Investor and Analyst Meeting December 12, 2013

104 Pages·2013·3.88 MB·English

Investor and Analyst Meeting
December 12, 2013
Forward Looking Statements
Statements in this presentation that are not strictly historical, including any statements regarding events or developments thatwe believe or
anticipate will or may occur in the future, are "forward-looking" statements within the meaning of the federal securities laws. There are a number
of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated
by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factorsinclude,
among other things, deterioration of or instability in the economy and financial markets, the impact of our restructuring activities on our ability to
grow, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products
and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our ability to
successfully identify, consummate and integrate appropriate acquisitions, contingent liabilities relating to acquisitions anddivestures, our
compliance with applicable laws and regulations (including regulations relating to medical devices and the healthcare industry) and changes in
applicable laws and regulations, our ability to effectively address cost reduction and other changes in the healthcare industry,risks relating to
potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax
liabilities, litigation and other contingent liabilities including intellectual property and environmental, health and safetymatters, risks relating to
product defects and recalls, risks relating to product manufacturing, the impact of our debt obligations on our operations, our relationships with
and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to
reflect market conditions, labor matters, international economic, political, legal and business factors, disruptions relating to man-made and natural
disasters, security breaches or other disruptions of our information technology systems and pension plan costs. Additional information regarding
the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our
2012 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2013. These forward-looking statements speak only
as of the date of this presentation and the Company does not assume any obligation to update or revise any forward-looking statement, whether as
a result of new information, future events and developments or otherwise.
With respect to any non-GAAP financial measures included in the following presentation, the accompanying information required bySEC
Regulation G can be found in the “Investors” section of Danaher’s web site, www.danaher.com, under the heading “Investor Events,” and event
name “Danaher 2013 Investor & Analyst Meeting.” All references in this presentation to earnings, revenues and other company-specific financial
metrics relate only to the continuing operations of Danaher’s business, unless otherwise noted. All references in this presentation to “growth”
refer to year-over-year growth unless otherwise indicated.
Agenda
1:15 pm Welcome
1:20 pm Opening Remarks
1:50 pm DBS Overview
3:05 pm DBS Q&A
3:15 pm BREAK
3:30 pm DBS in Action across Danaher
4:30 pm Closing Remarks
4:40 pm Q&A
5:00 pm Cocktail Reception

OPENING REMARKS
Larry Culp, President & CEO
Overview
Relative topline outperformance driven by attractive
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end markets, share gains and evolving business
models
Continuing to invest organically and via M&A for the

long term
Outstanding margin performance in a low growth

environment
Building a Global Science & Technology Company with DBS
Current Update
Overall, Q4 to-date in line with October 2013 guidance

US and EU incrementally better
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High Growth Markets (HGM)1 steady
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Continuing to invest in sales & marketing, research & development,
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funded by:
GM expansion ~50bps in 2013E
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Core OP margin expansion (OMX) ~75 bps in 2013E
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Productivity initiatives delivering results
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On track for ~$100M Q4 spend with ~$75M benefit in 2014
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(1) High Growth Markets (HGM) is defined as developing markets of the world experiencing rapid growth in gross domestic product and infrastructure, which includes Eastern Europe, the Middle East & Africa, Latin America, and Asia (with the exception of Japan)
DBS driving strong relative top line performance and margin expansion
2014 Guidance
Reaffirmed Q4 2013 adjusted EPS range of $0.91-0.96
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Initiated 2014 GAAP EPS range of $3.60-$3.75
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Core revenue growth 2-4% anticipated
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$8B acquisition capacity through 2014
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Accretion from future acquisitions not included in guidance range
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Well positioned to outperform in 2014
Strategic Platforms
Test & Life Sciences Industrial
Environmental Dental
Measurement & Diagnostics Technologies
Water Quality Communications Dental Life Sciences Product ID
$1.9B $1.0B $2.1B $2.4B $1.5B
Gilbarco Veeder- Instruments Diagnostics Motion
Root $2.0B $4.4B $0.8B
$1.4B
Strategic platforms cover >90% of 2013E total revenue
Danaher Megatrends
Test & Life Sciences Industrial
Environmental Dental
Measurement & Diagnostics Technologies
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Digital World
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Health
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Environment
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Safety / Security
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Energy Efficiency    
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Regulatory Shifts   
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High Growth Markets     
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Attractive end markets across all segments