Danaher Corp.

Strong Q1 Performance: Danaher Corporation reported Q1 2025 revenues of $5.7 billion, with adjusted diluted net earnings per common share at $1.88. The gross profit margin increased by 100 basis points year-over-year to 61.2%. The company generated $1.1 billion in free cash flow, resulting in a free cash flow to net income conversion ratio of over 110%.

Bioprocessing Growth: Encouraging momentum in the Bioprocessing segment, where core revenue is expected to grow approximately 7% for the full year 2025. Strong commercial demand, particularly for consumables, led to robust order growth, with a book-to-bill ratio solidly above one for seven consecutive quarters. Interesting to note is that 80% of Danaher’s revenues are recurring, providing stability.

Life Sciences Segment Challenges: Core revenue in the Life Sciences segment decreased by 4%, with particular weakness in U.S. academic and government markets. The segment's expectations for core revenue growth were revised down to flat from low-single digit growth. The decline is largely attributed to weakness in instrument sales driven by softer demand in academic and government settings.