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STERIS
🇮🇪 NYSE:STE
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•
Jun 30, 2023

STERIS Q1 2024 Earnings Report

STERIS's financial performance was strong, marked by revenue growth and increased earnings per share.

Key Takeaways

STERIS plc reported an 11% increase in revenue to $1.28 billion for the first quarter of fiscal 2024, with constant currency organic revenue also increasing by 11%. As reported diluted earnings per share increased to $1.25, and adjusted earnings increased to $2.00. The company has updated its fiscal 2024 outlook to reflect the acquisition of BD surgical instrumentation assets.

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.

Healthcare revenue grew 17% to $818.9 million, driven by improvements in capital equipment, consumable, and service revenue.

Total Revenue
$1.29B
Previous year: $1.16B
+11.2%
EPS
$2
Previous year: $1.9
+5.3%
CC Organic Revenue Growth
11%
Previous year: 6%
+83.3%
Gross Profit
$573M
Previous year: $518M
+10.7%
Cash and Equivalents
$209M
Previous year: $316M
-34.1%
Free Cash Flow
$215M
Previous year: $117M
+83.2%
Total Assets
$10.8B
Previous year: $11.2B
-3.6%

STERIS

STERIS

STERIS Revenue by Segment

Forward Guidance

STERIS has updated its fiscal 2024 outlook to reflect the acquisition of BD surgical instrumentation assets. The company now expects as reported revenue to increase 9-10%, constant currency organic revenue growth is expected to be 6-7%, and adjusted earnings per diluted share are anticipated to be in the range of $8.60 to $8.80. Free cash flow for fiscal 2024 is now anticipated to be $685 million.

Positive Outlook

  • As reported revenue to increase 9-10%.
  • Constant currency organic revenue growth unchanged at 6-7%.
  • Adjusted earnings per diluted share are anticipated to be in the range of $8.60 to $8.80.
  • Reflecting $0.05 contribution from the acquired assets.
  • Net income per diluted share $5.48 - $5.68

Challenges Ahead

  • Free cash flow for fiscal 2024 is now anticipated to be $685 million, a decrease from prior expectations of $700 million.
  • Reflecting working capital funding requirements for the Transaction.
  • Amortization of fair value adjustments for acquired property, plant, and equipment and intangible assets $3.02.
  • Acquisition and integration related charges $0.10.
  • Purchases of property, plant, equipment, and intangibles, net ($375,000).

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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