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STERIS plc (NYSE: STE) is a leading global provider of infection prevention and procedural surgical products and services, primarily serving healthcare, pharmaceutical, research, and medical device customers. With a mission to create a healthier today and a safer tomorrow, the company delivers innovative infection prevention, decontamination, and health science technologies that support patient care and safety.
Founded in 1985 as Innovative Medical Technologies and rebranded as STERIS in 1987, the company’s history traces back to 1894 with the American Sterilizer Company, a pioneer in sterilization products. Today, STERIS is headquartered in Dublin, Ireland, and has positioned itself as a formidable force in the industry through strategic acquisitions and continuous innovation.
STERIS operates through several segments:
- Healthcare Services: Constituting approximately 70% of total revenue, this segment includes sterilizers, washer-disinfectors, and other decontamination equipment for healthcare facilities and biopharmaceutical manufacturing sites.
- Applied Sterilization Technologies (AST): Generating 19% of revenue, AST provides contract sterilization services for single-use and implantable medical devices globally.
- Life Sciences Services: Accounting for about 11% of revenue, this segment offers services and products for research and pharmaceutical environments.
In recent developments, STERIS has signed a definitive agreement to acquire surgical and sterilization assets from Becton, Dickinson and Company (BD) for $540 million. This acquisition, expected to close by September 2023, will expand STERIS’s product offerings within its Healthcare segment, focusing on operating rooms and sterile processing departments.
Financially, STERIS has demonstrated robust growth. For the first quarter of fiscal 2024, revenue increased by 11% to $1.28 billion, driven by improvements in procedure volumes and easing of supply chain challenges. The company continues to show strength across its segments, particularly in Healthcare, which saw a 17% growth in revenue to $818.9 million.
Moreover, STERIS is undergoing a targeted restructuring plan in its Healthcare surgical business in Europe, aiming to enhance its operational efficiency. This includes product rationalizations and facility consolidations, signaling a commitment to long-term profitability and growth.
STERIS remains committed to its vision of creating a safer world through continuous innovation and strategic expansions, making it a key player in the global healthcare industry.
STERIS reported a strong fiscal 2022 Q1 with a 45% revenue increase to $968.4 million, compared to $668.9 million in Q1 of fiscal 2021. Adjusted net income was $159.9 million or $1.76 per diluted share, up from $113.3 million or $1.32 per diluted share year-over-year. The company increased its fiscal 2022 revenue outlook to approximately $4.6 billion and raised its dividend to $0.43 per share. The integration of Cantel Medical is on track, reflecting solid performance across Healthcare and Applied Sterilization Technologies.
STERIS plc (NYSE: STE) announced a conference call to discuss its fiscal 2022 first quarter financial results, scheduled for August 10, 2021, at 10:00 a.m. ET. Details of the financial results will be released after market close on August 9, 2021. Interested parties can participate via phone or online. STERIS aims to enhance healthcare and life science products globally, emphasizing a commitment to creating a safer world.
STERIS plc (NYSE: STE) has successfully completed the acquisition of Cantel Medical, enhancing its offerings in infection prevention across several sectors, including endoscopy and dental. The acquisition is expected to create more value for customers and shareholders, according to CEO Walt Rosebrough. Financial advisors included Guggenheim Securities for STERIS and Centerview Partners for Cantel. This strategic move aims to bolster STERIS's product range and global reach in the healthcare market, aligning with its mission to promote a healthier world.
STERIS plc reported 4Q21 revenue of $873.5 million, a 6% increase year-over-year, contributing to a 3% full-year growth to $3.1 billion. Diluted earnings per share (EPS) for 4Q21 was $1.02, down from $1.43 in 4Q20, while adjusted EPS remained steady at $1.63. For fiscal 2022, STERIS anticipates revenue around $4.5 billion and adjusted EPS between $7.40 - $7.65. The company also declared a dividend of $0.40 per share.
STERIS plc (NYSE: STE) announced the retirement of David B. Lewis from its Board effective July 29, 2021, after serving since 2010. Paul E. Martin, former CIO at Baxter International, has been appointed as a new Board member as of May 5, 2021. The Board will return to nine members post-Annual Meeting. CEO Walt Rosebrough will also not stand for re-election, with COO Dan Carestio expected to be appointed as new CEO. These transitions aim to enhance Board effectiveness and bring in valuable insights from experienced leaders.
STERIS plc (NYSE: STE) announced a conference call scheduled for May 19, 2021, at 11:00 a.m. ET to discuss its fiscal 2021 fourth quarter and full-year financial results. A press release detailing these financial results will follow on May 18, 2021, after U.S. market close. The call can be accessed via www.steris-ir.com or by phone. This event highlights STERIS's commitment to transparency with investors regarding its financial performance and future outlook.
STERIS expects to finalize the acquisition of Cantel Medical by June 2, 2021, pending a shareholder vote on April 29, 2021. For fiscal 2021, the company reported a revenue increase of approximately 3%, totaling $3.1 billion, and an anticipated income from operations of about $548 million. Additionally, adjusted income is projected at $699 million, with free cash flow around $447 million. The effective tax rate is expected between 19-20%. Comprehensive results will be shared in an earnings call on May 19, 2021.
Cantel Medical Corp. (NYSE: CMD) reported its second quarter financial results for 2021, achieving net sales of $294.0M, up 1.9% year-over-year. Despite the pandemic's ongoing impact on elective procedures, GAAP earnings per diluted share rose to $0.27, compared to a loss of $(0.05) a year prior. Non-GAAP EPS increased by 29.5% to $0.79, driven by strong demand in dental and medical segments. The company has reduced its debt by $175.0M and ended the quarter with $243.1M in cash and gross debt of $988.4M, indicating solid financial health amidst challenges.
STERIS plc (NYSE: STE) announced the planned resignation of CEO Walt Rosebrough, effective July 29, 2021. Chief Operating Officer Dan Carestio will succeed him. Rosebrough will transition to a role as CEO Emeritus and Senior Advisor for two years. Under Rosebrough's leadership, STERIS achieved significant milestones, including tripling revenue and completing nearly 50 acquisitions, resulting in a market capitalization increase of over $14 billion. The Board expressed confidence in Carestio's leadership skills and successful integration of various business segments.
STERIS plc (NYSE: STE) announced a conference call to discuss its fiscal 2021 third quarter financial results on February 3, 2021, at 10:00 a.m. ET. Interested parties can join via phone or listen live online. A detailed press release will follow after market close on February 2, 2021. This call aims to provide insights into STERIS's financial performance and outlook. The company emphasizes its mission to create a healthier world through innovative healthcare solutions.
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