...- Danaher Corp.'s financial performance was stronger than we expected last year due, in large part, to the increased demand for its products related to COVID-19 testing and treatment. This elevated demand contributed 7.0%-7.5% of the increase in the company's revenue during 2020 and we expect further improvement in 2021. - Danaher's strong operating performance, particularly at Cytiva, led its adjusted debt to EBIDTA to decline to about 2.5x as of the end of 2020, which is about 1x lower than we expected around this time last year when it closed the acquisition (its largest to date). We expect the company's leverage to gradually increase over the next couple of years, due to continued acquisition activity, and remain at or below our 3x upgrade trigger. At the same time, we see some risk to our base-case projections given the company's ongoing integration of Cytiva and the uncertainty around the sustainability of its COVID-19 related demand. - Therefore, we revised our outlook on Danaher...
