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Danaher Reports Fourth Quarter and Full Year 2024 Results

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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

1

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

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):

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

B

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

48

98

39

130

C

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).

D

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. 

E

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).  

F

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).

G

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.

H

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.

I

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

2

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.

3

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 %

1.5 %

1.0 %

Core sales (decline) growth (non-GAAP)

(1.5) %

(4.5) %

(2.0) %

3.0 %

 

Forecasted Core Sales (Decline) Growth

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.  

% 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)

1

6

13

12

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

9

9

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

7

4

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

14

117

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.

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 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

25

8

Stock-based compensation expense

288

306

Investment losses

57

182

Impairment charges

265

77

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

19

(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

13

12

Payments for purchases of investments

(331)

(172)

Proceeds from sales of investments

253

61

All other investing activities

34

44

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

68

Payment of dividends

(768)

(821)

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

5

(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)

59

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

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

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 %

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.

 

 

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

SOURCE Danaher Corporation

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Faith: The Spark Born by the Yudu Riverside

Published

6 hours ago

on

October 18, 2026

By

BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:

David Ferguson:

This is the Yudu River. One dusk in October, 1934, more than 86,000 soldiers of the Red Army crossed this river and embarked on the Long March, a two-year saga that has left its mark in history.

Yet, lingering here by the river, I am struck by a simple question: If you have faith in a bright future, and reality seems to thwart you at every turn, where do you find the moral strength to keep believing?

Wang Xiaohui:

At dusk on Oct. 17, 1934, an army of more than 86,000 troops gathered along the banks of the Yudu River. Over 800 boats of all sizes floated on the water, bound together with planks collected from villagers’ home gates, timber beams, and even coffin boards reserved for elderly locals. The people of Yudu built this pontoon bridge, determined to help the army led by the Communist Party of China (CPC) cross the river.

At that time, no one knew that the great expedition embarked upon by the banks of the Yudu River would go on to transform China and exert far-reaching influence across the world.

China in the 1920s and 1930s was plagued by chaos and despair.

The Kuomintang (KMT), the ruling party back then, was not capable of unifying the nation, leaving warlords locked in endless fighting. In 1931, Japanese invaders launched an assault on northeastern China, beginning their invasion. Crushed under domestic turbulence and foreign aggression, countless civilians were displaced, with many even starving to death on the streets; in certain regions, severe drought resulted in zero harvests, yet the farmers were forced to pay land taxes assessed for more than a decade into the future.

Amid this turmoil, the only glimmer of hope for the Chinese nation was kindled by the revolution ignited by the Communist Party of China.

The CPC, dedicated to winning liberation for the people and national independence, built contingents of workers’ and peasants’ Red Army troops and revolutionary base areas across the countryside. Impoverished farmers were granted land ownership, as well as unprecedented political dignity. On Nov. 7, 1931, the Chinese Soviet Republic was officially proclaimed in Ruijin, then a small village in southeastern China’s Jiangxi Province, establishing a Soviet system under which workers, peasants and soldiers elected representatives to run regional affairs and make policies.

The communist ideal of a fair society free from exploitation and equality for all blazed like a spark in the darkness; it kindled hopes among impoverished Chinese and became the wellspring of faith that enabled the Red Army — a force made up of poor workers and peasants — to overcome all hardships in the days to come.

Yet, bright as the spark was, it burned thin and fragile at times. Could this flame still endure when the ideals it carried were repeatedly battered by harsh reality?

In September 1933, flocks of warplanes clouded the skies over the Red Army’s revolutionary base areas. By then, Japanese invaders were steadily advancing towards North China, but Chiang Kai-shek’s KMT turned a blind eye to the looming national crisis. They mobilized over a million troops and more than 200 aircraft to launch a massive offensive at the Red Army’s base areas. Over the previous three years, Chiang Kai-shek had mounted four major military “encirclement” campaigns aimed at exterminating the Red Army, but all ended in failure. He was desperate for a pivotal victory to restore his prestige and to wipe out the CPC and the Red Army.

At the time, the commander of the Red Army abandoned mobile warfare tactics pioneered by Mao Zedong and other commanders, opting instead for rigid positional warfare involving conventional head-on clashes. But the reality was, some Red Army units didn’t even possess a single light machine gun; how could they confront the heavily-armed KMT army head-on?

Zhong Ming, a Red Army medic, could never erase the memories of gravely wounded soldiers being carried to his aid station. He remembered how a soldier whose chest was blown open begged his comrades to end his life. At the frontline, a whole battalion of Red Army soldiers religiously followed orders to defend crude earth-and-wood bunkers, but under the constant barrage of KMT artillery and airstrikes, every soldier in the battalion laid down their lives; not a single man survived.

What’s more heart-wrenching is that no matter how fearlessly the Red Army fought, the steep imbalance in military strength, paired with erroneous military command led to irreversible losses. By October 1934, the KMT’s iron-clad encirclement closed menacingly around Ruijin.

Faced with this dead-end, what decision would you make?

This stood as the most agonizing decision for the Red Army. The biggest challenge lay not in sacrificing one’s life for an ideal, but in finding a way to keep the revolutionary cause alive.

To stay meant defeat — the Red Army had no room to maneuver within the Central Revolutionary Base Area. To break through the encirclement, however slim the odds, offered a fighting chance. Preserving the Red Army as a living force mattered much more than clinging to isolated strongholds. Where the spark survives, the path ahead remains lit.

The air already turned chilly in October. Units of the Central Red Army assembled in Yudu to prepare for a strategic shift. The plan was kept strictly classified; none of the soldiers knew they were evacuating the base areas, only sensing an unusual vibe.

At dusk on Oct. 17, crowds lined up at the Yudu riverbank. Tens of thousands of villagers flocked from every corner to see the Red Army off. They walked alongside the marching columns, slipping food like eggs and glutinous rice balls into the soldiers’ pockets, praying for their swift homecoming.

The main force of the Central Red Army set off. Within days, they left behind revolutionary base areas where they had survived, grown and taken root. No one anticipated that the journey they embarked on would become the Long March, a trek spanning over 10 provinces. Still less could anyone imagine that this journey would ultimately pave the way for a brand-new China.

Looking back on this chapter of history, many claim that the Red Army only set out on this expedition because the enemies left them no other choice. To a degree, yes, the Long March was indeed a forced strategic shift, yet this fact does nothing to diminish its greatness and glory.

The ordinary Red Army soldiers had no idea how far they would march, or where they were heading. But they clung firmly to their founding mission: to deliver liberation for the people and independence to the nation. This unswerving conviction kept them from disintegrating through countless perils, sustaining them as they marched into the unknown with resolve.

David Ferguson:

I now realize that faith and ideals untested by harsh reality may have no true substance.

Since its founding, the Communist Party of China has always upheld the realization of communism as its fundamental goal. Despite devastating losses and extreme adversity, the Red Army continued to press forward resolutely and never faltered. Its inner strength came from an unshakable belief in the cause, an unwavering commitment to the founding aspiration, and a profound sense of mission. The Red Army was never fleeing pursuers in search of safety; it was marching forward to a future in which it had a steadfast belief.

Wang Xiaohui:

The Long March went on for two years. The Red Army trekked 25,000 li across some of China’s harshest terrain, but they kept their heads high, seeking hope amid despair and marching towards light through unending darkness. The lofty ideals and sense of mission they upheld have also become the torch that guides generations of CPC members in the following centennial, tempering them into steel as they press forward unswervingly toward national rejuvenation.

That spark lit along the Yudu River has never dimmed since.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm

Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/16/content_118736835.shtml

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SOURCE China.org.cn

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Linktel Technologies Highlights Breakthrough 1.6T LPO Performance & Strong Market Pull at OCP 2026

Published

7 hours ago

on

October 18, 2026

By

SAN JOSE, Calif., Oct. 18, 2026 /PRNewswire/ — At the recent 2026 OCP Global Summit, Linktel Technologies showcased its cutting-edge optical interconnect portfolios engineered specifically for next-generation AI computing networks. Among the heavy lineup, Linktel’s 1.6T Linear Pluggable Optics (LPO) solutions commanded immense industry attention, drawing heavy customer interest for their unprecedented energy efficiency, ultra-low latency, and supply-chain resilience.

Spotlight: 1.6T LPO Performance & High Customer Traction

AI data centers face immense scaling pressures, demanding higher bandwidth densities with tighter thermal and power budgets. Linktel’s 1.6T LPO solutions—highlighted by the 1.6T LPO 2DR4—delivered standout performance metrics that captured the spotlight at the summit:

Ultra-Low Power Consumption: Operates with power consumption as low as an impressive 10W, drastically mitigating data center cooling and power loads.Minimal Latency: Features a linear optics architecture that cuts down signal processing delays, making it a critical asset for high-performance AI scale-out fabrics.Enhanced Supply-Chain Resilience: Eliminating the optical DSP mitigates component choke points, ensuring robust scalability for mass deployments.Proven Interoperability: Following its breakthrough performance and multi-switch platform interoperability at the early September 2026 1.6T LPO-MSA Plugfest, Linktel has laid a solid foundation for the 200G-per-wavelength ecosystem.

Surging Market Interest

Throughout OCP 2026, Linktel’s live demonstrations of its 1.6T LPO, LRO, and FRO modules drew crowds of data center architects and industry partners. With volume production already in place, Linktel is fully equipped to meet the exploding market demand for energy-efficient, high-density 1.6T connectivity.

Overview of Other Innovations at OCP 2026

In addition to the heavily requested 1.6T LPO lineup, Linktel showcased two other major high-speed architectural pillars:

12.8T Liquid-Cooled XPO:Featured a live thermal demonstration integrating advanced liquid cooling to guarantee stable operations in high-density AI nodes.As a founding member of the XPO MSA, Linktel is actively scaling XPO series with FRO, LRO, and LPO variants for comprehensive scale-up, scale-out, and scale-across frameworks.6.4T/7.2T NPO Modules:Displayed with covers removed to reveal internal architectural designs supporting both ELS and ILS configurations.Combines compact high density with low power and low latency, backed by an established 6.4T/7.2T NPO roadmap.DMD Technology & Executive Presentation:Linktel Engineer Director Dr. Grace Zhang hosted a heavily attended Executive Session titled “Dispersion Managed Transceiver for Next-Gen AI Fabrics,” detailing cost-effective 800G (20km) and 1.6T (10km) solutions for OCS SuperPOD architectures, as well as the feasibility of 400G per lambda (3km).With its DMD product line already in volume production, Linktel actively calls upon ecosystem partners to join forces in collaborative development. To drive ecosystem maturity, Linktel is open to sharing its U.S.-filed patents, paving the way for industry-wide adoption and advancements in next-gen AI fabrics.

About Linktel Technologies

Linktel Technologies is a global leader in optical transceiver development and manufacturing, supplying high-speed optical I/O connectivity—including pluggable transceivers, optical engines, and ODM/JDM services.

For more information, visit www.linktel.com or follow Linktel Technologies on LinkedIn.

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SOURCE Linktel Technologies

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Advanced Manufacturing in Focus: Smart Life and Robotics Take the Spotlight at 140th Canton Fair

Published

8 hours ago

on

October 18, 2026

By

GUANGZHOU, China, Oct. 18, 2026 /CNW/ — Phase 1 of the 140th Canton Fair, themed “Advanced Manufacturing,” opened on October 15 and will run through October 19. As one of the event’s most closely watched sections, the Consumer Electronics and Information Products zone once again serves as a showcase for the latest achievements in China’s manufacturing and technology industries.

Smart Life Solutions Address an Aging and Globalized Market

A highlight of this section is the focus on smart living, which brings together smart solutions designed to support healthier, safer, and more independent lifestyles.

For example, wearable devices and continuous glucose monitoring systems enable convenient tracking of key health indicators such as heart rate and blood glucose levels. Meanwhile, wearable exoskeletons and other AI-powered devices support mobility training and functional recovery. For home and elderly care, companion robots, electric nursing beds and home-use hyperbaric oxygen chambers, offer a combination of daily care, wellness support and lifestyle assistance. All these solutions highlight a growing shift toward technology-enabled living, where health management, personal care, and independent living are becoming more accessible and connected.

Service Robots Demonstrate Expanding Real-World Applications

The Service Robot Zone remains one of the fair’s most popular attractions in this edition.

Among the crowd favorites is a humanoid robot standing roughly 70–80 centimeters tall. With its expressive movements and playful appearance, the robot draws constant attention as it dances, approaches visitors and occasionally performs flips to the delight of onlookers. Behind the product is a company that has overcome key challenges in compact joint modules and modular humanoid robot development. Its independently developed high-power-density joints deliver remarkable agility and explosive movement, while modular architecture provides flexibility for a wide range of future applications.

More broadly, the Service Robot Zone features exhibits spanning a wide range of application areas, including embodied intelligence, specialized operations, urban services, and smart living. Full-size humanoid robots, dexterous hands with multimodal sensing capabilities and wheeled robots highlight the latest advances in artificial intelligence, perception technologies and motion control. For demanding industrial and emergency environments, exhibitors are presenting robotic inspection systems, live-line maintenance robots and underwater propulsion robots designed to improve safety and operational efficiency.

The commercial services sector is also well represented through reception robots, façade-cleaning robots and fully automated coffee kiosks, while everyday life applications include wearable exoskeletons, robotic lawn mowers and educational robots for home use. Together, these exhibits demonstrate how China’s robotics industry is accelerating its transition from technological innovation to large-scale commercialization.

As the 140th Canton Fair gets underway, the showcased innovations highlight China’s growing strength in advanced manufacturing, turning cutting-edge technologies into practical, market-ready solutions for global customers.

For more convenient attendance, please click here for pre-registration:
https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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SOURCE Canton Fair

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