Danaher reports Q2 2023 results

Danaher Corporation announced results for the second quarter 2023. Net earnings refer to net earnings attributable to common shareholders.

For the quarter ended June 30, 2023 net earnings were $1.1 billion, or $1.49 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $2.05.

Revenues decreased 7.5% year-over-year to $7.2 billion, with a 7.0% non-GAAP core revenue decrease (due primarily to the impact of lower Covid-19 revenue), including 2.0% non-GAAP base business core revenue growth.

Operating cash flow for the second quarter was $1.9 billion and non-GAAP free cash flow was $1.6 billion.

The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.

For the third quarter 2023, the Company anticipates that non-GAAP base business core revenue will be down low-single digits year-over-year. For full year 2023, the Company anticipates that non-GAAP base business core revenue growth will be up low-single digits year-over-year.

Rainer M. Blair, President and Chief Executive Officer, stated, “We are pleased with our second quarter results which met our expectations, despite a more dynamic operating environment. Our team’s consistent execution, paired with better-than-expected performance in our Life Science and Diagnostics businesses, including stronger respiratory testing revenue, helped offset softer demand in bioprocessing.”

Blair continued, “We’re confident about the bright future ahead for Danaher. The unique combination of our talented team, differentiated portfolio and balance sheet optionality—all powered by the Danaher Business System—provides a strong foundation for creating shareholder value while helping to meaningfully improve human health.”

Danaher will discuss its second quarter results and financial guidance for the third quarter and full year during its quarterly investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the “Investors” section of Danaher’s website, www.danaher.com, under the subheading “Events & Presentations” and additional materials will be posted to the same section of Danaher’s website. A replay of the webcast will be available in the same section of Danaher’s website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.

The conference call can be accessed by dialing 800-245-3047 within the U.S. or by dialing +1 203-518-9708 outside the U.S. a few minutes before the 8:00 a.m. ET start and telling the operator that you are dialing in for Danaher’s earnings conference call (Conference ID: DHRQ223). A replay of the conference call will be available shortly after the conclusion of the call and until August 8, 2023. You can access the replay dial-in information on the “Investors” section of Danaher’s website under the subheading “Events & Presentations.”
MB Bureau