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Dec 31, 2022
STERIS Q3 2023 Earnings Report
Announced financial results for fiscal 2023 third quarter, featuring a 1% revenue increase and 7% constant currency organic revenue growth.
Key Takeaways
STERIS plc reported a 1% increase in revenue to $1.22 billion for the third quarter of fiscal 2023, with a 7% constant currency organic revenue growth. Net earnings were $123.8 million, or $1.24 per share, while adjusted EPS reached $2.02. The company updated its fiscal 2023 outlook, anticipating revenue growth of 6% and adjusted EPS in the range of $8.00 to $8.10.
Revenue increased by 1% as reported, with a 7% constant currency organic revenue growth.
Reported earnings per share (EPS) stood at $1.24, while adjusted EPS reached $2.02.
Healthcare segment saw a 1% revenue increase, driven by capital equipment and service growth.
Applied Sterilization Technologies (AST) revenue increased by 3%, fueled by medical device customer demand.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
STERIS anticipates as reported revenue to grow 6% and adjusted earnings per diluted share to be in the range of $8.00 to $8.10. Free cash flow is expected to be approximately $500 million for fiscal 2023.
Positive Outlook
- Revenue is anticipated to grow 6%.
- Currency is now anticipated to negatively impact revenue by approximately $110 million this fiscal year.
- Constant currency organic revenue is now anticipated to grow approximately 7%.
- Adjusted earnings per diluted share are now anticipated to be in the range of $8.00 to $8.10.
- Free cash flow will be approximately $500 million for fiscal 2023.
Challenges Ahead
- As reported revenue is now anticipated to grow 6% compared with prior expectations of 8% growth.
- Currency is now anticipated to negatively impact revenue by approximately $110 million this fiscal year, a reduction from prior expectations of approximately $150 million.
- Constant currency organic revenue is now anticipated to grow approximately 7% compared with prior expectations of 10%.
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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