BRUKER CORP, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 29, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Securities Act File Number 000-30833  
Entity Registrant Name BRUKER CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 04-3110160  
Entity Address, Address Line One 40 Manning Road  
Entity Address, City or Town Billerica  
Entity Address, Postal Zip Code 01821  
Entity Address, State or Province MA  
City Area Code 978  
Local Phone Number 663-3660  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Trading Symbol BRKR  
Security Exchange Name NASDAQ  
Title of 12(b) Security Common Stock  
Entity Common Stock, Shares Outstanding   151,719,365
Entity Central Index Key 0001109354  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 92.0 $ 183.4
Accounts receivable, net 522.6 565.5
Inventories 1,218.3 1,067.8
Other current assets 329.8 236.5
Total current assets 2,162.7 2,053.2
Property, plant and equipment, net 758.5 669.3
Goodwill and intangible assets, net 2,618.8 2,419.8
Other long-term assets 799.8 664.4
Total assets 6,339.8 5,806.7
Current liabilities:    
Current portion of long-term debt and finance lease obligations 55.7 32.5
Accounts payable 243.0 234.1
Deferred revenue and customer advances 478.1 438.2
Other current liabilities 570.6 576.5
Total current liabilities 1,347.4 1,281.3
Long-term debt 2,379.6 2,061.8
Other long-term liabilities 746.0 648.4
Redeemable noncontrolling interests 47.4 18.1
Total shareholders' equity 1,819.4 1,797.1
Total liabilities, redeemable noncontrolling interests and shareholders' equity $ 6,339.8 $ 5,806.7
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total revenue $ 797.4 $ 800.7 $ 1,598.8 $ 1,522.4
Total cost of revenue 439.5 416.1 849.7 785.0
Gross profit 357.9 384.6 749.1 737.4
Operating expenses:        
Selling, general and administrative 231.4 221.3 456.8 416.6
Research and development 100.2 92.2 197.3 174.0
Other charges, net 14.4 23.0 51.3 33.9
Total operating expenses 346.0 336.5 705.4 624.5
Operating income 11.9 48.1 43.7 112.9
Interest and other income (expense), net (11.4) (24.2) (18.1) (17.4)
Income before income taxes, equity in income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries 0.5 23.9 25.6 95.5
Income tax provision (benefit) (3.1) 16.1 5.6 35.9
Equity in income (loss) of unconsolidated investees, net of tax 0.6 (0.2) 1.0 0.0
Consolidated net income 4.2 7.6 21.0 59.6
Net income (loss) attributable to noncontrolling interests in consolidated subsidiaries (3.4) 0.0 (4.0) 1.1
Net income attributable to Bruker Corporation $ 7.6 $ 7.6 $ 25.0 $ 58.5
Net income per common share attributable to Bruker Corporation shareholders:        
Basic $ 0.05 $ 0.05 $ 0.16 $ 0.4
Diluted $ 0.05 $ 0.05 $ 0.16 $ 0.4
Weighted average common shares outstanding:        
Basic 151.6 147.4 151.6 146.3
Diluted 151.7 148.0 151.8 147.0
Product        
Total revenue $ 634.7 $ 654.4 $ 1,278.0 $ 1,241.3
Total cost of revenue 346.1 326.0 668.4 617.7
Service and other revenue        
Total revenue 162.7 146.3 320.8 281.1
Total cost of revenue $ 93.4 $ 90.1 $ 181.3 $ 167.3
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Consolidated net income $ 4.2 $ 7.6 $ 21.0 $ 59.6
Other comprehensive income (loss):        
Foreign currency translation gain (loss) before income taxes 133.3 (28.9) 204.6 (108.3)
Income tax (benefit) expense on foreign currency translation adjustments 1.0 0.0 1.5 (2.2)
Foreign currency translation gain (loss) after income taxes 132.3 (28.9) 203.1 (106.1)
Designated hedging instruments:        
Gain (loss) on designated hedging instruments before income taxes (195.7) (9.8) (246.4) 71.4
Income tax (benefit) expense related to designated hedging instruments (46.8) (2.3) (58.9) 16.8
Gain (loss) on designated hedging instruments after income taxes (148.9) (7.5) (187.5) 54.6
Pension and other postretirement plans:        
Total pension and other postretirement benefit liability adjustments gain (loss) before income taxes (4.4) (0.1) (5.2) 0.5
Income tax benefit related to total pension and other postretirement benefit liability adjustments 0.9 0.0 1.1 0.0
Total pension and other postretirement benefit liability adjustments gain (loss) after income taxes (3.5) (0.1) (4.1) 0.5
Total other comprehensive income (loss) (20.1) (36.5) 11.5 (51.0)
Total Comprehensive income (loss) (15.9) (28.9) 32.5 8.6
Less: Comprehensive income (loss) attributable to noncontrolling interests (0.3) 0.2 0.0 1.3
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interests 0.8 (0.4) 1.0 (1.2)
Total Comprehensive income (loss) attributable to Bruker Corporation $ (16.4) $ (28.7) $ 31.5 $ 8.5
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Total Shareholders' Equity Attributable to Bruker Corporation
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income, Net of tax
Noncontrolling Interests in Consolidated Subsidiaries
Redeemable Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2023 $ 1,394.6 $ 1,377.2 $ 1.7 $ (1,237.2) $ 282.9 $ 2,323.8 $ 6.0 $ 17.4 $ 18.7
Balance (in shares) at Dec. 31, 2023     145,164,826            
Balance Treasury Shares at Dec. 31, 2023       30,778,879          
Increase (Decrease) in Stockholders' Equity                  
Stock options exercised 3.4 3.4     3.4        
Stock options exercised (in shares)     146,765            
Restricted Stock units vested (in shares)     23,051            
Stock based compensation 4.6 4.6     4.6        
Employee stock purchase plan 0.2 0.2     0.2        
Cash dividends paid to common shareholders (7.3) (7.3)       (7.3)      
Loans to noncontrolling interest (0.9)             (0.9)  
Consolidated net income (loss) 52.3 50.9       50.9   1.4 (0.3)
Other comprehensive income (loss) (14.0) (13.7)         (13.7) (0.3) (0.5)
Balance at end of period at Mar. 31, 2024 1,432.9 1,415.3 $ 1.7 $ (1,237.2) 291.1 2,367.4 (7.7) 17.6 17.9
Balance ending (in shares) at Mar. 31, 2024     145,334,642            
Balance Treasury Shares at Mar. 31, 2024       30,778,879          
Increase (Decrease) in Stockholders' Equity                  
Stock options exercised 0.5 0.5     0.5        
Stock options exercised (in shares)     24,484            
Restricted Stock units vested (0.1) (0.1)     (0.1)        
Restricted Stock units vested (in shares)     1,404            
Stock based compensation 4.8 4.8     4.8        
Employee stock purchase plan 2.1 2.1     2.1        
Employee Stock Purchase Plan (in shares)     31,291            
Public Offering, net of issuance costs of $0.8 million 403.0 403.0 $ 0.1   402.9        
Public Offering, net of issuance costs of $0.8 million, shares     6,000,000            
Cash dividends paid to common shareholders (7.7) (7.7)       (7.7)      
Consolidated net income (loss) 7.9 7.6       7.6   0.3 (0.3)
Other comprehensive income (loss) (36.4) (36.3)         (36.3) (0.1) (0.1)
Balance at end of period at Jun. 30, 2024 1,807.0 1,789.2 $ 1.8 $ (1,237.2) 701.3 2,367.3 (44.0) 17.8 17.5
Balance ending (in shares) at Jun. 30, 2024     151,391,821            
Balance Treasury Shares at Jun. 30, 2024       30,778,879          
Balance at beginning of period at Dec. 31, 2024 1,797.1 1,781.2 $ 1.8 $ (1,237.2) 713.4 2,406.7 (103.5) 15.9 18.1
Balance (in shares) at Dec. 31, 2024     151,677,952            
Balance Treasury Shares at Dec. 31, 2024       30,778,879          
Increase (Decrease) in Stockholders' Equity                  
Stock options exercised 0.4 0.4     0.4        
Stock options exercised (in shares)     18,771            
Restricted Stock units vested (in shares)     24,999            
Stock based compensation 5.2 5.2     5.2        
Employee stock purchase plan 0.4 0.4     0.4        
Shares Repurchased (10.1) (10.1)   $ (10.0) (0.1)        
Shares Repurchased (in shares)     (200,731) 200,731          
Cash dividends paid to common shareholders (7.7) (7.7)       (7.7)      
Proceeds from the sale of (distributions to) noncontrolling interests, net (0.5)             (0.5)  
Consolidated net income (loss) 17.1 17.4       17.4   (0.3) (0.4)
Other comprehensive income (loss) 31.0 30.4         30.4 0.6 0.6
Balance at end of period at Mar. 31, 2025 1,832.9 1,817.2 $ 1.8 $ (1,247.2) 719.3 2,416.4 (73.1) 15.7 18.3
Balance ending (in shares) at Mar. 31, 2025     151,520,991            
Balance Treasury Shares at Mar. 31, 2025       30,979,610          
Increase (Decrease) in Stockholders' Equity                  
Stock options exercised 1.8 1.8     1.8        
Stock options exercised (in shares)     87,487            
Restricted Stock units vested (0.1) (0.1)     (0.1)        
Restricted Stock units vested (in shares)     7,334            
Stock based compensation 5.3 5.3     5.3        
Employee stock purchase plan 3.7 3.7     3.7        
Employee Stock Purchase Plan (in shares)     100,115            
Cash dividends paid to common shareholders (7.6) (7.6)       (7.6)      
Consolidated net income (loss) 6.0 7.6       7.6   (1.6) (1.7)
Certain other acquisitions                 28.3
Other comprehensive income (loss) (22.6) (23.9)         (23.9) 1.3 2.5
Balance at end of period at Jun. 30, 2025 $ 1,819.4 $ 1,804.0 $ 1.8 $ (1,247.2) $ 730.0 $ 2,416.4 $ (97.0) $ 15.4 $ 47.4
Balance ending (in shares) at Jun. 30, 2025     151,715,927            
Balance Treasury Shares at Jun. 30, 2025 30,979,610     30,979,610          
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Subsidiary, Sale of Stock [Line Items]        
Cash dividends (per share) $ 0.05 $ 0.05 $ 0.05 $ 0.05
IPO        
Subsidiary, Sale of Stock [Line Items]        
Stock issuance cost     $ 0.8  
v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Consolidated net income $ 21.0 $ 59.6
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 106.5 79.9
Deferred income taxes (38.6) (22.3)
Other non-cash expenses, net (0.4) 27.5
Income taxes payable, net (105.3) (22.4)
Other changes in operating assets and liabilities, net (45.7) (99.4)
Net cash provided by (used in) operating activities (62.5) 22.9
Cash flows from investing activities:    
Purchases of property, plant and equipment (47.3) (46.0)
Cash paid for acquisitions, net of cash acquired (69.5) (1,576.5)
Other investing activities, net (0.4) (6.6)
Net cash used in investing activities (117.2) (1,629.1)
Cash flows from financing activities:    
Repayments of revolving line of credit (219.1) (840.1)
Proceeds from revolving line of credit 308.2 1,073.3
Repayment of long-term debt (22.3) (118.0)
Proceeds from long-term debt 2.9 805.7
Proceeds from issuance of common stock, net 5.3 408.6
Payment of dividends to common shareholders (15.3) (15.0)
Repurchase of common stock (10.0) 0.0
Other financing activities, net (5.4) (7.0)
Net cash provided by financing activities 44.3 1,307.5
Effect of exchange rate changes on cash, cash equivalents and restricted cash 44.9 (19.7)
Net decrease in cash, cash equivalents and restricted cash (90.5) (318.4)
Cash, cash equivalents and restricted cash at beginning of period 186.7 491.6
Cash, cash equivalents and restricted cash at end of period 96.2 173.2
Supplemental disclosure of cash flow information:    
Cash paid for interest 35.5 21.7
Cash paid for taxes 147.5 68.6
Restricted cash period beginning balance 3.3 3.3
Restricted cash period ending balance $ 4.2 $ 3.5
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 7.6 $ 7.6 $ 25.0 $ 58.5
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

On April 23, 2025, Dr. Cynthia Friend, a member of the Company’s Board of Directors, terminated a trading plan she had previously adopted with respect to the sale of securities of the Company’s common stock, intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act (“Rule 10b5-1 Trading Plan”). Dr. Friend’s Rule 10b5-1 Trading Plan was adopted on February 18, 2025, and provided for the sale of up to (a) 5,192 shares of the Company’s Common Stock underlying time-based restricted stock units and (b) 4,300 shares of Common Stock underlying stock options granted under an equity compensation plan. As of the date of termination of her Rule 10b5-1 Trading Plan, Dr. Friend did not sell any shares of common stock under the terms of the Rule 10b5-1 Trading Plan.

Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Dr Cynthia Friend [Member]  
Trading Arrangements, by Individual  
Name Dr. Cynthia Friend
Title Board of Directors
Rule 10b5-1 Arrangement Terminated true
Termination Date April 23, 2025
Dr Cynthia Friend Trading Arrangement Common Stock Underlying Time Based Restricted Stock Units [Member] | Dr Cynthia Friend [Member]  
Trading Arrangements, by Individual  
Aggregate Available 5,192
Dr Cynthia Friend Trading Arrangement Common Stock Underlying Employee Stock Options [Member] | Dr Cynthia Friend [Member]  
Trading Arrangements, by Individual  
Aggregate Available 4,300
v3.25.2
Description of Business
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business
1.
Description of Business

Bruker Corporation, together with its consolidated subsidiaries (“Bruker” or “the Company”), develops, manufactures, and distributes high-performance scientific instruments and analytical and diagnostic solutions that enable its customers to explore life and materials at microscopic, molecular, and cellular levels. Many of the Company’s products are used to detect, measure, and visualize structural characteristics of chemical, biological, and industrial material samples.

The Company has four reportable segments:

•
Bruker Scientific Instruments (BSI) BioSpin:

Designs, manufactures, and distributes life science tools based on magnetic resonance technology, and provides automated laboratory research and development and quality control workflow solutions in a wide range of chemical research fields. Revenues are generated by academic and government research customers, pharmaceutical and biotechnology companies, and nonprofit laboratories, as well as chemical, food and beverage, clinical, and other industrial companies.

•
BSI CALID (Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection):

Designs, manufactures, and distributes life science mass spectrometry, applied spectrometry and ion mobility spectrometry solutions, analytical and process analysis instruments, and solutions based on infrared and Raman molecular spectroscopy technologies. Provides systems and assays for molecular diagnostics (MDx), biomedical systems/specialty IVD and microbiology, and radiological/nuclear detectors for Chemical, Biological, Radiological, Nuclear and Explosive (CBRNE) detection. Revenues are generated from academic institutions and medical schools; pharmaceutical, biotechnology, and diagnostics companies; contract research organizations; nonprofit and for-profit forensics laboratories; agriculture, food and beverage safety laboratories; environmental and clinical microbiology laboratories; hospitals and government departments and agencies.

•
BSI NANO:

Designs, manufactures, and distributes advanced X-ray instruments, atomic force microscopy instrumentation, advanced fluorescence optical microscopy instruments, analytical tools for electron microscopes and X-ray metrology, defect-detection equipment for semiconductor process control, handheld, portable and mobile X-ray fluorescence spectrometry instruments, spark optical emission spectroscopy systems, chip cytometry products and services for targeted spatial proteomics, multi-omic services, optofluidic and proteomic barcoding platforms, and products and services for spatial genomics research and spatial biology. Revenues are generated from academic institutions, governmental customers, nanotechnology companies, semiconductor companies, raw material manufacturers, industrial companies, biotechnology and pharmaceutical companies, and other businesses involved in materials research and life science research analysis.

•
Bruker Energy & Supercon Technologies (BEST):

Develops and manufactures superconducting and non-superconducting materials and devices for use in renewable energy, energy infrastructure, healthcare, and high energy physics research. The segment focuses on metallic low temperature superconductors for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research, and other applications. Revenues are generated from medical, clinical, pharmaceutical, and aerospace companies, as well as other businesses involved in materials research, fusion energy research, high energy physics, renewable energy, and environmental research. BEST also delivers extreme ultraviolet radiation (EUV/XUV) based technologies and solutions to world leading semiconductor companies and research labs.

The unaudited condensed consolidated financial statements represent the consolidated accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements as of June 30, 2025, and December 31, 2024, and for the three and six months ended June 30, 2025, and 2024, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the financial information presented herein does not include all of the information and footnotes required by GAAP for complete financial statements. The condensed consolidated balance sheet data as of December 31, 2024 was derived from our audited financial statements, but does not include all disclosures required by GAAP. The condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 that was filed with the SEC on March 3, 2025. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial position, results

of operations, comprehensive income (loss), and cash flows have been included. The results for interim periods are not necessarily indicative of the results expected for any other interim period or the full year.

At June 30, 2025, the Company’s significant accounting policies, which are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, have not changed.

v3.25.2
Recent Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements
2.
Recent Accounting Pronouncements

 

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2024-04 – Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This new guidance clarifies the accounting treatment of whether the settlement of convertible debt should be accounted for as an induced conversion or extinguishment of convertible debt. This guidance is effective for annual reporting periods beginning after December 15, 2025. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.

 

In November 2024, the FASB issued ASU No. 2024-03 – Income Statement - Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.

 

In December 2023, the FASB issued ASU No. 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregation of information related to income taxes paid as presented on the Cash Flow Statement. This new guidance is effective for annual reporting periods beginning after December 15, 2024. The Company is evaluating the impact of this adoption on the consolidated financial statements and related disclosures.
v3.25.2
Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Acquisitions
3.
Acquisitions

During the three months ended June 30, 2025, and during the year ended December 31, 2024, the Company completed various acquisitions that collectively complement the product offerings of the Company’s existing businesses.

The valuation methodology used to determine the fair value of the identifiable assets acquired and liabilities assumed, unless otherwise noted, is consistent with that described in Note 2, Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

2025 Acquisitions

The following table reflects the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2025 acquisitions (in millions):

 

Acquisition (Segment)

 

Recipe (CALID)

 

Other (Various)

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

Cash paid

 

$

58.8

 

$

16.1

 

$

74.9

 

Cash acquired

 

 

(5.2

)

 

(1.3

)

 

(6.5

)

Fair value of redeemable noncontrolling interest

 

 

27.2

 

 

1.1

 

 

28.3

 

Working capital and other closing adjustments

 

 

6.5

 

 

1.8

 

 

8.3

 

Total consideration transferred, net of cash acquired

 

$

87.3

 

$

17.7

 

$

105.0

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

Accounts receivable

 

$

2.3

 

$

0.5

 

$

2.8

 

Inventories

 

 

7.7

 

 

0.5

 

 

8.2

 

Other current assets

 

 

0.1

 

 

0.4

 

 

0.5

 

Property, plant and equipment

 

 

21.2

 

 

0.7

 

 

21.9

 

Other assets

 

 

4.9

 

 

0.8

 

 

5.7

 

Intangible assets:

 

 

 

 

 

 

 

Technology

 

 

14.0

 

 

6.7

 

 

20.7

 

Customer relationships

 

 

29.2

 

 

0.9

 

 

30.1

 

Trade name

 

 

1.6

 

 

0.9

 

 

2.5

 

Goodwill

 

 

35.0

 

 

14.0

 

 

49.0

 

Deferred taxes (net)

 

 

(16.6

)

 

(2.3

)

 

(18.9

)

Liabilities assumed

 

 

(12.1

)

 

(5.4

)

 

(17.5

)

Total consideration allocated

 

$

87.3

 

$

17.7

 

$

105.0

 

 

The table below summarizes information on the Recipe Chemicals + Instruments GmbH (“Recipe”) acquisition:

 

 

Recipe

Activity of acquired business

Provider of vendor-agnostic therapeutic drug monitoring (TDM) and other clinical in vitro diagnostic kits for Liquid chromatography-mass spectrometry systems utilizing triple-quadrupole time-of flight mass spectrometry (LC-MS/MS), High Performance Liquid Chromatography (HPLC), and Inductively coupled plasma mass spectrometry (ICP-MS) assays.

Location

Munich, Germany

Acquired interest

69.64%

Business acquired

Outstanding share capital of Recipe and Recipe’s interest in their majority owned subsidiary, WoBau GmbH (“WoBau”).

Redeemable noncontrolling interest – other shareholders

The Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 30.36% for cash at a contractually defined redemption value exercisable beginning in 2029. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company or the noncontrolling interest holder. As redemption of the rights is contingently redeemable at the option of the noncontrolling interest holder, the Company classifies the carrying amount of these rights in the mezzanine section on the consolidated balance sheet, which is presented above the equity section and below liabilities. The redeemable noncontrolling interest is initially measured at fair value and subsequently at the greater of the amount that would be paid if the settlement occurred as of the balance sheet date based on the contractually defined redemption value and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. Adjustments to the carrying value of the redeemable noncontrolling interest are recorded through retained earnings. At the closing date the fair value of the redeemable noncontrolling interest was $27.2 million.

Additionally, the Company entered into an agreement with the noncontrolling interest holder of WoBau which provides the Company with the right to purchase the remaining 10.1% ownership interest of WoBau for cash at a price to be determined in the future, exercisable in 2029 or later. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company. At the closing date the fair value was determined to be de minimis.

 

 

Customer relationships and technology were the most significant identifiable intangible assets acquired. The fair value of the assets is estimated using a multi-period excess earnings method for customer relationships and a relief from royalty method for technology. The following table presents estimated useful life for the acquired intangible assets for the Recipe acquisition:

 

 

 

Recipe

Intangible Asset — Technology

 

10 years

Intangible Asset — Customer relationships

 

15 years

Intangible Asset — Trade name

 

1 year

 

The amortization period for the intangible assets acquired for the Company’s other acquisitions is five to twelve years for the technology.

The Company believes goodwill to represent future economic benefits of the acquisitions that are not individually identifiable, primarily expected synergies from combining the businesses such as the elimination of surplus facilities and headcount, and the utilization of the Company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services. The Company does not expect the amounts allocated to goodwill to be deductible for tax purposes.

The Company is in the process of finalizing the valuation of the assets acquired, inclusive of intangible assets, and liabilities assumed related to Recipe and certain other acquisitions which may result in adjustments to these assets and liabilities, including goodwill.

 

Results of operations for 2025 acquired businesses

 

Results from the acquisitions included in the consolidated financial statements of the Company from the acquisition dates through June 30, 2025 include revenues of $3.8 million and pre-tax losses totaling $0.8 million. The tax effect of pre-tax losses incurred will be included in the related jurisdictional tax returns of its subsidiaries.

Supplemental Pro Forma Information for 2025 acquired businesses

 

The consolidated results for the three and six months ended June 30, 2025 would not be materially different had the 2025 acquisitions been completed on January 1, 2025. As such, additional pro forma information combining the results of operations of the Company and these acquisitions have not been included in these consolidated financial statements.

 

2024 Acquisitions

The following table reflects the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2024 acquisitions (in millions):

 

 

 

NanoString Technologies

 

ELITechGroup

 

Chemspeed Technologies

 

Other

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

 

 

 

 

Cash paid

 

$

392.6

 

$

951.9

 

$

175.4

 

$

128.9

 

$

1,648.8

 

Cash acquired

 

 

(0.5

)

 

(43.4

)

 

(0.6

)

 

(8.1

)

 

(52.6

)

Fair value of contingent consideration

 

 

—

 

 

—

 

 

—

 

 

13.4

 

 

13.4

 

Working capital and other closing adjustments

 

 

—

 

 

22.7

 

 

—

 

 

3.5

 

 

26.2

 

Total consideration transferred, net of cash acquired

 

$

392.1

 

$

931.2

 

$

174.8

 

$

137.7

 

$

1,635.8

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

16.8

 

$

30.6

 

$

7.0

 

$

3.9

 

$

58.3

 

Inventories

 

 

38.8

 

 

31.6

 

 

46.6

 

 

31.2

 

 

148.2

 

Other current assets

 

 

8.9

 

 

15.7

 

 

1.4

 

 

3.1

 

 

29.1

 

Property, plant and equipment

 

 

31.0

 

 

36.2

 

 

1.8

 

 

1.4

 

 

70.4

 

Other assets

 

 

23.1

 

 

41.3

 

 

17.3

 

 

9.7

 

 

91.4

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Technology

 

 

54.0

 

 

193.3

 

 

27.9

 

 

42.6

 

 

317.8

 

Customer relationships

 

 

38.0

 

 

236.3

 

 

51.5

 

 

8.5

 

 

334.3

 

Backlog

 

 

—

 

 

0.5

 

 

9.4

 

 

4.9

 

 

14.8

 

Trade name

 

 

14.0

 

 

12.3

 

 

4.8

 

 

3.1

 

 

34.2

 

Goodwill

 

 

253.5

 

 

501.1

 

 

127.8

 

 

75.6

 

 

958.0

 

Deferred taxes (net)

 

 

4.8

 

 

(100.8

)

 

(14.0

)

 

(3.2

)

 

(113.2

)

Liabilities assumed

 

 

(90.8

)

 

(66.9

)

 

(106.7

)

 

(43.1

)

 

(307.5

)

Total consideration allocated

 

$

392.1

 

$

931.2

 

$

174.8

 

$

137.7

 

$

1,635.8

 

 

Acquisitions material to the Company’s financial statements

 

The table below summarizes information on acquisitions material to the Company’s financial statements in 2024:

 

 

NanoString Technologies

ELITechGroup

Chemspeed Technologies

Acquisition date

May 6, 2024

April 30, 2024

March 6, 2024

Bruker segment

BSI NANO

BSI CALID

BSI BBIO

Activity of acquired business

End-to-end research solutions in the spatial biology field and provides life-science research solutions for spatial transcriptomics and gene expression analysis which have been critical in enabling scientists and medical researchers to advance vital discovery, translational, and pre-clinical disease research. The acquisition complements the Company's spatial proteomics platform and contributes to further its leadership in the post-genomic era.

Molecular diagnostics, microbiology and biomedical testing equipment. The acquisition expands the segment’s portfolio with the addition of pioneering innovation in molecular diagnostics which combined with the Segment's existing offerings establish Bruker as an innovative and growing infectious disease specialist in the in-vitro diagnostics market.

Automated laboratory research and development and quality control workflow solutions in a wide range of chemical research fields. The acquisition expands the segment’s portfolio in vendor-agnostic scientific software, R&D, and laboratory automation.

Location

Washington, U.S.A.

Various - Primarily Torino, Italy and Washington and Utah, U.S.A.

Füllinsdorf, Switzerland

Acquired interest

100%

100%

100%

Business/technology acquired

Substantially all of the assets and rights associated with the business of NanoString Technologies, Inc. including the equity interests of the six subsidiaries (collectively, “NanoString”). The Company also assumed certain of its liabilities, including potential liabilities associated with ongoing litigations. Included in the liabilities assumed as of the acquisition date is $44.7 million determined in accordance with ASC Topic 450. Refer to Note 20, Commitments and Contingencies for more details on these litigations.

Outstanding share capital of TecInvest S.à r.l, Eliman 1 S.à r.l, and Eliman 2 S.à r.l, and their 100% interests in 18 subsidiaries (collectively “ELITech” or “ELITech Group”).

Outstanding share capital of Chemspeed Technologies AG and its three wholly owned subsidiaries (collectively “Chemspeed”).

 

In the acquisitions above, customer relationships and technology intangible assets were the most significant identifiable assets acquired. The fair value of the intangible assets is estimated using a multi-period excess earnings method for customer relationships and a relief from royalty method for technology. For the acquisition of ELITechGroup, the cash flow projections for the customer relationships included significant judgments and assumptions related to customer attrition rates, contributory asset charges, and discount rates and the cash flow projections for the technology included significant judgments and assumptions related to revenue growth rates, royalty rates, obsolescence rates, and discount rates.

 

The following table presents estimated useful life for the acquired intangible assets as determined by the Company:

 

 

 

NanoString Technologies

 

ELITechGroup

 

Chemspeed Technologies (a)

Intangible Asset — Technology

 

12 years

 

4 to 14 years

 

7 years

Intangible Asset — Tradenames

 

12 years

 

6 years

 

10 years

Intangible Asset — Customer relationships

 

15 years

 

5 to 15 years

 

15 years
a)
The Company expects to amortize backlog through the first quarter of 2026.

The Company believes goodwill to represent future economic benefits of the acquisitions that are not individually identifiable, primarily expected synergies from combining the businesses such as the elimination of surplus facilities and headcount, and the utilization of the Company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services. The Company does not expect the amounts allocated to goodwill for ELITechGroup or Chemspeed to be deductible for tax purposes. The Company expects the amounts allocated to goodwill for NanoString to be deductible for tax purposes.

 

In the first quarter of 2025, the Company finalized its determination of the fair value of the identifiable assets acquired and liabilities assumed for the Chemspeed acquisition. In the second quarter of 2025, the Company finalized its determination of the fair

value of the identifiable assets acquired and liabilities assumed for the NanoString and ELITechGroup acquisitions with no further adjustments in addition to the immaterial adjustments recorded in prior quarters.

 

Other 2024 Acquisitions

 

During the year ended December 31, 2024, the Company acquired other businesses which were accounted for under the acquisition method that complemented the Company’s existing product offerings.

 

The following table reflects the consideration transferred and the respective reportable segment for the acquisitions (in millions):

 

Name of Acquisition

 

Date Acquired

 

Segment

 

Total
Consideration, net of Cash Acquired

 

 

Cash
Consideration

 

Nion, LLC

 

January 2, 2024

 

BSI NANO

 

$

42.9

 

 

$

37.4

 

Spectral Instruments Imaging LLC

 

February 1, 2024

 

BSI BBIO

 

 

28.8

 

 

 

29.0

 

Other (In aggregate)

 

Various

 

Various

 

 

66.0

 

 

 

62.5

 

 

 

 

 

 

 

$

137.7

 

 

$

128.9

 

 

For the period from the date of acquisition through December 31, 2024, the revenues and results of operations included in the consolidated financial statements of the Company from the other acquisitions listed in table above were not material, therefore, additional pro forma information combining the results of operations of the Company and these acquisitions have not been included.

 

The table below summarizes information on certain of the Company’s other acquisitions in 2024:

 

 

Nion, LLC

Spectral Instruments Imaging LLC

Activity of acquired business

Designer and manufacturer of high-end electron-optical instruments with diverse applications to the needs of its customers.

Manufacturer of preclinical optical systems for bioluminescent, fluorescent and x-ray imaging to fit the workflows of animal scientists.

Location

Washington, U.S.A.

Arizona, U.S.A.

Acquired interest

100%

100%

Business/technology acquired

Outstanding share capital of Nion, LLC (“Nion”).

Outstanding share capital of Spectral Instruments Imaging, LLC (“Spectral”).

Contingent consideration

Cash consideration is subject to adjustments of up to $23.0 million if certain revenue and non-revenue milestones are achieved through 2026.

Cash consideration is subject to adjustments of up to $10.0 million if certain revenue and EBITDA targets are met through 2025.

 

The following table presents estimated useful life for the acquired intangible assets for the material other acquisitions in 2024 as determined by the Company:

 

 

 

Nion, LLC (a)

 

Spectral Instruments Imaging LLC

Intangible Asset — Technology

 

7 years

 

6 years

Intangible Asset — Tradenames

 

7 years

 

not applicable

Intangible Asset — Customer relationships

 

15 years

 

14 years
a)
The Company expects to amortize backlog through the fourth quarter of 2027.

 

The amortization period for the intangible assets acquired for the Company’s other acquisitions is seven to eleven years for the technology, eleven to fifteen for customer relationships and twelve years for tradenames. The fair values of the trade name and technology of certain acquisitions were not material and were expensed in full during 2024.

The Company believes goodwill to represent future economic benefits of the acquisitions that are not individually identifiable, primarily expected synergies from combining the businesses such as the elimination of surplus facilities and headcount, and the utilization of the Company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services. The Company does not expect the amounts allocated to goodwill to be deductible for tax purposes.

 

The Company has finalized its valuation of the assets acquired and liabilities assumed related to the Spectral Instruments Imaging LLC and Nion, LLC acquisitions within the measurement period, and no further material adjustments were be made.

 

Results of operations for 2024 acquired businesses

 

Results from the acquisitions included in the consolidated financial statements of the Company from the acquisition dates through December 31, 2024 include revenues of $259.5 million and pre-tax losses totaling $108.0 million. Pre-tax losses include purchased intangible amortization and step up inventory costs related to the acquisitions as well as acquisition-related expenses, which are recorded within Other charges, net in the consolidated statements of operations. Acquisition-related expenses primarily relate to pre-close services, legal and professional services associated with integration activities, and other transaction costs. The tax effect of pre-tax losses incurred will be included in the related jurisdictional tax returns of its subsidiaries.

Supplemental Pro Forma Information

 

The unaudited pro forma financial information in the table below summarizes the combined GAAP revenue and net income (loss) results of the Company as though the material acquisitions of ELITechGroup and Chemspeed had been completed on January 1, 2024 (in millions):

 

 

 

Year ended
December 31, 2024

 

 

 

Before Adjustments

 

 

Pro forma
Adjustments

 

 

After Adjustments

 

Revenue

 

$

3,426.0

 

 

$

—

 

 

$

3,426.0

 

Net income (loss)

 

$

115.3

 

 

$

(15.7

)

 

$

99.6

 

 

The revenue and net income (loss) results for all 2024 acquisitions are included in the consolidated financial statements for the three and six months ended, June 30, 2025.

 

NanoString was unable to file its Annual Report on Form 10-K for the year ended December 31, 2023, under the Securities and Exchange Act of 1934, as amended, following NanoString and certain of its subsidiaries filing voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on February 4, 2024. Further, management considers that results of NanoString for the period from October 1, 2023, through May 6, 2024, are unlikely to be meaningful to users of these financial statements given the operations and financial results of NanoString were inherently materially impacted by the bankruptcy declaration. Accordingly, the pro forma financial information does not include the results of NanoString from January 1, 2024, through its acquisition date of May 6, 2024, as the historical financial statements after the quarter ended September 30, 2023 are not meaningful.

 

The pro forma adjustments include the following (in millions):

 

 

 

December 31, 2024

 

Net increase in amortization and depreciation expense associated with tangible and intangible assets

 

$

(2.4

)

Net increase in interest expense

 

 

(13.3

)

Total pro forma adjustments - net loss

 

$

(15.7

)

 

The supplemental pro forma financial information presented above is for illustrative purposes only and does not include the pro forma adjustments that would be required under Article 11 of Regulation S-X for pro forma financial information. This supplemental pro forma financial information is not necessarily indicative of the financial position or results of operations that would have been realized if the NanoString, ELITechGroup, and Chemspeed acquisitions had been completed on January 1, 2024. No effect has been given for synergies, if any, that may have been achieved through the acquisitions nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that the Company believes are reasonable under the circumstances.
v3.25.2
Minority and Equity-method Investments
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Minority and Equity-method Investments
4.
Minority and Equity-method Investments

2025

As of June 30, 2025, the aggregate amount of equity investments without readily determinable fair value using the measurement alternative is $38.7 million. During the six months ended June 30, 2025, the Company completed four minority investments. The following table reflects the consideration transferred (in millions):

Name

 

Financial
Statement
Classification

 

Date Acquired

 

Total
Consideration

 

 

Cash
Consideration

 

Other minority investments

 

Other long-term assets

 

Various

 

$

3.9

 

 

$

3.2

 

 

 

 

 

 

$

3.9

 

 

$

3.2

 

2024

As of December 31, 2024, the aggregate amount of equity investments without a readily determinable fair value using the measurement alternative was $35.6 million. During the year ended December 31, 2024, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):

Name

 

Financial
Statement
Classification

 

Date Acquired

 

Total
Consideration

 

 

Cash
Consideration

 

NovAliX

 

Other long-term assets

 

July 31, 2024

 

$

50.1

 

 

$

34.1

 

Other minority investments

 

Other long-term assets

 

Various

 

 

14.2

 

 

 

14.2

 

 

 

 

 

 

$

64.3

 

 

$

48.3

 

 

On July 31, 2024, the Company acquired a minority equity interest in NovAliX a preclinical contract research organization specializing in expert drug discovery services, headquartered in Strasbourg, France. The Company obtained a 30% interest in NovAliX’s common stock in exchange for consideration of EUR 31.5 million (approximately $34.1 million). The Company accounts for its investment in NovAliX using the equity-method of accounting. Concurrent with the transaction, the Company entered into an agreement with the remaining shareholders that provides the Company with the right to purchase, and the shareholders with the right to sell, the remaining ownership of NovAliX for cash at a contractually defined redemption value exercisable beginning in 2029 and ending in 2034. The Company recognized a liability, classified in other long-term liabilities in the consolidated balance sheet, related to the potential obligation to acquire the remaining equity interests if the purchase option is exercised, estimated at EUR 14.4 million (approximately $16.0 million) using the discounted cash flow method.

 

Refer to Note 11, Interest and other income (expense), net, for information on impairment charges, to write down the carrying value of certain minority investments for the three and six months ended June 30, 2025 and 2024, respectively.

v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
5.
Goodwill and Intangible Assets

Goodwill

The following table sets forth the changes in the carrying amount of goodwill (in millions):

 

 

 

 

Balance at December 31, 2024

 

$

1,507.3

 

Current period additions

 

 

49.0

 

Current period adjustments

 

 

0.2

 

Foreign currency effect

 

 

92.7

 

Balance at June 30, 2025

 

$

1,649.2

 

 

Intangible Assets

The following is a summary of intangible assets (in millions):

 

June 30, 2025

 

 

December 31, 2024

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology and related patents

 

$

798.4

 

 

$

(338.9

)

 

$

459.5

 

 

$

724.5

 

 

$

(291.3

)

 

$

433.2

 

Customer relationships

 

 

613.9

 

 

 

(155.8

)

 

 

458.1

 

 

 

550.6

 

 

 

(125.6

)

 

 

425.0

 

Trade names

 

 

66.7

 

 

 

(21.9

)

 

 

44.8

 

 

 

60.9

 

 

 

(16.1

)

 

 

44.8

 

Other

 

 

18.2

 

 

 

(11.0

)

 

 

7.2

 

 

 

16.5

 

 

 

(7.0

)

 

 

9.5

 

Intangible assets

 

$

1,497.2

 

 

$

(527.6

)

 

$

969.6

 

 

$

1,352.5

 

 

$

(440.0

)

 

$

912.5

 

For the three months ended June 30, 2025, and 2024, the Company recorded amortization expense of $31.5 million and $25.1 million, respectively, related to intangible assets subject to amortization. For the six months ended June 30, 2025, and 2024, the Company recorded amortization expense of $58.8 million and $41.3 million, respectively, related to intangible assets subject to amortization.

On a quarterly basis, the Company reviews its goodwill and intangible assets to determine if there have been any triggering events that could indicate an impairment. Impairment losses are recorded when indicators of impairment are present and the quoted market price, if available or the estimated fair value of those assets are less than the assets’ carrying value, and are not recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Based on the results of these analyses, during the three and six months ended June 30, 2025, the Company recognized impairment charges of $6.8 million and $7.2 million respectively, to write off certain intangible assets. There were no such intangible assets impairment charges recorded during the three and six months ended June 30, 2024.

Current macroeconomic conditions and uncertainties, including inflationary pressures, changes to trade and tariff policies, customs duties imposed or that may be imposed by the new presidential administration in the U.S., geopolitical tensions and possible expansion of current conflicts, and increasing potential of conflict involving countries in Asia that are significant to the Company’s supply chain operations, such as Taiwan and China, could adversely impact the fair value of our reporting units and cause the Company to consider whether goodwill, intangible assets, and other long-lived assets may require an impairment assessment. The Company continues to monitor its goodwill, intangible assets, and other long-lived assets for impairment and additional charges may be recorded in the future from these analyses depending on market conditions and actual and forecasted future results.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue
6.
Revenue

The following table presents the Company’s revenues by end customer geography for the periods reported (in millions):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

222.9

 

 

$

243.7

 

 

$

440.3

 

 

$

438.5

 

Germany

 

59.1

 

 

83.5

 

 

120.2

 

 

150.3

 

Europe excluding Germany

 

213.4

 

 

192.3

 

 

437.5

 

 

370.4

 

China

 

114.7

 

 

120.4

 

 

215.9

 

 

236.1

 

Asia Pacific excluding China

 

127.4

 

 

106.2

 

 

258.8

 

 

213.2

 

Other

 

59.9

 

 

54.6

 

 

126.1

 

 

113.9

 

Total revenue

 

$

797.4

 

 

$

800.7

 

 

$

1,598.8

 

 

$

1,522.4

 

 

The following table presents revenue for the Company recognized at a point in time versus over time for the periods reported (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue recognized at a point in time

 

$

675.1

 

 

$

686.5

 

 

$

1,353.8

 

 

$

1,295.0

 

Revenue recognized over time

 

 

122.3

 

 

 

114.2

 

 

 

245.0

 

 

 

227.4

 

Total revenue

 

$

797.4

 

 

$

800.7

 

 

$

1,598.8

 

 

$

1,522.4

 

 

 

As of June 30, 2025 and December 31, 2024 the following balances were associated with revenue (in millions):

 

 

 

June 30,
2025

 

 

December 31,
2024

 

Contract assets

 

$

127.1

 

 

$

105.2

 

Contract liabilities (a)

 

 

584.1

 

 

 

538.2

 

Remaining performance obligations (b)

 

$

2,109.1

 

 

$

2,090.4

 
a)
Approximately $232.5 million of the contract liability balance on December 31, 2024, was recognized as revenue during the six months ended June 30, 2025.
b)
Bruker’s mix of remaining performance obligations consist of firm orders under non-cancelable purchase orders received from customers and the timing of revenue recognition can vary significantly due to a variety of factors. Bruker manufactures innovative scientific instruments and diagnostic solutions which can result in varying production and installation timing due to components, customization, manufacturing, assembly, testing processes, and customer site availability or readiness. Bruker’s expected completion of performance obligations can vary from year to year based on these and other factors. As a result, performance obligations on any particular date may be indicative of Bruker’s short-term revenue performance but is not necessarily a reliable indicator of long-term revenue performance. The Company will recognize revenues for these performance obligations as they are satisfied, the majority of which is expected to occur within the next twelve months.

 

Lease Revenue

The Company’s right to future consideration from reagent purchases under the reagent agreements is allocated to instrument revenue and is recorded as a lease receivable within other current and long-term assets. Agreements that do not meet the criteria to be classified as a sales-type lease are classified as operating leases. Lease revenue is presented in product revenue in the consolidated statements of operations and consisted of less than 2% of total consolidated revenue in each of the three and six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Business Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information
7.
Business Segment Information

The Company's CEO is the chief operating decision maker. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We exclude from segment expenses and segment operating income (loss) certain corporate-related expenses and certain transactions or adjustments, such as costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, and costs associated with our global information technology transition initiatives. The Company's intersegment sales and transfers are accounted for at discounted market-based prices based on intersegment agreements. The chief operating decision maker uses segment operating income (loss) to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.

The following tables present segment results for the three and six months ended June 30, 2025, and 2024 (in millions):

 

 

Three Months Ended
June 30, 2025

 

 

Three Months Ended
June 30, 2024

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

64.2

 

 

$

797.4

 

 

$

217.5

 

 

$

265.6

 

 

$

252.5

 

 

$

65.1

 

 

$

800.7

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.1

 

 

 

2.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.0

 

 

 

4.0

 

Total segment revenue

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

66.3

 

 

$

799.5

 

 

$

217.5

 

 

$

265.6

 

 

$

252.5

 

 

$

69.1

 

 

$

804.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

108.1

 

 

$

125.6

 

 

$

125.6

 

 

$

52.3

 

 

$

411.6

 

 

$

110.8

 

 

$

111.5

 

 

$

119.8

 

 

$

52.0

 

 

$

394.1

 

Selling, general and administrative

 

 

40.9

 

 

 

76.9

 

 

 

72.7

 

 

 

5.7

 

 

 

196.2

 

 

 

38.3

 

 

 

68.9

 

 

 

71.8

 

 

 

5.2

 

 

 

184.2

 

Research and development

 

 

23.2

 

 

 

30.0

 

 

 

44.4

 

 

 

1.1

 

 

 

98.7

 

 

 

21.8

 

 

 

26.8

 

 

 

41.7

 

 

 

1.3

 

 

 

91.6

 

Segment operating income

 

$

23.1

 

 

$

53.3

 

 

$

9.4

 

 

$

7.2

 

 

$

93.0

 

 

$

46.6

 

 

$

58.4

 

 

$

19.2

 

 

$

10.6

 

 

$

134.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24.3

 

Unallocated expenses (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62.4

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48.1

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24.2

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23.9

 

 

 

Six Months Ended
June 30, 2025

 

 

Six Months Ended
June 30, 2024

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

121.1

 

 

$

1,598.8

 

 

$

400.3

 

 

$

493.5

 

 

$

492.9

 

 

$

135.7

 

 

$

1,522.4

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.5

 

 

 

4.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6.5

 

 

 

6.5

 

Total segment revenue

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

125.6

 

 

$

1,603.3

 

 

$

400.3

 

 

$

493.5

 

 

$

492.9

 

 

$

142.2

 

 

$

1,528.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

217.8

 

 

$

243.4

 

 

$

244.4

 

 

$

98.7

 

 

$

804.4

 

 

$

199.9

 

 

$

205.3

 

 

$

233.8

 

 

$

110.5

 

 

$

749.5

 

Selling, general and administrative

 

 

79.9

 

 

 

149.8

 

 

 

142.1

 

 

 

11.0

 

 

 

382.8

 

 

 

75.3

 

 

 

126.7

 

 

 

134.8

 

 

 

10.9

 

 

 

347.7

 

Research and development

 

 

45.2

 

 

 

58.0

 

 

 

89.6

 

 

 

1.7

 

 

 

194.5

 

 

 

43.9

 

 

 

52.0

 

 

 

75.3

 

 

 

2.0

 

 

 

173.2

 

Segment operating income

 

$

60.2

 

 

$

114.7

 

 

$

32.6

 

 

$

14.2

 

 

$

221.6

 

 

$

81.2

 

 

$

109.5

 

 

$

49.0

 

 

$

18.8

 

 

$

258.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47.2

 

Unallocated expenses (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98.4

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

43.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112.9

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.4

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

95.5

 
a)
Represents corporate costs and intersegment eliminations not allocated to the reportable segments. Unallocated costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items.
b)
Unallocated expenses consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology transition initiatives, and other costs.

Refer to Note 6, Revenue for information on revenue by geographical area.

Total capital expenditures and depreciation and amortization by segment are as follows for the periods reported (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

2.3

 

 

$

3.8

 

 

$

5.5

 

 

$

3.4

 

BSI CALID

 

 

5.5

 

 

 

6.4

 

 

 

13.9

 

 

 

11.8

 

BSI NANO

 

 

13.2

 

 

 

4.0

 

 

 

18.1

 

 

 

10.2

 

BEST

 

 

2.4

 

 

 

6.3

 

 

 

7.2

 

 

 

13.9

 

Corporate

 

 

6.9

 

 

 

4.0

 

 

 

11.6

 

 

 

6.7

 

Total capital expenditures

 

$

30.3

 

 

$

24.5

 

 

$

56.3

 

 

$

46.0

 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

11.2

 

 

$

10.4

 

 

$

21.6

 

 

$

18.6

 

BSI CALID

 

 

23.4

 

 

 

15.4

 

 

 

43.2

 

 

 

25.1

 

BSI NANO

 

 

17.1

 

 

 

15.9

 

 

 

33.8

 

 

 

29.3

 

BEST

 

 

2.4

 

 

 

2.1

 

 

 

4.5

 

 

 

4.1

 

Corporate

 

 

2.0

 

 

 

1.3

 

 

 

3.4

 

 

 

2.8

 

Total depreciation and amortization

 

$

56.1

 

 

$

45.1

 

 

$

106.5

 

 

$

79.9

 

Total assets by segment are as follows (in millions):

 

June 30,
2025

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

BSI BioSpin, BSI CALID, BSI NANO & Corporate

 

$

6,192.6

 

 

$

5,648.4

 

BEST

 

 

191.2

 

 

 

199.8

 

Eliminations and other (a)

 

 

(44.0

)

 

 

(41.5

)

Total assets

 

$

6,339.8

 

 

$

5,806.7

 
a)
Assets not allocated to the reportable segments and eliminations of intercompany transactions.

The Company is unable, without unreasonable effort or expense, to disclose the amount of total assets by the BSI BioSpin, BSI CALID, BSI NANO Segments, and the Corporate function. Furthermore, the Company’s chief operating decision maker does not receive long-lived asset information individually by these reportable segments and Corporate.

v3.25.2
Weighted Average Shares Outstanding
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Weighted Average Shares Outstanding
8.
Weighted Average Shares Outstanding

The following table sets forth the computation of basic and diluted weighted average common shares outstanding (amounts in millions of shares):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Weighted average common shares outstanding - basic

 

 

151.6

 

 

 

147.4

 

 

 

151.6

 

 

 

146.3

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock units

 

 

0.1

 

 

 

0.6

 

 

 

0.2

 

 

 

0.7

 

Weighted average common shares outstanding - diluted

 

 

151.7

 

 

 

148.0

 

 

 

151.8

 

 

 

147.0

 

The following common share equivalents have been excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive (amounts in millions of shares):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Stock options

 

 

0.5

 

 

 

0.2

 

 

 

0.4

 

 

 

0.2

 

Unvested restricted stock units

 

 

0.6

 

 

 

—

 

 

 

0.6

 

 

 

—

 
v3.25.2
Other Charges, Net
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Other Charges, Net
9.
Other Charges, Net

The components of other charges, net are as follows (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Acquisition-related expenses, net (a)

 

$

2.8

 

 

$

17.5

 

 

$

9.0

 

 

$

21.6

 

Acquisition-related litigation charges

 

 

4.0

 

 

 

1.4

 

 

 

22.6

 

 

 

1.5

 

Restructuring charges

 

 

2.9

 

 

 

1.2

 

 

 

10.5

 

 

 

4.7

 

Information technology transformation costs (b)

 

 

2.8

 

 

 

1.9

 

 

 

5.8

 

 

 

2.7

 

Other

 

 

1.9

 

 

 

1.0

 

 

 

3.4

 

 

 

3.4

 

Other charges, net

 

$

14.4

 

 

$

23.0

 

 

$

51.3

 

 

$

33.9

 
a)
Acquisition-related expenses relate primarily to transaction costs on potential and consummated acquisitions, integration costs of newly acquired entities, and stock-based compensation expense related to the fair value changes of hybrid instruments.
b)
The Information technology (“IT”) transformation costs are related to an IT transformation initiative that is a multi-year project aimed at updating and integrating our global enterprise resource planning and human resource information systems.
v3.25.2
Restructuring
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring
10.
Restructuring

The following table presents restructuring costs by segment as included within the Company’s consolidated statements of operations for the periods reported (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

0.2

 

 

$

0.2

 

 

$

1.2

 

 

$

0.3

 

BSI CALID

 

 

0.6

 

 

 

0.8

 

 

 

1.8

 

 

 

0.8

 

BSI NANO

 

 

3.6

 

 

 

3.9

 

 

 

4.0

 

 

 

7.5

 

Total Cost of revenues

 

$

4.4

 

 

$

4.9

 

 

$

7.0

 

 

$

8.6

 

Other charges, net:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

(2.5

)

 

$

0.2

 

 

$

3.3

 

 

$

0.2

 

BSI CALID

 

 

2.2

 

 

 

(0.1

)

 

 

3.2

 

 

 

(0.1

)

BSI NANO

 

 

2.0

 

 

 

1.1

 

 

 

2.8

 

 

 

4.0

 

Corporate

 

 

1.2

 

 

—

 

 

 

1.2

 

 

 

0.6

 

Total Other charges, net

 

$

2.9

 

 

$

1.2

 

 

$

10.5

 

 

$

4.7

 

Total

 

$

7.3

 

 

$

6.1

 

 

$

17.5

 

 

$

13.3

 

The following table sets forth the changes in restructuring reserves, excluding costs of $3.8 million for scrapping expired or expiring inventory, for the periods reported (in millions):

 

 

Total

 

 

Severance

 

 

Exit Costs

 

Balance at December 31, 2024

 

$

7.2

 

 

$

4.6

 

 

$

2.6

 

Restructuring charges

 

 

13.7

 

 

 

11.6

 

 

 

2.1

 

Cash payments

 

 

(12.1

)

 

 

(7.8

)

 

 

(4.3

)

Other, non-cash adjustments and foreign currency effect

 

 

0.9

 

 

 

0.8

 

 

 

0.1

 

Balance at June 30, 2025

 

$

9.7

 

 

$

9.2

 

 

$

0.5

 

 

Bruker Cellular Analysis restructuring plan: During the three months ended June 30, 2025 and 2024, in connection with the Bruker Cellular Analysis restructuring plan, the Company recorded and accrued severance and termination charges of $0.7 million and $2.6 million, respectively, and made payments of $0.7 million and $3.7 million, respectively. During the six months ended June 30, 2025 and 2024, in connection with the Bruker Cellular Analysis restructuring plan, the Company recorded and accrued severance and termination charges of $1.2 million and $6.5 million, respectively, and made payments of $3.7 million and $10.7 million, respectively. As it relates to the consolidation of leased BCA facilities, the Company recorded an impairment charge against operating lease right of

use assets of $0.3 million and $1.5 million in the three and six months ended June 30, 2024, respectively. The Company did not have similar charges during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2025, in connection with the Bruker Cellular Analysis restructuring plan, the Company charged $2.5 million to product restructuring costs due to scrapping of expired or expiring inventories. During the three and six months ended June 30, 2024, in connection with the Bruker Cellular Analysis restructuring plan, the Company charged $1.9 million and $4.7 million, respectively, to product restructuring costs due to scrapping of expired or expiring inventories. Refer to Note 12, Restructurings and Asset Impairments of the Annual Report on Form 10-K for the year ended December 31, 2024 for further information on this restructuring plan.

 

Corporate wide and other restructuring plans: The Company has previously incurred charges related to restructuring actions impacting the reportable segments at various locations across North America, Europe, and Asia. This includes workforce right-sizing actions resulting in severance and transition costs, costs related to the consolidation of facilities resulting in asset impairment, and accelerated depreciation charges. In the second quarter of 2025, the Company initiated a corporate-wide restructuring program to be implemented across multiple functions and geographies to address challenges in the current business environment. We anticipate additional restructuring charges in the third and fourth quarter of 2025 with activities under these plans expected to be completed by 2026.

v3.25.2
Interest and Other Income (Expense), Net
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Interest and Other Income (Expense), Net
11.
Interest and Other Income (Expense), Net

The components of interest and other income (expenses), net are as follows (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

 

$

2.7

 

 

$

2.4

 

 

$

5.8

 

 

$

5.0

 

Interest expense

 

 

(15.7

)

 

 

(15.7

)

 

 

(28.8

)

 

 

(20.7

)

Impairment of minority investments

 

 

—

 

 

 

(20.2

)

 

 

(1.9

)

 

 

(20.2

)

Exchange gains (losses), net on foreign currency transactions

 

 

1.4

 

 

 

9.0

 

 

 

5.7

 

 

 

17.9

 

Other income

 

 

0.2

 

 

 

0.3

 

 

 

1.1

 

 

 

0.6

 

Interest and other income (expense), net

 

$

(11.4

)

 

$

(24.2

)

 

$

(18.1

)

 

$

(17.4

)

 
v3.25.2
Provision for Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
12.
Provision for Income Taxes

 

The components of provision for income taxes are as follows (in millions):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income tax provision (benefit)

 

$

(3.1

)

 

$

16.1

 

 

$

5.6

 

 

$

35.9

 

Effective tax rates (a)

 

Not meaningful

 

 

 

67.4

%

 

 

21.9

%

 

 

37.6

%

Penalties and interest (recorded in provision for
   income taxes for unrecognized tax benefits)

 

$

0.8

 

 

$

(3.4

)

 

$

1.2

 

 

$

(2.2

)
a)
For the three months ended June 30, 2025, the rate is not meaningful and was due to one-time favorable discrete events recorded during the period. The decrease in the Company's effective tax rate for the six months June 30, 2025 was primarily due to changes in jurisdictional mix and net favorable discrete activities.

 

The table below summaries unrecognized tax benefits and accrued interest and penalties components (in millions):

 

 

 

June 30,
2025

 

 

December 31,
2024

 

Unrecognized tax benefits (a)

 

$

72.1

 

 

$

63.7

 

Accrued interest and penalties (b)

 

$

6.6

 

 

$

5.3

 
a)
This excludes penalties and interest. If these unrecognized tax benefits were recognized, there would be a reduction of the Company's effective tax rate.
b)
These are related to uncertain tax positions and were included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheets.

 

The Company files tax returns in the United States, which include federal, state and local jurisdictions, and many foreign jurisdictions with varying statutes of limitations. The Company considers Germany, the United States, and Switzerland to be its significant tax jurisdictions. The majority of the Company’s earnings are derived in Germany and Switzerland. Accounting for the various federal and local taxing authorities, the statutory rates for 2025 are approximately 30.0% and 20.0% for Germany and Switzerland, respectively. The mix of earnings in those two jurisdictions resulted in an increase of approximately 7.5% from the U.S. statutory rate of 21.0% in the six months ended June 30, 2025.

The Organization for Economic Co-operation and Development (“OECD”) introduced its Pillar Two Framework Model Rules (“Pillar 2”), which provides guidance for a global minimum tax. Various countries have either enacted or are in the process of enacting legislation to implement this framework. The Company's income tax provision for the three and six months ended June 30, 2025, reflects currently enacted legislation and guidance related to the model rules. This enacted legislation and guidance had an impact on the Company's income tax provision, resulting in an increase to its effective tax rate of 2.3% for the six months ended June 30, 2025. The Company continues to monitor the countries in which it operates as they enact legislation implementing Pillar 2.

 

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

 

On July 18, 2025, the German Federal Council enacted legislation to gradually reduce the corporate income tax rate from 15% to 10% over the period 2028 to 2032.

 

The Company will assess the impact of these changes on its consolidated financial statements and will record them during the third quarter of 2025, which is the period of enactment.
v3.25.2
Inventories
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Inventories
13.
Inventories

Inventories consisted of the following (in millions):

 

June 30,
2025

 

 

December 31,
2024

 

Raw materials

 

$

427.4

 

 

$

388.7

 

Work-in-process

 

 

394.0

 

 

 

348.9

 

Finished goods

 

 

273.2

 

 

 

228.5

 

Demonstration units

 

 

123.7

 

 

 

101.7

 

Total Inventories

 

$

1,218.3

 

 

$

1,067.8

 

Finished goods include in-transit systems shipped to the Company’s customers for which control has not passed to the customers. As of June 30, 2025 and December 31, 2024, the value of finished goods inventory-in-transit was $77.9 million and $53.6 million, respectively.

v3.25.2
Other Current Assets
 6 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Other Current Assets
14.
Other Current Assets

Other current assets consisted of the following (in millions):

 

June 30,
2025

 

 

December 31,
2024

 

Unbilled receivables

 

$

112.4

 

 

$

93.6

 

Income and other taxes receivable (note 12)

 

 

99.4

 

 

 

34.5

 

Prepaid expenses

 

 

49.7

 

 

 

35.1

 

Deposits with vendors

 

 

32.8

 

 

 

26.1

 

Interest rate cross-currency swap agreements (note 17)

 

 

7.3

 

 

 

10.7

 

Lease receivable

 

 

4.3

 

 

 

7.6

 

Other assets

 

 

23.9

 

 

 

28.9

 

Other current assets

 

$

329.8

 

 

$

236.5

 

 
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt
15.
Debt

The Company’s debt obligations consist of the following (in millions):

 

 

June 30,
2025

 

 

December 31,
2024

 

2024 term loan agreements:

 

 

 

 

 

 

CHF loan due 2027

 

$

181.9

 

 

$

162.1

 

CHF loan due 2029

 

 

183.1

 

 

 

162.1

 

CHF loan due 2031

 

 

189.0

 

 

 

165.2

 

2019 term loan agreement:

 

 

 

 

 

 

USD loan quarterly payments of $3.8 million and balloon payment due December 2026

 

 

255.8

 

 

 

263.3

 

Note Purchase Agreements (NPA – Senior notes):

 

 

 

 

 

 

 2024 notes due April 15, 2034 - CHF 50 million 2.56% (a)

 

 

63.0

 

 

 

55.1

 

 2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (a)

 

 

246.9

 

 

 

215.9

 

 2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (a)

 

 

233.1

 

 

 

203.8

 

 2021 notes due December 8, 2031 - CHF 300 million 0.88% (a)

 

 

378.0

 

 

 

330.5

 

 2019 notes due December 11, 2029 - CHF 297 million 1.01% (a)

 

 

374.2

 

 

 

327.2

 

 2021 notes due December 8, 2031 - EUR 150 million 1.03% (a)

 

 

176.5

 

 

 

155.3

 

CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (b)

 

 

122.1

 

 

 

27.5

 

Other loans

 

 

15.2

 

 

 

11.9

 

Unamortized debt issuance costs

 

 

(2.8

)

 

 

(3.1

)

Total notes and loans outstanding

 

$

2,416.0

 

 

$

2,076.8

 

Finance lease obligations

 

 

19.3

 

 

 

17.5

 

Total debt

 

$

2,435.3

 

 

$

2,094.3

 

Current portion of long-term debt and finance lease obligations

 

 

(55.7

)

 

 

(32.5

)

Total long-term debt, less current portion

 

$

2,379.6

 

 

$

2,061.8

 
a)
The fair value of the Company's long-term fixed interest rate debt was $1,426.7 million and $1,278.9 million as of June 30, 2025, and December 31, 2024, respectively.
b)
Subsequent to June 30, 2025, and up until the date of filing this Quarterly Report on Form 10-Q, the Company borrowed approximately $457.4 million of debt under the 2024 Amended and Restated Revolving Credit Agreement. Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.

 

Significant borrowings and repayments:

The following table summarizes the Company’s debt borrowings and repayments from long-term debt for the six months ended June 30, 2025 and 2024 (amounts in millions):

 

 

 

June 30,
2025

 

 

June 30,
2024

 

Proceeds from long-term debt:

 

 

 

 

 

 

CHF notes under various 2024 Note Purchase Agreements

 

$

—

 

 

$

472.1

 

CHF notes under the 2024 Term Loan Agreement

 

 

—

 

 

 

329.5

 

Other

 

 

2.9

 

 

 

4.1

 

Proceeds from long-term debt - Total

 

$

2.9

 

 

$

805.7

 

 

 

 

 

 

 

 

Repayment of long-term debt:

 

 

 

 

 

 

USD notes under the 2012 Note Purchase Agreement

 

$

—

 

 

$

(100.0

)

USD notes under the 2019 Term Loan Agreement

 

 

(7.5

)

 

 

(7.5

)

CHF notes under the 2024 Term Loan Agreement

 

 

(5.6

)

 

 

—

 

Other

 

 

(9.2

)

 

 

(10.5

)

Repayment of long-term debt - Total

 

$

(22.3

)

 

$

(118.0

)

Revolving Credit Facility:

As of June 30, 2025, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):

 

 

Weighted
Average
Interest Rate

 

Total Amount
Committed by
Lenders

 

 

Outstanding
Borrowings

 

 

Outstanding
Letters of
Credit

 

 

Total
Amount
Available

 

2024 Amended and Restated Credit
     Agreement

 

0.43%

 

$

900.0

 

 

$

122.1

 

 

$

0.7

 

 

$

777.2

 

Bank guarantees and working capital line

 

varies

 

 

184.0

 

 

 

—

 

 

 

184.0

 

 

 

—

 

Total revolving lines of credit

 

 

 

$

1,084.0

 

 

$

122.1

 

 

$

184.7

 

 

$

777.2

 

As of June 30, 2025, the Company was in compliance with the covenants of all debt agreements.

v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
16.
Fair Value of Financial Instruments

The Company measures the following financial assets and liabilities at fair value on a recurring basis. The following tables set forth the Company’s financial instruments and presents them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):

June 30, 2025

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and money market funds

 

$

0.6

 

 

$

0.6

 

 

$

—

 

 

$

—

 

Interest rate and cross-currency swap agreements (note 17)

 

 

9.2

 

 

 

—

 

 

 

9.2

 

 

 

—

 

Forward currency contracts

 

 

0.2

 

 

 

—

 

 

 

0.2

 

 

 

—

 

Total assets recorded at fair value

 

$

10.0

 

 

$

0.6

 

 

$

9.4

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

13.9

 

 

$

—

 

 

$

—

 

 

$

13.9

 

Hybrid instruments liabilities (note 19)

 

 

83.6

 

 

 

—

 

 

 

—

 

 

 

83.6

 

Interest rate and cross-currency swap agreements (note 17)

 

 

42.8

 

 

 

—

 

 

 

42.8

 

 

 

—

 

Forward currency contracts

 

 

3.3

 

 

 

—

 

 

 

3.3

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

17.0

 

 

 

—

 

 

 

—

 

 

 

17.0

 

Total liabilities recorded at fair value

 

$

160.6

 

 

$

—

 

 

$

46.1

 

 

$

114.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and money market funds

 

$

17.2

 

 

$

—

 

 

$

17.2

 

 

$

—

 

Interest rate and cross-currency swap agreements (note 17)

 

 

21.8

 

 

 

—

 

 

 

21.8

 

 

 

—

 

Forward currency contracts

 

 

6.0

 

 

 

—

 

 

 

6.0

 

 

 

—

 

Total assets recorded at fair value

 

$

45.0

 

 

$

—

 

 

$

45.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

17.3

 

 

$

—

 

 

$

—

 

 

$

17.3

 

Hybrid instruments liabilities (note 19)

 

 

78.1

 

 

 

—

 

 

 

—

 

 

 

78.1

 

Interest rate and cross-currency swap agreements (note 17)

 

 

17.2

 

 

 

—

 

 

 

17.2

 

 

 

—

 

Forward currency contracts

 

 

0.5

 

 

 

—

 

 

 

0.5

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

14.9

 

 

 

—

 

 

 

—

 

 

 

14.9

 

Total liabilities recorded at fair value

 

$

128.0

 

 

$

—

 

 

$

17.7

 

 

$

110.3

 
a)
Equity interest purchase option liability is related to NovAliX, refer to Note 4, Minority and equity-method investments, for more information.

 

Refer to Note 2, Summary of Significant Accounting Policies to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, for further information on the risks and valuation methodology used for assets and liabilities measured or disclosed at fair value.

v3.25.2
Derivative Instruments and Hedging Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Instruments
17.
Derivative Instruments and Hedging Instruments

The Company's major exposures relate to foreign exchange rate, interest rate, and commodity price risks. Risk management activities related to these risks are as follows:

Foreign Exchange Rate Risk:

The Company’s exposure to foreign exchange rate risk includes exchange risk as a result of non-U.S. operations having functional currencies other than the U.S. Dollar, which is managed by cross-currency interest rate swap agreements and long-term debt designated as net investment hedges. As of June 30, 2025, the Company had several cross-currency interest rate swap agreements that qualify for hedge accounting with a notional value of $127.9 million of U.S. Dollar to Swiss Franc and a notional value of $127.9 million of U.S. Dollar to Euro to hedge the variability in the movement of foreign currency exchange rates on portions of its Euro and Swiss Franc denominated net asset investments.

In addition, the Company has foreign currency exposure at a transaction level, and this is addressed by forward currency contracts for significant exposures which have not been designated as accounting hedges.

 

Interest Rate Risk:

The Company’s exposure to interest rate risk relates primarily to outstanding variable rate debt under the U.S. Dollar denominated 2019 Term Loan and adverse movements in the related market rates. This exposure is managed as part of a cross-currency interest rate swap which involves the Company paying-fixed receiving-floating. The objective of this designated cash flow hedge is to offset the variability of cash flows on term loan debt interest payments attributable to changes in SOFR, a contractually specified rate. The difference between the interest rate received and paid under the interest rate and cross-currency swap agreements is recorded in Interest and other income (expense), net in the consolidated statements of operations and comprehensive income.

 

Commodity Price Risk:

The Company has arrangements with certain customers under which it has a firm commitment to deliver copper-based superconductors at a fixed price. In order to minimize the volatility that fluctuations in the price of copper have on the Company’s sales of these commodities, the Company enters into commodity hedge contracts. As commodity contracts settle, gains (losses) related to changes in fair values are included within revenues.

The following table presents the Company’s notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements, and long-term debt designated as net investment hedges, as well as the respective fair value of the instruments (in millions):

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

Notional
(in USD)

 

 

Fair Value

 

 

Notional
(in USD)

 

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

 

 

 

$

7.3

 

 

 

 

 

$

10.7

 

Other assets

 

 

 

 

 

1.9

 

 

 

 

 

 

11.1

 

Other long-term liabilities

 

 

 

 

 

(42.8

)

 

 

 

 

 

(17.2

)

 

$

255.8

 

 

$

(33.6

)

 

$

263.3

 

 

$

4.6

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,660.7

 

 

 

(216.2

)

 

 

1,453.0

 

 

 

(8.5

)

Total derivatives designated as hedging instruments

 

$

1,916.5

 

 

$

(249.8

)

 

$

1,716.3

 

 

$

(3.9

)

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

$

52.9

 

 

$

0.2

 

 

$

841.9

 

 

$

6.0

 

Other current liabilities

 

 

956.6

 

 

 

(3.3

)

 

 

78.6

 

 

 

(0.5

)

Total derivatives not designated as hedging instruments

 

$

1,009.5

 

 

$

(3.1

)

 

$

920.5

 

 

$

5.5

 

Total derivatives

 

$

2,926.0

 

 

$

(252.9

)

 

$

2,636.8

 

 

$

1.6

 

 

 

The following table is a summary of the gain (loss) included in Interest and other income (expense), net in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

$

(26.2

)

 

$

(7.1

)

 

$

(22.0

)

 

$

(5.1

)

Embedded derivatives in purchase and delivery contracts

 

 

0.9

 

 

 

0.2

 

 

 

1.1

 

 

 

(1.1

)

 

 

(25.3

)

 

 

(6.9

)

 

 

(20.9

)

 

 

(6.2

)

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

1.8

 

 

$

2.6

 

 

$

3.7

 

 

$

5.3

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

1.2

 

 

 

1.4

 

 

 

2.5

 

 

 

2.9

 

 

 

3.0

 

 

 

4.0

 

 

 

6.2

 

 

 

8.2

 

Total

 

$

(22.3

)

 

$

(2.9

)

 

$

(14.7

)

 

$

2.0

 

 

The following table is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

(1.4

)

 

$

(0.9

)

 

$

(3.5

)

 

$

0.5

 

 

 

(1.4

)

 

 

(0.9

)

 

 

(3.5

)

 

 

0.5

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

(20.6

)

 

$

(0.3

)

 

$

(26.0

)

 

$

9.9

 

Long-term debt

 

 

(126.9

)

 

 

(6.3

)

 

 

(158.0

)

 

 

44.2

 

 

 

(147.5

)

 

 

(6.6

)

 

 

(184.0

)

 

 

54.1

 

Total

 

$

(148.9

)

 

$

(7.5

)

 

$

(187.5

)

 

$

54.6

 

 
v3.25.2
Contingent Consideration
 6 Months Ended
Jun. 30, 2025
Business Combination, Contingent Consideration, Liability [Abstract]  
Contingent Consideration
18.
Contingent Consideration

The following table sets forth the changes in contingent consideration liabilities (in millions):

 

Balance at December 31, 2024

 

$

17.3

 

Current period additions

 

 

—

 

Current period adjustments

 

 

0.9

 

Current period settlements

 

 

(5.0

)

Foreign currency effect

 

 

0.7

 

Balance at June 30, 2025

 

$

13.9

 

 

Changes in fair value subsequent to acquisition are recognized in Acquisition-related expenses, net included in Other Charges, net, in the consolidated statements of operations. Contingent consideration payments in excess of the acquisition date fair value are included in net cash provided by operating activities and the original acquisition date values are included in net cash provided by (used in) financing activities in the consolidated statements of cash flows.
v3.25.2
Hybrid Instruments Liabilities
 6 Months Ended
Jun. 30, 2025
Hybrid Instruments [Abstract]  
Hybrid instruments liabilities
19.
Hybrid instruments liabilities

Related to certain other majority owned acquisitions, the Company has entered into agreements with the noncontrolling interest holders that provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell the remaining ownerships for cash at contractually defined redemption values.

The following table sets forth the changes in hybrid instruments liability (in millions):

Balance at December 31, 2024

 

$

78.1

 

Acquisitions

 

 

—

 

Current period adjustments

 

 

1.7

 

Current period settlements

 

 

—

 

Foreign currency effect

 

 

3.8

 

Balance at June 30, 2025

 

$

83.6

 

The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs:

 

Hybrid Instrument Liabilities

Valuation Technique

Unobservable Input

Range

Weighted Average (a)

Put / Call Options

Option Pricing Model

Revenue Risk Premium

1.6% - 12.6%

10.6%

 

 

EBITDA Risk Premium

10.1% - 25.1%

21.4%
a)
Unobservable inputs were weighted by the relative fair value of the hybrid instrument liabilities.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
20.
Commitments and Contingencies

The Company’s product offerings include technologies and related intellectual property rights that are either developed or acquired. Such technologies and rights, particularly patents, are a significant part of ongoing product development and differentiation. Lawsuits, claims, and proceedings of a nature that claim infringement of patents or patent licenses owned by others are considered normal to the business and may be pending from time to time against the Company. Intellectual property litigation is inherently complex and unpredictable. Although monetary and injunctive relief is typically sought, remedies and restitution are generally not determined until the conclusion of the trial court proceedings and can be modified on appeal. Accordingly, the outcomes of individual cases are difficult to time, predict or quantify.

Loss contingency provisions are recorded if the potential loss from any claim, asserted or unasserted, or legal proceeding related to patents, products, and other matters, is considered probable and the amount can be reasonably estimated, or a range of loss can be determined. If the estimate of a probable loss is a range and no amount within the range is more likely, management’s best estimate is represented by the minimum amount of the range. If a material loss is not reasonably estimable, but is considered probable, or a material loss is reasonably possible, but not probable, disclosure would be provided below. The outcome of any of these proceedings cannot be accurately predicted, and the ultimate resolution of any of these existing matters, net of amounts accrued in the Company's balance sheet, may have a material adverse effect on the Company's business or financial condition.

Third parties might allege that the Company or its collaborators are infringing their patent rights or that the Company is otherwise violating their intellectual property rights. An adverse outcome in any of these proceedings could result in one or more of the following and have a material impact on our business or consolidated results of operations and financial position: (i) loss of patent protection; (ii) inability to continue to engage in certain activities; (iii) payment of significant damages, royalties, penalties, and/or license fees to third parties; and, (iv) with respect to products acquired through acquisitions accounted for as business combinations, potentially significant intangible asset impairment charges.

At June 30, 2025, and December 31, 2024, the accrual for several legal matters that were deemed to be both probable and estimable was $27.3 million and $86.0 million, respectively. In management’s opinion, the Company is not currently involved in any legal proceedings other than those specifically identified below, individually or in the aggregate, that could materially adversely impact our operating results and cash flows. Unless included in our legal accrual or otherwise indicated below, a range of loss associated with any individual material legal proceeding cannot be reasonably estimated. While the Company believes it has meritorious defenses for the matters described below, the ultimate resolution of, or increase in accruals for, one or more of these matters in any reporting period may have a material adverse effect on the Company's results of operations and cash flows for that period.

 

In connection with the Company’s acquisition of PhenomeX Inc. (“PhenomeX”) on October 2, 2023, the Company’s wholly owned subsidiary, Bruker Cellular Analysis, Inc., was substituted as a party into the existing patent litigation between PhenomeX and AbCellera Biologics Inc. (“AbCellera”) related to PhenomeX’s Beacon instruments and Opto products. The University of British Columbia (“UBC”), the owner and licensor to AbCellera of the asserted patents, is a co-plaintiff in the litigation. The plaintiffs’ complaint seeks unspecified damages and injunctive relief.

 

In connection with the acquisition of NanoString on May 6, 2024, the Company assumed certain of its liabilities, including the liabilities associated with NanoString’s litigation matters with 10x Genomics, Inc. (“10x”) related to NanoString’s GeoMx Digital Spatial Profiler products, NanoString’s CosMx Spatial Molecular Imager products, and 10x’s Visium Spatial Gene Expression system and related products. On May 12, 2025, the Company and 10x entered into a settlement agreement resolving these litigation matters, with global patent cross license agreements between the two companies. The settlement includes an agreement by the Company to pay $68.0 million to 10x in four equal quarterly installments, beginning in third quarter of 2025 and, effective as of the settlement date, the Company will pay royalties on sales of GeoMx and CosMx products until the expiration of the applicable licensed patents. In connection with the settlement, all ongoing lawsuits and administrative proceedings filed by both companies in several countries, including actions pending in the United States, in Germany, and before the European Unified Patent Court, have been, or are being, withdrawn. In accounting for the settlement agreement, the Company allocated the $68.0 million payment between amounts representing the settlement of the past liability related to patent infringement claims and the future cost of doing business associated with the license agreements. As a result, the Company recognized an intangible asset and recorded the remaining settlement amount under other current liabilities in the consolidated balance sheets in the second quarter of 2025.
v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
21.
Shareholders’ Equity

At June 30, 2025, the Company did not have any preferred stock issued or outstanding (5,000,000 shares authorized with $0.01 par value).

 

At June 30, 2025, the Company had 182,695,537 shares issued and 151,715,927 shares outstanding of common stock (260,000,000 shares authorized with $0.01 par value).

Public Offering

 

In May 2024, the Company completed an underwritten public offering (the “Offering”) in which the Company issued and sold 6,000,000 shares of its common stock at a public offering price of $67.29 per share. The Company received net proceeds of approximately $403.0 million after deducting underwriting fees and other offering expenses. The Offering was made pursuant to an automatically effective registration statement on Form S-3 and accompanying prospectus filed with the SEC on May 29, 2024, and a final prospectus relating to the Offering filed with the SEC on May 31, 2024. The Company did not complete any underwritten public offering during the three and six months ended June 30, 2025.

 

Share Repurchase Program

In May 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Repurchase Program”) authorizing the purchase of up to $500.0 million of the Company’s common stock over a two-year period, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements, and other considerations.

The following table presents the share purchase activity under the 2023 Repurchase Program for the periods reported (in millions except share data):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Shares purchased

 

—

 

 

—

 

 

 

200,731

 

 

—

 

Aggregate cost of shares repurchased

 

$

—

 

 

$

—

 

 

$

10.0

 

 

$

—

 

Dollar value of shares that may yet be purchased under the program (a)

 

$

359.9

 

 

$

369.9

 

 

$

359.9

 

 

$

369.9

 
a)
Authorization for the remaining $359.9 million on the 2023 Repurchase Program expired in May 2025.

At June 30, 2025 the Company held 30,979,610 shares of treasury stock at cost.

Stock-Based Compensation

The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of operations and comprehensive income (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Stock options

 

$

0.5

 

 

$

0.4

 

 

$

1.0

 

 

$

0.9

 

Restricted stock units

 

 

4.8

 

 

 

4.4

 

 

 

9.5

 

 

 

8.6

 

Employee Stock Purchase Plan

 

 

0.4

 

 

 

0.3

 

 

 

0.8

 

 

 

0.5

 

Total stock-based compensation expense

 

$

5.7

 

 

$

5.1

 

 

$

11.3

 

 

$

10.0

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of product revenue

 

$

0.5

 

 

$

0.4

 

 

$

1.1

 

 

$

0.8

 

Selling, general and administrative

 

 

4.5

 

 

 

4.1

 

 

 

8.8

 

 

 

8.0

 

Research and development

 

 

0.7

 

 

 

0.6

 

 

 

1.4

 

 

 

1.2

 

Total stock-based compensation expense

 

$

5.7

 

 

$

5.1

 

 

$

11.3

 

 

$

10.0

 

In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $0.7 million and $1.7 million in the three months ended June 30, 2025, and 2024, respectively, and $1.3 million and $2.2 million in the six months ended June 30, 2025 and 2024, respectively, related to the fair value changes of hybrid instruments associated with the option rights of certain minority shareholders of the Company’s majority owned acquisitions.

At June 30, 2025, the Company expected to recognize pre-tax stock-based compensation expense of $3.5 million associated with outstanding stock option awards granted under the Company's stock plans over the weighted average remaining service period of 2.3 years. The Company also expects to recognize additional pre-tax stock-based compensation expense of $36.1 million associated with outstanding restricted stock units granted under the Company's 2016 Incentive Compensation Plan over the weighted average remaining service period of 2.3 years.

In May 2025, the Bruker Corporation 2026 Incentive Compensation Plan (the “2026 Plan”) was approved by the Company’s stockholders. The 2026 Plan will be effective as of February 19, 2026 (the “Effective Date”), which will be the date immediately following the date on which the Bruker Corporation 2016 Incentive Compensation Plan (the “Prior Plan”) expires. No additional awards will be granted under the Prior Plan on or after the Effective Date. The 2026 Plan provides for the issuance of up to 12,000,000 shares of the Company’s common stock. The 2026 Plan will be administered by the Compensation Committee of the Board or another committee appointed by the Board (the “Committee”) and provides for grants of awards to non-employee directors, employees, and certain key advisors of the Company, and its subsidiaries in the form of nonqualified and incentive options, stock awards, stock units, stock appreciation rights, cash-based awards, and other awards. The Committee has the authority to determine which employees will receive awards, the amount of any awards, and other terms and conditions of such awards. The 2026 Plan will terminate on May 28, 2035, unless terminated earlier pursuant to its terms.
v3.25.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2025
Acquisitions  
Schedule of Pro Forma Adjustments

The pro forma adjustments include the following (in millions):

 

 

 

December 31, 2024

 

Net increase in amortization and depreciation expense associated with tangible and intangible assets

 

$

(2.4

)

Net increase in interest expense

 

 

(13.3

)

Total pro forma adjustments - net loss

 

$

(15.7

)
2025 Acquisitions  
Acquisitions  
Schedule of Consideration Transferred, Allocation to Identifiable Assets Acquired and Liabilities Assumed and Respective Reporting Segment for Each Acquisitions

The following table reflects the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2025 acquisitions (in millions):

 

Acquisition (Segment)

 

Recipe (CALID)

 

Other (Various)

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

Cash paid

 

$

58.8

 

$

16.1

 

$

74.9

 

Cash acquired

 

 

(5.2

)

 

(1.3

)

 

(6.5

)

Fair value of redeemable noncontrolling interest

 

 

27.2

 

 

1.1

 

 

28.3

 

Working capital and other closing adjustments

 

 

6.5

 

 

1.8

 

 

8.3

 

Total consideration transferred, net of cash acquired

 

$

87.3

 

$

17.7

 

$

105.0

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

Accounts receivable

 

$

2.3

 

$

0.5

 

$

2.8

 

Inventories

 

 

7.7

 

 

0.5

 

 

8.2

 

Other current assets

 

 

0.1

 

 

0.4

 

 

0.5

 

Property, plant and equipment

 

 

21.2

 

 

0.7

 

 

21.9

 

Other assets

 

 

4.9

 

 

0.8

 

 

5.7

 

Intangible assets:

 

 

 

 

 

 

 

Technology

 

 

14.0

 

 

6.7

 

 

20.7

 

Customer relationships

 

 

29.2

 

 

0.9

 

 

30.1

 

Trade name

 

 

1.6

 

 

0.9

 

 

2.5

 

Goodwill

 

 

35.0

 

 

14.0

 

 

49.0

 

Deferred taxes (net)

 

 

(16.6

)

 

(2.3

)

 

(18.9

)

Liabilities assumed

 

 

(12.1

)

 

(5.4

)

 

(17.5

)

Total consideration allocated

 

$

87.3

 

$

17.7

 

$

105.0

 
Summary of Information on Acquisitions to Company's Financial Statements

The table below summarizes information on the Recipe Chemicals + Instruments GmbH (“Recipe”) acquisition:

 

 

Recipe

Activity of acquired business

Provider of vendor-agnostic therapeutic drug monitoring (TDM) and other clinical in vitro diagnostic kits for Liquid chromatography-mass spectrometry systems utilizing triple-quadrupole time-of flight mass spectrometry (LC-MS/MS), High Performance Liquid Chromatography (HPLC), and Inductively coupled plasma mass spectrometry (ICP-MS) assays.

Location

Munich, Germany

Acquired interest

69.64%

Business acquired

Outstanding share capital of Recipe and Recipe’s interest in their majority owned subsidiary, WoBau GmbH (“WoBau”).

Redeemable noncontrolling interest – other shareholders

The Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 30.36% for cash at a contractually defined redemption value exercisable beginning in 2029. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company or the noncontrolling interest holder. As redemption of the rights is contingently redeemable at the option of the noncontrolling interest holder, the Company classifies the carrying amount of these rights in the mezzanine section on the consolidated balance sheet, which is presented above the equity section and below liabilities. The redeemable noncontrolling interest is initially measured at fair value and subsequently at the greater of the amount that would be paid if the settlement occurred as of the balance sheet date based on the contractually defined redemption value and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. Adjustments to the carrying value of the redeemable noncontrolling interest are recorded through retained earnings. At the closing date the fair value of the redeemable noncontrolling interest was $27.2 million.

Additionally, the Company entered into an agreement with the noncontrolling interest holder of WoBau which provides the Company with the right to purchase the remaining 10.1% ownership interest of WoBau for cash at a price to be determined in the future, exercisable in 2029 or later. The rights associated with the noncontrolling interests are contingently redeemable at the option of the Company. At the closing date the fair value was determined to be de minimis.

 
Schedule of Estimated Useful Life for the Acquired Intangible Assets The following table presents estimated useful life for the acquired intangible assets for the Recipe acquisition:

 

 

 

Recipe

Intangible Asset — Technology

 

10 years

Intangible Asset — Customer relationships

 

15 years

Intangible Asset — Trade name

 

1 year
2024 Acquisitions  
Acquisitions  
Schedule of Consideration Transferred, Allocation to Identifiable Assets Acquired and Liabilities Assumed and Respective Reporting Segment for Each Acquisitions

The following table reflects the consideration transferred and the allocation to the identifiable assets acquired and liabilities assumed for the 2024 acquisitions (in millions):

 

 

 

NanoString Technologies

 

ELITechGroup

 

Chemspeed Technologies

 

Other

 

Total

 

Consideration Transferred:

 

 

 

 

 

 

 

 

 

 

 

Cash paid

 

$

392.6

 

$

951.9

 

$

175.4

 

$

128.9

 

$

1,648.8

 

Cash acquired

 

 

(0.5

)

 

(43.4

)

 

(0.6

)

 

(8.1

)

 

(52.6

)

Fair value of contingent consideration

 

 

—

 

 

—

 

 

—

 

 

13.4

 

 

13.4

 

Working capital and other closing adjustments

 

 

—

 

 

22.7

 

 

—

 

 

3.5

 

 

26.2

 

Total consideration transferred, net of cash acquired

 

$

392.1

 

$

931.2

 

$

174.8

 

$

137.7

 

$

1,635.8

 

Allocation of Consideration Transferred:

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

$

16.8

 

$

30.6

 

$

7.0

 

$

3.9

 

$

58.3

 

Inventories

 

 

38.8

 

 

31.6

 

 

46.6

 

 

31.2

 

 

148.2

 

Other current assets

 

 

8.9

 

 

15.7

 

 

1.4

 

 

3.1

 

 

29.1

 

Property, plant and equipment

 

 

31.0

 

 

36.2

 

 

1.8

 

 

1.4

 

 

70.4

 

Other assets

 

 

23.1

 

 

41.3

 

 

17.3

 

 

9.7

 

 

91.4

 

Intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Technology

 

 

54.0

 

 

193.3

 

 

27.9

 

 

42.6

 

 

317.8

 

Customer relationships

 

 

38.0

 

 

236.3

 

 

51.5

 

 

8.5

 

 

334.3

 

Backlog

 

 

—

 

 

0.5

 

 

9.4

 

 

4.9

 

 

14.8

 

Trade name

 

 

14.0

 

 

12.3

 

 

4.8

 

 

3.1

 

 

34.2

 

Goodwill

 

 

253.5

 

 

501.1

 

 

127.8

 

 

75.6

 

 

958.0

 

Deferred taxes (net)

 

 

4.8

 

 

(100.8

)

 

(14.0

)

 

(3.2

)

 

(113.2

)

Liabilities assumed

 

 

(90.8

)

 

(66.9

)

 

(106.7

)

 

(43.1

)

 

(307.5

)

Total consideration allocated

 

$

392.1

 

$

931.2

 

$

174.8

 

$

137.7

 

$

1,635.8

 

 
Summary of Information on Acquisitions to Company's Financial Statements

The table below summarizes information on acquisitions material to the Company’s financial statements in 2024:

 

 

NanoString Technologies

ELITechGroup

Chemspeed Technologies

Acquisition date

May 6, 2024

April 30, 2024

March 6, 2024

Bruker segment

BSI NANO

BSI CALID

BSI BBIO

Activity of acquired business

End-to-end research solutions in the spatial biology field and provides life-science research solutions for spatial transcriptomics and gene expression analysis which have been critical in enabling scientists and medical researchers to advance vital discovery, translational, and pre-clinical disease research. The acquisition complements the Company's spatial proteomics platform and contributes to further its leadership in the post-genomic era.

Molecular diagnostics, microbiology and biomedical testing equipment. The acquisition expands the segment’s portfolio with the addition of pioneering innovation in molecular diagnostics which combined with the Segment's existing offerings establish Bruker as an innovative and growing infectious disease specialist in the in-vitro diagnostics market.

Automated laboratory research and development and quality control workflow solutions in a wide range of chemical research fields. The acquisition expands the segment’s portfolio in vendor-agnostic scientific software, R&D, and laboratory automation.

Location

Washington, U.S.A.

Various - Primarily Torino, Italy and Washington and Utah, U.S.A.

Füllinsdorf, Switzerland

Acquired interest

100%

100%

100%

Business/technology acquired

Substantially all of the assets and rights associated with the business of NanoString Technologies, Inc. including the equity interests of the six subsidiaries (collectively, “NanoString”). The Company also assumed certain of its liabilities, including potential liabilities associated with ongoing litigations. Included in the liabilities assumed as of the acquisition date is $44.7 million determined in accordance with ASC Topic 450. Refer to Note 20, Commitments and Contingencies for more details on these litigations.

Outstanding share capital of TecInvest S.à r.l, Eliman 1 S.à r.l, and Eliman 2 S.à r.l, and their 100% interests in 18 subsidiaries (collectively “ELITech” or “ELITech Group”).

Outstanding share capital of Chemspeed Technologies AG and its three wholly owned subsidiaries (collectively “Chemspeed”).
Schedule of Estimated Useful Life for the Acquired Intangible Assets

The following table presents estimated useful life for the acquired intangible assets as determined by the Company:

 

 

 

NanoString Technologies

 

ELITechGroup

 

Chemspeed Technologies (a)

Intangible Asset — Technology

 

12 years

 

4 to 14 years

 

7 years

Intangible Asset — Tradenames

 

12 years

 

6 years

 

10 years

Intangible Asset — Customer relationships

 

15 years

 

5 to 15 years

 

15 years
a)
The Company expects to amortize backlog through the first quarter of 2026.
Other 2024 Acquisitions  
Acquisitions  
Schedule of Consideration Transferred, Allocation to Identifiable Assets Acquired and Liabilities Assumed and Respective Reporting Segment for Each Acquisitions

The following table reflects the consideration transferred and the respective reportable segment for the acquisitions (in millions):

 

Name of Acquisition

 

Date Acquired

 

Segment

 

Total
Consideration, net of Cash Acquired

 

 

Cash
Consideration

 

Nion, LLC

 

January 2, 2024

 

BSI NANO

 

$

42.9

 

 

$

37.4

 

Spectral Instruments Imaging LLC

 

February 1, 2024

 

BSI BBIO

 

 

28.8

 

 

 

29.0

 

Other (In aggregate)

 

Various

 

Various

 

 

66.0

 

 

 

62.5

 

 

 

 

 

 

 

$

137.7

 

 

$

128.9

 
Summary of Information on Acquisitions to Company's Financial Statements

The table below summarizes information on certain of the Company’s other acquisitions in 2024:

 

 

Nion, LLC

Spectral Instruments Imaging LLC

Activity of acquired business

Designer and manufacturer of high-end electron-optical instruments with diverse applications to the needs of its customers.

Manufacturer of preclinical optical systems for bioluminescent, fluorescent and x-ray imaging to fit the workflows of animal scientists.

Location

Washington, U.S.A.

Arizona, U.S.A.

Acquired interest

100%

100%

Business/technology acquired

Outstanding share capital of Nion, LLC (“Nion”).

Outstanding share capital of Spectral Instruments Imaging, LLC (“Spectral”).

Contingent consideration

Cash consideration is subject to adjustments of up to $23.0 million if certain revenue and non-revenue milestones are achieved through 2026.

Cash consideration is subject to adjustments of up to $10.0 million if certain revenue and EBITDA targets are met through 2025.
Schedule of Estimated Useful Life for the Acquired Intangible Assets

The following table presents estimated useful life for the acquired intangible assets for the material other acquisitions in 2024 as determined by the Company:

 

 

 

Nion, LLC (a)

 

Spectral Instruments Imaging LLC

Intangible Asset — Technology

 

7 years

 

6 years

Intangible Asset — Tradenames

 

7 years

 

not applicable

Intangible Asset — Customer relationships

 

15 years

 

14 years
a)
The Company expects to amortize backlog through the fourth quarter of 2027.
Phenomex Inc  
Acquisitions  
Schedule of Pro Forma Financial Statements

The unaudited pro forma financial information in the table below summarizes the combined GAAP revenue and net income (loss) results of the Company as though the material acquisitions of ELITechGroup and Chemspeed had been completed on January 1, 2024 (in millions):

 

 

 

Year ended
December 31, 2024

 

 

 

Before Adjustments

 

 

Pro forma
Adjustments

 

 

After Adjustments

 

Revenue

 

$

3,426.0

 

 

$

—

 

 

$

3,426.0

 

Net income (loss)

 

$

115.3

 

 

$

(15.7

)

 

$

99.6

 
v3.25.2
Minority and Equity-method Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Acquisitions 2024  
Schedule of Equity Method Investments [Line Items]  
Schedule of minority investments During the six months ended June 30, 2025, the Company completed four minority investments. The following table reflects the consideration transferred (in millions):

Name

 

Financial
Statement
Classification

 

Date Acquired

 

Total
Consideration

 

 

Cash
Consideration

 

Other minority investments

 

Other long-term assets

 

Various

 

$

3.9

 

 

$

3.2

 

 

 

 

 

 

$

3.9

 

 

$

3.2

 

2024

As of December 31, 2024, the aggregate amount of equity investments without a readily determinable fair value using the measurement alternative was $35.6 million. During the year ended December 31, 2024, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):

Name

 

Financial
Statement
Classification

 

Date Acquired

 

Total
Consideration

 

 

Cash
Consideration

 

NovAliX

 

Other long-term assets

 

July 31, 2024

 

$

50.1

 

 

$

34.1

 

Other minority investments

 

Other long-term assets

 

Various

 

 

14.2

 

 

 

14.2

 

 

 

 

 

 

$

64.3

 

 

$

48.3

 
v3.25.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in the carrying amount of goodwill

The following table sets forth the changes in the carrying amount of goodwill (in millions):

 

 

 

 

Balance at December 31, 2024

 

$

1,507.3

 

Current period additions

 

 

49.0

 

Current period adjustments

 

 

0.2

 

Foreign currency effect

 

 

92.7

 

Balance at June 30, 2025

 

$

1,649.2

 

 
Summary of intangible assets

The following is a summary of intangible assets (in millions):

 

June 30, 2025

 

 

December 31, 2024

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Existing technology and related patents

 

$

798.4

 

 

$

(338.9

)

 

$

459.5

 

 

$

724.5

 

 

$

(291.3

)

 

$

433.2

 

Customer relationships

 

 

613.9

 

 

 

(155.8

)

 

 

458.1

 

 

 

550.6

 

 

 

(125.6

)

 

 

425.0

 

Trade names

 

 

66.7

 

 

 

(21.9

)

 

 

44.8

 

 

 

60.9

 

 

 

(16.1

)

 

 

44.8

 

Other

 

 

18.2

 

 

 

(11.0

)

 

 

7.2

 

 

 

16.5

 

 

 

(7.0

)

 

 

9.5

 

Intangible assets

 

$

1,497.2

 

 

$

(527.6

)

 

$

969.6

 

 

$

1,352.5

 

 

$

(440.0

)

 

$

912.5

 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of revenue disaggregated by Group, end customer geographical location and timing of recognition

The following table presents the Company’s revenues by end customer geography for the periods reported (in millions):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

United States

 

$

222.9

 

 

$

243.7

 

 

$

440.3

 

 

$

438.5

 

Germany

 

59.1

 

 

83.5

 

 

120.2

 

 

150.3

 

Europe excluding Germany

 

213.4

 

 

192.3

 

 

437.5

 

 

370.4

 

China

 

114.7

 

 

120.4

 

 

215.9

 

 

236.1

 

Asia Pacific excluding China

 

127.4

 

 

106.2

 

 

258.8

 

 

213.2

 

Other

 

59.9

 

 

54.6

 

 

126.1

 

 

113.9

 

Total revenue

 

$

797.4

 

 

$

800.7

 

 

$

1,598.8

 

 

$

1,522.4

 

 

The following table presents revenue for the Company recognized at a point in time versus over time for the periods reported (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue recognized at a point in time

 

$

675.1

 

 

$

686.5

 

 

$

1,353.8

 

 

$

1,295.0

 

Revenue recognized over time

 

 

122.3

 

 

 

114.2

 

 

 

245.0

 

 

 

227.4

 

Total revenue

 

$

797.4

 

 

$

800.7

 

 

$

1,598.8

 

 

$

1,522.4

 
Schedule of contract balances associated with revenue

As of June 30, 2025 and December 31, 2024 the following balances were associated with revenue (in millions):

 

 

 

June 30,
2025

 

 

December 31,
2024

 

Contract assets

 

$

127.1

 

 

$

105.2

 

Contract liabilities (a)

 

 

584.1

 

 

 

538.2

 

Remaining performance obligations (b)

 

$

2,109.1

 

 

$

2,090.4

 
a)
Approximately $232.5 million of the contract liability balance on December 31, 2024, was recognized as revenue during the six months ended June 30, 2025.
b)
Bruker’s mix of remaining performance obligations consist of firm orders under non-cancelable purchase orders received from customers and the timing of revenue recognition can vary significantly due to a variety of factors. Bruker manufactures innovative scientific instruments and diagnostic solutions which can result in varying production and installation timing due to components, customization, manufacturing, assembly, testing processes, and customer site availability or readiness. Bruker’s expected completion of performance obligations can vary from year to year based on these and other factors. As a result, performance obligations on any particular date may be indicative of Bruker’s short-term revenue performance but is not necessarily a reliable indicator of long-term revenue performance. The Company will recognize revenues for these performance obligations as they are satisfied, the majority of which is expected to occur within the next twelve months.
v3.25.2
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Revenue, Operating Income and Total Assets by Reportable Segment

The following tables present segment results for the three and six months ended June 30, 2025, and 2024 (in millions):

 

 

Three Months Ended
June 30, 2025

 

 

Three Months Ended
June 30, 2024

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

64.2

 

 

$

797.4

 

 

$

217.5

 

 

$

265.6

 

 

$

252.5

 

 

$

65.1

 

 

$

800.7

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2.1

 

 

 

2.1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.0

 

 

 

4.0

 

Total segment revenue

 

$

195.3

 

 

$

285.8

 

 

$

252.1

 

 

$

66.3

 

 

$

799.5

 

 

$

217.5

 

 

$

265.6

 

 

$

252.5

 

 

$

69.1

 

 

$

804.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

108.1

 

 

$

125.6

 

 

$

125.6

 

 

$

52.3

 

 

$

411.6

 

 

$

110.8

 

 

$

111.5

 

 

$

119.8

 

 

$

52.0

 

 

$

394.1

 

Selling, general and administrative

 

 

40.9

 

 

 

76.9

 

 

 

72.7

 

 

 

5.7

 

 

 

196.2

 

 

 

38.3

 

 

 

68.9

 

 

 

71.8

 

 

 

5.2

 

 

 

184.2

 

Research and development

 

 

23.2

 

 

 

30.0

 

 

 

44.4

 

 

 

1.1

 

 

 

98.7

 

 

 

21.8

 

 

 

26.8

 

 

 

41.7

 

 

 

1.3

 

 

 

91.6

 

Segment operating income

 

$

23.1

 

 

$

53.3

 

 

$

9.4

 

 

$

7.2

 

 

$

93.0

 

 

$

46.6

 

 

$

58.4

 

 

$

19.2

 

 

$

10.6

 

 

$

134.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24.3

 

Unallocated expenses (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62.4

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48.1

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24.2

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23.9

 

 

 

Six Months Ended
June 30, 2025

 

 

Six Months Ended
June 30, 2024

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

BSI BioSpin

 

 

BSI CALID

 

 

BSI NANO

 

 

BEST

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from external customers

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

121.1

 

 

$

1,598.8

 

 

$

400.3

 

 

$

493.5

 

 

$

492.9

 

 

$

135.7

 

 

$

1,522.4

 

Intersegment revenue

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4.5

 

 

 

4.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6.5

 

 

 

6.5

 

Total segment revenue

 

$

403.1

 

 

$

565.9

 

 

$

508.7

 

 

$

125.6

 

 

$

1,603.3

 

 

$

400.3

 

 

$

493.5

 

 

$

492.9

 

 

$

142.2

 

 

$

1,528.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

$

217.8

 

 

$

243.4

 

 

$

244.4

 

 

$

98.7

 

 

$

804.4

 

 

$

199.9

 

 

$

205.3

 

 

$

233.8

 

 

$

110.5

 

 

$

749.5

 

Selling, general and administrative

 

 

79.9

 

 

 

149.8

 

 

 

142.1

 

 

 

11.0

 

 

 

382.8

 

 

 

75.3

 

 

 

126.7

 

 

 

134.8

 

 

 

10.9

 

 

 

347.7

 

Research and development

 

 

45.2

 

 

 

58.0

 

 

 

89.6

 

 

 

1.7

 

 

 

194.5

 

 

 

43.9

 

 

 

52.0

 

 

 

75.3

 

 

 

2.0

 

 

 

173.2

 

Segment operating income

 

$

60.2

 

 

$

114.7

 

 

$

32.6

 

 

$

14.2

 

 

$

221.6

 

 

$

81.2

 

 

$

109.5

 

 

$

49.0

 

 

$

18.8

 

 

$

258.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Total operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate, elimination and other (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

47.2

 

Unallocated expenses (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

130.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98.4

 

Total consolidated operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

43.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112.9

 

Interest and other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.4

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

$

25.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

95.5

 
a)
Represents corporate costs and intersegment eliminations not allocated to the reportable segments. Unallocated costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items.
b)
Unallocated expenses consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology transition initiatives, and other costs.

Total assets by segment are as follows (in millions):

 

June 30,
2025

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

BSI BioSpin, BSI CALID, BSI NANO & Corporate

 

$

6,192.6

 

 

$

5,648.4

 

BEST

 

 

191.2

 

 

 

199.8

 

Eliminations and other (a)

 

 

(44.0

)

 

 

(41.5

)

Total assets

 

$

6,339.8

 

 

$

5,806.7

 
a)
Assets not allocated to the reportable segments and eliminations of intercompany transactions.
Components of Unrecognized Tax Benefits and Accrued Interest and Penalties

Total capital expenditures and depreciation and amortization by segment are as follows for the periods reported (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Capital Expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

2.3

 

 

$

3.8

 

 

$

5.5

 

 

$

3.4

 

BSI CALID

 

 

5.5

 

 

 

6.4

 

 

 

13.9

 

 

 

11.8

 

BSI NANO

 

 

13.2

 

 

 

4.0

 

 

 

18.1

 

 

 

10.2

 

BEST

 

 

2.4

 

 

 

6.3

 

 

 

7.2

 

 

 

13.9

 

Corporate

 

 

6.9

 

 

 

4.0

 

 

 

11.6

 

 

 

6.7

 

Total capital expenditures

 

$

30.3

 

 

$

24.5

 

 

$

56.3

 

 

$

46.0

 

Depreciation and Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

11.2

 

 

$

10.4

 

 

$

21.6

 

 

$

18.6

 

BSI CALID

 

 

23.4

 

 

 

15.4

 

 

 

43.2

 

 

 

25.1

 

BSI NANO

 

 

17.1

 

 

 

15.9

 

 

 

33.8

 

 

 

29.3

 

BEST

 

 

2.4

 

 

 

2.1

 

 

 

4.5

 

 

 

4.1

 

Corporate

 

 

2.0

 

 

 

1.3

 

 

 

3.4

 

 

 

2.8

 

Total depreciation and amortization

 

$

56.1

 

 

$

45.1

 

 

$

106.5

 

 

$

79.9

 
v3.25.2
Weighted Average Shares Outstanding (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Computation of basic and diluted weighted average common shares outstanding

The following table sets forth the computation of basic and diluted weighted average common shares outstanding (amounts in millions of shares):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Weighted average common shares outstanding - basic

 

 

151.6

 

 

 

147.4

 

 

 

151.6

 

 

 

146.3

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock units

 

 

0.1

 

 

 

0.6

 

 

 

0.2

 

 

 

0.7

 

Weighted average common shares outstanding - diluted

 

 

151.7

 

 

 

148.0

 

 

 

151.8

 

 

 

147.0

 
Schedule of common share equivalents have been excluded from the computation of diluted weighted-average common shares outstanding, as their effect would have been anti-dilutive

The following common share equivalents have been excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive (amounts in millions of shares):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Stock options

 

 

0.5

 

 

 

0.2

 

 

 

0.4

 

 

 

0.2

 

Unvested restricted stock units

 

 

0.6

 

 

 

—

 

 

 

0.6

 

 

 

—

 
v3.25.2
Other Charges, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of components of other charges, net

The components of other charges, net are as follows (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Acquisition-related expenses, net (a)

 

$

2.8

 

 

$

17.5

 

 

$

9.0

 

 

$

21.6

 

Acquisition-related litigation charges

 

 

4.0

 

 

 

1.4

 

 

 

22.6

 

 

 

1.5

 

Restructuring charges

 

 

2.9

 

 

 

1.2

 

 

 

10.5

 

 

 

4.7

 

Information technology transformation costs (b)

 

 

2.8

 

 

 

1.9

 

 

 

5.8

 

 

 

2.7

 

Other

 

 

1.9

 

 

 

1.0

 

 

 

3.4

 

 

 

3.4

 

Other charges, net

 

$

14.4

 

 

$

23.0

 

 

$

51.3

 

 

$

33.9

 
a)
Acquisition-related expenses relate primarily to transaction costs on potential and consummated acquisitions, integration costs of newly acquired entities, and stock-based compensation expense related to the fair value changes of hybrid instruments.
b)
The Information technology (“IT”) transformation costs are related to an IT transformation initiative that is a multi-year project aimed at updating and integrating our global enterprise resource planning and human resource information systems.
v3.25.2
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Summary of restructuring costs by segment

The following table presents restructuring costs by segment as included within the Company’s consolidated statements of operations for the periods reported (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

0.2

 

 

$

0.2

 

 

$

1.2

 

 

$

0.3

 

BSI CALID

 

 

0.6

 

 

 

0.8

 

 

 

1.8

 

 

 

0.8

 

BSI NANO

 

 

3.6

 

 

 

3.9

 

 

 

4.0

 

 

 

7.5

 

Total Cost of revenues

 

$

4.4

 

 

$

4.9

 

 

$

7.0

 

 

$

8.6

 

Other charges, net:

 

 

 

 

 

 

 

 

 

 

 

 

BSI BioSpin

 

$

(2.5

)

 

$

0.2

 

 

$

3.3

 

 

$

0.2

 

BSI CALID

 

 

2.2

 

 

 

(0.1

)

 

 

3.2

 

 

 

(0.1

)

BSI NANO

 

 

2.0

 

 

 

1.1

 

 

 

2.8

 

 

 

4.0

 

Corporate

 

 

1.2

 

 

—

 

 

 

1.2

 

 

 

0.6

 

Total Other charges, net

 

$

2.9

 

 

$

1.2

 

 

$

10.5

 

 

$

4.7

 

Total

 

$

7.3

 

 

$

6.1

 

 

$

17.5

 

 

$

13.3

 
Schedule of changes in restructuring reserves, excluding costs of scrapping expired or expiring inventory

The following table sets forth the changes in restructuring reserves, excluding costs of $3.8 million for scrapping expired or expiring inventory, for the periods reported (in millions):

 

 

Total

 

 

Severance

 

 

Exit Costs

 

Balance at December 31, 2024

 

$

7.2

 

 

$

4.6

 

 

$

2.6

 

Restructuring charges

 

 

13.7

 

 

 

11.6

 

 

 

2.1

 

Cash payments

 

 

(12.1

)

 

 

(7.8

)

 

 

(4.3

)

Other, non-cash adjustments and foreign currency effect

 

 

0.9

 

 

 

0.8

 

 

 

0.1

 

Balance at June 30, 2025

 

$

9.7

 

 

$

9.2

 

 

$

0.5

 

 
v3.25.2
Interest and Other Income (Expense), Net (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of components of interest and other income (expense), net

The components of interest and other income (expenses), net are as follows (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest income

 

$

2.7

 

 

$

2.4

 

 

$

5.8

 

 

$

5.0

 

Interest expense

 

 

(15.7

)

 

 

(15.7

)

 

 

(28.8

)

 

 

(20.7

)

Impairment of minority investments

 

 

—

 

 

 

(20.2

)

 

 

(1.9

)

 

 

(20.2

)

Exchange gains (losses), net on foreign currency transactions

 

 

1.4

 

 

 

9.0

 

 

 

5.7

 

 

 

17.9

 

Other income

 

 

0.2

 

 

 

0.3

 

 

 

1.1

 

 

 

0.6

 

Interest and other income (expense), net

 

$

(11.4

)

 

$

(24.2

)

 

$

(18.1

)

 

$

(17.4

)
v3.25.2
Provision for Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Components of provision for income taxes

The components of provision for income taxes are as follows (in millions):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income tax provision (benefit)

 

$

(3.1

)

 

$

16.1

 

 

$

5.6

 

 

$

35.9

 

Effective tax rates (a)

 

Not meaningful

 

 

 

67.4

%

 

 

21.9

%

 

 

37.6

%

Penalties and interest (recorded in provision for
   income taxes for unrecognized tax benefits)

 

$

0.8

 

 

$

(3.4

)

 

$

1.2

 

 

$

(2.2

)
a)
For the three months ended June 30, 2025, the rate is not meaningful and was due to one-time favorable discrete events recorded during the period. The decrease in the Company's effective tax rate for the six months June 30, 2025 was primarily due to changes in jurisdictional mix and net favorable discrete activities.
Components of unrecognized tax benefits and accrued interest and penalties

The table below summaries unrecognized tax benefits and accrued interest and penalties components (in millions):

 

 

 

June 30,
2025

 

 

December 31,
2024

 

Unrecognized tax benefits (a)

 

$

72.1

 

 

$

63.7

 

Accrued interest and penalties (b)

 

$

6.6

 

 

$

5.3

 
a)
This excludes penalties and interest. If these unrecognized tax benefits were recognized, there would be a reduction of the Company's effective tax rate.
b)
These are related to uncertain tax positions and were included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheets.
v3.25.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of inventories

Inventories consisted of the following (in millions):

 

June 30,
2025

 

 

December 31,
2024

 

Raw materials

 

$

427.4

 

 

$

388.7

 

Work-in-process

 

 

394.0

 

 

 

348.9

 

Finished goods

 

 

273.2

 

 

 

228.5

 

Demonstration units

 

 

123.7

 

 

 

101.7

 

Total Inventories

 

$

1,218.3

 

 

$

1,067.8

 
v3.25.2
Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Schedule of other current assets

Other current assets consisted of the following (in millions):

 

June 30,
2025

 

 

December 31,
2024

 

Unbilled receivables

 

$

112.4

 

 

$

93.6

 

Income and other taxes receivable (note 12)

 

 

99.4

 

 

 

34.5

 

Prepaid expenses

 

 

49.7

 

 

 

35.1

 

Deposits with vendors

 

 

32.8

 

 

 

26.1

 

Interest rate cross-currency swap agreements (note 17)

 

 

7.3

 

 

 

10.7

 

Lease receivable

 

 

4.3

 

 

 

7.6

 

Other assets

 

 

23.9

 

 

 

28.9

 

Other current assets

 

$

329.8

 

 

$

236.5

 

 
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Components of Debt Obligations

The Company’s debt obligations consist of the following (in millions):

 

 

June 30,
2025

 

 

December 31,
2024

 

2024 term loan agreements:

 

 

 

 

 

 

CHF loan due 2027

 

$

181.9

 

 

$

162.1

 

CHF loan due 2029

 

 

183.1

 

 

 

162.1

 

CHF loan due 2031

 

 

189.0

 

 

 

165.2

 

2019 term loan agreement:

 

 

 

 

 

 

USD loan quarterly payments of $3.8 million and balloon payment due December 2026

 

 

255.8

 

 

 

263.3

 

Note Purchase Agreements (NPA – Senior notes):

 

 

 

 

 

 

 2024 notes due April 15, 2034 - CHF 50 million 2.56% (a)

 

 

63.0

 

 

 

55.1

 

 2024 notes due April 15, 2036 - CHF 146 million 2.62% and CHF 50 million 2.60% (a)

 

 

246.9

 

 

 

215.9

 

 2024 notes due April 15, 2039 - CHF 135 million 2.71% and CHF 50 million 2.62% (a)

 

 

233.1

 

 

 

203.8

 

 2021 notes due December 8, 2031 - CHF 300 million 0.88% (a)

 

 

378.0

 

 

 

330.5

 

 2019 notes due December 11, 2029 - CHF 297 million 1.01% (a)

 

 

374.2

 

 

 

327.2

 

 2021 notes due December 8, 2031 - EUR 150 million 1.03% (a)

 

 

176.5

 

 

 

155.3

 

CHF revolving loan (in U.S. Dollars) under the 2024 Revolving Credit Agreement (b)

 

 

122.1

 

 

 

27.5

 

Other loans

 

 

15.2

 

 

 

11.9

 

Unamortized debt issuance costs

 

 

(2.8

)

 

 

(3.1

)

Total notes and loans outstanding

 

$

2,416.0

 

 

$

2,076.8

 

Finance lease obligations

 

 

19.3

 

 

 

17.5

 

Total debt

 

$

2,435.3

 

 

$

2,094.3

 

Current portion of long-term debt and finance lease obligations

 

 

(55.7

)

 

 

(32.5

)

Total long-term debt, less current portion

 

$

2,379.6

 

 

$

2,061.8

 
a)
The fair value of the Company's long-term fixed interest rate debt was $1,426.7 million and $1,278.9 million as of June 30, 2025, and December 31, 2024, respectively.
b)
Subsequent to June 30, 2025, and up until the date of filing this Quarterly Report on Form 10-Q, the Company borrowed approximately $457.4 million of debt under the 2024 Amended and Restated Revolving Credit Agreement. Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.
Summary of Debt Borrowings and Repayments from Long-Term Debt The following table summarizes the Company’s debt borrowings and repayments from long-term debt for the six months ended June 30, 2025 and 2024 (amounts in millions):

 

 

 

June 30,
2025

 

 

June 30,
2024

 

Proceeds from long-term debt:

 

 

 

 

 

 

CHF notes under various 2024 Note Purchase Agreements

 

$

—

 

 

$

472.1

 

CHF notes under the 2024 Term Loan Agreement

 

 

—

 

 

 

329.5

 

Other

 

 

2.9

 

 

 

4.1

 

Proceeds from long-term debt - Total

 

$

2.9

 

 

$

805.7

 

 

 

 

 

 

 

 

Repayment of long-term debt:

 

 

 

 

 

 

USD notes under the 2012 Note Purchase Agreement

 

$

—

 

 

$

(100.0

)

USD notes under the 2019 Term Loan Agreement

 

 

(7.5

)

 

 

(7.5

)

CHF notes under the 2024 Term Loan Agreement

 

 

(5.6

)

 

 

—

 

Other

 

 

(9.2

)

 

 

(10.5

)

Repayment of long-term debt - Total

 

$

(22.3

)

 

$

(118.0

)
Summary of Maximum Commitments and Net Amounts Available Under the 2024 Credit Agreement and Other Lines of Credit

As of June 30, 2025, the maximum commitments and net amounts available under (i) the 2024 Revolving Credit Agreement and (ii) other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand are as follows (dollars in millions):

 

 

Weighted
Average
Interest Rate

 

Total Amount
Committed by
Lenders

 

 

Outstanding
Borrowings

 

 

Outstanding
Letters of
Credit

 

 

Total
Amount
Available

 

2024 Amended and Restated Credit
     Agreement

 

0.43%

 

$

900.0

 

 

$

122.1

 

 

$

0.7

 

 

$

777.2

 

Bank guarantees and working capital line

 

varies

 

 

184.0

 

 

 

—

 

 

 

184.0

 

 

 

—

 

Total revolving lines of credit

 

 

 

$

1,084.0

 

 

$

122.1

 

 

$

184.7

 

 

$

777.2

 
v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of financial instruments recorded at fair value on a recurring basis The following tables set forth the Company’s financial instruments and presents them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions):

June 30, 2025

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and money market funds

 

$

0.6

 

 

$

0.6

 

 

$

—

 

 

$

—

 

Interest rate and cross-currency swap agreements (note 17)

 

 

9.2

 

 

 

—

 

 

 

9.2

 

 

 

—

 

Forward currency contracts

 

 

0.2

 

 

 

—

 

 

 

0.2

 

 

 

—

 

Total assets recorded at fair value

 

$

10.0

 

 

$

0.6

 

 

$

9.4

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

13.9

 

 

$

—

 

 

$

—

 

 

$

13.9

 

Hybrid instruments liabilities (note 19)

 

 

83.6

 

 

 

—

 

 

 

—

 

 

 

83.6

 

Interest rate and cross-currency swap agreements (note 17)

 

 

42.8

 

 

 

—

 

 

 

42.8

 

 

 

—

 

Forward currency contracts

 

 

3.3

 

 

 

—

 

 

 

3.3

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

17.0

 

 

 

—

 

 

 

—

 

 

 

17.0

 

Total liabilities recorded at fair value

 

$

160.6

 

 

$

—

 

 

$

46.1

 

 

$

114.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

Total

 

 

Quoted Prices
in Active
Markets
Available
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits and money market funds

 

$

17.2

 

 

$

—

 

 

$

17.2

 

 

$

—

 

Interest rate and cross-currency swap agreements (note 17)

 

 

21.8

 

 

 

—

 

 

 

21.8

 

 

 

—

 

Forward currency contracts

 

 

6.0

 

 

 

—

 

 

 

6.0

 

 

 

—

 

Total assets recorded at fair value

 

$

45.0

 

 

$

—

 

 

$

45.0

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (note 18)

 

$

17.3

 

 

$

—

 

 

$

—

 

 

$

17.3

 

Hybrid instruments liabilities (note 19)

 

 

78.1

 

 

 

—

 

 

 

—

 

 

 

78.1

 

Interest rate and cross-currency swap agreements (note 17)

 

 

17.2

 

 

 

—

 

 

 

17.2

 

 

 

—

 

Forward currency contracts

 

 

0.5

 

 

 

—

 

 

 

0.5

 

 

 

—

 

Equity interest purchase option liability (a)

 

 

14.9

 

 

 

—

 

 

 

—

 

 

 

14.9

 

Total liabilities recorded at fair value

 

$

128.0

 

 

$

—

 

 

$

17.7

 

 

$

110.3

 
a)
Equity interest purchase option liability is related to NovAliX, refer to Note 4, Minority and equity-method investments, for more information.
v3.25.2
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value and balance sheet location of derivative instruments

The following table presents the Company’s notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements, and long-term debt designated as net investment hedges, as well as the respective fair value of the instruments (in millions):

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

Notional
(in USD)

 

 

Fair Value

 

 

Notional
(in USD)

 

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

 

 

 

$

7.3

 

 

 

 

 

$

10.7

 

Other assets

 

 

 

 

 

1.9

 

 

 

 

 

 

11.1

 

Other long-term liabilities

 

 

 

 

 

(42.8

)

 

 

 

 

 

(17.2

)

 

$

255.8

 

 

$

(33.6

)

 

$

263.3

 

 

$

4.6

 

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

 

1,660.7

 

 

 

(216.2

)

 

 

1,453.0

 

 

 

(8.5

)

Total derivatives designated as hedging instruments

 

$

1,916.5

 

 

$

(249.8

)

 

$

1,716.3

 

 

$

(3.9

)

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

 

 

 

 

 

 

 

 

 

 

 

Other current assets

 

$

52.9

 

 

$

0.2

 

 

$

841.9

 

 

$

6.0

 

Other current liabilities

 

 

956.6

 

 

 

(3.3

)

 

 

78.6

 

 

 

(0.5

)

Total derivatives not designated as hedging instruments

 

$

1,009.5

 

 

$

(3.1

)

 

$

920.5

 

 

$

5.5

 

Total derivatives

 

$

2,926.0

 

 

$

(252.9

)

 

$

2,636.8

 

 

$

1.6

 

 
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments

The following table is a summary of the gain (loss) included in Interest and other income (expense), net in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives not designated as hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Forward currency contracts

 

$

(26.2

)

 

$

(7.1

)

 

$

(22.0

)

 

$

(5.1

)

Embedded derivatives in purchase and delivery contracts

 

 

0.9

 

 

 

0.2

 

 

 

1.1

 

 

 

(1.1

)

 

 

(25.3

)

 

 

(6.9

)

 

 

(20.9

)

 

 

(6.2

)

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

1.8

 

 

$

2.6

 

 

$

3.7

 

 

$

5.3

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

 

1.2

 

 

 

1.4

 

 

 

2.5

 

 

 

2.9

 

 

 

3.0

 

 

 

4.0

 

 

 

6.2

 

 

 

8.2

 

Total

 

$

(22.3

)

 

$

(2.9

)

 

$

(14.7

)

 

$

2.0

 

 

The following table is a summary of the gain (loss) included in Accumulated other comprehensive income, net of tax in the consolidated statements of operations and comprehensive income related to the derivative instruments described above (in millions):

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Derivatives designated as cash flow hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

(1.4

)

 

$

(0.9

)

 

$

(3.5

)

 

$

0.5

 

 

 

(1.4

)

 

 

(0.9

)

 

 

(3.5

)

 

 

0.5

 

Derivatives designated as net investment hedging instruments

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate cross-currency swap agreements

 

$

(20.6

)

 

$

(0.3

)

 

$

(26.0

)

 

$

9.9

 

Long-term debt

 

 

(126.9

)

 

 

(6.3

)

 

 

(158.0

)

 

 

44.2

 

 

 

(147.5

)

 

 

(6.6

)

 

 

(184.0

)

 

 

54.1

 

Total

 

$

(148.9

)

 

$

(7.5

)

 

$

(187.5

)

 

$

54.6

 
v3.25.2
Contingent Consideration (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Contingent Consideration, Liability [Abstract]  
Schedule of Changes in Contingent Consideration Liabilities

The following table sets forth the changes in contingent consideration liabilities (in millions):

 

Balance at December 31, 2024

 

$

17.3

 

Current period additions

 

 

—

 

Current period adjustments

 

 

0.9

 

Current period settlements

 

 

(5.0

)

Foreign currency effect

 

 

0.7

 

Balance at June 30, 2025

 

$

13.9

 
v3.25.2
Hybrid Instruments Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Hybrid Instruments [Abstract]  
Schedule of changes in hybrid instrument liability

The following table sets forth the changes in hybrid instruments liability (in millions):

Balance at December 31, 2024

 

$

78.1

 

Acquisitions

 

 

—

 

Current period adjustments

 

 

1.7

 

Current period settlements

 

 

—

 

Foreign currency effect

 

 

3.8

 

Balance at June 30, 2025

 

$

83.6

 
Schedule of fair value measurements of hybrid instrument liabilities

The Level 3 fair value measurements of our hybrid instrument liabilities include the following significant unobservable inputs:

 

Hybrid Instrument Liabilities

Valuation Technique

Unobservable Input

Range

Weighted Average (a)

Put / Call Options

Option Pricing Model

Revenue Risk Premium

1.6% - 12.6%

10.6%

 

 

EBITDA Risk Premium

10.1% - 25.1%

21.4%
a)
Unobservable inputs were weighted by the relative fair value of the hybrid instrument liabilities.
v3.25.2
Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Purchase Activity under the 2023 repurchase program

The following table presents the share purchase activity under the 2023 Repurchase Program for the periods reported (in millions except share data):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Shares purchased

 

—

 

 

—

 

 

 

200,731

 

 

—

 

Aggregate cost of shares repurchased

 

$

—

 

 

$

—

 

 

$

10.0

 

 

$

—

 

Dollar value of shares that may yet be purchased under the program (a)

 

$

359.9

 

 

$

369.9

 

 

$

359.9

 

 

$

369.9

 
a)
Authorization for the remaining $359.9 million on the 2023 Repurchase Program expired in May 2025.
Schedule of the impact of stock-based compensation expense

The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of operations and comprehensive income (in millions):

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Stock options

 

$

0.5

 

 

$

0.4

 

 

$

1.0

 

 

$

0.9

 

Restricted stock units

 

 

4.8

 

 

 

4.4

 

 

 

9.5

 

 

 

8.6

 

Employee Stock Purchase Plan

 

 

0.4

 

 

 

0.3

 

 

 

0.8

 

 

 

0.5

 

Total stock-based compensation expense

 

$

5.7

 

 

$

5.1

 

 

$

11.3

 

 

$

10.0

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cost of product revenue

 

$

0.5

 

 

$

0.4

 

 

$

1.1

 

 

$

0.8

 

Selling, general and administrative

 

 

4.5

 

 

 

4.1

 

 

 

8.8

 

 

 

8.0

 

Research and development

 

 

0.7

 

 

 

0.6

 

 

 

1.4

 

 

 

1.2

 

Total stock-based compensation expense

 

$

5.7

 

 

$

5.1

 

 

$

11.3

 

 

$

10.0

 
v3.25.2
Description of Business (Details)
 6 Months Ended
Jun. 30, 2025
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 4
v3.25.2
Acquisitions - Schedule of Consideration Transferred and Allocation to Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
May 06, 2024
Consideration Transferred:      
Cash paid $ 74.9 $ 1,648.8  
Cash acquired (6.5) (52.6)  
Fair value of contingent consideration   13.4  
Fair value of redeemable noncontrolling interest 28.3    
Working capital and other closing adjustments 8.3 26.2  
Total consideration transferred, net of cash acquired 105.0 137.7  
Allocation of Consideration Transferred:      
Accounts receivable 2.8 58.3  
Inventories 8.2 148.2  
Other current assets 0.5 29.1  
Property, plant and equipment 21.9 70.4  
Other assets 5.7 91.4  
Goodwill 1,649.2 1,507.3  
Deferred taxes (net) (18.9) (113.2)  
Liabilities assumed (17.5) (307.5)  
Total consideration allocated 105.0 1,635.8  
Operating segments      
Consideration Transferred:      
Total consideration transferred, net of cash acquired   1,635.8  
Allocation of Consideration Transferred:      
Goodwill 49.0 958.0  
Technology      
Allocation of Consideration Transferred:      
Intangible assets 20.7 317.8  
Customer Relationships      
Allocation of Consideration Transferred:      
Intangible assets 30.1 334.3  
Backlog      
Allocation of Consideration Transferred:      
Intangible assets   14.8  
Trade Names      
Allocation of Consideration Transferred:      
Intangible assets 2.5 34.2  
Recipe      
Consideration Transferred:      
Cash paid 58.8    
Cash acquired (5.2)    
Fair value of redeemable noncontrolling interest 27.2    
Working capital and other closing adjustments (6.5)    
Total consideration transferred, net of cash acquired 87.3    
Allocation of Consideration Transferred:      
Accounts receivable 2.3    
Inventories 7.7    
Other current assets 0.1    
Property, plant and equipment 21.2    
Other assets 4.9    
Goodwill 35.0    
Deferred taxes (net) (16.6)    
Liabilities assumed (12.1)    
Total consideration allocated 87.3    
Recipe | Technology      
Allocation of Consideration Transferred:      
Intangible assets 14.0    
Recipe | Customer Relationships      
Allocation of Consideration Transferred:      
Intangible assets 29.2    
Recipe | Trade Names      
Allocation of Consideration Transferred:      
Intangible assets 1.6    
Chemspeed Technologies      
Consideration Transferred:      
Cash paid   175.4  
Cash acquired   (0.6)  
Fair value of contingent consideration   0.0  
Working capital and other closing adjustments   0.0  
Total consideration transferred, net of cash acquired   174.8  
Allocation of Consideration Transferred:      
Accounts receivable   7.0  
Inventories   46.6  
Other current assets   1.4  
Property, plant and equipment   1.8  
Other assets   17.3  
Goodwill   127.8  
Deferred taxes (net)   (14.0)  
Liabilities assumed   (106.7)  
Total consideration allocated   174.8  
Chemspeed Technologies | Technology      
Allocation of Consideration Transferred:      
Intangible assets   27.9  
Chemspeed Technologies | Customer Relationships      
Allocation of Consideration Transferred:      
Intangible assets   51.5  
Chemspeed Technologies | Backlog      
Allocation of Consideration Transferred:      
Intangible assets   9.4  
Chemspeed Technologies | Trade Names      
Allocation of Consideration Transferred:      
Intangible assets   4.8  
Nanostring Technologies      
Consideration Transferred:      
Cash paid   392.6  
Cash acquired   (0.5)  
Fair value of contingent consideration   0.0  
Working capital and other closing adjustments   0.0  
Total consideration transferred, net of cash acquired   392.1  
Allocation of Consideration Transferred:      
Accounts receivable   16.8  
Inventories   38.8  
Other current assets   8.9  
Property, plant and equipment   31.0  
Other assets   23.1  
Goodwill   253.5  
Deferred taxes (net)   4.8  
Liabilities assumed   (90.8) $ (44.7)
Total consideration allocated   392.1  
Nanostring Technologies | Technology      
Allocation of Consideration Transferred:      
Intangible assets   54.0  
Nanostring Technologies | Customer Relationships      
Allocation of Consideration Transferred:      
Intangible assets   38.0  
Nanostring Technologies | Backlog      
Allocation of Consideration Transferred:      
Intangible assets   0.0  
Nanostring Technologies | Trade Names      
Allocation of Consideration Transferred:      
Intangible assets   14.0  
ELITechGroup      
Consideration Transferred:      
Cash paid   951.9  
Cash acquired   (43.4)  
Fair value of contingent consideration   0.0  
Working capital and other closing adjustments   22.7  
Total consideration transferred, net of cash acquired   931.2  
Allocation of Consideration Transferred:      
Accounts receivable   30.6  
Inventories   31.6  
Other current assets   15.7  
Property, plant and equipment   36.2  
Other assets   41.3  
Goodwill   501.1  
Deferred taxes (net)   (100.8)  
Liabilities assumed   (66.9)  
Total consideration allocated   931.2  
ELITechGroup | Technology      
Allocation of Consideration Transferred:      
Intangible assets   193.3  
ELITechGroup | Customer Relationships      
Allocation of Consideration Transferred:      
Intangible assets   236.3  
ELITechGroup | Backlog      
Allocation of Consideration Transferred:      
Intangible assets   0.5  
ELITechGroup | Trade Names      
Allocation of Consideration Transferred:      
Intangible assets   12.3  
Other      
Consideration Transferred:      
Cash paid 16.1 128.9  
Cash acquired (1.3) (8.1)  
Fair value of contingent consideration   13.4  
Fair value of redeemable noncontrolling interest 1.1    
Working capital and other closing adjustments 1.8 3.5  
Total consideration transferred, net of cash acquired 17.7 137.7  
Allocation of Consideration Transferred:      
Accounts receivable 0.5 3.9  
Inventories 0.5 31.2  
Other current assets 0.4 3.1  
Property, plant and equipment 0.7 1.4  
Other assets 0.8 9.7  
Goodwill 14.0 75.6  
Deferred taxes (net) (2.3) (3.2)  
Liabilities assumed (5.4) (43.1)  
Total consideration allocated 17.7 137.7  
Other | Technology      
Allocation of Consideration Transferred:      
Intangible assets 6.7 42.6  
Other | Customer Relationships      
Allocation of Consideration Transferred:      
Intangible assets 0.9 8.5  
Other | Backlog      
Allocation of Consideration Transferred:      
Intangible assets   4.9  
Other | Trade Names      
Allocation of Consideration Transferred:      
Intangible assets $ 0.9 $ 3.1  
v3.25.2
Acquisitions - Summary of Information on Acquisitions to Company's Financial Statements (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
May 06, 2024
Business Acquisition [Line Items]      
Business/technology acquired $ 17.5 $ 307.5  
Nanostring Technologies      
Business Acquisition [Line Items]      
Acquisition date   May 06, 2024  
Acquired interest   100.00%  
Business/technology acquired   $ 90.8 $ 44.7
ELITechGroup      
Business Acquisition [Line Items]      
Acquisition date   Apr. 30, 2024  
Acquired interest   100.00%  
Business/technology acquired   $ 66.9  
Chemspeed Technologies      
Business Acquisition [Line Items]      
Acquisition date   Mar. 06, 2024  
Acquired interest   100.00%  
Nion LLC      
Business Acquisition [Line Items]      
Acquired interest   100.00%  
Additional consideration   $ 23.0  
Spectral Instruments Imaging LLC      
Business Acquisition [Line Items]      
Acquired interest   100.00%  
Additional consideration   $ 10.0  
Recipe Chemicals + Instruments GmbH      
Business Acquisition [Line Items]      
Acquired interest 69.64%    
Redeemable noncontrolling interest $ 27.2    
Recipe Chemicals + Instruments GmbH | Other Shareholders      
Business Acquisition [Line Items]      
Remaining percentage of cash 30.36%    
WoBau GmbH      
Business Acquisition [Line Items]      
Remaining ownership percentage under options that can be exercised after acquisition period 10.10%    
v3.25.2
Acquisitions - Schedule of Estimated Useful Life for the Acquired Intangible Assets (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Nanostring Technologies | Intangible Asset - Technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   12 years
Nanostring Technologies | Intangible Asset - Tradenames    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   12 years
Nanostring Technologies | Intangible Asset - Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   15 years
ELITechGroup | Intangible Asset - Technology | Minimum    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   4 years
ELITechGroup | Intangible Asset - Technology | Maximum    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   14 years
ELITechGroup | Intangible Asset - Tradenames    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   6 years
ELITechGroup | Intangible Asset - Customer relationships | Minimum    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   5 years
ELITechGroup | Intangible Asset - Customer relationships | Maximum    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   15 years
Chemspeed Technologies | Intangible Asset - Technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired [1]   7 years
Chemspeed Technologies | Intangible Asset - Tradenames    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired [1]   10 years
Chemspeed Technologies | Intangible Asset - Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired [1]   15 years
Nion LLC | Intangible Asset - Technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired [2]   7 years
Nion LLC | Intangible Asset - Tradenames    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired [2]   7 years
Nion LLC | Intangible Asset - Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired [2]   15 years
Spectral Instruments Imaging LLC | Intangible Asset - Technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   6 years
Spectral Instruments Imaging LLC | Intangible Asset - Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired   14 years
Recipe | Intangible Asset - Technology    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired 10 years  
Recipe | Intangible Asset - Tradenames    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired 1 year  
Recipe | Intangible Asset - Customer relationships    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Amortization period for intangible assets acquired 15 years  
[1] The Company expects to amortize backlog through the first quarter of 2026.
[2] The Company expects to amortize backlog through the fourth quarter of 2027.
v3.25.2
Acquisitions - Schedule of Pro Forma Financial Statements (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Business Combination [Line Items]          
Total revenue $ 797.4 $ 800.7 $ 1,598.8 $ 1,522.4  
Net income (loss) $ 7.6 $ 7.6 $ 25.0 $ 58.5  
Before Adjustments          
Business Combination [Line Items]          
Total revenue         $ 3,426.0
Net income (loss)         115.3
Pro Forma Adjustments          
Business Combination [Line Items]          
Total revenue         0.0
Net income (loss)         (15.7)
After Adjustments          
Business Combination [Line Items]          
Total revenue         3,426.0
Net income (loss)         $ 99.6
v3.25.2
Acquisitions - Pro forma Adjustments that could Impact Company's Consolidated Net Income (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Business Combination, Pro Forma Information [Abstract]  
Net increase in amortization and depreciation expense associated with tangible and intangible assets $ (2.4)
Net increase in interest expense (13.3)
Total pro forma adjustments - net loss $ (15.7)
v3.25.2
Acquisitions - 2024 and 2025 Acquisitions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Business Combination [Line Items]          
Total revenue $ 797.4 $ 800.7 $ 1,598.8 $ 1,522.4  
Net Income (Loss) $ 7.6 $ 7.6 $ 25.0 $ 58.5  
Other 2024 Acquisitions | Trade Names          
Business Combination [Line Items]          
Amortization period for intangible assets acquired     12 years    
Other 2024 Acquisitions | Maximum | Technology          
Business Combination [Line Items]          
Amortization period for intangible assets acquired     11 years    
Other 2024 Acquisitions | Maximum | Customer Relationships          
Business Combination [Line Items]          
Amortization period for intangible assets acquired     15 years    
Other 2024 Acquisitions | Minimum | Technology          
Business Combination [Line Items]          
Amortization period for intangible assets acquired     7 years    
Other 2024 Acquisitions | Minimum | Customer Relationships          
Business Combination [Line Items]          
Amortization period for intangible assets acquired     11 years    
Acquisitions 2024          
Business Combination [Line Items]          
Total revenue         $ 259.5
Net Income (Loss)         $ 108.0
2025 Acquisitions          
Business Combination [Line Items]          
Total revenue     $ 3.8    
Net Income (Loss)     $ 0.8    
v3.25.2
Acquisitions - Schedule of Consideration Transferred and the Respective Reportable Segment for Each Acquisition (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Business Combination [Line Items]    
Total consideration, net of cash acquired $ 105.0 $ 137.7
Cash consideration   128.9
Recipe    
Business Combination [Line Items]    
Total consideration, net of cash acquired $ 87.3  
Nion LLC    
Business Combination [Line Items]    
Total consideration, net of cash acquired   42.9
Cash consideration   37.4
Spectral Instruments Imaging LLC    
Business Combination [Line Items]    
Total consideration, net of cash acquired   28.8
Cash consideration   29.0
Other (In aggregate)    
Business Combination [Line Items]    
Total consideration, net of cash acquired   66.0
Cash consideration   $ 62.5
v3.25.2
Minority and Equity-method Investments - Schedule of Consideration Transferred and the Respective Reportable Segment for Each Acquisition (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Total consideration $ 105.0 $ 137.7
Cash consideration   128.9
Investment In Businesses    
Schedule of Equity Method Investments [Line Items]    
Total consideration 3.9 64.3
Cash consideration 3.2 48.3
Other Investment    
Schedule of Equity Method Investments [Line Items]    
Total consideration 3.9 14.2
Cash consideration $ 3.2 14.2
NovaAliX    
Schedule of Equity Method Investments [Line Items]    
Total consideration   50.1
Cash consideration   $ 34.1
v3.25.2
Minority and Equity-method Investments - Additional Information (Details)
€ in Millions, $ in Millions
 6 Months Ended 12 Months Ended
Jul. 31, 2024
USD ($)
Jul. 31, 2024
EUR (€)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]        
Total consideration, net of cash acquired     $ 105.0 $ 137.7
Equity interest without readily determinable fair value amount     $ 38.7 $ 35.6
Acquisitions 2024 | NovaAliX        
Schedule of Equity Method Investments [Line Items]        
Total consideration, net of cash acquired $ 34.1 € 31.5    
Business Combination, Consideration Transferred, Liabilities Incurred $ 16.0 € 14.4    
Minority equity interest 30.00% 30.00%    
v3.25.2
Goodwill and Intangible Assets - Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill  
Balance at the beginning of the period $ 1,507.3
Current period additions 49.0
Current period adjustments 0.2
Foreign currency effect 92.7
Balance at the end of the period $ 1,649.2
v3.25.2
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Intangible assets          
Gross Carrying Amount, intangible assets $ 1,497.2   $ 1,497.2   $ 1,352.5
Accumulated Amortization, intangible assets (527.6)   (527.6)   (440.0)
Net Carrying Amount, intangible assets 969.6   969.6   912.5
Amortization expense related to intangible assets subject to amortization 31.5 $ 25.1 58.8 $ 41.3  
Asset impairment charges 6.8   7.2    
Intangible assets impairment charges   $ 0.0   $ 0.0  
Existing technology and related patents          
Intangible assets          
Gross Carrying Amount, intangible assets 798.4   798.4   724.5
Accumulated Amortization, intangible assets (338.9)   (338.9)   (291.3)
Net Carrying Amount, intangible assets 459.5   459.5   433.2
Customer Relationships          
Intangible assets          
Gross Carrying Amount, intangible assets 613.9   613.9   550.6
Accumulated Amortization, intangible assets (155.8)   (155.8)   (125.6)
Net Carrying Amount, intangible assets 458.1   458.1   425.0
Trade Names          
Intangible assets          
Gross Carrying Amount, intangible assets 66.7   66.7   60.9
Accumulated Amortization, intangible assets (21.9)   (21.9)   (16.1)
Net Carrying Amount, intangible assets 44.8   44.8   44.8
Other          
Intangible assets          
Gross Carrying Amount, intangible assets 18.2   18.2   16.5
Accumulated Amortization, intangible assets (11.0)   (11.0)   (7.0)
Net Carrying Amount, intangible assets $ 7.2   $ 7.2   $ 9.5
v3.25.2
Revenue - Disaggregation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues disaggregated by Group        
Total revenue $ 797.4 $ 800.7 $ 1,598.8 $ 1,522.4
Revenue recognized at a point in time        
Revenues disaggregated by Group        
Total revenue 675.1 686.5 1,353.8 1,295.0
Revenue recognized over time        
Revenues disaggregated by Group        
Total revenue 122.3 114.2 245.0 227.4
United States        
Revenues disaggregated by Group        
Total revenue 222.9 243.7 440.3 438.5
Germany        
Revenues disaggregated by Group        
Total revenue 59.1 83.5 120.2 150.3
Europe excluding Germany        
Revenues disaggregated by Group        
Total revenue 213.4 192.3 437.5 370.4
China        
Revenues disaggregated by Group        
Total revenue 114.7 120.4 215.9 236.1
Asia Pacific excluding China        
Revenues disaggregated by Group        
Total revenue 127.4 106.2 258.8 213.2
Other        
Revenues disaggregated by Group        
Total revenue $ 59.9 $ 54.6 $ 126.1 $ 113.9
v3.25.2
Revenue - Schedule of Contract Balances Associated with Revenue (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 127.1 $ 105.2
Contract liabilities [1] 584.1 538.2
Remaining performance obligations [2] $ 2,109.1 $ 2,090.4
[1] Approximately $232.5 million of the contract liability balance on December 31, 2024, was recognized as revenue during the six months ended June 30, 2025.
[2] Bruker’s mix of remaining performance obligations consist of firm orders under non-cancelable purchase orders received from customers and the timing of revenue recognition can vary significantly due to a variety of factors. Bruker manufactures innovative scientific instruments and diagnostic solutions which can result in varying production and installation timing due to components, customization, manufacturing, assembly, testing processes, and customer site availability or readiness. Bruker’s expected completion of performance obligations can vary from year to year based on these and other factors. As a result, performance obligations on any particular date may be indicative of Bruker’s short-term revenue performance but is not necessarily a reliable indicator of long-term revenue performance. The Company will recognize revenues for these performance obligations as they are satisfied, the majority of which is expected to occur within the next twelve months.
v3.25.2
Revenue - Schedule of Contract Balances Associated with Revenue (Parenthetical) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognition during the period $ 232.5
v3.25.2
Revenue - Additional Information (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Maximum | Product revenue | Product concentration risk        
Disaggregation of Revenue [Line Items]        
Risk percentage 2.00% 2.00% 2.00% 2.00%
v3.25.2
Business Segment Information - Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Business segment information          
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]     srt:ChiefExecutiveOfficerMember    
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description     The chief operating decision maker uses segment operating income (loss) to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.    
Total segment revenue $ 797.4 $ 800.7 $ 1,598.8 $ 1,522.4  
Operating expenses:          
Selling, general and administrative 231.4 221.3 456.8 416.6  
Research and development 100.2 92.2 197.3 174.0  
Operating Income 11.9 48.1 43.7 112.9  
Interest and other income (expense), net (11.4) (24.2) (18.1) (17.4)  
Income before income taxes, equity in income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries 0.5 23.9 25.6 95.5  
Assets 6,339.8   6,339.8   $ 5,806.7
Capital Expenditures 30.3 24.5 56.3 46.0  
Depreciation and Amortization 56.1 45.1 106.5 79.9  
Operating segments          
Business segment information          
Total segment revenue 799.5 804.7 1,603.3 1,528.9  
Operating expenses:          
Cost of revenue 411.6 394.1 804.4 749.5  
Selling, general and administrative 196.2 184.2 382.8 347.7  
Research and development 98.7 91.6 194.5 173.2  
Operating Income 93.0 134.8 221.6 258.5  
Intersegment revenue          
Business segment information          
Total segment revenue 2.1 4.0 4.5 6.5  
Corporate, eliminations and other          
Operating expenses:          
Operating Income 21.1 24.3 47.9 [1] 47.2 [1]  
Assets [2] (44.0)   (44.0)   (41.5)
BSI BioSpin          
Business segment information          
Total segment revenue 195.3 217.5 403.1 400.3  
Operating expenses:          
Capital Expenditures 2.3 3.8 5.5 3.4  
Depreciation and Amortization 11.2 10.4 21.6 18.6  
BSI BioSpin | Operating segments          
Business segment information          
Total segment revenue 195.3 217.5 403.1 400.3  
Operating expenses:          
Cost of revenue 108.1 110.8 217.8 199.9  
Selling, general and administrative 40.9 38.3 79.9 75.3  
Research and development 23.2 21.8 45.2 43.9  
Operating Income 23.1 46.6 60.2 81.2  
BSI BioSpin | Intersegment revenue          
Business segment information          
Total segment revenue 0.0 0.0 0.0 0.0  
BSI CALID          
Business segment information          
Total segment revenue 285.8 265.6 565.9 493.5  
Operating expenses:          
Capital Expenditures 5.5 6.4 13.9 11.8  
Depreciation and Amortization 23.4 15.4 43.2 25.1  
BSI CALID | Operating segments          
Business segment information          
Total segment revenue 285.8 265.6 565.9 493.5  
Operating expenses:          
Cost of revenue 125.6 111.5 243.4 205.3  
Selling, general and administrative 76.9 68.9 149.8 126.7  
Research and development 30.0 26.8 58.0 52.0  
Operating Income 53.3 58.4 114.7 109.5  
BSI CALID | Intersegment revenue          
Business segment information          
Total segment revenue 0.0 0.0 0.0 0.0  
BSI Nano          
Business segment information          
Total segment revenue 252.1 252.5 508.7 492.9  
Operating expenses:          
Capital Expenditures 13.2 4.0 18.1 10.2  
Depreciation and Amortization 17.1 15.9 33.8 29.3  
BSI Nano | Operating segments          
Business segment information          
Total segment revenue 252.1 252.5 508.7 492.9  
Operating expenses:          
Cost of revenue 125.6 119.8 244.4 233.8  
Selling, general and administrative 72.7 71.8 142.1 134.8  
Research and development 44.4 41.7 89.6 75.3  
Operating Income 9.4 19.2 32.6 49.0  
BSI Nano | Intersegment revenue          
Business segment information          
Total segment revenue 0.0 0.0 0.0 0.0  
BSI BioSpin, BSI CALID, BSI NANO & Corporate | Operating segments          
Operating expenses:          
Assets 6,192.6   6,192.6   5,648.4
BEST          
Business segment information          
Total segment revenue 64.2 65.1 121.1 135.7  
Operating expenses:          
Capital Expenditures 2.4 6.3 7.2 13.9  
Depreciation and Amortization 2.4 2.1 4.5 4.1  
BEST | Operating segments          
Business segment information          
Total segment revenue 66.3 69.1 125.6 142.2  
Operating expenses:          
Cost of revenue 52.3 52.0 98.7 110.5  
Selling, general and administrative 5.7 5.2 11.0 10.9  
Research and development 1.1 1.3 1.7 2.0  
Operating Income 7.2 10.6 14.2 18.8  
Assets 191.2   191.2   $ 199.8
BEST | Intersegment revenue          
Business segment information          
Total segment revenue 2.1 4.0 4.5 6.5  
Corporate          
Operating expenses:          
Capital Expenditures 6.9 4.0 11.6 6.7  
Depreciation and Amortization 2.0 1.3 3.4 2.8  
Unallocated Expenses          
Operating expenses:          
Operating Income $ 60.0 $ 62.4 $ 130.0 [3] $ 98.4 [3]  
[1] Represents corporate costs and intersegment eliminations not allocated to the reportable segments. Unallocated costs include general and administrative expenses not directly incurred by the segments such as professional fees incurred for the quarterly reviews and annual audit of the consolidated financial statements, personnel costs of corporate accounting, finance, legal, and IT resources, and other expense items.
[2] Assets not allocated to the reportable segments and eliminations of intercompany transactions.
[3] Unallocated expenses consist of costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, costs associated with our global information technology transition initiatives, and other costs.
v3.25.2
Weighted Average Shares Outstanding - Computation (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Weighted average common shares outstanding:        
Weighted average common shares outstanding - basic 151.6 147.4 151.6 146.3
Effect of dilutive securities:        
Stock options and restricted stock units 0.1 0.6 0.2 0.7
Weighted average common shares outstanding - diluted 151.7 148.0 151.8 147.0
v3.25.2
Weighted Average Shares Outstanding - Anti-Dilutive Stock Options (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Employee Stock Option        
Anti-dilutive securities        
Number of shares excluded from the computation of diluted earnings per share 0.5 0.2 0.4 0.2
Unvested Restricted Stock Units        
Anti-dilutive securities        
Number of shares excluded from the computation of diluted earnings per share 0.6 0.0 0.6 0.0
v3.25.2
Other Charges, Net - Components of other charges (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring and Related Activities [Abstract]        
Acquisition-related expenses, net [1] $ 2.8 $ 17.5 $ 9.0 $ 21.6
Acquisition-related litigation charges 4.0 1.4 22.6 1.5
Restructuring charges 2.9 1.2 10.5 4.7
Information technology transformation costs [2] 2.8 1.9 5.8 2.7
Other 1.9 1.0 3.4 3.4
Other charges, net $ 14.4 $ 23.0 $ 51.3 $ 33.9
[1] Acquisition-related expenses relate primarily to transaction costs on potential and consummated acquisitions, integration costs of newly acquired entities, and stock-based compensation expense related to the fair value changes of hybrid instruments.
[2] The Information technology (“IT”) transformation costs are related to an IT transformation initiative that is a multi-year project aimed at updating and integrating our global enterprise resource planning and human resource information systems.
v3.25.2
Restructuring - Summary of restructuring costs by segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring charges        
Restructuring expenses $ 7.3 $ 6.1 $ 17.5 $ 13.3
Corporate        
Restructuring charges        
Restructuring expenses $ 1.2 $ 0.0 $ 1.2 $ 0.6
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Other charges, net Other charges, net Other charges, net Other charges, net
Cost of revenues        
Restructuring charges        
Restructuring expenses $ 4.4 $ 4.9 $ 7.0 $ 8.6
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Total cost of revenue Total cost of revenue Total cost of revenue Total cost of revenue
Cost of revenues | BSI BioSpin        
Restructuring charges        
Restructuring expenses $ 0.2 $ 0.2 $ 1.2 $ 0.3
Cost of revenues | BSI CALID        
Restructuring charges        
Restructuring expenses 0.6 0.8 1.8 0.8
Cost of revenues | BSI Nano        
Restructuring charges        
Restructuring expenses 3.6 3.9 4.0 7.5
Other charges, net        
Restructuring charges        
Restructuring expenses $ 2.9 $ 1.2 $ 10.5 $ 4.7
Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Other charges, net Other charges, net Other charges, net Other charges, net
Other charges, net | BSI BioSpin        
Restructuring charges        
Restructuring expenses $ (2.5) $ 0.2 $ 3.3 $ 0.2
Other charges, net | BSI CALID        
Restructuring charges        
Restructuring expenses 2.2 (0.1) 3.2 (0.1)
Other charges, net | BSI Nano        
Restructuring charges        
Restructuring expenses $ 2.0 $ 1.1 $ 2.8 $ 4.0
v3.25.2
Restructuring - Restructuring reserves (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Balance at the beginning of the period $ 7.2
Restructuring charges 13.7
Cash payments (12.1)
Other, non-cash adjustments and foreign currency effect 0.9
Balance at the end of the period 9.7
Severance  
Restructuring Reserve [Roll Forward]  
Balance at the beginning of the period 4.6
Restructuring charges 11.6
Cash payments (7.8)
Other, non-cash adjustments and foreign currency effect 0.8
Balance at the end of the period 9.2
Exit Costs  
Restructuring Reserve [Roll Forward]  
Balance at the beginning of the period 2.6
Restructuring charges 2.1
Cash payments (4.3)
Other, non-cash adjustments and foreign currency effect 0.1
Balance at the end of the period $ 0.5
v3.25.2
Restructuring - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 7.3 $ 6.1 $ 17.5 $ 13.3
BCA Restructuring Program        
Restructuring Cost and Reserve [Line Items]        
Impairment charge against operating lease right of use assets 0.0 0.3 0.0 1.5
Severance and Termination Charges | BCA Restructuring Program        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 0.7 2.6 1.2 6.5
Severance and Termination Payments | BCA Restructuring Program        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 0.7 3.7 3.7 10.7
Product Restructuring Costs | BCA Restructuring Program        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 2.5 $ 1.9 $ 2.5 $ 4.7
v3.25.2
Interest and Other Income (Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Income and Expenses [Abstract]        
Interest income $ 2.7 $ 2.4 $ 5.8 $ 5.0
Interest expense (15.7) (15.7) (28.8) (20.7)
Impairment of minority investments 0.0 (20.2) (1.9) (20.2)
Exchange gains (losses), net on foreign currency transactions 1.4 9.0 5.7 17.9
Other income 0.2 0.3 1.1 0.6
Interest and other income (expense), net $ (11.4) $ (24.2) $ (18.1) $ (17.4)
v3.25.2
Provision for Income Taxes - Components of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax provision (benefit) $ (3.1) $ 16.1 $ 5.6 $ 35.9
Effective tax rates [1]   67.40% 21.90% 37.60%
Penalties and interest (recorded in provision for income taxes for unrecognized tax benefits) $ 0.8 $ (3.4) $ 1.2 $ (2.2)
[1] For the three months ended June 30, 2025, the rate is not meaningful and was due to one-time favorable discrete events recorded during the period. The decrease in the Company's effective tax rate for the six months June 30, 2025 was primarily due to changes in jurisdictional mix and net favorable discrete activities.
v3.25.2
Provision for Income Taxes - Components of Unrecognized Tax Benefits and Accrued Interest and Penalties (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Unrecognized tax benefits [1] $ 72.1 $ 63.7
Accrued interest and penalties [2] $ 6.6 $ 5.3
[1] This excludes penalties and interest. If these unrecognized tax benefits were recognized, there would be a reduction of the Company's effective tax rate.
[2] These are related to uncertain tax positions and were included in other long-term liabilities on the Company's unaudited condensed consolidated balance sheets.
v3.25.2
Provision for Income Taxes - Additional Information (Details)
 3 Months Ended 6 Months Ended
Jul. 18, 2025
Jul. 17, 2025
Jun. 30, 2025
Jun. 30, 2025
Provision for Income Taxes        
Statutory tax rate (as a percent)       21.00%
Change in tax rate - foreign jurisdictions (as a percent)       7.50%
Change in tax rate     2.30% 2.30%
Germany        
Provision for Income Taxes        
Statutory tax rate (as a percent)       30.00%
Germany | Subsequent Event        
Provision for Income Taxes        
Change in tax rate - foreign jurisdictions (as a percent) 10.00% 15.00%    
Switzerland        
Provision for Income Taxes        
Statutory tax rate (as a percent)       20.00%
v3.25.2
Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 427.4 $ 388.7
Work-in-process 394.0 348.9
Finished goods 273.2 228.5
Demonstration units 123.7 101.7
Total Inventories 1,218.3 1,067.8
Inventory-in-transit $ 77.9 $ 53.6
v3.25.2
Other Current Assets - Schedule of other current assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other Assets [Abstract]    
Unbilled receivables $ 112.4 $ 93.6
Income and other taxes receivable (note 12) 99.4 34.5
Prepaid expenses 49.7 35.1
Deposits with vendors 32.8 26.1
Interest rate cross-currency swap agreements (note 17) 7.3 10.7
Lease receivable 4.3 7.6
Other assets 23.9 28.9
Other current assets $ 329.8 $ 236.5
v3.25.2
Debt - Components (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt    
Unamortized debt issuance costs $ (2.8) $ (3.1)
Total notes and loans outstanding 2,416.0 2,076.8
Total debt 2,435.3 2,094.3
Current portion of long-term debt and finance lease obligations (55.7) (32.5)
Total long-term debt, less current portion 2,379.6 2,061.8
CHF loan due 2027    
Debt    
Debt, before unamortized debt issuance costs 181.9 162.1
CHF loan due 2029    
Debt    
Debt, before unamortized debt issuance costs 183.1 162.1
CHF loan due 2031    
Debt    
Debt, before unamortized debt issuance costs [1] 189.0 165.2
2019 Term Loan Agreements With Baloon Payment Due December 2026    
Debt    
Debt, before unamortized debt issuance costs 255.8 263.3
Note Purchase Agreements Under 2024 Notes Due April 15, 2034    
Debt    
Debt, before unamortized debt issuance costs [1] 63.0 55.1
Note Purchase Agreements Under 2024 Notes Due April 15, 2036    
Debt    
Debt, before unamortized debt issuance costs [1] 246.9 215.9
Note Purchase Agreements Under 2024 Notes Due April 15, 2039    
Debt    
Debt, before unamortized debt issuance costs [1] 233.1 203.8
Note Purchase Agreements Under 2021 Notes Due December 8, 2031    
Debt    
Debt, before unamortized debt issuance costs [1] 378.0 330.5
Note Purchase Agreements Under 2019 Notes Due December 11, 2029    
Debt    
Debt, before unamortized debt issuance costs [1] 374.2 327.2
Note Purchase Agreements Under 2021 Notes Due December 8, 2031    
Debt    
Debt, before unamortized debt issuance costs [1] 176.5 155.3
2024 Revolving Credit Agreement    
Debt    
Debt, before unamortized debt issuance costs [2] 122.1 27.5
Other loan    
Debt    
Debt, before unamortized debt issuance costs 15.2 11.9
Finance lease obligations    
Debt    
Total debt $ 19.3 $ 17.5
[1] The fair value of the Company's long-term fixed interest rate debt was $1,426.7 million and $1,278.9 million as of June 30, 2025, and December 31, 2024, respectively.
[2] Subsequent to June 30, 2025, and up until the date of filing this Quarterly Report on Form 10-Q, the Company borrowed approximately $457.4 million of debt under the 2024 Amended and Restated Revolving Credit Agreement. Any debt outstanding under the 2024 Amended and Restated Revolving Credit Agreement is due at the end of its term in January 2029, and borrowings under this agreement may also be prepaid, at the Company’s option, in whole or in part without premium or penalty.
v3.25.2
Debt - Components (Parenthetical) (Details)
€ in Millions, SFr in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
CHF (SFr)
Jun. 30, 2025
EUR (€)
Jun. 30, 2024
USD ($)
Jul. 01, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Repayments of debt | $ $ 22.3     $ 118.0    
Maximum borrowing capacity | $ 1,084.0          
Long-term fixed interest rate debt | $ 1,426.7         $ 1,278.9
2024 Amended and Restated Credit Agreement | Subsequent Event            
Debt Instrument [Line Items]            
Maximum borrowing capacity | $         $ 457.4  
2019 Term Loan Agreement With Quarterly Payment Due December 2026            
Debt Instrument [Line Items]            
Quarterly payments of loan | $ $ 3.8          
Note Purchase Agreements Under 2024 Notes Due April 15, 2034            
Debt Instrument [Line Items]            
Note purchase agreements, amount [1]   SFr 50        
Debt Instrument, Interest Rate During Period [1] 2.56% 2.56% 2.56%      
Note Purchase Agreements Under 2024 Notes Due April 15, 2036            
Debt Instrument [Line Items]            
Note purchase agreements, amount [1]   SFr 146        
Debt Instrument, Interest Rate During Period [1] 2.62% 2.62% 2.62%      
Note Purchase Agreements Under 2024 Notes Due April 15, 2036 One            
Debt Instrument [Line Items]            
Note purchase agreements, amount [1]   SFr 50        
Debt Instrument, Interest Rate During Period [1] 2.60% 2.60% 2.60%      
Note Purchase Agreements Under 2024 Notes Due April 15, 2039            
Debt Instrument [Line Items]            
Note purchase agreements, amount [1]   SFr 135        
Debt Instrument, Interest Rate During Period [1] 2.71% 2.71% 2.71%      
Note Purchase Agreements Under 2024 Notes Due April 15, 2039 One            
Debt Instrument [Line Items]            
Note purchase agreements, amount [1]   SFr 50        
Debt Instrument, Interest Rate During Period [1] 2.62% 2.62% 2.62%      
Note Purchase Agreements Under 2021 Notes Due December 8, 2031            
Debt Instrument [Line Items]            
Note purchase agreements, amount [1]   SFr 300        
Debt Instrument, Interest Rate During Period [1] 0.88% 0.88% 0.88%      
Note Purchase Under 2019 Notes Due December 11, 2029            
Debt Instrument [Line Items]            
Note purchase agreements, amount [1]   SFr 297        
Debt Instrument, Interest Rate During Period [1] 1.01% 1.01% 1.01%      
Note Purchase Agreements Under 2021 Notes Due December 8, 2031            
Debt Instrument [Line Items]            
Note purchase agreements, amount | € [1]     € 150      
Debt Instrument, Interest Rate During Period [1] 1.03% 1.03% 1.03%      
[1] The fair value of the Company's long-term fixed interest rate debt was $1,426.7 million and $1,278.9 million as of June 30, 2025, and December 31, 2024, respectively.
v3.25.2
Debt - Debt Borrowings and Repayments from Long-Term Debt (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]    
Proceeds from long-term debt $ 2.9 $ 805.7
Proceeds from long-term debt, Other 2.9 4.1
Repayment of long-term debt (22.3) (118.0)
Repayment of long-term debt, Other (9.2) (10.5)
CHF Notes Under Various 2024 Note Purchase Agreements    
Debt Instrument [Line Items]    
Proceeds from long-term debt 0.0 472.1
CHF Notes Under the 2024 Term Loan Agreement    
Debt Instrument [Line Items]    
Proceeds from long-term debt 0.0 329.5
Repayment of long-term debt (5.6) 0.0
USD notes under the 2012 Note Purchase agreement    
Debt Instrument [Line Items]    
Repayment of long-term debt 0.0 (100.0)
USD notes under the 2019 Term Loan Agreement    
Debt Instrument [Line Items]    
Repayment of long-term debt $ (7.5) $ (7.5)
v3.25.2
Debt - Revolving Loan Arrangements (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Revolving lines of credit  
Total Amount Committed by Lenders $ 1,084.0
Outstanding Borrowings 122.1
Outstanding Letters of Credit 184.7
Total Amount Available $ 777.2
Amended and Restated Credit Agreement | Domestic Line Of Credit  
Revolving lines of credit  
Weighted Average Interest Rate (as a percent) 0.43%
Total Amount Committed by Lenders $ 900.0
Outstanding Borrowings 122.1
Outstanding Letters of Credit 0.7
Total Amount Available 777.2
Bank guarantees and working capital line  
Revolving lines of credit  
Total Amount Committed by Lenders 184.0
Outstanding Letters of Credit $ 184.0
v3.25.2
Fair Value of Financial Instruments - Hierarchy (Details) - Recurring basis - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Time deposits and money market funds $ 0.6 $ 17.2
Interest rate and cross-currency swap agreements (note 17) $ 9.2 $ 21.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Current Other Assets, Current
Forward currency contracts $ 0.2 $ 6.0
Total assets recorded at fair value 10.0 45.0
Liabilities:    
Contingent consideration (note 18) 13.9 17.3
Hybrid instruments liabilities (note 19) 83.6 78.1
Interest rate and cross-currency swap agreements (note 17) $ 42.8 $ 17.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Forward currency contracts $ 3.3 $ 0.5
Equity interest purchase option liability [1] 17.0 14.9
Total liabilities recorded at fair value 160.6 128.0
Quoted Prices in Active Markets Available (Level 1)    
Assets:    
Time deposits and money market funds 0.6 0.0
Total assets recorded at fair value 0.6 0.0
Significant Other Observable Inputs (Level 2)    
Assets:    
Time deposits and money market funds   17.2
Interest rate and cross-currency swap agreements (note 17) $ 9.2 $ 21.8
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Current Other Assets, Current
Forward currency contracts $ 0.2 $ 6.0
Total assets recorded at fair value 9.4 45.0
Liabilities:    
Interest rate and cross-currency swap agreements (note 17) $ 42.8 $ 17.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Forward currency contracts $ 3.3 $ 0.5
Total liabilities recorded at fair value 46.1 17.7
Significant Unobservable Inputs (Level 3)    
Assets:    
Total assets recorded at fair value 0.0 0.0
Liabilities:    
Contingent consideration (note 18) 13.9 17.3
Hybrid instruments liabilities (note 19) 83.6 78.1
Equity interest purchase option liability [1] 17.0 14.9
Total liabilities recorded at fair value $ 114.5 $ 110.3
[1] Equity interest purchase option liability is related to NovAliX, refer to Note 4, Minority and equity-method investments, for more information.
v3.25.2
Derivative Instruments and Hedging Instruments - Risk Management (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Embedded derivatives in purchase and delivery contracts    
Notional Amount $ 2,926.0 $ 2,636.8
U.S. to Swiss Franc cross-currency and interest rate swap agreements    
Embedded derivatives in purchase and delivery contracts    
Notional Amount 127.9  
U.S. to Euro cross-currency and interest rate swap agreements    
Embedded derivatives in purchase and delivery contracts    
Notional Amount $ 127.9  
v3.25.2
Derivative Instruments and Hedging Instruments - Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) $ (252.9) $ 1.6
Derivative, Notional Amount 2,926.0 2,636.8
Designated as hedging instrument    
Derivative instruments and hedging activities    
Derivative Liability $ (42.8) $ (17.2)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
Derivative Assets (Liabilities) $ (249.8) $ (3.9)
Derivative, Notional Amount 1,916.5 1,716.3
Designated as hedging instrument | Other current assets    
Derivative instruments and hedging activities    
Derivative Asset $ 7.3 $ 10.7
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets
Designated as hedging instrument | Other assets    
Derivative instruments and hedging activities    
Derivative Asset $ 1.9 $ 11.1
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other long-term assets Other long-term assets
Designated as hedging instrument | Long-term debt    
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) $ (216.2) $ (8.5)
Derivative Asset, Notional Amount 1,660.7 1,453.0
Designated as hedging instrument | Interest rate and cross currency swap agreements    
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) (33.6) 4.6
Derivative Asset, Notional Amount 255.8 263.3
Not designated as hedging instruments    
Derivative instruments and hedging activities    
Derivative Assets (Liabilities) (3.1) 5.5
Derivative Asset, Notional Amount 1,009.5 920.5
Not designated as hedging instruments | Forward currency contract    
Derivative instruments and hedging activities    
Derivative Asset 0.2 6.0
Derivative Liability $ (3.3) $ (0.5)
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Derivative Asset, Notional Amount $ 52.9 $ 841.9
Derivative Liability, Notional Amount $ 956.6 $ 78.6
Not designated as hedging instruments | Forward currency contract | Other current assets    
Derivative instruments and hedging activities    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets
v3.25.2
Derivative Instruments and Hedging Instruments - Income and Comprehensive Income Statement (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses $ (22.3) $ (2.9) $ (14.7) $ 2.0
Not designated as hedging instruments        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses (25.3) (6.9) (20.9) (6.2)
Not designated as hedging instruments | Forward currency contract        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses (26.2) (7.1) (22.0) (5.1)
Not designated as hedging instruments | Embedded derivatives in purchase and delivery contracts        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses $ 0.9 $ 0.2 $ 1.1 $ (1.1)
Not designated as hedging instruments | Interest and other income (expense), net | Forward currency contract        
Derivative instruments and hedging activities        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net
Not designated as hedging instruments | Interest and other income (expense), net | Embedded derivatives in purchase and delivery contracts        
Derivative instruments and hedging activities        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net
Designated as hedging instrument        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses $ 3.0 $ 4.0 $ 6.2 $ 8.2
Designated as hedging instrument | Accumulated other comprehensive income        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses (148.9) (7.5) (187.5) 54.6
Designated as hedging instrument | Cash Flow Hedging | Interest rate and cross currency swap agreements        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses 1.8 2.6 3.7 5.3
Designated as hedging instrument | Cash Flow Hedging | Accumulated other comprehensive income | Interest rate and cross currency swap agreements        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses $ (1.4) $ (0.9) $ (3.5) $ 0.5
Designated as hedging instrument | Cash Flow Hedging | Interest and other income (expense), net | Interest rate and cross currency swap agreements        
Derivative instruments and hedging activities        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net
Designated as hedging instrument | Net Investment Hedging        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses $ (1.4) $ (0.9) $ (3.5) $ 0.5
Designated as hedging instrument | Net Investment Hedging | Interest rate and cross currency swap agreements        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses 1.2 1.4 2.5 2.9
Designated as hedging instrument | Net Investment Hedging | Accumulated other comprehensive income        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses (147.5) (6.6) (184.0) 54.1
Designated as hedging instrument | Net Investment Hedging | Accumulated other comprehensive income | Interest rate and cross currency swap agreements        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses (20.6) (0.3) (26.0) 9.9
Designated as hedging instrument | Net Investment Hedging | Accumulated other comprehensive income | Long-term debt        
Derivative instruments and hedging activities        
Impact on net income of unrealized gains and losses $ (126.9) $ (6.3) $ (158.0) $ 44.2
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total Comprehensive income Total Comprehensive income Total Comprehensive income Total Comprehensive income
Designated as hedging instrument | Net Investment Hedging | Interest and other income (expense), net | Interest rate and cross currency swap agreements        
Derivative instruments and hedging activities        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net Interest and other income (expense), net
v3.25.2
Contingent Consideration - Schedule of Changes in Contingent Consideration Liabilities (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance at Beginning $ 17.3
Current period additions 0.0
Current period adjustments 0.9
Current period settlements (5.0)
Foreign currency effect 0.7
Balance at End $ 13.9
v3.25.2
Hybrid Instruments Liabilities - Schedule of Changes in Hybrid Instrument Liability (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Hybrid instruments liabilities  
Balance at Beginning $ 17.3
Acquisitions 0.0
Current period adjustments 0.9
Current period settlements 5.0
Foreign currency effect 0.7
Balance at End 13.9
Hybrid instrument  
Hybrid instruments liabilities  
Balance at Beginning 78.1
Acquisitions 0.0
Current period adjustments 1.7
Current period settlements 0.0
Foreign currency effect 3.8
Balance at End $ 83.6
v3.25.2
Hybrid Instruments Liabilities - Schedule of Fair Value Measurements of Hybrid Instrument Liabilities (Details) - Significant Unobservable Inputs (Level 3) - Valuation Technique, Option Pricing Model - Hybrid instrument
 6 Months Ended
Jun. 30, 2025
Revenue Risk Premium  
Derivatives, Fair Value [Line Items]  
Weighted Average 10.60% [1]
Revenue Risk Premium | Minimum  
Derivatives, Fair Value [Line Items]  
Range 1.60%
Revenue Risk Premium | Maximum  
Derivatives, Fair Value [Line Items]  
Range 12.60%
EBITDA Risk Premium  
Derivatives, Fair Value [Line Items]  
Weighted Average 21.40% [1]
EBITDA Risk Premium | Minimum  
Derivatives, Fair Value [Line Items]  
Range 10.10%
EBITDA Risk Premium | Maximum  
Derivatives, Fair Value [Line Items]  
Range 25.10%
[1] Unobservable inputs were weighted by the relative fair value of the hybrid instrument liabilities.
v3.25.2
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Letters of Credit and Guarantees    
Accrual for legal matters $ 27.3 $ 86.0
Loss Contingency, Settlement Agreement, Terms The settlement includes an agreement by the Company to pay $68.0 million to 10x in four equal quarterly installments, beginning in third quarter of 2025 and, effective as of the settlement date, the Company will pay royalties on sales of GeoMx and CosMx products until the expiration of the applicable licensed patents.  
Settlement agreement, Date May 12, 2025  
Litigation settlement, Amount $ 68.0  
Payments for litigation settlement, amount $ 68.0  
v3.25.2
Shareholders' Equity - Share Repurchase Program (Details) - USD ($)
$ / shares in Units, $ in Millions
Jun. 30, 2025
May 31, 2023
Shareholders' Equity    
Common stock, shares issued 182,695,537  
Common stock, shares outstanding 151,715,927  
Common stock, shares authorized 260,000,000  
Common stock, par value (in dollars per share) $ 0.01  
Preferred stock, shares issued 0  
Preferred stock, shares outstanding 0  
Preferred stock, shares authorized 5,000,000  
Preferred stock, par value (in dollars per share) $ 0.01  
Treasury stock, shares 30,979,610  
May 2023 Repurchase Program    
Shareholders' Equity    
Amount approved for repurchase of common stock   $ 500.0
v3.25.2
Shareholders' Equity - Public Offering (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
May 31, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Class of Stock [Line Items]        
Common stock, par value (in dollars per share)     $ 0.01  
Net proceeds     $ 5.3 $ 408.6
Common Stock        
Class of Stock [Line Items]        
Issuance of common stock (in shares)   6,000,000    
Underwriting Agreement        
Class of Stock [Line Items]        
Common stock, par value (in dollars per share) $ 67.29      
Net proceeds $ 403.0      
Underwriting Agreement | Common Stock        
Class of Stock [Line Items]        
Issuance of common stock (in shares) 6,000,000      
v3.25.2
Shareholders' Equity - Schedule of Purchase Activity under the 2023 repurchase program (Details) - May 2023 Repurchase Program - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Class of Stock [Line Items]        
Shares purchased 0 0 200,731 0
Aggregate cost of common stock repurchased during the period $ 0.0 $ 0.0 $ 10.0 $ 0.0
Dollar value of shares that may yet be purchased under the program [1] $ 359.9 $ 369.9 $ 359.9 $ 369.9
[1] Authorization for the remaining $359.9 million on the 2023 Repurchase Program expired in May 2025.
v3.25.2
Shareholders' Equity - Schedule of Purchase Activity under the 2023 repurchase program (Parenthetical) (Details)
$ in Millions
May 31, 2025
USD ($)
May 2023 Repurchase Program  
Class of Stock [Line Items]  
Remaining authorization amount for repurchase of common stock $ 359.9
v3.25.2
Shareholders' Equity - Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense $ 5.7 $ 5.1 $ 11.3 $ 10.0
Additional information        
Weighted average remaining service period     2 years 3 months 18 days  
Expected pre-tax stock-based compensation expense $ 3.5   $ 3.5  
2026 Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Number of shares authorized 12,000,000   12,000,000  
Number of additional awards authorized     0  
2016 Incentive Compensation Plan        
Additional information        
Weighted average remaining service period     2 years 3 months 18 days  
Expected pre-tax stock-based compensation expense $ 36.1   $ 36.1  
Cost of product revenue        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense 0.5 0.4 1.1 0.8
Selling, general and administrative        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense 4.5 4.1 8.8 8.0
Research and development        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense 0.7 0.6 1.4 1.2
Other charges, net        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense 0.7 1.7 1.3 2.2
Employee Stock Option        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense 0.5 0.4 1.0 0.9
Restricted stock units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense 4.8 4.4 9.5 8.6
Employee Stock Purchase Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Stock-based compensation expense $ 0.4 $ 0.3 $ 0.8 $ 0.5