Shares of Danaher popped more than 7% on Tuesday after the life sciences company delivered beats across its three main businesses — a sign the long-awaited turnaround in the biotech industry is finally here. Revenue for the period ended March 29 declined 4% organically year over year to nearly $5.8 billion in total sales, outpacing analyst estimates of $5.62 billion, according to LSEG. Total sales on a reported basis dropped nearly 2.6% year-over-year. Adjusted earnings-per-share decreased 6.
Quarterly results As seen in the product segments section below, all operating units delivered better-than-expected sales and adjusted operating income. Biotechnology sales fell nearly 17% on a core basis to $1.52 billion. Within the segment, bioprocessing sales fell a "high teens" percentage, while discovery and medical declined 20% year over year.
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