Danaher Rises After Lifting Estimate of Revenue Growth

Danaher, the medical products and services provider, lifted its estimate of first-quarter revenue growth. The shares are higher.
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Danaher  (DHR) - Get Report lifted its estimate of first-quarter core-revenue growth past the high end of its previous estimate.

For the quarter ended April 2, the Washington company estimated revenue grew 57%. Adjusted revenue including Cytiva moved up 29%.

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In January, when Danaher reported for full-year 2020, the company estimated first-quarter 2021 adjusted core revenue including Cytiva would grow in the mid-to high-teens percent range.

And it pegged full-year 2021 adjusted core revenue up in the low-double-digits percent range.

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“The better-than-expected [first-quarter] performance was broad-based across the portfolio, with particular strength in life sciences and diagnostics,” Danaher said in a statement.

Cytiva is the Marlborough, Mass., medical-technology company that Danaher purchased from General Electric  (GE) - Get Report in March 2020 for $21.4 billion.

At last check Danaher shares were trading 1.6% higher at $238.60. The stock touched a 52-week high near $249 in mid-February and a 52-week low $147 exactly a year ago.

Danaher is set to report first-quarter results on April 22.

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In an April analysis Barron's said investors looking for plays on the COVID vaccine rollout might look to Danaher. 

The medical company’s product line includes primers and probe kits for diagnostic tests, and it sells rapid molecular tests and tests for antibodies and antigens.

And Barron’s said Danaher is broadly involved in vaccine production worldwide through Cytiva and its Pall Biotech business, both of which work with vaccine makers on output.