STERIS Announces Financial Results for Fiscal 2024 Third Quarter

• Third quarter revenue increases 15% as reported; 10% constant currency organic
  
• As reported diluted earnings per share increased to $1.42; adjusted earnings per share increased to $2.22
• Fiscal 2024 outlook updated

DUBLIN, IRELAND, Feb. 07, 2024 (GLOBE NEWSWIRE) -- STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2024 third quarter ended December 31, 2023. Revenue as reported for the quarter increased 15% to $1.40 billion compared with $1.22 billion in the third quarter of fiscal 2023. Constant currency organic revenue (see Non-GAAP Financial Measures) increased 10% for the third quarter of fiscal 2024 as compared to the third quarter of fiscal 2023.  

“The continued momentum in our Healthcare segment reflects solid procedure volume growth in the United States and the easing of supply chain constraints which allowed us to continue to reduce backlog levels. In addition, revenue within our Life Sciences segment improved during the quarter,” said Dan Carestio, President and Chief Executive Officer of STERIS. “Our revenue outlook for fiscal 2024 has increased as we continue to experience outperformance within the Healthcare segment, offsetting macro challenges impacting demand in our other segments.”

Third Quarter Operating and Segment Results
As reported, net income for the third quarter was $140.7 million or $1.42 per diluted share, compared with net income of $123.8 million or $1.24 per diluted share in the third quarter of fiscal 2023. Adjusted net income (see Non-GAAP Financial Measures) for the third quarter of fiscal 2024 was $220.9 million or $2.22 per diluted share, compared with the previous year’s third quarter of $202.3 million or $2.02 per diluted share.  

Healthcare revenue as reported grew 19% in the quarter to $916.2 million compared with $769.1 million in the third quarter of fiscal 2023. This performance reflected 27% growth in consumable revenue, 17% improvement in capital equipment revenue and 13% growth in service revenue. Constant currency organic revenue increased 12% for the quarter compared with the prior year quarter. Healthcare operating income was $223.9 million compared with $175.4 million in last year’s third quarter. This improvement was primarily attributable to the increase in volume along with favorable pricing and the addition of the surgical instrumentation assets purchased from BD.