Life Science Giant Danaher Warns Of Sales Decline In 2024; Says 'Pandemic Has Transitioned To An Endemic State'

Danaher Corporation -0.21%

Danaher Corporation

DHR

266.55

-0.21%

Tuesday, Danaher Corp (NYSE:DHR) reported a fourth-quarter 2023 adjusted EPS of $2.09, down from $2.54 a year ago, surpassing the consensus of $1.89.

Sales decreased 10% Y/Y to $6.4 billion, beating the consensus of $6.09 billion. Non-GAAP core revenue decreased 11.5%, including a 4.5% non-GAAP base business core revenue decline.

Operating cash flow was $1.6 billion, and non-GAAP free cash flow was $1.2 billion.

Rainer Blair, President and Chief Executive Officer, stated, “We delivered better-than-expected revenue in each of our segments in the fourth quarter—led by respiratory revenue at Cepheid.” 

Also Read: Goldman Sachs Downgrades Danaher, Says There’s A Shift Towards Pharmaceutical Market.

Biotechnology sales fell from $2.22 billion to $1.76 billion. Life Sciences segment sales declined from $1.95 billion to $1.93 billion.

Diagnostic sales fell from $2.96 billion to $2.72 billion.

Guidance: Beginning with the first quarter of 2024, the company will continue to provide guidance for core revenue growth but will no longer provide guidance for or report base business core revenue as the pandemic has transitioned to an endemic state.

For the first quarter of 2024, the company anticipates non-GAAP core revenue will be down high-single digits year-over-year. 

For 2024, the company anticipates non-GAAP core revenue will be down low-single digits year-over-year.

Price Action: DHR shares are up 3.08% at $241.41 on the last check Tuesday.

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