Despite reporting better than expected Q4 2022 financials, COVID-19 test maker Danaher Corporation (NYSE:DHR) indicated a slowdown in topline growth Tuesday as the pandemic impact waned.

The Washington, DC-based life sciences company posted ~$8.4B in revenue for the quarter with ~3% YoY growth, a sharp slowdown from ~11% YoY growth for the past twelve months.

“We expect overall demand for the Company’s COVID-19 related products to continue moderating as the pandemic subsides and evolves toward endemic status,” Danaher (DHR) said ahead of the earnings call at 8:00 a.m. ET.

However, the company’s full-year revenue reached $31.5B with ~7% YoY growth as non-GAAP core revenue growth and base business core revenue growth stood at ~10% YoY and ~8% YoY, respectively.

Non-GAAP core revenue growth and base business core revenue growth reached ~7% YoY growth for the quarter as business segments Environmental & Applied Solutions and Life Sciences added $1.2B and $1.9B in sales, respectively.

Q4 operating margin improved to ~27% from ~26% in the past year, driving the non-GAAP earnings per share to $2.87 with ~7% YoY growth. Meanwhile, full-year adj. EPS climbed ~10% YoY to $10.95 as operating margins stood at ~28% compared to ~25% in 2021.

“2022 was another great year for Danaher. Broad-based strength across the portfolio helped us deliver nearly 10% core revenue growth and double-digit earnings per share growth,” Chief Executive Rainer Blair remarked.

Danaher (DHR) expects non-GAAP base business core revenue growth, which excludes COVID-19-related revenue from this year, to reach mid-single and high single digits for Q1 and 2023, respectively.

Read: Seeking Alpha contributor Deep Value Ideas reasons why investors “are currently being overly optimistic” about the company’s prospects.