In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. With a rich heritage tracing back over two hundred years, the company joined Danaher in 2020. Each of the per share adjustment amounts above have been calculated assuming the Mandatory Convertible Preferred Stock ("MCPS") had been converted into shares of common stock. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited), Less: earnings from discontinued operations, net of income taxes, Amortization of acquisition-related inventory fair value step-up, Change in prepaid expenses and other assets, Change in accrued expenses and other liabilities, Total operating cash provided by continuing operations, Total operating cash (used in) provided by discontinued operations, Net cash provided by operating activities, Payments for additions to property, plant and equipment, Proceeds from sales of property, plant and equipment, Total investing cash used in continuing operations, Total investing cash used in discontinued operations, Proceeds from the issuance of common stock in connection with stock-based compensation, Proceeds from the public offering of common stock, net of issuance costs, Proceeds from the public offering of preferred stock, net of issuance costs, Net proceeds from the sale of Envista Holdings Corporation common stock, net of issuance costs, Net (repayments of) proceeds from borrowings (maturities of 90 days or less), Proceeds from borrowings (maturities longer than 90 days), Repayments of borrowings (maturities longer than 90 days), Make-whole premiums to redeem borrowings prior to maturity, Total financing cash provided by continuing operations, Cash distributions to Envista Holdings Corporation, net, Net cash provided by financing activities, Effect of exchange rate changes on cash and equivalents, Beginning balance of cash and equivalents, Shares redeemed through the split-off of Envista Holdings Corporation (22.9 million shares held as Treasury shares). Gain on disposition of certain product lines in the year ended December 31, 2020, ($455 million pretax as reported in this line item, $305 million after-tax). A Company report by Tofler is an easy-to-read PDF report that includes company's financial information, ratio analysis, management, group structure, shareholding pattern and more. For the full year 2020, net earnings were $3.6 billion, or $4.89 per diluted common share which represents a 50.0% year-over-year increase. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non-GAAP measures are included in the supplemental reconciliation schedule attached. We do not reconcile these measures to the comparable GAAP measure because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions and divested product lines, which would be reflected in any forecasted GAAP revenue. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, Adjusted Diluted Net Earnings Per Common Share from Continuing Operations1, Diluted Net Earnings Per Common Share from Continuing Operations (GAAP), Pretax amortization of acquisition-related intangible assets A, Pretax acquisition-related fair value adjustments to inventory and deferred revenue, incremental transaction costs deemed significant and integration preparation costs, in each case related to the acquisition of Cytiva B, Loss on partial settlement of a defined benefit plan D, Pretax impairment charges related to a facility in the Diagnostics segment in the first quarter of 2020, trade name and other intangible assets in the Environmental & Applied Solutions segment in the first quarter of 2020 and trade names in the Environmental & Applied Solutions segment in the third of quarter 2020 E, Pretax fair value (gains) and losses on the Company's equity and limited partnership investments F, Gain on the sale of certain product lines in the Life Sciences segment in the second quarter of 2020 G, Tax effect of all adjustments reflected above H, Discrete tax adjustments and other tax-related adjustments I, Declared dividends on the MCPS assuming "if-converted" method J, Adjusted Diluted Net Earnings Per Common Share from Continuing Operations (Non-GAAP). Notes to Reconciliation of GAAP to Non-GAAP Financial Measures. Despite many unforeseen challenges as a result of the COVID-19 pandemic, our team turned the challenges we faced into impactful opportunities to support our customers and the global community. Cytiva (also known as Global Life Sciences Solutions USA, formerly GE Healthcare Life Sciences) is a company that provides technologies and services to support the development and manufacture of therapeutics. with respect to free cash flow, understand Danaher's ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company's debt service requirements and other non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures). Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. A replay of the conference call will be available shortly after the conclusion of the call and until February 11, 2021. Deloitte. Revenues for the full year 2020 increased 24.5% to $22.3 billion, with 9.5% non-GAAP core revenue growth including Cytiva. Partially offsetting any resulting headwind in 2020, we expect continued Production at the site is expected to begin in 2022. That's because the strengths of our business model with three innovation-driven business sectors have become particularly evident during the Covid-19 crisis. We define free cash flow as operating cash flows from continuing operations, less payments for additions to property, plant and equipment from continuing operations ("capital expenditures") plus the proceeds from sales of plant, property and equipment from continuing operations ("capital disposals"). Free Cash Flow from Continuing Operations. We were particularly pleased with the performance in our base business, which grew low-double digits, and believe we gained market share across our portfolio. SEC filings. Impairment charges related to a facility in the Diagnostics segment and trade names and other intangibles assets in the Environmental & Applied Solutions segment recorded in the year ended December 31, 2020, ($22 million pretax as reported in this line item, $17 million after-tax). Industry: Biotech & Pharmaceuticals. Comparable 2019 Period, % Change Year Ended December 31, 2020 vs. Costs incurred for fair value adjustments to inventory and deferred revenue related to the acquisition of Cytiva in the three-month period ended December 31, 2020, ($49 million pretax as reported in this line item, $39 million after-tax) and fair value adjustments to inventory and deferred revenue, transaction costs deemed significant and integration preparation costs related to the acquisition of Cytiva for the year ended December 31, 2020, ($568 million pretax as reported in this line item, $450 million after-tax). However, on a relative basis, we expect the level of ongoing demand for products supporting COVID-19 testing will be subject to more fluctuations in demand than the level of demand for products supporting COVID-19 related vaccines and therapeutics. Loss on early extinguishment of debt resulting from "make-whole" payments associated with the retirement of the 2022 Euronotes ($26 million pretax as reported in this line item, $20 million after-tax) in both the three-month period and year ended December 31, 2020 and the 2020 U.S. Notes and the 2020 Assumed Pall Notes ($7 million pretax as reported in this line item, $5 million after-tax) in both the three-month period and year ended December 31, 2019. Amortization of acquisition-related intangible assets in the following historical periods ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above): Pretax costs incurred for fair value adjustments to inventory and deferred revenue related to the acquisition of Cytiva in the three-month period ended December 31, 2020, ($49 million pretax as reported in this line item, $39 million after-tax) and fair value adjustments to inventory and deferred revenue, transaction costs deemed significant and integration preparation costs related to the acquisition of Cytiva for the year ended December 31, 2020, ($568 million pretax as reported in this line item, $450 million after-tax). In FY 2020-21, Cipla contributed significantly to the global efforts in . Their most recent acquisition was CEVEC Pharmaceuticals on Oct 6, 2022. Revenues for the full year 2021 increased 32.0% to $29.5 billion, with 25.0% non-GAAP core revenue growth including Cytiva. Our team successfully executed through a challenging environment to deliver outstanding financial results including 25% core revenue growth, nearly 60% adjusted earnings per share growth and over $7 billion of free cash flow. In May 2020, the Company issued $1.72 billion in aggregate liquidation preference of 5.0% MCPS. Going forward, we believe the combination of our portfolio, innovative team, and strong balance sheetall powered by the Danaher Business Systempositions us to deliver sustainable, long-term shareholder value for many years to come.". Beginning in the second quarter of 2021, Cytiva sales are included in core sales, and therefore the measure "core sales growth including Cytiva" is no longer provided for quarterly periods beginning with the second quarter of 2021. Contact Amersham Place, Little Chalfont Buckinghamshire United Kingdom HP7 9NA 0800-515-313 https://www.cytiva.com/ [email protected] We believe this additional measure will provide useful information to investors by facilitating period-to-period comparisons of our financial performance and identifying underlying growth trends in the Company's business that otherwise may be obscured by fluctuations in demand for COVID-19 testing as a result of the pandemic. Non-GAAP adjusted diluted net earnings per common share were $2.69 which represents a 29.0% increase over the comparable 2020 period. We drive customer-centered . 2020 Table 4 : Global Market for Thawing Systems, Through 2027 Table 5 : Global Market for Thawing Systems, by Sample Type, Through 2027 . In the fourth quarter of 2022, we saw a major inflection pointGrid was profitable for the first time since 2018, reflecting our restructuring and selectivity efforts, and orders also grew significantly. The 1.5 billion USD investment follows Cytiva's announcement in 2020 to spend 500 million USD building capacity. Therefore, beginning with the first quarter of 2022, in addition to disclosing core revenue growth (as defined below), we will also disclose "base business core revenue growth" on a basis that excludes revenues related to COVID-19 testing and includes revenues from products that support COVID-19 related vaccines and therapeutics.
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