On a non-GAAP basis, Bruker reported full year 2012 operating income of $219.0 million, or 12.2% of revenues, compared to $196.8 million, or 11.9% of revenues, in 2011. Non-GAAP 2012 EPS were $0.83, compared to $0.82 for the year 2011.
“Despite the challenges posed by weaker European economies, softness in U.S. academic markets, and the slowing of several industrial and applied market segments, Bruker’s innovation engine generated excellent top-line growth throughout 2012,” commented Frank Laukien, President and CEO of Bruker. “This performance is a testament to the strength of our customer relationships and our focus on addressing their needs. We are also pleased with our improving margins in the second half of 2012, and we recognize that we need to translate more of our healthy revenue growth into higher profits and cash flow.”
2012 Business Highlights
- Launched over 30 new products, including several breakthrough innovations.
- Increased 2012 non-GAAP operating margin by 30 basis points to 12.2%, compared to 11.9% in 2011.
- Acquired SkyScan microCT business and Carestream’s preclinical in vivo imaging portfolio to provide Bruker with the broadest preclinical imaging product line in the industry.
- Continued the rapid growth of MALDI Biotyper platform for clinical and non-clinical microbiology.
- Organized 10 operating divisions of the Bruker Scientific Instruments (BSI) segment into three Groups.
- Strengthened executive leadership with appointments of a new CFO and two new Group Presidents.
- Strengthened operational leadership and initiated new outsourcing programs and other productivity improvement efforts.
“As Bruker enters 2013, we are analyzing and implementing various initiatives to drive increased profitability and cash flow. In addition to ongoing improvements in operational processes and systems, we are taking targeted actions to optimize the cost structure of certain businesses,” said Charles Wagner, Chief Financial Officer of Bruker. “For the full year 2013, the Company expects year-over-year reported revenue growth of 4 to 5 percent and non-GAAP EPS growth of 6 to 10 percent.”