Danaher Corporation · NYSE:DHR
Danaher — Q1 2021 Earnings Presentation
27 slides from Danaher's earnings presentation, Apr 22, 2021
Slide 1: Danaher Corporation First Quarter 2021 Earnings Release
DANAHER CORPORATION First Quarter 2021 Earnings Release April 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: First Quarter 2021 Performance Summary
First Quarter 2021 Performance Summary ADJUSTED DILUTED NET EARNINGS REVENUE PER COMMON SHARE +58.0% +140.0% Core including Cytiva +30.0% FX +3.5% $2.52 $6,858 $4,343 $1.05 Q1 2020 Q1 2021 Q1 2020 ($ millions) Q1 2021 Throughout this presentation, with respect to revenue performance, for the definit
Slide 4: First Quarter 2021 Performance Summary
First Quarter 2021 Performance Summary OPERATING PROFIT FREE CASH FLOW MARGIN PERFORMANCE +1,300 BPS +135.0% Core +910 bps Acquisitions +355 bps Other +35 bps $1,632 29.1% 16.1% $694 Q1 2020 Q1 2021 Q1 2020 ($ millions) Q1 2021 Throughout this presentation when referred to in connection with operati
Slide 5: First Quarter 2021: Life Sciences
First Quarter 2021: Life Sciences REVENUE OPERATING PROFIT MARGIN +115.0% +1,280 BPS Core including Cytiva +41.5% Core +660 bps FX +4.0% Acquisitions +750 bps Other -130 bps $3,546 32.5% $1,650 19.7% Q1 2020 ($ millions) Q1 2021 Q1 2020 Q1 2021 5
Slide 6: First Quarter 2021: Diagnostics
First Quarter 2021: Diagnostics REVENUE OPERATING PROFIT MARGIN +34.0% +1,330 BPS Core +31.0% Core +1,345 bps FX +3.0% Other -15 bps $2,178 28.7% $1,627 15.4% Q1 2020 ($ millions) Q1 2021 Q1 2020 Q1 2021 6
Slide 7: First Quarter 2021: Environmental & Applied Solutions
First Quarter 2021: Environmental & Applied Solutions REVENUE OPERATING PROFIT MARGIN +6.5% +260 bps Core +3.5% Core +245 bps Acquisitions +0.5% Acquisitions -15 bps FX +2.5% Other +30 bps $1,066 $1,134 25.1% 22.5% Q1 2020 ($ millions) Q1 2021 Q1 2020 Q1 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-MONTH PERIODS ENDED APRIL 2, 2021 AND APRIL 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 1 Forecasted Core Sales Growth, Core Sales Growth Including Cytiva and Base Business Core Sales Growth 2 Segment Sales, Operating Profit and Adjusted Operating Profit 4 Adjus
Slide 13: Core Sales Growth by Segment and Including Cytiva
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 April 2, 2021 vs. Comparable 2020 Period Segments Environmental & Total Company Life Sciences Diagnostics Applied Solutions Total sale
Slide 14: Segment Sales, Operating Profit and Adjusted Operating Profit
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended April 2, 2021 April 3, 2020 Sales (GAAP) Life Sciences $ 3,546 $ 1,650 Diagnostics 2,178 1,627 Environmental & Applied Solutions 1,134 1,066 Total Company $ 6,858 $ 4,343 Operat
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 April 2, 2021 April 3, 2020 Adjusted Operating Profit (non-GAAP) 3 Life Sciences $ 1,474 $ 416 Diagnostics 687 307 Environmental & Applied Solutions 301 258 Other (65) (60) Tota
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Three-Month Period Ended April 2, 2021 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings (GAAP) $ 1,702 Interest, Net 54 Other Nonoperating (Income) Expense (140) Income Taxes 38
Slide 17: Adjusted EBITDA and Adjusted EBITDA Margin
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Three-Month Period Ended April 3, 2020 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings (GAAP) $ 595 Interest, Net (15) Other Nonoperating (Income) Expense 2 Income Taxes 116 Op
Slide 18: Reconciliation of GAAP to Adjusted P&L Metrics
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) Three-Month Period Ended April 2, 2021 Net earnings for calculation Diluted net Earnings of diluted earnings per Gross profit Operating Operating before earnings per common Sales Cost of sales m
Slide 19: Reconciliation of GAAP to Adjusted P&L Metrics
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) Three-Month Period Ended April 3, 2020 Net earnings for calculation Diluted net Earnings of diluted earnings per Gross profit Operating Operating before earnings per common Sales Cost of sales m
Slide 20: Reconciliation of GAAP to Adjusted P&L Metrics
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 21: Reconciliation of GAAP to Adjusted P&L Metrics
DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics ($ in millions, except per share data) immediately before April 15, 2022 and April 15, 2023 for the MCPS Series A and Series B, respectively. For the purposes of calculating adjusted earnings per share, the Company has excluded the p
Slide 22: 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 April 2, 2021 April 3, 2020 Average common stock and common equivalent shares outstanding - diluted (GAAP) 5 735.1 707.9 Converted shares 6 8.6 12.4 Adjust
Slide 23: Year-Over-Year Core Operating Margin Changes
DANAHER CORPORATION Year-Over-Year Core Operating Margin Changes Segments Environmental & Applied Total Company Life Sciences Diagnostics Solutions Three-Month Period Ended April 3, 2020 Operating Profit Margins (GAAP) 16.10 % 19.70 % 15.40 % 22.50 % First quarter 2021 impact from operating profit m
Slide 24: 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 Year-over-Year April 2, 2021 April 3, 2020 Change Total Operating Cash Flows: Total cash provided by operating activities (GAAP) $ 1,871 $ 826 Total cash used in investing
Slide 25: 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 26: Statement Regarding Non-GAAP Measures
DANAHER CORPORATION Statement Regarding Non-GAAP Measures ◦ Other Adjustments. With respect to the other items excluded from Adjusted Diluted Net Earnings Per Common Share, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that
Slide 27: DANAHER
DANAHER