Danaher ( NYSE: DHR ) Q2 total sales grew to $7.75B but COVID-19 related testing products showed a decline.
The company saw a -1.5% Y/Y negative impact of COVID-19 related testing, compared to Q2 2021. For H1 there was -2.5% decline, compared to the same period in the prior year.
For Q3 Washington, D.C.-based Danaher expects a +Mid-single digit impact of COVID related testing, compared to Q3 2021; and +Low-single digit% impact for full year 2022 versus 2021.
However, overall, the company was pleased with its "strong start to 2022" as put by President and CEO Rainer Blair.
This reflected in Danaher's top and bottom line, which beat analysts' estimates.
Q2 non-GAAP grew +12.2% to $2.76, while revenues increased +7.5% Y/Y to $7.75B.
"We were particularly encouraged with the high-single digit growth in our base business and believe we gained market share across the portfolio," commented Blair.
The company said non-GAAP core revenue growth was 9.5%, including 8.0% non-GAAP base business core revenue growth.
Operating cash flow for Q2 was $2B and non-GAAP free cash flow was $1.7B.
Outlook :
Q3 : The company expects Core sales growth (non-GAAP) to be +Low-single digit percent, compared to Q3 2021. While, non-GAAP base business core revenue growth to be in the high-single digit percent range.
For full year 2022 : Danaher's expects Core sales growth (non-GAAP) to be in the +Mid-single digit range; while it continues to anticipate non-GAAP base business core revenue growth to be in the high-single digit percent range.
For further details see:
Danaher Q2 sales see impact on COVID products but still soar beating estimates