Early Access

10-QPeriod: Q3 FY2021

DANAHER CORP /DE/ Quarterly Report for Q3 Ended Jul 2, 2021

Filed July 22, 2021For Securities:DHR

Summary

Danaher Corporation reported robust financial performance for the quarter ending July 2, 2021, with overall revenues increasing by 36.5% compared to the prior year, driven by strong core sales growth of 31.5%. This growth was significantly boosted by the Life Sciences segment, which saw a 41.5% revenue increase, largely attributed to the ongoing demand for COVID-19 related products and services, as well as the positive impact of the Cytiva acquisition. The Diagnostics segment also delivered strong performance with a 40.5% revenue increase, benefiting from both COVID-19 testing and a rebound in non-COVID-19 diagnostic volumes. Operationally, the company experienced a substantial improvement in operating profit margins across all segments, driven by higher sales volumes, favorable product mix, and ongoing productivity initiatives. Danaher also announced a definitive agreement to acquire Aldevron for approximately $9.6 billion, signaling continued strategic growth through acquisition. Despite ongoing uncertainties related to the COVID-19 pandemic, Danaher projects continued core sales growth in the next quarter, albeit at a moderated pace compared to the first half of the year.

Financial Highlights

50 data points
Beta

Revenue

$7.22B

0.6% Gross Margin

Net Income

$1.78B

0.2% Net Margin

EPS (Diluted)

$2.40

Total Assets

$78.03B

Cash & Equivalents

$7.32B

Free Cash Flow

$1.81B

Financial Statements
Beta
Revenue$7.22B
Cost of Revenue$2.82B
Gross Profit$4.40B
R&D Expenses$426.00M
SG&A Expenses$1.97B
Operating Income$2.00B
Interest Expense$62.00M
Net Income$1.78B
EPS (Basic)$2.44
EPS (Diluted)$2.40
Shares Outstanding (Basic)714.50M
Shares Outstanding (Diluted)736.00M

Key Highlights

  • 1Strong Q2 2021 revenue growth of 36.5% year-over-year, driven by a 31.5% increase in core sales.
  • 2Life Sciences segment revenue surged by 41.5%, bolstered by demand for COVID-19 related products and the Cytiva acquisition.
  • 3Diagnostics segment revenue rose by 40.5%, benefiting from both COVID-19 testing and recovering non-COVID-19 diagnostic demand.
  • 4Significant improvement in operating profit margins across all segments due to higher sales, favorable mix, and cost efficiencies.
  • 5Announced definitive agreement to acquire Aldevron for approximately $9.6 billion to expand capabilities in genomic medicine.
  • 6Positive impact from foreign currency exchange rates contributed 4.0% to revenue growth in the quarter.
  • 7Company anticipates continued core sales growth in Q3 2021, though at a slower rate than the first half of the year.

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