Danaher Corp.

**Strong Third Quarter Performance**: Danaher reported revenue of $5.8 billion for Q3 2024 with a 0.5% core revenue growth year-over-year. This exceeded expectations, driven by positive performance in bioprocessing and an exceptional quarter for Cepheid. Adjusted diluted net earnings were $1.71 per share, flat year-over-year, and free cash flow for the quarter reached $1.2 billion, resulting in a year-to-date free cash flow to net income conversion ratio of 135%.

**Bioprocessing Sector Challenges**: The bioprocessing segment saw flat core revenue year-over-year with a high single-digit decline in China. Although there was a consecutive five-quarter improvement in order trends, smaller customers in bioprocessing continue to underperform. For 2024, a full-year core revenue decline is expected, although a high single-digit growth in Q4 is anticipated as destocking is believed to be behind.

**Life Sciences and Instrumentation Stability**: The Life Sciences segment experienced a 2% core revenue decline, with the fundamentals being steady but soft demand persisting, particularly in capital equipment and emerging markets like China. However, improved demand signals for pharma and biopharma customers in North America are encouraging.