TORONTO (S&P Global Ratings) July 23, 2020--S&P Global Ratings today said that its ratings and outlook on life sciences company Danaher Corp. (BBB+/Stable/A-2) remain unchanged following the company's second-quarter earnings release, which highlighted its solid revenue growth and strong cash flow generation despite the uncertain business environment due to the coronavirus pandemic. Danaher is benefitting from COVID-19 related tailwinds, including increased demand for diagnostic testing and vaccine development and manufacture-related products. The company's margins, when excluding one-time acquisition-related inventory adjustments, also improved and should benefit from its recently closed acquisition of the higher-margin Cytiva business going forward. Given the company's favorable business mix and technological capability, we believe that the tailwinds from its pandemic-related demand will continue to offset the
