Danaher Corp (NYSE:DHR) reported Q3 FY23 adjusted EPS of $2.02, down from $2.56 a year ago, surpassing the consensus of $1.87.
Sales decreased 10.5% Y/Y to $6.87 billion, beating the consensus of $6.63 billion. Non-GAAP core revenue decreased 11.5%, including a 3.0% non-GAAP base business core revenue decline.
Operating cash flow for the third quarter was $1.7 billion, and non-GAAP free cash flow was $1.3 billion.
“Revenue in the third quarter came in ahead of our expectations, with Biotechnology performing as anticipated, and higher respiratory testing revenue more than offsetting slightly softer-than-anticipated demand in Life Sciences. DBS-driven execution also enabled us to deliver better-than-expected earnings and cash flow in what remains a challenging operating environment,” said Rainer M. Blair, President and CEO.
The company completed the spin off of Veralto in the quarter.
Guidance: For Q4, Danaher expects non-GAAP base business core revenue from continuing operations to be down mid-single digits Y/Y.
For FY23, the company now anticipates non-GAAP base business core revenue growth to be down slightly Y/Y.
Also Read: Danaher Bears The Brunt Of Macro Woes: Analyst Flags Lower Demand, Reduced Funding & Weakness In China
Price Action: DHR shares are trading higher by 1.20% at $206.50 premarket on the last check Tuesday.
