Slide 1: Danaher Corporation First Quarter 2025 Earnings Release
Danaher Corporation First Quarter 2025 Earnings Release April 22, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Statements in this presentation that are not strictly historical, including any 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. Th
Slide 3: First Quarter 2025 Performance Summary
First Quarter 2025 Performance Summary Revenue Adjusted Operating Adjusted Diluted Net Earnings Profit Margin Per Common Share -1.0% Core Flat -50 BPS -2.1% Acquisitions/Divestitures +0.5% FX -1.5% $5,796 30.1% $1.92 $5,741 29.6% $1.88 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 ($ millions) Thr
Slide 4: First Quarter 2025: Biotechnology
First Quarter 2025: Biotechnology Revenue Adjusted Operating Profit Margin 6.0% +590 BPS Core +7.0% FX -1.0% $1,612 41.5% $1,524 35.6% Q1 2024 Q1 2025 Q1 2024 Q1 2025 ($ millions) 4
Slide 5: First Quarter 2025: Life Sciences
First Quarter 2025: Life Sciences Revenue Adjusted Operating Profit Margin -3.5% -220 BPS Core -4.0% Acquisitions +2.0% FX -1.5% $1,745 23.0% $1,680 20.8% Q1 2024 Q1 2025 Q1 2024 Q1 2025 ($ millions) 5
Slide 6: First Quarter 2025: Diagnostics
First Quarter 2025: Diagnostics Revenue Adjusted Operating Profit Margin -3.0% -340 BPS Core -1.5% Divestitures -0.5% FX -1.0% 34.7% $2,527 31.3% $2,449 Q1 2024 Q1 2025 Q1 2024 Q1 2025 ($ millions) 6
Slide 7: Guidance
Guidance 7
Slide 8: Q&A
Q&A 8
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Slide 10: Reconciliation of GAAP to Non-GAAP Financial Measures and Supplemental Forward-Looking Information
DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE-MONTH PERIODS ENDED MARCH 28, 2025 AND MARCH 29, 2024
Slide 11: Table of Contents
TABLE OF CONTENTS Page 1 Sales (Decline) Growth by Segment and Core Sales Growth (Decline) by Segment 1 Forecasted Core Sales Growth, Adjusted Operating Profit Margin and Adjusted Diluted Net Earnings Per Common Share 2 Segment Sales, Operating Profit and Adjusted Operating Profit 3 Non-GAAP Profita
Slide 12: Sales (Decline) Growth by Segment and Core Sales Growth (Decline) by Segment
DANAHER CORPORATION Sales (Decline) Growth by Segment and Core Sales Growth (Decline) by Segment % Change Three-Month Period Ended March 28, 2025 vs. Comparable 2024 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales (decline) growth (GAAP) (1.0)% 6.0 % (3.5)% (3.0)% I
Slide 13: Segment Sales, Operating Profit and Adjusted Operating Profit
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended March 28, 2025 March 29, 2024 Sales (GAAP) Biotechnology $ 1,612 $ 1,524 Life Sciences 1,680 1,745 Diagnostics 2,449 2,527 Total Company $ 5,741 $ 5,796 Operating Profit (GAAP)
Slide 14: Non-GAAP Profitability Measures (March 2025)
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended March 28, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 954 Interest, Net 66 Other Nonoperating (Income) Expense 79 Income Taxes 175 Operating Profit (GAAP) $ 441 $ 2
Slide 15: Non-GAAP Profitability Measures (March 2024)
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended March 29, 2024 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 1,088 Interest, Net 5 Other Nonoperating (Income) Expense 36 Income Taxes 183 Operating Profit (GAAP) $ 325 $
Slide 16: Other Non-GAAP Adjusted P&L Measures (March 28, 2025)
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended March 28, 2025 Net earnings for calculation of Diluted net Earnings diluted earnings earnings per Gross profit Operating Operating before per common common Sales Cost of sales mar
Slide 17: Other Non-GAAP Adjusted P&L Measures (March 29, 2024)
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended March 29, 2024 Net earnings for calculation of Diluted net Earnings diluted earnings earnings per Gross profit Operating Operating before per common common Sales Cost of sales mar
Slide 18: Other Non-GAAP Adjusted P&L Measures footnotes
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 (only the pretax amounts set forth below are reflected in the amortization line item above): Three-Month Period
Slide 19: Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes
DANAHER CORPORATION Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes Segments Total Company Biotechnology Life Sciences Diagnostics Three-Month Period Ended March 29, 2024 Operating Profit Margins (GAAP) 22.60 % 21.30 % 13.50 % 32.80 % First quarter 2025 impact from o
Slide 20: Total Cash Flow, Free Cash Flow and Conversion Ratios
DANAHER CORPORATION Total Cash Flow, Free Cash Flow, Operating Cash Flow to Net Earnings Conversion Ratio and Free Cash Flow to Net Earnings Conversion Ratio ($ in millions) Three-Month Period Ended Year-over-Year March 28, 2025 March 29, 2024 Change Total Cash Flow: Net cash provided by operating a
Slide 21: 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 22: Statement Regarding Non-GAAP Measures (continued)
DANAHER CORPORATION Statement Regarding Non-GAAP Measures • 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 a
Slide 23: Danaher
danaher.