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Company research12 Nov 2024
Our List of 100 Eminent Serial Acquirers
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Danaher
Danaher (DHR) investor relations material
Danaher Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary21 Oct, 2026
Executive summary
Q3 sales rose 8.5% YoY to $6.554B; core sales grew 3.0%, or 5.5% excluding respiratory testing, and adjusted diluted EPS increased 11.5% to $2.11.
Results exceeded expectations on revenue, earnings and cash flow; management emphasized commercial excellence, innovation, talent and disciplined capital allocation, with profitable growth and share gain as priorities.
Financial highlights
Q3 revenue was $6.554B vs. $6.053B; gross profit was $3.837B vs. $3.523B, and operating profit was $1.245B vs. $1.154B.
Adjusted diluted EPS was $2.11 vs. $1.89; adjusted net earnings were $1.494B vs. $1.349B.
Continuing-operations net earnings were $1.207B vs. $908M, and diluted EPS was $1.71 vs. $1.27; Q3 included a $263M discrete tax benefit.
Nine-month sales were $18.770B vs. $17.730B; continuing-operations net earnings were $3.106B vs. $2.417B, and adjusted diluted EPS was $6.11 vs. $5.57.
Adjusted operating margin expanded 110 bps to 29.0%; adjusted EBITDA was $2.108B vs. $1.877B.
Outlook and guidance
Q4 core sales growth is expected at ~3% overall and 4.0%–5.0% excluding respiratory testing, which is expected to be a ~150-bp headwind; adjusted operating margin outlook is 29.5%.
FY 2026 adjusted diluted EPS guidance increased to $8.57–$8.62 from $8.45–$8.60; FY core sales growth outlook is ~2.5% overall and mid-single digit excluding respiratory testing.
Q4 segment core growth outlook: Biotechnology mid-single digit, Life Sciences 4.0%–5.0%, and Diagnostics up slightly; FY outlook: Biotechnology mid-single digit, Life Sciences 3.0%–4.0%, and Diagnostics ~flat.
Respiratory testing sales are projected at ~$400M in Q4 and ~$1.5B for FY 2026, down ~20% YoY; 2027 planning also starts at ~$1.5B, with flu-season variability creating a couple hundred million dollars of range.
2027 starting framework is 4%–5% core revenue growth excluding respiratory testing; more detailed guidance is planned for January.
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Latest events from Danaher
- Emerging markets drove growth, with localization and local reach central to expansion.DHR
Investor update - Q2 2026 revenue up 5.5%, net earnings $870M, and full-year EPS guidance raised.DHRQ2 2026
- All board nominees, auditor appointment, and executive pay were approved by large majorities.DHRAGM 2025
- All proposals passed with strong support amid robust financial performance and strategic focus.DHRAGM 2026
- Strong growth in bioprocessing and diagnostics supports a positive full-year outlook.DHRBank of America Global Healthcare Conference 2026
- Bioprocessing and diagnostics drive growth outlook, with Masimo acquisition boosting long-term returns.DHRTD Cowen 46th Annual Health Care Conference
- Q1 2026 revenue up 3.5% to $6.0B, adjusted EPS up 9.5%, Masimo acquisition announced.DHRQ1 2026
- Strong 2025 results, robust recurring revenue, and innovation drive long-term growth outlook.DHRCorporate presentation
- Strong Q4 results, robust recurring revenue, and high single-digit growth outlook driven by innovation.DHR43rd Annual J.P. Morgan Healthcare Conference 2025
Next Danaher earnings date
UBS Global Healthcare Conference9 Nov, 2026
Danaher
Next Danaher earnings date
UBS Global Healthcare Conference9 Nov, 2026
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Frequently asked questions
Life Science Suppliers
Established in 1969, Danaher Corporation first started out in the real estate investment field to then move on to and in time become a notable player in the science and technology sector. Headquartered in Washington, D.C., Danaher's portfolio encompasses life sciences, diagnostics, environmental, and applied solutions. The company provides tools and solutions that cater to a wide range of professional and institutional needs and has grown through both the organic expansion of its operations, but also through hundreds of acquisitions over the years.
What They Do
Danaher is a diversified company, primarily operating in life sciences and various related fields. Under the Life Sciences umbrella, Danaher engages in a wide array of research and development activities, providing solutions for biological research and pharmaceutical drug discovery. With equipment and tools that facilitate the understanding of complex biological matters, Danaher supports projects in genomics, proteomics, and cellular analysis. In diagnostics, the corporation delivers a suite of analytical instruments, reagents, consumables, software, and services that hospitals, physicians, and diagnostic labs employ to diagnose diseases and ailments. The company is also active in Environmental & Applied Solutions. This segment focuses on products that ensure environmental safety and quality and covers areas such as water quality analysis and product identification. Danaher competes with companies operating in the same industry as them, such as Thermo Fisher and Illumina.
Danaher Business System
At the heart of Danaher Corporation's philosophy lies the Danaher Business System (DBS), a unique and continuously evolving system that drives every aspect of the conglomerate's operations. Stemming from the foundational principles of the Toyota Production System, DBS has been modified to fit Danaher's business operations.
The system focuses on providing the highest quality, delivery, and value by enhancing customer satisfaction and driving sustainable growth. Key components of DBS include lean manufacturing, leadership development, and problem-solving. By applying these principles, Danaher aims to minimize waste and enhance productivity. Furthermore, DBS fosters innovation by emphasizing the importance of understanding market needs and acting on them swiftly.
Acquiring for the Long Term
Danaher Corporation's acquisition strategy is a pivotal component of its growth. Through deliberate and strategic purchases, primarily in the life sciences, diagnostics, and environmental sectors, Danaher expands its product and service offerings. Each acquisition is meticulously chosen to align with and complement their existing portfolio. Instead of short-term gains, Danaher focuses on long-term value, using DBS as a tool to optimize and enhance the performance of its new assets.