Q2 2024 Danaher Corp Earnings Call Transcript
Key Points
- Danaher Corp (DHR) delivered better than expected revenue, earnings, and cash flow for the second quarter of 2024.
- The bioprocessing business showed sustained positive momentum, with larger customers returning to normal ordering patterns.
- Cepheid gained market share in molecular testing and saw mid-teens growth in its core non-respiratory reagent portfolio.
- The company repurchased approximately 19 million shares, indicating confidence in its long-term growth and cash flow outlook.
- Danaher Corp (DHR) maintained a strong gross profit margin of 59.7% and an adjusted operating profit margin of 27.3%, up 60 basis points year-over-year.
- Core revenue declined 3.5% year-over-year, with significant declines in biotechnology and life sciences segments.
- High growth markets, including China, saw a high teens decline in core revenue.
- Life sciences capital equipment investments remained constrained, impacting overall segment performance.
- The company expects core revenue to decline in the low single-digit percent range for the third quarter of 2024.
- Bioprocessing core revenue is expected to decline low single digits for the full year 2024, indicating ongoing challenges in the segment.
Good morning. My name is Todd, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to Danaher Corporation's Second Quarter 2024 earnings results conference call. (Operator Instructions)
I will now turn the call over to Mr. John Bedford, Vice President of Investor Relations. Mr. Bedford, you may begin your conference.
Good morning, everyone, and thanks for joining us. On the call with us today are Rainer Blair, our President and Chief Executive Officer; and Matt McGrew, our Executive Vice President and Chief Financial Officer. I'd like to point out that our earnings release slide presentation supplementing today's call.
The reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call and I know containing details of historical and anticipated future financial performance are all available on the Investors section of our website,
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