Danaher's stock plummeted 16.49% during intraday trading on Tuesday, as investors reacted negatively to the company's latest financial updates.

The sharp decline came after the life sciences firm reported its second-quarter results, which included a reduction of its full-year adjusted core revenue growth forecast. The company now expects growth between 3% and 4%, down from its previous outlook of 3% to 6%. Furthermore, Danaher provided third-quarter adjusted core revenue guidance of just 2% to 3% year-over-year growth, which fell below analyst expectations.

These downward revisions overshadowed the company's strong Q2 performance, where it reported adjusted earnings of $1.94 per share, beating estimates of $1.83, and revenue of $6.27 billion, surpassing the expected $6.10 billion. The company's biotechnology segment also missed revenue estimates, adding to investor concerns. While Danaher raised its full-year adjusted EPS forecast, analysts noted the outlook was "mixed and not consistent with a re-acceleration narrative," driving the significant sell-off.