The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Rachel Vatnsdal - JPMorgan - Analyst
: Perfect. Thank you, Frank for that presentation. So I wanted to first start off with some of the announcement you gave us on the 4Q preannouncement.
Obviously, you beat on revenues. You talked about solid bookings within BSI. So can you provide some more color for us on what drove the quarter,
but also what did you see from an orders perspective, especially relative to 3Q?
Question: Rachel Vatnsdal - JPMorgan - Analyst
: Great. Maybe just sticking on that topic, China, since you bring it up already, you spoke a little bit about how China has been a key growth driver
in the last few years. It's been really beneficial, especially for Bruker's portfolio, but a little bit more lack of visibility as we go forward for the next
10 years. So walk us through what's embedded in your current mid- to long-term targets within China. And how are you thinking about the
importance of that market going forward?
Question: Rachel Vatnsdal - JPMorgan - Analyst
: Yeah. Understandable. Maybe you mentioned geopolitics --?
Question: Rachel Vatnsdal - JPMorgan - Analyst
: Yeah. So you mentioned geopolitics kind of brings us to the election that we had in the US a few months ago. I think that's a topic that many even
investors have cared about. One of the things that we've been asked frequently about is just NIH funding.
Obviously, you guys have some exposure there. Maybe it's not quite as much as some investors had thought. So can you kind of level set us on
expectations of what is your current direct and indirect exposure to US NIH funding? And also, what are your latest expectations on that?
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JANUARY 13, 2025 / 11:45PM, BRKR.OQ - Bruker Corp at JPMorgan Healthcare Conference
Question: Rachel Vatnsdal - JPMorgan - Analyst
: It's all helpful. Maybe just in terms of your prepared remarks around the post-genomic era, one of the areas that you highlighted was spatial. You
recently announced the Spatial Biology division to support this. So could you spend a minute talking about some of the innovation that Bruker
has done within that special market? And what can we expect from a product launch perspective this year?
Question: Rachel Vatnsdal - JPMorgan - Analyst
: Perfect. That's helpful. Maybe then just on 2025, you talked about how you expect at least upper-mid-single-digit constant exchange revenue
growth in 2025 based of that low single-digit market assumption. You also alluded to over 125 basis points of operating margin expansion. So can
you just walk us through some of the puts and takes there, especially on the margin line? What are some of the levers that play there that we should
be considering, whether it's FX that you mentioned as well?
Question: Rachel Vatnsdal - JPMorgan - Analyst
: Perfect. That's great. And with that, we are out of time. So thank you, Frank, and management team, and thank you, everyone, for joining us as well.
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