Danaher reports third quarter 2023 results

Danaher Corporation announced results for the third quarter ended September 29, 2023. Net earnings refer to net earnings attributable to common shareholders. Results for the third quarter include the operations of Veralto Corporation, which was spun-off to Danaher’s shareholders on September 30, 2023.

Key third quarter 2023 results

• Net earnings were $1.1 billion, or $1.51 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $2.02.
• Revenues decreased 10.5% year-over-year to $6.9 billion.
• Non-GAAP core revenue decreased 11.5%, including a 3.0% non-GAAP base business core revenue decline.
• Operating cash flow for the third quarter was $1.7 billion and non-GAAP free cash flow was $1.3 billion.

Rainer M. Blair, President and Chief Executive Officer, stated, “Revenue in the third quarter came in ahead of our expectations, with Biotechnology performing as anticipated, and higher respiratory testing revenue more than offsetting slightly softer-than-anticipated demand in Life Sciences. DBS-driven execution also enabled us to deliver better-than-expected earnings and cash flow in what remains a challenging operating environment.”

Blair continued, “We also successfully completed the spin-off of Veralto. Going forward, Danaher is dedicated to accelerating the power of science and technology to improve human health. With our differentiated portfolio and commitment to continuous improvement, we have a unique opportunity to help solve many of the world’s most critical health care challenges while building meaningful long-term shareholder value.”

Fourth quarter and full year 2023 outlook
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. The Company’s fourth quarter and full year outlook include only Danaher’s continuing operations, excluding the impact of Veralto.

For the fourth quarter 2023, the Company anticipates that non-GAAP base business core revenue from continuing operations will be down mid-single digits year-over-year. For full year 2023, the Company anticipates that non-GAAP base business core revenue from continuing operations will be down slightly year-over-year.
MB Bureau