STERIS Announces Financial Results for Fiscal 2024 Second Quarter

• Second quarter revenue growth of 12% as reported and 8% constant currency organic
• As reported diluted earnings per share increased to $1.16; adjusted earnings increased to $2.03
• Fiscal 2024 outlook maintained

DUBLIN, IRELAND, Nov. 07, 2023 (GLOBE NEWSWIRE) --  STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2024 second quarter ended September 30, 2023. Revenue as reported for the quarter increased 12% to $1.34 billion compared with $1.20 billion in the second quarter of fiscal 2023. Constant currency organic revenue (see Non-GAAP Financial Measures) increased 8% for the second quarter of fiscal 2024 as compared to the second quarter of fiscal 2023.  

“We are pleased to see the momentum in our Healthcare segment continue in the second quarter,” said Dan Carestio, President and Chief Executive Officer of STERIS. “In addition, the integration of the surgical instrumentation business purchased from BD during the quarter is progressing as planned. Our Healthcare segment is anticipated to outperform our original expectations for the fiscal year, offsetting macro challenges impacting demand in our other segments.”

Second Quarter Operating and Segment Results
As reported, net income for the second quarter was $115.3 million or $1.16 per share, compared with net loss of $315.3 million or ($3.15) per diluted share in the second quarter of fiscal 2023. The second quarter of fiscal 2023 was impacted by an impairment charge. Adjusted net income (see Non-GAAP Financial Measures) for the second quarter of fiscal 2024 was $202.2 million or $2.03 per diluted share, compared with the previous year’s second quarter of $199.6 million or $1.99 per diluted share.  

Healthcare revenue as reported grew 19% in the quarter to $870.1 million compared with $732.8 million in the second quarter of fiscal 2023. This performance reflected a 20% improvement in capital equipment revenue, a 24% increase in consumable revenue and a 13% increase in service revenue. Constant currency organic revenue increased 14% for the quarter compared with the prior year quarter. Healthcare operating income was $204.1 million compared with $165.3 million in last year’s second quarter. This improvement was primarily attributable to the increase in volume along with favorable pricing.