On Tuesday, Danaher Corp's (NYSE:DHR) second quarter sales decreased 3% year-over-year to $$5.743 billion, beating the consensus of $5.59 billion.
Non-GAAP core revenue decreased by 3.5%, compared to the expectations of a decline in the mid-single digits.
Danaher reported second-quarter adjusted EPS of $1.72, beating the consensus of $1.57.
Operating cash flow was $1.4 billion, and non-GAAP free cash flow was $1.1 billion.
Rainer M. Blair, President and Chief Executive Officer, stated, "We were particularly pleased with the sustained positive momentum in our bioprocessing business and with strong performance at Cepheid, which we believe gained market share in molecular testing again this quarter."
Also Read: Danaher's Spun-Off Company Veralto Is "Next High-Quality Serial Compounder" – Analyst.
Biotechnology sales fell 9% from $1.86 billion to $1.71 billion. Life Sciences segment sales decreased slightly from $1.79 billion to $1.77 billion. Diagnostic sales increased from $2.23 billion to $2.26 billion.
The operating margin of 27.3% came in above the guidance of around 26%.
Guidance: Danaher expects the fiscal year 2024 non-GAAP core revenue to be down low-single digits year-over-year.
For the third quarter of 2024, Danaher anticipates non-GAAP core revenue will be down in the low-single digits year-over-year.
The company forecasts a third-quarter adjusted operating margin of around 26% and reaffirms fiscal year 2024 margin guidance of ~29%.
The company forecasts that 2024 bioprocessing core revenue will decline in the low single digits, and Cepheid 2024 respiratory revenues will be around $1.6 billion.
Price Action: At the last check on Tuesday, DHR stock was up 7.20% at $268.96.
- EXCLUSIVE: Adial Pharmaceuticals Moves Forward To Second Cohort In Pharmacokinetics Study of AD04 For Alcohol Use Disorder.
Photo via Company