Danaher falls after flagging subdued demand from smaller biotech clients
Updates
** Shares of life sciences firm Danaher DHR.N falls ~2% to $267
** Co says it is not seeing large improvement in demand from smaller biotechs
** Adds despite modest improvement in funding environment, smaller biotechs "rationalize their therapeutics programs and remain cautious with investment"
** DHR expects low single-digit decline in Q4 adjusted revenue year-over-year
** Orders and underlying activity in China remain weak as customers continue to conserve capital, DHR says during conference call
** Co says announced stimulus measures in China have not yet translated into meaningful order activity as customers are awaiting details on the implementation of the programs
** Adds many customers are delaying purchasing
** Co reports Q3 adj.profit of $1.71/shr vs analysts' average estimate of $1.57/shr - LSEG data
** Including sessions moves, stockup ~15% YTD
Reporting by Christy Santhosh and Sruthi Narasimha Chari
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