Danaher (NYSE:DHR) shares dipped today even as the company registered 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, for 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 & CEO Rainer M. 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%.