Slide 1: Second Quarter 2021 Earnings Release
DANAHER CORPORATION Second Quarter 2021 Earnings Release July 22, 2021
Slide 2: Forward Looking Statements
Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding Danaher’s anticipated future financial performance and any other statements regarding events or developments that we anticipate will or may occur in the future are "forward
Slide 3: Second Quarter 2021 Performance Summary
Second Quarter 2021 Performance Summary ADJUSTED DILUTED NET REVENUE EARNINGS PER COMMON SHARE +36.5% +71.0% Core +31.5% Acquisitions +1.0% FX +4.0% $7,218 $2.46 $5,297 $1.44 Q2 2020 Q2 2021 Q2 2020 ($ millions) Q2 2021 Throughout this presentation, with respect to revenue performance, for the defin
Slide 4: Second Quarter 2021 Performance Summary: Operating Profit and Free Cash Flow
Second Quarter 2021 Performance Summary OPERATING PROFIT FREE CASH FLOW MARGIN PERFORMANCE +1,190 BPS +41.0% Core +775 bps Acquisitions -15 bps Other +430 bps $1,816 27.8% $1,290 15.9% Q2 2020 Q2 2021 Q2 2020 ($ millions) Q2 2021 Throughout this presentation when referred to in connection with opera
Slide 5: Second Quarter 2021: Life Sciences
Second Quarter 2021: Life Sciences REVENUE OPERATING PROFIT MARGIN +41.5% +1,500 BPS Core +35.0% Core +670 bps Acquisitions +2.0% Acquisitions -35 bps FX +4.5% Other +865 bps $3,734 30.6% $2,642 15.6% Q2 2020 ($ millions) Q2 2021 Q2 2020 Q2 2021 5
Slide 6: Second Quarter 2021: Diagnostics
Second Quarter 2021: Diagnostics REVENUE OPERATING PROFIT MARGIN +40.5% +1,010 BPS Core +37.0% Core +1,015 bps FX +3.5% Acquisitions -5 bps $2,336 27.8% $1,660 17.7% Q2 2020 ($ millions) Q2 2021 Q2 2020 Q2 2021 6
Slide 7: Second Quarter 2021: Environmental & Applied Solutions
Second Quarter 2021: Environmental & Applied Solutions REVENUE OPERATING PROFIT MARGIN +15.5% +210 BPS Core +13.0% Core +200 bps Acquisitions -1.5% Acquisitions +10 bps FX +4.0% $1,148 $995 24.4% 22.3% Q2 2020 ($ millions) Q2 2021 Q2 2020 Q2 2021 7
Slide 8: Guidance
GUIDANCE 8
Slide 9: Q&A
Q&A 9
Slide 10: DANAHER
DANAHER
Slide 11: Reconciliation of GAAP to Non-GAAP Financial Measures
DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES THREE AND SIX-MONTH PERIODS ENDED JULY 2, 2021 AND JULY 3, 2020
Slide 12: Table of Contents
TABLE OF CONTENTS Page 1 Core Sales Growth, Core Sales Growth Including Cytiva by Segment and Base Business Core Sales Growth 2 Forecasted Core Sales Growth, Core Sales Growth Including Cytiva and Base Business Core Sales Growth 3 Segment Sales, Operating Profit and Adjusted Operating Profit 4 Adjus
Slide 13: Core Sales Growth by Segment and Base Business Core Sales Growth
DANAHER CORPORATION Core Sales Growth by Segment, Core Sales Growth Including Cytiva by Segment and Base Business Core Sales Growth % Change Three-Month Period Ended July 2, 2021 vs. Comparable 2020 Period Segments Environmental & Total Company Life Sciences Diagnostics Applied Solutions Total sales
Slide 14: Forecasted Core Sales Growth and Base Business Core Sales Growth
DANAHER CORPORATION Forecasted Core Sales Growth, Core Sales Growth Including Cytiva and Base Business Core Sales Growth 1 % Change Three-Month % Change Year Ending Period Ending October December 31, 2021 vs. 1, 2021 vs. Comparable Comparable 2020 2020 Period Period Core sales growth (non-GAAP) +Mid
Slide 15: Segment Sales, Operating Profit and Adjusted Operating Profit
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended Six-Month Period Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Sales (GAAP) Life Sciences $ 3,734 $ 2,642 $ 7,280 $ 4,292 Diagnostics 2,336 1,660 4,514 3,287 Environ
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin: Three Months 2021
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Three-Month Period Ended July 2, 2021 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 1,699 Interest, Net 59 Other Nonoperating (Income) Exp
Slide 17: Adjusted EBITDA and Adjusted EBITDA Margin: Three Months 2020
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Three-Month Period Ended July 3, 2020 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 927 Interest, Net 77 Other Nonoperating (Income) Expen
Slide 18: Adjusted EBITDA and Adjusted EBITDA Margin: Six Months 2021
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Six-Month Period Ended July 2, 2021 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 3,401 Interest, Net 113 Other Nonoperating (Income) Expe
Slide 19: Adjusted EBITDA and Adjusted EBITDA Margin: Six Months 2020
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Six-Month Period Ended July 3, 2020 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 1,522 Interest, Net 62 Other Nonoperating (Income) Expen
Slide 20: Reconciliation of GAAP to Adjusted P&L Metrics: Three Months 2021
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) Three-Month Period Ended July 2, 2021 Net earnings from continuing Diluted net Earnings from operations for earnings per continuing calculation of common operations diluted share from Gross prof
Slide 21: Reconciliation of GAAP to Adjusted P&L Metrics: Three Months 2020
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) Three-Month Period Ended July 3, 2020 Net earnings from continuing Diluted net Earnings from operations for earnings per continuing calculation of common operations diluted share from Gross prof
Slide 22: Reconciliation of GAAP to Adjusted P&L Metrics: Six Months 2021
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) Six-Month Period Ended July 2, 2021 Net earnings from continuing Diluted net Earnings from operations for earnings per continuing calculation of common operations diluted share from Gross profit
Slide 23: Reconciliation of GAAP to Adjusted P&L Metrics: Six Months 2020
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) Six-Month Period Ended July 3, 2020 Net earnings from continuing Diluted net Earnings from operations for earnings per continuing calculation of common operations diluted share from Gross profit
Slide 24: Reconciliation of GAAP to Adjusted P&L Metrics: Footnotes
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) 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 a
Slide 25: Reconciliation of GAAP to Adjusted P&L Metrics: Footnotes (continued)
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) convert on April 15, 2022 into between 6.6590 and 8.1572 shares of Danaher’s common stock, subject to further anti-dilution adjustments. Unless earlier converted, each share of MCPS Series B wil
Slide 26: Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding
DANAHER CORPORATION Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding (shares in millions) Three-Month Period Ended Six-Month Period Ended July 2, 2021 July 3, 2020 July 2, 2021 July 3, 2020 Average common stock and common equivalent shares outstanding - diluted (GAAP) 6
Slide 27: Year-Over-Year Core Operating Margin Changes from Continuing Operations
DANAHER CORPORATION Year-Over-Year Core Operating Margin Changes from Continuing Operations Segments Environmental & Applied Total Company Life Sciences Diagnostics Solutions Three-Month Period Ended July 3, 2020 Operating Profit Margins from Continuing Operations (GAAP) 15.90 % 15.60 % 17.70 % 22.3
Slide 28: Free Cash Flow and Free Cash Flow to Net Earnings Conversion Ratio
DANAHER CORPORATION Free Cash Flow and Free Cash Flow to Net Earnings Conversion Ratio ($ in millions) Three-Month Period Ended Six-Month Period Ended Year-over-Year Year-over-Year July 2, 2021 July 3, 2020 Change July 2, 2021 July 3, 2020 Change Total Cash Flows from Continuing Operations: Total ca
Slide 29: Statement Regarding Non-GAAP Measures
DANAHER CORPORATION 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. M
Slide 30: Statement Regarding Non-GAAP Measures (continued)
DANAHER CORPORATION Statement Regarding Non-GAAP Measures 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
Slide 31: DANAHER
DANAHER