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Danaher Initiates 2018 Outlook

WASHINGTON, Dec. 14, 2017 /PRNewswire/ -- Ahead of its annual investor and analyst meeting to be held in New York City, Danaher Corporation (NYSE: DHR) (the "Company") initiated its 2018 outlook. The Company anticipates that 2018 diluted net earnings per share will be in the range of $3.50 to $3.60.

2018 non-GAAP adjusted diluted net earnings per share is anticipated to be in the range of $4.25 to $4.35, which assumes non-GAAP core revenue growth between 3.5% and 4%.

Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, "We are pleased with our 2017 performance, delivering core growth acceleration, solid operating margin expansion, and double-digit earnings growth. Our most recent larger acquisitions – Cepheid, Pall and Nobel – continue to perform well and have improved meaningfully as part of Danaher. In addition, this year's strong cash flow performance positions us well for future capital deployment."

Joyce continued, "Looking ahead, we remain focused on building a better, stronger Danaher and see significant growth and margin opportunities across our portfolio. With the Danaher Business System as our foundation, we believe that our balanced approach to creating long-term shareholder value will enable us to outperform in 2018 and beyond."

Danaher will host a live video webcast of its investor and analyst meeting today, December 14, 2017, beginning at 9:30 a.m. ET and concluding at approximately 1:00 p.m. ET. The video webcast will be available on the Investors section of Danaher's website,, under the heading "Events & Presentations." A replay of the webcast will be available shortly after the conclusion of the presentation.


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 some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher's globally diverse team of over 62,000 associates is united by a common culture and operating system, the Danaher Business System. For more information, please visit


In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the supplemental reconciliation schedule attached.


Statements in this release that are not strictly historical, including the statements regarding the Company's anticipated 2017 financial performance, forecasted 2018 financial performance, positioning for future capital deployment, future growth and margin opportunities, outperformance in 2018 and beyond and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "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, deterioration of or instability in the economy, the markets we serve and the financial markets, 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, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify, consummate and integrate appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to integrate the recent acquisitions of Pall Corporation and Cepheid and achieve the anticipated benefits of such transactions, contingent liabilities relating to acquisitions and divestitures (including tax-related and other contingent liabilities relating to the distributions of each of Fortive Corporation and our communications business), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, the impact of our debt obligations on our operations and liquidity, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third parties, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor matters, international economic, political, legal, compliance and business factors (including the impact of the UK's decision to leave the EU), disruptions relating to man-made and natural disasters, and pension plan costs. 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 2016 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2017. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, 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

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

Adjusted Forecasted Diluted Net Earnings Per Share from Continuing Operations

Year Ending December 31, 2018

Low End of Guidance Range

High End of Guidance

Forecasted Diluted Net Earnings Per Share from Continuing Operations 
(GAAP) 1

$                 3.50

$               3.60

Pretax amortization of acquisition-related intangible assets





Tax effect of all adjustments reflected above





Forecasted Adjusted Diluted Net Earnings Per Share from Continuing Operations (Non-GAAP) 1

$                 4.25

$               4.35


The forward-looking estimates set forth above do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divestiture-related gains or charges and discrete tax items.


Amortization of acquisition-related intangible assets as quantified below ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above):

Year Ending

December 31,
2018 E


$              671




This line item reflects the aggregate tax effect of all nontax adjustments reflected in the table above.  In addition, the footnote above indicates the after-tax amount of each individual adjustment item.  Danaher estimates the tax effect of the adjustment items identified in the reconciliation schedule above by applying Danaher's overall estimated effective tax rate to the pretax 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.



SOURCE Danaher Corporation

For further information: Matthew E. Gugino, Vice President, Investor Relations, Danaher Corporation, Telephone: (202) 828-0850, Fax: (202) 828-0860