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Danaher Initiates 2019 Outlook

WASHINGTON, Dec. 13, 2018 /PRNewswire/ -- Ahead of its annual investor and analyst meeting to be held in New York City, Danaher Corporation (NYSE: DHR) (the "Company") initiated its 2019 outlook. The Company anticipates that 2019 diluted net earnings per share will be in the range of $3.88 to $3.98.

2019 non-GAAP adjusted diluted net earnings per share is anticipated to be in the range of $4.75 to $4.85, which assumes non-GAAP core revenue growth of approximately 4%.

Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, "We are very pleased with our 2018 performance year-to-date. We delivered strong revenue growth and operating margin expansion, double-digit earnings per share growth and closed over $2B in acquisitions including IDT, a leading player in the genomics consumables market. We believe this year's solid cash flow performance — in addition to our exceptional balance sheet capacity — positions us very well for future strategic capital deployment."

Joyce continued, "We have transformed Danaher meaningfully over the past several years, evolving into a higher growth, higher margin, and higher recurring revenue company. We have done this through a combination of organic and inorganic growth initiatives, which have helped drive market share gains in many of our businesses. Looking ahead, with the power of the Danaher Business System as our foundation we will continue to focus on building a better, stronger Danaher and creating shareholder value for years to come."

Danaher will host a live video webcast of its investor and analyst meeting today, December 13, 2018, beginning at 9:30 a.m. ET and concluding at approximately 12:00 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 approximately 67,000 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 financial performance for 2019, the Company's positioning with respect to future capital deployment, the Company's plans for continuing to build Danaher and create shareholder value 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, Danaher's ability to complete the previously-announced spin-off of its Dental business on the currently contemplated timeline and achieve the intended benefits, deterioration of or instability in the economy, the markets we serve and the financial markets, developments and uncertainties in U.S. policy stemming from the current administration, such as changes in U.S. trade and tariff policies and the reaction of other countries thereto, 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 and consummate appropriate acquisitions and strategic investments and successfully complete divestitures and other dispositions, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relating to acquisitions, investments and divestitures (including tax-related and other contingent liabilities relating to past and future split-offs or spin-offs), 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 United Kingdom'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 2017 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2018.  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, 2019


Low End of Guidance


High End of


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


$                 3.88


$               3.98


Pretax amortization of acquisition-related intangible assets







Pretax costs anticipated to be incurred in the year ending December 31, 2019 related to preparation for the 2019 separation of the Dental segment  ("Dental Separation") primarily related to professional fees for legal, tax, finance and information technology services







Tax effect of all adjustments reflected above






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


$                 4.75


$               4.85



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,
2019 E



$             707






Pretax costs anticipated to be incurred in the year ending December 31, 2019 ($50 million pretax as reported in this line item, $47 million after-tax) related to preparation for the 2019 separation of the Dental segment ("Dental Separation") primarily related to professional fees for legal, tax, finance and information technology services.


This line item reflects the aggregate tax effect of all nontax adjustments reflected in the table above.  In addition, the footnotes above indicate 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, 2200 Pennsylvania Avenue, N.W., Suite 800W, Washington, D.C. 20037, Telephone: (202) 828-0850, Fax: (202) 828-0860