Danaher (NYSE:DHR) shares dipped today even as the company reported third-quarter results that topped the consensus forecast.
The Washington, D.C.-based company posted profits of $1.2 billion, or $1.54 per share, on sales of $7.2 billion for the three months ended Sept. 30, 2021. Danafer reported a 31.1% bottom-line gain on sales growth of 22.9%.
Adjusted to exclude one-time items, earnings per share were $2.39, 24¢ ahead of Wall Street, where analysts were looking for sales of $7 billion.
“Our team delivered another outstanding result in the third quarter, with over 20% core revenue growth and terrific earnings and cash flow performance. We continued to invest for growth across our businesses, expanding production capacity and accelerating innovation initiatives,” Danaher President and CEO Rainer Blair said in a news release. “Additionally, the recently closed acquisition of Aldevron enhances our portfolio and expands our capabilities into the important field of genomic medicine.”
“Our performance is a testament to the power of our portfolio and our team’s commitment to the Danaher Business System, and we see significant opportunities ahead to continue building sustainable, long-term value for shareholders.”
Danaher said it anticipates its non-GAAP revenue growth to register in the low-to-mid teens percentage range for the fourth quarter, with the full-year 2021 growth expected to come in above 20%.
DHR shares were down -1.3% at 310.70 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.4%.