Danaher Reports Fourth Quarter and Full Year 2022 Results

Original from: PR Newswire

Danaher Corporation (NYSE: DHR) (the "Company") announced results for the fourth quarter and full year 2022.  All results in this release reflect only continuing operations unless otherwise noted.  Net earnings refers to net earnings attributable to common shareholders.

For the quarter ended December 31, 2022, net earnings were $2.2 billion, or $2.99 per diluted common share which represents a 25.0% year-over-year increase from the comparable 2021 period.  Non-GAAP adjusted diluted net earnings per common share were $2.87 which represents a 6.5% increase over the comparable 2021 period.

Revenues increased 2.5% year-over-year in the fourth quarter of 2022 to $8.4 billion.  Non-GAAP core revenue growth was 7.5%, including 7.5% non-GAAP base business core revenue growth.

For the full year 2022, net earnings were $7.1 billion, or $9.66 per diluted common share which represents a 13.5% year-over-year increase.  Non-GAAP adjusted diluted net earnings per common share for the year were $10.95, which represents a 9.0% increase over the comparable 2021 amount.

Revenues for the full year 2022 increased 7.0% to $31.5 billion.  Non-GAAP core revenue growth was 9.5%, including 8.0% non-GAAP base business core revenue growth.

Operating cash flow for the full year 2022 was $8.5 billion and non-GAAP free cash flow was $7.4 billion.

The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.

Starting with the first quarter 2023, the Company will revise its definition of base business core growth to exclude revenues related to COVID-19 testing, vaccines and therapeutics, in addition to the exclusion of currency translation, acquisitions and divested product lines.

For the first quarter 2023, the Company anticipates that non-GAAP base business core revenue growth will be up mid-single digits.  For the full year 2023, the Company anticipates non-GAAP base business core revenue to be up high-single digits.

Rainer M. Blair, President and Chief Executive Officer, stated, "2022 was another great year for Danaher. Broad-based strength across the portfolio helped us deliver nearly 10% core revenue growth and double-digit earnings per share growth.  Our team executed well in a challenging operating environment, enabling us to expand operating margins and generate strong cash flows.  We believe this strong execution, paired with our investments in innovation drove market share gains in many of our businesses."

Blair continued, "Looking ahead, we believe the combination of our leading portfolio, the power of the Danaher Business System and the strength of our balance sheet position Danaher to continue generating sustainable, long-term shareholder value for many years to come."

Danaher will discuss its results during its quarterly investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations" and additional materials will be posted to the same section of Danaher's website.  A replay of the webcast will be available in the same section of Danaher's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call.

The conference call can be accessed by dialing 800-245-3047 within the U.S. or by dialing +1 203-518-9765 outside the U.S. a few minutes before the 8:00 a.m. ET start and telling the operator that you are dialing in for Danaher's earnings conference call (Conference ID: DHRQ422).  A replay of the conference call will be available shortly after the conclusion of the call and until February 7, 2023.  You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations."  In addition, presentation materials relating to Danaher's results have been posted to the "Investors" section of Danaher's website under the subheading "Quarterly Earnings."

ABOUT DANAHER

Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world.  Its family of world class brands has leadership positions in the demanding and attractive health care, environmental and applied end-markets.  With more than 20 operating companies, Danaher's globally diverse team of approximately 81,000 associates is united by a common culture and operating system, the Danaher Business System, and its Shared Purpose, Helping Realize Life's Potential.

Source: Danaher Reports Fourth Quarter and Full Year 2022 Results