Danaher's Q3 2024 Earnings: A Deep Dive into Growth Drivers

Danaher Corporation (NYSE: DHR) recently reported its third-quarter 2024 earnings, showcasing strong performance across its businesses. The company's revenue increased by 3.0% year-over-year to $5.8 billion, with non-GAAP core revenue up 0.5%. Net earnings were $818 million, or $1.12 per diluted common share, and non-GAAP adjusted diluted net earnings per common share were $1.71. Operating cash flow was $1.5 billion, and non-GAAP free cash flow was $1.2 billion.


Rainer M. Blair, President and Chief Executive Officer, attributed the strong results to better-than-expected revenue growth, particularly in the bioprocessing business, and Cepheid's market share gain in molecular testing. The company's Danaher Business System (DBS) driven execution also played a crucial role in the growth.

The bioprocessing business contributed significantly to Danaher's revenue growth in Q3 2024. Specific growth drivers in this segment included increased demand for biopharmaceutical manufacturing solutions and the company's ability to provide innovative, high-quality products tailored to customers' needs.

Cepheid's market share gain in molecular testing also translated into financial performance for Danaher. The company's advanced diagnostic technologies and strong market position enabled it to capture a larger share of the molecular testing market, driving revenue growth.


Danaher's DBS-driven execution was instrumental in the company's Q3 2024 performance. The DBS focuses on continuous improvement, operational excellence, and customer-centricity, enabling Danaher to consistently deliver strong financial results and create long-term shareholder value.

Looking ahead, Danaher anticipates that non-GAAP core revenue will decline low-single digits year-over-year for the fourth quarter and full year 2024. The company remains committed to sustainable long-term value creation while helping to meaningfully improve human health.

In conclusion, Danaher's Q3 2024 earnings call highlighted the company's strong performance, driven by growth in the bioprocessing business, Cepheid's market share gain in molecular testing, and the DBS-driven execution. Despite the anticipated low-single digit decline in non-GAAP core revenue for the fourth quarter and full year 2024, Danaher remains well-positioned to create long-term shareholder value and improve human health.