Danaher Reports Fourth Quarter and Full Year 2024 Results
WASHINGTON, Jan. 29, 2025 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) (the "Company") today announced results for the fourth quarter and full year 2024. All results in this release reflect only continuing operations unless otherwise noted.
Key Fourth Quarter 2024 Results
-- Net earnings were $1.1 billion, or $1.49 per diluted common share and
non-GAAP adjusted diluted net earnings per common share were $2.14.
-- Revenues increased 2.0% year-over-year to $6.5 billion and non-GAAP core
revenue increased 1.0%.
-- Operating cash flow was $2.0 billion and non-GAAP free cash flow was
$1.5 billion.
Key Full Year 2024 Results
-- Net earnings were $3.9 billion, or $5.29 per diluted common share and
non-GAAP adjusted diluted net earnings per common share were $7.48.
-- Revenues of $23.9 billion were flat year-over-year and non-GAAP core
revenue decreased 1.5%.
-- Operating cash flow was $6.7 billion and non-GAAP free cash flow was
$5.3 billion.
Rainer M. Blair, President and Chief Executive Officer, stated, "We finished the year strong, with better-than-anticipated core revenue in all three of our segments. Good execution by our team also drove solid cash flow and operating margin expansion."
Blair continued, "Looking ahead, we believe Danaher is better positioned than at any point in our 40-year history. The transformation in our portfolio over the last several years has created a focused life sciences and diagnostics innovator, poised for higher long-term growth, expanded margins and stronger cash flow."
First Quarter and Full Year 2025 Outlook
The Company provides forecasted sales only on a non-GAAP core revenue basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.
For the first quarter 2025, the Company anticipates that non-GAAP core revenue will decline low-single digits year-over-year. For full year 2025, the Company expects that non-GAAP core revenue will increase approximately 3% year-over-year.
Conference Call and Webcast Information
Danaher will discuss its fourth quarter results and financial guidance for the first quarter and full year 2025 during its 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." 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 800-445-7795 within the U.S. or by dialing +1 785-424-1699 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: DHRQ424). A replay of the conference call will be available shortly after the conclusion of the call and until February 12, 2025. You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations."
ABOUT DANAHER
Danaher is a leading global life sciences and diagnostics innovator, committed to accelerating the power of science and technology to improve human health. Our businesses partner closely with customers to solve many of the most important health challenges impacting patients around the world. Danaher's advanced science and technology - and proven ability to innovate - help enable faster, more accurate diagnoses and help reduce the time and cost needed to sustainably discover, develop and deliver life-changing therapies. Focused on scientific excellence, innovation and continuous improvement, our approximately 63,000 associates worldwide help ensure that Danaher is improving quality of life for billions of people today, while setting the foundation for a healthier, more sustainable tomorrow. Explore more at www.danaher.com.
NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS
In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, explanations of what these measures represent and the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.
In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the "Investors" section of Danaher's website (www.danaher.com).
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical, including the statements regarding the anticipated financial results for the first quarter and full year 2025, the Company's positioning for the future and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things: unanticipated, further declines in demand for our COVID-19 related products, the impact of global health crises, the impact of our debt obligations on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government with respect to our production capacity in times of national emergency or with respect to intellectual property/production capacity developed using government funding, risks relating to product, service or software defects, product liability and recalls, risks relating to our manufacturing operations and fluctuations in the cost and availability of the supplies we use (including commodities) and labor we need for our operations, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, the impact of deregulation on demand for our products and services, the impact of climate change, legal or regulatory measures to address climate change and our ability to address stakeholder expectations relating to climate change, labor matters and our ability to recruit, retain and motivate talented employees representing diverse backgrounds, experiences and skill sets, non-U.S. economic, political, legal, compliance, social and business factors (including the impact of military conflicts), disruptions and other impacts relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2024. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
DANAHER CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Diluted Net Earnings Per Common Share and Adjusted Diluted Net Earnings Per Common Share
(1)
---
Three-Month Period Ended
Year Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Diluted Net Earnings Per Common Share $1.49 $1.50 $5.29 $5.65
From Continuing Operations (GAAP)
Amortization of acquisition-related intangible 0.56 0.51 2.21 2.00
assetsA
Fair value net (gains) losses on 0.09 0.19 0.08 0.24
investmentsB
ImpairmentsC 0.06 0.05 0.36 0.10
Acquisition-related itemsD - 0.13 0.03 0.13
Litigation gainsE - (0.01) (0.01)
Contract termination expenseF 0.08 0.08
Tax effect of the above adjustmentsG (0.13) (0.18) (0.51) (0.47)
Discrete tax adjustmentsH (0.01) (0.10) (0.07) (0.06)
MCPS "as if converted"I - 0.01
Rounding - 0.01 (0.01)
Adjusted Diluted Net Earnings Per Common $2.14 $2.09 $7.48 $7.58
Share From Continuing Operations (Non-
GAAP)
1 For the year ended December 31, 2023, each of the per share adjustment amounts above have been calculated assuming the Mandatory Convertible Preferred Stock ("MCPS") had been converted into shares of
common stock as of all dates presented.
Notes to Above Reconciliation
A Amortization of acquisition-related intangible assets in the following historical periods ($ in millions) (only the pretax amounts set forth below
are reflected in the amortization line item above):
Three-Month Period Ended
Year Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Pretax $408 $380 $1,631 $1,491
After-tax 338 317 1,346 1,226
B Net (gains) losses, including impairments, on the Company's equity and limited partnership investments recorded in the following historical periods ($ in millions) (only the pretax amounts set forth below
are reflected in the fair value net (gains) losses on investments line above):
Three-Month Period Ended
Year Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Pretax $64 $139 $57 $182
After-tax 48 98 39 130
C Impairment charges related to a trade name in the Diagnostics segment recorded in the three-month period and year ended December 31, 2024 ($43 million pretax as reported in this line item, $32 million
after-tax), a trade name in the Life Sciences segment recorded in the year ended December 31, 2024 ($222 million pretax as reported in this line item, $169 million after-tax), technology-based
intangible assets in the Diagnostics segment recorded in the three-month period and year ended December 31, 2023 ($23 million pretax as reported in this line, $18 million after-tax) and technology-
based intangible assets and other assets in the Biotechnology segment recorded in the three-month period and year ended December 31, 2023 ($12 million and $54 million pretax as reported in this line
item, $8 million and $40 million after-tax, respectively).
D Costs incurred for the fair value adjustment to inventory related to the acquisition of Abcam plc ("Abcam") for the year ended December 31, 2024 ($25 million pretax as reported in this line item, $19
million after-tax). Transaction costs deemed significant, settlement of pre-acquisition share-based payment awards and fair value adjustments to inventory in each case related to the acquisition of
Abcam in the three-month period and year ended December 31, 2023 ($95 million pretax as reported in this line item, $75 million after-tax). The Company deems acquisition-related transaction costs
incurred in a given period to be significant (generally relating to the Company's larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical
for the Company in a given period.
E Gain related to settlement of litigation in the Life Sciences segment recorded in the three-month period and year ended December 31, 2023 ($10 million pretax as reported in this line, $8 million after-
tax).
F Loss on the termination of a commercial agreement in the Diagnostics segment in the three-month period and year ended December 31, 2024 ($56 million pretax as reported in this line item, $56 million
after-tax).
G This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each
individual adjustment item. Danaher estimates the tax effect of each adjustment item by applying Danaher's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/
or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific
tax rate or tax treatment. The MCPS dividends are not tax deductible and therefore the tax effect of the adjustments does not include any tax impact of the MCPS dividends.
H Discrete tax adjustments and other tax-related adjustments for the three-month period ended December 31, 2024, include the impact of net discrete tax benefits of $4 million due principally to net
discrete tax benefits resulting from the release of reserves for uncertain tax positions due to the expiration of statutes of limitation and changes in estimates related to prior year tax filing
positions, net of charges related to changes in estimates associated with prior period uncertain tax positions. Discrete tax adjustments and other tax-related adjustments for the year ended December
31, 2024 include the impact of net discrete tax benefits of $49 million due principally to net discrete tax benefits resulting from excess tax benefits from stock compensation, the release of reserves
for uncertain tax positions due to the expiration of statutes of limitation and changes in estimates related to prior year tax filing positions, net of charges related to changes in estimates associated
with prior period uncertain tax positions. Discrete tax adjustments for the three-month period ended December 31, 2023, include the impact of net discrete tax benefits of $71 million due principally to
net deferred tax benefits resulting from changes in estimates related to prior year tax filing positions and the release of reserves for uncertain tax positions due to the expiration of statutes of
limitation, net of charges related to changes in estimates associated with prior period uncertain tax positions. Discrete tax adjustments and other tax-related adjustments for the year ended December
31, 2023 include the impact of net discrete tax benefits of $47 million due principally to net discrete tax benefits from changes in estimates related to prior year tax filing positions, the release of
reserves for uncertain tax positions due to the expiration of statutes of limitation and excess tax benefits from stock-based compensation, net of charges related to tax costs related to the separation
of Veralto Corporation, tax costs from legal and operational actions undertaken to realign certain of its businesses and changes in estimates associated with prior period uncertain tax positions. The
Company anticipates excess tax benefits from stock compensation of approximately $7 million per quarter and therefore excludes benefits in excess of this amount in the calculation of adjusted diluted net
earnings from continuing operations per common share.
I In May 2020, the Company issued $1.72 billion in aggregate liquidation preference of 5.0% MCPS. Dividends on the MCPS were payable on a cumulative basis at an annual rate of 5.0% on the liquidation
preference of $1,000 per share. Each share of MCPS converted on April 17, 2023 into 5.0175 shares of Danaher's common stock. For the calculation of net earnings per common share from continuing
operations, the impact of the dilutive MCPS is calculated under the "if-converted" method and the related MCPS dividends are excluded. For the purposes of calculating adjusted earnings per common share
from continuing operations, the Company has excluded the paid MCPS cash dividends and assumed the "if-converted" method of share dilution (the incremental shares of common stock deemed outstanding
applying the "if-converted" method of calculating share dilution only with respect to any MCPS the conversion of which would be dilutive in the particular period are referred to as the "Converted
Shares") for any MCPS that were anti-dilutive for the given period. For additional information about the impact of the MCPS on the calculation of diluted EPS, see note 2 in the Average and Adjusted
Average Common Stock and Common Equivalent Diluted Shares Outstanding table below.
Average and Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding
---
(shares in millions)
Three-Month Period Ended
Year Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Average common stock and common 728.2 746.1 737.2 743.1
equivalent shares outstanding - diluted
(GAAP)(2)
Converted shares(3) - 2.5
Adjusted average common stock and common 728.2 746.1 737.2 745.6
equivalent shares outstanding - diluted (non-
GAAP)
(2) The impact of the MCPS calculated under the if-converted method was anti-dilutive for the year ended December 31, 2023 and as such, approximately 2.5 million shares underlying the MCPS were excluded
from the calculation of diluted EPS for the period and the related MCPS dividends of $21 million were included in the calculation of net earnings for diluted EPS for the period. As of April 17, 2023,
all outstanding shares of the MCPS converted into 8.6 million shares of the Company's common stock.
3 The number of converted shares assumes the conversion of all MCPS and issuance of the underlying shares applying the "if-converted" method of accounting and using the actual conversion rates as of
December 31, 2023.
Sales Growth (Decline) by Segment, Core Sales Growth (Decline) by Segment
---
% Change Three-Month Period Ended December 31, 2024 vs.
Comparable
2023 Period
Segments
Total Company Biotechnology Life Sciences Diagnostics
Total sales growth (decline) (GAAP) 2.0 % 6.5 % 5.5 % (3.0) %
Impact of:
Acquisitions (1.5) % - % (5.0) % - %
Currency exchange rates 0.5 % 1.5 % 0.5 % 1.0 %
Core sales growth (decline) (non-GAAP) 1.0 % 8.0 % 1.0 % (2.0) %
% Change Year Ended December 31, 2024 vs. Comparable 2023
Period
Segments
Total Company Biotechnology Life Sciences Diagnostics
Total sales growth (decline) (GAAP) - % (6.0) % 2.5 % 2.0 %
Impact of:
Acquisitions (2.0) % - % (6.0) % - %
Currency exchange rates 0.5 % 1.5 % 1.5 % 1.0 %
Core sales (decline) growth (non-GAAP) (1.5) % (4.5) % (2.0) % 3.0 %
Forecasted Core Sales (Decline) Growth
---
The Company provides forecasted sales only on a non-GAAP core revenue basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.
% Change Three-Month % Change Year Ending
Period Ending March December 31, 2025
vs.
28, 2025 vs. Comparable 2024
Comparable 2024 Period
Period
Core sales (decline) growth (non-GAAP) -Low single digit ~3.0%
Cash Flow from Continuing Operations and Free Cash Flow from Continuing Operations
($ in millions)
---
Three-Month Period Ended Year-over- Year Ended Year-over-
Year Year
Change Change
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Total Cash Flows from Continuing
Operations:
Total cash provided by operating $2,019 $1,591 $6,688 $6,490
activities from continuing operations
(GAAP)
Total cash used in investing activities $(694) $(6,017) $(1,981) $(7,048)
from continuing operations (GAAP)
Total cash (used in) provided by $(1,692) $(1,819) $(8,385) $154
financing activities from continuing
operations (GAAP)
Free Cash Flow from Continuing
Operations:
Total cash provided by operating $2,019 $1,591 ~27.0 % $6,688 $6,490 ~3.0 %
activities from continuing operations
(GAAP)
Less: payments for additions to (516) (434) (1,392) (1,383)
property, plant & equipment (capital
expenditures) from continuing
operations (GAAP)
Plus: proceeds from sales of property, 1 6 13 12
plant & equipment (capital disposals)
from continuing operations (GAAP)
Free cash flow from continuing $1,504 $1,163 ~29.5 % $5,309 $5,119 ~3.5 %
operations (non-GAAP)
Note: The Company defines free cash flow as operating cash flows from continuing operations, less payments for additions to property, plant and equipment from continuing operations ("capital expenditures") plus the proceeds from sales of plant, property and equipment from continuing operations ("capital disposals"). All amounts presented above reflect only continuing operations.
Statement Regarding Non-GAAP Measures
Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Danaher Corporation's ("Danaher" or the "Company") results that, when reconciled to the corresponding GAAP measure, help our investors:
-- with respect to the profitability-related non-GAAP measures, understand
the long-term profitability trends of our business and compare our
profitability to prior and future periods and to our peers;
-- with respect to core sales, identify underlying growth trends in our
business and compare our sales performance with prior and future periods
and to our peers; and
-- with respect to free cash flow from continuing operations (the "FCF
Measure"), understand Danaher's ability to generate cash without
external financings, strengthen its balance sheet, invest in its
business and grow its business through acquisitions and other strategic
opportunities (although a limitation of free cash flow is that it does
not take into account the Company's debt service requirements and other
non-discretionary expenditures, and as a result the entire free cash
flow amount is not necessarily available for discretionary
expenditures).
Management uses the non-GAAP measures referenced above to measure the Company's operating and financial performance, and uses core sales and non-GAAP measures similar to Adjusted Diluted Net Earnings Per Common Share from Continuing Operations and the FCF Measure in the Company's executive compensation program.
-- The items excluded from the non-GAAP profitability measures set forth
above have been excluded for the following reasons:
-- Amortization of Intangible Assets: We exclude the amortization of
acquisition-related intangible assets because the amount and timing
of such charges are significantly impacted by the timing, size,
number and nature of the acquisitions we consummate. While we have a
history of significant acquisition activity we do not acquire
businesses on a predictable cycle, and the amount of an
acquisition's purchase price allocated to intangible assets and
related amortization term are unique to each acquisition and can
vary significantly from acquisition to acquisition. Exclusion of
this amortization expense facilitates more consistent comparisons of
operating results over time between our newly acquired and long-held
businesses, and with both acquisitive and non-acquisitive peer
companies. We believe however that it is important for investors to
understand that such intangible assets contribute to sales
generation and that intangible asset amortization related to past
acquisitions will recur in future periods until such intangible
assets have been fully amortized.
-- Restructuring Charges: We exclude costs incurred pursuant to
discrete restructuring plans that are fundamentally different (in
terms of the size, strategic nature and planning requirements, as
well as the inconsistent frequency, of such plans) from the ongoing
productivity improvements that result from application of the
Danaher Business System. Because these restructuring plans are
incremental to the core activities that arise in the ordinary course
of our business and we believe are not indicative of Danaher's
ongoing operating costs in a given period, we exclude these costs to
facilitate a more consistent comparison of operating results over
time.
-- Other Adjustments: With respect to the other items excluded from
Adjusted Diluted Net Earnings Per Common Share from Continuing
Operations, we exclude these items because they are of a nature
and/or size that occur with inconsistent frequency, occur for
reasons that may be unrelated to Danaher's commercial performance
during the period and/or we believe that such items may obscure
underlying business trends and make comparisons of long-term
performance difficult.
-- With respect to adjusted average common stock and common equivalent
shares outstanding, Danaher's MCPS mandatorily converted into Danaher
common stock on the mandatory conversion date of April 17, 2023 (unless
converted or redeemed earlier in accordance with the terms of the
applicable certificate of designations). With respect to the calculation
of Adjusted Diluted Net Earnings Per Common Share from Continuing
Operations, we apply the "if converted" method of share dilution to the
MCPS in all applicable periods irrespective of whether such preferred
shares were dilutive or anti-dilutive in the period. We believe this
presentation provides useful information to investors by helping them
understand the net impact on Danaher's earnings per share-related
measures irrespective of the period.
-- With respect to core sales, (1) we exclude the impact of currency
translation because it is not under management's control, is subject to
volatility and can obscure underlying business trends, and (2) we
exclude the effect of acquisitions and divested product lines because
the timing, size, number and nature of such transactions can vary
significantly from period-to-period and between us and our peers, which
we believe may obscure underlying business trends and make comparisons
of long-term performance difficult.
-- With respect to the FCF Measure, we exclude payments for additions to
property, plant and equipment (net of the proceeds from capital
disposals) to demonstrate the amount of operating cash flow for the
period that remains after accounting for the Company's capital
expenditure requirements.
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.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited)
($ in millions, except per share amount)
As of December 31
2024 2023
ASSETS
Current assets:
Cash and equivalents $2,078 $5,864
Trade accounts receivable, less allowance for doubtful accounts of $113 as of 3,537 3,922
December 31, 2024 and $120 as of December 31, 2023
Inventories 2,330 2,594
Prepaid expenses and other current assets 1,552 1,557
Total current assets 9,497 13,937
Property, plant and equipment, net 4,990 4,553
Other long-term assets 3,990 3,644
Goodwill 40,497 41,608
Other intangible assets, net 18,568 20,746
Total assets $77,542 $84,488
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable and current portion of long-term debt $505 $1,695
Trade accounts payable 1,753 1,766
Accrued expenses and other liabilities 4,540 4,813
Total current liabilities 6,798 8,274
Other long-term liabilities 5,694 6,017
Long-term debt 15,500 16,707
Stockholders' equity:
Common stock - $0.01 par value, 2.0 billion shares authorized; 884.3 million issued 9 9
and 719.1 million outstanding as of December 31, 2024; 880.5 million issued and
739.2 million outstanding as of December 31, 2023
Additional paid-in capital 16,727 16,170
Treasury stock (8,163) (2,019)
Retained earnings 44,188 41,074
Accumulated other comprehensive income (loss) (3,218) (1,748)
Total Danaher stockholders' equity 49,543 53,486
Noncontrolling interests 7 4
Total stockholders' equity 49,550 53,490
Total liabilities and stockholders' equity $77,542 $84,488
This information is presented for reference only. Final audited financial statements will include footnotes, which should be
referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
($ and shares in millions, except per share amounts)
Three-Month Period Ended Year Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Sales $6,538 $6,405 $23,875 $23,890
Cost of sales (2,648) (2,626) (9,669) (9,856)
Gross profit 3,890 3,779 14,206 14,034
Operating costs:
Selling, general and administrative expenses (2,023) (2,035) (7,759) (7,329)
Research and development expenses (442) (407) (1,584) (1,503)
Operating profit 1,425 1,337 4,863 5,202
Nonoperating income (expense):
Other income (expense), net (63) (137) (56) (175)
Interest expense (61) (85) (278) (286)
Interest income 14 117 117 303
Earnings from continuing operations before 1,315 1,232 4,646 5,044
income taxes
Income taxes (229) (111) (747) (823)
Net earnings from continuing operations 1,086 1,121 3,899 4,221
Earnings from discontinued operations, net of - (42) 543
income taxes
Net earnings 1,086 1,079 3,899 4,764
Mandatory convertible preferred stock - (21)
dividends
Net earnings attributable to common $1,086 $1,079 $3,899 $4,743
stockholders
Net earnings per common share from
continuing operations:
Basic $1.50 $1.52 $5.33 $5.70 (a)
Diluted $1.49 $1.50 $5.29 (a) $5.65
Net earnings per common share from
discontinued operations:
Basic
$ - $(0.06)
$ - $0.74
Diluted
$ - $(0.06)
$ - $0.73 (a)
Net earnings per common share:
Basic $1.50 $1.46 $5.33 $6.44 (a)
Diluted $1.49 $1.45 (b) $5.29 (a) $6.38 (a)
Average common stock and common
equivalent shares outstanding:
Basic 722.7 739.8 731.0 736.5
Diluted 728.2 746.1 737.2 743.1
(a) Net earnings per common share amount for the relevant three-month periods do not add to the full year period amount due to rounding.
(b) Net earnings per common share amount does not add due to rounding.
This information is presented for reference only. Final audited financial statements will include footnotes, which should be
referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
($ in millions)
Year Ended December 31
2024 2023
Cash flows from operating activities:
Net earnings $3,899 $4,764
Less: earnings from discontinued operations, net of income taxes - (543)
Net earnings from continuing operations 3,899 4,221
Noncash items:
Depreciation 721 675
Amortization of intangible assets 1,631 1,491
Amortization of acquisition-related inventory fair value step-up 25 8
Stock-based compensation expense 288 306
Investment losses 57 182
Impairment charges 265 77
Change in deferred income taxes (483) (1,204)
Change in trade accounts receivable, net 331 322
Change in inventories 147 185
Change in trade accounts payable 19 (149)
Change in prepaid expenses and other assets 274 419
Change in accrued expenses and other liabilities (486) (43)
Total operating cash provided by continuing operations 6,688 6,490
Total operating cash provided by discontinued operations - 674
Net cash provided by operating activities 6,688 7,164
Cash flows from investing activities:
Cash paid for acquisitions (558) (5,610)
Payments for additions to property, plant and equipment (1,392) (1,383)
Proceeds from sales of property, plant and equipment 13 12
Payments for purchases of investments (331) (172)
Proceeds from sales of investments 253 61
All other investing activities 34 44
Total cash used in investing activities from continuing operations (1,981) (7,048)
Total investing cash used in discontinued operations - (33)
Net cash used in investing activities (1,981) (7,081)
Cash flows from financing activities:
Proceeds from the issuance of common stock in connection with stock-based compensation 162 68
Payment of dividends (768) (821)
Net proceeds from (repayments of) borrowings (maturities of 90 days or less) 5 (1,006)
Repayments of borrowings (maturities longer than 90 days) (1,674) (620)
Distribution from discontinued operations - 2,600
Payments for repurchase of common stock (5,979)
All other financing activities (131) (67)
Net cash (used in) provided by financing activities for continuing operations (8,385) 154
Cash distributions to Veralto Corporation, net - (427)
Net cash used in financing activities (8,385) (273)
Effect of exchange rate changes on cash and equivalents (108) 59
Net change in cash and equivalents (3,786) (131)
Beginning balance of cash and equivalents 5,864 5,995
Ending balance of cash and equivalents $2,078 $5,864
This information is presented for reference only. Final audited financial statements will include footnotes, which should be
referenced when available, to more fully understand the contents of this information.
DANAHER CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION (unaudited)
($ in millions)
Three-Month Period Ended
Year Ended
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Sales:
Biotechnology $1,869 $1,759 $6,759 $7,172
Life Sciences 2,032 1,930 7,329 7,141
Diagnostics 2,637 2,716 9,787 9,577
Total Company $6,538 $6,405 $23,875 $23,890
Operating Profit:
Biotechnology $508 $416 $1,685 $1,909
Life Sciences 376 235 879 1,209
Diagnostics 624 766 2,625 2,406
Other (83) (80) (326) (322)
Total Company $1,425 $1,337 $4,863 $5,202
Operating Profit Margins:
Biotechnology 27.2 % 23.6 % 24.9 % 26.6 %
Life Sciences 18.5 % 12.2 % 12.0 % 16.9 %
Diagnostics 23.7 % 28.2 % 26.8 % 25.1 %
Total Company 21.8 % 20.9 % 20.4 % 21.8 %
This information is presented for reference only. Final audited financial statements will include footnotes, which should be
referenced when available, to more fully understand the contents of this information.
View original content:https://www.prnewswire.com/news-releases/danaher-reports-fourth-quarter-and-full-year-2024-results-302362722.html
SOURCE Danaher Corporation
