WASHINGTON, July 21, 2011 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) announced today that net earnings from continuing operations for the quarter ended July 1, 2011 were $449.6 million, or $0.65 per share on a diluted basis, a 23% increase as compared to diluted net earnings per share from continuing operations for the second quarter 2010. On a non-GAAP basis, which reflects the adjustments identified in the attached reconciliation schedule, second quarter 2011 adjusted diluted net earnings per share from continuing operations, excluding the impact of the acquisition of Beckman Coulter, were $0.69, a 28% increase over 2010 second quarter adjusted diluted net earnings per share from continuing operations.

Sales from continuing operations for the 2011 second quarter were $3.7 billion, 15.5% higher than the $3.2 billion reported sales from continuing operations for the 2010 second quarter. Core revenues increased 7.5% in the quarter compared to the second quarter of 2010.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We've been very pleased by our strong start to 2011 and our team's execution led to yet another quarter of solid core revenue and earnings growth. Our investments in new product development and go-to-market initiatives continued to drive organic growth and margin expansion and with our increasing exposure to higher growth emerging markets and the addition of Beckman Coulter to the portfolio, we believe we are well positioned to continue to outperform for the remainder of 2011 and beyond."

Danaher will discuss its results during its investor conference call today starting at 8:00 a.m. EDT. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website at www.danaher.com. A replay of the webcast can be accessed on the "Investors" section of Danaher's website (under the subheading "Investor Events") shortly after the conclusion of the presentation, and the webcast will remain available until the next quarterly earnings call. The conference call can be accessed by dialing 800-946-0785 within the U.S. or 719-325-2155 outside the US a few minutes before the 8:00 a.m. EDT start and telling the operator that you are dialing in for Danaher's investor conference call, access code 4214214. A replay of the conference call will be available shortly after the conclusion of the call and through Thursday, July 28, 2011. You can access the replay by dialing 888-203-1112 within the U.S. or 719-457-0820 outside the U.S. with the access code 4214214. In addition, presentation materials relating to Danaher's results have been posted to the "Investors" section of Danaher's website under the subheading "Earnings."

Danaher is a science and technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Our premier brands are among the most highly recognized in each of the markets we serve. The Danaher Business System provides a foundation to our 59,000 associates around the world, serving customers in more than 125 countries. In 2010, we generated $12.8 billion of revenue. For more information please visit our website: www.danaher.com.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached.

Statements in this release that are not strictly historical, including the statements regarding the Company's investments in new product development and go-to-market initiatives, business in emerging economies and positioning and expectations for 2011 and future periods and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, may be "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, uncertainty in the economy and financial markets, the impact of our restructuring activities on our ability to grow, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, our ability to successfully identify, consummate and integrate appropriate acquisitions (including our acquisition of Beckman Coulter, Inc. and our ability to effectively integrate the business and realize the anticipated benefits from the acquisition), contingent liabilities relating to acquisitions (including our acquisition of Beckman Coulter), risks relating to potential impairment of goodwill and other long-lived assets, currency exchange rates, our compliance with applicable laws and regulations (including regulations relating to medical devices and the healthcare industry) and changes in applicable laws and regulations, our ability to effectively address cost reduction and other changes in the healthcare industry, tax audits and changes in our tax rate and income tax liabilities, litigation and other contingent liabilities including intellectual property and environmental matters, risks relating to product defects and recalls, the impact of our debt obligations on our operations, pension plan costs, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, labor matters, our relationships with and the performance of our channel partners, risks relating to man-made and natural disasters, our ability to achieve projected cost reductions and growth, and international economic, political, legal and business factors. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2010 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the first quarter of 2011. These forward-looking statements speak only as of the date of this release and the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

                                  DANAHER CORPORATION
                                  -------------------
                         CONSOLIDATED CONDENSED BALANCE SHEETS
                         -------------------------------------
                                    ($ in thousands)
                                      (unaudited)

                                                              December 31,
    ASSETS                                     July 1, 2011        2010
                                               ------------  -------------

    Current Assets:
        Cash and equivalents                        $551,583     $1,632,980
        Trade accounts receivable, net             3,099,418      2,159,503
        Inventories:
            Finished goods                         1,115,452        582,331
            Work in process                          314,060        185,658
            Raw material and supplies                635,537        412,194
                                                     -------        -------
            Total inventories                      2,065,049      1,180,183
        Prepaid expenses and other current
         assets                                      838,750      1,070,215
                                                     -------      ---------
            Total current assets                   6,554,800      6,042,881

    Property, plant and equipment, net of
     accumulated depreciation of $1,583,010        2,226,119      1,160,886
    and $1,462,686, respectively
    Investment in joint venture                      533,136        511,283
    Other assets                                   1,247,548        696,498
    Goodwill                                      14,741,004     10,482,998
    Other intangible assets, net                   6,210,769      3,322,584
                                                   ---------      ---------

         Total assets                            $31,513,376    $22,217,130
                                                 ===========    ===========

    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current Liabilities:
        Notes payable and current portion of
         long-term debt                              $47,932        $40,761
        Trade accounts payable                     1,515,113      1,169,185
        Accrued expenses and other liabilities     2,718,251      2,110,756
                                                   ---------      ---------
            Total current liabilities              4,281,296      3,320,702

    Other long-term liabilities                    4,151,630      2,339,755
    Long-term debt                                 6,524,931      2,783,907
    Stockholders' equity:
        Common stock - $0.01 par value                 7,585          7,295
        Additional paid-in capital                 3,746,995      2,412,401
        Retained earnings                         11,997,077     10,945,928
        Accumulated other comprehensive income       737,839        345,386
                                                     -------        -------
           Total Danaher stockholders' equity     16,489,496     13,711,010
        Non-controlling interest                      66,023         61,756
                                                      ------
           Total stockholders' equity             16,555,519     13,772,766
                                                  ----------     ----------

     Total liabilities and stockholders'
      equity                                     $31,513,376    $22,217,130
                                                 ===========    ===========

          A complete copy of Danaher's Form 10-Q financial statements will be
          available when filed with the Securities and Exchange Commission on
                        the Company's website (www.danaher.com)

                                 DANAHER CORPORATION
                                 -------------------
                    CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
                    ---------------------------------------------
                ($ and shares in thousands, except per share amounts)
                                     (unaudited)

                              Three Months Ended            Six Months Ended
                              ------------------            ----------------
                                                       July 1,      July 2,
                         July 1, 2011  July 2, 2010      2011        2010
                         ------------  ------------   --------     --------

    Sales                  $3,711,674    $3,217,428  $7,057,376   $6,225,257
    Cost of sales           1,768,479     1,611,875   3,350,793    3,150,992
                            ---------     ---------   ---------    ---------
    Gross profit            1,943,195     1,605,553   3,706,583    3,074,265

    Operating costs
     and other:
        Selling,
         general and
         administrative
         expenses           1,095,749       896,588   2,065,451    1,762,919
        Research and
         development
         expenses             235,803       191,199     453,376      372,035
        Earnings from
         unconsolidated
         joint venture        (14,460)           --     (28,935)          --
                                                ---     -------          ---

    Operating
     profit                   626,103       517,766   1,216,691      939,311

    Non-operating
     income
     (expense):
         Interest
          expense             (31,709)      (28,944)    (62,434)     (58,988)
         Interest income        2,280         1,039       4,395        2,592
                                -----         -----       -----        -----

    Earnings from
     continuing
     operations
     before income
     taxes                    596,674       489,861   1,158,652      882,915

    Income taxes             (147,028)     (127,738)   (288,760)    (228,046)
                             --------      --------    --------     --------

    Earnings from
     continuing
     operations               449,646       362,123     869,892      654,869

    Earnings from
     discontinued
     operations,
     net of income
     taxes                    199,118        10,353     208,230       17,840
                              -------        ------     -------       ------

    Net earnings             $648,764      $372,476  $1,078,122     $672,709
                             ========      ========  ==========     ========
    Earnings per
     share from
     continuing
     operations:
          Basic                 $0.67         $0.55       $1.31        $1.01
                                -----         -----       -----        -----
          Diluted               $0.65         $0.53       $1.26        $0.97
                                =====         =====       =====        =====
    Earnings per
     share from
     discontinued
     operations:
          Basic                 $0.30         $0.02       $0.31        $0.03
                                -----         -----       -----        -----
          Diluted               $0.29         $0.02       $0.30        $0.03
                                =====         =====       =====        =====
    Net earnings
     per share:
          Basic                 $0.97         $0.57       $1.62       $1.03*
                                -----         -----       -----        -----
          Diluted               $0.94         $0.55       $1.56        $1.00
                                =====         =====       =====        =====
    Average common
     stock and
     common
     equivalent
     shares
     outstanding
     (in
     thousands):
          Basic               667,207       652,478     664,403      650,723
          Diluted             694,599       682,338     691,464      681,230

    * Earnings per
     share amounts
     do not add due
     to rounding.

         A complete copy of Danaher's Form 10-Q financial statements will be
         available when filed with the Securities and Exchange Commission on
                       the Company's website (www.danaher.com)

                                  DANAHER CORPORATION
                                  -------------------
                    CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                    -----------------------------------------------
                                    ($ in thousands)
                                      (unaudited)

                                                        Six Months Ended
                                                        ----------------
                                                  July 1, 2011  July 2, 2010
                                                  ------------  ------------
    Cash flows from operating
     activities:
       Net earnings                                 $1,078,122      $672,709
         Less: earnings from discontinued
          operations, net of tax                       208,230        17,840
                                                       -------        ------
       Net earnings from continued
        operations                                     869,892       654,869
       Non-cash items:
          Depreciation                                 106,628        96,364
          Amortization                                 118,673        94,362
          Stock compensation expense                    45,966        40,882
          Earnings from unconsolidated joint
           venture, net of cash dividends
           received                                    (16,586)           --
       Change in trade accounts
        receivable, net                                (14,850)      (63,664)
       Change in inventories                           (32,280)     (157,413)
       Change in accounts payable                       36,658       174,265
       Change in prepaid expenses and
        other assets                                    54,345       123,737
       Change in accrued expenses and
        other liabilities                              (11,733)      (47,252)
                                                       -------       -------
           Total operating cash flows from
            continuing operations                    1,156,713       916,150
           Total operating cash flows from
            discontinued operations                    (57,581)       15,652
                                                       -------        ------
               Net cash flows from operating
                activities                           1,099,132       931,802
                                                     ---------       -------

    Cash flows from investing
     activities:
       Payments for additions to
        property, plant and equipment                 (108,094)      (89,119)
       Proceeds from disposals of
        property, plant and equipment                    3,431           627
       Cash paid for acquisitions                   (6,056,279)   (1,398,526)
           Total investing cash flows from
            continuing operations                   (6,160,942)   (1,487,018)
           Investing cash flows from
            discontinued operations                     (1,521)       (3,219)
           Proceeds from sale of discontinued
            operations                                 680,105            --
                                                       -------           ---
               Net cash used in investing
                activities                          (5,482,358)   (1,490,237)
                                                    ----------    ----------

    Cash flows from financing
     activities:
       Proceeds from issuance of common
        stock                                        1,050,322        92,850
       Payment of dividends                            (26,973)      (26,012)
       Net proceeds of borrowings
        (maturities of 90 days or less)                462,147        21,543
       Proceeds of borrowings (maturities
        greater than 90 days)                        1,785,764            --
       Repayments of borrowings
        (maturities greater than 90 days)               (2,021)           --
                                                        ------           ---
               Net cash provided by financing
                activities                           3,269,239        88,381
                                                     ---------        ------

    Effect of exchange rate changes on
     cash and equivalents                               32,590       (18,930)
                                                        ------       -------
               Net change in cash and equivalents   (1,081,397)     (488,984)

    Beginning balance of cash and
     equivalents                                     1,632,980     1,721,920
                                                     ---------     ---------
    Ending balance of cash and
     equivalents                                      $551,583    $1,232,936
                                                      ========    ==========

    Supplemental disclosures:
        Cash interest payments                         $38,439       $39,192
        Cash income tax payments
         (including $53 million related to
         the gain on sale of                          $162,696      $114,440
    the discontinued Pacific
     Scientific Aerospace business -
     refer to Note 3)

          A complete copy of Danaher's Form 10-Q financial statements will be
          available when filed with the Securities and Exchange Commission on
                        the Company's website (www.danaher.com)

                        DANAHER CORPORATION AND SUBSIDIARIES
                                SEGMENT INFORMATION

    ($ in millions,
     unaudited)


    Sales                      Three Months Ended        Six Months Ended
    -----                      ------------------        ----------------
                              July 1,     July 2,    July 1,     July 2,
                                2011        2010       2011        2010
                             --------    --------   --------    --------
    Test & Measurement          $848.2      $682.2   $1,678.7    $1,334.3
    Environmental                730.6       696.0    1,398.6     1,307.7
    Life Sciences &
     Diagnostics                 704.8       540.1    1,331.4     1,056.6
    Dental                       504.7       428.3      968.2       860.1
    Industrial
     Technologies                923.4       698.5    1,680.5     1,351.0
    Businesses
     contributed to Apex
     JV attributable to
     periods prior to
     contribution                   --       172.3      --       315.6
                                   ---       -----        ---       -----

    Total Company             $3,711.7    $3,217.4   $7,057.4    $6,225.3
                              ========    ========   ========    ========

    Operating Profit
    ----------------

    Test & Measurement          $190.2      $145.3     $362.4      $269.1
    Environmental                158.4       150.6      287.3       254.6
    Life Sciences &
     Diagnostics                  34.5        32.4      124.9        69.2
    Dental                        55.0        46.2      104.5        82.8
    Industrial
     Technologies                200.5       144.8      362.1       270.0
    Businesses
     contributed to Apex
     joint venture:
        Attributable to
         periods prior to
         contribution               --        22.7         --        41.5
        Equity method
         earnings subsequent
         to JV formation          14.5          --       28.9          --
    Other                        (27.0)      (24.2)     (53.4)      (47.9)
                                 -----       -----      -----       -----

    Total Company               $626.1      $517.8   $1,216.7      $939.3
                                ======      ======   ========      ======

    Operating Margins
    -----------------

    Test & Measurement            22.4%       21.3%      21.6%       20.2%
    Environmental                 21.7%       21.6%      20.5%       19.5%
    Life Sciences &
     Diagnostics                   4.9%        6.0%       9.4%        6.5%
    Dental                        10.9%       10.8%      10.8%        9.6%
    Industrial
     Technologies                 21.7%       20.7%      21.6%       20.0%

    Total Company                 16.9%       16.1%      17.2%       15.1%

         This information is presented for reference only.  Final unaudited
            financial statements will include footnotes, which should be
        referenced when available, to more fully understand the contents of
                                  this information

                  DANAHER CORPORATION AND SUBSIDIARIES
                        SALES GROWTH INFORMATION

                                        Components of Sales Change
                                        --------------------------
    Three Months  Ended July                               Impact of
     1, 2011:                  Existing    Acquisitions     Currency   Total
                              Businesses   ------------   Translation  -----
                              ----------                  -----------

    Test & Measurement               9.5%          11.0%          4.0%  24.5%
    Environmental                   -0.5%           0.5%          5.0%   5.0%
    Life Sciences &
     Diagnostics                     8.0%          15.0%          7.5%  30.5%
    Dental                           6.5%           4.5%          7.0%  18.0%
    Industrial Technologies         14.5%          13.0%          4.5%  32.0%

    Total Company                    7.5%           3.0%          5.0%  15.5%




                                        Components of Sales Change
                                        --------------------------
    Six Months  Ended July 1,                              Impact of
     2011:                     Existing    Acquisitions     Currency   Total
                              Businesses   ------------   Translation  -----
                              ----------                  -----------

    Test & Measurement              11.5%          12.0%          2.5%  26.0%
    Environmental                    3.0%           1.0%          3.0%   7.0%
    Life Sciences &
     Diagnostics                     8.5%          12.5%          5.0%  26.0%
    Dental                           6.0%           2.5%          4.0%  12.5%
    Industrial Technologies         14.5%           7.5%          2.5%  24.5%

    Total Company                    8.5%           1.5%          3.5%  13.5%

    This information is presented for reference only.  Final unaudited
        financial statements will include footnotes, which should be
    referenced when available, to more fully understand the contents of
                              this information

    DANAHER CORPORATION
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    ($ in 000's except per share data)

                                              Three Months Ended
                                              ------------------
    Adjusted Net Earnings from              July 1,     July 2,      %
     Continuing Operations                    2011        2010    Change
    --------------------------             --------    --------  -------

    Net Earnings from Continuing
     Operations (GAAP)                      $449,646    $362,123    24.2%
                                                                    ====

      Acquisition-related transaction
       costs deemed significant ($26
       million pre-tax for each of the
       three and six months ended July 1,
       2011 and $8 million pre-tax for
       the six months ended July 2, 2010)
       and fair value adjustments to
       acquisition related inventory and
       deferred revenue balances and
       change-in-control payments ($29
       million pre-tax for each of the
       three and six months ended July 1,
       2011 and $9 million and $38 million
       pre-tax, respectively, for the
       three and six months ended July 2,
       2010) ("Acquisition Related Costs")    41,348       6,331

      Gains from net reduction in income
       tax reserves, other discrete tax
       items and reduction of effective
       tax rate ("Income Tax Items")          (4,109)          -


    Adjusted Net Earnings from
     Continuing Operations (Non-GAAP)       $486,885    $368,454    32.1%
                                            ========    ========    ====

    Adjusted Diluted Net Earnings Per
     Share from Continuing Operations
    ---------------------------------

    Diluted Net Earnings Per Share from
     Continuing Operations (GAAP)              $0.65       $0.53    22.6%
                                                                    ====

      Acquisition Related Costs                 0.06        0.01

      Income Tax Items                         (0.01)          -


    Adjusted Diluted Net Earnings Per
     Share from Continuing Operations
     (Non-GAAP)                                $0.70       $0.54    29.6%

      Adjusted Diluted Net Earnings Per
       Share Provided by Beckman Coulter,
       Inc. from June 25 to July 1, 2011
       ($12 million pre-tax for the three
       months and six months ended July 1,
       2011)                                   (0.01)          -


    Adjusted Diluted Net Earnings Per
     Share from Continuing Operations
     Excluding Beckman Coulter, Inc.
     (Non-GAAP)                                $0.69       $0.54    27.8%
                                               =====       =====    ====

                                               Six Months Ended
                                               ----------------
    Adjusted Net Earnings from Continuing     July 1,   July 2,      %
     Operations                                 2011      2010    Change
    -------------------------------------    --------  --------  -------

    Net Earnings from Continuing
     Operations (GAAP)                       $869,892  $654,869     32.8%
                                                                    ====

      Acquisition-related transaction costs
       deemed significant ($26 million pre-
       tax for each of the three and six
       months ended July 1, 2011 and $8
       million pre-tax for the six months
       ended July 2, 2010) and fair value
       adjustments to acquisition related
       inventory and deferred revenue
       balances and change-in-control
       payments ($29 million pre-tax for
       each of the three and six months
       ended July 1, 2011 and $9 million and
       $38 million pre-tax, respectively,
       for the three and six months ended
       July 2, 2010) ("Acquisition Related
       Costs")                                 41,348    34,894

      Gains from net reduction in income tax
       reserves, other discrete tax items
       and reduction of effective tax rate
       ("Income Tax Items")                    (4,109)   (4,027)


    Adjusted Net Earnings from Continuing
     Operations (Non-GAAP)                   $907,131  $685,736     32.3%
                                             ========  ========     ====

    Adjusted Diluted Net Earnings Per
     Share from Continuing Operations
    ---------------------------------

    Diluted Net Earnings Per Share from
     Continuing Operations (GAAP)               $1.26     $0.97     29.9%
                                                                    ====

      Acquisition Related Costs                  0.06      0.05

      Income Tax Items                          (0.01)    (0.01)


    Adjusted Diluted Net Earnings Per
     Share from Continuing Operations
     (Non-GAAP)                                 $1.31     $1.01     29.7%

      Adjusted Diluted Net Earnings Per
       Share Provided by Beckman Coulter,
       Inc. from June 25 to July 1, 2011
       ($12 million pre-tax for the three
       months and six months ended July 1,
       2011)                                    (0.01)        -


    Adjusted Diluted Net Earnings Per
     Share from Continuing Operations
     Excluding Beckman Coulter, Inc. (Non-
     GAAP)                                      $1.30     $1.01     28.7%
                                                =====     =====     ====

    Core Revenue Growth
    -------------------

     Components of Revenue Growth               Three Months   Six Months
                                                                Ended July
     ----------------------------               Ended July 1,       1,
                                                   2011 vs.      2011 vs.
                                                  Comparable   Comparable
                                                 2010 Period   2010 Period
                                                 -----------   -----------

     Core (non-GAAP)                                      7.5%         8.5%
     Acquisitions (net of reduction in revenues
      relating to Apex JV) (non-GAAP)                     3.0%         1.5%
     Impact of currency translation (non-GAAP)            5.0%         3.5%
                                                          ---          ---
     Total Revenue Growth (GAAP)                         15.5%        13.5%
                                                         ====         ====

Adjusted Net Earnings from Continuing Operations and Adjusted Diluted Net Earnings Per Share from Continuing Operations

We disclose the non-GAAP measures of adjusted net earnings from continuing operations and adjusted diluted net earnings per share from continuing operations, which refer to GAAP net earnings from continuing operations and GAAP diluted net earnings per share from continuing operations, respectively, excluding the items identified in the reconciliation schedule above. We also present these measures on a basis which excludes Beckman Coulter. These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

Management believes that these measures provide useful information to investors by reflecting additional ways of viewing aspects of Danaher's operations that, when reconciled to the corresponding GAAP measures, help our investors to better understand the long-term profitability trends of our business, and facilitate easier comparisons of our profitability to prior and future periods and to our peers. The items described above have been excluded from these measures because items of this nature and/or size occur with inconsistent frequency, occur for reasons that may be unrelated to Danaher's commercial performance during the period and/or we believe are not indicative of Danaher's ongoing operating costs or gains in a given period, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. We excluded the results attributable to Beckman Coulter to identify the impact of that acquisition on our business during the brief period during the quarter that we owned the business. The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company's larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs that Danaher typically incurs in a given period.

The Company estimates the tax effect of the items identified in the reconciliation schedule above by applying the Company's overall estimated effective tax rate to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

Core Revenue and Core Revenue Growth

We use the term "core revenue" or "sales from existing businesses" to refer to GAAP revenue excluding (1) sales from acquired businesses recorded prior to the first anniversary of the acquisition ("acquisition sales"), (2) first half 2010 sales attributable to the businesses contributed to the Apex joint venture, and (3) the impact of currency translation. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in GAAP revenue (excluding acquisition sales and first half 2010 sales attributable to the businesses contributed to the Apex joint venture) and (b) the period-to-period change in revenue (excluding acquisition sales and first half 2010 sales attributable to the businesses contributed to the Apex joint venture) after applying current period foreign exchange rates to the prior year period. We use the term "core revenue growth" to refer to the measure of comparing current period core revenue with the corresponding period of the prior year. These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.

Management believes that these measures provide useful information to investors by reflecting additional ways of viewing aspects of Danaher's operations that, when reconciled to the corresponding GAAP measures, help our investors to better identify underlying growth trends in our business and facilitate easier comparisons of our revenue performance with prior and future periods and to our peers. We exclude the effect of currency translation from these measures because currency translation is not under management's control, is subject to volatility and can obscure underlying business trends. We exclude the effect of acquisitions because the nature, size and number of acquisitions can vary dramatically from period to period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. We exclude the effect of the first half 2010 sales attributable to the businesses contributed to the Apex joint venture because as a result of application of the equity method of accounting beginning with the formation of the joint venture on July 4, 2010, the Company did not recognize sales from those businesses in the first half of 2011.

SOURCE Danaher Corporation

SOURCE: Danaher Corporation