Danaher Reports Record Fourth Quarter 2012 Results

Tue Jan 29, 2013 6:00am EST

* Reuters is not responsible for the content in this press release.

For best results when printing this announcement, please click on the link
below:

http://pdf.reuters.com/pdfnews/pdfnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130129:nPnPH49708


WASHINGTON,  Jan. 29, 2013  /PRNewswire/ -- Danaher Corporation (NYSE: DHR)
today announced results for the fourth quarter and full year 2012. All financial
metrics in this release reflect only the Company's continuing operations unless
otherwise noted.

Net earnings for the quarter ended  December 31, 2012  were  $630.4 million, or 
$0.89  per share on a diluted basis, a 12.5% increase over diluted net earnings
per share of  $0.79  for the fourth quarter 2011. Included in the fourth quarter
2012 results is a  $0.02  per share benefit from a mark-to-market gain from the
change in value of a currency swap agreement. Sales for the 2012 fourth quarter
were  $4.98 billion, 5.5% higher than the  $4.72 billion  reported for the 2011
fourth quarter. Core revenues increased 3.5% in the quarter compared to the
fourth quarter of 2011.

Net earnings for the full year 2012 were  $2.3 billion, or  $3.23  per share on
a diluted basis, compared with net earnings of  $1.9 billion, or  $2.77  per
share on a diluted basis for the full year 2011. Revenues for the full year 2012
were  $18.3 billion  compared to  $16.1 billion  for the full year 2011, an
increase of 13.5%. Core revenues increased 2.5% for the full year 2012 compared
to the full year 2011.

The Company expects to close on the pending divestiture of its interest in Apex
Tool Group within the next two weeks and as a result it is updating its full
year 2013 non-GAAP adjusted diluted net earnings per share guidance range to 
$3.32 to $3.47  from a previous GAAP diluted net earnings per share range of 
$3.40 to $3.55. The Company anticipates that non-GAAP adjusted diluted net
earnings per share for the quarter ending  March 29, 2013  will be in the range
of  $0.72 to $0.77. The adjusted guidance excludes the anticipated gain on the
disposition of Apex as well as any benefit related to the retroactive
reinstatement of certain federal tax provisions contained in the American Tax
Relief Act of 2012.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We were
pleased by the strong finish to 2012, which was broad-based across most of our
businesses. The team's application of the Danaher Business System led to a solid
year of earnings growth, year-over-year core margin expansion and outstanding
cash flow performance including a record  $3.0 billion  of free cash flow
generation. While cognizant of the current macroeconomic challenges, we will
continue our focus on gaining market share and remaining active on the
acquisition front in 2013."

Danaher will discuss its results during its investor conference call today
starting at  8:00 a.m. EST. The call and an accompanying slide presentation will
be webcast on Danaher's website at  www.danaher.com. You can access a replay of
the webcast on the "Investors" section of Danaher's website, under the
subheading "Investor Events." A replay of the webcast will be available 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
888-637-7707 within the U.S. or 913-981-4903 outside the U.S. a few minutes
before the  8:00 a.m. EST  start and telling the operator that you are dialing
in for Danaher's earnings conference call (access code 2149164). A replay of the
conference call will be available shortly after the conclusion of the call and
until  Tuesday, February 5, 2013. You can access the replay by dialing
888-203-1112 within the U.S. or 719-457-0820 outside the U.S. with the access
code 2149164. In addition, presentation materials relating to Danaher's results
have been posted to the "Investors" section of Danaher's website under the
subheading "Financial Information."







Danaher is a science and technology leader that designs, manufactures, and
markets innovative products and services to professional, medical, industrial,
and commercial customers.  Our premier brands are among the most highly
recognized in each of the markets we serve.  The Danaher Business System
provides a foundation to our 63,000 associates around the world, serving
customers in more than 125countries.  In 2012, we generated  $18.3 billion  of
revenue.  For more information please visit our website:  www.danaher.com.

In addition to the financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings  release  also contains
non-GAAP financial measures. The reasons why we believe these measures provide
useful information to investors, a reconciliation of these measures to the most
directly comparable GAAP measures and other information relating to these
measures are included in the supplemental reconciliation schedule attached.



Statements in this release that are not strictly historical, including the
statements regarding the anticipated timing of the closing of the pending
divestiture of the Company's interest in Apex Tool Group, the Company's
anticipated adjusted diluted net earnings per share for the first quarter and
full year 2013, the Company's anticipated focus on gaining market share and
anticipated acquisition activity in 2013 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, deterioration of or instability in the economy and
financial markets, the impact of our restructuring activities on our ability to
grow, 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 ability to successfully
identify, consummate and integrate appropriate acquisitions (including our
ability to effectively integrate the Beckman Coulter acquisition and realize the
anticipated benefits therefrom), contingent liabilities relating to acquisitions
(including our acquisition of Beckman Coulter) and divestures, our compliance
with applicable laws and regulations (including regulations relating to medical
devices and the healthcare industry) and changes in applicable laws and
regulations, our ability to effectively address cost reduction and other changes
in the healthcare industry, risks relating to potential impairment of goodwill
and other long-lived assets, currency exchange rates, tax audits and changes in
our tax rate and income tax liabilities, litigation and other contingent
liabilities including intellectual property and environmental matters, risks
relating to product defects and recalls, the impact of our debt obligations on
our operations, our relationships with and the performance of our channel
partners, commodity costs and surcharges, our ability to adjust purchases and 
manufacturing capacity to reflect market conditions, labor matters, 
international economic, political, legal and business factors, risks relating to
man-made and natural disasters, pension plan costs and our non-controlling
interest in the Apex joint venture. 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 2011 Annual Report on
Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2012. These
forward-looking statements speak only as of the date of this release and 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                                                                                                                                                                                                                                
 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES                                                                                                                                                                                                 
 ($ in millions except per share data)                                                                                                                                                                                                              
                                                                                                                                                                                                                                                   
 Forecasted Earnings Per Share Guidance                                                                                                                                                                                                             
                                                                                                                     Three Months Ending                                               Year Ending                                                  
                                                                                                                     March 29, 2013                                                    December 31, 2013                                            
                                                                                                                     Low End            High End                                      Low End                    High End                         
 Diluted Net Earnings Per Share from Continuing Operations (GAAP)                                                     $        0.94      $       0.99                                  $        3.54              $         3.69                   
                                                                                                                                                                                                                                                  
 Anticipated gain on the sale of investment in                                                                       (0.19)             (0.19)                                        (0.19)                     (0.19)                           
 Apex Tool Group LLC in the first quarter of                                                                                                                                                                                                      
 2013 ($220 million pre-tax for each of the                                                                                                                                                                                                       
 three and twelve month periods)                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                  
 Retroactive reinstatement of certain federal tax                                                                    (0.03)             (0.03)                                        (0.03)                     (0.03)                           
 provisions contained in the American Tax                                                                                                                                                                                                         
 Relief Act of 2012.                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                  
 Adjusted Diluted Net Earnings Per Share from Continuing Operations (Non-GAAP)                                        $        0.72      $       0.77                                  $        3.32              $          3.47                  
                                                                                                                                                                                                                                                  


 Core Revenue Growth                                                                                                                                            
     Components of Revenue Growth                             Three Months                   Year Ended                                                     
                                                              Ended December                 December 31,                                                   
                                                              31, 2012  vs. Comparable       2012  vs.                                                      
                                                              2011 Period                    Comparable                                                     
                                                                                             2011 Period                                                    
                                                                                                                                                            
     Core (non-GAAP)                                          3.5%                           2.5%                                                           
     Acquisitions (non-GAAP)                                  3.0%                           13.0%                                                          
     Impact of currency translation (non-GAAP)                -1.0%                          -2.0%                                                          
     Total Revenue Growth (GAAP)                              5.5%                           13.5%                                                          
                                                                                                                                                            
                                                                                                                                                                
                                                                                                                                                                


 Free Cash Flow                                                                                                                                                                   
                                                                                        Year Ended                                                                            
                                                                                        December 31, 2012                                                                     
                                                                                                                                                                              
     Operating Cash Flow provided by continuing operations (GAAP)                       $           3,502.1                                                                   
     Less: Purchases of Property, Plant & Equipment from continuing operations          (458.3)                                                                               
     Free Cash Flow (Non-GAAP)                                                          $           3,043.8                                                                   


Adjusted Diluted Net Earnings Per Share from Continuing Operations

We disclose the non-GAAP measure of adjusted diluted net earnings per share from
continuing operations, which refers to GAAP diluted net earnings per share from
continuing operations, excluding the items identified in the reconciliation
schedule above.  This non-GAAP measure should be considered in addition to, and
not as a replacement for or superior to, the comparable GAAP measure, and may
not be comparable to similarly titled measures reported by other companies.

Management believes that this measure provides useful information to investors
by reflecting additional ways of viewing aspects of Danaher's operations that,
when reconciled to the corresponding GAAP measure, helps our investors to better
understand the long-term profitability trends of our business, and facilitates
easier comparisons of our profitability to prior and future periods and to our
peers.  The items described above have been excluded from this measure because
items of this nature and/or size occur with inconsistent frequency, occur for
reasons that may be unrelated to Danaher's commercial performance during the
period and/or we believe are not indicative of Danaher's ongoing operating costs
or gains in a given period, which we believe may obscure underlying business
trends and make comparisons of long-term performance difficult.  The Company
deems acquisition-related transaction costs incurred in a given period to be
significant (generally relating to the Company's larger acquisitions) if it
determines that such costs exceed the range of acquisition-related transaction
costs typical for Danaher in a given period.

The Company estimates the tax effect of the items identified in the
reconciliation schedule above by applying the Company's overall estimated
effective tax rate to the pre-tax amount, unless the nature of the item and/or
the tax jurisdiction in which the item has been recorded requires application of
a specific tax rate or tax treatment, in which case the tax effect of such item
is estimated by applying such specific tax rate or tax treatment.

Core Revenue and Core Revenue Growth

We use the term "core revenue" or "sales from existing businesses" to refer to
GAAP revenue from existing operations excluding (1) sales from acquired
businesses recorded prior to the first anniversary of the acquisition less the
impact from the divestiture of a product line the sales of which (prior to the
divestiture) were included in sales from acquired businesses ("acquisition
sales"), and (2) the impact of currency translation.  The portion of GAAP
revenue  from existing operations attributable to currency translation is
calculated as the difference between (a) the period-to-period change in revenue
(excluding acquisition sales) and (b) the period-to-period change in revenue
(excluding acquisition sales) after applying current period foreign exchange
rates to the prior year period.  We use the term "core revenue growth" to refer
to the measure of comparing current period core revenue with the corresponding
period of the prior year.  These non-GAAP measures should be considered in
addition to, and not as a replacement for or superior to, the comparable GAAP
measures, and may not be comparable to similarly titled measures reported by
other companies.

Management believes that these non-GAAP measures provide useful information to
investors by helping identify underlying growth trends in our business and
facilitating easier comparisons of our revenue performance with prior and future
periods and to our peers.  We exclude the effect of currency translation from
these measures because currency translation is not under management's control,
is subject to volatility and can obscure underlying business trends. We exclude
the effect of acquisitions because the nature, size and number of acquisitions
can vary dramatically from period to period and between us and our peers, which
we believe may obscure underlying business trends and make comparisons of
long-term performance difficult.   

Free Cash Flow

We disclose the non-GAAP measure of free cash flow, as defined above.  This
non-GAAP measure should be considered in addition to, and not as a replacement
for or superior to, GAAP operating cash flow, and may not be comparable to
similarly titled measures used by other companies.

Danaher's management believes that this non-GAAP measure provides useful
information to investors by reflecting an additional way of viewing aspects of
Danaher's operations that, when  reconciled to GAAP operating cash flow, helps
our investors to better understand the strength of Danaher's earnings as well as
Danaher's ability to generate cash without external financings, strengthen its
balance sheet, invest in the business and grow the business through acquisitions
and other strategic opportunities.  A limitation of Danaher's free cash flow
measure is that it does not take into account the Company's debt service
requirements and other non-discretionary expenditures.

 DANAHER CORPORATION AND SUBSIDIARIES                                                                                                                                                            
 CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)                                                                                                                                                 
 ($ and shares in millions, except per share data)                                                                                                                                               
                                                                                                                                                                                             
                                                                 Three Months Ended                                            Year Ended                                                    
                                                                 December 31,                 December 31,                   December 31,                    December 31,                
                                                                 
2012                        
2011                          
2012                           
2011                       
                                                                                                                                                                                   
 Sales                                                           $      4,975.2              $        4,716.6              $      18,260.4               $      16,090.5           
 Cost of sales                                                   (2,429.9)                    (2,389.5)                      (8,846.1)                      (7,913.9)                  
 Gross profit                                                    2,545.3                      2,327.1                        9,414.3                        8,176.6                    
 Operating costs and other:                                                                                                                                                                
 Selling, general and administrative expenses                    (1,406.5)                    (1,287.7)                      (5,181.2)                      (4,607.7)                  
 Research and development expenses                               (294.6)                      (282.1)                        (1,137.9)                      (1,018.5)                  
 Earnings from unconsolidated joint venture                      18.9                         21.9                           69.9                           66.8                       
 Operating profit                                                863.1                        779.2                          3,165.1                        2,617.2                    
 Non-operating income (expense):                                                                                                                                                           
 Loss on early extinguishment of debt                            -                            -                              -                              (32.9)                     
 Interest expense                                                (40.8)                       (37.4)                         (157.5)                        (141.6)                    
 Interest income                                                 1.0                          0.3                            3.2                            5.1                        
 Earnings from continuing operations before income taxes         823.3                        742.1                          3,010.8                        2,447.8                    
 Income taxes                                                    (192.9)                      (178.6)                        (711.5)                        (512.5)                    
 Net earnings from continuing operations                         630.4                        563.5                          2,299.3                        1,935.3                    
 Earnings from discontinued operations, net of income taxes      -                            7.2                            92.9                           237.0                      
 Net earnings                                                    $      630.4                $        570.7                $      2,392.2                $      2,172.3            
 Net earnings per share from continuing operations:                                                                                                                                       
 Basic                                                           $      0.91                 $        0.82                 $      3.32                   $      2.86               
 Diluted                                                         $      0.89                 $        0.79                 $      3.23                   $      2.77               
 Net earnings per share from discontinued operations:                                                                                                                                      
 Basic                                                           $      0.00                 $        0.01                 $      0.13                   $      0.35               
 Diluted                                                         $      0.00                 $        0.01                 $      0.13                   $      0.34               
 Net earnings per share:                                                                                                                                                                   
 Basic                                                           $      0.91                 $        0.83                 $      3.45                   $      3.21               
 Diluted                                                         $      0.89                 $        0.80                 $      3.36                   $      3.11               
 Average common stock and common equivalent shares outstanding:                                                                                                                            
 Basic                                                           691.4                        688.6                          693.4                          676.2                      
 Diluted                                                         709.6                        711.4                          713.1                          701.2                      


 This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.  


 DANAHER CORPORATION AND SUBSIDIARIES                                                                                                              
 CONSOLIDATED BALANCE SHEETS (unaudited)                                                                                                           
 ($ and shares in millions)                                                                                                                        
                                                                                                                                                  
                                                                                           As of December 31                                      
                                                                                           2012                         2011                    
 ASSETS                                                                                                                                         
 Current Assets:                                                                                                                                
 Cash and equivalents                                                                      $      1,678.7             $      537.0          
 Trade accounts receivable, less allowance for doubtful accounts of $121.4 and $117.4,     3,267.3                     3,049.9                
           respectively                                                                                                                       
 Inventories                                                                               1,813.4                     1,781.4                
 Prepaid expenses and other current assets                                                 828.4                       904.1                  
 Total current assets                                                                      7,587.8                     6,272.4                
                                                                                                                                              
 Property, plant and equipment, net                                                        2,140.9                     2,101.0                
 Investment in joint venture                                                               548.3                       521.9                  
 Other assets                                                                              858.0                       739.7                  
 Goodwill                                                                                  15,462.0                    14,474.3               
 Other intangible assets, net                                                              6,344.0                     5,840.2                
 Total assets                                                                              $      32,941.0            $      29,949.5       
                                                                                                                                                
 LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                           
 Current Liabilities:                                                                                                                           
 Notes payable and current portion of long-term debt                                       $      55.5                $      98.4           
 Trade accounts payable                                                                    1,546.3                     1,422.4                
 Accrued expenses and other liabilities                                                    2,604.3                     2,651.2                
 Total current liabilities                                                                 4,206.1                     4,172.0                
                                                                                                                                              
 Other long-term liabilities                                                               4,363.4                     3,598.9                
 Long-term debt                                                                            5,287.6                     5,206.8                
 Stockholders' Equity:                                                                                                                          
 Common stock - $0.01 par value, 2.0 billion shares authorized; 774.6 and 761.1 issued;    7.7                         7.6                    
       687.5 and 687.7 outstanding, respectively                                                                                              
 Additional paid-in capital                                                                3,688.1                     3,877.2                
 Retained earnings                                                                         15,379.9                    13,056.9               
 Accumulated other comprehensive income (loss)                                             (59.2)                      (36.9)                 
 Total Danaher stockholders' equity                                                        19,016.5                    16,904.8               
 Non-controlling interests                                                                 67.4                        67.0                   
 Total stockholders' equity                                                                19,083.9                    16,971.8               
 Total liabilities and stockholders' equity                                                $      32,941.0            $      29,949.5       


                                                                                                                                                                                                                     
                                                                                                                                                                                                                     
 This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.  


 DANAHER CORPORATION AND SUBSIDIARIES                                                                                                    
 CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)                                                                                       
 ($ in millions)                                                                                                                         
                                                                                                                                        
                                                                             Year Ended December 31                                     
                                                                             2012                        2011                        
 Cash flows from operating activities:                                                                                               
 Net earnings                                                                $      2,392.2            $      2,172.3            
 Less earnings from discontinued operations, net of income taxes             92.9                       237.0                      
 Net earnings from continuing operations                                     2,299.3                    1,935.3                    
 Non-cash items:                                                                                                                     
 Depreciation                                                                497.8                      350.7                      
 Amortization                                                                342.0                      284.3                      
 Stock compensation expense                                                  109.9                      95.6                       
 Earnings from unconsolidated joint venture, net of cash dividends received  (25.4)                     (18.4)                     
 Change in deferred income taxes                                             184.9                      271.4                      
 Change in trade accounts receivable, net                                    (79.7)                     (135.3)                    
 Change in inventories                                                       69.8                       162.0                      
 Change in trade accounts payable                                            57.0                       36.6                       
 Change in prepaid expenses and other assets                                 (100.3)                    (111.0)                    
 Change in accrued expenses and other liabilities                            146.8                      (139.1)                    
 Total operating cash provided by continuing operations                      3,502.1                    2,732.1                    
 Total operating cash used in discontinued operations                        (87.1)                     (105.8)                    
 Net cash provided by operating activities                                   3,415.0                    2,626.3                    
                                                                                                                                     
 Cash flows from investing activities:                                                                                               
 Payments for additions to property, plant and equipment                     (458.3)                    (334.5)                    
 Proceeds from disposals of property, plant and equipment and other assets   30.0                       8.6                        
 Proceeds from contribution of businesses to joint venture                   -                          14.8                       
 Cash paid for acquisitions                                                  (1,796.8)                  (6,210.8)                  
 Total investing cash used in continuing operations                          (2,225.1)                  (6,521.9)                  
 Total investing cash used in discontinued operations                        -                          (5.5)                      
 Proceeds from sale of discontinued operations                               337.5                      680.1                      
 Net cash used in investing activities                                       (1,887.6)                  (5,847.3)                  
                                                                                                                                     
 Cash flows from financing activities:                                                                                               
 Proceeds from the issuance of common stock                                  212.0                      1,112.5                    
 Payment of dividends                                                        (86.4)                     (61.3)                     
 Purchase of treasury stock                                                  (648.4)                    -                          
 Net proceeds from borrowings (maturities of 90 days or less)                195.9                      854.0                      
 Proceeds from borrowings (maturities longer than 90 days)                   -                          1,785.8                    
 Repayments of borrowings (maturities longer than 90 days)                   (61.5)                     (1,602.4)                  
 Net cash (used in) provided by financing activities                         (388.4)                    2,088.6                    
                                                                                                                                   
 Effect of exchange rate changes on cash and equivalents                     2.7                        36.4                       
 Net change in cash and equivalents                                          1,141.7                    (1,096.0)                  
                                                                                                                                   
 Beginning balance of cash and equivalents                                   537.0                      1,633.0                    
 Ending balance of cash and equivalents                                      $      1,678.7            $      537.0              


                                                                                                                                                                                                                     
                                                                                                                                                                                                                     
 This information is presented for reference only. Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.  


 DANAHER CORPORATION AND SUBSIDIARIES                                                                                                                                                                                                                              
 SEGMENT INFORMATION (unaudited)                                                                                                                                                                                                                                   
 ($ in millions)                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                              
                                               Three Months Ended                                                                                                    Year Ended                                                                                 
                                               December 31,                 December 31,                                                                            December 31,                 December 31,                                                 
                                               2012                         2011                                                                                    2012                         2011                                                         
 Sales                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                              
 Test & Measurement                            $            863.7           $            855.5                                                                      $         3,381.0            $         3,390.9                                            
 Environmental                                 850.6                        806.4                                                                                   3,063.5                      2,939.6                                                      
 Life Sciences & Diagnostics                   1,837.7                      1,728.5                                                                                 6,485.1                      4,627.4                                                      
 Dental                                        570.5                        550.4                                                                                   2,022.9                      2,011.2                                                      
 Industrial Technologies                       852.7                        775.8                                                                                   3,307.9                      3,121.4                                                      
                                               $         4,975.2            $ 4,716.6                                                                               $       18,260.4             $       16,090.5                                             
                                                                                                                                                                                                                                                              
 Operating Profit                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                              
 Test & Measurement                            $            161.8           $            183.6                                                                      $            701.2           $            751.2                                           
 Environmental                                 196.0                        177.0                                                                                   652.5                        622.7                                                        
 Life Sciences & Diagnostics                   261.7                        225.2                                                                                   861.1                        402.3                                                        
 Dental                                        86.6                         60.1                                                                                    293.1                        236.1                                                        
 Industrial Technologies                       154.0                        140.5                                                                                   685.6                        655.0                                                        
 Equity method earnings of Apex joint venture  18.9                         21.9                                                                                    69.9                         66.8                                                         
 Other                                         (15.9)                       (29.1)                                                                                  (98.3)                       (116.9)                                                      
                                               $            863.1           $            779.2                                                                      $         3,165.1            $         2,617.2                                            
                                                                                                                                                                                                                                                              
 Operating Margins                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                              
 Test & Measurement                            18.7%                        21.5%                                                                                   20.7%                        22.2%                                                        
 Environmental                                 23.0%                        21.9%                                                                                   21.3%                        21.2%                                                        
 Life Sciences & Diagnostics                   14.2%                        13.0%                                                                                   13.3%                        8.7%                                                         
 Dental                                        15.2%                        10.9%                                                                                   14.5%                        11.7%                                                        
 Industrial Technologies                       18.1%                        18.1%                                                                                   20.7%                        21.0%                                                        
                                                                                                                                                                                                                                                              
 Total                                         17.3%                        16.5%                                                                                   17.3%                        16.3%                                                        
                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                              
 This information is presented for reference only.  Final audited financial statements will include footnotes, which should be referenced when available, to more fully understand the contents of this information.                                               
                                               
                                                                                                                                                                                                                                                            


SOURCE  Danaher Corporation


Matt R. McGrew, Vice President, Investor Relations, Danaher Corporation,
+1-202-828-0850, or fax, +1-202-828-0860

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.