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Sotera Health Company (Nasdaq: SHC) is a leading global provider of sterilization, lab testing, and advisory services, primarily serving the medical device, pharmaceutical, and food industries. The company operates through three main segments: Sterigenics, Nordion, and Nelson Labs. Sterigenics offers terminal sterilization and irradiation services, including gamma and electron beam irradiation, and EO processing. Nordion supplies Co-60 and gamma irradiators, which are critical for the gamma sterilization process. Nelson Labs specializes in outsourced microbiological and analytical chemistry testing.
The company is known for its commitment to ensuring the safety and quality of healthcare products through its comprehensive suite of services. Sotera Health’s lab services cover analytical chemistry, medical device testing, pharmaceutical lab testing, and microbiology testing, helping clients identify and mitigate risks. The advisory segment supports clients in navigating regulatory requirements throughout the product lifecycle.
Recently, Sotera Health has achieved significant milestones, including a 6.7% increase in net revenues for its Sterigenics segment in Q3 2023, driven by favorable pricing and currency exchange rates. Nordion reported a 14.3% increase in net revenues, reflecting robust demand for its services.
Despite challenges, the company has shown resilience, evidenced by a 5.8% increase in third-quarter 2023 net revenues to $263 million. However, a net loss of $14 million was reported due to a $35 million legal settlement. Sotera Health’s ongoing projects include expanding its service offerings and enhancing operational efficiencies.
Headquartered in Cleveland, Ohio, the company had $2.3 billion in total debt and $245 million in cash equivalents as of September 30, 2023, reflecting a strong financial position to support its strategic initiatives. The company continues to focus on its mission of 'Safeguarding Global Health®.'
Sotera Health Company (NASDAQ: SHC) announced plans to secure a $425 million Term Loan B facility, expected to close in Q1 2023. The funds will be utilized for a $408 million ethylene oxide litigation settlement, pay down revolving credit, and improve liquidity. Preliminary 2022 financial results indicate full-year net revenues between $995 million and $1.005 billion, alongside a net loss estimated at $226 million to $236 million, largely due to the legal reserve. Adjusted EBITDA is anticipated to lie within the range of $500 million to $510 million. Final results will be disclosed on February 28, 2023, with potential revisions forthcoming.
Sotera Health Company (Nasdaq: SHC) announced a $408 million settlement for over 870 ethylene oxide cases against its subsidiary Sterigenics in Illinois. The agreement, expected to finalize in 90-120 days, does not admit liability and aims to resolve claims while allowing the company to focus on operations. Conditions for the settlement include opt-in consents from plaintiffs and a stay on lawsuits. Sterigenics will fund the settlement through debt financing in the first half of 2023, recording a charge for the settlement in FY 2022.
Sotera Health Company (Nasdaq: SHC) announced robust top-line growth for 2022, with projected revenues between $995 million and $1.005 billion. Despite macroeconomic challenges, the company remains focused on its core values. To enhance liquidity due to litigation needs, Sotera borrowed $200 million under its secured revolving credit facility. The company is also contemplating further debt financing in Q1 2023 to support its appeal in ongoing litigation, which may increase leverage beyond its target range of 2.0x – 4.0x.
Sotera Health Company (NASDAQ: SHC) announced that its Chairman and CEO, Michael B. Petras, Jr., will present at the 41st Annual J.P. Morgan Healthcare Conference on January 9, 2023, at 7:30 PM Eastern. The presentation will provide insights into Sotera Health’s business operations. Additionally, Mr. Petras and Vice President Jason Peterson will conduct one-on-one meetings with investors during the event. Investors can listen to the presentation via live webcast on the Sotera Health website, where a replay will also be available.
Sotera Health Company (SHC) announced Q3 2022 financial results, showcasing a 10% increase in net revenues to $249 million, with adjusted EBITDA rising 7.3% to $125 million. Net income slightly decreased to $25 million from $27 million in Q3 2021. The company adjusted its full-year revenue guidance to $995-$1,005 million and EBITDA to $500-$510 million, reflecting macroeconomic pressures, including foreign exchange impacts. Sotera emphasized ongoing capacity expansion and operational excellence while announcing the appointment of Alex Dimitrief as General Counsel, effective November 1.
Sotera Health Company (Nasdaq: SHC) has appointed Alex Dimitrief as its new Senior Vice President and General Counsel. Dimitrief brings over 40 years of experience from General Electric and Kirkland & Ellis LLP, where he specialized in litigation, M&A, and regulatory affairs. He succeeds Terry Hammons and will report directly to CEO Michael B. Petras, Jr.. Dimitrief's extensive leadership in complex legal matters is expected to enhance Sotera's mission-critical operations in sterilization solutions and advisory services.
Sotera Health Company (Nasdaq: SHC) announced its plan to release third-quarter financial results for the period ending September 30, 2022, before market open on November 2, 2022. Following this release, a conference call will take place at 9:00 a.m. Eastern Time to discuss the company’s operating highlights and financial outcomes. Investors can access the call via webcast on the company's website. Sotera Health provides vital sterilization solutions and lab testing services to the healthcare industry.
Sotera Health Company (SHC) reported Q2 2022 net revenues of $267 million, a 6% increase from Q2 2021. Net income was $30 million or $0.11 per diluted share, down from $43 million or $0.15 per share in the prior year. Adjusted EBITDA rose 1% to $136 million. The company narrowed its 2022 revenue outlook to $1.0 to $1.022 billion and adjusted EBITDA to $515 to $525 million. Segment performance showed mixed results, with Sterigenics up 8.7% while Nelson Labs faced declines.
Sotera Health Company (Nasdaq: SHC) has appointed Michael F. Biehl as the new Interim Chief Financial Officer effective July 20, 2022, following Scott Leffler's departure. Biehl brings nearly 20 years of experience in public company CFO roles. Sotera Health plans to release its second-quarter financial results for the period ending June 30, 2022, on August 4, 2022, prior to the market open, followed by a conference call at 9:00 a.m. ET to discuss operational highlights and financial metrics.
Sotera Health Company (NASDAQ: SHC) announced the departure of CFO Scott Leffler after over five years, effective August 12, 2022, as he relocates to Florida for a new role. The search for a permanent replacement is underway. Leffler's exit is not linked to any operational issues within the company. CEO Michael B. Petras, Jr. expressed gratitude for Leffler's contributions and confidence in the company's future growth, emphasizing its commitment to the mission of safeguarding global health.
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