07.20.23
Rank: #13 (Last year: #13)
$10.85 Billion
Prior Fiscal: $9.84 Billion
Percentage Change: +10.3%
R&D Expenditure: $1.75B
Best FY22 Quarter: Q4 $8.4B
Latest Quarter: Q1 $7.2B
No. of Employees: 81,000
Global Headquarters: Washington, D.C.
KEY EXECUTIVES:
Rainer M. Blair, President and CEO
Matt McGrew, Exec VP and CFO
Joakim Weidemanis, Exec VP, Diagnostics
Jose-Carlos Gutierrez-Ramos, Sr. VP and Chief Science Officer
Danaher proclaimed its intention to separate its Environmental & Applied Solutions (EAS) business into the Veralto company this past September. It will be comprised of the company’s Water Quality and Product Identification businesses, with the aim to launch in Q4 2023.
“We believe that EAS will be advantaged as a standalone company with greater opportunities to pursue high-impact organic and inorganic investments,” CEO Rainier Blair said in a press release. “The combination of a resilient business model—with more than 50% recurring revenue—and a talented team with a foundation built on the Danaher Business System will position [Veralto] to continue delivering the same results it has as part of Danaher.”
Veralto’s operating companies will include Hach, ChemTreat, Trojan, OTT, and McCrometer in Water Quality and Videojet, X-Rite Pantone, Esko and Linx in Product Identification. Jennifer L. Honeycutt, who joined Danaher in its 1999 acquisition of Hach and is an executive vice president with responsibility for the EAS segment, will become president and CEO upon the transaction’s completion.
“I am honored and humbled to be selected to lead EAS as a standalone public company,” said Honeycutt. “As a leading water quality and product identification franchise we will be well-positioned to pursue our strategic priorities and create long-term value for our shareholders, customers, and associates.”
Danaher’s Diagnostics business grew just over 10% in its fiscal year 2022, accruing revenue of $10.85 billion. The company’s annual report cites increased core sales in the molecular diagnostics business, led by North America and Western Europe as the business demonstrated healthy growth in the sale of diagnostic consumables. This increase was mainly driven by higher sales of COVID-19 diagnostic test solutions and high demand for non-respiratory disease tests. Further production capacity in 2021 let the business make more diagnostic tests in 2022 and meet continued, strong demand from private and government investors.
Core sales in the segment’s clinical lab business also grew because increased demand in North America and Japan tempered weaker demand in China, where COVID-19 restrictions reduced patient volumes. Acute care diagnostic business sales also grew thanks to increased demand for Danaher’s blood gas products. Demand here was driven by Western Europe, North America, and China. Pathology business sales rose as well across all geographies, provoked by further demand for core histology, advanced staining, and pathology imaging products.
Danaher’s Cepheid business earned FDA emergency use authorization (EUA) for its Xpert Xpress COV-2plus rapid molecular test to detect COVID-19 in May, the same month it also began shipping. It incorporates a third, conserved genetic target for SARS-CoV-2 detection to spot future viral mutations, as well as optimizes nucleocapsid gene probes to enable consistent virus detection. The test earned CE mark certification about a week later.
The Xpert Xpress GBS (Group B Steptococcus) molecular diagnostic test for qualitative, intrapartive detection in pregnant females gained CE-IVD mark status in November. The upgraded test enhances gene coverage and incorporates new dual targets in highly-conserved GBS genome regions. The test produces positive results as early as half an hour and allows testing at the time of neonatal delivery for real-time GBS status.
Also in November came the launch of Cepheid’s XpertXpress MVP (multiplexed vaginal panel) PCR test to detect bacterial vaginosis (BV), vulvovaginal candidiasis, and trichomoniasis from a single sample. The test can address co-ocurrances from a single sample, with detection time within an hour to narrow the test-to-treatment gap and support outcomes. The Xpert Xpress GBS LB XC (extended coverage) molecular test for Group B Streptococcus using enriched Lim borth cultures of patient samples was also launched that day. The test can generate positive results for GBS in as soon as 27 minutes.
Danaher’s Beckman Coulter Diagnostics business began a partnership in July with Massachusetts General Hospital—greased with funds from the Biomedical Advanced Research and Development Authority (BARDA)—to validate its Monocyte Distribution Width (MDW) hematology biomarker as a screening tool to measure severity of infection in children presenting with high fevers. MDW is a regulatory-cleared parameter for adults presenting to the emergency department and is available as a standard component of a CBC performed on the company’s DxH 900 and 690T hematology analyzers.
Beckman Coulter acquired artificial intelligence firm StoCastic in October. StoCastic offers evidence-based decision support for emergency departments—its TriageGo decision support tool integrates electronic health record systems and routine emergency department workflow. TriageGo has been shown to lower door-to-clinical decision time by 20-30 minutes, door-to-ICU times by 40-80 minutes, and door-to-ED departure for those undergoing emergency surgery by 30–60 minutes.
Danaher’s Radiometer America business gained authorization in July from the Cybersecurity Logistics (CyberLOG) branch of the Defense Health Agency (DHA) Medical Logistics division for its ABL90 Flex Series Version 3.x_AI. CyberLOG is responsible for conducting the Risk Management Framework process and centralized oversight of continuous monitoring activities. Radiometer America’s ABL90 FLEX PLUS blood gas analyzer is designed for point-of-care testing in busy clinical environments, like the emergency department, intensive care unit, neonatal intensive care unit, and operating room. The authorization gives the company clearance until July 2025.
$10.85 Billion
Prior Fiscal: $9.84 Billion
Percentage Change: +10.3%
R&D Expenditure: $1.75B
Best FY22 Quarter: Q4 $8.4B
Latest Quarter: Q1 $7.2B
No. of Employees: 81,000
Global Headquarters: Washington, D.C.
KEY EXECUTIVES:
Rainer M. Blair, President and CEO
Matt McGrew, Exec VP and CFO
Joakim Weidemanis, Exec VP, Diagnostics
Jose-Carlos Gutierrez-Ramos, Sr. VP and Chief Science Officer
Danaher proclaimed its intention to separate its Environmental & Applied Solutions (EAS) business into the Veralto company this past September. It will be comprised of the company’s Water Quality and Product Identification businesses, with the aim to launch in Q4 2023.
“We believe that EAS will be advantaged as a standalone company with greater opportunities to pursue high-impact organic and inorganic investments,” CEO Rainier Blair said in a press release. “The combination of a resilient business model—with more than 50% recurring revenue—and a talented team with a foundation built on the Danaher Business System will position [Veralto] to continue delivering the same results it has as part of Danaher.”
Veralto’s operating companies will include Hach, ChemTreat, Trojan, OTT, and McCrometer in Water Quality and Videojet, X-Rite Pantone, Esko and Linx in Product Identification. Jennifer L. Honeycutt, who joined Danaher in its 1999 acquisition of Hach and is an executive vice president with responsibility for the EAS segment, will become president and CEO upon the transaction’s completion.
“I am honored and humbled to be selected to lead EAS as a standalone public company,” said Honeycutt. “As a leading water quality and product identification franchise we will be well-positioned to pursue our strategic priorities and create long-term value for our shareholders, customers, and associates.”
Danaher’s Diagnostics business grew just over 10% in its fiscal year 2022, accruing revenue of $10.85 billion. The company’s annual report cites increased core sales in the molecular diagnostics business, led by North America and Western Europe as the business demonstrated healthy growth in the sale of diagnostic consumables. This increase was mainly driven by higher sales of COVID-19 diagnostic test solutions and high demand for non-respiratory disease tests. Further production capacity in 2021 let the business make more diagnostic tests in 2022 and meet continued, strong demand from private and government investors.
Core sales in the segment’s clinical lab business also grew because increased demand in North America and Japan tempered weaker demand in China, where COVID-19 restrictions reduced patient volumes. Acute care diagnostic business sales also grew thanks to increased demand for Danaher’s blood gas products. Demand here was driven by Western Europe, North America, and China. Pathology business sales rose as well across all geographies, provoked by further demand for core histology, advanced staining, and pathology imaging products.
Danaher’s Cepheid business earned FDA emergency use authorization (EUA) for its Xpert Xpress COV-2plus rapid molecular test to detect COVID-19 in May, the same month it also began shipping. It incorporates a third, conserved genetic target for SARS-CoV-2 detection to spot future viral mutations, as well as optimizes nucleocapsid gene probes to enable consistent virus detection. The test earned CE mark certification about a week later.
The Xpert Xpress GBS (Group B Steptococcus) molecular diagnostic test for qualitative, intrapartive detection in pregnant females gained CE-IVD mark status in November. The upgraded test enhances gene coverage and incorporates new dual targets in highly-conserved GBS genome regions. The test produces positive results as early as half an hour and allows testing at the time of neonatal delivery for real-time GBS status.
Also in November came the launch of Cepheid’s XpertXpress MVP (multiplexed vaginal panel) PCR test to detect bacterial vaginosis (BV), vulvovaginal candidiasis, and trichomoniasis from a single sample. The test can address co-ocurrances from a single sample, with detection time within an hour to narrow the test-to-treatment gap and support outcomes. The Xpert Xpress GBS LB XC (extended coverage) molecular test for Group B Streptococcus using enriched Lim borth cultures of patient samples was also launched that day. The test can generate positive results for GBS in as soon as 27 minutes.
Danaher’s Beckman Coulter Diagnostics business began a partnership in July with Massachusetts General Hospital—greased with funds from the Biomedical Advanced Research and Development Authority (BARDA)—to validate its Monocyte Distribution Width (MDW) hematology biomarker as a screening tool to measure severity of infection in children presenting with high fevers. MDW is a regulatory-cleared parameter for adults presenting to the emergency department and is available as a standard component of a CBC performed on the company’s DxH 900 and 690T hematology analyzers.
Beckman Coulter acquired artificial intelligence firm StoCastic in October. StoCastic offers evidence-based decision support for emergency departments—its TriageGo decision support tool integrates electronic health record systems and routine emergency department workflow. TriageGo has been shown to lower door-to-clinical decision time by 20-30 minutes, door-to-ICU times by 40-80 minutes, and door-to-ED departure for those undergoing emergency surgery by 30–60 minutes.
Danaher’s Radiometer America business gained authorization in July from the Cybersecurity Logistics (CyberLOG) branch of the Defense Health Agency (DHA) Medical Logistics division for its ABL90 Flex Series Version 3.x_AI. CyberLOG is responsible for conducting the Risk Management Framework process and centralized oversight of continuous monitoring activities. Radiometer America’s ABL90 FLEX PLUS blood gas analyzer is designed for point-of-care testing in busy clinical environments, like the emergency department, intensive care unit, neonatal intensive care unit, and operating room. The authorization gives the company clearance until July 2025.