Technology

Danaher Reports Fourth Quarter and Full Year 2024 Results

Published

1 year ago

January 29, 2025

WASHINGTON, Jan. 29, 2025 /PRNewswire/ — Danaher Corporation (NYSE: DHR) (the “Company”) today announced results for the fourth quarter and full year 2024. All results in this release reflect only continuing operations unless otherwise noted.

Key Fourth Quarter 2024 Results

Net earnings were $1.1 billion, or $1.49 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $2.14.Revenues increased 2.0% year-over-year to $6.5 billion and non-GAAP core revenue increased 1.0%.Operating cash flow was $2.0 billion and non-GAAP free cash flow was $1.5 billion.

Key Full Year 2024 Results

Net earnings were $3.9 billion, or $5.29 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $7.48.Revenues of $23.9 billion were flat year-over-year and non-GAAP core revenue decreased 1.5%.Operating cash flow was $6.7 billion and non-GAAP free cash flow was $5.3 billion.

Rainer M. Blair, President and Chief Executive Officer, 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.”

Blair continued, “Looking ahead, we believe Danaher is better positioned than at any point in our 40-year history. The transformation in our portfolio over the last several years has created a focused life sciences and diagnostics innovator, poised for higher long-term growth, expanded margins and stronger cash flow.”

First Quarter and Full Year 2025 Outlook

The Company provides forecasted sales only on a non-GAAP core revenue basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.

For the first quarter 2025, the Company anticipates that non-GAAP core revenue will decline low-single digits year-over-year. For full year 2025, the Company expects that non-GAAP core revenue will increase approximately 3% year-over-year.

Conference Call and Webcast Information

Danaher will discuss its fourth quarter results and financial guidance for the first quarter and full year 2025 during its investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the “Investors” section of Danaher’s website, www.danaher.com, under the subheading “Events & Presentations.” A replay of the webcast will be available in the same section of Danaher’s website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.

The conference call can be accessed by dialing 800-445-7795 within the U.S. or by dialing +1 785-424-1699 outside the U.S. a few minutes before the 8:00 a.m. ET start and telling the operator that you are dialing in for Danaher’s earnings conference call (Conference ID: DHRQ424). A replay of the conference call will be available shortly after the conclusion of the call and until February 12, 2025. You can access the replay dial-in information on the “Investors” section of Danaher’s website under the subheading “Events & Presentations.”

ABOUT DANAHER

Danaher is a leading global life sciences and diagnostics innovator, committed to accelerating the power of science and technology to improve human health. Our businesses partner closely with customers to solve many of the most important health challenges impacting patients around the world. Danaher’s advanced science and technology – and proven ability to innovate – help enable faster, more accurate diagnoses and help reduce the time and cost needed to sustainably discover, develop and deliver life-changing therapies. Focused on scientific excellence, innovation and continuous improvement, our approximately 63,000 associates worldwide help ensure that Danaher is improving quality of life for billions of people today, while setting the foundation for a healthier, more sustainable tomorrow. Explore more at www.danaher.com.

NON-GAAP MEASURES AND SUPPLEMENTAL MATERIALS

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Calculations of these measures, explanations of what these measures represent and the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached.

In addition, this earnings release, the slide presentation accompanying the related earnings call, non-GAAP reconciliations and a note containing details of historical and anticipated, future financial performance have been posted to the “Investors” section of Danaher’s website (www.danaher.com).

FORWARD-LOOKING STATEMENTS

Statements in this release that are not strictly historical, including the statements regarding the anticipated financial results for the first quarter and full year 2025, the Company’s positioning for the future and any other 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. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things: unanticipated, further declines in demand for our COVID-19 related products, the impact of global health crises, the impact of our debt obligations on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government with respect to our production capacity in times of national emergency or with respect to intellectual property/production capacity developed using government funding, risks relating to product, service or software defects, product liability and recalls, risks relating to our manufacturing operations and fluctuations in the cost and availability of the supplies we use (including commodities) and labor we need for our operations, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, the impact of deregulation on demand for our products and services, the impact of climate change, legal or regulatory measures to address climate change and our ability to address stakeholder expectations relating to climate change, labor matters and our ability to recruit, retain and motivate talented employees representing diverse backgrounds, experiences and skill sets, non-U.S. economic, political, legal, compliance, social and business factors (including the impact of military conflicts), disruptions and other impacts relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2024. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

DANAHER CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Diluted Net Earnings Per Common Share and Adjusted Diluted Net Earnings Per Common Share1

Three-Month Period Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Diluted Net Earnings Per Common Share
From Continuing Operations (GAAP)

$ 1.49

$ 1.50

$ 5.29

$ 5.65

Amortization of acquisition-related intangible
assetsA

0.56

0.51

2.21

2.00

Fair value net (gains) losses on
investmentsB

0.09

0.19

0.08

0.24

ImpairmentsC

0.06

0.05

0.36

0.10

Acquisition-related itemsD

—

0.13

0.03

0.13

Litigation gainsE

—

(0.01)

—

(0.01)

Contract termination expenseF

0.08

—

0.08

—

Tax effect of the above adjustmentsG

(0.13)

(0.18)

(0.51)

(0.47)

Discrete tax adjustmentsH

(0.01)

(0.10)

(0.07)

(0.06)

MCPS “as if converted”I

—

0.01

Rounding

—

0.01

(0.01)

Adjusted Diluted Net Earnings Per Common
Share From Continuing Operations (Non-
GAAP)

$ 2.14

$ 2.09

$ 7.48

$ 7.58

For the year ended December 31, 2023, each of the per share adjustment amounts above have been calculated assuming the Mandatory Convertible Preferred Stock (“MCPS”) had been converted into shares of common stock as of all dates presented.

Notes to Above Reconciliation

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):

Three-Month Period Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Pretax

$ 408

$ 380

$ 1,631

$ 1,491

After-tax

338

317

1,346

1,226

Net (gains) losses, including impairments, on the Company’s equity and limited partnership investments recorded in the following historical periods ($ in millions) (only the pretax amounts set forth below are reflected in the fair value net (gains) losses on investments line above):

Three-Month Period Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Pretax

$ 64

$ 139

$ 57

$ 182

After-tax

130

Impairment charges related to a trade name in the Diagnostics segment recorded in the three-month period and year ended December 31, 2024 ($43 million pretax as reported in this line item, $32 million after-tax), a trade name in the Life Sciences segment recorded in the year ended December 31, 2024 ($222 million pretax as reported in this line item, $169 million after-tax), technology-based intangible assets in the Diagnostics segment recorded in the three-month period and year ended December 31, 2023 ($23 million pretax as reported in this line, $18 million after-tax) and technology-based intangible assets and other assets in the Biotechnology segment recorded in the three-month period and year ended December 31, 2023 ($12 million and $54 million pretax as reported in this line item, $8 million and $40 million after-tax, respectively).

Costs incurred for the fair value adjustment to inventory related to the acquisition of Abcam plc (“Abcam”) for the year ended December 31, 2024 ($25 million pretax as reported in this line item, $19 million after-tax). Transaction costs deemed significant, settlement of pre-acquisition share-based payment awards and fair value adjustments to inventory in each case related to the acquisition of Abcam in the three-month period and year ended December 31, 2023 ($95 million pretax as reported in this line item, $75 million after-tax). The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company’s larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for the Company in a given period.

Gain related to settlement of litigation in the Life Sciences segment recorded in the three-month period and year ended December 31, 2023 ($10 million pretax as reported in this line, $8 million after-tax).

Loss on the termination of a commercial agreement in the Diagnostics segment in the three-month period and year ended December 31, 2024 ($56 million pretax as reported in this line item, $56 million after-tax).

This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Danaher estimates the tax effect of each adjustment item by applying Danaher’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. The MCPS dividends are not tax deductible and therefore the tax effect of the adjustments does not include any tax impact of the MCPS dividends.

Discrete tax adjustments and other tax-related adjustments for the three-month period ended December 31, 2024, include the impact of net discrete tax benefits of $4 million due principally to net discrete tax benefits resulting from the release of reserves for uncertain tax positions due to the expiration of statutes of limitation and changes in estimates related to prior year tax filing positions, net of charges related to changes in estimates associated with prior period uncertain tax positions. Discrete tax adjustments and other tax-related adjustments for the year ended December 31, 2024 include the impact of net discrete tax benefits of $49 million due principally to net discrete tax benefits resulting from excess tax benefits from stock compensation, the release of reserves for uncertain tax positions due to the expiration of statutes of limitation and changes in estimates related to prior year tax filing positions, net of charges related to changes in estimates associated with prior period uncertain tax positions. Discrete tax adjustments for the three-month period ended December 31, 2023, include the impact of net discrete tax benefits of $71 million due principally to net deferred tax benefits resulting from changes in estimates related to prior year tax filing positions and the release of reserves for uncertain tax positions due to the expiration of statutes of limitation, net of charges related to changes in estimates associated with prior period uncertain tax positions. Discrete tax adjustments and other tax-related adjustments for the year ended December 31, 2023 include the impact of net discrete tax benefits of $47 million due principally to net discrete tax benefits from changes in estimates related to prior year tax filing positions, the release of reserves for uncertain tax positions due to the expiration of statutes of limitation and excess tax benefits from stock-based compensation, net of charges related to tax costs related to the separation of Veralto Corporation, tax costs from legal and operational actions undertaken to realign certain of its businesses and changes in estimates associated with prior period uncertain tax positions. The Company anticipates excess tax benefits from stock compensation of approximately $7 million per quarter and therefore excludes benefits in excess of this amount in the calculation of adjusted diluted net earnings from continuing operations per common share.

In May 2020, the Company issued $1.72 billion in aggregate liquidation preference of 5.0% MCPS. Dividends on the MCPS were payable on a cumulative basis at an annual rate of 5.0% on the liquidation preference of $1,000 per share. Each share of MCPS converted on April 17, 2023 into 5.0175 shares of Danaher’s common stock. For the calculation of net earnings per common share from continuing operations, the impact of the dilutive MCPS is calculated under the “if-converted” method and the related MCPS dividends are excluded. For the purposes of calculating adjusted earnings per common share from continuing operations, the Company has excluded the paid MCPS cash dividends and assumed the “if-converted” method of share dilution (the incremental shares of common stock deemed outstanding applying the “if-converted” method of calculating share dilution only with respect to any MCPS the conversion of which would be dilutive in the particular period are referred to as the “Converted Shares”) for any MCPS that were anti-dilutive for the given period. For additional information about the impact of the MCPS on the calculation of diluted EPS, see note 2 in the Average and Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding table below.

Average and Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding

(shares in millions)

Three-Month Period Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Average common stock and common
equivalent shares outstanding – diluted
(GAAP)2

728.2

746.1

737.2

743.1

Converted shares3

—

2.5

Adjusted average common stock and common
equivalent shares outstanding – diluted (non-
GAAP)

728.2

746.1

737.2

745.6

The impact of the MCPS calculated under the if-converted method was anti-dilutive for the year ended December 31, 2023 and as such, approximately 2.5 million shares underlying the MCPS were excluded from the calculation of diluted EPS for the period and the related MCPS dividends of $21 million were included in the calculation of net earnings for diluted EPS for the period. As of April 17, 2023, all outstanding shares of the MCPS converted into 8.6 million shares of the Company’s common stock.

The number of converted shares assumes the conversion of all MCPS and issuance of the underlying shares applying the “if-converted” method of accounting and using the actual conversion rates as of December 31, 2023.

Sales Growth (Decline) by Segment, Core Sales Growth (Decline) by Segment

% Change Three-Month Period Ended December 31, 2024 vs. Comparable
2023 Period

Segments

Total Company

Biotechnology

Life Sciences

Diagnostics

Total sales growth (decline) (GAAP)

2.0 %

6.5 %

5.5 %

(3.0) %

Impact of:

Acquisitions

(1.5) %

— %

(5.0) %

— %

Currency exchange rates

0.5 %

1.5 %

0.5 %

1.0 %

Core sales growth (decline) (non-GAAP)

1.0 %

8.0 %

1.0 %

(2.0) %

% Change Year Ended December 31, 2024 vs. Comparable 2023 Period

Segments

Total Company

Biotechnology

Life Sciences

Diagnostics

Total sales growth (decline) (GAAP)

— %

(6.0) %

2.5 %

2.0 %

Impact of:

Acquisitions

(2.0) %

— %

(6.0) %

— %

Currency exchange rates

0.5 %

1.5 %

1.0 %

Core sales (decline) growth (non-GAAP)

(1.5) %

(4.5) %

(2.0) %

3.0 %

Forecasted Core Sales (Decline) Growth

% Change Three-Month
Period Ending March
28, 2025 vs.
Comparable 2024
Period

% Change Year Ending
December 31, 2025 vs.
Comparable 2024
Period

Core sales (decline) growth (non-GAAP)

-Low single digit

~3.0%

Cash Flow from Continuing Operations and Free Cash Flow from Continuing Operations

($ in millions)

Three-Month Period Ended

Year-over-
Year
Change

Year Ended

Year-over-
Year
Change

December 31,
2024

December 31,
2023

December 31,
2024

December 31,
2023

Total Cash Flows from Continuing
Operations:

Total cash provided by operating
activities from continuing operations
(GAAP)

$ 2,019

$ 1,591

$ 6,688

$ 6,490

Total cash used in investing activities
from continuing operations (GAAP)

$ (694)

$ (6,017)

$ (1,981)

$ (7,048)

Total cash (used in) provided by
financing activities from continuing
operations (GAAP)

$ (1,692)

$ (1,819)

$ (8,385)

$ 154

Free Cash Flow from Continuing
Operations:

Total cash provided by operating
activities from continuing operations
(GAAP)

$ 2,019

$ 1,591

~27.0 %

$ 6,688

$ 6,490

~3.0 %

Less: payments for additions to
property, plant & equipment (capital
expenditures) from continuing
operations (GAAP)

(516)

(434)

(1,392)

(1,383)

Plus: proceeds from sales of property,
plant & equipment (capital disposals)
from continuing operations (GAAP)

Free cash flow from continuing
operations (non-GAAP)

$ 1,504

$ 1,163

~29.5 %

$ 5,309

$ 5,119

~3.5 %

Note: The Company defines free cash flow as operating cash flows from continuing operations, less payments for additions to property, plant and equipment from continuing operations (“capital expenditures”) plus the proceeds from sales of plant, property and equipment from continuing operations (“capital disposals”). All amounts presented above reflect only continuing operations.

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. Management believes that these measures provide useful information to investors by offering additional ways of viewing Danaher Corporation’s (“Danaher” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors:

with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers;with respect to core sales, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; andwith respect to free cash flow from continuing operations (the “FCF Measure”), understand Danaher’s ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company’s debt service requirements and other non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures).

Management uses the non-GAAP measures referenced above to measure the Company’s operating and financial performance, and uses core sales and non-GAAP measures similar to Adjusted Diluted Net Earnings Per Common Share from Continuing Operations and the FCF Measure in the Company’s executive compensation program.

The items excluded from the non-GAAP profitability measures set forth above have been excluded for the following reasons:Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized.Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Danaher Business System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of 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 other items excluded from Adjusted Diluted Net Earnings Per Common Share from Continuing Operations, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Danaher’s commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult.With respect to adjusted average common stock and common equivalent shares outstanding, Danaher’s MCPS mandatorily converted into Danaher common stock on the mandatory conversion date of April 17, 2023 (unless converted or redeemed earlier in accordance with the terms of the applicable certificate of designations). With respect to the calculation of Adjusted Diluted Net Earnings Per Common Share from Continuing Operations, we apply the “if converted” method of share dilution to the MCPS in all applicable periods irrespective of whether such preferred shares were dilutive or anti-dilutive in the period. We believe this presentation provides useful information to investors by helping them understand the net impact on Danaher’s earnings per share-related measures irrespective of the period.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 and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult.With respect to the FCF Measure, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements.

The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (unaudited)

($ in millions, except per share amount)

As of December 31

2024

2023

ASSETS

Current assets:

Cash and equivalents

$ 2,078

$ 5,864

Trade accounts receivable, less allowance for doubtful accounts of $113 as of
December 31, 2024 and $120 as of December 31, 2023

3,537

3,922

Inventories

2,330

2,594

Prepaid expenses and other current assets

1,552

1,557

Total current assets

9,497

13,937

Property, plant and equipment, net

4,990

4,553

Other long-term assets

3,990

3,644

Goodwill

40,497

41,608

Other intangible assets, net

18,568

20,746

Total assets

$ 77,542

$ 84,488

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Notes payable and current portion of long-term debt

$ 505

$ 1,695

Trade accounts payable

1,753

1,766

Accrued expenses and other liabilities

4,540

4,813

Total current liabilities

6,798

8,274

Other long-term liabilities

5,694

6,017

Long-term debt

15,500

16,707

Stockholders’ equity:

Common stock – $0.01 par value, 2.0 billion shares authorized; 884.3 million issued
and 719.1 million outstanding as of December 31, 2024; 880.5 million issued and
739.2 million outstanding as of December 31, 2023

Additional paid-in capital

16,727

16,170

Treasury stock

(8,163)

(2,019)

Retained earnings

44,188

41,074

Accumulated other comprehensive income (loss)

(3,218)

(1,748)

Total Danaher stockholders’ equity

49,543

53,486

Noncontrolling interests

Total stockholders’ equity

49,550

53,490

Total liabilities and stockholders’ equity

$ 77,542

$ 84,488

This information is presented for reference only. Final audited financial statements will include footnotes, which should be
referenced when available, to more fully understand the contents of this information.

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)

($ and shares in millions, except per share amounts)

Three-Month Period Ended

Year Ended

December 31,
2024

December 31,
2023

December 31,
2024

December 31,
2023

Sales

$ 6,538

$ 6,405

$ 23,875

$ 23,890

Cost of sales

(2,648)

(2,626)

(9,669)

(9,856)

Gross profit

3,890

3,779

14,206

14,034

Operating costs:

Selling, general and administrative expenses

(2,023)

(2,035)

(7,759)

(7,329)

Research and development expenses

(442)

(407)

(1,584)

(1,503)

Operating profit

1,425

1,337

4,863

5,202

Nonoperating income (expense):

Other income (expense), net

(63)

(137)

(56)

(175)

Interest expense

(61)

(85)

(278)

(286)

Interest income

117

303

Earnings from continuing operations before
income taxes

1,315

1,232

4,646

5,044

Income taxes

(229)

(111)

(747)

(823)

Net earnings from continuing operations

1,086

1,121

3,899

4,221

Earnings from discontinued operations, net of
income taxes

—

(42)

—

543

Net earnings

1,086

1,079

3,899

4,764

Mandatory convertible preferred stock
dividends

—

(21)

Net earnings attributable to common
stockholders

$ 1,086

$ 1,079

$ 3,899

$ 4,743

Net earnings per common share from
continuing operations:

Basic

$ 1.50

$ 1.52

$ 5.33

$ 5.70

(a)

Diluted

$ 1.49

$ 1.50

$ 5.29

(a)

$ 5.65

Net earnings per common share from
discontinued operations:

Basic

$ —

$ (0.06)

$ —

$ 0.74

Diluted

$ —

$ (0.06)

$ —

$ 0.73

(a)

Net earnings per common share:

Basic

$ 1.50

$ 1.46

$ 5.33

$ 6.44

(a)

Diluted

$ 1.49

$ 1.45

(b)

$ 5.29

(a)

$ 6.38

(a)

Average common stock and common
equivalent shares outstanding:

Basic

722.7

739.8

731.0

736.5

Diluted

728.2

746.1

737.2

743.1

(a) Net earnings per common share amount for the relevant three-month periods do not add to the full year period amount due to rounding.

(b) Net earnings per common share amount does not add due to rounding.

DANAHER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

($ in millions)

Year Ended December 31

2024

2023

Cash flows from operating activities:

Net earnings

$ 3,899

$ 4,764

Less: earnings from discontinued operations, net of income taxes

—

(543)

Net earnings from continuing operations

3,899

4,221

Noncash items:

Depreciation

721

675

Amortization of intangible assets

1,631

1,491

Amortization of acquisition-related inventory fair value step-up

Stock-based compensation expense

288

306

Investment losses

182

Impairment charges

265

Change in deferred income taxes

(483)

(1,204)

Change in trade accounts receivable, net

331

322

Change in inventories

147

185

Change in trade accounts payable

(149)

Change in prepaid expenses and other assets

274

419

Change in accrued expenses and other liabilities

(486)

(43)

Total operating cash provided by continuing operations

6,688

6,490

Total operating cash provided by discontinued operations

—

674

Net cash provided by operating activities

6,688

7,164

Cash flows from investing activities:

Cash paid for acquisitions

(558)

(5,610)

Payments for additions to property, plant and equipment

(1,392)

(1,383)

Proceeds from sales of property, plant and equipment

Payments for purchases of investments

(331)

(172)

Proceeds from sales of investments

253

All other investing activities

Total cash used in investing activities from continuing operations

(1,981)

(7,048)

Total investing cash used in discontinued operations

—

(33)

Net cash used in investing activities

(1,981)

(7,081)

Cash flows from financing activities:

Proceeds from the issuance of common stock in connection with stock-based compensation

162

Payment of dividends

(768)

(821)

Net proceeds from (repayments of) borrowings (maturities of 90 days or less)

(1,006)

Repayments of borrowings (maturities longer than 90 days)

(1,674)

(620)

Distribution from discontinued operations

—

2,600

Payments for repurchase of common stock

(5,979)

—

All other financing activities

(131)

(67)

Net cash (used in) provided by financing activities for continuing operations

(8,385)

154

Cash distributions to Veralto Corporation, net

—

(427)

Net cash used in financing activities

(8,385)

(273)

Effect of exchange rate changes on cash and equivalents

(108)

Net change in cash and equivalents

(3,786)

(131)

Beginning balance of cash and equivalents

5,864

5,995

Ending balance of cash and equivalents

$ 2,078

$ 5,864

DANAHER CORPORATION AND SUBSIDIARIES

SEGMENT INFORMATION (unaudited)

($ in millions)

Three-Month Period Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Sales:

Biotechnology

$ 1,869

$ 1,759

$ 6,759

$ 7,172

Life Sciences

2,032

1,930

7,329

7,141

Diagnostics

2,637

2,716

9,787

9,577

Total Company

$ 6,538

$ 6,405

$ 23,875

$ 23,890

Operating Profit:

Biotechnology

$ 508

$ 416

$ 1,685

$ 1,909

Life Sciences

376

235

879

1,209

Diagnostics

624

766

2,625

2,406

Other

(83)

(80)

(326)

(322)

Total Company

$ 1,425

$ 1,337

$ 4,863

$ 5,202

Operating Profit Margins:

Biotechnology

27.2 %

23.6 %

24.9 %

26.6 %

Life Sciences

18.5 %

12.2 %

12.0 %

16.9 %

Diagnostics

23.7 %

28.2 %

26.8 %

25.1 %

Total Company

21.8 %

20.9 %

20.4 %

21.8 %

View original content:https://www.prnewswire.com/news-releases/danaher-reports-fourth-quarter-and-full-year-2024-results-302362722.html

SOURCE Danaher Corporation

Technology

Emdoor Launches “Ailyn” AI Hub at WAIC 2026: Unifying Intelligence Across Every Device

Published

1 hour ago

July 19, 2026

SHANGHAI, July 18, 2026 /PRNewswire/ — Emdoor, a leading provider of intelligent computing devices, unveiled its latest innovation — Ailyn, an integrated software-hardware AI hub — at the World Artificial Intelligence Conference (WAIC) 2026. Under the theme “Intelligence in All Things, Boundless Edge Intelligence”, Emdoor’s Booth X1B-804 showcases four immersive scenarios spanning personal, home, enterprise, and industrial use cases, demonstrating how AI can flow seamlessly across devices.

With decades of experience across cloud, edge, device, and wearable form factors, Emdoor has established one of the industry’s most comprehensive intelligent hardware portfolios. Yet the company recognized a critical gap: while individual devices grow smarter, they often operate in isolation.

Ailyn is Emdoor’s answer to this challenge. Introduced on the WAIC Magic Box stage, Ailyn serves as a unified intelligence layer that orchestrates storage, computing power, AI models, and data across PCs, NAS systems, computing boxes, and IoT devices. The result is a scalable, centrally managed intelligence platform that delivers seamless cross-device collaboration, data privacy, and AI capabilities that improve with use.

At its core, Ailyn follows a device-first, multi-device connected philosophy. By prioritizing on-device model deployment, it reduces costs while preserving privacy, minimizing latency, and enabling offline functionality. Key capabilities include unified data access, uninterrupted task handoff between devices, intelligent multi-model routing, and dynamic compute scaling — plus built-in features for knowledge accumulation, skill expansion, persona customization, and automated task execution.

Four Scenarios, One Intelligent Ecosystem

The enterprise lineup features high-performance AI workstations, AI servers, AI NAS, Mini PCs, and motherboards. Workstations support up to 96-core processors and four double-width GPUs with integrated BMC remote management. AI servers run dual Intel Xeon scalable processors with up to eight mainstream AI accelerators. The single-GPU workstation series offers dual-platform compatibility with both Intel and AMD, featuring a PCIe 5.0 ×16 slot and up to 128GB DDR5 memory. Available in two form factors — a 23.9L tower chassis and a 15.3L compact chassis with tempered glass side panel — it delivers balanced performance for both creative workloads and local AI inference. The AI NAS unifies storage and AI computing power in one device, with192GB of octa-channel LPDDR5X memory to support local large model deployment. Ailyn unifies these resources into a private computing backbone, intelligently offloading heavy workloads so users get instant on-device responsiveness with datacenter-grade power on demand.

For individual users, the showcase includes Mini PCs, AI PCs, AI tablets, and multimodal wearables. The AP16, powered by Intel’s 3rd Generation Core™ Ultra processor, delivers 180 TOPS of AI performance with sustained 54W output — capable of running large models locally. Multimodal wearable solutions built on Qualcomm and BES chips offer faster time-to-market for brand partners. Within the Ailyn ecosystem, PCs handle heavy computing while wearables provide continuous environmental awareness, each device strengthening the whole.

Industrial visitors will find AI BOX units, rugged AI notebooks, handheld terminals, and industrial PCs. AI BOX devices come preloaded with industry-specific models for production line visual inspection. Rugged notebooks deliver reliable performance for mobile field operations. Industrial PCs feature industrial-grade architecture for 24/7 uptime. Through Ailyn, these connected devices break down traditional data silos, enabling intelligent resource orchestration and a closed-loop perception-decision-execution system that accelerates industrial digital transformation.

At the center of the home scenario are AI tablets and home NAS, connected to a full-house AIoT network. The NAS acts as the family’s private data and computing hub, while the tablet serves as the primary interface for senior health reminders and children’s learning support. Ailyn weaves these devices into a cohesive system covering family memories, health care, companionship, and home security — bringing intelligence into daily life without intruding on it.

The launch of Ailyn marks a significant evolution for Emdoor — shifting from a hardware manufacturer to a builder of intelligent infrastructure. It represents the convergence of the company’s deep hardware heritage and its AI innovation roadmap. Moving forward, Emdoor will continue investing in edge AI technology and expanding the Ailyn ecosystem alongside partners, bringing distributed intelligence from the showroom into everyday life.

Company: Emdoor Digital Technology Co.,Ltd.
Contact Person: Yao Zhou
Email: marketing.digi@emdoor.com
Website: http://www.emdoordigi.com/
City: Shenzhen, China

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SOURCE Emdoor Digital

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

10 hours ago

July 18, 2026

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html

SOURCE HUAWEI

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

11 hours ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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SOURCE Laifen