Sotera Health Announces Preliminary Fourth-Quarter and Full-Year 2020 Revenue
CLEVELAND, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Sotera Health Company (Nasdaq: SHC), a leading global provider of mission-critical end-to-end sterilization solutions and lab testing and advisory
services for the healthcare industry, today announced certain unaudited preliminary fourth-quarter and full-year 2020 financial results. The results were announced in advance of the Company’s
presentation today at the J.P. Morgan Healthcare Conference.
“As a provider of mission-critical services for the healthcare industry, Sotera Health helps to ensure that medical, pharmaceutical and food products are safe for healthcare practitioners, patients and consumers,” said Michael B. Petras, Jr., Chairman and CEO of Sotera Health. “By leveraging our breadth of services, technical and regulatory expertise, and global scale, we have grown revenues at attractive rates even in a macroeconomic environment made more challenging by the global pandemic.”
“In 2020, we further penetrated the growing healthcare end-market, continued to make significant investments in capacity and facility enhancements, executed a strategic acquisition, and completed a successful initial public stock offering to augment our capital structure and liquidity profile. We believe that these actions, combined with our strong foundation, position us well for 2021 and beyond. Our ability to partner with diversified customer supply chains and generate recurring revenue under multi-year contracts, combined with continued global growth from medical devices and procedures and increased outsourcing of sterilization and lab services, are key drivers of future growth,” Mr. Petras concluded.
Preliminary Fourth-Quarter and Full-Year 2020 Revenue
The Company expects net revenue for the fourth quarter and full year ended December 31, 2020, to be approximately $216 million and $817 million, respectively, representing annual revenue growth of approximately 5%.
On a pro forma basis, the Company expects net revenue for the full year ended December 31, 2020 would be approximately $832 million. Pro forma net revenue assumes approximately $15 million of revenue attributable to Iotron Industries for the pre-acquisition period of January 1, 2020 through July 30, 2020, and is reflected in pro forma information previously disclosed in Sotera Health’s final prospectus dated November 19, 2020 (filed with the U.S. Securities and Exchange Commission on November 23, 2020) for the Company’s initial public offering (the “prospectus”).