Danaher Corporation · NYSE:DHR
Danaher — Q1 2022 Earnings Presentation
25 slides from Danaher's earnings presentation, Apr 21, 2022
Slide 1: Danaher Corporation First Quarter 2022 Earnings Release
DANAHER CORPORATION First Quarter 2022 Earnings Release April 21, 2022
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 2022 Performance Summary
First Quarter 2022 Performance Summary ADJUSTED DILUTED NET REVENUE EARNINGS PER COMMON SHARE +12.0% +9.5% Core +12.0% Acquisitions +2.0% FX -2.0% $2.76 $2.52 $7,688 $6,858 Q1 2021 Q1 2022 Q1 2021 ($ millions) Q1 2022 Throughout this presentation, with respect to revenue performance, for the definit
Slide 4: First Quarter 2022 Performance Summary: Operating Profit and Free Cash Flow
First Quarter 2022 Performance Summary OPERATING PROFIT FREE CASH FLOW MARGIN PERFORMANCE -80 BPS +5.5% Core -65 bps Acquisitions -40 bps Other +25 bps $1,720 29.1% $1,632 28.3% Q1 2021 Q1 2022 Q1 2021 ($ millions) Q1 2022 Throughout this presentation when referred to in connection with operating pr
Slide 5: First Quarter 2022: Life Sciences
First Quarter 2022: Life Sciences REVENUE OPERATING PROFIT MARGIN +9.5% -370 BPS Core +7.5% Core -250 bps Acquisitions +4.0% Acquisitions -150 bps FX -2.0% Other +30 bps $3,882 32.5% $3,546 28.8% Q1 2021 ($ millions) Q1 2022 Q1 2021 Q1 2022 5
Slide 6: First Quarter 2022: Diagnostics
First Quarter 2022: Diagnostics REVENUE OPERATING PROFIT MARGIN +21.5% +480 BPS Core +22.5% Core +400 bps Acquisitions +1.0% Acquisitions +45 bps FX -2.0% Other +35 bps $2,644 $2,178 33.5% 28.7% Q1 2021 ($ millions) Q1 2022 Q1 2021 Q1 2022 6
Slide 7: First Quarter 2022: Environmental & Applied Solutions
First Quarter 2022: Environmental & Applied Solutions REVENUE OPERATING PROFIT MARGIN +2.5% -480 bps Core +6.5% Core -520 bps Divestitures -2.5% Divestitures +50 bps FX -1.5% Other -10 bps $1,134 $1,162 25.1% 20.3% Q1 2021 ($ millions) Q1 2022 Q1 2021 Q1 2022 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 1, 2022 AND APRIL 2, 2021
Slide 12: Table of Contents
TABLE OF CONTENTS Page 1 Core Sales Growth by Segment and Base Business Core Sales Growth 1 Forecasted Core Sales Growth and Base Business Core Sales Growth 2 Segment Sales, Operating Profit and Adjusted Operating Profit 3 Adjusted EBITDA and Adjusted EBITDA Margin 5 Other Non-GAAP Adjusted P&L Meas
Slide 13: Core Sales Growth by Segment and Base Business Core Sales Growth
DANAHER CORPORATION Core Sales Growth by Segment and Base Business Core Sales Growth % Change Three-Month Period Ended April 1, 2022 vs. Comparable 2021 Period Segments Environmental & Total Company Life Sciences Diagnostics Applied Solutions Total sales growth (GAAP) 12.0 % 9.5 % 21.5 % 2.5 % Impac
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 1, 2022 April 2, 2021 Sales (GAAP) Life Sciences $ 3,882 $ 3,546 Diagnostics 2,644 2,178 Environmental & Applied Solutions 1,162 1,134 Total Company $ 7,688 $ 6,858 Operat
Slide 15: Adjusted EBITDA and Adjusted EBITDA Margin (Q1 2022)
DANAHER CORPORATION Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Three-Month Period Ended April 1, 2022 Environmental & Applied Life Sciences Diagnostics Solutions Other Total Company Net Earnings (GAAP) $ 1,725 Interest, Net 53 Other Nonoperating (Income) Expense 20 Income Taxes 374 O
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin (Q1 2021)
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: Other Non-GAAP Adjusted P&L Measures (Q1 2022)
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended April 1, 2022 Net earnings for Diluted net Earnings calculation of earnings per Gross profit Operating Operating before diluted earnings common Sales Cost of sales margin profit p
Slide 18: Other Non-GAAP Adjusted P&L Measures (Q1 2021)
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended April 2, 2021 Net earnings for Diluted net Earnings calculation of earnings per Gross profit Operating Operating before diluted earnings common Sales Cost of sales margin profit p
Slide 19: 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 ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above): Thr
Slide 20: Other Non-GAAP Adjusted P&L Measures: Share Data
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) method and the related MCPS dividends are excluded. For the purposes of calculating adjusted earnings per common share, the Company has excluded the paid and anticipated MCPS cash dividends and assumed th
Slide 21: 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 2, 2021 Operating Profit Margins (GAAP) 29.10 % 32.50 % 28.70 % 25.10 % First quarter 2022 impact from operating profit m
Slide 22: 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 1, 2022 April 2, 2021 Change Total Cash Flows: Total cash provided by operating activities (GAAP) $ 1,968 $ 1,871 Total cash used in investing activiti
Slide 23: 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 24: 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 25: DANAHER
DANAHER