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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 the pricing of its secondary offering of 25,000,000 shares at $27.00 per share, with selling stockholders, including affiliates of Warburg Pincus LLC and GTCR, LLC. The offering will not raise funds for the company, which will not receive any proceeds. A 30-day option for underwriters to purchase an additional 3,750,000 shares is included. The offering closes on March 22, 2021, subject to conditions. Key underwriters include J.P. Morgan, Credit Suisse, and Goldman Sachs.
Sotera Health Company announced a secondary offering of 25,000,000 shares of its common stock, aimed exclusively at selling stockholders, including affiliates of Warburg Pincus LLC and GTCR, LLC. The offering allows underwriters a 30-day option to purchase an additional 3,750,000 shares. Notably, Sotera will not receive any proceeds from this offering. The company is also seeking an amendment to its credit agreement to improve terms and extend maturity on its undrawn revolving credit facility, although success is uncertain due to varying market conditions.
Sterigenics S.A.S., a Sotera Health subsidiary, is expanding its ethylene oxide sterilization facility in Rantigny, France, to enhance sterilization capacity and capability. This expansion addresses increased local and regional demand for contract sterilization services in the healthcare sector. The facility will now include a 32-pallet chamber, improving throughput and flexibility for customers. This development follows Sterigenics' recent acquisition of Iotron Industries, further diversifying sterilization technologies and enhancing global service offerings.
Sotera Health Company (Nasdaq: SHC) reported Q4 2020 net revenues of $217 million, a 12% increase year-over-year. However, the Q4 net loss was $44 million, up from a $28 million loss in Q4 2019, factoring in significant debt extinguishment costs. Adjusted EBITDA rose 20% to $113 million, and Adjusted EPS improved to $0.09. For 2021, Sotera projects revenues of $890 million to $920 million (growth of 9% to 12%) and Adjusted EBITDA of $465 million to $485 million (growth of 11% to 16%).
Sotera Health Company (Nasdaq: SHC) announced that its CFO, Scott Leffler, will present at the Citi 2021 Healthcare Services Conference on February 24, 2021, at 8:00 am ET. Additionally, CEO Michael B. Petras, Jr. will present at the Barclays Global Healthcare Conference on March 10, 2021, at 9:10 am ET. Investors can access both live and archived webcasts via the Sotera Health website. Sotera Health specializes in end-to-end sterilization solutions and lab testing services and is committed to its mission of Safeguarding Global Health.
Sotera Health Company (Nasdaq: SHC) announced the successful amendment and repricing of its First Lien Term Loan, reducing the interest rate spread from 450 to 275 basis points and the LIBOR floor from 100 to 50 basis points. This results in a 2.25% decrease in effective interest rates, leading to expected annual cash interest savings of approximately $40 million. The repricing aims to improve liquidity and support strategic investments, despite potential offsetting charges from the amendment.
Sotera Health Company (Nasdaq: SHC) announced preliminary results for the fourth quarter and full year 2020, expecting revenues of approximately $216 million and $817 million respectively, reflecting an annual growth rate of 5%. The company highlighted its strategic acquisition, capacity investments, and successful IPO as pivotal moves during a challenging pandemic year. Pro forma revenue estimates suggest a full-year total of $832 million when accounting for pre-acquisition contributions. The company is scheduled to present at the J.P. Morgan Healthcare Conference today and will release detailed earnings on March 9, 2021.
Sotera Health Company (Nasdaq: SHC) announced significant debt reduction, paying off over $1.1 billion following its recent IPO. The company redeemed $770 million in senior secured notes and reduced its first lien term loan by $341 million. Additionally, Sotera Health increased its revolving credit facility from $190 million to $347.5 million, which remains undrawn. This strategic move aims to enhance capital structure and liquidity, facilitating growth and further de-leveraging. As of September 30, 2020, its net leverage ratio stands at approximately 4.5x.
Sotera Health Company (Nasdaq: SHC) will be represented by Chairman and CEO Michael B. Petras, Jr. at the 39th Annual J.P. Morgan Healthcare Conference on January 11, 2021, at 7:30 am ET. This leading global provider focuses on end-to-end sterilization solutions and lab testing services for healthcare. Interested investors can access the live and archived webcast via Sotera Health's Investor Relations page.
Sotera Health operates through three divisions: Sterigenics®, Nordion®, and Nelson Labs®, with a commitment to Safeguarding Global Health®.
Sotera Health Company (Nasdaq: SHC) has successfully closed its initial public offering (IPO) of 53,590,000 shares at $23.00 each, generating approximately $1.2 billion in gross proceeds. The offering involved prominent financial institutions: J.P. Morgan, Credit Suisse, Goldman Sachs & Co. LLC, and Jefferies, among others. The registration statement was declared effective on November 19, 2020, by the SEC. Sotera Health focuses on end-to-end sterilization solutions and lab testing services for healthcare, committed to its mission of Safeguarding Global Health®.
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