Acquisitions contributed 2.0% to sales in 2024, but this was offset by a 1.5% decrease in core sales. This suggests that while M&A activity is a growth driver, organic growth is lagging.

In response to current economic conditions, the company expects to review and adjust its cost structure. The initiative is projected to generate annual pre-tax savings of at least $150 million.

Sales in developed markets increased, driven by North America, while sales in high-growth markets decreased due to weakness in capital spending and lower activity levels. This suggests a need to re-evaluate strategies in high-growth markets.

Despite the company's cost management efforts, net earnings still declined, indicating that the efforts were not sufficient to fully offset revenue challenges.

Danaher continues to pursue acquisition and investment opportunities within its targeted markets. The extent to which we identify, consummate and effectively integrate appropriate acquisitions and consummate appropriate investments affects our overall growth and operating results.

In the past, we have implemented significant restructuring and other cost reduction activities across our businesses to adjust our cost structure, and we may engage in similar activities in the future. These activities could diminish our resources and competitiveness, and delays or failures in implementing planned restructuring and other cost reduction activities may diminish the expected operational or financial benefits from such actions.

The company acknowledges sensitivity to economic conditions, including inflation, interest rates, and market disruptions. These factors can reduce demand, limit financing, and increase price competition.

The company faces intense competition and may be required to reduce prices, which can negatively impact financial performance.

We are in the early stages of incorporating artificial intelligence ("Al") into our business activities and our product and service offerings. As with many innovations, Al presents risks and challenges that could adversely impact our business.

The company faces increased competition due to new market entrants, low-cost manufacturing locations, and competitive technologies. This impacts market share and pricing power.

The company's growth depends on its ability to develop and commercialize new products and services based on technological innovation. Failure to do so can lead to obsolescence and reduced market share.

The healthcare industry is undergoing significant changes to reduce costs, which can adversely affect the company's business and financial statements.

Fluctuations in the cost and availability of supplies and labor can adversely affect the company's operations and financial performance.

The company's restructuring actions can diminish resources and competitiveness, and delays or failures in implementation may diminish expected benefits.

In the first quarter of 2025, the Company commenced an initiative to identify productivity improvement and cost savings opportunities that we anticipate would generate annual pre-tax savings of at least $150 million.

The company's growth depends on its ability to develop and commercialize new products and services based on technological innovation. Failure to do so can lead to obsolescence and reduced market share.

We are in the early stages of incorporating artificial intelligence ("Al") into our business activities and our product and service offerings. As with many innovations, Al presents risks and challenges that could adversely impact our business.

The Company conducts R&D activities primarily in North America, Europe and Asia and generally on a business-by-business basis. The Company anticipates that it will continue to make significant expenditures for R&D as it seeks to provide a continuing flow of innovative products and services to maintain and improve its competitive position.

The company repurchased shares of its common stock, indicating a focus on returning capital to shareholders. The New Repurchase Program may be suspended or discontinued at any time.

As part of our business strategy, we acquire businesses, make investments and enter into joint ventures and other strategic relationships in the ordinary course, and we also from time to time complete more significant transactions

The Company expects to fund any future stock repurchases using the Company's available cash balances or proceeds from the issuance of debt.

The Company views sustainability as a fundamental responsibility and a strategic priority. Our sustainability strategy is to help generations of our stakeholders by innovating products that improve lives and our planet, building the best team and protecting our environment.

Climate change, legal or regulatory measures to address climate change and other sustainability topics and any inability on our part to address stakeholder expectations relating to climate change and other sustainability topics may negatively affect us.

As a global organization, we are subject to data privacy and security laws, regulations and customer-imposed controls in numerous jurisdictions as a result of having access to and processing confidential, personal and/or sensitive data in the course of our business.

In 2024 approximately 58% of our sales from continuing operations were derived from customers outside the U.S. In addition, many of our manufacturing operations, suppliers and employees are located outside the U.S.

Our growth depends in part on the growth of the markets which we serve, and visibility into our markets can be limited (particularly for markets into which we sell through distribution).

Military conflicts (such as the conflicts between Russia and Ukraine and in the Middle East) can adversely affect our business and financial statements. For example, consequences of the conflict between Russia and Ukraine have included sanctions, embargoes, regional instability, geopolitical shifts and adverse impacts on energy supplies and prices, and such conflict or other conflicts may cause similar adverse effects in the future.