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    Danaher Corp (DHR)

    Board Change

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    Business Description

    Danaher Corporation is a global conglomerate that operates in the fields of biotechnology, life sciences, and diagnostics. The company provides a wide range of products and services, including equipment, consumables, and software, primarily sold on a recurring basis . Danaher emphasizes innovation and strategic acquisitions to enhance its portfolio and maintain competitive advantages in its served markets .

    1. Biotechnology - Focuses on bioprocessing and discovery, offering equipment, consumables, and services used in the development and manufacture of biological medicines, including therapies like insulin, vaccines, and novel cell and gene therapies .
    2. Life Sciences - Provides instruments, consumables, and software for genomics and disease research, as well as products for filtering contaminants from liquids and gases .
    3. Diagnostics - Offers clinical instruments and services used in disease diagnosis and treatment decisions .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Steven M. RalesChairman of the Board1984Steven M. Rales is a co-founder of Danaher Corporation and has served on Danaher's Board of Directors since 1983. He was the CEO from 1984 to 1990. He is the brother of Mitchell P. Rales .
    Mitchell P. RalesChairman of the Executive Committee1984Mitchell P. Rales is a co-founder of Danaher Corporation and has served on Danaher's Board of Directors since 1983. He was the President from 1984 to 1990. He is the brother of Steven M. Rales .
    Rainer M. BlairPresident and Chief Executive OfficerSeptember 2020Rainer M. Blair has served as Danaher Corporation's President and CEO since September 2020. He joined Danaher in 2010 and became a Danaher officer in 2014 .
    Matthew R. McGrewExecutive Vice President and Chief Financial OfficerJanuary 2019Matthew R. McGrew has served as the Executive Vice President and CFO of Danaher Corporation since January 2019, overseeing the company's financial operations and strategies .
    Christopher P. RileyExecutive Vice PresidentJanuary 2024Christopher P. Riley has served as Executive Vice President at Danaher Corporation since January 2024. He was previously Vice President – Group Executive of Danaher’s Life Sciences and Diagnostics subsidiaries .
    Joakim WeidemanisFormer Executive Vice PresidentDecember 2017Joakim Weidemanis served as Executive Vice President from December 2017 until he stepped down on July 1, 2024. He held various positions within the company, contributing significantly to its operations and strategic initiatives .
    Georgeann F. CoucharaSenior Vice President - Human ResourcesApril 2022Georgeann F. Couchara has served as Senior Vice President - Human Resources since April 2022. She was previously Vice President-Talent and Vice President – Human Resources for Danaher’s Life Sciences subsidiary .
    Brian W. EllisSenior Vice President – General CounselJanuary 2016Brian W. Ellis has served as Senior Vice President – General Counsel at Danaher Corporation since January 2016 .
    Jose-Carlos Gutierrez-RamosSenior Vice President – Chief Science OfficerDecember 2020Jose-Carlos Gutierrez-Ramos has served as Senior Vice President – Chief Science Officer at Danaher since December 2020. He was previously Vice President – Drug Discovery for AbbVie, Inc. .
    William H. KingSenior Vice President – Strategic Development2014William H. King has served as Senior Vice President – Strategic Development at Danaher Corporation since 2014. He has been with the company since 2005 .
    Daniel A. RaskasSenior Vice President – Corporate Development2010Daniel A. Raskas has served as Senior Vice President – Corporate Development at Danaher Corporation since 2010, overseeing corporate development activities .
    James F. O'ReillySenior Vice President, Deputy General Counsel and SecretaryMay 16, 2024James F. O'Reilly serves as the Senior Vice President, Deputy General Counsel, and Secretary at Danaher Corporation. He has been in this role since at least May 16, 2024 .

    Questions to Ask Management

    1. Given the persistent challenges in the China market, including volume-based procurement and increasing local competition in bioprocessing and diagnostics, how do you plan to achieve your growth targets and mitigate these headwinds in the coming year?

    2. With uncertainties around the China stimulus, ongoing constraints in capital equipment spending, and the gradual recovery in bioprocessing orders, is the expectation of 8% core growth in 2025 realistic, or should investors anticipate a more conservative outlook?

    3. Considering that smaller bioprocessing customers, representing 25% of revenues, are still facing funding challenges and slower recovery, how significant is this segment's impact on your overall bioprocessing business, and what strategies are you implementing to support growth here?

    4. In light of the low single-digit growth in genomics and continued softness in gene reading among smaller customers, what specific actions are you taking to drive growth and gain market share, especially with the introduction of products like Rapid Genes?

    5. Regarding the integration of Abcam, can you provide more detail on its current performance and whether it is meeting your expectations for growth acceleration and cost improvements, given previous concerns about underperformance?

    Share Repurchase Program

    Program DetailsProgram 1Program 2
    Approval DateJuly 16, 2013 July 22, 2024
    End Date/DurationCompleted by Sept 27, 2024 No expiration date
    Total additional amount20 million shares 20 million shares
    Remaining authorization0 shares 20 million shares
    DetailsUsed for equity compensation plans and other corporate purposes Used for equity compensation plans and other corporate purposes

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$1,038 Euro-denominated commercial paper3.7 5.9% = (1,038 / 17,524) * 100
    2024$700 2.2% senior unsecured notes2.2 4.0% = (700 / 17,524) * 100
    2025$500 3.35% senior unsecured notes3.35 2.9% = (500 / 17,524) * 100
    2026$1,393 0.2% senior unsecured notes0.2 7.9% = (1,393 / 17,524) * 100
    2026$892 2.1% senior unsecured notes2.1 5.1% = (892 / 17,524) * 100
    2027$216 0.3% senior unsecured notes0.3 1.2% = (216 / 17,524) * 100
    2027$668 1.2% senior unsecured notes1.2 3.8% = (668 / 17,524) * 100
    2028$1,390 0.45% senior unsecured notes0.45 7.9% = (1,390 / 17,524) * 100
    2028$252 1.125% senior unsecured bonds1.125 1.4% = (252 / 17,524) * 100
    2029$797 2.6% senior unsecured notes2.6 4.5% = (797 / 17,524) * 100
    2030$893 2.5% senior unsecured notes2.5 5.1% = (893 / 17,524) * 100
    2031$1,945 0.75% senior unsecured notes0.75 11.1% = (1,945 / 17,524) * 100
    2032$373 0.65% senior unsecured notes0.65 2.1% = (373 / 17,524) * 100
    2039$1,382 1.35% senior unsecured notes1.35 7.9% = (1,382 / 17,524) * 100
    2039$891 3.25% senior unsecured notes3.25 5.1% = (891 / 17,524) * 100
    2045$499 4.375% senior unsecured notes4.375 2.8% = (499 / 17,524) * 100
    2049$829 1.8% senior unsecured notes1.8 4.7% = (829 / 17,524) * 100
    2049$890 3.4% senior unsecured notes3.4 5.1% = (890 / 17,524) * 100
    2050$982 2.6% senior unsecured notes2.6 5.6% = (982 / 17,524) * 100
    2051$985 2.8% senior unsecured notes2.8 5.6% = (985 / 17,524) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2002 PresentCurrent auditor

    Latest news

    Recent developments and announcements about DHR.

    Financial Reporting

      Earnings Call

      ·
      7 days ago

      Danaher Corporation (DHR) recently released its earnings call transcript, providing insights into its financial performance, forward guidance, and strategic initiatives. Below is a summary of the key points:

      Financial Performance

      • 2024 Full-Year Results:

        • Sales: $23.9 billion, with a core revenue decline of 1.5%.
        • Adjusted operating profit margin: 28.6%, flat year-over-year.
        • Adjusted diluted net earnings per share: $7.48.
        • Free cash flow: $5.3 billion, marking the 33rd consecutive year of free cash flow to net income conversion exceeding 100%.

      • Q4 2024 Results:

        • Sales: $6.5 billion, with 1% core revenue growth.
        • Adjusted operating profit margin: 29.6%, up 90 basis points year-over-year.
        • Adjusted diluted net earnings per share: $2.14, up 2.4% year-over-year.
        • Free cash flow: $1.8 billion.

      Forward Guidance for 2025

      • Full-Year 2025:

        • Core revenue growth: Approximately 3%.
        • Adjusted operating profit margin: Approximately 28.5%.
        • Revenue headwind: 2% due to the strengthening U.S. dollar.

      • Q1 2025:

        • Core revenue decline: Low single-digit percentage range.
        • Adjusted operating profit margin: Approximately 26.5%.

      Key Business Segments

      • Bioprocessing:

        • Strong order growth in Q4 2024, with six consecutive quarters of high single-digit sequential order growth .
        • Core revenue growth for 2025 is expected to be 6%-7%, with recovery well underway across most categories .

      • Life Sciences:

        • Core revenue increased 10% in Q4 2024, driven by modest demand improvements in the U.S. and Europe.
        • Tools segment expected to grow in the low single digits in 2025, with Pall and genomics segments facing headwinds.

      • Diagnostics:

        • Core revenue decreased 2% in Q4 2024, with challenges in China and respiratory testing .
        • Cepheid's respiratory revenue for 2025 is expected to normalize at $1.7 billion, reflecting an endemic state.

      Strategic Initiatives and Innovations

      • M&A and Capital Deployment:

        • Approximately $7 billion deployed in 2024 and early 2025 for share repurchases and strategic acquisitions.
        • Active deal pipeline with disciplined valuation criteria.

      • Product Innovations:

        • Cytiva's Cephea platform for CAR-T cell therapy manufacturing.
        • Beckman Coulter's DxI 9000 immunoassay analyzer and neurodegenerative disease research assays .
        • Leica Microsystems' Spectraplex for 3D imaging in spatial biology.

      • AI Integration:

        • Leveraging AI to accelerate assay development and enhance digital diagnostics.

      Market Conditions and Analyst Questions

      • Analysts raised concerns about U.S. academic government funding, export controls, and the impact of biosimilars on bioprocessing .
      • Management emphasized the resilience of its portfolio and its alignment with secular growth trends in Life Sciences and Diagnostics .

      Management's Outlook

      Danaher remains optimistic about its long-term growth prospects, citing its strong balance sheet, disciplined execution, and focus on innovation. The company aims to navigate near-term challenges while positioning itself for sustainable shareholder value creation .

      Earnings Report

      ·
      7 days ago

      Danaher Corporation (DHR) Fourth Quarter and Full Year 2024 Earnings Results

      Danaher Corporation (NYSE: DHR) released its earnings results for the fourth quarter and full year 2024 on January 29, 2025. Below are the key highlights:

      Fourth Quarter 2024 Highlights

      • Net Earnings: $1.1 billion, or $1.49 per diluted common share (GAAP). Non-GAAP adjusted diluted net earnings per share were $2.14.
      • Revenue: Increased by 2.0% year-over-year to $6.5 billion. Non-GAAP core revenue grew by 1.0%.
      • Cash Flow: Operating cash flow was $2.0 billion, and non-GAAP free cash flow was $1.5 billion.

      Full Year 2024 Highlights

      • Net Earnings: $3.9 billion, or $5.29 per diluted common share (GAAP). Non-GAAP adjusted diluted net earnings per share were $7.48.
      • Revenue: Total revenue was $23.9 billion, flat year-over-year. Non-GAAP core revenue declined by 1.5%.
      • Cash Flow: Operating cash flow was $6.7 billion, and non-GAAP free cash flow was $5.3 billion.

      Segment Performance

      • Biotechnology: Fourth-quarter revenue grew 6.5%, with core sales up 8.0%. Full-year revenue declined 6.0%, with core sales down 4.5%.
      • Life Sciences: Fourth-quarter revenue increased 5.5%, with core sales up 1.0%. Full-year revenue grew 2.5%, but core sales declined 2.0%.
      • Diagnostics: Fourth-quarter revenue declined 3.0%, with core sales down 2.0%. Full-year revenue increased 2.0%, with core sales up 3.0%.

      CEO Commentary

      Rainer M. Blair, President and CEO, stated:

      "We finished the year strong, with better-than-anticipated core revenue in all three of our segments. Good execution by our team also drove solid cash flow and operating margin expansion. Looking ahead, we believe Danaher is better positioned than at any point in our 40-year history".

      2025 Outlook

      • First Quarter 2025: Non-GAAP core revenue is expected to decline in the low-single digits year-over-year.
      • Full Year 2025: Non-GAAP core revenue is projected to grow by approximately 3% year-over-year.

      Conference Call Details

      Danaher hosted an investor conference call on January 29, 2025, at 8:00 a.m. ET to discuss these results and the 2025 outlook. A replay of the webcast is available on the company’s website.

      Key Trends

      • Revenue Growth: Modest growth in Q4 2024, driven by strong performance in Biotechnology and Life Sciences segments.
      • Cash Flow Strength: Robust free cash flow generation, reflecting operational efficiency.
      • Diagnostics Segment Challenges: Declines in Q4 revenue and core sales highlight ongoing challenges in this segment.

      For further details, visit Danaher’s Investor Relations page.

    Corporate Leadership

      Board Change

      ·
      Dec 11, 2024, 1:08 PM

      Pardis C. Sabeti has retired from the Danaher Board of Directors as of December 10, 2024, due to time commitments related to her other professional obligations. Her decision was not due to any disagreement with the company .