NEW YORK - Danaher Corporation (NYSE:DHR) reported third-quarter earnings that surpassed analyst expectations, driving its shares up 1% in early trading.
The medical device and diagnostics company posted adjusted earnings per share of $1.71, beating the analyst consensus of $1.57. Revenue for the quarter came in at $5.8 billion, exceeding the estimated $5.59 billion and representing a 3% YoY increase. Non-GAAP core revenue grew 0.5% compared to the same period last year.
Rainer M. Blair, President and CEO, commented on the results: "Our team delivered strong third quarter results, including better-than-expected revenue growth. We were especially pleased with the continued positive momentum in our bioprocessing business and believe Cepheid gained market share in molecular testing again this quarter."
The company's operating cash flow for the quarter was $1.5 billion, while non-GAAP free cash flow reached $1.2 billion.
Looking ahead, Danaher anticipates a low-single digit decline in non-GAAP core revenue for the fourth quarter 2024 compared to the previous year. For the full year 2024, the company maintains its expectation of a low-single digit decrease in non-GAAP core revenue YoY.
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