Bruker Corp. (BRKR): 3Q26 Recap — Cost Actions Playing Out, Recovery in US Academic, Sequential Bookings Deceleration

3Q organic growth of 0.7% in line with consensus with EPS above consensus. 3Q revenue of $874mn was above consensus of $865mn and GSe of $870mn. 3Q EPS of $0.56 was above consensus of $0.42 and GSe of $0.41. Total growth of 1.6% compares to consensus/GSe of 0.8%/1.1% YoY growth. 3Q adj. operating margin was 16.3%, up 400bp YoY and above consensus of 12.9%, driven by cost-saving actions and favorable product mix, with management on track to achieve its $140 million annualized cost savings target. BRKR reiterated FY26 organic growth guidance of 1% to 2% and FY26 non-GAAP EPS of $2.10 to $2.15, while lowering FY26 total revenue guidance to $3.52bn-$3.56bn on lower than expected foreign currency tailwind. Total bookings growth stepped down sequentially to the +LSD% range from 10% last quarter, driven by weakness in Europe Academic and Pharma orders off tough comps, partly offset by US Academic and government orders growing double digits, China orders up more than 20% and semiconductor orde