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Why we bought more Danaher even after it lowered the forecast for a key business

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Stocks tend to bottom before their industry cycle does, and Danaher is almost there.

Danaher delivered beats on the top and bottom lines for the third quarter on Thursday. But shares of the life sciences and medical diagnostics company remain under pressure after management was forced to lower expectations for one of its key businesses. Revenue for the period ended Sept. 30 declined 11.5% organically year over year to $6.87 billion, outpacing analyst estimates of $6.63 billion, according to Refinitiv. When excluding the 8.

Driving this forecast is an expectation for biotechnology sales to be down in the high-teens percentage range, life sciences sales to be about flat , and for diagnostics to be down in the mid-teens percentage point range. The adjusted operating profit margin is expected to be 29% — slightly better than the Street's 28%.

 

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