Raised full-year adjusted EPS guidance to $8.45-$8.60
Danaher reported a solid Q2 with 3% core growth and raised full-year EPS guidance. Bioprocessing revenue was lighter due to large resin shipment delays, but orders grew mid-teens, and life sciences outperformed. The Masimo acquisition closed early and is performing well. Management sees accelerating growth in H2, exiting at mid-single-digit core growth. Core revenue +3% overall, +4.5% ex-respiratory; Q2 adjusted EPS $1.94 beat expectations.
Buzzberg readRaised full-year adjusted EPS guidance to $8.45-$8.60Danaher reported a solid Q2 with 3% core growth and raised full-year EPS guidance. Bioprocessing revenue was lighter due to large resin shipment delays, but orders grew mid-teens, and life sciences outperformed. The Masimo acquisition closed early and is performing well. Management sees accelerating growth in H2, exiting at mid-single-digit core growth. Core revenue +3% overall, +4.5% ex-respiratory; Q2 adjusted EPS $1.94 beat expectations.Read full analysisCollapse analysis
Danaher reported a solid Q2 with 3% core growth and raised full-year EPS guidance. Bioprocessing revenue was lighter due to large resin shipment delays, but orders grew mid-teens, and life sciences outperformed. The Masimo acquisition closed early and is performing well. Management sees accelerating growth in H2, exiting at mid-single-digit core growth. Core revenue +3% overall, +4.5% ex-respiratory; Q2 adjusted EPS $1.94 beat expectations.
Bioprocessing revenue grew low single digits; ~$100M resin shipments pushed into 2027, but consumables and equipment orders each rose mid-teens.
Life sciences core growth +5.5% with strong performance at Pall (microelectronics) and stabilization in academia.
Diagnostics ex-respiratory +5%; China headwinds moderating; Cepheid non-respiratory assays up low double digits.
Revenue$6.265B
+5% QoQ
EPS$1.94
-6% QoQ
Gross margin57.64%
reported
Op margin17.99%
reported
What changed this quarter
01
Guidance
Raised full-year adjusted EPS guidance to $8.45-$8.60
Guidance · revenue to 2.5%
02
Risk
Bioprocessing consumables growth hit by shipment delays
Life sciences segment delivered strongest quarter in years
Management expressed confidence throughout the call, driven by better-than-expected Q2 results, an acceleration in core growth, and a raised full-year EPS guidance, while acknowledging temporary shipment timing issues in bioprocessing that do not alter the long-term outlook.
04
Other
Masimo acquisition closed early, high single-digit growth
Life sciences core growth +5.5% with strong performance at Pall (microelectronics) and stabilization in academia.
AI, capex & demand read
AI
Platform & monetization
Management discussed AI across multiple platforms: the Biacor 8S platform uses AI-powered data analysis, the Novus V55 is an AI-enabled triple quadrupole system, and Masimo received 510(k) clearance for an AI-enabled opioid-induced respiratory depression detection solution. Rainer also noted that AI will strengthen the Danaher Business System and that customers are investing in autonomous labs and
Demand
Bookings & conversion
Life sciences segment delivered strongest quarter in years. Management expressed confidence throughout the call, driven by better-than-expected Q2 results, an acceleration in core growth, and a raised full-year EPS guidance, while acknowledging temporary shipment timing issues in bioprocessing that do not alter the long-term outlook.
Tone · confident
Management expressed confidence throughout the call, driven by better-than-expected Q2 results, an acceleration in core growth, and a raised full-year EPS guidance, while acknowledging temporary shipment timing issues in bioprocessing that do not alter the long-term outlook.
Supply-chain alpha
A1
A few large commercial customers delayed chromatography resin shipments out of Q2/Q3 into 2027 due to production schedule changes and site readiness, but underlying order growth for consumables and equipment was mid-teens.
“a few large chromatography resin shipments that were slated primarily for Q2 and Q3 move out of the year. So a couple hundred basis points to our bioprocessing growth for the full year.”
Masimo was acquired by Danaher; management cites high single-digit growth and early operating review successes, signaling strong performance and synergy potential.
“we closed our acquisition of Massimo in early June, ahead of our initial expectations. We expect Massimo to be immediately accretive both strategically and to adjusted EPS.”
… of $1.94 were up approximately 8% year-over-year. We generated $1.3 billion of free cash flow in the quarter and $2.4 billion in the first half of the year, resulting in a year-to-date free cash flow to net income conversion ratio of 124%, further underwriting the differentiated quality of our earnings. We also made significant progress on our capital deployment priorities during the quarter and into July. On the M&A front, we closed our acquisition of Massimo in early June, ahead of our initial expectations. We expect Massimo to be immediately accretive both strategically and to adjusted EPS. The business delivered high single-digit revenue growth in the first half of the year and is off to a great start as part of Danaher, including an SDA 510 clearance for an AI-enabled opioid-induced respiratory depression detection solution. In fact, the team has already completed their first operating review where they further validated opportunities to drive productivity and efficiency improvement, capture customer account synergy, and strengthen the innovation process using the Danaher Business System launch excellence tool. Additionally, Leica Biosystems announced the pending …
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