Investing.com -- Danaher Corporation (NYSE: DHR) reported first-quarter results that beat earnings expectations but fell short on revenue, sending shares as much as 3.8% lower in premarket trading before a recovery, with the stock now down around 0.3%.

The company posted adjusted earnings per share of $2.06, exceeding the analyst consensus of $1.94 by $0.12. However, revenue of $5.95 billion came in below the $5.99 billion analyst estimate, though it increased 3.5% YoY. The revenue shortfall was attributed to a lighter-than-typical first quarter respiratory season at Cepheid, which offset strength in Bioprocessing and better-than-expected Life Sciences performance.

For the second quarter, Danaher expects core revenue to increase in the low-single digit percent range. The company maintained its full-year core revenue growth outlook of 3% to 6% while raising its adjusted earnings per share guidance to a range of $8.35 to $8.55, up from previous guidance of $8.35 to $8.50. The midpoint of $8.45 sits above the analyst consensus of $8.40.

"Our team executed well in the first quarter, which enabled us to accelerate innovation, drive productivity gains, and deliver nearly 10% adjusted EPS growth," said Rainer M. Blair, President and Chief Executive Officer. "On the top line, we continued on a steady recovery path with strength in Bioprocessing and better-than-expected performance in Life Sciences largely offsetting the impact of a lighter-than-typical Q1 respiratory season at Cepheid."

The company generated operating cash flow of $1.3 billion and free cash flow of $1.1 billion during the quarter. Blair also highlighted the company's announced intention to acquire Masimo Corporation, a provider of pulse oximetry and patient monitoring solutions, noting opportunities to enhance performance through the Danaher Business System and global scale.