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In an effort to halt the outbreak of COVID-19,
−Removed: a number of countries, including the United States, have implemented and some continue to implement significant restrictions on travel, shelter in place or stay at home orders, and business closures.
+Added: a number of countries, including the United States, implemented and some continue to implement significant restrictions on travel, shelter in place or stay at home orders, and business closures.
While some of these restrictions are loosening in certain jurisdictions, some markets have returned to restrictions in the face of increases in new COVID-19
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policies as vaccines to protect against the virus continue to be administered.
−Removed: However, many of our employees in these areas continue to work remotely, and any re-openings
−Removed: may be delayed or pulled back if the virus continues to spread or as new strains of the virus emerge, in particular if existing vaccines are determined to be less effective against these new strains than against earlier strains.
+Added: However, many of our employees in these areas continue to work remotely, and many re-openings
+Added: have been delayed or pulled back as the virus continues to spread and as new strains of the virus emerge.
In addition, while some parts of the world are beginning to resume pre-pandemic
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Much of the commercial activity in sales and marketing, and customer demonstrations and applications training, is still either being conducted remotely or postponed.
−Removed: Customer purchasing departments could operate at reduced capacity and customers could delay or cut capital expenditures and operating budgets due to ongoing pandemic-related concerns.
Even where customers have re-opened
−Removed: their sites, some still operate at productivity levels
−Removed: that are below pre-pandemic
+Added: their sites, some still operate at productivity levels that are below pre-pandemic
levels in an effort to accommodate safety protocols and as a result of pandemic-related supply chain disruptions.
−Removed: Any resurgence of the virus or the emergence of new strains of the virus, particularly any new strains which are resistant to existing vaccines, may require us or our customers to close or partially close operations once again.
+Added: Any resurgence of the virus or the emergence of new strains of the virus, particularly any new strains which are more easily transmitted or which are resistant to existing vaccines, may require us or our customers to close or partially close operations once again.
These travel restrictions, business closures and operating reductions at Bruker, our customers, our distributors, and/or our suppliers have in the past adversely impacted and may continue to adversely impact our operations worldwide, including our ability to manufacture, sell or distribute our products, as well as cause temporary closures of our foreign distributors, or the facilities of suppliers or customers.
Global supply chains, including for semiconductor chips, components and raw materials such as copper, have been disrupted, causing shortages, which could impact our ability to manufacture or supply our products.
−Removed: We could also experience increased compensation expenses associated with employee recruiting and employee retention to the extent employment opportunities start multiplying post-pandemic, causing the search for and retention of talent to become more competitive.
+Added: We could also experience increased compensation expenses associated with employee recruiting and employee retention to the extent employment opportunities continue to multiply post-pandemic, causing the search for and retention of talent to become more competitive.
This disruption of our employees, distributors, suppliers and customers has historically impacted and may continue to impact our global sales and future operating results.
+Added: Further, on September 9, 2021, President Biden directed the Department of Labor’s Occupational Safety and Health Administration (“OSHA”) to issue an Emergency Temporary Standard (“ETS”) requiring that all employers with at least 100 employees ensure that their employees are fully vaccinated for COVID-19
+Added: by January 4, 2022 or obtain a negative COVID-19
+Added: test at least once a week.
+Added: The OSHA ETS was issued on November 4, 2021.
+Added: President Biden also issued an Executive Order requiring certain COVID-19
+Added: precautions for government contractors and their subcontractors, including mandatory employee vaccination (subject to medical and religious exemptions).
+Added: It is not currently possible to predict with any certainty the exact impact on us of the OSHA ETS or the requirements for government contractors and their subcontractors.
+Added: Any requirement to mandate COVID-19
+Added: vaccination of our workforce or require our unvaccinated employees to be tested weekly could result in employee attrition and difficulty securing future labor needs and may have an adverse effect on future profit margins.
+Added: In addition, any requirement to impose obligations on our suppliers under the Executive Order covering government contractors and their subcontractors could impact the price and continuity of supply of raw materials and our results of operations and financial condition could be adversely affected.
+Added: We have experienced supply chain interruptions as a result of the COVID-19
+Added: Various factors, including increased demand for certain components and production delays and other natural events and disasters, are contributing to shortages of certain components used in our products and increased difficulties in our ability to obtain a consistent supply of materials at stable pricing levels.
+Added: Supply shortages and longer lead times for components used in our products, including limited source components, can result in significant additional costs and inefficiencies in manufacturing.
+Added: A shortage of key components may cause a significant disruption to our production activities, which could have a substantial adverse effect on our financial condition or results of operations.
+Added: If we are unsuccessful in resolving any such component shortages in a timely manner, we could experience a significant adverse impact on the timing of our revenue, a possible loss of revenue, or an increase in manufacturing costs, any of which would have a material adverse impact on our operating results.
We are continuing to monitor and assess the effects of the COVID-19
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However, we cannot at this time accurately predict what effects these conditions will ultimately have on our operations due to uncertainties relating to the severity of the disease, including the impact of any resurgence of the virus, the continued emergence of new strains of the virus, the effectiveness and availability of vaccines, the willingness of individuals to receive vaccines, (including to protect against any new strains of the virus), and the length or severity of travel restrictions, business closures, and other safety and precautionary measures imposed by the governments of impacted countries.
−Removed: The pandemic has also adversely affected the economies and financial markets of many countries, which has affected and likely may continue to affect demand for the Company’s products and its operating results.
+Added: The pandemic has also adversely affected the economies and financial markets of many countries, which has affected and likely may continue to affect demand for our products and our operating results.
There have been no other material changes to the risk factors previously disclosed in our Annual Report on Form 10-K
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.