SHERIDAN, WYOMING – May 1, 2025 – Danaher Corporation (NYSE: DHR), a global science and technology leader, reported first-quarter 2025 financial results that exceeded expectations across revenue, earnings, and cash flow, underscoring the strength of its diversified portfolio and operational excellence amid a dynamic macroeconomic environment.
Total revenue for the quarter reached $5.7 billion, reflecting a modest 1.0% year-over-year decline. However, non-GAAP core revenue remained flat compared to Q1 2024, signaling underlying stability. Net earnings stood at $1.0 billion, or $1.32 per diluted share, while adjusted diluted net earnings per share reached $1.88. Free cash flow for the quarter totaled $1.1 billion, reinforcing Danaher’s strong cash generation capabilities.
Strong Segment Performance and Resilience in Diagnostics
Biotechnology led the quarter’s performance with a 7.0% year-over-year increase in core sales, bolstered by sustained momentum in bioprocessing. Diagnostics also outperformed expectations due to stronger-than-anticipated respiratory testing demand, mitigating a broader 1.5% decline in core revenues.
President and CEO Rainer M. Blair emphasized the company’s strategic agility: “Revenue, earnings, and cash flow exceeded our expectations in the first quarter–highlighted by continued momentum in bioprocessing and better-than-expected respiratory demand in our molecular diagnostics business. Our team also continued to execute very well, leveraging the Danaher Business System to accelerate innovation, drive share gains, and deliver meaningful productivity improvements.”
Operational Efficiency Anchored by the Danaher Business System
Danaher’s consistent execution through its proprietary Danaher Business System (DBS) once again played a pivotal role in driving operational efficiencies and innovation. Despite a dynamic economic backdrop, the company maintained its focus on productivity and disciplined capital deployment.
“While the macro backdrop has become more dynamic since the start of the year, it's in times like these that Danaher's positioning and capabilities truly stand out,” Blair added. “We believe that the combination of our team's DBS-driven execution, resilient portfolio and strong balance sheet will continue to differentiate Danaher in 2025 and beyond.”
Outlook Reflects Continued Confidence in Growth Trajectory
For the second quarter of 2025, Danaher anticipates low single-digit growth in non-GAAP core revenue. The company reaffirmed its full-year core revenue growth outlook of approximately 3%. It also initiated full-year adjusted diluted EPS guidance in the range of $7.60 to $7.75.
These projections reflect management’s confidence in the company’s strategic positioning, with bioprocessing strength and diagnostic tailwinds expected to support sustained performance.
Strategic Highlights and Market Impact
Key business highlights from Q1 2025 include:
- Biotechnology: 7% core revenue growth driven by robust demand for bioprocessing solutions.
- Diagnostics: Outperformance in respiratory testing mitigated overall softness in the segment.
- Life Sciences: Core revenue declined 4%, impacted by acquisition and divestiture activity.
- Free Cash Flow: Delivered $1.1 billion, supporting reinvestment and shareholder value initiatives.
From an industry perspective, Danaher’s performance aligns with the broader life sciences sector's focus on resilience and innovation. The company’s proactive portfolio management and strong operational foundation position it well to navigate economic headwinds while advancing healthcare solutions globally.
Learn More
Danaher will host its earnings call and webcast today at 8:00 a.m. ET. A replay will be available at www.danaher.com under “Investors.”
To explore Danaher’s financial performance, innovation roadmap, and long-term strategy, visit https://www.danaher.com.