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- **Q3 Beat**: Core revenue $6.1B (+3%), EPS $1.89 (+10%), free cash flow $1.4B. Bioprocessing (+6.5%) and Diagnostics (+3.5%) led growth.
- **2026 Outlook**: 3-6% core revenue growth, >100bps margin expansion, high single-digit EPS growth. Bioprocessing to drive 60%+ of growth.
- **China Risks**: 2026 assumes $75-100M VBP headwind but improving visibility. Diagnostics ex-China growth accelerating.
- **Cost Actions**: $175M one-time savings ($75M net) to drive $0.30 EPS tailwind. 35-40% EPS fall-through on volume.

**【CEO Summary Section】**
- **Revenue Growth**: Core revenue of $6.1 billion in Q3, up 3% year-over-year, driven by bioprocessing (6.5%) and Diagnostics (3.5%). North America and Western Europe grew mid-single digits, while China declined due to policy headwinds.
- **Segment Performance**: Biotechnology segment grew 6.5% on strong bioprocessing consumables demand. Diagnostics outperformed expectations with respiratory revenue exceeding Q4 prep trends. Life Sciences segment declined 1% due to soft academic demand.
- **Margins and Cash Flow**: Gross margin 58.2%, adjusted operating margin 27.9% (up 40bps). Free cash flow $1.4B, $3.5B year-to-date, with $2B share buybacks.
- **2026 Outlook**: Core revenue growth 3-6%, driven by bioprocessing (high single digits), Diagnostics recovery, and modest Life Sciences improvement. Adjusted EPS growth >100bps margin expansion.

**【CFO Financial Commentary】**
- **Q3 Results**: Adjusted EPS $1.89 (up 10%), exceeding expectations. Non-GAAP EPS $1.08. Free cash flow conversion 146%.
- **2025 Guidance**: Full-year EPS $7.70-$7.80 maintained. Q4 core revenue low single digits, margin ~27% with productivity investments.
- **2026 Cost Actions**: $175M one-time savings ($75M net) to drive $0.30 EPS tailwind. 35-40% EPS fall-through on volume growth.
- **Capital Allocation**: $35M share buyback authorization added to $10M Q3 repurchases. Bias to M&A but open to buybacks at current valuations.

**【Q&A Highlights】**
- **China VBP Impact**: 2026 assumes $75-100M headwind from VBP, but lapping Q4 2025 impacts. Diagnostics ex-China growth expected to accelerate.
- **Bioprocessing Equipment**: Order funnel improving but cautious 2026 equipment spending. Cytiva's $1.5B+ capacity expansion positions for regional manufacturing trends.
- **Respiratory Guidance**: 2026 respiratory revenue $1.7B (same as 2025). Non-respiratory Cepheid growth driven by installed base expansion.
- **Margin Expansion**: 100+bps margin expansion from operating leverage and productivity. 2026 EPS growth >10% before M&A.

Danaher Corporation (DHR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DHR

DHR fundamentals

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