Bruker Corporation (NASDAQ: BRKR)

Q1 2017 Earnings Presentation

Frank Laukien, President & CEO

Anthony Mattacchione, SVP & CFO

Miroslava Minkova, Head of Investor Relations May 3, 2017

Innovation with Integrity

BRUKER CORPORATION

Safe Harbor & Reg. G Statement

Any statements contained in this presentation that do not describe historical facts may constitute

forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Any forward-looking statements contained herein are based on current expectations, but are subject to

risks and uncertainties that could cause actual results to differ materially from those indicated, including,

but not limited to, risks and uncertainties relating to adverse changes in conditions in the global economy

and volatility in the capital markets, the integration of businesses we have acquired or may acquire in the

future, fluctuations in foreign currency exchange rates, our ability to successfully implement restructuring

initiatives, changing technologies, product development and market acceptance of our products, the cost

and pricing of our products, manufacturing, competition, dependence on collaborative partners, key

suppliers and contract manufacturers, capital spending and government funding policies, changes in

governmental regulations, the use and protection of intellectual property rights, litigation, and other risk

factors discussed from time to time in our filings with the Securities and Exchange Commission, or SEC.

These and other factors are identified and described in more detail in our filings with the SEC, including,

without limitation, our annual report on Form 10-K for the year ended December 31, 2016 and

subsequently filed Quarterly reports on Form 10-Q. We expressly disclaim any intent or obligation to

update these forward-looking statements other than as required by law. We will also be referencing non-

GAAP financial measures in this presentation. A reconciliation of non-GAAP to GAAP results is available in

our earnings press release and in this presentation.

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Business Update

Q1 2017

3

Q1-2017 Performance

Revenue increase of +$10M, or +2.5% y-o-y

− Acquisitions add +5.3% y-o-y

− FX lowers revenue by -2.0% y-o-y

Organic revenue down -0.8% y-o-y, due to 1GHz NMR

revenue in Q1-16, and weak 2016 European orders

Non-GAAP gross margin expands +90 bps y-o-y

Non-GAAP operating margin expands +20 bps

GAAP EPS of $0.13, compared to $0.14 in Q1-16

Non-GAAP EPS of $0.19, compared to $0.21 in Q1-16

− Non-GAAP eff. tax rate 30.6%, vs. 17.7% in Q1-16

Q1 Financials

4

Revenues [$M]

375 385

Q1-16 Q1-17

Non-GAAP EPS

Q1-2017: Reported revenue and gross margins

improve y-o-y

+2.5%

-10%

$0.21

$0.19

Q1-16

Q1-17

Bruker BIOSPIN Group

BIOSPIN low-single digit constant currency revenue growth,

notwithstanding 1GHz NMR revenue in Q1-16

Solid NMR revenue more than offsets weak preclinical imaging

Strong after-market revenue growth with LabScape™

CALID constant currency revenue down mid- to high-single digits,

operating margins up y-o-y

Daltonics orders stabilize in Q1-17; favorable mix and 2016

restructuring push margins higher

Optics revenues and margins higher y-o-y

Detection revenue and operating profit down significantly due to a

large Q1-16 Middle East contract

GROUP OVERVIEW:

Q1-2017 Operating Performance

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Bruker CALID Group

Bruker NANO Group

NANO high single digit constant currency revenue growth

AXS revenue growth after weak prior year; 2016 restructuring drives

margin expansion

Nano Surfaces revenue growth with Hysitron acquisition (acquired late

January 2017)

Semiconductor metrology revenue up y-o-y on Automated AFM demand

BEST Segment

BEST revenue higher on B-OST acquisition in November 2016; core

BEST revenue up modestly

Demand for superconducting materials drives BEST results

B-OST revenue slightly better than expected; good demand for B-OST

Rod Restack Process (RRP) high-field wire

GROUP OVERVIEW:

Q1-17 Operating Performance

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Innovation with Integrity

Bruker Innovation:

AVANCETM NEO NMR Research Platform

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NEW AVANCETM NEO NMR Console

Bruker’s most significant NMR console

introduction in a decade

Significant capabilities expansion:

− Frequency to 1.2 GHz & beyond

− Multi-channel/multi-receiver architecture

− Faster control, improved dynamic range and enhanced flexibility and scalability

Starts an upgrade cycle for older consoles

Launched at ENC 2017 in March

Innovation with Integrity

Bruker Innovation: Carbapenem resistance assay on

MALDI Biotyper; fast PCR assays without culture

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MBT Star®-Carba IVD Launched:

First CE-IVD diagnostic assay for mass spec-based

antibiotic resistance testing at ECCMID 2017

Tests for resistance to carbapenem antibiotics

Functional test results independent of precise gene

involved in beta-lactamase resistance

Leverages MALDI Biotyper installed base

Fast, High-value PCR Assays Launched:

Fungiplex Aspergillus and Carbaplex resistance gene

assays launched at ECCMID 2017 by Glasgow team

Time-to-result only 2-3 hours, without culture

Runs on standard real-time PCR readers

CE-IVD marked for Europe

High clinical value: expected to improve outcomes

for ICU and organ transplant patients, or save

unnecessary and expensive anti-fungals

*Available in Europe

2017 Key Priorities

Resume Revenue Growth via a combination of

organic growth and M&A contributions

Sustain Margin Expansion as we continue our

Operational & Commercial Excellence journey

Continue to Strengthen Systems and insights by

harmonizing processes, ERP and CRM platforms

Invest in profitable growth in four strategic growth

areas with fundamentally higher GPMs

Thoughtfully Deploy Capital for sustainable

shareholder returns

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Financial Update

Q1 2017

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NON-GAAP FINANCIAL PERFORMANCE:

Q1-2017 Overview

[$ m, except EPS] Q1-2017 Q1-2016 Δ

Revenues 384.9 375.4 +2.5%

Operating Income 49.2 47.3 +4%

Margin (%) 12.8% 12.6% +20bps

Non-GAAP EPS $0.19 $0.21 -10%

Free Cash Flow 21.1 -22.0 +43.1m

[$ m] Mar 31, 2017 Mar 31, 2016 Δ

Net Cash 79.7 118.3 -33%

Working capital (WC)* 607.1 598.4 +1%

WC-to-revenue ratio $0.37 $0.36 +3%

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COMMENTS

Reported revenue up 2.5%,

organic revenue stabilizing

Gross margin expands +90

bps, operating margin up

+20 bps

2016 restructuring yields

results

EPS declines due to

unusually low effective tax

rate in Q1-16, and 1GHz

NMR in Q1-16

Free cash flow +$21.1M

2016 share buybacks,

dividends, and M&A result in

lower net cash

Working capital up +1% with

acquisitions

* WC = (Accounts Receivable + Inventory - Accounts Payable)

Q1 2016 Organic Currency Portfolio Q1 2017

$375.4M $384.9M

Q1 2017 Revenue Bridge

Organic Currency Portfolio Total

-0.8% -2.0% +5.3% +2.5%

Reported revenue +2.5%

Organic revenue decline of

-0.8%. Reflects soft EU

orders in 2016 and 1 GHz

NMR revenue in Q1-16

B-OST, Hysitron and

InVivo acquisitions add

+5.3% to revenue growth

Foreign currency

translation negative by

-$7.3M, or -2.0%

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Q1 2017 DRIVERS

Q1-2017 Revenue Bridge [$M]

-$2.9M -$7.3M +$19.7M

Q1 2017 Revenue for Bruker Corporation

Q1 2017 Non-GAAP Results

[$ m, except EPS] Q1 2017 Q1 2016 Δ

Total Revenues 384.9 375.4 +2.5%

Gross Profit 183.4 175.4 +5% Margin (% of revenues) 47.6% 46.7% +90 bps

SG&A -96.6 -92.0 +5%

(% of revenues) 25.1%

24.5%

R&D -37.6 -36.1 +4% (% of revenues) 9.8% 9.6%

Operating Income 49.2 47.3 +4%

(% of revenues) 12.8% 12.6% +20 bps

Tax Rate 30.6% 17.7% NM

Net Income* 29.9 34.3 -13%

EPS $0.19 $0.21 -10%

Shares Outstanding 160.5 164.3 -2%

Gross margin expansion of +90 bps driven by NMR price and efficiencies and 2016 restructuring at Daltonics and AXS

Operating margin up +20 bps, as operational improvements more than offset 1GHz NMR revenue in Q1-16

Q1-2017 effective tax rate 30.6% due to discrete tax items and the absence of 2016 valuation allowance reversals; full year rate ~25%

Higher effective tax rate lowers EPS vs. Q1-16

Share count lower due to 2016 share repurchases

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COMMENTS

* Attributable to Bruker Sum of items may not total due to rounding

Q1 2017 Cash Flow

[$ m] Q1 2017 Q1 2016 Δ

Net Income 21.7 23.6 -1.9

Depreciation & amortization 15.1 13.2 +1.9

Changes in working capital* 0.5 -1.3 +1.8

Other -4.7 -49.5 +44.8

Operating cash flow 32.6 -14.0 +46.6

Capital expenditures -11.5 -8.0 -3.5

Free cash flow 21.1 -22.0 +43.1

Y-o-y free cash flow

improvements driven by:

– Lower use of cash for

working capital needs

and customer advances

– Timing of incentive

compensation payments

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COMMENTS

* WC = (Accounts Receivable + Inventory - Accounts Payable)

2017 Outlook

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FY 2017 Guidance

Revenue Growth y-o-y +2% to +3.5%

Non-GAAP Operating Margin Expansion y-o-y(1)(2)

+40 bps to +70 bps

Non-GAAP EPS $1.05 - $1.09

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FY 2017 Guidance: No change to organic growth,

margin expansion and EPS outlook, except FX update

Organic revenue growth of

+1% to +2%

Acquisition revenue

growth: +3.5% to +4%

FX revenue headwind:

-2.5% (updated)

Non-GAAP tax rate: ~25%

Fully diluted share count:

~161M shares

Capex: ~$45M

FX assumptions as of

March 31st, 2017:

USD = 111.4 Yen

EUR = 1.07 USD

USD = 1.00 CHF

2017 ASSUMPTIONS

(1) From a FY16 non-GAAP operating margin of 14.8%.

(2)Includes approximately -40 bps cumulative negative effect from 2016 and January

2017 acquisitions. Excluding acquisitions, Bruker underlying non-GAAP operating

margin expected to expand by +80 bps to +110 bps in FY 2017.

Appendix

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Q1 2017 GAAP Results

[$M, except EPS] Q1 2017 Q1 2016 Δ

Total Revenues 384.9 375.4 +3%

Gross Profit 176.4 166.8 +6%

Margin (% of sales) 45.8% 44.4%

SG&A -98.1 -92.7 +6%

(% of revenues) 25.5% 24.7%

R&D -37.6 -36.1 +4%

(% of revenues) 9.8% 9.6%

Operating Income 37.6 34.0 +11%

(% of revenues) 9.8% 9.1%

Net Income* 21.6 23.6 -8%

EPS $0.13 $0.14 -7%

Shares Outstanding 160.5 164.3 -2%

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* Attributable to Bruker Sum of items may not total due to rounding

Q1 2017 Reconciliation of GAAP and

Non-GAAP Results

[$M, except EPS] Q1 2017 Q1 2016

GAAP Operating Income 37.6 34.0

Restructuring Costs 0.1 3.8

Acquisition-Related Costs 2.8 1.9

Purchased Intangible Amortization 6.9 5.4

Other Costs 1.8 2.2

TOTAL 11.6 13.3

Non-GAAP Operating Income 49.2 47.3

Non-GAAP Interest & Other Expense, net -6.0 -5.6

Non GAAP Profit Before Tax 43.2 41.7

Non-GAAP Income Tax Provision -13.2 -7.4

Non-GAAP Tax Rate 30.6% 17.7%

Minority Interest -0.1 0.0

Non-GAAP Net Income* 29.9 34.3

Non-GAAP EPS $0.19 $0.21

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Sum of items may not total due to rounding *Attributable to Bruker

Balance Sheet

[$M] Mar 31,

2017 Dec 31,

2016 Mar 31,

2016

Cash, Cash Equivalents & Short-term Investments

464.5 500.3 420.5

Financial Debt 384.8 411.7 302.2

Net Cash 79.7 88.6 118.3

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[$M] Mar 31,

2017 Dec 31,

2016 Mar 31,

2016

Total Assets 1,839.9 1,808.4 1,739.8

Working Capital* 607.1 598.2 598.4

Intangibles, Net & Other Long-Term Assets

334.8 293.4 275.4

* WC = (Accounts Receivable + Inventory - Accounts Payable)

Q1-17 GAAP SEGMENT RESULTS:

BSI and BEST GAAP Performance

[$ m] Q1 2017 Q1 2016 Δ

REVENUE

Scientific Instruments (BSI) 346.4 350.4 -1%

Organic Revenue Growth (%) -1.2% +6.2%

Energy & Supercon Technologies (BEST) 40.1 27.2 +47%

Organic Revenue Growth (%) +2.9% +0.2%

Corporate Eliminations -1.6 -2.2

Total Revenue 384.9 375.4 +2.5%

OPERATING INCOME

Scientific Instruments (BSI) 38.1 33.0 +15%

Energy & Supercon Technologies (BEST) -0.5 0.0 NM

Corporate Eliminations 0.0 1.0

Total Operating Income 37.6 34.0 +11%

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Sum of items may not total due to rounding