April 23 (Reuters) - Danaher ( DHR ) beat quarterly

profit and sales expectations on Tuesday, driven by strength in

its diagnostics and bioprocessing businesses, sending shares of

the life sciences firm up more than 7% before the bell.

However, the company forecast a low single-digit percentage

decline in its 2024 adjusted core revenue, as it expects the

impact of reduced demand to continue into the second quarter of

2024.

Danaher ( DHR ) and rival Thermo Fisher forecast annual

sales below expectations in January on slowing growth in China

paired with a funding crunch in biotech.

Rising interest rates have squeezed funding needed for drug

development programs, weighing on demand for contract research

services offered by these companies.

The company's biotechnology segment, which provides

equipment for the development and delivery of biological

medicines, posted sales of $1.52 billion, compared to a forecast

of $1.47 billion.

CEO Rainer Blair said, "We were especially pleased to see

improving order trends in our bioprocessing business and believe

we continued to gain market share in our molecular diagnostics

business..."

Danaher ( DHR ) reported sales of $5.80 billion for the quarter

ended March 29, beating analysts' forecast of $5.62 billion,

according to LSEG data.

On an adjusted basis, the company reported a profit of $1.92

per share for the first quarter, beating analysts' average

estimate of $1.71 per share.