Danaher Reports Fourth Quarter and Full Year 2023 Results

Original from: Danaher

Danaher Corporation (NYSE: DHR) (the "Company") today announced results for the fourth quarter and full year 2023.  All results in this release reflect only continuing operations unless otherwise noted.

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Key Fourth Quarter 2023 Results

·    Net earnings were $1.1 billion, or $1.50 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $2.09.

·    Revenues decreased 10.0% year-over-year to $6.4 billion.

·    Non-GAAP core revenue decreased 11.5%, including a 4.5% non-GAAP base business core revenue decline.

·    Operating cash flow was $1.6 billion and non-GAAP free cash flow was $1.2 billion.

Key Full Year 2023 Results

·    Net earnings were $4.2 billion, or $5.65 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $7.58.

·    Revenues decreased 10.5% year-over-year to $23.9 billion.

·    Non-GAAP core revenue decreased 10.0%, including a 0.5% non-GAAP base business core revenue decline.

·    Operating cash flow was $6.5 billion and non-GAAP free cash flow was $5.1 billion.

Rainer M. Blair, President and Chief Executive Officer, stated, "We delivered better-than-expected revenue in each of our segments in the fourth quarter—led by respiratory revenue at Cepheid.  The combination of higher-than-expected revenues and our team's strong execution enabled us to exceed our margin and cash flow expectations in what remains a dynamic market environment.  Additionally, the recently closed acquisition of Abcam enhances our portfolio and expands our capabilities in the highly attractive proteomics market."  

Blair continued, "2023 was a transformational year for Danaher.  Following the spin-off of Veralto, we are a more focused Life Sciences and Diagnostics Innovator with an enhanced long-term growth and earnings trajectory.  The unique combination of our differentiated portfolio and our team's DBS-driven execution provides a strong foundation for delivering long-term shareholder value."

First Quarter and Full Year 2024 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.

Beginning with the first quarter of 2024 the Company will continue to provide guidance for core revenue growth, but will no longer provide guidance for, or report base business core revenue as the pandemic has transitioned to an endemic state.

For the first quarter 2024, the Company anticipates that non-GAAP core revenue will be down high-single digits year-over-year. For full year 2024, the Company anticipates that non-GAAP core revenue will be down low-single digits year-over-year.

Source: Danaher Reports Fourth Quarter and Full Year 2023 Results