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Text: danaher.com under the heading Quarterly Earnings.
The supplemental materials describe additional factors that impacted year-over-year performance.
We may also describe certain products and devices which have applications submitted and pending for regulatory -- certain regulatory approvals or are only available in certain markets.
As a result of the size of the Cytiva acquisition and its impact on Danaher's overall core revenue growth profile, we are presenting core revenue on a basis that includes Cytiva sales.
References to core revenue growth exclude Cytiva sale in the calculation of period to period sales growth.
We appreciate you joining us on the call today.
We're very pleased with our strong start to the year with another terrific results in the second quarter.
We saw broad-based strength across the portfolio, which helped us deliver over 30% core revenue growth, more than 70% adjusted earnings-per-share growth and outstanding free cash flow generation.
This well-rounded performance is a testament to the positioning of our portfolio and our exceptional team who are committed to leading and executing with the Danaher Business System every day.
During the second quarter, we continued to strengthen our competitive advantage through significant high impact organic growth investments and enhanced our portfolio with strategic growth accelerating acquisition.
We prioritize innovation across Danaher and increased our production capabilities, all of which we believe contributed to the market share gains in several of our businesses.
We also announced our pending acquisition of Aldevron which will expand our presence into the fast-growing and important frontier of genomic medicine.
Putting it all together, we believe the combination of our leading portfolio and DBS driven execution differentiates Danaher today and provides a strong foundation for sustainable long-term outperformance.
So with that, let's turn to our second quarter results.
Our sales were $7.2 billion and we delivered core revenue growth of 31.5% with strong contributions from all three of our reporting segment.
Geographically, high growth markets grew nearly 35% and developed markets were up more than 25%.
Revenue in each of our three largest markets, North America, Western Europe and China was up 30% or more in the quarter.
Our gross profit margin increased by 710 basis points to 60.9% primarily due to higher sales volumes, the favorable impact of higher margin product mix and the impact of prior year purchase accounting adjustments related to the Cytiva acquisition that did not repeat in 2021.
Our operating profit margin increased to 27.8% including 775 basis points of core operating margin expansion, primarily as a result of higher gross margin and continued lower operating expense as travel and other related costs remains below pre-pandemic levels.
Adjusted diluted net earnings per common share of $2.46 were up 71% compared to 2020.
We generated $1.8 billion of free cash flow in the quarter, up over 40% year-over-year.
In June, we announced our intention to acquire Aldevron a producer of high quality plasmid DNA, mRNA and protein serving academic, biotechnology and pharmaceutical customers.
The addition of Aldevron will expand our capabilities into the important field of genomic medicine where we're seeing the accelerated adoption of gene and cell therapies, DNA and RNA vaccines and gene editing technology.
We anticipate Aldevron will be accretive to Danaher on multiple levels as we expect the business to generate $500 million of revenue in 2022, with more than 20% annual revenue growth and a strong margin profile.
We look forward to welcoming this incredibly talented and innovative team to Danaher once the transaction closes.
In addition to announcing the Aldevron acquisition we also accelerated several organic growth investments across the portfolio.
One of our core values at Danaher is innovation defines our future and we have made a significant commitment toward our research and development effort increasing our research and development spend by more than 30% year-over-year to bring more impactful solutions to our customers.
At SCIEX we launched ZenoTOF 7600, a high resolution accurate mass spectrometry system that enables scientists to identify, characterize and quantify molecules at previously undetectable level, helping to advance the development of new biotherapeutics and precision diagnostics.
At Beckman Coulter Diagnostics, we recently introduced the DxA 5000 Fit a compact automation solution designed for small and mid-sized laboratories that reduces up to 80% of the manual steps typically required for sample preparation.
These are just a few great examples of how we're continuing to invest for growth across Danaher to support our customers and enhancing our competitive advantage through innovation.
Additionally, we're making substantial investments to expand capacity across our bio processing businesses and Cepheid.
Near term, these investments are supporting existing customer demand driven by both the market and meaningful share gain, but they are equally important to support the long-term growth of these businesses where we see tremendous runway ahead, given the underlying structural growth drivers in the markets they serve.
We expect our total capital expenditures across Danaher to be approximately $1.5 billion in 2021 as we continue to invest in supportive of our customers' needs today and well into the future.
We believe the strategic combination of these organic and inorganic investments across our portfolio will reinforce our competitive advantage and accelerate our growth trajectory going forward.
Now, let's go into more detail on our quarterly results across the segment.
Life Science's reported revenue increased 41.5% with core revenue up 35%.
This growth was broad based with most of our major businesses in the platform, delivering 30% or better core growth.
We continue to see strong demand for our bioprocessing solutions with combined core revenue growth of more than 40% at Cytiva and Pall Biotech.
Our non-COVID related bioprocessing business was up low double-digits where we saw robust customer activity and order rates.
COVID related vaccine and therapeutic revenues were consistent with the first quarter and exceeded $1 billion over the first 6 months of the year.
So I'd be remiss if I didn't take a moment to reflect on Cytiva's fantastic first year as part of Danaher.
We've established a new company with a new brand name added more than 1500 associates and made substantial progress in the transition to Danaher, all while maintaining world-class support of our customers, significantly ramping production capacity and growing revenues by more than 50%.
I think it's fair to say, they've exceeded our expectations in every way and that's really a testament to the Cytiva team who've embraced Danaher and the Danaher business system and continued to execute exceptionally in support of our customers.
Moving to Diagnostics, reported revenue was up 40.5% and core revenue grew 37% led by more than 50% core growth at Cepheid.
Beckman Diagnostics and Leica Biosystems each grew more than 30% as patient volumes and clinical diagnostic activity approached pre-pandemic levels around the world.
At Cepheid, growth outside of respiratory testing was led by our sexual health and hospital-acquired infection assays, particularly among newly acquired Cepheid customers.
In respiratory testing, we believe we continued to gain market share as expanded manufacturing capacity enabled the team to produce and ship approximately 14 million cartridges in the quarter.
As expected COVID-only test accounted for approximately 80% of these shipments while our 4 in 1 combination test for COVID-19 Flu-A, Flu-B and RSV represented approximately 20%.
This broad-based performance across Cepheid was driven by the team's thoughtful installed base expansion over the last 15 months and as evidence of the significant value, Cepheid provides to clinician with the unique combination of fast, accurate lab-quality results and the best-in-class, easy to use workflow at the point of care.
Moving to our Environmental and Applied Solutions segment, reported revenue grew 15.5% and core revenue was up 13%.
Revenue growth accelerated across both platforms with water quality up high single-digits and product identification up approximately 20% in the quarter.
In our water quality businesses, demand for our analytical chemistries and consumables was driven by improving activity across municipal, chemical, food and beverage end market.
Equipment order rates accelerated as customers got back up and running and began to invest in larger projects.
In product identification Videojet was up mid-teen and our packaging and color management businesses were up more than 25% in the quarter.
This acceleration reflected a broad-based recovery with growth across most major geographies and end market.
So, with that as a backdrop to what we saw this quarter let's spend some time going through trends geographically and across our end market.
Looking at conditions around the world most major regions and countries have broadly returned to or are approaching normal operations.
This is reflected in the strong results we've seen across the US, Europe and China.
That said, we're mindful of the emerging COVID-19 variants driving further outbreaks and have taken action to help minimize the potential impact on our respective businesses.
And at this point, we've seen no material impact from recent variant or selective lockdown.
We saw positive momentum across our businesses with order growth trending above revenue growth.
Most of our end markets have largely recovered with growth rate at or above pre-pandemic level as customers have adopted to the new environment.
In-person commercial activity continues to rebound and we're seeing our teams spend more time on site with their customers, a trend we expect to continue as we move through the year.
Across Life Sciences, we're seeing healthy demand in most of our end market led by Biopharma where the pace of customer activity remains elevated.
Biotech funding levels are robust and the number of lifesaving biologic and genomic-based therapies in development and production continues to rise and it's further augmented by the work around COVID-19 vaccines and therapeutics.
Today, there are over 1,500 monoclonal antibody-based therapies in development globally, which is more than 50% increase from just 5 years ago.
We also see over 1,000 gene therapy candidates in development today, a 10-fold increase over the last several years as these technologies mature and therapies gain regulatory approval.
Given that many of these candidates are still in early stage research we expect the growth rate of this market to remain strong for many years to come.
In addition to the growth in biologics and genomic based medicines, there is significant demand related to COVID-19 vaccines and therapeutics, both on the market and in development today.
Given the interest we're seeing from customers looking to address emerging variants and increased global supply, as well as evolving vaccination guidelines globally we expect to see durable growth in the segment of the Biopharma market for the foreseeable future.
At the current pace of vaccination it's clear that vaccine demand will continue well into next year.
We expect to recognize $2 billion in COVID related vaccine and therapeutic revenue in 2021 and anticipate entering 2022 with approximately $1.5 billion in COVID-related backlog.
These assumptions do not include the potential contribution from booster shot or an expansion of availability to populations under 12-year-old due to the level of uncertainty around each of these scenarios.
Given the growing numbers of drug being developed and the increasing scientific sophistication required to discover and manufacture these complex therapies, customers are looking to partner with vendors who can reliably supply them solutions for their most challenging problems as they move from the lab to production scale.
Our comprehensive bio-processing portfolio and scientific expertise positions us well to do just that and we're confident, our proactive investments in innovation and capacity will help us meet this growing customer demand now and far into the future.
In the clinical diagnostics market, patient volumes are at or near pre-pandemic levels in most major regions as patients are returning for wellness checks, routine screenings and other elective procedures.
In molecular diagnostics, while PCR, respiratory testing volumes in the US have declined we're seeing persistent demand for Cepheid testing at the point of care.
Outside of the US, which makes up approximately half of Cepheid's revenue, we continue to see strong demand for our testing as vaccination rates lag and emerging variants drive outbreak.
Now, as I mentioned earlier we shipped approximately 14 million respiratory tests during the second quarter, up from 10 million shipped in the first quarter and we now expect to ship approximately 50 million tests in 2021.
Looking ahead with the assumption that COVID-19 will be an endemic disease, we believe that the point of care molecular respiratory testing market will expand significantly from where it was prior to the pandemic and given Cepheid's leading positioning around speed, accuracy and the ease of use workflow advantages we believe will continue to gain market share.
The combination of these market share gains, the expansion of Cepheid's leading global installed base and the broadest molecular diagnostic test menu on the market, create significant opportunities ahead for broader utilization and demand for Cepheid's point of care molecular testing solutions.
Moving to the applied markets, we're seeing a continuation of the steady improvement over the first half of the year.
Customer activity is accelerating in line with broader economic activity, which we see in healthy order rates for consumables and increasing investments equipment.
Across municipal markets globally consumables demand remains solid as customers continue to test and treat water and instrument-oriented project activity is accelerating with the improving funding environment.
Now, let's look ahead to our expectations for the third quarter and the full year.
We expect to deliver third quarter core revenue growth in the mid to high teens range.
We anticipate high single-digit core revenue growth in our base business and a high single-digit core growth contribution from COVID related revenue tailwind.
Additionally, we expect to generate operating profit fall through of approximately 40% in the third quarter and for the remainder of 2021.
For the full year 2021, we now expect to deliver approximately 20% core revenue growth.
We anticipate that COVID related revenue tailwinds will be an approximately 10% contribution to the core revenue growth rate and in our base business we now expect that core revenue will be up 10% for the full year, an increase from our prior expectation of high single-digit.
So, to wrap up we've had a great start to the year and we see meaningful opportunities across Danaher to build upon this outstanding performance.
Our second quarter results reiterate the power of our portfolio and our exceptional team, a unique combination that differentiates Danaher today and provides a strong foundation for sustainable, long-term outperformance.
And with that, back to you, Matt.
That concludes our formal comments.

user
q2 adjusted non-gaap earnings per share $2.46.
q2 revenue $7.2 billion versus refinitiv ibes estimate of $6.72 billion.
for q3 2021, anticipates that non-gaap core revenue growth will be in mid- to high-teens percent range.
for full year 2021, now anticipates that non-gaap core revenue growth rate including cytiva will be about 20%.

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