Pall Corporation's new Supralon Filter Element Advances Equipment Protection and Reduces Energy Costs

- Pall Corporation, a leader in filtration, separation and purification technology and a Danaher operating company, launched the new Supralon TM hydraulic and lube oil filter element range, a direct upgrade for Pall's Coralon ® Ultipor ® and Red1000 series filters. Supralon filter elements incorporate a new pack construction with filter media utilizing stress-resistant technology (SRT) and showcasing anti-static properties, which ultimately help protect and prolong the life of equipment in hydraulic and lube oil applications.

"Our new Supralon filter elements represent a significant advancement in equipment protection for our customers," said Todd Barrett , President of Pall Fluid Technologies and Asset Protection. "This allows existing users of Pall's extensive oil filter portfolio to benefit from our premium, industry leading Beta ≥2000 performance filter technology with no equipment modification or additional product cost."

"Supralon filter performance improvements enable lower energy costs and reduced filter, oil and system maintenance, providing a general reduction in the total cost of filtration for our customers," said Barrett.

Supralon filters include upgrades that allow for improved fluid cleanliness, enhanced fluid cleanliness sustainability and protection from static charge generation while providing the equivalent or longer service life than the Ultipor and Coralon predecessors. The new filter elements have the same form, fit and function, including fluid and temperature compatibility, as the current Ultipor, Coralon and Red1000 filter elements, which will be removed from Pall's production schedules over the coming months. Supralon filters can also replace alternative filter elements retrofitted into original Pall filter housings to return hydraulic and lubrication systems back to a cleaner and more consistent fluid cleanliness.

For more information visit www.pall.com/supralon .

About Pall Corporation
Pall Corporation is a filtration, separation and purification leader providing solutions to meet the critical fluid management needs of customers across the broad spectrum of industries. Pall works with customers to advance health, safety and environmentally responsible technologies. The Company's engineered products enable process and product innovation and minimize emissions and waste. Pall Corporation serves customers worldwide. Pall Corporation is part of Danaher Corporation (NYSE: DHR), a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. For more information visit www.pall.com .

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Corporate Media Contact:
Pall Corporation
Amanda Comeau
Director, Corporate Communications
(508) 330-0811

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SOURCE Pall Corporation

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Danaher Corporation AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited)

	Three-Month Period Ended
	March 31, 2023	April 1, 2022
Sales	{replace1}nbsp; 7,167	{replace1}nbsp; 7,688
Cost of sales	(2,797)	(2,983)
Gross profit	4,370	4,705
Operating costs:
Selling, general and administrative expenses	(2,147)	(2,092)
Research and development expenses	(429)	(441)
Operating profit	1,794	2,172
Nonoperating income (expense):
Other income (expense), net	24	(20)
Interest expense	(68)	(54)
Interest income	48	1
Earnings before income taxes	1,798	2,099
Income taxes	(348)	(374)
Net earnings	1,450	1,725
Mandatory convertible preferred stock dividends	(21)	(41)
Net earnings attributable to common stockholders	{replace1}nbsp; 1,429	{replace1}nbsp; 1,684
Net earnings per common share:
Basic	{replace1}nbsp; 1.96	{replace1}nbsp; 2.35
Diluted	{replace1}nbsp; 1.94	{replace1}nbsp; 2.31
Average common stock and common equivalent shares outstanding:
Basic	729.4	716.3
Diluted	737.2	737.7

Danaher Corporation RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
Diluted Net Earnings Per Common Share and Adjusted Diluted Net Earnings Per Common Share ¹

	Three-Month Period Ended
	March 31, 2023	April 1, 2022
Diluted Net Earnings Per Common Share (GAAP)	{replace1}nbsp; 1.94	{replace1}nbsp; 2.31
Amortization of acquisition-related intangible assets ^A	0.52	0.52
Fair value net (gains) losses on investments ^B	(0.03)	0.03
Separation costs ^C	0.04	—
Loss on partial settlement of a defined benefit plan ^D	—	0.01
Impairments and other charges ^E	—	0.06
Tax effect of the above adjustments ^F	(0.10)	(0.11)
Discrete tax adjustments ^G	(0.01)	(0.06)
Adjusted Diluted Net Earnings Per Common Share (Non-GAAP)	{replace1}nbsp; 2.36	{replace1}nbsp; 2.76

	Three-Month Period Ended
	March 31, 2023	April 1, 2022
Pretax	{replace1}nbsp; 384	{replace1}nbsp; 386
After-tax	310	311

	Three-Month Period Ended
	March 31, 2023	April 1, 2022
Pretax	{replace1}nbsp; (22)	{replace1}nbsp; 24
After-tax	(17)	18


^C	Costs incurred in the three-month period ended March 31, 2023 related to preparation for the anticipated separation of the Company's Environmental & Applied Solutions business primarily related to professional fees for legal, tax, finance and information technology services and duplicative general and administrative costs ($28 million pretax as reported in this line item, $25 million after-tax).

^D	Loss on a partial settlement of a defined benefit plan as a result of the transfer of a portion of the Company's non-U.S. pension liabilities related to one defined benefit plan to a third-party in the three-month period ended April 1, 2022 ($10 million pretax as reported in this line item, $9 million after-tax).

^E	Charges incurred primarily related to impairments of accounts receivable and inventory as well as accruals for contractual obligations in Russia incurred in the three-month period ended April 1, 2022 ($43 million pretax as reported in this line item, $40 million after-tax).

^F	This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Danaher estimates the tax effect of each adjustment item by applying Danaher's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. The MCPS dividends are not tax deductible and therefore the tax effect of the adjustments does not include any tax impact of the MCPS dividends.

^G	Discrete tax adjustments and other tax-related adjustments for the three-month period ended March 31, 2023, include the impact of net discrete tax benefits of $5 million related primarily to excess tax benefits from stock-based compensation and the release of reserves for uncertain tax positions due to the expiration of statutes of limitation, partially offset by tax costs related to the separation of the Environmental & Applied Solutions business and changes in estimates associated with prior period uncertain tax positions. Discrete tax adjustments and other tax-related adjustments for the three-month period ended April 1, 2022, include the impact of net discrete tax benefits of $41 million related primarily to excess tax benefits from stock-based compensation and the changes in estimates associated with prior period uncertain tax positions.


¹	Each of the per share adjustment amounts above have been calculated assuming the Mandatory Convertible Preferred Stock ("MCPS") had been converted into shares of common stock.

Notes to Reconciliation of GAAP to Non-GAAP Financial Measures

^A	Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above):


^B	Net (gains) losses on the Company's equity and limited partnership investments recorded in the following historical periods (only the pretax amounts set forth below are reflected in the fair value net (gains) losses on investments line above):

Average and Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding
(shares in millions)

	Three-Month Period Ended
	March 31, 2023	April 1, 2022
Average common stock and common equivalent shares outstanding - diluted (GAAP) ²	737.2	737.7
Converted shares ³	8.6	8.6
Adjusted average common stock and common equivalent shares outstanding - diluted (non-GAAP)	745.8	746.3


²	The impact of the MCPS Series B calculated under the if-converted method was anti-dilutive for the three-month periods ended March 31, 2023 and April 1, 2022, and as such 8.6 million shares underlying the MCPS Series B were excluded from the calculation of diluted EPS in both periods and the related MCPS Series B dividends of $21 million were included in the calculation of net earnings for diluted EPS for the periods.

	The impact of the MCPS Series A calculated under the if-converted method was dilutive for the three-month period ended April 1, 2022, and as such 11.0 million shares underlying the MCPS Series A were included in the calculation of diluted EPS in the three-month period and the related MCPS Series A dividends of $20 million were excluded from the calculation of net earnings for diluted EPS.

³	The number of converted shares assumes the conversion of all MCPS and issuance of the underlying shares applying the "if-converted" method of accounting and using an average 20 trading-day trailing Volume Weighted Average Price ("VWAP") of $246.26 and $281.28 as of March 31, 2023 and April 1, 2022, respectively.

Sales (Decline) Growth by Segment, Core Sales (Decline) Growth by Segment and Base Business Core Sales Growth by Segment

	% Change Three-Month Period Ended March 31, 2023 vs. Comparable 2022 Period
		Segments
	Total Company	Biotechnology	Life Sciences	Diagnostics	Environmental & Applied Solutions
Total sales (decline) growth (GAAP)	(7.0) %	(16.0) %	2.5 %	(10.0) %	5.0 %
Impact of:
Acquisitions/divestitures	— %	— %	(1.0) %	— %	(0.5) %
Currency exchange rates	3.0 %	3.0 %	3.5 %	2.5 %	2.0 %
Core sales (decline) growth (non-GAAP)	(4.0) %	(13.0) %	5.0 %	(7.5) %	6.5 %
Impact of COVID-19 related testing, vaccines and therapeutics	10.0 %	+Low-teens	+Low-single digit	+High-teens	— %
Base business core sales growth (non-GAAP)	6.0 %	Flat	+High-single digit	+Low-double digit	6.5 %

Forecasted Core Sales (Decline) Growth and Base Business Core Sales Growth

The Company provides forecasted sales only on a non-GAAP basis because of the difficulty in estimating the other components of GAAP revenue, such as currency translation, acquisitions and divested product lines.

	% Change Three-Month Period Ending June 30, 2023 vs. Comparable 2022 Period	% Change Year Ending December 31, 2023 vs. Comparable 2022 Period
Core sales (decline) growth (non-GAAP)	-High-single digit	-High-single digit
Impact of COVID-19 related testing, vaccines and therapeutics	+Low-double digit	+Low-double digit
Base business core sales growth (non-GAAP)	+Mid-single digit	+Mid-single digit

Operating Profit Margins and Year-Over-Year Core Operating Margin Changes

			Segments
		Total Company	Biotechnology	Life Sciences	Diagnostics	Environmental & Applied Solutions
Three-Month Period Ended April 1, 2022 Operating Profit Margins (GAAP)		28.30 %	36.10 %	19.10 %	33.50 %	20.30 %
	First quarter 2023 impact from operating profit margins of businesses that have been owned for less than one year	(0.15)	(0.15)	(0.45)	—	0.15
	First quarter 2022 impairments of accounts receivable and inventory as well as accruals for contractual obligations in Russia	0.55	0.60	1.45	0.10	0.10
	First quarter 2023 costs incurred related to preparation for the anticipated separation of the Company's Environmental & Applied Solutions business	(0.40)	—	—	—	—
Year-over-year core operating profit margin changes for the first quarter 2023 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP)		(3.30)	(4.55)	(1.30)	(5.10)	3.95
Three-Month Period Ended March 31, 2023 Operating Profit Margins (GAAP)		25.00 %	32.00 %	18.80 %	28.50 %	24.50 %

Cash Flow and Free Cash Flow
($ in millions)

	Three-Month Period Ended		Year-over-Year Change
	March 31, 2023	April 1, 2022	Year-over-Year Change
Total Cash Flows:
Net cash provided by operating activities (GAAP)	{replace1}nbsp; 1,947	{replace1}nbsp; 1,968
Total cash used in investing activities (GAAP)	{replace1}nbsp; (304)	{replace1}nbsp; (503)
Total cash used in financing activities (GAAP)	{replace1}nbsp; (262)	{replace1}nbsp; (274)

Free Cash Flow:
Net cash provided by operating activities (GAAP)	{replace1}nbsp; 1,947	{replace1}nbsp; 1,968	~ (1.0)%
Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP)	(275)	(250)
Plus: proceeds from sales of property, plant & equipment (capital disposals) (GAAP)	—	2
Free cash flow (non-GAAP)	{replace1}nbsp; 1,672	{replace1}nbsp; 1,720	~ (3.0)%

Contacts:
Erika Winkels	Ryan Weispfenning
Public Relations	Investor Relations
+1-763-526-8478	+1-763-505-4626

Pall Corporation's new Supralon Filter Element Advances Equipment Protection and Reduces Energy Costs

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Board of Directors and Management

Craig Cooper – Chief Executive Officer and Executive Director

Niall Cairns - Executive Chairman

King Nelson – Non-executive Director

Charlie Taylor – Non-executive Director

Sanjeev Bhavnani – Chief Clinical Officer

Catherine Liao – Chief Strategy Officer

Mark Gorelick – Chief Product Officer

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