WASHINGTON, Sept. 14,
2022 /PRNewswire/ -- Danaher Corporation (NYSE: DHR)
(the "Company") announced that its President and Chief Executive
Officer, Rainer M. Blair, will
comment tomorrow on the Company's third quarter 2022 performance in
a presentation at its investor and analyst event.
Mr. Blair will communicate that Danaher's third quarter 2022
core revenue growth is expected to be above the Company's prior
guidance range. This increase is driven by higher Cepheid
respiratory testing revenue, which is now anticipated to be greater
than $500 million for the third
quarter 2022 versus the prior expectation of approximately
$325 million. The Company continues
to expect base business core revenue growth to be in the high
single digit range in the third quarter.
Danaher will host a live video webcast of its investor and
analyst meeting on September 15,
2022, beginning at approximately 12:00 p.m. ET and concluding at approximately
2:30 p.m. ET. The video webcast and
accompanying slide presentation will be available on the Investors
section of Danaher's website, www.danaher.com, under the heading
"Events & Presentations." A replay of the webcast will be
available shortly after the conclusion of the presentation.
ABOUT DANAHER
Danaher is a global science and
technology innovator committed to helping its customers solve
complex challenges and improving quality of life around the world.
Its family of world class brands has leadership positions in the
demanding and attractive health care, environmental and applied
end-markets. With more than 20 operating companies, Danaher's
globally diverse team of approximately 80,000 associates is united
by a common culture and operating system, the Danaher Business
System, and its Shared Purpose, Helping Realize Life's
Potential. For more information, please visit
www.danaher.com.
FORWARD LOOKING STATEMENTS
Statements in this release
that are not strictly historical, including the statements
regarding the Company's anticipated third quarter 2022 non-GAAP
core revenue growth and base business core revenue growth,
anticipated third quarter 2022 respiratory testing revenue 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, deterioration of or instability in the economy, the
markets we serve and the financial markets, uncertainties relating
to U.S. laws or policies, including potential changes in U.S.
policies and tariffs and the reaction of other countries thereto,
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 and successfully complete divestitures and
other dispositions, 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 to
use, disclose and license certain intellectual property we license
if we fail to commercialize it, risks relating to product, service
or software defects, product liability and recalls, risks relating
to product manufacturing, our relationships with and the
performance of our channel partners, uncertainties relating to
collaboration arrangements with third-parties, commodity costs and
surcharges, our ability to adjust purchases and manufacturing
capacity to reflect market conditions, reliance on sole sources of
supply, the impact of deregulation on demand for our products and
services, the impact of climate change, or legal or regulatory
measures to address climate change, labor matters and our ability
to recruit, retain and motivate talented employees, international
economic, political, legal, compliance, social and business factors
(including the impact of the military conflict between Russia and Ukraine and the United Kingdom's separation from the EU),
disruptions relating to man-made and natural disasters (including
pandemics such as COVID-19), and pension plan costs.
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 2021 Annual Report
on Form 10-K and Quarterly Report on Form 10-Q for the second
quarter of 2022. 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
|
|
Forecasted Core
Sales Growth and Base Business Core Sales Growth
|
|
|
% Change Three-Month
Period Ending
September 30, 2022 vs. Comparable 2021 Period
|
Core sales growth
(non-GAAP)
|
+Low-single digit /
Mid-single digit
|
Impact of COVID-19
related testing
|
+Low-single digit /
Mid-single digit
|
Base business core
sales growth (non-GAAP)
|
+High-single
digit
|
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
to:
- with respect to core sales and related sales measures, identify
underlying growth trends in our business and compare our sales
performance with prior and future periods and to our peers.
While we expect overall demand for the Company's COVID-19
related products to moderate as and to the extent the pandemic
subsides, as the pandemic evolves toward endemic status we believe
a level of demand for the Company's products that support COVID-19
related vaccines and therapeutics (including initiatives that seek
to prevent or mitigate similar, future pandemics) and COVID-19
testing will continue. However, on a relative basis, we
expect the level of ongoing demand for products supporting COVID-19
testing will be subject to more fluctuations in demand than the
level of demand for products supporting COVID-19 related vaccines
and therapeutics. Therefore, beginning with the first quarter
of 2022, in addition to disclosing core revenue growth, we disclose
"base business core sales growth" on a basis that excludes revenues
related to COVID-19 testing and includes revenues from products
that support COVID-19 related vaccines and therapeutics. We
believe this additional measure provides useful information to
investors by facilitating period-to-period comparisons of our
financial performance and identifying underlying growth trends in
the Company's business that otherwise may be obscured by
fluctuations in demand for COVID-19 testing as a result of the
pandemic.
Management uses these non-GAAP measures to measure the Company's
operating and financial performance, and uses core sales in the
Company's executive compensation program.
- With respect to core sales related measures, (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 forecasted core sales related measures, we do
not reconcile these measures to the comparable GAAP measure because
of the inherent difficulty in predicting and estimating the future
impact and timing of currency translation, acquisitions and
divested product lines, which would be reflected in any forecasted
GAAP revenue.
View original
content:https://www.prnewswire.com/news-releases/danaher-ceo-to-comment-on-financial-performance-301624644.html
SOURCE Danaher Corporation