Research · Sep 3, 2026
[BRKR] Bruker Thesis 2026: Proteomics Supercycle and Spatial Biology Define Premium Multiple
Bruker's FY2025 demonstrated platform strength despite China headwinds: timsTOF grew ~18% to ~$460M as pharma proteomics adoption accelerated, and spatial biology (PhenoCycler-Fusion) added ~$90-120M in early-stage revenue. Adj. EBITDA margins expanded to ~19.1%. The FY2026 thesis: timsTOF-led proteomics adoption in clinical and pharmaceutical workflows — analogous to the genomics sequencing infrastructure buildout of the 2010s — drives 12-15% organic growth and margin expansion toward 22-24%, justifying 30-40x forward earnings. Competing spatial biology standards and China recovery pace are the key swing factors.