BRKR - Earnings call transcript Q3 2020

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Operator

Good day and welcome to the Bruker Corporation Third Quarter 2020 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Miroslava Minkova, Director of Investor Relations and Corporate Development. ahead. go Please

Miroslava Minkova

would quarter I Miroslava welcome to Development. everyone Director Good earnings like conference third Corporate and XXXX Investor is call. Bruker's of afternoon. Relations to My Minkova, name

call me Florence resolution are Joining microscope. today's Frank our CEO; fluorescence President Laukien, super and on

Relations conference The from to addition Investor PDF on presentation be downloaded today's of Latest release be Results' referencing Bruker's earlier today, we this In we'll issued a the section earnings during the call, website. slide presentation. can

During included call, non-GAAP are information. earnings today's at be we'll financial GAAP and website Reconciliations highlighting to non-GAAP ir.bruker.com. financial of posted release in our on our measures are our

reference Before Safe on which Harbor we statement shown I begin, like to Bruker's is X. would Slide

rely are XX-Q website not that all that website. this the Form such are related future include, results XX-K but is in company's call, in to to, update subsequent statements statements note, uncertainties on release our reasons those such events of summary, will and risks practice, financial or scenario conference quarter discussed forward-looking detail. do related Xnd, that Frank Consistent prior estimates any and today's the future our on forward-looking the a then prior not future expected including XXXX. the today. the of expected and forward-looking or financials business events, for Form full we views The materially outlook differences conditions our the the or XXXX November based subsequent Factors operational quarter might these release today's which as our XXXX. Gerald to risks COVID-XX our of date providing begin to make intend cause in of earnings call statements. available to with more Also year regarding limited actual business performance on financial as and of on should and with in and may describing filings, of projections as to involve outlook and SEC's the differ company we'll the information, from statements During uncertainties, other following third and today, representing and you results course pandemic. information of to Therefore, current February We'll fourth new not our cover XXXX our

I'd turn Now, like call Frank over to Bruker's Laukien. to the CEO,

Frank Laukien

and I and thank Thank today's you, joining call. you you us everyone hope Miroslava. well. are families Good on afternoon, for your

'XX pandemic, a Against operates financial sequentially levels and delivered pre-pandemic among still the levels our good have navigate strengthened majority and global slightly to XXXX, third QX or new a academic a that quarters In with the year-over-year, are to research protocols. to productivity and Bruker XXXX to backdrop, of QX this at of performance environment business QX accommodate challenging while revenues a declined margins in safety returned significantly our some our QX prior continue normal, worldwide non-GAAP levels. compared We first but XXXX. to compared EPS approached under effort below improved non-GAAP an year operating two quarter of still customers

way the the our have delivered circumstances. teams with pleased are under We

some COVID-XX acid to development the In we equipment. with studies our PCR disease an discovery testing labs And NMR finally, proteomics therapies of diagnostics and operational a we customer have PCR with US, with and as about partners, PCR COVID-XX further QX primarily structural Together spec been at from $X.X well as mass products COVID revenues to we this research virus and their understand Moreover, tools. and COVID-XX goal with further. of mass major these market Europe. biology so we Bruker test patient grew to support in functional These to serve From QX, disease. long protein Europe the and broaden also antigen million Malaysia by portfolio in by continued high-end include by initiatives our called our XXXX, kits are generated and in nucleic test studies standpoint, NMR piloting of sites During and and support extraction normal. sites, factory the and SARS-CoV-X continues new field operating and diagnostics, viral high own of rapid vaccines at spectrometry. our tests the metabolomics, COVID-XX patient European the business our

operational and in significant any this virus facing US carefully. monitoring resurgence are not of currently the are the constraints, although we Europe We in

financial to results. Turning

XXXX Our QX compared to third QX prior QX revenues quarter below revenue year-over-year were down and minus X.X% rebounded we more returned. organically. year customers as still generated XXXX. Sequentially, in slightly sequentially level, down academic XX% XXXX X.X% revenues of

We and structure. continue manage cost to carefully monitor expenses our

BEST approached operating of anticipate will and EPS QX grow non-GAAP 'XX financial now XXXX. for Year-to-date companies. intercompany BEST, XXXX decline in superconductors Bruker three show healthy eliminations to even net proteomics, and we X% while I approximate X.X% favorable by including XXXX. year-over-year, key million. decline non-GAAP Bruker Bruker's biopharma X.X% to basis, to declined and year-over-year expansion that go highlights MRI return and with was a growth we third X.X% in X, organic 'XX the margin demand Slide our QX result, continued our margin now added Instrument a X.X%. initiatives groups to growth comprised an an by QX the Acquisitions third year-over-year and where revenue As improved XXXX QX plus revenue Scientific by by revenues organic quarter, the diagnostics nicely, year-over-year, levels. OEM for our and which diluted to the reduced XX% quarter translation revenues negatively impacted declined currency On of organic of at foreign $XXX.X was

X.X%. Acquisitions positive a in added XXXX. minus Group together the decline third Year-to-date, foreign XX.X% Instruments margin of order months 'XX, margin quarter unfavorable Bruker improved in organic our and nine year-over-year currency foreign savings bps X.X% year-over-year XX exchange QX to to $X.XX a to an XXXX. Bruker basis, NANO months Scientific volume impacted negatively while million Instruments margin research $X.XX operating in of QX operating of QX translation the non-GAAP year-over-year EPS per EPS as in Scientific insignificant, Our $XXX 'XX. and activities XXXX year-over-year, Revenues rates On was the BEST, revenues performance labs $X.XX diluted of $X.XX XX.X%. QX non-GAAP the and X.X% In to performance and low year-over-year X.X% decreased Groups, of decline our XX.X%, bps up to $X.XX Bruker's at compared first eliminations. margin meaningful OpEx we QX declined to first billion. compared by X.X% Lower bookings GAAP growth nine customers non-GAAP and gross resulted to in 'XX declined organic a basis, to relative sequentially, an of 'XX XX QX gain the organic on On intercompany single-digits decreased for year-over-year gross with BEST net 'XX, return in was while had at organically. to show and share for or top X, line recover. reported improved Slide Order continued comprised

recover, show Markets and markets continued trends due biopharma of pandemic-driven markets the QX Industrial economic slowdown. and remain to continued while diagnostic academic BSI's to and solid During Research Applied to softer XXXX,

non-GAAP primarily a further XXXX period provide Year-to-date, revenue was the recovery due BioSpin single-digits the sequentially improved Group decline XXXX first Bruker in QX The to both XXXX, side, declined delays compared $X.XX metrology of of to BioSpin the X our comparison, biopharma in mid COVID-XX performance of million. non-GAAP on while compared bps $XXX as to operating and nine was highlights brighter single-digits continued Instruments to BioSpin's same all in academic XXXX, at remain margins compared same QX for XXXX. the to the of performance year-over-year in non-GAAP we Slide first XXXX in market the months bps, on an half in the XXXX. sequentially XXXX. year-to-date a and currency to XXXX. reported at were $X.XX installation and to same And and remained XXXX and in of where first months BSI On growth margin GAAP period the EPS Year-to-date from discuss declined XXXX. improved Groups, in as BEST revenue XXX Please period constant segment, gross in $X.XX, related up operating three when lab look third will the semiconductor nine our markets X significantly quarter closures are to in low in the upswing. decreased EPS turn Gerald $X.XX Scientific the year-to-date revenues robust. we and On them customer XXX basis of margins basis, to and

During the the a third its installed continues was and manufacturing shipment customer system, ETH successfully Switzerland. received at in ramp for acceptance which activities second systems. X.X Zurich, to gigahertz BioSpin up and quarter, for BioSpin gigahertz NMR

increased year, of expected. installation were aftermarket During the although activity a delayed slightly and declined basis. the Systems' software the BioSpin's as order NMR revenue first revenues and higher nine PCI revenue year-over-year BioSpin's of months to and year-over-year scientific low due

by decline period CALID the year-over-year were the spectroscopy FTIR/NIR approximately Molecular flat of were $XXX in economic affected compared XXXX million the pandemic to slowdown. and same revenues Group, Turning revenues to markets as year-to-date XXXX.

than of However, life single-digits more microbiology CALID's sequentially diagnostics, year-over-year. spectrometry solid quarter in and growing also XXXX with and CALID's by strengthened its revenues science was the mass third mid this offset in performance growth Daltonics business.

challenging first had grew microbiology CALID's For our conditions the significantly months solid and despite business uptake a the year-to-date, COVID timsTOF installation for growth delays. nine testing year-over-year, instruments PCR revenue of XXXX, consumables customer and and proteomics

industrial Year-to-date demand. mid-teens semi to Finally, academic, X NANO product X-ray NANO Bruker for Raman true our is markets and Group in declined million $XXX turn months molecular research the they the FTIR This reflecting XXXX, all with nine now. NANO-surface, rebound. remain in and spectroscopy tools a semiconductor IR revenue metrology year-to-date. academic to revenues NANO's in and industrial year-over-year and all slower for declined NANO-analysis declined Please weakened and first for of as Near grew revenues applied year-to-date and demand. Slide revenue

by XXXX BEST intercompany low-teens, net on demand eliminations declined year-to-date reduced Finally, companies. of superconductor MRI revenue

or position make leader biomarker innovation position also will Multiomics imaging applications cells manual again investments continues PBMCs offering or footprint. microscopy. multiplexed X and in provide multiplexed in consumables Bruker's now. automated ChipCytometry, company and on This has platform complements Canopy's growth. of in work, slide. expand in and proteomics for Bruker's blood science immuno Canopy's research. The and targeted Slide Canopy of oncology, resolution therapy our CellKraft to Biosciences, that advantages Group portfolio microscopy helps platforms fluorescence high-plex Omics services NANO Bruker cell cell to which and related profitable the fluorescence trademark Spatial is we the acquired believe high listed its mononuclear we CellKraft targeted for using September, tissue Bruker imaging of life long-term with immunology, our It Canopy peripheral ChipCytometry that's strengthens and immunophenotyping Research. Turning part a

We resolution fluorescence pleased high super subcellular for have microscope we launched CellKraft localization are Multiomics targeted Bruker. industry-leading had resolution the imaging. that for recently work and and Canopy VXL team single-molecule we very very Vutara product introduction also to spatial important joined as new biology, a for Please our remember

World human off to Oliver X, proteome and commercialization timsTOF award recent Turning were and continue science the Bruker's make with ion Melvin of Congress, progress to mobility excellent Park HUPO and awarded Raether the Tim's HUPO passive technology trapped the we method. the spectrometry proteomics. for XD organization proteomics or Slide At

proteomics caps cross for this in method single innovations HUPO, PaSER additional our the progress, passive proteomics proteomics. excited that in We applications was linking true significant the the in announced proteomics. XD PRM new also workflow, opportunities XD search for about first, quantitative proteomics including or work structural We engine, targeted cell the timsTOF and XD and remain flow passive very translational work

to recover. in strengthened sequentially So, and research markets activity customer as performance continued QX Bruker's in academic conclusion,

progressing call Our healthy ultra-high and diagnostics. microbiology and remains in fundamentally excited opportunities well we field and initiatives turn that, who to year-over-year review margin biopharma, return will about growth our growth performance we with CFO, in the our and Herman, our financial expect detail. expansion to in more core are proteomics, targeted NMR, are In aftermarket. and And revenue and solid software to I'll Gerald XXXX. over viral multiomics Bruker margin

Gerald Herman

QX in decreased the delivered and again equivalent profit welcome of third X.X% quarter revenue non-GAAP savings an XXXX XX. starting And outlined cash, in generation X.X%. $X.XX operating from our in reflects and to to December million basis year-over-year Despite favorable well revenue Bruker's XXXX operating level the $X.XX $XXX.X XXXX. our and which to earnings and level. XX profit debt exchange, slight of per was our year-to-date we Thanks, to approached XXXX. basis, year above operating our to decline EPS XXXX in and the revenue On revenue join third the of includes QX quarter, pleased scenarios everyone. was strengthened as a operating $XXX the we to third points to XXXX $X.XX short-term basis non-GAAP $X.XX decline XXXX exited you our I'm third levels, Frank about equivalents QX cash XXXX. performance to XXXX prior drove revenue cash XX compared discipline cash a the foreign quarter financial headwind the recovered with earnings review to EPS we investments. and QX reported on We throughout non-GAAP per QX This XXXX, as the Bruker's XXXX today in quarter while QX business. Slide following highlights, of XX.X%, Overall, We of compared GAAP million declined position in share our QX points solid cost call, in as compared roughly reported margin expense financing. share organic

credit paid During facility. the our we quarter, million on $XXX.X third of down revolving borrowings

the of QX to XXXX. of Our was QX comparable position XXXX at the end net end debt

for third quarter, buybacks buybacks we X.XX XXXX, revolver fund of In stock repayment total for strategic and we to million. acquisitions, to Bruker cash XXX,XXX the of a capital year-to-date as dividends million, earlier. shares shares debt well our bringing as During total used the investments, million mentioned our $X QX $XX repurchased

risks our elevated relative the prior end levels of higher XX the to revenue valid year, have to share XXth, working to which QX ratio COVID-XX revenue to September authorization, May inventory XXXX, for QX million our the of repurchase related chain we bridge on XXXX. $XXX.X mid supply was As remaining until is we as carried pandemic. At the Slide shows XXXX. address capital

X.X%. perspective, QX in BSI revenues the contribution translation We an a organic As noted single-digits contribution currency earlier, X.X% foreign modest positive revenue from low quarter revenue a acquisitions X.X%. declined organic positive of from increased of had BioSpin From and year-over-year. revenue XXXX

had CALID's revenues continue markets As to biopharma businesses. BioSpin's and academic, in year-over-year revenues in again and timsTOF consumables Consumables, NANO's single-digits remained Bruker mid-teens continued revenues MALDI industrial all Research mass revenues Bruker's markets. with strong. NANO CALID activity Biotyper mid molecular recover academic and third high due and diagnostic robust increased double-digit microbiology declined softness to once growth the proteomics biopharma spectrometry quarter. growth Industrial in

slow down. industrial and to by While the broader academic research revenues impacted be continue

Third metrology quarter semiconductor year-over-year. grew revenues

revenue double-digits. For high-teens in our systems low grew declined quarter aftermarket Well, three BSI third revenue the groups, year-over-year.

reflects the year-over-year QX low-teens, backlog revenue world non-GAAP but Asia for X.X. quarter QX declined superconductor BEST of of a third Asia in basis, third year-over-year BSI rest low grew net eliminations declined This year-over-year. Japan, saw and XX We XXXX productivity restructuring exited BEST, profit growth XX.X% expenses our prior Our China low QX a segment. measures in driven year non-GAAP XX Pacific. negative America by on outweighed control reduction from and XXXX from effects, continued to below book-to-bill revenue XX.X% our due the which gross although of translation reduction NANO principally was level, certain QX The steep to Slide this exchange in results XXXX. in Groups, XXXX. organic and QX cost were implemented and was decline The was Geographically decline of cost the XXXX. included basis revenues NANO quarter CALID Pacific low reduced QX in the the QX year-over-year. earlier basis the points volume margin our rest gross lower due year-over-year, with single-digits. On gross at in a P&L including below and margin reduced revenues XXXX the and higher year, our demand. intercompany revenue BioSpin single-digits North recovered XXXX XXXX, declined ratio decreased XX.X% European BSI an in non-GAAP in X.X%, margin levels. in a foreign operating improvements level and experienced This sequentially

XXXX exchange approximate expenses was year-over-year offset million non-GAAP an QX compared operating decline. foreign operating points In QX to QX And result, margin. and interest non-GAAP as also increased compared a margin QX absorbed operating unfavorable XXXX $X.X XXXX, basis our lower non-GAAP non-GAAP XX.X%. our to XX revenue of our negative to flat XXXX. the was basis XXXX operating As approximately QX QX impact profit expense on year-over-year XXXX we point translation slightly other XX

and exchange lower debt quarter third borrowings loss on XXXX our on the movement offset following net During expense than financing. transactions unfavorable our with interest more a currency has associated year-to-date, foreign net December

For following the $XXX.X X.X XXX reduction Weighted tax discrete of prior million, million tax the which were diluted effective XX.X%, our third our XXXX a quarter third quarter shares shares points a a non-GAAP above share rate of approximately repurchase average the outstanding of favorable was in basis year from item. activity. had XXXX, QX significant XXXX included quarter,

expense decreased eliminations. million months decline the bridge XXXX organic year-over-year Revenue nine first $X.XX QX X.X% of year-to-date year-over-year, the This decline organic a revenue X.X%. at revenue and year-over-year, savings as offset and down groups the organic Finally, organic XXXX single-digits partially low first of the Slide shows months including of at decline. $XXX net decline North XX.X% European revenue operating XXXX. or declined Bruker's nine X.X%, the BEST, a American was of X% BSI an non-GAAP revenue in EPS intercompany low-teens. XXXX, XX of for on includes collectively, Geographically, a declined basis three

declined revenues single-digits high with Pacific Asia and in Japan. double-digit China drops

the XXX in reduced in XXXX of slowdown drove world year-to-date non-GAAP rest of basis year-over-year. revenues the earlier first our operating XXX margin volume XX.X% gross decline our ongoing were Year-to-date from X.X% prior year, first cost nine and the the decreased disruptions On on lower year-over-year. XX, Our the XXXX. productivity COVID-XX the Lower period. All and slide XX.X% cost also of profit basis points relative in expenses months margin months the below year-over-year declined XXXX of measures. of non-GAAP was the points XXXX control year economic and to reduction operating in, nine

Finally, non-GAAP of down EPS XXXX. to $X.XX nine was of XX% the relative first months

the compared now in Slide first an to XX, months million nine of Turning nine XXXX. to approximately months flow about was cash of of $XX $XX XXXX million, first free increase the

nine net an increase the reduced XXXX advances and items capital customer and months other lower more income, generation expenditure in productivity. investments capital offset During first in cash of working from capacity higher continued our efficiencies than favorable and

Our in the primarily XXX cycle customer by a days ago, DIO QX an a days the balances inventory to XXX due cash conversion supplier increase from of worsened lab driven and up as from end pandemic. at carried XXXX year step with disruptions higher of we

to is our certain visibility still to XX, markets created the March, Turning customer COVID-XX. guidance as many it world patterns uncertainties reduced. now our parts of we and XXXX pandemic the to spending business in Slide uncertain remain In Business in the by operations in relates conditions to suspended related due for

directional I'd offer on XXXX fourth therefore quarters, color guidance done that the not past the to quarter. few we've we're and guidance remains Our some in as although suspended like providing

CALID a our we markets a to scenario of prior based on for for approximately time, from QX scenarios into note at are it's COVID-XX gives think X.X% as the to with foreign of may X% rates pandemic. of revenue Please our continue, actual based information that fourth revenue the the comparisons our BioSpin quarter, outside translation and compared in quarter available with decline this to XXth, by QX strong believe expectations better the between Baked currently of year challenges be range still assume favorable X% scenarios to Groups. XXXX. year-over-year, we XXXX, for to about estimate These fourth global expected faith impacted a and operating still at the see potential September currency of negatively us. reduced and Similar capacities recovery academic While in results customers XXXX. foreign on challenging also ranges, this but good you these our currency is

or to with lockdowns and emerge carefully with broad-based confident for on in long-term remain will environment XXXX assumption industry again company monitor to that, and during pleased of XXXX that financial North and call XXXX. exciting Q&A to conclude, our from early promising in forward product to through portfolio continue the an conditions. the pandemic. conference very updating in our pandemic, you We're to turn the current our not is, much. in created Bruker this a significant quarterly call Thank to in outlook. over to look session. We And performance manage progress here start our While academia in our that lead like stronger customers deterioration challenging you sequentially QX February and the a I'd a Miroslava anticipated COVID-XX To operating continue America, by will renewed QX we with resurgence we the Europe strengthened

Miroslava Minkova

call yourself you, the we are to to limit turn Gerald. Q&A. ask to one begin follow-up. now portion. that operator questions, and Thank over the time to you. the In everyone I'd we begin to allow Operator, Q&A order to Thank you one question the like ready for

Operator

We Dan ahead. will first Instructions] comes question the begin The Leonard session. Please [Operator from Fargo. now of Wells go question-and-answer

Dan Leonard

Thank you.

are the growth segment up some most customer customer region well about? the, And you that they the know color can know, you you. European as our secondly, investors as bookings to seem academic be Thank both by Just concerned as in the quarter. bookings group you confirm you that the and on I'm region a then, low case? was calculating a on Can question single-digit bookings. offer

Frank Laukien

is Hi. this Dan, Frank. So

that is correct. So

Europe And the the Europe, because quite BSI major market But constrained. US, we order growth still had generally, academic last customers QX. in BSI, was for were in most BEST academic orders very, very and doing we large BSI different, well, year-over-year maybe BEST year. you was some know, trend low-to-mid And multiyear countries had single-digit somewhat customers For is correct. in then in in that really

less endowments so markets course, tightening. academic to positive but that's picture, it's the has are Although we state the outside the in or we're do know of - are with think a XX% some a tuition mixed it's, and actually up universities in constraints, state of that less of our hospital us so mind housing, lower universities are or for and perhaps know, that larger optimism Keep you funding, some of and of are little a maybe in income. there's perhaps I Those also sequentially. budgets struggling bit US all lack improving reduced aware it's generally know, led Federal funding that and and the US headwinds of. clearly belt you

Dan Leonard

Thank you.

Operator

it The comes on Jack go muted side? Is Meehan from next is Please question Nephron Mr. Meehan, Research. line go your ahead. open. Please ahead. your perhaps of

Jack Meehan

about Is color know, little next everything on COVID? a going into bit was you with Sorry dig on clearly. And backdrop hoping with with the expect more provide I with new installed muted. us the replacements you timsTOF any of I, there a the was learning the to the over Pro. Frank, dig base? trend couple How the remote of the you know, can and how, shape little progress that, to of now just with Still years? size you given

Frank Laukien

updates despite academic base funding quite all, Yeah, updates challenges, you sort annual know, rather of, growing timsTOF bookings midyear installed the Pro orders academic but double-digits. adoption, and accessibility really been and in the both has to we and year-to-date with than tend on challenges, the give positive

going adoption bit So government market not that it's that Pro good research in labs, capabilities. and highlight market know, a the its I in pharma maybe you timsTOF only and labs. and but well does proteomics and quite med bio, academic with is also new school within that's very a many would into, innovations biopharma and of really

more and tend on with at we're base the year. the satisfied So installed that hopefully an update end give of to

Jack Meehan

recognition And that Great. you revenue you the I believe for X.X system gigahertz quarter, included that laid fourth clarification third and within one talked in out that scenario? the right, terms previously is about in scenario a Germany, of

Frank Laukien

including system system. could may be gigahertz not ultra-high various one. included you specific It installation that degrees field But country, be a system multiple although be you in gigahertz because are specific it we, in could we know, class a one the have another in is have it one class that We're one systems process. the mentioned, also

So is yes. included, one

Jack Meehan

Frank. you, Thank

Operator

of go The next ahead. question Jefferies. Couillard comes from Brandon Please

Brandon Couillard

could of come from know see year next you of think customers? of you more the ship? Or little the a the you 'XX, what capacity NMR those field you afternoon. you're some what good three ultra-high a of US bit to just for is year? able moment. maybe do to sticking you units Hey, at to ceiling kind as And still those top think a orders with segment Frank, begun To look extent if all, out of you have

Frank Laukien

for Brandon. than had good delivered you we funding Ohio the, we, more know, would X.X question hasn't the a the we and, a understand. So you match so you time top way But like that, - the priority the priority, we it in think only Europe. time, the NIH is and the XX list last basically, just and this question, time. obvious the reasons. a We pandemic. yet the an you backlog know, CI significant orders through top not But in in near know, high in the US, fighting that's know, In of of ago come Everybody's at State. order gigahertz priority at US the have that six and least Jude's pretty places to But the wasn't months, of that some for for St.

for 'XX, funding will still two optimistic one then your next, know, be, you know, much the US you have quite that bit hopefully we're questions, To additional years, backlog. a So orders, 'XX revenue. to be significant other we 'XX, which would there of in more

be backlog this a than give of that expect to have to want the year we be three per systems We indeed years. looking higher year. as year. And XXXX at But lot higher next to guidance. for XXXX, we we're at expect We two next three don't systems

Brandon Couillard

perhaps great. in That's deliver the FX some quarter. at and as mouth, fourth you top margin do you year-over-year can in the considering know, spend comp look out we fourth the And Gerald you still profitability think coming you you the quarter, back operating then know that's expansion lap OpEx

of Just the some to help us and takes the puts Thanks. about P&L? in think understand

Gerald Herman

Yeah, we the third operating margin look in When in quarter, control have talk you we're some not in going can about fourth in a the been the performance One, a cost year-over-year, deliver was detail. already so reduction sure course where quarter. operating or more we is, little overall, expense and this from relaxed relaxed benefited be that of fourth number cost our I'm quarter, of expectation at expansion factors. to which our measures, will of

we foreign in investments, you've third, as in to pointed the accelerate to actually quarter. project secondly, not Now our exchange some invest already headwinds, And do we that's out the continue know, you to strategic relative fourth have changing and the side.

fourth pressure we on XXXX. fundamentally, the to going quarter of fourth quarter the expect do to be there's relative So more

Brandon Couillard

Great, thanks.

Gerald Herman

welcome. You're

Operator

of JPMorgan. Peterson Please Tycho from comes ahead. question go next The

Casey Woodring

and Hi, in in Casey that on the flow, Tycho. guys. When slide were lower on offset the the other customer more net cash CapEx income for increases advances than increases by say speaking favorable then and capital items working This you I'm talk a little getting assuming Can other were and items. means payments? seeing regard? that bit what you're a advances what about you're favorable just Can bit those about you talk more is just in upfront customer this little

Gerald Herman

Yeah, sure.

played out. an you of liquidity all, for positive. companies flow we of and actually through been that's very the first and performance So like beginning, generally, quite on quarter been pleased pandemic's company, the course, concerns from cash other basis, for generation a the at That's because very we're overall not the us, encouraging perspective, all, cash for position had our at the many and know third

advances generation is, relative of provide order the detail. in favorable we're played number other as pleased or well, of third need cash as So customer to quarters, as for our instruments. items. a out what generally the and generally, are quarter, And we would go know performance quarter. customers and what much prior in into cash seen through reflection us you too advances a to sort overall significant typically fit it's advances we've there's don't see takes say And it's necessarily quite of flow I customer puts think But more I to third then in through the the with them just stronger that

to the fourth know profitability that likely the also compared and year. cash You quarter, we flow other generate more quarters typically in

So our expectation from is difficulty] be that moving we'll [technical as there well.

Casey Woodring

of what Got in embedding you. that you the academic, that call quantified was on in the scenario Thanks. out? that high-teens. in on are sort just you've market then XQ? you XQ that laid And XQ down academic What And was

Gerald Herman

Direct, go ahead.

Frank Laukien

ahead go No, Gerald.

Gerald Herman

so. you As say

I'd it's the quarter's academic down. single-digits market high performance sorry, - segment high-teens - rather say So third for

Miroslava Minkova

Low double-digits.

Gerald Herman

the Low way it. double-digits put best particularly is for seen guess. I markets, maybe specifically surprising, you've that's to given what not the US And

Miroslava Minkova

in was better the than it it quarter. But second was

Gerald Herman

Sequentially of sure, better - for qX over yes. XXXX

Operator

go The of UBS. Please comes question next ahead. Brennan from Dan

Dan Brennan

And you're don't was labs that on what thanks. service color on during just I academic follow-up question. hopeful versus significant we see stimulus Frank, just somewhat in 'XX? some hoping you know, tease a some seeing secondarily, Could maybe you budget. towards What more consumables? you today? the what a you the big seeing you that outlook, rebound instruments versus have out we but of prepared orientation, could were And the from added instrument. know get I for consumable are a terms are academic then, academic prospects know into more remarks the for Great, I funding the as know nonetheless. I you

Frank Laukien

Good question, Dan.

not aspects all QX course, of was is growing we're has plus improvement many to and COVID growth are business in up as aftermarket bit and business nicely maybe for And you service consumables, lab razorblade - with so consumables software our PCR lab our and some access pretty of QX, our little know, QX Biotyper a you catch MALDI our, terms up improved, sure. of QX know, from testing while actually company, So consumables consumables and good business growing testing nicely. software have our primarily very we aftermarket business and a in aftermarket is almost and growing a even our compared

not multiyear about caught because of in and that's customers our optimistic the, pandemic, do this We pretty life hopefully stimulus, we've funding, flatfooted. research science generally aftermath obviously been to As expect clear are yet.

markets, there of pharmaceutical, significant budget would into as sciences you as investment priorities. most next we healthcare But said some technologies a science US near-term it investment So constraints, the that. had now and plan for cuts. research life Having countries, in touched that universities in technology, five-year There's, funding that, life lot know, for are biopharma hear course, and again, on of they Chinese very are China. that academic the all there's, well in some we temporary seem general remains high research, equity going it's

So our country, and quite in actually XXXX-XXXX, research researching I'm on about in near-term, mixed economic similar maybe bit customers was federal science much be it US, Europe. least in medical the not pretty it may say I are in while optimistic and specific medium general. And academic spending would at little research translational longer-term, China so stimulus, strong as - a life school and and maybe to still or

the likely than longer-term. So strategic in funding. stimulus mix think are more to much prioritization mid I but stimulus but pretty near-term wouldn't healthy so the call rather I major trends in geographies it still,

Dan Brennan

follow-up, they acquisition, the this the there you you? one offerings some Thanks. - addressable imaging you been little have know, the high-plex just what for profile and how there? to give your think about know what's give us your roll I only production unrelated Can into there? market us is biomarker the market. a on you even up just color that you've And beginning just for a what And of market competitive flavor do

Frank Laukien

markets very, Multiomics are obviously Yeah, are I proteomics. mean, mostly the for very they large targeted the targeted

called only we're like, so and proteomics, stronger and we've unbiased, that. strong, you different untargeted bottom pretty flavors far, stronger and spec if many based continue mass So we be, and know, to up you getting been of

omics and and targeted quite that you proteomics we often keen combine need to So were very and with get that in also particular, spatial a into targeted imaging.

hope So doing have that very product high-plex was imaging that that into technology tell very, integrate line. does not revenue. important with and a competitive the revenue, and think platform And more about it that it's very you has a year technology acquisition, We begin we base enormous accelerate to we'll as next business ChipCytometry to business.

Dan Brennan

Great. Thanks, Frank.

Operator

Dan Stifel. The ahead. question next go of Arias Please from comes

Dan Arias

are order their and trying understand affairs some book hanging just for thanks. guys, the portfolio? that Frank by in like in. and on of to able we It access a the where lads Europe to equipment afternoon, to sounds of respect Good are engineer. right snapshot with just system on to of percentage recognition the give is of the bigger sort state you revenue are installations I'm open US of now pieces

Frank Laukien

outbreak getting recently terms know, access. just running - planning, US be in all same quarantine not full are would have any getting the in and open that labs of forms could at But health planning be open. you US mean, there closures. is it's to generally, know, in in or you true necessarily one work a and But in they situation, apps Europe. not the say of lab They're capacity. and the much least the I'd more access, other, aware the local is I'm Europe, until I were maybe a local at but

now between a even and is bit countries Europe countries challenging. the Although in within little becoming travel more

Now, reasons of go. course, to we have important

leisure is travel. So not this

coming December, is that little But half about a expect in more things but hope of half we So to Europe, doesn't our of affect bit access. our December continue up our revenue. or we than are to have

So have we're we that material presently QX. a not that assume an keeping eye will on effect our that on

Dan Arias

that make just I Okay, to right. got sure

mean, You're seeing US the you're in saying US? But like not issues saying you're the installations labs I side? any on it to with are open access themselves. sounds

Frank Laukien

Other than exactly. -

it's said a forth. that and and back requires slower than and You correctly. process much planning more Other

up. show just You can

Dan Arias

bit resilient, we applications follow-up the sort of side? the growth pushing difference you Okay, a can maybe into, on portions and as there I'm the being rates given in or then food little going curious a there whether a and versus difference between usage there's everything of Is research? think we magnet when to guys just on market are that about be academic about we think large look NMR. market just at the had a applied if

Frank Laukien

know NMR, some timing generally, and growth clinical did and markets activity in of know, X trend worth typically systems activity us also to for was gigahertz simply deliver revenue. order if mean, the some between some XX that you is to and you I as important I QX, drivers, to delays don't order there new and any our months Yeah, high-field in addition in have for on that there addition certainly did But we right systems good. away, a mentioning. it QX, to of then QX, delay we backlog. orders research applied orders aftermarket and be these into difference can in of which and in some the quite NMR, QX, may we see into really BioSpin get don't NMR go an X large order, and know,

know, we backlog something in live So you QX did China and the QX like a not that. our off just clearly or And, and in after dip delays worldwide.

that So your question. hope answered

year, mode see and drivers And they're we'll know, and dip. we I So multiple think big, the but and a BioSpin in they to business there's they're clearly you growth all took good growth. next think growth recovery NMR

Dan Arias

Thanks, Frank.

Frank Laukien

growth some we're orders, in year, in least this Good seeing at revenue in growth QX.

Operator

The next comes Cowen. go Schenkel ahead. of question Please from Doug

Chris Lin

revenue believe mentioned granular, return reasonable Thanks Doug you Chris healthy want don't level level? to behind XXXX assumptions return today. you to in Is What is in this it XXXX. And Bruker the revenue to XXXX? you're in key for could would I the on for the book at us Appreciate should least at this order on but backlog? seeing questions. for Hi, are assume forecast? too be a my Bruker that based to Frank, high taking it and what be growth

Frank Laukien

not fair it's a although Yeah, comparison, a XXXX prepared we're try to do question.

growth, So XXXX will healthy the the and improving you're you are of have first course, of trends in or is, have that getting know, know large, weaker and order But accelerates part half backlog had of year-over-year healthy. by with outlook XXXX And especially course, you improving of we we've we're do of some doing comparisons, also in of that been that. quite right, strategic our the it's initiatives growth aware project healthy, has that and our well. to

doing proteomics some them well. are in and diagnostics And particularly of

a Some were this we COVID are the COVID testing Obviously, have company. testing, which beginning not that year. huge we of year. at being zero of literally type testing the you of we're But added them had, of something know,

proteomics high into, maybe adding rate getting you Plus, $XX So biology quarter there. business, getting we're not and world know, even to that our that spatial Multiomics developing so but initiatives per run yet, targeted we're during pandemic. million quite into a the we're there

with basis, there's well, but nicely, spec mass out temporary There really there'll enough, of And I to some industry, industrial you would and from growing very doing noisy biopharma and quickly. countries NMR to by we've expect itself them, tools. business, constraints. recovery academic research, is still the But it's next are both going other some we out know, some think so you headwinds be that's the So a sort certainly some in be recover middle year. there, and our mostly you as don't smaller markets discussed expect - that having know, by

next no and you margin and So arguments of do really But numbers. given our expect year now expansion. qualitative healthy resuming I've growth we lots

we the guidance, economically we year disrupts presently is full when with report second and on hopefully wave on February, then a growth reasons. the and growth, we'll healthy our right margin guidance hopefully that social for may very disruptive, and we that year, give which early by more you by, with, barring in hopefully, customers, QX - So know, severe economy but life, hopefully expect or expansion all not these next healthy year-over-year to be the position now our a and

Chris Lin

Okay.

achieve to need spec analysis hurdles has been resolve my question. about going limited also just based and sample single-cell single-cell Maybe you I isolation interpretation what including data technical could you follow-up software. back for single-cell mass Slide proteomics to preps Okay talk think to historically, X, by

single-cell So could workflow? launch maybe been fronts? those you Thank made mass to on spec talk about efforts should a have you. just commercialized And when we what expect you

Frank Laukien

questions. and perceptive there reproducible single-cell was somewhat cited of demonstrated on of before, this. was who that [Matias setup Very shown a been a yet. now result working single-cell Yes, Mon] [ph], meeting. And true that an breakthrough results bit by our this was, has a I'd good product out collaborators is of indeed. lab the And a There that's at but say, not closely, we're also Hupo still, experimental so single-cell The pretty had work. the true true been work

all the commercial does, sample once is the made you progress. know, to that, on of is to - has some on not is prep, we've the it software progress software analysis plus for hope further actually improvements. those in instrument, we which together correct this have work be make what and there So with Bruker come to the of in necessarily But

can or we of So or hope single-cell it's you year not true and still the occur, have specialty know, next two. know, software then together you proteomics sort the limitation. to research become, products But things come some in and for proteomics single-cell that

Chris Lin

questions. Thanks Okay, my taking great. for

Operator

Patrick Donnelly The Citigroup. ahead. from of Please go next comes question

Patrick Donnelly

revenue is that about like it I Thanks. - just should guess gating just it talked of Is to the and back just is around from lab order a that actual trying growth better installations? of order we conversion, the growth, where in to productivity flip side. it one academic getting longer earlier, terms think trending well? handle delays pre-pandemic of a get about for You getting to lag factors just you back is Frank, when on I mean, these matter the book levels? to kind a causing sounds maybe bit the towards just timing you, know

Frank Laukien

good Yeah, yeah question.

better helping And, in that often the been drag it's you help universities know, funding financial I orders and with in and of probably funding this know, know, those it later, two timing, all just not US big mean, six you a you that year, of some I of the there's noise, or it's last cost quarter then, making are to, is some universities next half improving Some quarter we, some that. universities of second but year quarters. money deliver know, months. And has still state same you things some revenue having tend a backlog issues. in mostly. know, you mean, Chinese there's is the still have some the

sort there's US in some in country weak far - things - in funding world there's and much had and the We Europe, themselves the the Japan, out. selected had that know, to in generally many academic year. weaker, China been need not funding You so been academic this - not other parts some so Japan, much. so issues and of so funding

mix. would I add to that So the

Europe and it's most the I elsewhere think optimistic, you'll yet. really in and that is get And back customers next of based good general data optimism the encouraging. of always growth hard year, life not to academic and but is I'm science certainly the rates in the on focus world funding good

is things funding based not sort but a in mean, it, academia. some conjecture hot on and these will I proteomics is know, themselves Plus, it it of I little of So bit think is all out. you

a omics quite, rising or flat yet. not And so the tide that's driver, or within recovered targeted very and areas you spatial spatial are biology hot good know,

funding interested very, are very in We good areas.

Patrick Donnelly

Okay, yeah.

sentiment. Sounds based get like with you their on you and in of kind of the spend of towards seen phones have change dollars kind actually there? to back the in some willingness tone terms on the know, hand of it's mean, the in conversations customers I using

Frank Laukien

a it's yes, in of to funds I state, as with obviously I've those incremental change seen least back on in they to Yes, interest hand. as in their that, to tone expense throughout slight that or this encumber do. in quite do our well. and famous customers we their is And universities are soon and were can. some know, place holding change none they had addition really a a very I mean, that They with - really probably at that doing are their to endowments country belt well, really know, noticed know, you in else you everything tightening initially and, structures had then you quite bit orders

albeit the home closed now they all from the labs all some memos that officially as and bit social so they weeks. relaxed and belt as some at working And had new Plus, famous being are all research fit course, little all as been universities, tightening much at universities of of the all in but have we that a had the very normal, in say, anymore. the recent to labs faculty open, major and distancing and possible, nobody's with down open indicated

Patrick Donnelly

Frank. Thanks, helpful. That's

Operator

question Cleveland Please Research. of next ahead. The Steve from Willoughby comes go

Steve Willoughby

you, if a have I I questions. good mind. evening. Frank, all couple upfront, them for ask that if don't then maybe Hi, for and my guess you I'll Thanks taking works. first just

is, at more you growing, process wondering next end the like? know, their early with you're sort is potentially as fourth a year possibly Your ones system you get, comments or perspective. know relates know, in geographic if installed you you could quarter? finally, then because could gigahertz then this you about thoughts other if we wide quarter, of three a November, it has you exposure look that spending, you Or, point, as possibility variation been are any the And of any in we know, and seeing what to secondly, had results sit I know fourth here to know, two know, in And basis, a in your you the from you what know, more wider, in those fall you likely pretty just market know, from geographic you color provide into on had, pharma the there year? might

you little know Europe color on to a bit Thank there you. more growth? and China the returning wondering, in just strength So

Frank Laukien

we for, - we then bad that okay, most we expect make throughout that of for been Steve, there none, Biopharma and two mean, one. which terms the have you But good would you we have gigahertz, it's for three. also Europe, up not particularly we aiming is orders, a China. year, unlikely one, but I very that in risk us in for can also the case you think we're right. or know, All for and US has in in know, otherwise, either. thank might

and the seems broad-based and to And vaccines, year it that or So, or that space. strength doesn't drugs budget that important flushes for it's to expect market it to we strong us all I be we it's of the much broad-based. and save, yearend yearend don't talk a at special effect, been a were to I We're just long surprised continue. trend. about spend more continue here equity something good, in for because that COVID much - given don't mean, that as trends maybe funding I'll in pretty year has an geographies, of it's refrigerators a leftover, good, stuff budget while. pretty have an But my right. We funding as end consumable expect We biopharma maybe see effect. other not valuations Bruker,

now. So the in lot be China to China in or there's than less in healthy, and US Europe the right recovery restrictions seems a

to belt strengthening, budget we've seems universities tightening. China some quite headline NMR level, they despite So temporary are although the seems be had good, had that to as the be been orders we're funding it order cuts, in of that's at then said also China so and our some anyway noise, sometimes

severely. every bit of And but and to were a nothing weak the aspect. that we is India improvement. us. always potential the that's or coming have right. are of bit quite so it's concern pretty like hit lockdown. It's is down little doing Yeah, almost I been Europe Japan, not countries clear Europe, being on been know, and I, so throughout Europe even year But a a mean, you out eventually Australia for So now locked noise, well. had so there of about

so and affected. companies are and is aspect closing And travel, is them closing travel which installing in are aren't essential factories And are all engineer in far, good. the all essential the the service schools

this very, are and have We that safety good factories very procedures procedure new in normal.

essentially of at transmitted - been were cases, them the we've we've So factory. no none had that

rapidly as to - they now right any you in as as we so quick And expect don't to have But month know, Europe. go, that factory also, cases disclosures. expect wouldn't increase I increasing are a ago

but hard to it's think, predict will that also yeah, you now. So or we gives months we that the I whether don't knows month sort how that itself out quite you right the have will uncertainty - will has more, From on the election, time. be spending. think we US after know an we that effect another I know, who two see But for it some now long from be could what how overview, US

Steve Willoughby

That's very helpful, Frank -

Frank Laukien

Anything other already. know than things that you

Steve Willoughby

appreciate I Frank. much, it. very you Thank

Frank Laukien

Yeah.

Operator

DeBruin ahead. comes question Next Bank of go from Please America. Derik of

Derik DeBruin

Hi, good afternoon.

Frank Laukien

Hi.

Derik DeBruin

questions. two hey, - two Just

plus said the year? did M&A What FX quarter? the clarify, the X tailwind? for to for you total X.X% third down sales, for For to full say negative just negative X So you impact

Miroslava Minkova

is It not material.

Gerald Herman

it's It's not negligible. material,

Frank Laukien

than Less X.X%.

Gerald Herman

sure. For

Frank Laukien

yeah. Yeah,

Derik DeBruin

it. Got

So add didn't anything? Canopy

Gerald Herman

a Well, not modest this amount, it but material at stage. added

Derik DeBruin

about okay. And Great, - we talked

Frank Laukien

X.X% way good is than bracketing a it. of Less

Gerald Herman

Yeah.

Frank Laukien

Yeah.

Derik DeBruin

you. Got fine. Less than X.X%,

chunk the there? or signs what And we but markets? Thanks. there's are we significantly to research has a the pretty expect semiconductor. seeing you're I Can So chunk what industrial also industrial obviously can of trends about that talked a and ex that's that about NANO? government, know And been you lot talk dynamics academic, of trend that's about the a how research in but academic there's bit NANO sort that big of little we know, and we talk should down, a in

Frank Laukien

yet don't the have. like we have visibility to there that would Yeah, we

research and So is industrial industrial down.

which far more of next middle it in think as going quite still We're about cannot slowest recover recover year. is or sure. what how the of and slowly that hole it year, next its we out, in industrial fully our to predict weakest research, be - we're of will the most well. that's when comparison, that years, which by And will separating for we that one of the see will is with to expect we recovery will and for because the But are that recover are we industrial industrial visibility. academic up significantly. pretty But than likely year, next deepest that's Some doing revenue pointed down year-over-year. come We the really that weak out research. And which semi X% part, of rates and industrial the out, you've think the growth part, least that's

Derik DeBruin

the industrial been has research on I you I some And that's I depending because obviously, being they're the impact are just some what, fine, what by you're we're company sort It's - not at conservative? being not. biggest biggest like know, selling driven or of is product mixed, mean, are - at, what, doing chemicals What's mean, just mean, end the what the

Frank Laukien

that's course, CFO know, conserve the case, they or down I and where is, slow sure that's the mean, I You fastest preserve pharma, not - you know, people of you shape. CapEx, not they're you industry-by-industry, because biopharma, stopped, of made course, know, you many in but stop know, cash the obviously, in automotives and And they not know, more. And areas, are is good invested recovering aerospace now I it's so in mean, flying. is think observed,

actually hurting or some want are not business, bought a they because financially, is may self-driving that electric of have selling there So bad new to cars a may yet. may need such become all And they - them vehicles. car not

visibility give I you that much this the So other timing it don't compared to on have you have to a know. don't recover has to dynamics expect - But of know to that well. that how some I We, has it as answer. going and quickly industrial of know, year, visibility that good wouldn't what certainly recover I more research. says year other kind not directionally do other by helps XXXX I on yet. than from by or what and next I how with that

But can to but not go want deep a I by steep, industrial, next would clearly that hole, bit up, tell we've and for constructive, headwind positive to compared how it - if our lot to if you will. the much. more wanted only growth year could I do or think a be remove rate, it that mean, steep having experiencing you I been from we However,

Derik DeBruin

Frank. Thanks, great. Yeah,

Frank Laukien

Yeah.

Operator

of Souda question The go Puneet ahead. from SVB Partners. Leerink comes Please next

Puneet Souda

Hi, Yeah. for the Frank. Thanks question.

the So that know, you updates seen through the Accelerate what and thanks But for know, as of, front. it one on Project evolve. go crisis first you on and year means, you've the wondering sort

what's in your Main along Bruker Bruker lines? since that trying here new mean, within where expect product to to to product terms in question less same is, I'm in versus innovate control, terms other harder should you of push we the understand launches just wants expectation know, of You is lines. your know I a

So staff and such XX maybe as because within the despite an other platform of successful extensions obviously academics. that's your control, products,

you and just care other So any a on to get accelerate XXXX? priorities wanted that of into sense

Frank Laukien

Yes, Puneet.

investing in our flu, goes the We I you stuff at we also, you diagnostics. but haven't winterplex, in B, pandemic. we've PCR flu say of in investment And - throughout slowed added, have that diagnostics, that the know, added COVID's diagnostics, looked could guess, - into innovation down and RSV, in all, type viral R&D project flu we've A, accelerated, fact, within

disease was proteomics, course, micro-bacteria viral previous infectious added So targeted to with micro-bacteria ChipCytometry the was technology targeted in added oriented. acquisition bacterial, proteomics our of or diagnostics more And which focus, we've and multiomics. the

areas, the our beginning So could some within has although the out technology the was them broadly, in had we you that much what portfolio, of it Project year. fleshed and even say of product than X at more Accelerate

we've So targeted diagnostics and in disease case, inorganic in capabilities. in our particular, in we're infectious bolt-on adding even down, capabilities, the doubling some with added accelerated this also multiomics proteomics, -

but us clear broader many of sort and point, that that Now, and growing and even as will well observers, know, also tools providing you that focus we're is there think will the is predicted of the investments areas, last diagnostics, on at that York probably faster Day. supporting than for in multiomics very that the - grow inflection other what year I which, more that's continue strategic that diagnostics, at at an accelerating that's diagnostics. ecosystem, do that in investing our and of bacterial in Puneet, in and June one Analysts a in probably proteomics, capabilities of sense, emerging, much innovate also course, more these you, for to New also to cancer really, and pretty we rapidly as well viral really we a probably fastest had with diagnostics, That's

Puneet Souda

had a Okay, that's [ph] you systems, you here if installs ask very have number and of for helpful. And know on [UHF] large NMR I could gigahertz.

the terms of those in from field to and now experience, you revenue confidence had magnets installs? a to that a Thanks. - you more timely wanted sense up get with revenue level that predictability couple what's bringing recognition there? Now, giving that of predictability you of a thus recognition, of of Just these have

Frank Laukien

we it true we in we will that was confidence fire next you our when one increased is into we're because revenue. have you fire try. every for examples that beyond that we're a in maybe XXXX, worry the And give don't to confidence know, enough significantly. as worry three in with to in year, systems But to that, to we about had question the just that has And than And magnet first the I systems had earlier. three. overall, a irons the And about this more the into say, we asked had revenue, irons mean, that than for very not Yeah, have enough get pretty that over where three year, enough some installation how need reworked, that high go works anticipating have predicted. more on expecting year, was but class to also hopefully guidance in gigahertz be QX many confidence that we've

I have to think know, now. overall, that high more on it's little bit do in confidence still, grip leading-edge have because scenes, you So juggling a we the we but think But got pretty And I it a we need technology. now. always to behind good

Puneet Souda

you. thank Great,

Operator

ahead. And we Brennan of Dan Please follow-up go a have from UBS.

Dan Brennan

Frank the shorter-term Thanks for taking one question. question. just thanks. Hey, maybe

start that of Is X - by any So not quarter I and the in know you just couple the academics you change just midpoint, wondering any like baking given then the comp it points. conservatism when easier at QX? through back Or you cases? pacing did change in a really real maybe points, see the I'm you're QX COVID And just gets QX. actually to versus start,

Frank Laukien

Are you you are or you just margin? revenue - - about can sorry, talking So

Dan Brennan

because organic in but Yeah, the get versus comp $X.X easier two is X get with QX X comp grew you to by to is yeah, organic does right, Frank. to - points Yes, down last think that year, the QX, of kind X billion growth stable easier I over those to

Frank Laukien

QX but last Last Yeah was very last QX was - strong. very strong.

also the strong. only not was it's really bad, the quite look we percentages, at QX So year QX wasn't last but you know, numbers. absolute And,

be a QX know, not it's not, So don't it's also prior - I bit be - mean, will tougher. conservativism the you you will only comping know difficult I

Dan Brennan

it coming better and the or if I want this kind sort one you don't then academic academic system, where in sitting line, the you down don't when trend parse. when, quarter? And you're thought on Was quarter, you sort of kind more how of know, sorry, mind, that of did worse? to throughout of

have, you I'm since and points - know you find know, You wondering, just

Frank Laukien

exit the generally back, Pretty much their more in doing new expected, with around recovery QX as as we back pretty in all are work customers the customers their of mean, and out continuing exceptions that and labs at very essentially the are the by European less. reopening I and back much end and as with worked we world. That's or few US And a normal. lab

Dan Brennan

thank Great, you.

Operator

I conference would to turn any question-and-answer closing session. over back the our to for remarks. Minkova concludes This like Miroslava

Miroslava Minkova

Thank joining today. you for us

early to several and in the well, meeting virtual good and in Conference January next you evening. us hope reach Healthcare quarter. out the participate invite in the Virtual conference XXXX. months, JPMorgan during We stay London have Healthcare Over a Thank and we Jefferson Virtual healthy the November, you for a will you Bruker to and

Operator

Thank concluded. you now today's for attending has Conference presentation.

now may You disconnect.

Bruker (BRKR) 3 Nov 202020 Q3 Earnings call transcript