Danaher Reports Fourth Quarter and Full Year 2024 Results
Danaher (NYSE: DHR) reported its Q4 and full-year 2024 results, showing mixed performance. In Q4 2024, revenues increased 2.0% year-over-year to $6.5 billion, with non-GAAP core revenue up 1.0%. Q4 net earnings reached $1.1 billion, or $1.49 per diluted share, with non-GAAP adjusted EPS of $2.14.
For full-year 2024, the company reported flat revenues at $23.9 billion, while non-GAAP core revenue decreased 1.5%. Net earnings were $3.9 billion, or $5.29 per diluted share, with non-GAAP adjusted EPS of $7.48. Operating cash flow was strong at $6.7 billion, with free cash flow of $5.3 billion.
Looking ahead to 2025, Danaher expects Q1 core revenue to decline low-single digits year-over-year, but projects full-year core revenue growth of approximately 3%.
Danaher (NYSE: DHR) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, mostrando performance miste. Nel quarto trimestre del 2024, i ricavi sono aumentati del 2,0% rispetto all'anno precedente, raggiungendo $6,5 miliardi, con un aumento dell'1,0% nei ricavi core non-GAAP. Gli utili netti nel quarto trimestre hanno raggiunto $1,1 miliardi, ovvero $1,49 per azione diluita, con un EPS aggiustato non-GAAP di $2,14.
Per l'intero anno 2024, l'azienda ha riportato ricavi stabili a $23,9 miliardi, mentre i ricavi core non-GAAP sono diminuiti dell'1,5%. Gli utili netti sono stati di $3,9 miliardi, equivalenti a $5,29 per azione diluita, con un EPS aggiustato non-GAAP di $7,48. Il flusso di cassa operativo è stato forte, ammontando a $6,7 miliardi, con un flusso di cassa libero di $5,3 miliardi.
Guardando al 2025, Danaher prevede una diminuzione dei ricavi core del primo trimestre a un cifra bassa rispetto all'anno precedente, ma prevede una crescita dei ricavi core per l'intero anno di circa il 3%.
Danaher (NYSE: DHR) informó sus resultados del cuarto trimestre y del año fiscal 2024, mostrando un desempeño mixto. En el cuarto trimestre de 2024, los ingresos aumentaron un 2,0% interanual, alcanzando $6.5 mil millones, con un incremento del 1,0% en los ingresos centrales no-GAAP. Las ganancias netas del cuarto trimestre alcanzaron $1.1 mil millones, o $1.49 por acción diluida, con un EPS ajustado no-GAAP de $2.14.
Para el año fiscal 2024, la compañía reportó ingresos estables en $23.9 mil millones, mientras que los ingresos centrales no-GAAP disminuyeron un 1,5%. Las ganancias netas fueron de $3.9 mil millones, equivalentes a $5.29 por acción diluida, con un EPS ajustado no-GAAP de $7.48. El flujo de caja operativo fue fuerte, alcanzando $6.7 mil millones, con un flujo de caja libre de $5.3 mil millones.
De cara al 2025, Danaher espera que los ingresos centrales del primer trimestre disminuyan en cifras de un solo dígito bajo en comparación con el año anterior, pero proyecta un crecimiento de los ingresos centrales del 3% aproximadamente para todo el año.
Danaher (NYSE: DHR)는 2024년 4분기 및 연간 실적을 발표하며 혼합된 성과를 보였습니다. 2024년 4분기 동안 수익은 작년 대비 2.0% 증가하여 $65억에 도달하였고, 비-GAAP 핵심 수익은 1.0% 상승했습니다. 4분기 순이익은 $11억, 즉 희석 주당 $1.49에 달하며, 비-GAAP 조정 EPS는 $2.14입니다.
2024년 전체에 대해 회사는 수익이 $239억로 변동이 없다고 보고했으며, 비-GAAP 핵심 수익은 1.5% 감소했습니다. 순이익은 $39억, 즉 희석 주당 $5.29이며, 비-GAAP 조정 EPS는 $7.48입니다. 운영 현금 흐름은 견조하게 $67억에 달하고, 잉여 현금 흐름은 $53억입니다.
2025년을 전망하면서 Danaher는 1분기 핵심 수익이 지난해 대비 저단위 수익 감소를 예상하고 있지만, 연평균 핵심 수익 성장은 약 3%에 이를 것으로 예상하고 있습니다.
Danaher (NYSE: DHR) a rapporté ses résultats du quatrième trimestre et de l'année complète 2024, montrant des performances mitigées. Au quatrième trimestre 2024, les revenus ont augmenté de 2,0 % par rapport à l'année précédente, atteignant 6,5 milliards USD, avec un revenu principal non-GAAP en hausse de 1,0 %. Les bénéfices nets du quatrième trimestre ont atteint 1,1 milliard USD, soit 1,49 USD par action diluée, avec un BPA ajusté non-GAAP de 2,14 USD.
Pour l'année entière 2024, l'entreprise a déclaré des revenus stables à 23,9 milliards USD, tandis que le revenu principal non-GAAP a diminué de 1,5 %. Les bénéfices nets s'élevaient à 3,9 milliards USD, soit 5,29 USD par action diluée, avec un BPA ajusté non-GAAP de 7,48 USD. Le flux de trésorerie d'exploitation était solide à 6,7 milliards USD, avec un flux de trésorerie libre de 5,3 milliards USD.
En regardant vers 2025, Danaher s'attend à ce que les revenus principaux du premier trimestre diminuent de quelques pourcentages faibles par rapport à l'année précédente, mais prévoit une croissance des revenus principaux d'environ 3 % pour l'ensemble de l'année.
Danaher (NYSE: DHR) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, wobei gemischte Leistungen gezeigt wurden. Im vierten Quartal 2024 stiegen die Einnahmen im Jahresvergleich um 2,0% auf 6,5 Milliarden USD, während die Non-GAAP-Kernumsätze um 1,0% zunahmen. Der Nettogewinn des vierten Quartals erreichte 1,1 Milliarden USD, was 1,49 USD pro verwässerter Aktie entspricht, mit einem Non-GAAP-angepassten EPS von 2,14 USD.
Für das gesamte Jahr 2024 berichtete das Unternehmen von stagnierenden Einnahmen in Höhe von 23,9 Milliarden USD, während die Non-GAAP-Kernumsätze um 1,5% zurückgingen. Der Nettogewinn belief sich auf 3,9 Milliarden USD, oder 5,29 USD pro verwässerter Aktie, mit einem Non-GAAP-angepassten EPS von 7,48 USD. Der Betriebs-Cashflow war stark und beläuft sich auf 6,7 Milliarden USD, mit einem freien Cashflow von 5,3 Milliarden USD.
Für 2025 erwartet Danaher, dass die Kernumsätze im ersten Quartal um niedrige einstellige Prozentzahlen im Jahresvergleich zurückgehen werden, rechnet jedoch für das gesamte Jahr mit einem Wachstum der Kernumsätze von etwa 3%.
- Q4 2024 revenues increased 2.0% YoY to $6.5 billion
- Strong operating cash flow of $6.7 billion for 2024
- Solid Q4 performance with better-than-anticipated core revenue in all segments
- Projected 3% core revenue growth for full-year 2025
- Full-year 2024 non-GAAP core revenue decreased 1.5%
- Expected decline in Q1 2025 core revenue (low-single digits)
- Flat full-year 2024 revenues at $23.9 billion
Insights
Danaher's Q4 2024 performance reveals a company successfully navigating industry headwinds while positioning for future growth. The 2.0% revenue growth to
The standout metrics include robust cash generation, with free cash flow of
The company's transformation into a focused life sciences and diagnostics innovator is particularly noteworthy. This strategic repositioning should drive:
- Higher organic growth potential in fast-growing markets
- Improved operating margins through portfolio optimization
- Enhanced recurring revenue streams from consumables and services
The 2025 guidance, projecting a temporary Q1 decline followed by
The margin expansion story remains compelling, driven by operational efficiency initiatives and a more focused portfolio. This should translate into sustained earnings growth even in a moderate revenue growth environment.
Key Fourth Quarter 2024 Results
- Net earnings were
, or$1.1 billion per diluted common share and non-GAAP adjusted diluted net earnings per common share were$1.49 .$2.14 - Revenues increased
2.0% year-over-year to and non-GAAP core revenue increased$6.5 billion 1.0% . - Operating cash flow was
and non-GAAP free cash flow was$2.0 billion .$1.5 billion
Key Full Year 2024 Results
- Net earnings were
, or$3.9 billion per diluted common share and non-GAAP adjusted diluted net earnings per common share were$5.29 .$7.48 - Revenues of
were flat year-over-year and non-GAAP core revenue decreased$23.9 billion 1.5% . - Operating cash flow was
and non-GAAP free cash flow was$6.7 billion .$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
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
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
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
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 | $ 1.49 | $ 1.50 | $ 5.29 | $ 5.65 | |||
Amortization of acquisition-related intangible | 0.56 | 0.51 | 2.21 | 2.00 | |||
Fair value net (gains) losses on | 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 | $ 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 ( | |||||||
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 ( | |||||||
E | Gain related to settlement of litigation in the Life Sciences segment recorded in the three-month period and year ended December 31, 2023 ( | |||||||
F | Loss on the termination of a commercial agreement in the Diagnostics segment in the three-month period and year ended December 31, 2024 ( | |||||||
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 | |||||||
I | In May 2020, the Company issued |
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 | 728.2 | 746.1 | 737.2 | 743.1 | |||
Converted shares3 | — | — | — | 2.5 | |||
Adjusted average common stock and common | 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 |
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 | |||||||
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 | % Change Year Ending | ||
Core sales (decline) growth (non-GAAP) | -Low single digit | ~ |
Cash Flow from Continuing Operations and Free Cash Flow from Continuing Operations ($ in millions) | |||||||||||
Three-Month Period Ended | Year-over- | Year Ended | Year-over- | ||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||
Total Cash Flows from Continuing | |||||||||||
Total cash provided by operating | $ 2,019 | $ 1,591 | $ 6,688 | $ 6,490 | |||||||
Total cash used in investing activities | $ (694) | $ (6,017) | $ (1,981) | $ (7,048) | |||||||
Total cash (used in) provided by | $ (1,692) | $ (1,819) | $ (8,385) | $ 154 | |||||||
Free Cash Flow from Continuing | |||||||||||
Total cash provided by operating | $ 2,019 | $ 1,591 | ~27.0 % | $ 6,688 | $ 6,490 | ~3.0 % | |||||
Less: payments for additions to | (516) | (434) | (1,392) | (1,383) | |||||||
Plus: proceeds from sales of property, | 1 | 6 | 13 | 12 | |||||||
Free cash flow from continuing | $ 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; and
- with 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 | 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 - | 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 |
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, | December 31, | December 31, | December 31, | |||||
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 | 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 | — | (42) | — | 543 | ||||
Net earnings | 1,086 | 1,079 | 3,899 | 4,764 | ||||
Mandatory convertible preferred stock | — | — | — | (21) | ||||
Net earnings attributable to common | $ 1,086 | $ 1,079 | $ 3,899 | $ 4,743 | ||||
Net earnings per common share from | ||||||||
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 | ||||||||
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 | ||||||||
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 |
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 |
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 |
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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