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Jun 30, 2023
Sotera Health Q2 2023 Earnings Report
Sotera Health's financial performance was impacted by Nordion Cobalt-60 harvest schedule timing and volume softness at Sterigenics and Nelson Labs.
Key Takeaways
Sotera Health reported a decrease in second-quarter net revenues by 4% to $255 million, primarily due to Nordion Cobalt-60 harvest schedule timing. Net income decreased to $24 million, or $0.08 per diluted share. The company has adjusted its full-year 2023 net revenue outlook to $1.035 billion to $1.055 billion and Adjusted EBITDA to $520 million to $535 million due to continued volume softness.
Q2 2023 net revenues decreased 4% to $255 million, driven by Nordion Cobalt-60 harvest schedule timing.
Q2 2023 net income decreased to $24 million, or $0.08 per diluted share.
Adjusted EBITDA for Q2 2023 decreased 6% to $128 million, impacted by Nordion Cobalt-60 timing.
Full-year 2023 net revenue outlook adjusted to $1.035 billion to $1.055 billion and Adjusted EBITDA to $520 million to $535 million.
Revenue by Segment
Forward Guidance
Sotera Health is updating its 2023 outlook. Net revenues are expected to be in the range of $1.035 to $1.055 billion, and Adjusted EBITDA in the range of $520 to $535 million.
Positive Outlook
- Net revenues in the range of $1.035 to $1.055 billion, representing growth of approximately 3% to 5%, compared to the prior year
- Adjusted EBITDA in the range of $520 to $535 million, representing growth of approximately 3% to 6%, compared to the prior year
- Tax rate applicable to Adjusted Net Income in the range of 30% to 32%
- Adjusted EPS remains in the range of $0.78 to $0.86
- 2023 year-end Net Leverage Ratio expected to end the year at or below 4.0x
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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