Danaher (DHR) Investor Day 2024 summary

Strategic platform overview and growth drivers

• Diagnostics revenue reached $9.6B in 2023, with leading brands in core lab, pathology, acute care, and molecular diagnostics.

• Growth is driven by secular trends such as aging population, increased diagnostic penetration, and precision medicine.

• Portfolio includes Beckman Coulter, Leica Biosystems, Radiometer, and Cepheid, covering emergency, pathology, core, and molecular labs.

• Platform built through targeted acquisitions and innovation, indexed to high-growth segments like molecular diagnostics and specialty pathology.

• Danaher Business System (DBS) underpins execution, innovation, and commercial success.

Business unit performance and innovation

• Radiometer and Leica Biosystems deliver high single-digit CAGRs, driven by innovation in digital pathology and acute care.

• Beckman Coulter has transitioned from 0% to mid-single-digit growth, targeting high single digits with automation and menu expansion.

• Cepheid achieved $3B+ revenue in 2023, with >20% non-respiratory core revenue growth and a robust installed base post-pandemic.

• New product launches, such as DxI 9000 and DxC 500i, address workflow, menu gaps, and high-sensitivity needs.

• Menu expansion and geographic penetration are key growth drivers across all segments.

Commercial execution and market strategy

• Enhanced commercial execution has led to a >40% increase in competitive wins at Beckman Coulter since 2018.

• New automation solutions allow targeting 100% of the hospital market, removing previous segmentation constraints.

• Performance partnership programs bring operational excellence to customer labs, strengthening relationships.

• Cepheid leverages a 60,000-instrument installed base, focusing on utilization, menu expansion, and outpatient penetration.

• Platform-level synergies in commercial and innovation activities are being pursued, especially in high-growth markets.