Danaher (NYSE:DHR) shares dipped today despite third-quarter results that came in well ahead of the consensus forecast.
The Washington, D.C.-based company posted profits of $1.6 billion, or $2.10 per share, on sales of $7.7 billion for the three months ended Sept. 30, 2022, for a 35.8% bottom-line gain on sales growth of 6%.
Adjusted to exclude one-time items, earnings per share were $2.56, 30¢ ahead of Wall Street, where analysts were looking for sales of $7.2 billion.
“We are pleased with our third quarter performance,” said Danaher president and CEO Rainer Blair. “The team maintained strong momentum in a challenging operating environment to deliver double-digit core revenue growth and solid margin expansion, earnings growth and cash flow generation. Our growth was broad-based across all three segments, a testament to the durability and attractive end-market positioning of the franchises that comprise Danaher.
“As we look ahead, we believe the strength of our portfolio combined with our talented team and the power of the Danaher Business System provides a strong foundation to continue delivering meaningful shareholder value through 2022 and beyond.”
Danaher increased its expectation for adjusted revenue growth to the high-single-digit percent range.
DHR shares dipped 4.4% to $246.35 in early-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked down 1.6%.