Core Insights - Danaher Corporation's first-quarter 2025 adjusted earnings were $1.88 per share, exceeding the Zacks Consensus Estimate of $1.62, but reflecting a 2.1% year-over-year decline [1] - The company reported net sales of $5.74 billion, surpassing the consensus estimate of $5.56 billion, although this represented a 1% decrease year-over-year due to weak performance in the Diagnostics and Life Sciences segments [1] Segment Performance - Life Sciences segment revenues were $1.68 billion, down 3.5% year-over-year, with core sales decreasing 4% [2] - Diagnostics segment revenues totaled $2.44 billion, a decline of 3.1% year-over-year, with core sales down 1.5% [3] - Biotechnology segment revenues increased to $1.61 billion, up 6% year-over-year, with core sales rising 7% [4] Margin and Cost Analysis - Danaher's cost of sales decreased by 3.4% year-over-year to $2.2 billion, while gross profit increased by 0.7% to $3.51 billion, resulting in a gross margin of 61.2% compared to 60.2% in the previous year [5] - Operating profit decreased by 2.9% year-over-year to $1.27 billion, with the operating margin contracting to 22.2% from 22.6% [6] Balance Sheet and Cash Flow - At the end of the first quarter, Danaher had cash and equivalents of $2 billion, down from $2.1 billion at the end of 2024, and long-term debt increased to $16 billion from $15.5 billion [7] - The company generated net cash of $1.3 billion from operating activities, down from $1.7 billion year-over-year, with capital expenditures totaling $245 million, a decrease of 15.8% [8] Future Outlook - For the second quarter, Danaher anticipates adjusted core sales from continuing operations to increase in the low single digits year-over-year, with an expected increase of approximately 3% for the full year 2025 [10]

First Quarter 2025 Performance - Revenue decreased by 1.0% from Q1 2024, with core revenue being flat, acquisitions/divestitures contributing +0.5%, and foreign exchange (FX) impacting -1.5%[5] - Adjusted diluted net earnings per common share decreased by 2.1% from $1.92 in Q1 2024 to $1.88 in Q1 2025[5] - Adjusted operating profit margin decreased by 50 BPS, from 30.1% in Q1 2024 to 29.6% in Q1 2025[5] Segment Performance - Biotechnology revenue increased by 6.0%, with core growth of +7.0% and FX impacting -1.0%, resulting in revenue of $1.612 billion in Q1 2025 compared to $1.524 billion in Q1 2024; adjusted operating profit margin increased by 590 BPS, from 35.6% to 41.5%[8] - Life Sciences revenue decreased by 3.5%, with core decline of -4.0%, acquisitions contributing +2.0%, and FX impacting -1.5%, resulting in revenue of $1.680 billion in Q1 2025 compared to $1.745 billion in Q1 2024; adjusted operating profit margin decreased by 220 BPS, from 23.0% to 20.8%[10] - Diagnostics revenue decreased by 3.0%, with core decline of -1.5%, divestitures impacting -0.5%, and FX impacting -1.0%, resulting in revenue of $2.449 billion in Q1 2025 compared to $2.527 billion in Q1 2024; adjusted operating profit margin decreased by 340 BPS, from 34.7% to 31.3%[12] Financial Position - Net cash provided by operating activities decreased from $1.739 billion to $1.299 billion, a ~ (25.5)% change year-over-year[42] - Free cash flow decreased from $1.448 billion to $1.060 billion, a ~ (27.0)% change year-over-year[42] Guidance - The company forecasts low-single digit core sales growth for the three-month period ending June 27, 2025, and ~3.0% for the year ending December 31, 2025[23] - Adjusted operating profit margin is forecasted to be ~25.5% for the three-month period ending June 27, 2025[23] - Adjusted diluted net earnings per common share are forecasted to be $7.60 - $7.75 for the year ending December 31, 2025[23]

Financial Data and Key Metrics Changes - The company's Q1 2025 revenue was $5.7 billion, with core revenue flat year-over-year [15] - Gross profit margin increased by 100 basis points to 61.2%, while adjusted operating profit margin decreased by 50 basis points to 29.6% [16] - Adjusted diluted net earnings per share were $1.88, and free cash flow generated was $1.1 billion, resulting in a free cash flow to net income conversion ratio of over 110% [17] Business Line Data and Key Metrics Changes - In the biotechnology segment, core revenue increased by 7%, driven by high single-digit growth in bioprocessing [21] - Life sciences segment core revenue decreased by 4%, with low single-digit declines in instrument businesses [25] - Diagnostics segment core revenue declined by 1.5%, with clinical diagnostics essentially flat outside of China [27] Market Data and Key Metrics Changes - Core revenues in developed markets saw a slight decline in North America and a low single-digit increase in Western Europe [15] - High-growth markets experienced low single-digit growth, with solid performance outside of China offsetting a high single-digit decline within China [15] - The decline in China was attributed to volume-based procurement and reimbursement changes impacting diagnostics businesses [16] Company Strategy and Development Direction - The company is focused on delivering long-term value for shareholders while navigating a dynamic macro environment [10][13] - Investments of approximately $2 billion since 2020 have been made to expand capacity and ensure supply security [23] - The company aims to leverage the Danaher Business System (DBS) to manage supply chains and drive process improvements [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite geopolitical and trade tensions, emphasizing the strength of their recurring revenue model [11][10] - For 2025, the company expects core revenue growth of approximately 3%, with adjusted diluted EPS guidance in the range of $7.60 to $7.75 [33] - The company anticipates stable end market demand for the remainder of 2025, with a focus on addressing tariff impacts through various levers [32][46] Other Important Information - The company launched several impactful new products in Q1 2025, reinforcing competitive advantages and aiding customers in improving quality and reducing costs [18][20] - The company is prepared to address potential tariff impacts through supply chain adjustments and cost actions [50][51] Q&A Session Summary Question: Insights on bioprocessing order strength - Management noted strong orders and revenue performance in bioprocessing, expecting high single-digit core revenue growth for 2025, driven primarily by consumables [43][44] Question: Tariff impacts and offsets - Management indicated that the estimated tariff impact could be around $350 million, but they are well-positioned to offset these headwinds through various strategies [48][49] Question: Long-term outlook for China - Management believes China will remain a significant diagnostic market, with pricing adjustments aligning closer to global standards [71] Question: Genomics segment performance - Management confirmed that the pressure on Aldevron is expected to continue, but improvements are anticipated in the second half of the year [91] Question: Life sciences guidance adjustments - Management acknowledged a softening in U.S. academic and government demand, leading to a revised guidance for life sciences to flat growth for the year [110][111]

Financial Data and Key Metrics Changes - The company's Q1 2025 revenue was $5.7 billion, with core revenue flat year-over-year [15] - Gross profit margin increased by 100 basis points to 61.2%, while adjusted operating profit margin decreased by 50 basis points to 29.6% [16] - Adjusted diluted net earnings per share were $1.88, and free cash flow generated was $1.1 billion, resulting in a free cash flow to net income conversion ratio of over 110% [17] Business Line Data and Key Metrics Changes - In the biotechnology segment, core revenue increased by 7%, driven by high single-digit growth in bioprocessing [21] - Life sciences segment core revenue decreased by 4%, with low single-digit declines in instrument businesses [25] - Diagnostics segment core revenue declined by 1.5%, with clinical diagnostics essentially flat outside of China [27] Market Data and Key Metrics Changes - Core revenues in developed markets saw a slight decline, with low single-digit decreases in North America and low single-digit increases in Western Europe [15] - High-growth markets experienced low single-digit growth, with solid performance outside of China offsetting a high single-digit decline within China [15] - The decline in China was attributed to volume-based procurement and reimbursement changes impacting diagnostics businesses [16] Company Strategy and Development Direction - The company is focused on delivering long-term value for shareholders while navigating a dynamic macro environment [10][13] - Investments of approximately $2 billion since 2020 have been made to expand capacity and ensure supply security [23] - The company aims to leverage the Danaher Business System (DBS) to manage supply chains and drive process improvements [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite geopolitical and trade tensions, emphasizing the strength of their recurring revenue model [11][10] - For 2025, the company expects core revenue growth of approximately 3%, with adjusted diluted EPS guidance in the range of $7.60 to $7.75 [33] - The company anticipates stable end market demand for the remainder of 2025, with a focus on addressing tariff impacts through various levers [32][46] Other Important Information - The company launched several impactful new products in Q1 2025, reinforcing competitive advantages and aiding customer efficiency [18][20] - The company is prepared to address potential tariff impacts through supply chain adjustments and cost actions [50][51] Q&A Session Summary Question: Insights on bioprocessing order strength - Management noted strong orders and revenue performance in bioprocessing, expecting high single-digit core revenue growth for 2025, driven primarily by consumables [43][44] Question: Tariff impacts and offsets - Management indicated that the estimated tariff impact could be around $350 million, but they are well-positioned to offset these headwinds through various strategies [48][49] Question: Long-term growth outlook in China - Management believes China will remain a significant diagnostic market, with pricing adjustments aligning closer to global standards [71] Question: Life sciences performance and guidance - Management acknowledged a softening in U.S. academic and government demand, leading to a revised flat growth expectation for life sciences [110][111] Question: Earnings guidance and margin expectations - Management confirmed that the adjusted EPS guidance reflects a cautious approach given the current environment, with a focus on cost structure improvements [86][89]

[Q1 2025 Performance and Outlook](index=1&type=section&id=Danaher%20Reports%20First%20Quarter%202025%20Results) [Q1 2025 Key Results](index=1&type=section&id=Key%20First%20Quarter%202025%20Results) Danaher's Q1 2025 results surpassed expectations, driven by strong bioprocessing and molecular diagnostics, with revenue at $5.7 billion and non-GAAP adjusted diluted EPS at $1.88 - Management stated that **Q1 2025 revenue, earnings, and cash flow exceeded expectations**, highlighting momentum in bioprocessing and better-than-expected respiratory demand in the molecular diagnostics business[2](index=2&type=chunk) Q1 2025 Financial Highlights | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Revenues | $5.7 billion | -1.0% | | Non-GAAP Core Revenue | Flat | 0.0% | | Net Earnings | $1.0 billion | - | | GAAP Diluted EPS | $1.32 | - | | Non-GAAP Adjusted Diluted EPS | $1.88 | - | | Operating Cash Flow | $1.3 billion | - | | Non-GAAP Free Cash Flow | $1.1 billion | - | [2025 Outlook](index=1&type=section&id=Second%20Quarter%20and%20Full%20Year%202025%20Outlook) Danaher forecasts low-single-digit non-GAAP core revenue growth for Q2 2025, maintaining full-year guidance of approximately 3% growth and initiating adjusted diluted EPS guidance of $7.60 to $7.75 Q2 and Full Year 2025 Guidance | Period | Metric | Guidance | | :--- | :--- | :--- | | Q2 2025 | Non-GAAP Core Revenue Growth (YoY) | Low-single digits | | Full Year 2025 | Non-GAAP Core Revenue Growth (YoY) | ~3.0% | | Full Year 2025 | Non-GAAP Adjusted Diluted EPS | $7.60 - $7.75 | - The company provides guidance on a non-GAAP basis due to the difficulty in estimating certain components of GAAP measures, such as currency translation, acquisitions, and discrete tax items[3](index=3&type=chunk) [Financial Statements](index=3&type=section&id=CONSOLIDATED%20CONDENSED%20STATEMENTS%20OF%20EARNINGS) [Consolidated Condensed Statements of Earnings (GAAP)](index=3&type=section&id=CONSOLIDATED%20CONDENSED%20STATEMENTS%20OF%20EARNINGS) In Q1 2025, Danaher's GAAP sales decreased to $5.74 billion from $5.80 billion, with net earnings falling to $954 million, or $1.32 per diluted share Q1 2025 vs Q1 2024 Statement of Earnings (in millions, except per share amounts) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Sales | $5,741 | $5,796 | | Gross Profit | $3,511 | $3,487 | | Operating Profit | $1,274 | $1,312 | | Net Earnings | $954 | $1,088 | | Diluted EPS | $1.32 | $1.45 | [Non-GAAP Financial Measures & Reconciliations](index=4&type=section&id=RECONCILIATION%20OF%20GAAP%20TO%20NON-GAAP%20FINANCIAL%20MEASURES) [Reconciliation of GAAP to Non-GAAP EPS](index=4&type=section&id=Diluted%20Net%20Earnings%20Per%20Common%20Share%20and%20Adjusted%20Diluted%20Net%20Earnings%20Per%20Common%20Share) Danaher's Q1 2025 GAAP diluted EPS of $1.32 was adjusted to a non-GAAP diluted EPS of $1.88, primarily due to amortization of intangibles and fair value losses on investments Q1 2025 EPS Reconciliation (GAAP to Non-GAAP) | Description | Per Share Amount ($) | | :--- | :--- | | **Diluted Net Earnings Per Common Share (GAAP)** | **$1.32** | | Amortization of acquisition-related intangible assets | $0.57 | | Fair value net losses on investments | $0.12 | | Impairments | $0.02 | | Gain on a product line disposition | ($0.01) | | Tax effect of adjustments | ($0.13) | | Discrete tax adjustments | ($0.01) | | **Adjusted Diluted Net Earnings Per Common Share (Non-GAAP)** | **$1.88** | [Segment Performance](index=5&type=section&id=Sales%20%28Decline%29%20Growth%20by%20Segment%20and%20Core%20Sales%20Growth%20%28Decline%29%20by%20Segment) In Q1 2025, Biotechnology drove growth with a **7.0%** non-GAAP core sales increase, offset by declines in Life Sciences and Diagnostics, resulting in flat total company non-GAAP core sales Q1 2025 Year-over-Year Growth by Segment | Segment | Total Sales Growth (GAAP) | Core Sales Growth (Non-GAAP) | | :--- | :--- | :--- | | Biotechnology | 6.0% | 7.0% | | Life Sciences | (3.5)% | (4.0)% | | Diagnostics | (3.0)% | (1.5)% | | **Total Company** | **(1.0)%** | **— %** | [Cash Flow Reconciliation](index=5&type=section&id=Cash%20Flow%20and%20Free%20Cash%20Flow) Net cash from operating activities decreased to **$1.30 billion** in Q1 2025, resulting in non-GAAP free cash flow of **$1.06 billion** after capital expenditures Q1 2025 vs Q1 2024 Cash Flow (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities (GAAP) | $1,299 | $1,739 | | Less: Capital expenditures | ($245) | ($291) | | **Free cash flow (non-GAAP)** | **$1,060** | **$1,448** |

Core Insights - Danaher Corporation reported strong first-quarter results for 2025, with revenue, earnings, and cash flow exceeding expectations, driven by growth in bioprocessing and respiratory demand in molecular diagnostics [2][11] - The company anticipates low-single-digit growth in non-GAAP core revenue for the second quarter and approximately 3% growth for the full year 2025 [4][20] - Adjusted diluted net earnings per common share guidance for the full year 2025 is set in the range of $7.60 to $7.75 [4][20] Financial Performance - For the first quarter ended March 28, 2025, net earnings were $1.0 billion, or $1.32 per diluted common share, while non-GAAP adjusted diluted net earnings per common share were $1.88 [11][15] - Revenues decreased by 1.0% to $5.7 billion, with non-GAAP core revenue remaining flat year-over-year [11][19] - Operating cash flow was reported at $1.3 billion, and non-GAAP free cash flow was $1.1 billion [11][21] Segment Performance - Total sales growth for the company was down 1.0%, with the biotechnology segment growing by 6.0%, while life sciences and diagnostics segments saw declines of 3.5% and 3.0%, respectively [19] - Non-GAAP core sales growth showed a 7.0% increase in biotechnology, while life sciences and diagnostics experienced declines of 4.0% and 1.5% [19] Cash Flow and Investments - The company reported net cash provided by operating activities of $1.3 billion, with total cash used in investing activities at $242 million and financing activities at $1.255 billion [21] - Free cash flow for the quarter was $1.060 billion, down from $1.448 billion in the previous year [21]

丹纳赫集团高层换帅：Chr is Ha g en掌舵SCIEX，J o e Fo x转任贝克曼库尔特 丹 纳 赫 集 团 （ Da n a h e r Co r p o r a ti o n ） 旗 下 两 家 子 公 司 完 成 核 心 管 理 层 互 换 ： 原 SCIEX 总 裁 J o e Fo x 即 日 起 调 任 贝 克 曼 库 尔 特 生 命 科 学 公 司 （Be c kma n Co u lt e r Lif e Sc i e n c e s）总裁，其职位由贝克曼库尔特诊断公司（Be c kma n Co u lt e r Di a g n o sti c s）前高管Ch ris Ha g e n接任。 跨界履新：Ha g en携诊断经验赋能分析科学 新任SCIEX总裁Ch ris Ha g e n在医疗健康领域深耕超2 0年，曾先后服务于雅培（Ab b o tt）、辉瑞子公司赫士睿（Ho s p ir a）及贝克曼库尔特诊 断公司。在贝克曼库尔特任职期间，他先后主导血液学、尿液分析、实验室自动化及临床信息学等核心业务，并推动北美市场运营体系升级， 其跨领域的管理经验覆盖全球营销、销售支持 ...

Core Viewpoint - Danaher Corporation is expected to report a decline in both revenue and earnings for the first quarter of 2025, with revenues estimated at $5.56 billion, a decrease of 4.2% year-over-year, and earnings per share projected at $1.62, down 15.6% from the previous year [1]. Group 1: Financial Estimates - The Zacks Consensus Estimate for revenues is $5.56 billion, indicating a 4.2% decrease from the same quarter last year [1]. - The consensus estimate for earnings is $1.62 per share, reflecting a 15.6% decline compared to the year-ago quarter [1]. - In the last reported quarter, the company's bottom line missed the Zacks Consensus Estimate by 1.4%, but it had an average earnings surprise of 7.4% over the last four quarters [2]. Group 2: Segment Performance - The Diagnostics segment is expected to see a revenue decrease of 7% year-over-year to $2.35 billion, despite strength in molecular diagnostics driven by increased testing [3]. - The Life Sciences segment is facing challenges due to sluggish demand in pharma and biotech markets in China, leading to a decline in sales across various instrument businesses [4]. - The genomics consumables business is also expected to decline by 6.9% year-over-year to $1.62 billion due to weak sales in gene reading and protein product lines [5]. - Conversely, the Biotechnology segment is projected to grow by 4.1% year-over-year to $1.59 billion, supported by strong demand for bioprocessing and consumables [6]. Group 3: Strategic Developments - Danaher acquired Abcam plc in December 2023, enhancing its Life Sciences segment with a strong portfolio of protein consumables [7]. - The company is experiencing rising costs of sales, which may negatively impact profitability, alongside foreign currency headwinds due to its international market exposure [8]. Group 4: Earnings Prediction - The company has an Earnings ESP of +0.33%, with the Most Accurate Estimate at $1.63 per share, suggesting a potential earnings beat [10].

导读： 近期，关税战愈演愈烈，在此背景下，我们特别盘点美国十家科学仪器企业在华的发展布局，以期洞察未来趋势。 他还着重表示，珀金埃尔默太仓工厂扩建项目已完成，新的现代化生产设施和运营平台将在现有的太仓基地附近投产，面积扩大近四倍，并将 逐步实现全品类产线转移。这将进一步提升公司在中国市场的生产和运营规模，更好地服务中国客户。珀金埃尔默将持续关注中国市场与客户 需求的变化，不断推出适应中国市场的产品和解决方案，为中国客户提供创新技术和专业服务。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2 0 2 5年2月2 8日，胡润研究院发布《2 0 2 4在中国的美国企业特别报告》，报告共收集了7 0家标普5 0 0成分股美国企业的数据，这些企业均披露 了其在中国市场的营收数据。 样本企业在全球市场的收入总额超过2 . 5万亿美元，相当于美国2 0 2 3年GDP总和的9%。报告中不仅提及了苹 果、特斯拉、沃尔玛等知名企业，还特别关注了珀金埃尔默、r e v v it y等科学仪器领域的美国品牌。 回顾历史，自上世纪8 0年代前后，珀金埃 ...

Core Insights - Wall Street analysts expect Danaher (DHR) to report quarterly earnings of $1.62 per share, reflecting a year-over-year decline of 15.6% [1] - Revenues are anticipated to be $5.56 billion, down 4.2% from the same quarter last year [1] - The consensus EPS estimate has been revised 0.1% lower over the last 30 days, indicating a reevaluation of initial estimates by analysts [1][2] Revenue Estimates - The consensus estimate for 'Total sales- Diagnostics' is $2.34 billion, indicating a decline of 7.2% from the prior-year quarter [4] - 'Total sales- Life Sciences' is expected to reach $1.64 billion, reflecting a decrease of 6% year-over-year [4] - 'Total sales- Biotechnology' is projected at $1.59 billion, suggesting a year-over-year increase of 4% [4] Operating Profit Estimates - Analysts estimate 'Operating profit- Life Sciences' to be $199.97 million, down from $235 million reported in the same quarter last year [5] - 'Operating profit- Biotechnology' is expected to reach $398.00 million, compared to $325 million in the same quarter of the previous year [5] - The estimated 'Operating profit- Diagnostics' stands at $585.46 million, a decrease from $830 million a year ago [6] Stock Performance - Over the past month, Danaher's shares have returned -10.7%, while the Zacks S&P 500 composite has changed by -4.2% [6] - Currently, Danaher carries a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [6]