Danaher (DHR) revenue tops expectations on strong respiratory testing demand
Danaher (NYSE: DHR) shares fell over 2% Tuesday despite the company's third-quarter earnings and revenue topping consensus expectations.
The company reported Q3 EPS of $2.02, $0.25 better than the analyst estimate of $1.77, while revenue for the quarter came in at $6.9 billion, down 10.5% YoY, but above the consensus estimate of $6.6 billion.
The company said higher respiratory testing revenue more than offset slightly softer-than-anticipated demand in Life Sciences. "DBS-driven execution also enabled us to deliver better-than-expected earnings and cash flow in what remains a challenging operating environment," commented Rainer Blair, DHR's President and Chief Executive Officer.
"With our differentiated portfolio and commitment to continuous improvement, we have a unique opportunity to help solve many of the world's most critical health care challenges while building meaningful long-term shareholder value," added Blair.
Looking ahead to Q4, the company anticipates adjusted base business core revenue from continuing operations will be down mid-single digits year-over-year. For the full-year 2023, it anticipates that adjusted base business core revenue from continuing operations "will be down slightly year-over-year."
By Sam Boughedda