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- **Q3 Revenue Resilience**: $860.5 million with organic decline of 4.5%, but bookings growth and book-to-bill >1.0 signal improving demand.
- **ACA/GOV Recovery**: Mid-teens order growth outside the U.S., with Europe, Japan, and China leading.
- **Cost Savings Drive Growth**: $120 million cost-down target to enable double-digit EPS growth in 2026, despite 4-5% organic revenue decline in 2025.
- **Strategic Initiatives**: Spatial biology, diagnostics (ELITech), and applied markets (security detection) are key growth engines.

**【CEO Summary Section】**
- Q3 2025 revenue was $860.5 million, down 0.5% YoY, with organic revenue declining 4.5% due to weaker ACA/GOV demand. However, bookings showed mid-single-digit growth, driven by ACA/GOV orders outside the U.S. and strong biopharma demand.
- ACA/GOV orders grew mid-teens YoY organically, with Europe, Japan, and China offsetting U.S. weakness. Biopharma bookings were the strongest segment, and China showed early signs of stimulus funding.
- The company expects $100-120 million in cost savings by 2026, targeting double-digit EPS growth and margin expansion. Q4 guidance is conservative due to delayed installations and site readiness issues.

**【CFO Financial Commentary】**
- Q3 non-GAAP EPS was $0.45, down 25% YoY but up sequentially from $0.32 in Q2. Full-year 2025 guidance: revenue $3.41-3.44 billion (1-2% growth), organic revenue decline 4-5%, and non-GAAP EPS $1.85-1.90.
- Operating margin expected to decline 250bps YoY due to M&A, tariffs, and FX headwinds. The mandatory convertible preferred offering will dilute EPS by $0.20 in 2026.

**【Q&A Key Highlights】**
- **Order Momentum**: Book-to-bill >1.0 in Scientific Instruments, with ACA/GOV orders improving outside the U.S. and biopharma strength. China showed $6 million in stimulus-related orders.
- **Government Shutdown Impact**: Potential delays in Q4 orders, but guidance assumes minimal impact.
- **2026 Outlook**: CEO confident in margin expansion and double-digit EPS growth, despite uncertain ACA/GOV demand. Diagnostics (ELITech) and applied markets (security detection) are key growth areas.
- **Cost Savings**: CFO confirms $120 million cost-down target, with 95% of initiatives underway. Margin expansion will occur even in flat revenue scenarios.

Bruker Corporation (BRKR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BRKR

BRKR fundamentals

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