Dzmitry Dzemidovich
Despite posting better than expected financials for Q2 2023, Danaher Corporation (NYSE:DHR) slipped ~5% pre-market Tuesday as the U.S. life sciences company lowered its full-year outlook amid falling COVID-related revenue.
Danaher’s (DHR) rivals in the life sciences space, Thermo Fisher Scientific (TMO), Repligen (RGEN), and Bio-Rad Laboratories (BIO), also dropped in reaction.
The company reported $7.2B in revenue for the quarter, with an 8% YoY decline as non-GAAP core revenue fell ~7% YoY, mainly due to lower COVID-related revenue.
However, non-GAAP core revenue from the base business grew 2% compared to the mid-single-digit growth the company projected with its Q1 2023 results in April.
“We are pleased with our second quarter results which met our expectations, despite a more dynamic operating environment,” CEO Rainer Blair remarked ahead of the conference call at 8:00 a.m. ET.
Meanwhile, non-GAAP net earnings per diluted share dropped to $2.05 from $2.76 in the prior-year quarter, while non-GAAP free cash flow reached ~$1.6B compared to $1.7B forecasted by analysts.
For the full year, Danaher (DHR) projects its non-GAAP base business core revenue will grow in the low single digits despite an estimated decline in the low single digits in Q3 2023.
In April, Danaher (DHR) projected its non-GAAP base business core revenue would grow in the mid-single digits.
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