Slide 1: Third Quarter 2021 Earnings Release
DANAHER CORPORATION Third Quarter 2021 Earnings Release October 21, 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: Third Quarter 2021 Performance Summary
Third Quarter 2021 Performance Summary ADJUSTED DILUTED NET REVENUE EARNINGS PER COMMON SHARE +23.0% +39.0% Core +20.5% Acquisitions +1.0% FX +1.5% $2.39 $7,229 $1.72 $5,884 Q3 2020 Q3 2021 Q3 2020 ($ millions) Q3 2021 Throughout this presentation, with respect to revenue performance, for the defini
Slide 4: Third Quarter 2021 Performance Summary
Third Quarter 2021 Performance Summary OPERATING PROFIT MARGIN YTD FREE CASH FLOW PERFORMANCE -40 BPS +46.5% Core +390 bps Acquisitions -30 bps Other -400 bps $5,164 18.5% 18.1% $3,520 Q3 2020 Q3 2021 YTD 2020 ($ millions) YTD 2021 Throughout this presentation when referred to in connection with ope
Slide 5: Third Quarter 2021: Life Sciences
Third Quarter 2021: Life Sciences REVENUE OPERATING PROFIT MARGIN +24.5% +950 BPS Core +20.0% Core +375 bps Acquisitions +2.5% Acquisitions -95 bps FX +2.0% Other +670 bps $3,632 26.8% $2,923 17.3% Q3 2020 ($ millions) Q3 2021 Q3 2020 Q3 2021 5
Slide 6: Third Quarter 2021: Diagnostics
Third Quarter 2021: Diagnostics REVENUE OPERATING PROFIT MARGIN +29.5% -1,570 BPS Core +28.5% Core +640 bps FX +1.0% Acquisitions +25 bps Other -2,235 bps $2,449 21.6% $1,889 5.9% Q3 2020 ($ millions) Q3 2021 Q3 2020 Q3 2021 6
Slide 7: Third Quarter 2021: Environmental & Applied Solutions
Third Quarter 2021: Environmental & Applied Solutions REVENUE OPERATING PROFIT MARGIN +7.0% -60 bps Core +7.5% Core -195 bps Acquisitions -2.0% Acquisitions +5 bps FX +1.5% Other +130 bps $1,072 $1,148 22.9% 22.3% Q3 2020 ($ millions) Q3 2021 Q3 2020 Q3 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 NINE-MONTH PERIODS ENDED OCTOBER 1, 2021 AND OCTOBER 2, 2020
Slide 12: Table of Contents
TABLE OF CONTENTS Page 1 Core Sales Growth by Segment, 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 Pro
Slide 13: Core Sales Growth by Segment
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 October 1, 2021 vs. Comparable 2020 Period Segments Environmental & Total Company Life Sciences Diagnostics Applied Solutions Total sa
Slide 14: Forecasted 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 December December 31, 2021 vs. 31, 2021 vs. Comparable Comparable 2020 2020 Period Period Core sales growth (non-GAAP) +L
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 Nine-Month Period Ended October 1, 2021 October 2, 2020 October 1, 2021 October 2, 2020 Sales (GAAP) Life Sciences $ 3,632 $ 2,923 $ 10,912 $ 7,215 Diagnostics 2,449 1,889 6,963
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Three-Month Period Ended October 1, 2021 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 1,158 Interest, Net 59 Other Nonoperating (Income)
Slide 17: Adjusted EBITDA and Adjusted EBITDA Margin
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Three-Month Period Ended October 2, 2020 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 883 Interest, Net 74 Other Nonoperating (Income) Ex
Slide 18: Adjusted EBITDA and Adjusted EBITDA Margin
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Nine-Month Period Ended October 1, 2021 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 4,559 Interest, Net 172 Other Nonoperating (Income)
Slide 19: Adjusted EBITDA and Adjusted EBITDA Margin
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Nine-Month Period Ended October 2, 2020 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings from Continuing Operations (GAAP) $ 2,405 Interest, Net 136 Other Nonoperating (Income)
Slide 20: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended October 1, 2021 Earnings Net earnings from Diluted net from continuing earnings per continuing operations for common operations calculation of share from Gross profit Operating Op
Slide 21: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended October 2, 2020 Earnings Net earnings from Diluted net from continuing earnings per continuing operations for common operations calculation of share from Gross profit Operating Op
Slide 22: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Nine-Month Period Ended October 1, 2021 Earnings Net earnings from Diluted net from continuing earnings per continuing operations for common operations calculation of share from Gross profit Operating Ope
Slide 23: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Nine-Month Period Ended October 2, 2020 Earnings Net earnings from Diluted net from continuing earnings per continuing operations for common operations calculation of share from Gross profit Operating Ope
Slide 24: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ 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 above): Thr
Slide 25: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) quarter related to the modification and partial termination of a commercial arrangement and resolution of the associated litigation, net of changes in estimates associated with prior period uncertain tax
Slide 26: Adjusted Average Common Stock and Diluted Shares Outstanding
DANAHER CORPORATION Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding (shares in millions) Three-Month Period Ended Nine-Month Period Ended October 1, 2021 October 2, 2020 October 1, 2021 October 2, 2020 Average common stock and common equivalent shares outstanding - dil
Slide 27: Year-Over-Year Core Operating Margin Changes
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 October 2, 2020 Operating Profit Margins from Continuing Operations (GAAP) 18.50 % 17.30 % 21.60 % 2
Slide 28: Year-Over-Year Core Operating Margin Changes
DANAHER CORPORATION Year-Over-Year Core Operating Margin Changes from Continuing Operations Segments Environmental & Applied Total Company Life Sciences Diagnostics Solutions Nine-Month Period Ended October 2, 2020 Operating Profit Margins from Continuing Operations (GAAP) 16.90 % 17.20 % 18.40 % 22
Slide 29: Free Cash Flow from Continuing Operations
DANAHER CORPORATION Free Cash Flow from Continuing Operations and Free Cash Flow from Continuing Operations to Net Earnings from Continuing Operations Conversion Ratio ($ in millions) Three-Month Period Ended Nine-Month Period Ended Year-over-Year Year-over-Year October 1, 2021 October 2, 2020 Chang
Slide 30: 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 31: Statement Regarding Non-GAAP Measures
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 32: DANAHER
DANAHER