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Steris Plc (STE) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

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Steris Plc

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CIK: 1757898 Ticker: STE

Exhibit 99.1
                                                
STERIS Announces Financial Results for Fiscal 2022 Fourth Quarter and Full Year

•
Fourth quarter revenue increases 39% as reported; 11% constant currency organic
•
As reported EPS of $0.52; adjusted EPS of $2.04
•
Company provides FY23 Outlook

DUBLIN, IRELAND - (May 11, 2022) - STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2022 fourth quarter ended March 31, 2022. Revenue as reported for the quarter increased 39% to $1.2 billion compared with $873.5 million in the fourth quarter of fiscal 2021. Constant currency organic revenue (see Non-GAAP Financial Measures) increased 11% for the fourth quarter of fiscal 2022 as compared to the fourth quarter of fiscal 2021.

“We are pleased to end the year with strong performance in the fourth quarter, as our balanced revenue stream continues to deliver solid growth in the current environment,” said Dan Carestio, President and Chief Executive Officer of STERIS. “While supply chain and inflation continue to be a challenge, our teams have worked to address these issues with minimal impact on our ability to serve our Customers. As we look ahead at the new fiscal year, we expect another record year of performance.”

Fourth Quarter and Full Year Operating Results
As reported, net income for the fourth quarter was $52.3 million or $0.52 per diluted share, compared with net income of $87.4 million or $1.02 per diluted share in the fourth quarter of fiscal 2021. Fiscal 2022 fourth quarter was negatively impacted by amortization of acquired intangibles and inventory and property “step up” and one-time expenses associated with acquisitions totaling approximately $198.3 million. Adjusted net income (see Non-GAAP Financial Measures) for the fourth quarter of fiscal 2022 was $205.4 million or $2.04 per diluted share, compared with the previous year’s fourth quarter of $140.3 million or $1.63 per diluted share.

As reported, full year net income was $243.9 million, or $2.48 per diluted share, compared with $397.4 million, or $4.63 per diluted share in fiscal 2021. Fiscal 2022 was negatively impacted by amortization of acquired intangibles and inventory and property “step up” and one-time expenses associated with acquisitions totaling approximately $654.0 million. Adjusted net income for fiscal 2022 was $778.9 million, or $7.92 per diluted share, compared with adjusted net income of $530.2 million, or $6.17 per diluted share in fiscal 2021.

Fourth Quarter Segment Results
Healthcare revenue as reported grew 32% in the quarter to $738.8 million compared with $561.8 million in the fourth quarter of fiscal 2021, with $141.7 million added from acquisitions during the quarter. This performance reflected a 63% increase in consumable revenue, a 21% increase in service revenue and a 17% improvement in capital equipment revenue. Constant currency organic revenue increased 7% for the quarter compared with the prior year quarter. Healthcare operating income was $160.3 million compared with $122.7 million in last year’s fourth quarter. The increase in profitability was primarily due to the benefit of acquired businesses and solid organic volume offset by supply chain and inflationary cost increases.

Fiscal 2022 fourth quarter revenue for Applied Sterilization Technologies (AST) increased 19% as reported to $222.9 million compared with $187.5 million in the same period last year. Constant currency organic revenue increased 22%, driven primarily by increased demand from medical device and biopharma Customers in the quarter compared with the prior year period. Segment operating income was $107.0 million in the fourth quarter of fiscal 2022 compared with operating income of $88.2 million in the same period last year primarily due to increased volume.

Life Sciences fourth quarter revenue as reported grew 15% to $143.3 million compared with $124.2 million in the fourth quarter of fiscal 2021. Growth was driven by a 18% increase in consumable revenue, a 14% improvement in

The following information was filed by Steris Plc (STE) on Thursday, May 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Steris Plc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Consolidated Balance Sheets (Parenthetical)
Cover
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Incom (Details)
Additional Consolidated Balance Sheets Information
Additional Consolidated Balance Sheets Information (Details)
Additional Consolidated Balance Sheets Information (Tables)
Benefit Plans
Benefit Plans (Accumulated Benefit Obligation Exceeding The Fair Value Of Plan Assets) (Details)
Benefit Plans (Amortize Pre-Tax Amount Aoci) (Details)
Benefit Plans (Amounts Recognized In Balance Sheets) (Details)
Benefit Plans (Assumed Long-Term Healthcare Cost Trend Rate) (Details)
Benefit Plans (Assumptions Used In Calculating Benefit Obligations And Net Periodic Benefit Cost) (Details)
Benefit Plans (Change In Benefit Obligations Funded Status) (Details)
Benefit Plans (Components Of The Annual Net Periodic Benefit Cost) (Details)
Benefit Plans (Details Textual)
Benefit Plans (Expected Payments To Be Made To Plan Participants) (Details)
Benefit Plans (Fair Value Of Our Pension Benefits Plan Assets) (Details)
Benefit Plans (Projected Benefit Obligation Exceeding The Fair Value Of Plan Assets) (Details)
Benefit Plans (Significant Assumptions Used To Determine The Net Periodic Benefit Costs) (Details)
Benefit Plans (Tables)
Benefit Plans (Targeted Asset Allocation Of Plan Assets And The Actual Allocation Of Plan Assets) (Details)
Benefit Plans Benefit Plans (Rollforward Of Level 3 Assets) (Details)
Business Acquisitions And Divestitures Business Acquisition Summary (Details)
Business Acquisitions And Divestitures Business Acquisitions And Divestitures (Notes)
Business Acquisitions And Divestitures Business Acquisitions And Divestitures (Tables)
Business Acquisitions And Divestitures Business Acquisitions And Divestitures Narrative (Details)
Business Acquisitions And Divestitures Synergy Acquisition (Details)
Business Acquisitions And Divestitures Synergy Consideration (Details)
Business Acquisitions And Divestitures Synergy Finite-Lived Intangibles (Details)
Business Segment Information
Business Segment Information (Details)
Business Segment Information (Tables)
Common Shares
Common Shares (Details)
Common Shares (Tables)
Contingencies
Contingencies (Details)
Contingencies Lease Policy (Policies)
Contingencies Lease Tables (Tables)
Debt
Debt (Details)
Debt (Tables)
Debt 2017 Senior Notes (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Financial And Other Guarantees
Financial And Other Guarantees (Details)
Financial And Other Guarantees (Tables)
Forward And Swap Contracts
Forward And Swap Contracts (Details)
Forward And Swap Contracts (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets Future Amortization Of Intangible Assets (Details)
Goodwill And Intangible Assets Goodwill Rollforward (Details)
Goodwill And Intangible Assets Narrative (Details)
Goodwill And Intangible Assets Other Intangible Assets (Details)
Income Tax Expense
Income Tax Expense (Details)
Income Tax Expense (Tables)
Inventories, Net
Inventories, Net (Details)
Inventories, Net (Tables)
Nature Of Operations And Summary Of Siginificant Accounting Policies (Details)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Change In Accounting Principle (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) (Details)
Quarterly Results (Unaudited) (Tables)
Reclassifications Out Of Aoci (Details)
Reclassifications Out Of Aoci (Notes)
Reclassifications Out Of Aoci (Tables)
Repurchases Of Common Shares
Repurchases Of Common Shares (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Ticker: STE
CIK: 1757898
Form Type: 10-K Annual Report
Accession Number: 0001757898-22-000011
Submitted to the SEC: Tue May 31 2022 9:26:06 AM EST
Accepted by the SEC: Tue May 31 2022
Period: Thursday, March 31, 2022
Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies

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