Danaher is a life sciences and diagnostics company that makes the instruments, reagents and consumables used in laboratories, biopharmaceutical manufacturing and medical diagnostics testing. Much of its revenue comes from recurring consumables and services tied to instruments already installed in customer labs, a razor-and-blades model that produces steadier revenue than one-time equipment sales alone. The company built much of its portfolio through acquisitions, applying a continuous-improvement management system called the Danaher Business System to the businesses it buys to improve their margins and efficiency. Danaher spun off several of its industrial and dental businesses over the years to concentrate more narrowly on life sciences and diagnostics, a bet that this end market offers steadier, higher-margin growth than its former industrial operations.