WASHINGTON, April 23, 2024 /PRNewswire/ -- Danaher Corporation (NYSE:DHR) (the "Company") today announced results for the quarter ended March 29, 2024.  All results in this release reflect only continuing operations unless otherwise noted. Key First Quarter 2024 Results Net earnings were $1.1 billion, or $1.45 per diluted common share and non-GAAP adjusted diluted net earnings per common share were $1.92. Revenues decreased 2.5% year-over-year to $5.8 billion and non-GAAP core revenue decreased 4.0%. Operating cash flow was $1.7 billion and non-GAAP free cash flow was $1.4 billion. Rainer M. Blair, President and Chief Executive Officer, stated, "We had a good start to 2024, with our team delivering better-than-expected revenue, earnings and cash flow.  We were especially pleased to see improving order trends in our bioprocessing business and believe we continued to gain market share in our molecular diagnostics business at Cepheid." Blair continued, "Looking ahead, the powerful combination of our leading portfolio and our team's commitment to executing with the Danaher Business System provides a strong foundation for differentiated long-term performance while helping to meaningfully improve human health." Second Quarter and Full Year 2024 Outlook The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines. For the second quarter 2024, the Company anticipates that non-GAAP core revenue will be down mid-single digits year-over-year.  For full year 2024, the Company continues to expect that non-GAAP core revenue will be down low-single digits year-over-year. Conference Call and Webcast Information Danaher will discuss its first quarter results and financial guidance for the second quarter and full year 2024 during its quarterly investor conference call today starting at 8:00 a.m. ET.  The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations" and additional related materials will be posted to the same section of Danaher's website.  A replay of the webcast will be available in the same section of Danaher's website shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call. The conference call can be accessed by dialing 800-245-3047 within the U.S. or by dialing +1 203-518-9765 outside the U.S. a few minutes before the 8:00 a.m.  ET start and telling the operator that you are dialing in for Danaher's earnings conference call (Conference ID: DHRQ124).  A replay of the conference call will be available shortly after the conclusion of the call and until May 7, 2024.  You can access the replay dial-in information on the "Investors" section of Danaher's website under the subheading "Events & Presentations." ABOUT DANAHER Danaher is a leading global life sciences and diagnostics innovator, committed to accelerating the power of science and technology to improve human health.  Our businesses partner closely with customers to solve many of the most important health challenges impacting patients around the world.  Danaher's advanced science and technology - and proven ability to innovate - help enable faster, more accurate diagnoses and help reduce the time and cost needed to sustainably discover, develop and deliver life-changing therapies.  Focused on scientific excellence, innovation and continuous improvement, our approximately 63,000 associates worldwide help ensure that Danaher is improving quality of life for billions of people today, while setting the foundation for a healthier, more sustainable tomorrow.  Explore more at www.danaher.com. FORWARD-LOOKING STATEMENTS Statements in this release that are not strictly historical, including the statements regarding the anticipated financial results for the second quarter and full year 2024, order trends, the Company's prospects for delivering long-term performance 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: unanticipated, further declines in demand for our COVID-19 related products, the impact of global health crises, the impact of our debt obligations on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, 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 rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, 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, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (including tax-related and other contingent liabilities relating to past and future IPOs, 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 with respect to our production capacity in times of national emergency or with respect to intellectual property/production capacity developed using government funding, risks relating to product, service or software defects, product liability and recalls, risks relating to our manufacturing operations and fluctuations in the cost and availability of the supplies we use (including commodities) and labor we need for our operations, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, the impact of deregulation on demand for our products and services, the impact of climate change, legal or regulatory measures to address climate change and our ability to address stakeholder expectations relating to climate change, labor matters and our ability to recruit, retain and motivate talented employees representing diverse backgrounds, experiences and skill sets, non-U.S. economic, political, legal, compliance, social and business factors (including the impact of military conflicts), disruptions relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions.  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 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the first quarter of 2024.  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 AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS ($ and shares in millions, except per share amounts) (unaudited) Three-Month Period Ended March 29, 2024 March 31, 2023 Sales $              5,796 $              5,949 Cost of sales (2,309) (2,287) Gross profit 3,487 3,662 Operating costs: Selling, general and administrative expenses (1,807) (1,772) Research and development expenses (368) (373) Operating profit 1,312 1,517 Nonoperating income (expense): Other income (expense), net (36) 24 Interest expense (65) (66) Interest income 60 48 Earnings before income taxes 1,271 1,523 Income taxes (183) (283) Net earnings from continuing operations 1,088 1,240 Earnings from discontinued operations, net of income taxes — 210 Net ...