Financial Data and Key Metrics Changes - For the full year 2022, the company achieved nearly 10% core revenue growth and adjusted earnings per share growth, with 8% core revenue growth in the base business [9][10] - The fourth quarter sales were $8.4 billion, with 7.5% core revenue growth, and adjusted diluted net earnings per share of $2.87, up 6.5% year-over-year [11][14] - The gross profit margin for the fourth quarter was 59%, and the operating margin was 27.4%, reflecting a 100 basis point increase [13] Business Line Data and Key Metrics Changes - The Biotechnology segment reported a 1% decline in revenue, but core revenue grew 4%, driven by strong demand in bioprocessing [15] - The Life Sciences segment saw reported revenue growth of 8% and core revenue growth of 13%, with double-digit growth in instruments [18] - The Diagnostics segment's reported revenue increased by 3%, with core revenue growth of 7.5%, led by Cepheid's mid-teens growth [19] Market Data and Key Metrics Changes - Core revenue growth in North America and Western Europe was approximately 10%, while China experienced low single-digit growth due to COVID-19 impacts [11][12] - The company anticipates lower testing volumes in China to continue through the first quarter of 2023 before gradually recovering [12] - The Environmental & Applied Solutions segment reported a 1% revenue growth and 5.5% core revenue growth, with strong demand in water quality [24][25] Company Strategy and Development Direction - The company is well-positioned for future growth, focusing on durable business models and attractive end markets, supported by strong free cash flow and balance sheet capacity for strategic M&A opportunities [8][9] - Investments in research and development exceeded $1.7 billion in 2022, aimed at accelerating innovation and enhancing growth trajectories [9][10] - The company plans to update its base business core revenue growth definition to exclude COVID-19-related testing impacts [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate supply chain challenges and inflationary pressures, with expectations for high single-digit core growth in the base business for 2023 [28] - The company anticipates a decline in total core revenue growth due to lower demand for COVID-19 testing, vaccines, and therapeutics [28] - Management highlighted the importance of the Danaher Business System in driving operational efficiency and market share gains [26] Other Important Information - The company has restructured its reporting segments, separating the Life Sciences segment into two new segments: Biotechnology and Life Sciences [14] - The company expects COVID-19-related vaccine and therapeutic revenue to drop significantly in 2023, from approximately $800 million in 2022 to around $150 million [16] Q&A Session Summary Question: Inventory situation and bioprocessing expectations - Management expects mid-single-digit growth in the base business for Q1, with non-COVID bioprocessing anticipated to be low single digits due to inventory adjustments [31][33] Question: Instrument demand expectations - Management noted that instrument businesses saw low double-digit growth in 2022 but expect moderation to mid-single digits towards the end of the year [35] Question: China market outlook - Management anticipates high single-digit decline in Q1 for China, with expectations for recovery throughout the year [41][70] Question: M&A environment - Management characterized the current M&A environment as improving, with active funnels and a strong balance sheet, indicating readiness for value-creating acquisitions [73] Question: Non-COVID testing expectations for Cepheid - Management expressed optimism about non-COVID testing growth, with over 20% growth observed in the fourth quarter [77]

Danaher Corporation (NYSE:DHR) 41st Annual J.P. Morgan Healthcare Conference Call Summary Company Overview - **Company**: Danaher Corporation - **Date**: January 10, 2023 - **Participants**: Rainer Blair (President and CEO), Rachel Vatnsdal (JPMorgan) Key Points Industry and Company Performance - **Fourth Quarter Performance**: Danaher reported a strong finish to Q4 2022 with estimated core revenue growth in the high single digits, exceeding prior guidance of flat to slightly negative growth [4][30] - **Respiratory Testing Revenue**: Cepheid's respiratory testing revenue surpassed $1 billion in Q4, contributing significantly to overall performance [4] - **Earnings and Cash Flow**: Strong earnings and cash flow were anticipated, with adjusted operating profit margins exceeding previous guidance [4] Environmental and Applied Solutions (EAS) Separation - **Separation Timeline**: The separation of EAS is expected to be completed by Q4 2023, allowing both Danaher and EAS to reach their full potential as independent public companies [5] - **Leadership**: Jennifer Honeycutt will lead the new EAS entity, which is projected to have a $5 billion lineup focused on water quality and product identification [5][6] - **Financial Projections for EAS**: EAS is expected to achieve mid single-digit core revenue growth, over 50% recurring revenues, and adjusted EBITDA margins of 25% [6] Future Positioning Post-Separation - **Business Segmentation**: Danaher will transition to three segments: Biotechnology, Life Sciences, and Diagnostics, enhancing focus on high-growth areas [7][8] - **Market Size and Growth**: The Biotechnology segment is nearly $9 billion, Life Sciences at $7 billion, and Diagnostics at $11 billion, all expected to grow at high single digits [8][9] - **Recurring Revenue Model**: Post-separation, 80% of Danaher's revenue is expected to be recurring, significantly reducing cyclicality [10] Biotechnology Business Insights - **Cytiva Acquisition**: The acquisition of Cytiva has enhanced Danaher's capabilities in bioprocessing, with sales more than doubling since the acquisition [11][13] - **Investment in Capacity**: Over $1.5 billion has been invested in capacity expansions, particularly in single-use technologies, which are rapidly growing [13][21] Innovation and Sustainability - **R&D Investments**: Danaher has increased R&D investment by 30% to integrate sustainable design practices [27] - **Sustainability Goals**: The company aims for a 50% reduction in greenhouse gas emissions by 2032 [27] Market Trends and Future Outlook - **Monoclonal Antibodies (mAbs)**: The pipeline for mAbs has increased by 50% over the last five years, with expectations for double-digit CAGR growth [37] - **COVID-19 Impact**: Danaher achieved $800 million in COVID-related revenues in 2022 and anticipates $500 million for the upcoming year [36] - **China Market**: Despite current challenges, Danaher remains optimistic about long-term growth in China, anticipating pent-up demand to be released in the latter half of 2023 [43] Conclusion - **Long-Term Growth Projections**: Post-EAS separation, Danaher expects to achieve high single-digit growth rates, supported by a strong portfolio and the Danaher Business System [29][45] - **Strategic Focus**: The company is committed to enhancing its competitive advantage through innovation, capacity investments, and strategic M&A [29] This summary encapsulates the key insights and projections discussed during the conference call, highlighting Danaher's robust performance, strategic initiatives, and future growth potential in the healthcare sector.

Danaher Corporation Conference Call Summary Company Overview - **Company**: Danaher Corporation (NYSE:DHR) - **Date**: November 30, 2022 - **Participants**: Rainer Blair (CEO), Matt McGrew (CFO), John Bedford (Investor Relations) Key Industry Insights Business Performance - Danaher is expected to close out 2022 with strong performance, leveraging its business system to navigate a challenging operating environment, achieving market share gains and effective pricing strategies despite inflation and foreign exchange headwinds [3][4] - The company has a unique portfolio with 75% recurring revenue from low cyclical end markets, indicating a positive outlook for growth in 2023 and beyond [4] Bioprocessing Segment - The bioprocessing business is projected to be a $7.8 billion market in 2022, with $800 million attributed to COVID-related vaccines and therapeutics, leaving a $7 billion non-COVID business [7][8] - The three-year compound annual growth rate (CAGR) for the non-COVID business is mid-teens for bookings and mid to high-teens for revenue, reflecting strong underlying demand [8][9] - For 2023, revenue for the non-COVID segment is expected to range from high single digits to mid-teens, with potential for over 20% growth based on market conditions [9][10] COVID-19 Impact - COVID-related revenue is expected to decrease from $800 million in 2022 to $500 million in 2023, reflecting changes in demand and vaccination rates [12][19] - Danaher is well-positioned in the mRNA vaccine space and anticipates continued demand for COVID testing, estimating 30 million tests for fiscal 2023, translating to approximately $1.2 billion in revenue [43][45] Instrumentation and Diagnostics - The life science research instruments segment is a $5 billion business, benefiting from a strong funding environment and new product introductions, with expected growth in the mid to low double digits [36][39] - The COVID diagnostics segment is experiencing fluctuations due to respiratory season dynamics, with a cautious outlook for Q4 2022 revenue guidance [40][42] Market Dynamics - Danaher is actively localizing operations in China to enhance supply chain efficiency and meet local market needs, despite current challenges from lockdowns and unrest [61][62] - The company maintains a strong balance sheet and is open to M&A opportunities, focusing on strategic alignment and financial viability [71] Additional Considerations - The foreign exchange impact was significant in 2022, with a $1.4 billion revenue headwind expected to continue into 2023, potentially affecting overall growth rates [58][59] - Pricing strategies are anticipated to remain strong, with expectations of around 300 basis points increase in 2023, down from 400 basis points in 2022 [65] Conclusion - Danaher Corporation is positioned for continued growth in 2023, driven by its diversified portfolio, strong market demand in bioprocessing, and strategic focus on innovation and localization. The company is navigating challenges in the COVID-19 landscape while maintaining a proactive approach to market dynamics and operational efficiency.

Danaher Corporation (NYSE:DHR) Q3 2022 Results Conference Call October 20, 2022 8:00 AM ET Company Participants John Bedford - Vice President-Investor Relations Rainer Blair - President and Chief Executive Officer Matt McGrew - Executive Vice President and Chief Financial Officer Conference Call Participants Derik De Bruin - Bank of America Scott Davis - Melius Research Vijay Kumar - Evercore ISI Dan Brennan - Cowen and Company Dan Leonard - Credit Suisse Luke Sergott - Barclays Patrick Dolly - Citi Operato ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-------|-------------|-------| | | | | | | | | | | FORM 10-Q | | For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-08089 DANAHER CORPORATION (Exact name of registrant a ...

Danaher Corporation (NYSE:DHR) Q2 2022 Earnings Conference Call July 21, 2022 8:00 AM ET Company Participants John Bedford – Vice President-Investor Relations Rainer Blair – President and Chief Executive Officer Matt McGrew – Executive Vice President and Chief Financial Officer Conference Call Participants Rainer Blair – Bank of America Vijay Kumar – Evercore ISI Scott Davis – Melius Research Dan Brennan – Cowen Jack Meehan – Nephron Rachel Vatnsdal – JPMorgan Patrick Donnelly – Citi Operator My name is Gre ...

Danaher Corporation (NYSE:DHR) Healthcare Conference Summary Company Overview - **Company**: Danaher Corporation - **Event**: Bank of America Securities Health Care Conference - **Date**: May 11, 2022 - **CEO**: Rainer Blair Key Points Financial Performance - Danaher reported a **12% core growth** and **8% growth** on the base business for the year - **10% EPS growth** and **$1.7 billion** in free cash flow were also highlighted as strong indicators of performance [3][4] Portfolio Repositioning - The company has undergone significant portfolio transformation, focusing on attractive end markets with strong secular growth drivers - **40%** of the portfolio is in biopharma or molecular diagnostics, with over **80%** in Life Sciences and Diagnostics - The company has **75% recurring revenues**, which is particularly strong in the current economic environment [6][4] Resilience During Economic Downturns - Danaher has demonstrated resilience during economic downturns, including the pandemic, with **25% core growth** in 2020 and **12% core growth** at the start of 2022 [7][4] M&A Activity - The company remains active in M&A, with a full pipeline of opportunities, although recent market volatility has led to a cautious approach - Danaher has previously taken advantage of market turbulence for acquisitions and is monitoring the situation closely [12][13] Bioprocessing Outlook - The bioprocessing business is expected to grow at **high single to low double-digit growth** for 2022, with a potential decline in COVID-related revenue of **$500 million to $600 million** already factored into guidance [15][17] - The development pipeline for monoclonal antibodies has increased by **50%** over the last five years, and cell and gene therapies have seen a **10x** increase [19][20] Diagnostics Segment - Beckman Coulter Diagnostics is on track for **mid-single-digit growth**, with some headwinds from COVID-related hospital restrictions in China [24] - Cepheid has doubled its installed base to over **40,000 instruments**, with a strong test menu and expected growth in non-COVID diagnostics [26][28] Market Dynamics - The transition to single-use technologies in bioprocessing is expected to drive growth, with Danaher holding the largest single-use technology business, growing over **20%** [21] - The company views home testing as complementary to point-of-care testing, enhancing overall diagnostic responsiveness [33][34] Long-term Growth Potential - Danaher anticipates mid-single-digit plus organic revenue growth, driven by a robust portfolio and attractive end markets [36] - The company has a target EBITDA margin of **35% to 40%**, with opportunities for margin expansion within the portfolio [40][42] Biotech Funding Environment - The CEO expressed confidence in the biotech funding environment, noting that the average cash runway for biotech companies is between **12 to 18 months**, which supports ongoing innovation [47] Underappreciated Aspects - Danaher has grown **50% larger** in revenue since 2019, with a significant shift in portfolio mix and an increase in recurring revenue from **45%** in 2015 to **75%** [50] Conclusion Danaher Corporation is well-positioned for continued growth, leveraging its strong portfolio in Life Sciences and Diagnostics, while navigating the challenges posed by the current economic environment and the ongoing evolution of the healthcare landscape. The company's focus on recurring revenue, M&A opportunities, and innovative technologies positions it favorably for the future.

Danaher Corporation (NYSE:DHR) Q1 2022 Earnings Conference Call April 21, 2022 8:00 AM ET Company Participants John Bedford - Vice President, Investor Relations Rainer Blair - President and Chief Executive Officer Matt McGrew - Executive Vice President and Chief Financial Officer Conference Call Participants Derik De Bruin - Bank of America Vijay Kumar - Evercore ISI Scott Davis - Melius Research Dan Brennan - Cowen Jack Meehan - Nephron Research Patrick Donnelly - Citi Luke Sergott - Barclays Operator Good ...

Danaher Corp (NYSE:DHR) Cowen Health Care Conference Call March 8, 2022 9:10 AM ET Company Participants Rainer Blair - President, CEO & Director Matthew McGrew - CFO & EVP Conference Call Participants Daniel Brennan - Cowen and Company Daniel Brennan Good morning. Dan Brennan here from Cowen. Pleased to be here on the second day of the 42nd Annual Healthcare Conference. Joined with me on the virtual podium with the executive management team from Danaher. We have Rainer Blair, Chief Executive Officer; and Ma ...