Outstanding (Diluted)

152.7

151.9

Total Bruker

Bruker Scientific Instruments (a)

BEST

Three Months Ended March 31,

2026

yoy growth (c)

2025

2026

yoy growth (c)

2025

2026

yoy growth (c)

2025

GAAP revenue

$

823.4

2.7%

$

801.4

$

759.8

2.1%

$

744.5

$

63.6

11.8%

$

56.9

Effect of changes in foreign currency translation rates

36.6

(10.4

)

31.6

(9.2

)

5.0

(1.2

)

Non-GAAP CER currency revenue

786.8

(1.8)%

811.8

728.2

(2.2)%

753.7

58.6

3.0%

58.1

Acquisitions (b)

20.8

69.2

20.8

69.2

-

-

Non-GAAP Organic revenue

$

766.0

(4.4)%

$

742.6

$

707.4

(5.0)%

$

684.5

$

58.6

3.0%

$

58.1

Three Months Ended
March 31,

2026

2025

Net cash provided by operating activities

$

71.2

$

65.0

Non-GAAP adjustments:

Purchases of property, plant and equipment

(24.2

)

(26.0

)

Non-GAAP free cash flow

$

47.0

$

39.0

Bruker Corporation

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

  March 31,
2026

December 31,
2025

ASSETS

Current assets:

Cash and cash equivalents

$

133.4

$

298.8

Accounts receivable, net

542.7

544.9

Inventories

1,121.5

1,094.6

Other current assets

306.0

274.2

Total current assets

2,103.6

2,212.5

Property, plant and equipment, net

719.6

744.8

Goodwill, intangibles, net and other long-term assets

3,307.5

3,284.1

Total assets

$

6,130.7

$

6,241.4

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt and finance lease obligations

$

8.4

$

16.6

Accounts payable

269.1

215.9

Deferred revenue and customer advances

479.7

441.3

Other current liabilities

597.9

605.4

Total current liabilities

1,355.1

1,279.2

Long-term debt

1,662.9

1,852.5

Other long-term liabilities

609.9

599.4

Redeemable noncontrolling interests

35.8

36.8

Total shareholders' equity

2,467.0

2,473.5

Total liabilities, redeemable noncontrolling interests and shareholders' equity

$

6,130.7

$

6,241.4

Bruker Corporation

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in millions)

  Three Months Ended
March 31,

2026

2025

Cash flows from operating activities:

Consolidated net income

$

15.7

$

16.8

Adjustments to reconcile consolidated net income to cash flows from operating activities:

Depreciation and amortization

58.3

50.4

Other non-cash expenses, net

21.4

(11.5

)

Changes in operating assets and liabilities, net of acquisitions and divestitures:

Accounts payable and accrued expenses

11.2

26.4

Inventories

(47.2

)

(28.4

)

Other changes in operating assets and liabilities, net

11.8

11.3

Net cash provided by operating activities

71.2

65.0

Cash flows from investing activities:

Purchases of property, plant and equipment

(24.2

)

(26.0

)

Cash paid for acquisitions, net of cash acquired

(16.0

)

(1.1

)

Other investing activities, net

0.5

1.0

Net cash used in investing activities

(39.7

)

(26.1

)

Cash flows from financing activities:

Repayments of revolving lines of credit

—

(167.9

)

Proceeds from revolving lines of credit

—

139.9

Repayment of long-term debt

(181.3

)

(7.7

)

Proceeds from long-term debt

—

2.9

Payment of dividends to Series A Mandatory Convertible Preferred Shareholders

(11.0

)

—

Payment of dividends to common shareholders

(7.6

)

(7.7

)

Repurchase of common stock

—

(10.0

)

Other financing activities, net

(5.0

)

(0.7

)

Net cash used in financing activities

(204.9

)

(51.2

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

7.9

13.3

Net increase (decrease) in cash, cash equivalents and restricted cash

(165.5

)

1.0

Cash, cash equivalents and restricted cash at beginning of period

303.1

186.7

Cash, cash equivalents and restricted cash at end of period

$

137.6

$

187.7

Bruker Corporation (BRKR) Q1 2026 Earnings Call Transcript

BILLERICA, Mass.--(BUSINESS WIRE)---- $BRKR #BRKR--Bruker Corporation announced the commissioning of a novel BioSpec™ 18 Tesla preclinical MRI, the world's highest-field horizontal-bore MRI system, at the Champalimaud Foundation in Lisbon, Portugal. The BioSpec 18T system provides increased spatial resolution and sensitivity, enabling advanced magnetic resonance imaging (MRI) and magnetic resonance spectroscopic imaging (MRSI) methods for cancer and neuroscience research, where characterization of tissue micro.

At ASMS, [url="]Bruker Corporation[/url] (Nasdaq: BRKR) announced the launch of the unique timsMRMS system, bringing the power of trapped ion mobility separati

At ASMS, [url="]Bruker Corporation[/url] (Nasdaq: BRKR) announced the launch of the new timsMRMS system, designed to empower researchers in petroleomics, susta

A month has gone by since the last earnings report for Bruker (BRKR - Free Report) . Shares have added about 37.1% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Bruker due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

Bruker Tops on Q1 Earnings & RevenuesBruker Corporation posted first-quarter 2026 adjusted earnings of 31 cents per share, down 34% year over year. The figure topped the Zacks Consensus Estimate by 33.62%. Quarterly revenues rose 2.7% year over year to $823.4 million and surpassed the consensus mark by 2.91%.

In the quarter, acquisitions contributed 2.6% to the top line, and foreign exchange provided a 4.5% tailwind, while organic revenues decreased 4.4% year over year. The Bruker Scientific Instruments (“BSI”) segment’s bookings grew organically at a high-single-digit rate, and BSI’s book-to-bill stayed above 1.0X for a third straight quarter.

CALID Leads Bruker’s Segment Results

Within the BSI segment, BioSpin revenues were $197.5 million in the first quarter, compared with $207.8 million a year ago. CALID revenues rose to $316.3 million from $280.1 million, while Nano revenues declined to $246.0 million from $256.6 million.

The Bruker Energy & Supercon Technologies (“BEST”) segment delivered $66.9 million of revenues versus $59.3 million in the prior-year quarter, while eliminations were $(3.3) million.

BRKR’s Regional Results Point to Europe as a Bright Spot

Geographically, Europe was the standout, with revenues of $321.6 million, up from $285.2 million in the prior-year quarter. The United States rose to $221.9 million from $217.4 million.

Asia Pacific revenue softened to $208.7 million from $232.6 million, while revenues in the “Other” category increased to $71.2 million from $66.2 million. The mix underscores why headline growth did not fully reflect underlying demand trends across regions.

BRKR’s Margin Performance Weakens Year Over Year

Bruker’s gross profit declined 2.9% year over year to $379.8 million in the first quarter of 2026. Gross margin contracted 269 basis points (bps) to 46.1% as the cost of revenues increased 8.1%.

Operating expenses moved higher. SG&A expenses rose 7.4% year over year to $242.1 million, while R&D expenses increased 4.3% to $101.3 million.

On an adjusted basis, operating income was $84.2 million, down 17.2% year over year, and the operating margin decreased 250 bps to 10.2%.

Management attributed the year-over-year margin pressure primarily to volume and mix, with additional headwinds from foreign exchange and tariffs, partly offset by cost-savings actions.

BRKR’s Cash Flow Rises as Debt Paydown Drives Cash Lower

Cash generation improved year over year. Operating cash flow was $71.2 million, up from $65.0 million, while capital spending was $24.2 million. This supported adjusted free cash flow of $47.0 million compared with $39.0 million in the year-ago quarter.

Bruker ended the quarter with $133.4 million of cash and cash equivalents compared with $298.8 million at the end of 2025. The company paid down $181.3 million of long-term debt during the quarter, and long-term debt stood at $1.66 billion as of March 31, 2026.

Bruker Reaffirms 2026 Outlook

Bruker reaffirmed its full-year 2026 outlook. The company continues to expect revenues of $3.57-$3.60 billion, implying 4%-5% reported growth, including 1%-2% organic growth, about 1.5% from M&A and an estimated 1.5% foreign-currency tailwind.

On the bottom line, Bruker maintained its adjusted earnings view of $2.10-$2.15 per share, calling for 15%-17% growth from the 2025 levels. Management’s framework includes an approximate $0.15 headwind from currency translation and targets 250-300 basis points of adjusted operating margin expansion for the year.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -11.54% due to these changes.

VGM ScoresAt this time, Bruker has a subpar Growth Score of D, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Bruker has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Bruker Corporation (BRKR) Presents at Jefferies Global Healthcare Conference 2026 Transcript