Transcript: Danaher Q2 2026 Earnings Conference Call

Danaher (NYSE: DHR ) released second-quarter financial results and hosted an earnings call on Tuesday.

Read the complete transcript below.

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View the webcast at Summary Danaher Corporation reported a solid Q2 2026 with better-than-expected revenue, earnings, and cash flow, driven by strong execution and innovation in life sciences and diagnostics.

The company raised its full-year adjusted EPS guidance due to the earlier-than-expected closing of the Masimo acquisition, which is expected to be immediately accretive.

Core revenue grew by 3% year-over-year, with high double-digit growth in high-growth markets, despite slight declines in developed markets due to shipment timing.

Danaher highlighted several product innovations across biotechnology, life sciences, and diagnostics that are strengthening its competitive position and driving growth.

The company noted strong mid-teens order growth in both consumables and equipment in its biotechnology segment, despite a few large shipments being delayed to 2027.

The Masimo acquisition is off to a strong start, with high single-digit revenue growth and new FDA clearances enhancing its strategic fit within Danaher.

Danaher expects Q3 revenue growth of 2% to 3%, with core growth excluding respiratory testing at approximately 5%, and anticipates exiting Q4 at mid single-digit core revenue growth.

The company's strategic initiatives, including acquisitions and share repurchases, are aimed at strengthening its portfolio and driving long-term shareholder value.

Management expressed confidence in the company's ability to achieve accelerating revenue and earnings growth in the second half of the year and beyond, supported by a strong balance sheet and the Danaher Business System.

Full Transcript Chelsea, Conference Facilitator My name is Chelsea, and I will be your conference facilitator this morning.

At this time, I would like to welcome everyone to Danaher Corp's second quarter 2026 earnings results conference call.

All lines have been placed on mute to prevent any background noise.

After the speaker's remarks, there will be a question-and-answer session.

If you would like to ask a question during that time, simply press star then the number one on your telephone keypad.

If you would like to withdraw your question, please press star then the number two on your telephone keypad.

I will now turn the call over to Ms.

Rachel Wattenstall, Vice President of Investor Relations.

Ms.

Wattenstall, you may begin your conference.

Rachel Wattenstall, Vice President of Investor Relations Good morning, everyone, and thanks for joining us on the call.

With us today are Rainer Blair, our President and Chief Executive Officer, and Matt Gugino, our Executive Vice President and Chief Financial Officer.

I'd like to point out that our earnings release, quarterly report on Form 10-Q, the slide presentation supplementing today's call, the reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call, and a note containing details of historical and anticipated future financial performance are all available on the Investors section of our website, under the heading Quarterly Earnings.

The audio portion of this call will be archived on the Investors section of our website later today under the heading Events and Presentations and will remain archived until our next quarterly call.

A dial-in replay of this call will also be available until August 4, 2026.

During the presentation we will describe certain of the more significant financial factors that impacted year-over-year performance.

Our Form 10-Q and the supplemental materials I referenced describe additional factors that impacted year-over-year performance.

Unless otherwise noted, all references in these remarks and supplemental materials to company-specific financial metrics relate to the second quarter of 2026, and all references to period-to-period increases or decreases in financial metrics are year-over-year.

We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals or are available only in certain markets.

During the call we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe or anticipate will or may occur in the future.

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, and actual results may differ materially from any forward-looking statements that we make today.

These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements, except as required by law.

With that, I'd like to turn the call over to Rainer.