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HEALTHCARE: Danaher (DHR: A3 pos/A-): 4Q24

HEALTHCARE

Slight miss on EPS, initial reaction is -4% in the overnight session

  • Revenues $6.5bn +2% yoy; Full Year $23.9bn Flat yoy
  • Guidance for 2025: Q1 decline low-single-digits; FY25 revenue +3%
  • Q4 Adj Op Margin 29.6% +90bps; FY 28.6% -10bps
  • FCF +3.5% for full year to $5.31bn
  • Biotech and Life Sciences improved (end of destocking) but Diagnostics saw a -3% fall in revenue and -170bps reduction in margin
  • Issuance is not expected: only one 2025 bond.
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Slight miss on EPS, initial reaction is -4% in the overnight session

  • Revenues $6.5bn +2% yoy; Full Year $23.9bn Flat yoy
  • Guidance for 2025: Q1 decline low-single-digits; FY25 revenue +3%
  • Q4 Adj Op Margin 29.6% +90bps; FY 28.6% -10bps
  • FCF +3.5% for full year to $5.31bn
  • Biotech and Life Sciences improved (end of destocking) but Diagnostics saw a -3% fall in revenue and -170bps reduction in margin
  • Issuance is not expected: only one 2025 bond.