09:06 AM EDT, 10/22/2024 (MT Newswires) -- Danaher ( DHR ) reported better-than-expected third-quarter results on Tuesday while the medical technology company continues to expect its full-year core revenue to decline on an annual basis.

Adjusted earnings ticked down to $1.71 per share for the quarter ended Sept. 27 from $1.72 the year before, but surpassed the Capital IQ-polled consensus of $1.57. Sales rose 3% to nearly $5.8 billion, topping the Street's view for $5.59 billion.

"Our team delivered strong third-quarter results, including better-than-expected revenue growth," Chief Executive Rainer Blair said in a statement. "We were especially pleased with the continued positive momentum in our bioprocessing business and believe Cepheid gained market share in molecular testing again this quarter."

Sales in the medical equipment maker's life sciences division increased 4.5% to $1.78 billion, while biotechnology slipped 0.5% to $1.65 billion, according to an earnings presentation. Diagnostics revenue advanced to $2.36 billion from $2.25 billion in the prior-year period, the presentation showed.

The company's adjusted operating profit margin decreased 10 basis points year over year to 27.5%. Selling, general and administrative expenses increased to $2.06 billion from $1.73 billion last year, the company said.

Danaher ( DHR ) continues to project its adjusted core revenue to be down by low single digits for 2024. The company also reiterated its adjusted operating profit margin outlook of about 29% for the year.

For the ongoing three-month period, the company anticipates adjusted core revenue to decrease by low single digits year over year. In the prior quarter, core revenue edged up 0.5%. "We're pleased with our better-than-expected third quarter performance and expect the trends we're seeing today to continue into (the fourth quarter)," Blair said on an earnings call, according to a Capital IQ transcript.

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