CNBC’s Jim Cramer on Friday advised investors to buy shares of medical diagnostics and health technology company Danaher while it’s down, warning that it won’t stay that way for long.

“Danaher’s a great American company with a stock that was trading at $280 before it reported that fantastic quarter yesterday morning. Even though the quarter was really good, the stock’s now at $265,” the “Mad Money” host said.

“You’re not just getting the quarter for free, you’re getting it for less than nothing. Danaher is a gift horse down here. Don’t look it in the mouth, just take it. But leave room, as this horrible market is creating tremendous buying opportunities, but only on the way down,” he added.

Danaher reported better-than-expected revenue and earnings in its latest quarter, assisted by its Covid testing business.

Calling Danaher a company that is “suited for this moment,” Cramer blamed the stock’s recently poor performance on investors’ misperception of the company and the market’s general tumultuousness.

“While Danaher has been slandered as a Covid winner, the truth is I think the stock will do much better as we put Covid in the rear-view mirror. … Plus, once Danaher finishes lapping the peak in Covid testing, its earnings growth should accelerate again,” he said.

However, “it’s not like Danaher’s testing business will totally vanish. Covid is here to stay — it’s becoming an endemic disease that we’ll be stuck with for the foreseeable future. So, we’re going to need Covid tests for a long time to come,” he added.

Cramer also highlighted Danaher’s profitability – a characteristic he’s maintained is crucial for a firm to be investable – as well as the company’s acquisitions in recent years.

“Thanks to its strong core business, Danaher’s been printing money over the last couple years, to the point where their relatively clean balance sheet gives them a lot of room to make acquisitions … it’s a consummate deal-maker,” he said.

Disclosure: Cramer’s Charitable Trust owns shares of Danaher.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer