Bruker Corp at Leerink Partners Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Puneet Souda - Leerink Partners, LLC - Analyst : The news every week is not exactly improving, either if it's Columbia or if it's CSR or if it's NIH intramural layoffs. We just continue to get sort of a series of negative news. But just maybe help us understand how you're framing the US academic challenge here. It's not just NIH. Maybe just help us frame that. And how are you thinking about the orders and the sort of -- what you're seeing in the current quarter, just given the capital equipment -- heavy capital equipment that you have?

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Okay. No, that's very helpful. Maybe on the point of 8% reduction, maybe can you clarify? I mean, this is -- isn't this time more different than the COVID times? Obviously, we saw a sharp decline there, somewhat of a freezing. There weren't these anxiety prone researchers and labs, and they're just a constant sort of drumbeat of negative news. It was just frozen type of situation and people were then trying to return back to the labs when REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 12, 2025 / 3:20PM, BRKR.OQ - Bruker Corp at Leerink Partners Global Healthcare Conference they did the -- ordered those products. So maybe there was a little bit -- it seems like there was more certainty. I just wanted to understand sort of thinking behind the 8%.

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Okay, all right, that's very clear. Okay. So maybe just -- then switching gears to the potential. There was some news on the German side in terms of the Chancellor talking about potential, incoming German spending defense on the defensive spending side and Fusion research in Germany. Maybe just help us understand how large that opportunity. It doesn't look like it's going to be this year, but maybe just help us understand sort of the timing of that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 12, 2025 / 3:20PM, BRKR.OQ - Bruker Corp at Leerink Partners Global Healthcare Conference

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Yes, indeed. Indeed. The question around Europe, the other question that we're getting in as you would have expected it, just given the challenges that we're seeing, we're in the news in terms of steel, aluminum, and other tariffs, to what extent those tariffs extend into instrumentation. You obviously use a lot of -- I mean, if I could say, wires and things and capabilities that you have in order to manufacture in Europe, your presence, I believe, BioSpin CALID presence in manufacturing. Correct me if I'm wrong, it's Germany and maybe it's in Switzerland as well. Maybe just help us understand if there were further tariffs, things go back and forth and maybe in some situations, help us understand the dynamic and how much tariff -- how much exposure do you have there?

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Mexico, Canada, you mean?

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Yeah. What was -- could you just remind us your total European exposure overall? And I don't know if there's a way to fragment that into Germany versus Swiss, but --

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Yeah. So a number of ways to address, but it's going to take -- it could take some time two or three quarters, yeah.

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Got it. Okay.

Question: Puneet Souda - Leerink Partners, LLC - Analyst : I appreciate all that. And just given the -- since the majority of the discussion is still on macro, just on the CHIPS Act, there are some discussions of sort of rebranding it maybe. Again, it seems like technology is still very much important to White House and given the presence and the dominance of US and that. Maybe just -- does that -- are you hearing anything on that front? Or does that change any timelines in the way you provide your extra equipment into these facilities? And also maybe along the way, if you could talk about AI, if you're seeing any change in the sort of the demand dynamics there that you supply into some of the GPUs -- I mean, products that end up building --

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Got it. Listen, given all the questions that have been -- we unfortunately didn't get enough time to touch into or touch base into the proteomics, the post-genomics era, but maybe at a high level. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 12, 2025 / 3:20PM, BRKR.OQ - Bruker Corp at Leerink Partners Global Healthcare Conference

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Yeah. You do plenty of that. And that's why we have another conference where we'll spend a lot more time on that.

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Maybe just at a high level, I mean, I saw you at AGBT. One of the products that really was interesting at AGBT for a lot of folks was from the customer side, there's PaintScape. That's an evolution and a new innovation in that space. Maybe just talk to us about that and overall if there are any thoughts on the spatial side that you'd like to add.

Question: Puneet Souda - Leerink Partners, LLC - Analyst : Okay. We'll look forward to that layer. But thank you again, Frank. We're over time, but I really appreciate the input here.