STERIS Announces Financial Results for Fiscal 2024 First Quarter

• First quarter revenue growth of 11% as reported and constant currency organic
  
• As reported diluted earnings per share increased to $1.25; adjusted earnings increased to $2.00
• Fiscal 2024 outlook updated to reflect acquisition of BD surgical instrumentation assets
  
  

DUBLIN, IRELAND, Aug. 01, 2023 (GLOBE NEWSWIRE) --  STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2024 first quarter ended June 30, 2023. Revenue as reported for the quarter increased 11% to $1.28 billion compared with $1.16 billion in the first quarter of fiscal 2023. Constant currency organic revenue (see Non-GAAP Financial Measures) also increased 11% for the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.  

“We are pleased to start the year with strong performance,” said Dan Carestio, President and Chief Executive Officer of STERIS. “Our first quarter results benefited from continued improvement in procedure volumes and supply chain challenges easing. In addition to those factors, our ability to reduce lead times for Healthcare capital equipment drove our outperformance in the quarter.”

First Quarter Operating and Segment Results
As reported, net income for the first quarter was $123.6 million or $1.25 per share, compared with net income of $111.3 million or $1.10 per diluted share in the first quarter of fiscal 2023. Adjusted net income (see Non-GAAP Financial Measures) for the first quarter of fiscal 2024 was $198.2 million or $2.00 per diluted share, compared with the previous year’s first quarter of $191.1 million or $1.90 per diluted share.  

Healthcare revenue as reported grew 17% in the quarter to $818.9 million compared with $698.5 million in the first quarter of fiscal 2023. This performance reflected a 33% improvement in capital equipment revenue, an 11% increase in consumable revenue and a 12% increase in service revenue. Constant currency organic revenue increased 18% for the quarter compared with the prior year quarter. Healthcare operating income was $198.2 million compared with $156.5 million in last year’s first quarter. This improvement was primarily attributable to the increase in volume along with favorable pricing and mix.