Bruker at Jefferies Conference: Strategic Growth Amid Challenges

On Wednesday, 04 June 2025, Bruker Corporation (NASDAQ:BRKR) presented at the Jefferies Global Healthcare Conference 2025, outlining a strategic focus on innovation and market expansion. The company highlighted both opportunities and challenges, including new product introductions and uncertainties in government funding.

Key Takeaways

• Bruker launched three major products related to the timsTOF platform, targeting high-growth markets like proteomics and metabolomics.
• The company is shifting focus towards sectors less reliant on government funding, such as biopharma and industrial applications.
• Despite potential NIH budget cuts, Bruker aims for moderate growth in 2026 with significant margin expansion.
• Cost management strategies include adjusted workweeks in Europe and integration efficiencies from acquisitions.
• Growth drivers include semiconductor metrology, defense, and homeland security detection.

Financial Results

• Targeted growth aims to outpace the market by 200-300 basis points in normalized years.
• Organic growth is expected to reach 6-8% in normalized years, though this year it is anticipated to be 0-2%.
• Bruker projects mid-teens or higher EPS growth through cost management and margin expansion.
• Semiconductor metrology contributes 8% of revenue, with potential to increase to 10-12%.

Operational Updates

• Successful transition to the S4HANA ERP system was completed in early May.
• Cost management includes an 80% workweek in some European sites to avoid layoffs.
• G&A cost reductions are being realized through the integration of acquisitions.
• Resources are reallocated towards high-growth areas while managing costs in slower-growing segments.

Future Outlook

• Bruker is preparing for moderate growth in 2026, with no specific guidance yet due to limited visibility.
• Potential Chinese stimulus could benefit high-end research tools in 2026.
• The TIMS Metabo instrument is expected to double market opportunities in the coming years.

Q&A Highlights

• Aftermarket in consumables and academia is slightly lower compared to overall corporate performance.
• NIH budget reductions by 20-25% pose a significant impact, but resolution may encourage spending.
• Defense and homeland security business is growing, potentially adding 50 basis points of growth in the next two years.
• Semiconductor metrology is a key growth driver, especially with customers like TSMC and Samsung.

For more detailed insights, please refer to the full transcript below.

Full transcript - Jefferies Global Healthcare Conference 2025:

Pekka Peterson: We’re gonna kick it off. I’m Pekka Peterson. It’s my pleasure to introduce Bruker. Frank, maybe just to to kick it off, know, came out of ASMS earlier this week, the biggest conference for for you guys for the mass spec side of the business. Maybe just talk a little bit about some of the highlights there.

You’ve got a couple new product product cycles that could be pretty meaningful.

Frank, Bruker: Yes, indeed. Thank you, Tycho. Pleasure to be here. Thank you for all hanging in there. It’s post 05:00 somewhere.

So, yeah, we just came in from Baltimore late last night. That’s, of course, where the ASMS was and still is going on. And it was the most important set of product introductions and innovations from Bruker, actually I think at the conference period, but also from Bruker since 2017 when we introduced the timsTOF for bottom up proteomics to begin with. We introduced many additional solutions and software and chromatography, I won’t go into that, but we introduced three major new products, all related to our timsTOF platform, which is really foundational for a lot of this multi omics and other applications. And I’ll put them into three market categories for you that may help you so it’s not just technology and applications.

So the first one is in the traditional bottom up proteomics, that’s what we call proteomics. It’s all bottom up, meaning you digest your proteins, you take the peptide, the tryptic peptide fragments, you stitch them back together with software. That’s what we generally call mass spec based proteomics. We and team red are sort of a two horse race there. They’ve done some innovation.

We launched a new product called TIMSS Ultra and AIP. AIP is a new Bruker name for an Athena ion processor. Don’t worry what that is. It was developed in Athens, Greece by a very capable team that we acquired a few years ago. And it improves MSMS sensitivity and bandwidth and gives you more peptides and proteins.

Is that still important? I mean more protein groups is always good. We showed together with one of the new LCs that another smaller company brought to the market, the Evocep Ino, some very high throughput towards 500 samples per day, and that’s all good. I would call that on the tech proteomics, as you can tell from publications, and the market is growing beautifully. But the technology is now getting a little bit into, the technology S curve is flattening again.

So yeah, more throughput, more samples per day, more protein groups. We do all of that. The one area where the TIMS Ultra AIP is still really differentiating itself, and I think it makes a difference, is sensitivity. So sensitivity, it’s further improvement. I think it’s already the most sensitive instrument out there, its predecessor, and now it’s even more so.

For instance, in single cell proteomics, years ago we were amazed that we could do proteomics on a single HeLa cell, a cancer cell line. Today those cellswe can now go to small bacterial to small immune cells. One collaborator even did precursor red blood cells which are tiny. They’re something like 25 times smaller than the big fat ella cells. And yeah, can do proteomics on all of that now.

We can also do sub cellular proteomics. So in that space where that has advanced so rapidly and become much more than a niche, it’s become a major sub field of proteomics, we can pushing further actually does make a difference. I’ll give you one other example and then I’ll move on. In immuno oncology people take fine needle aspirates from individual patients, you don’t get a whole lot of cells, and if that is enough cells to do the neoantigen discovery with a field called immunopeptidomics, which we do very well on our instruments, we can do that even better. And now we can do it on patient relevant sample and cell numbers that come out of fine needle aspirate.

So this really facilitates these wonderful promising approaches to go into individual patients, clinical research at least, and clinical trials. So sensitivity still matters, but for us this Tim’s proteomics Tim’s tough business is about a 200,000,000 business. It’s a two horse race. We’re innovating very significantly. Team Red also had some nice new introductions.

Then we took leverage this Tim’s technology for an even larger market that is more competitive, a little bit more red ocean as I would call it. And that is the high resolution accurate mass market for small molecules. That has applied markets such as PFAS research, or novel psychoactive substances, or therapeutic drug monitoring, and environmental and applied and toxicology applications. It’s a huge market. And on the other hand of that is the omics market, which is metabolomics lipidomics.

We estimate that that market is another billion dollar market opportunity in which we so far have only, we didn’t have a dedicated instrument, so we’re very minimal presence in that. That’s a busy market. Thermos, SCIEX, Waters, Agilent are all in it. Who needs a fifth player? We have some very importantly differentiated new product offering with the, what I call game changing TIMS Metabo instrument that we launched.

That’s a benchtop instrument, very much targeted for that market. It’s 10 times more sensitive, always at speed, at scale, at depth. These are table stakes. And then what really differentiates us is the specificity and this four d, what does this four d mean anyway, four dimensions. We have these incredibly complex haystacks in the omics world in general.

And metabolomics is the most challenging in a way, because when you start with thousands of peaks initially, and this may surprise you, you probably can only annotate or identify maybe 15, maybe 20%. Very different from proteomics where you should identify most of the tryptic peptides. Metaboloomics, there’s a huge dark metabolome and many of these peaks cannot be annotated. We don’t know what they are. So getting the biggest pain point is annotation confidence.

Us being able to take apart peaks that are strictly overlapping, that have exactly the same mass and the mass spectrometer, but different molecular shapes. With our TIMSS technology, which gives us an additional dimension of separation. It also gives us another molecular attribute that’s really good for very high quality AI and machine learning, and for what we now call with that four d quality and differentiation the digital metabolome archive. You can analyze it now, but you might want to accumulate that data and maybe search it again with AI a few years from now when you have a lot more data, or maybe some new questions. So timsmetabo, what does it mean financially?

I think within a few years this could double the market opportunity. If we have 200,000,000 now, sort of mostly in proteomics, and that’s growing very nicely, I think we could have an equal amount if we gain that market share of maybe just 20% in that market. And I think we have a really fair chance at that because we have something very differentiated and it addresses the key pain point. It’s not some spec that doesn’t matter. I think it really matters to customers.

Last but not least. It’s been quite an ASMS. This is obviously the most innovation we’ve driven. And check our press releases. We never ever, just about never ever use the word revolutionary.

We launched a revolutionary new mass spectrometer called the TIMSS Omni. TIMSS Omni is a combination of our TIMSSTOF technology and a technology developed by another very capable technology, small technology company, called the Omni Trap, which is sort of a structural Swiss Army knife. That structural Swiss Army knife, coupled with our high speed, very sensitive TIMS technology, cleverly called TIMS Omni, so people know right away what it does. That is a new category of mass spectrometer that opens up what I would call maybe proteomics two dot o. Doing proteomics top down with intact proteins, Not breaking the vase and stitching the puzzle pieces or the broken pieces back together.

But really working your way through intact proteins, industrial enzymes. Profiling antibodies, or looking or sequencing parts of an antibody, or of a chromatin, or other types of molecules. So it allows sort of a protein centric, protein science at a level of specificity that’s impossible today. And much more importantly, that’s kind of the new, that’s finally the era of functional proteomics. We don’t just look at protein groups, we look at the fully dressed, modified, glycosylated, whatever it may be, maybe otherwise mutated, of course we call that an amino acid substitution proteins, that have the biological function, or that may have the pathological function, or that may be a much better cancer marker, or neurodegeneration marker than what we’ve seen so far with protein groups.

That’s Blue Ocean, there is no competition there. It’s the field’s been fledgling around for twenty years, but we’re really blowing this open with an instrument that can do it with sensitivity, at depth, at speed, at scale, and with the software to deal with this incredibly complex data. So pretty exciting, really missionary, we have to develop that market, that’ll be the beginning of the S curve is always shallow. It’ll take a while for that market to develop, maybe next year that’s just two dozen instruments, but at a million and a half that adds up too. And who knows, in five or seven years maybe that’s as big as the bottom up proteomics market.

It’s this functionalproteomics2.o, and you’ll hear also hear it as top down, or as proteo form market. It kind of means the same thing. Sorry, I’ll stop there. No, it’s great. You’re job easy.

But now you’ve had the broad side. It was really the most significant innovation, and meaningful innovation that almost tripled our addressable markets over time in the omics world, if you like.

Pekka Peterson: Super. I want to maybe step back a minute and address some of the backdrop, the macro. I’m sure you’ve probably gotten the NIH question all day long, but you you guided academic down 20%, twenty five %. You know, that had previously been about 10% of revenues. Couple of questions there.

You know, is your mix consumables instruments, you know, within academic kind of consistent with overall corporate? And then are you kind of doing anything different, you know, in terms of how you’re allocating resources? Are you shifting more R and D and other resources toward pharma, diagnostics and industrial? And is having visibility and resolution on the 26 budget enough to get that market to start spending again, even if we’re down 20% or so next

Frank, Bruker: Well, three softball questions. Thank you very much. Okay, I’ll try to take them in that series. So the aftermarket in consumables and academia can be a little bit lower, although of course some of the diagnostics tends to be in academic medical centers. But it’s really in hospitals, so it’s probably more the hospital market.

So it’s probably a little bit lower than on average. I don’t have a number for you actually, But it’s a little bit lower than on average. Also academia sometimes does not get service contracts in pharma or diagnostic laboratories almost always get service contracts. Reallocation of resources, yeah, no, I mean it’s not a coincidence that the TIMMS metabolomics and lipidomics, but it can also do a lot of applied markets, including new diagnostic applications, maybe initially as LDT, and things like forensics and toxicology, because that doesn’t depend so much on AKA gov budgets. Even the TIMSSOMNI, we expect about one third of these systems initially to go, even right off the bat.

Yes, it’s a new technology, but it’ll be incredibly useful for biopharma in making very crucial decisions whether to advance a therapeutic program, or to ask for more data, or maybe to freeze it, or discontinue it, or divest it, or so. So I think it provides very crucial decision making information, whether it’s a protein target, whether it’s biologic drugs. Oh, by the way, it also is great for these RNA drugs. We had a customer from the University of Geneva, but she works on a lot of these modified oligonucleotide drugs with pharmaceutical collaborators. It’s very, good for that.

And it will even be used in very advanced at line bioprocessing, Not in the processing workflow per se, but biological processes. You’ve got to monitor their heterogeneity. These processes can evolve and drift away on you over time. Or you may find, oh my god, only half of my biologics are actually therapeutically have efficacy and are active, and the other ones may have some glycosylation or modification, which makes them hopefully not toxic, but they may not have the efficacy of the main compound that you would like. So I think this goes into biopharma pretty quickly, into drug discovery and development mostly, but also probably in some very high level troubleshooting at line bioprocessing.

So those are some good examples that come to mind.

Pekka Peterson: And then just on the budgeting process, uncertainty obviously now, but I guess is having visibility and resolution on that budget for next year enough to get customers to spend, even if we’re down?

Frank, Bruker: Well they’ll spend some this year, but it’s greatly depressed. I mean grants that will go down, and it’s greatly reduced, and they’re all slowed down in NIH and NSF, but some grants will come out at the other end of that. And if a PI gets a grant they’ll spend it probably pretty quickly, right? So there is some greatly reduced spending this year. A resolution of what the NIH, but also NSF budget decrease will be for next year is on everybody’s mind.

Obviously 40% for NIH in that case would be a bad outcome, and that would be, that could make next year even weaker. We don’t expect it, but we don’t know either. If it comes out at minus 20% we’ll say, yeah, okay, that’s what we expected. And then I would expect ’26 to be maybe not down further from ’25, but also not a rebound from ’25 on USagagov. If it was down 10% I might almost be happy.

That’s a strong word. I would be pleased because it could have been worse. And so generally are because we don’t know, and it’ll you know this may get all resolved in September, but then again there is Republican Republican disputes and infighting, if you like. So we may, even with one party rule temporarily, we may not have a budget in time. So this could drag on for a while, that would not be good, uncertainty is never good.

But we, Bruker, what are we doing? We are preparing for a moderate growth year 2026. Can’t give guidance today. We don’t have enough visibility to do it anyway. But if we are normally in a normalized year, whenever that happens, grow expect to outgrow the market at 200 to 300 bps.

That’s our goal. We think our high growth portfolio can do that. That implies 6% to 8% organic growth. This year 0% to 2% because of all the headwinds. We’re expecting something in between for 2026 from what we see right now.

With that moderate growth, we at Bruker are very committed and are working towards still delivering very significant margin expansion and very significant, hopefully mid teens or higher EPS growth. So that’s why we’re taking very meaningful additional cost out in cost of sales in terms of taking some of our European sites, for instance, to an 80% work week. There are mechanisms over there that you don’t actually have layoffs, but they get paid by the government temporarily for a few quarters, and then can snap back, you know, go back to 100% or over time. We’ve had that in the past. And you don’t have to rehire and retrain.

We’re also taking out G and A cost from some of the acquisitions we did. We think we can squeeze out, not even squeeze out, just get more from the integration. We did a successful ERP transition with S4HANA that was raised at lunch. Yes, that worked and we’re still in business. We did that in early May.

Always a little nerve racking, but everything within, literally within a few days, factories were all running and procurements running, so it looks all very good. We’re taking some R and D cost out. What you saw at AGBT and AACR for spatial biology. What you’ve seen now in mass spectrometry, if you paid attention to ESCMET, what you saw in our microbiology and molecular diagnostics, this is probably the peak of R and D spending this year. It’s not going to go from 11 to 7%, because then we would be underspending on this post genomic era and other opportunities that we have.

But it will begin to lever off, and there’s no holy cow, we’ll do that as well. And yes, we’ll thin out some of our marketing and sales and commercial organization a little bit in response, for instance in The US, to slower demand that’s not going to just snap back in ’26. So that’s the setup.

Pekka Peterson: Maybe talk about some of the markets where you’re feeling better. Semiconductor’s been a nice growth driver for you. We talked at lunch about defense and some of the new opportunities there. So maybe just talk about some of the strengths in the end markets.

Frank, Bruker: Yeah, some of our other idiosyncratic drivers. Yeah, we have a small defense and homeland security detection business that’s sort of radiological chemical, chemical warfare agents, and other toxins, or toxic small compounds, and explosives at airports. And normally that’s sort of a 30 to 40,000,000 somewhat sleeper business for you. You probably have zero visibility on that. Some of it’s mostly in Europe, but that’s really been growing very significantly.

And that could grow by 20,000,000 next year. There’s a lot of backlog. For Europe reinvesting in defense, our stuff doesn’t shoot. It measures, it detects, but you need that as well to protect not only troops, but also behind the lines. There’s sort of a very, very low level warfare going on in Europe already with sometimes train lines mysteriously being blown up.

And so there’s a lot of concern and that people need those detectors. We’ve also, and this will all, this will be very familiar. If you fly through Frankfurt airports it’s more than a hundred of our explosives trace detector. Zurich and Geneva, Geneva we had that for a while. Zurich is now also on.

We’re getting Brussels, we’re getting all the Norwegian airports, we have Incheon in South Korea, we have a few French airports. Also very familiar and close to home for Memorial View, had a very significant order recently, or a few quarters ago from United Airlines. Now we’re getting, we got a very large order from American Airlines. This is not where your iPhones get swapped, this is for their international facilities, where they’re looking at bags and cargo, and have additional American Airlines security in addition to whatever security the local government or airports provide. And they’ve selected our explosives trace detection.

So probably stuff that you haven’t been aware of, And it’s a nice margin business and it’s now growing pretty significantly. It doesn’t grow enough to make up for AKAgov, but it’s one these idiosyncratic growth drivers. It could add 50 bps of growth or something like that in the next two years. Not bad. Much bigger is metrology for high performance computing, and AI, and other chip, foundry logic chip, much less memory, we don’t add in that.

That’s also not as good of a market. And then advanced packaging, you need for high performance computing. That goes to some of the best companies in the world. I mean our, probably one of our top two customers in the world is now TSMC, who buys the very best equipment from us for making chips, and then also for very advanced packaging, where we are a market leader, we have the best technology in the world. As they now expand into The U.

S, as they expand also into Japan, they’re building a big factory there as well. And then they’re doubling down and building the next next generation capabilities on Taiwan. By the way, Samsung does the same in Korea. We really have an incredibly strong, for our technology, for leadership, for geopolitical reasons, reshoring or shoring in The US, in Japan, and of course Japan, and I misspoke, Taiwan and Korea not wanting to fall behind. And then doubling down and investing even more into next next gen.

This is really really strong for us. Oh yeah, plus there’s a pretty big AI trend out there. So we’re not, we are in the AI supply chain. It’s not AI isn’t around, Nvidia aren’t that successful because of us, but they also wouldn’t be successful without us because you just, you really need those metrology and measurement tools, and we have some very unique ones there. So that’s about 8% of our revenue, probably will go to 10, maybe eventually 12% of our revenue.

Great growth, great margins. It’s not usually in the life science sell side analyst report, because it’s not bioprocessing, it’s not diagnostics, it’s not life science, but hey, it’s something that we do and that’s somewhat idiosyncratic to us. And it’s just a very beautiful market. And it’s a great natural application of the very high end material science tools we have in the Bruker Nano Group.

Pekka Peterson: Maybe just sticking with the theme of stuff that could be getting better in the next year. China, you were a big beneficiary last time of stimulus. I think you’re not seeing it in a meaningful way now. Maybe you’re going be a little bit later than somebody like an Agilent in food testing. But talk a little bit about how you think about the pacing of stimulus, where you’ll see it in the portfolio, and how meaningful that could be.

Frank, Bruker: Yeah, it’s actually interesting because Agilent and us, we see sort of different ends of the animal. So it seems they are listing it environmental, PFAS. They saw, I think they reported some orders in Q4, Q1. And more recently, I think they may have also said, hey, it’s locked and loaded, and promising, but not being released. And that’s what we’re seeing.

Shovel ready, locked and loaded. We’re seeing at very high end research, life science, and biology, molecular biology and cell biology research tools, mass specs, NMR’s would benefit tremendously. Some of our high end microscopes. High end, big ticket items that you know, you can only get when you get a really big stimulus package. The not quite, the not great news is they’re not releasing it in Q two yet, as far as we can tell.

We had our Chinese mass spec sales country manager at ASMS in Baltimore, and he said, yeah, these projects are really very well defined and accepted by deans and university presidents. They have all the stamps and approvals. All they need in order to order is the budget release. And the budget release says haven’t been coming yet. So our customers, and we therefore don’t know the timing of that.

But the read by our customers is, while there was this extreme tariff, you know, war, or skirmish at least between The US and China at 45% versus 10%, everybody was going slow on giving up cash. And now that there is a truce, at least temporary, they are hopeful that these budgets will be released. For us they would be mostly, if they come through, which we’re hopeful, but we don’t know the timing. If they came through in the second half of this year, which is possible, I don’t want to call it probable because we just don’t know, then that would be really would be very much a good guy for us in ’26. That could be a significant additional tailwind for us in ’26.

Because we’ve been an unusually strong beneficiary, because we have so many high end tools that are really also enabling new stuff. They want the latest and greatest, even three, four months ago. Who was here, who heads the CALID group, he had to quote Tim’s Metabos and Tim’s Omnis that weren’t even on our price list on the market or released yet, because they wanted to make sure that in their stimulus proposals they had the latest and greatest, even if we were just releasing it at a later time, which we now have. So very much focused on high end, really unique capabilities, and intending to be leading in biomedical and life science research.

Pekka Peterson: Maybe just in the closing minutes we can talk a little bit about some of the newer markets you’ve gotten into. Obviously spatial through the NanoString deal, know, EleTech, you have great microbiology business that sits well with the multi biotyper. Know, talk a little bit about strategy and diagnostics and then also cell analysis.

Frank, Bruker: Yeah. Cell analysis, this was the old Berkeley Lights or Fenomax, right? We have launched a next generation half million dollar bench top product. The Beacon Discovery is really a wonderful product, but it used to cost 2,000,000, and some of the high end, higher throughput versions still cost a million. And you know, they’re worth it of course, but you also need it for smaller CROs, or academic labs, or cancer research labs.

You know, when they do antibody discovery, a half million dollar benchtop system just really broadens that market. We did launch that at AACR in Chicago not long ago. And that has all the same capabilities, just less throughput, less cost, less size, so much more manageable. It used to be in the early days used very much, and still it continues to be used for very advanced antibody development, including antibodies to antigens that were very hard to have a good immunoprofile. Now it’s also used for a lot of cell line selection in cell and gene therapy.

And there’s other very nice applications coming out. But we needed the smaller, less expensive instrument in order to broaden the market for that. The customers who have it, wow, it’s their beacon. Love it. It’s like on the old, whatever.

It used to be my Tesla, now people don’t brag as much. My Porsche, whatever, you know. And except you really need it. So my beacon is a thing out there in the pharmaceutical industry, and we now have a half the size, half the price less throughput. But scientifically and bio, for biopharma has all the capabilities, just more affordable.

We really think that will broaden the market and reignite the growth for that business. We’ve of course taken out tremendous costs. They had five sites. Two in Connecticut, two in Northern California, 1 in Southern California. We have one site in, not Berkeley, in Emeryville, California, and have taken out costs, it’s a very, it’s an excellent team.

It’s very, very motivated, very driven. So that’s making good progress. Moving up the coast to Seattle, Spatial Biology, right. Weaker market because of course of the headwinds from ACA gov, which they’re feeling quite a bit. But within that, other than taking out cost and consolidating and putting in a strategic and management process that I think the team there really, really enjoys.

They’re thriving in that. We’ve taken out costs, lots of site consolidation. We’ve also very much invested and reinvested in innovation. Things that they had in the pipeline already, and things that we added to them in more chemistry, in more detection efficiency. And they were already on their way towards the whole genome, or transcriptome on the cosmics that’s now been announced and launched, and we’re shipping that I think late summer.

So these are capabilities that are very unique. We settled the IP lawsuit recently, you saw that. So that big overhang in cloud over the GeoMx. By the way, GeoMx will be a great product because we’ve taken it to multi omics. They were very transcriptomics focused.

We said, hey we love multi omics and proteins. Now you can do both on that. That’s more for tissue, that’s not for subcellular. And then of course the chromix for Cosmics. I’m sorry, it’s been a long day.

It’s been a long week. The Cosmics, I misspoke, apologize. For the Cosmics, without IP overhang, and with a whole transcriptome launched, and also quite a bit of protein content. And one of its areas where it was a bit behind was in throughput and detection efficiency, and there I think we’ve drawn even, we’ve really improved that. That was post AGBT, that was AACR.

So we’ve also enhanced our spatial proteomics products, which now go through that NanoString sales channel. This is competing with Akoya and Lunafore at Biotechni. And I think there we’re moving up in the world very rapidly because of performance, and very high ability to go to much higher plexing without losing epitope or tissue without damage. And that’s kind of unique. And then last but not least, and then I guess it is also almost over here.

We launched the Painscapes instrument, which is a new, entirely new category of infra spatial biology for looking at location, and interactions, and structures within the nucleus in the DNA. So that’s a unique capability, that’s more of a research y capability, but it’s not only fundamental researchers. People who do fundamental cancer biology, they want to know, oh my god, why do you have these aneuploidy’s? I didn’t know there’s so much extra chromosomal DNA in our nucleus. I didn’t know that location within the nucleus made such a big difference.

I thought Illumina just gives us one d strings of of genes, and and that’s that’s the genome. No, it’s three d, it’s location, it’s interactions, it’s extracellular, it’s aneuploidy, it’s many, many more effects that we’re only beginning to understand. And some of them may be aging, some of them may be signs of recent viral infections, some of them may be precursors to cancer, and some of them may be a lot of biology and cell biology we really have never seen. So just about everything they touch with a customer is probably going to be a cell paper. So very exciting, high margin product, early days.

That will not take a lot of missionary works. People will look at that and say, Oh my God, we’ve got to have this. And so, hopefully they’ll fight budgets even in these budget constrained times. Thanks for hanging in there so long.

Pekka Peterson: Great. I think we’ll leave it at that. Thanks, Frank.

Frank, Bruker: Thank you.

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