As we move into 2020, we are prepared for Cytiva (formerly GE Healthcare Life Sciences) to transition a portion of their demand to in-house manufacturing. We also present "base business" core revenue growth to demonstrate our core revenue growth and our core revenue growth including Cytiva excluding core sales growth directly attributable to COVID-19 and its impact. With respect to the free cash flow, we exclude payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company's capital expenditure requirements. Fiscal Year 2019 Annual Report / Audit Report. Comparable 2020 Period. Statements in this release that are not strictly historical, including the statements regarding the Company's expected financial performance for the first quarter and full year 2022, the Company's positioning and prospects for the future and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. Report Scope: The scope of this study entails the worldwide market for thawing systems. For the full year 2020, net earnings were $3.6 billion, or $4.89 per diluted common share which represents a 50.0% year-over-year increase. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached. Cytiva Profile and History. Financial Report Q1 2023 Read more. This includes 163,344 treasury shares (i.e. Total Cash Flows from Continuing Operations: Total cash provided by operating activities from continuing operations (GAAP), Total cash used in investing activities from continuing operations (GAAP), Total cash provided by financing activities from continuing operations (GAAP). Comparable 2020 Period, % Change Year Ended December 31, 2021 vs. On Friday, Repligen Corporation (NASDAQ:RGEN) said in a regulatory filing that it has extended a long-term supply agreement with Cytiva Sweden AB through 2025.; The deal covered the contract . Dividends on the MCPS Series A and Series B are payable on a cumulative basis at an annual rate of 4.75% and 5.0%, respectively, on the liquidation preference of $1,000 per share. Aug 2016 - Feb 20203 years 7 months. Annual Report 2020 (13 MB) Auditors' Report & Financial Statements 2020 (in Greek) (3 MB) Annual Report 2019 (7,5 MB) Auditors' Report & Financial Statements 2019 (in Greek) (6,3 MB) Annual Report 2018 (6 MB) Auditors' Report & Financial Statements 2018 (in Greek) (7 MB) Annual Report 2017 (1,5 MB) CONSOLIDATED STATEMENTS OF EARNINGS (unaudited), ($ and shares in millions, except per share amounts), Selling, general and administrative expenses, Loss on early extinguishment of borrowings, Earnings from continuing operations before income taxes, Earnings from discontinued operations, net of income taxes, Mandatory convertible preferred stock dividends, Net earnings attributable to common stockholders. Annual and sustainability report 2022 Leading the way to fossil freedom. The investment has already funded a new manufacturing facility in Shrewsbury, MA and a new cleanroom in Westborough, MA in the US. Non-GAAP adjusted diluted net earnings per common share were $2.69 which represents a 29.0% increase over the comparable 2020 period. The research study thoroughly explains market . Amortization of acquisition-related intangible assets in the following historical periods ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above): Costs incurred for fair value adjustments to inventory related to the acquisition of Aldevron in the three-month period ended December31, 2021, ($13 million pretax as reported in this line item, $10 million after-tax). Discrete tax adjustments and other tax-related adjustments for both the three-month period and year ended December31, 2021, include the impact of net discrete tax benefits of $120 million (or $0.16 per diluted common share), and $263 million (or $0.35 per diluted common share), respectively, related primarily to release of reserves for uncertain tax positions due to the expiration of statutes of limitation and audit settlements, excess tax benefits from stock-based compensation and the mix of earnings between the U.S. and certain jurisdictions with lower overall tax rates, net of changes in estimates associated with prior period uncertain tax positions. Humira uses the same mechanism of action as some of the older drugs in the same field, but it is a fully human monoclonal antibody (the first approved by the US FDA). Cytiva San Jose State University Report this profile Report Report BackSubmit About Strong professional skills in Life Science and Biotech Sales, Applications, Business Development, and. Other Adjustments. September 13, 2020 5 years, 500 million USD, and nearly 1,000 people: Cytiva invests for global capacity expansion By Cytiva Total planned investment is around 500 million USD over five years to raise manufacturing capacity Continues long-term strategy of increasing capacity to respond to growing industry demand and new market opportunities The items we exclude from adjusted diluted net earnings per common share are excluded for the following reasons: With respect to adjusted average common stock and common equivalent shares outstanding, Danaher's Mandatory Convertible Preferred Stock ("MCPS") will mandatorily convert into Danaher common stock on the mandatory conversion date, which is expected to be. This information is presented for reference only. With respect to core sales related measures, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions (other than Cytiva, in the case of core sales including Cytiva and base business core sales) and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. With respect to core sales and core sales including Cytiva, (1) we exclude the impact of currency translation because it is not under management's control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions (other than Cytiva, in the case of core sales including Cytiva) and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, Adjusted Diluted Net Earnings Per Common Share from Continuing Operations1, Diluted Net Earnings Per Common Share From Continuing Operations (GAAP), Amortization of acquisition-related intangible assets A, Fair value net (gains) losses on investmentsD, Gain on disposition of certain product lines E, Adjusted Diluted Net Earnings Per Common Share From Continuing Operations (Non-GAAP). The global Culture Media market was valued at USD 1894.8 million in 2020 and is expected to reach USD 3800.7 million by the end of 2027, growing at a CAGR of 9.9% during 2021-2027. Danaher calculates period-to-period core sales growth including Cytiva by adding to the baseline period sales Cytiva's historical sales from such period (when it was owned by GE), net of the sales of the Company product lines divested in 2020 to obtain regulatory approval to acquire Cytiva ("Cytiva sales") and also adding the Cytiva sales to the current period. KEY HIGHLIGHTS. Pretax costs incurred for transaction costs deemed significant and integration preparation costs related to the acquisition of Cytiva in the three-month period ended December 31, 2019, ($30 million pretax as reported in this line item, $27 million after-tax) and the year ended December 31, 2019, ($93 million pretax as reported in this line item, $84 million after-tax). The biotechnology industry has experienced exponential growth over the last . In March 2019, the Company issued $1.65 billion in aggregate liquidation preference of 4.75% MCPS. Danaher will discuss its results during its quarterly investor conference call today starting at 8:00 a.m. Contact Us; Sustainability; Careers; Safety Solutions; For more information, please visit www.danaher.com. For the full year 2021, net earnings were $6.3 billion, or $8.50 per diluted common share which represents a 74.0% year-over-year increase. We define free cash flow as operating cash flows from continuing operations, less payments for additions to property, plant and equipment from continuing operations ("capital expenditures") plus the proceeds from sales of plant, property and equipment from continuing operations ("capital disposals"). In March 2019, the Company issued $1.65 billion in aggregate liquidation preference of 4.75% MCPS Series A. Unless earlier converted, each share of MCPS Series A will automatically convert on April 15, 2022 into between 6.6611 and 8.1598 shares of Danaher's common stock, subject to further anti-dilution adjustments. View Cytiva (www.cytivalifesciences.com) location in Massachusetts, United States , revenue, industry and description. This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. Their most recent acquisition was CEVEC Pharmaceuticals on Oct 6, 2022. For the purposes of calculating adjusted earnings per common share from continuing operations, the Company has excluded the paid and anticipated MCPS cash dividends and assumed the "if-converted" method of share dilution (the incremental shares of common stock deemed outstanding applying the "if-converted" method of calculating share dilution only with respect to any MCPS the conversion of which would be dilutive in the particular period are referred to as the "Converted Shares") for any MCPS that were anti-dilutive for the given period. Lists Featuring This Company East Coast Health Diagnostics Companies 4,196 Number of Organizations $23.4B Total Funding Amount 1,971 Number of Investors Track Pretax gain on the sale of certain product lines in the Life Sciences segment in the year ended December 31, 2020 ($455 million pretax as reported in this line item, $305 million after-tax). School closures, increased vulnerability to abuse, mental health strains and loss of access to vital services have hurt children deeply. Unsubscribe from email alerts. Mr. Blair will communicate that fourth quarter 2020 core revenue growth including Cytiva is expected to be above the Company's previously announced guidance, driven primarily by better performance in its Life Sciences and Diagnostics segments. 2021. The company offers process chromatography hardware, cell culture media, single-use technologies, development instrumentation and consumables that support the research, discovery, process development and manufacturing workflows of . Beginning in the second quarter of 2021, Cytiva sales are included in core sales, and therefore the measure "core sales growth including Cytiva" is no longer provided for quarterly periods beginning with the second quarter of 2021. The call and an accompanying slide presentation will be webcast on the "Investors" section of Danaher's website, www.danaher.com, under the subheading "Events & Presentations." Operating cash flow for the full year 2020 was $6.2 billion, representing a 70.0% increase year-over-year, and non-GAAP free cash flow was $5.4 billion, representing a 79.0% increase year-over-year. 0.13% of the share capital). Free Cash Flow from Continuing Operations: Less: payments for additions to property, plant and equipment (capital expenditures) from continuing operations (GAAP), Plus: proceeds from sales of property, plant and equipment (capital disposals) from continuing operations (GAAP), Free Cash Flow from Continuing Operations (Non-GAAP). Net earnings per common share from continuing operations: Net earnings per common share from discontinued operations: Average common stock and common equivalent shares outstanding: Net earnings per common share amounts for the relevant three-month periods do not add to the full year amounts due to rounding. These forward-looking statements speak only as of the date of this release and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. Such reports can be bought from company pages at Tofler or can be downloaded from Company360. Grid is a $3 billion annual revenue business, where market demand in automation and hardware remains strong. Revenues increased 3.0% year-over-year to $4.3 billion, with non-GAAP core revenue growth of 4.5%. We were particularly pleased with the performance in our base business, which grew low-double digits, and believe we gained market share across our portfolio. Our incredible customers undertake life-saving activities ranging from fundamental biological research to . Net earnings per common share amount does not add due to rounding. With respect to adjusted average common stock and common equivalent shares outstanding, Danaher's Mandatory Convertible Preferred Stock ("MCPS") will mandatorily convert into Danaher common stock on the mandatory conversion date, which is expected to be. Comparable 2019 Period, % Change Year Ended December 31, 2020 vs. Non-GAAP adjusted diluted net earnings per common share were $1.05. Therefore, the impact of Cytiva sales growth represents only the impact of Cytiva sales in the first quarter of 2021, prior to the inclusion of Cytiva sales in core sales. The discrete tax matters for the three-month period and year ended December 31, 2019 relate primarily to changes in estimates associated with prior period uncertain tax positions and audit settlements, net of the release of valuation allowances associated with certain foreign tax credits and tax benefits resulting from a change in law. These factors include, among other things, the highly uncertain and unpredictable severity, magnitude and duration of the COVID-19 pandemic (and the related governmental, business and community responses thereto) on our business, results of operations and financial condition, Danaher's ability to successfully integrate the operations and employees of the Biopharma business Danaher acquired from General Electric Company (now known as Cytiva) with Danaher's existing business, the ability to realize anticipated financial, tax and operational synergies and benefits from such acquisition, Cytiva's performance and maintenance of important business relationships, the impact of our debt obligations (including the debt incurred to finance the acquisition of Cytiva) on our operations and liquidity, deterioration of or instability in the economy, the markets we serve and the financial markets (including as a result of the COVID-19 pandemic), developments and uncertainties in U.S. policy stemming from the U.S. administration, such as changes in U.S. trade and tariff policies and the reaction of other countries thereto, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments and successfully complete divestitures and other dispositions, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relating to acquisitions, investments and divestitures (including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor matters, international economic, political, legal, compliance and business factors (including the impact of the United Kingdom's separation from the EU and remaining uncertainty relating to the terms of such separation), disruptions relating to man-made and natural disasters (including pandemics such as COVID-19) and pension plan costs. . p: +49 551 308 1686. While we expect overall demand for the Company's COVID-19 related products to moderate as and to the extent the pandemic subsides, as the pandemic evolves toward endemic status we believe a level of demand for the Company's products that support COVID-19 related vaccines and therapeutics (including initiatives that seek to prevent or mitigate similar, future pandemics) and COVID-19 testing will continue. In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. Comparable 2021 Period, % Change Year Ending December 31, 2022 vs. Expense related to the modification and partial termination of prior commercial arrangements and resolution of an associated litigation in the year ended December 31, 2021, ($547 million pretax as reported in this line item, $415 million after-tax). Cytiva was founded in 1968. We do not reconcile these measures to the comparable GAAP measure because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions and divested product lines, which would be reflected in any forecasted GAAP revenue. Gain on disposition of certain product lines in the year ended December 31, 2020, ($455 million pretax as reported in this line item, $305 million after-tax). For the quarter ended December 31, 2020, net earnings were $1.2 billion, or $1.66 per diluted common share which represents a 55.0% year-over-year increase from the comparable 2019 period. The year has been traumatic in the living history which upset our planet in entirety and human life in particular. However, on a relative basis, we expect the level of ongoing demand for products supporting COVID-19 testing will be subject to more fluctuations in demand than the level of demand for products supporting COVID-19 related vaccines and therapeutics. The MCPS dividends are not tax deductible and therefore the tax effect of the adjustments does not include any tax impact of the MCPS dividends. ", Blair added, "2020 was also a transformative year for Danaher with the addition of Cytivathe largest acquisition in our Company's history and one that has strengthened our position as a global science and technology leader. Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding, Average common stock and common equivalent shares outstanding - diluted (GAAP) 2, Adjusted average common stock and common equivalent shares outstanding - diluted (non-GAAP). . Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. For the full year 2022, net earnings were $7.1 billion, or $9.66 per diluted common share which represents a 13.5% year-over-year increase. Discrete tax adjustments and other tax-related adjustments for the year ended December 31, 2020, include the impact of net discrete tax gains of $85 million (or $0.12 per diluted common share), related primarily to the release of reserves for uncertain tax positions from audit settlements and expiration of statutes of limitation and excess tax benefits from stock-based compensation, partially offset by a higher tax rate associated with the gain on the divestiture of certain product lines in the Life Sciences segment and changes in estimates associated with prior period uncertain tax positions. For the full year 2020, net earnings were $3.6 billion, or $4.89 per diluted common share which represents a 50.0% year-over-year increase. Quick links. With respect to forecasted core sales and forecasted core sales including Cytiva, we do not reconcile these measures to the comparable GAAP measure because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions and divested product lines, which would be reflected in any forecasted GAAP revenue. UNICEF's 2020 Annual Report underscores how 2020 was a year like no other. Our Pride. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited), Less: earnings from discontinued operations, net of income taxes, Amortization of acquisition-related inventory fair value step-up, Change in prepaid expenses and other assets, Change in accrued expenses and other liabilities, Total operating cash provided by continuing operations, Total operating cash (used in) provided by discontinued operations, Net cash provided by operating activities, Payments for additions to property, plant and equipment, Proceeds from sales of property, plant and equipment, Total investing cash used in continuing operations, Total investing cash used in discontinued operations, Proceeds from the issuance of common stock in connection with stock-based compensation, Proceeds from the public offering of common stock, net of issuance costs, Proceeds from the public offering of preferred stock, net of issuance costs, Net proceeds from the sale of Envista Holdings Corporation common stock, net of issuance costs, Net (repayments of) proceeds from borrowings (maturities of 90 days or less), Proceeds from borrowings (maturities longer than 90 days), Repayments of borrowings (maturities longer than 90 days), Make-whole premiums to redeem borrowings prior to maturity, Total financing cash provided by continuing operations, Cash distributions to Envista Holdings Corporation, net, Net cash provided by financing activities, Effect of exchange rate changes on cash and equivalents, Beginning balance of cash and equivalents, Shares redeemed through the split-off of Envista Holdings Corporation (22.9 million shares held as Treasury shares).
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