Debt And LeverageGross leverage breached 4x at 2Q-end, and management noted that subsequent to 2Q-end, they had borrowed an additional $457M of debt under the credit agreement, which brings calculations closer to 5x.
Demand PressureBRKR continues to face broad-based demand pressure with no near-term relief in sight across academic, government, industrial, and biopharma sectors.
Guidance CutsSteady guide cuts this year starting from 3-4% org growth in Feb to now -2% to -4% decline have driven the stock to its 5-yr low and valuation of ~10.5x EV/EBITDA 2026, as BRKR faces multiple macro headwinds with academic/NIH impact being most significant.