On this page of StockholderLetter.com we present the latest annual shareholder letter from DANAHER CORP /DE/ — ticker symbol DHR. Reading current and past DHR letters to shareholders can bring important insights into the investment thesis.

 •  3/27/2024 Letter Continued (Full PDF)
 •  3/29/2023 DHR Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  DHR Benford's Law Stock Score = 92

DHR Shareholder/Stockholder Letter Transcript:

2023
Annual Report


Financial Operating Highlights
(dollars in millions except per share data and number of associates)
2023
2022
Sales
$ 23,890

26,643
Operating Profit

5,202

7,536
Net Earnings

4,221

6,328
Net Earnings Per Common Share
(diluted) from Continuing Operations

5.65

8.47
Operating Cash Flow from Continuing Operations

6,490

7,613
Investing Cash Flow from Continuing Operations

(7,048)

(2,145)
Financing Cash Flow from Continuing Operations

154

(2,570)
Capital Expenditures

(1,383)

(1,118)
Capital Disposals

12

9

5,119

6,504
Free Cash Flow
(Operating Cash Flow less Capital Expenditures
plus Capital Disposals)
Number of Associates **
63,000
81,000
Total Assets**

84,488

84,350
Total Debt*
$ 18,402

19,677
Stockholders    Equity
$ 53,490

50,090
Total Capitalization
$ 71,892

69,767
(Total Debt plus Stockholders    Equity)
* Long-Term Debt ($16,707 for 2023 and $19,086 for 2022) plus Notes Payable and Current Portion
of Long-Term Debt ($1,695 for 2023 and $591 for 2022)
** 2022 data includes both continuing and discontinued operations
All financial data set forth in this annual report relates solely to continuing operations unless
otherwise indicated.

Danaher
2023 Segment Revenues
Biotechnology

7.2B
Mix
Geo




Geo




Geo




82% Recurring
18% Nonrecurring
34% North America
33% Western Europe
28% High-Growth Markets
5% Other Developed Markets
Life Sciences

7.1B
Mix
61% Recurring
39% Nonrecurring
42% North America
21% Western Europe
30% High-Growth Markets
7% Other Developed Markets
Diagnostics

9.6B
Mix
88% Recurring
12% Nonrecurring
47% North America
16% Western Europe
32% High-Growth Markets
5% Other Developed Markets

Dear Shareholders,
As I reflect on the past year, I am
proud of the collective
achievements of our 63,000
associates and their resilience in
the face of challenging market
conditions. Their dedication
to leading with the Danaher
Business System (DBS) enabled
us to reliably support our
customers, while driving a healthy
cadence of growth investments,
improving our cost structure, and
making notable progress across
our sustainability program.
2023 was a transformative year for Danaher. With the
successful spin-off of Veralto, we are now a focused,
life sciences and diagnostics innovator, committed to
deploying leading-edge science and technology to
improve human health. This was a key step in a
multi-year portfolio transformation that increased our
exposure to end markets with durable, long-term,
secular growth drivers. Our acquisition of Abcam, a
leading provider of proteomic research consumables,
expands our presence in these highly attractive areas
and builds upon our strategy to help map complex
diseases and accelerate the drug discovery process.
Looking ahead, I believe the powerful combination of
our differentiated portfolio, attractive end-market
exposure and our team   s commitment to executing
and innovating with DBS positions us for faster
long-term revenue growth with a meaningfully improved
financial profile.
Rainer M. Blair
President and Chief Executive Officer



 3/27/2024 Letter Continued (Full PDF)