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Steris Plc (STE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Steris Plc

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CIK: 1757898 Ticker: STE


                                                Exhibit 99.1

STERIS Announces Financial Results for Fiscal 2021 First Quarter

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First quarter revenue declines low-single digits due to reduction in deferrable procedures
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First quarter net income grows low-single digits driven by margin expansion
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Board increases dividend for 15th consecutive year

DUBLIN, IRELAND - (August 3, 2020) - STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2021 first quarter ended June 30, 2020. Revenue as reported for the quarter decreased
4% to $668.9 million compared with $696.8 million in the first quarter of fiscal 2020, with growth in Life Sciences offset by declines in Healthcare and Applied Sterilization Technologies. Constant currency organic revenue (see Non-GAAP Financial Measures) declined 3% for the first quarter of fiscal 2021.

“We are pleased with our overall performance during such a challenging time,” said Walt Rosebrough, President and Chief Executive Officer of STERIS. “Our results this quarter reflect the benefits of STERIS’s balanced and diversified business model as well as certain non-recurring items. As anticipated, our Healthcare segment was the most impacted by the reduction of deferrable procedures. Our Life Sciences segment continued its strong performance due to increased demand from pharma Customers focused on vaccines and biologics. Due to the continuing uncertainty we are not providing guidance for fiscal 2021.”
 
As reported, net income for the first quarter was $88.2 million or $1.03 per diluted share, compared with net income of $84.6 million, or $0.99 per diluted share in the first quarter of fiscal 2020. Adjusted net income (see Non-GAAP Financial Measures) for the first quarter of fiscal 2021 was $111.8 million, or $1.31 per diluted share, compared with adjusted net income for the previous year’s first quarter of $105.0 million or $1.23 per diluted share.

First Quarter Segment Results

Healthcare revenue as reported declined 10% in the quarter to $399.7 million compared with $445.7 million in the first quarter of fiscal 2020, with a 28% decline in consumable revenue and 10% decline in service revenue partially offset by 6% growth in capital equipment revenue. Capital equipment revenue reflects a one-time benefit from the timing of revenue recognition for operating room integration (ORI) products which added approximately $15 million to revenue. Excluding that benefit, capital equipment revenue would have declined 6%. Constant currency organic revenue also declined 10% during the quarter. Healthcare operating income was $82.4 million compared with $90.5 million in last year’s first quarter. The decrease in profitability was primarily due to the decline in revenue, which was somewhat offset by lower operating expenses and approximately $5 million one-time benefit from the timing of ORI revenue recognition previously noted.

Fiscal 2021 first quarter revenue for Applied Sterilization Technologies decreased 1% as reported to $152.4 million compared with $154.3 million in the same period last year. Constant currency organic revenue was flat, as increased demand for personal protective equipment offset the impact of reduced volumes from the segment’s core medical device Customers. Segment operating income was $64.0 million in the first quarter of fiscal 2021 compared with operating income of $68.0 million in the same period last year primarily due to Customer product mix.

Life Sciences first quarter revenue as reported grew 21% to $116.9 million compared with $96.8 million in the first quarter of fiscal 2020, driven by 34% growth in consumable revenue, 14% growth in capital equipment revenue and 6% growth in service revenue. Constant currency organic revenue grew 21% in the quarter. Operating income was $48.5 million compared with $33.0 million in the prior year’s first quarter, primarily driven by increased volume.



The following information was filed by Steris Plc (STE) on Monday, August 3, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Shareholders' Equity Statement
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Additional Consolidated Balance Sheets Information (Notes)
Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Details)
Additional Consolidated Balance Sheets Information Additional Consolidated Balance Sheets Information (Tables)
Business Acquisitions And Divestitures Fiscal 2017 Acquisitions (Details)
Business Acquisitions And Divestitures Fiscal 2017 Divestitures (Details)
Business Segment Information (Notes)
Business Segment Information Business Segment Information (Details)
Business Segment Information Business Segment Information (Tables)
Contingencies Leases (Details)
Covid-19 Pandemic (Notes)
Debt (Notes)
Debt Debt (Details)
Debt Debt (Tables)
Derivatives And Hedging (Notes)
Derivatives And Hedging Derivatives And Hedging (Tables)
Derivatives And Hedging Fair Value Of Derivatives, Balance Sheet Location (Details)
Derivatives And Hedging Gain (Loss) On Derivatives, Income Statement Location (Details)
Fair Value Measurements (Notes)
Fair Value Measurements Available-For-Sale Securities (Details)
Fair Value Measurements Contingent Consideration Rollforward (Details)
Fair Value Measurements Fair Value Hierarchy (Details)
Fair Value Measurements Fair Value Measurements (Tables)
Financial And Other Guarantees Financial And Other Guarantees (Details)
Financial And Other Guarantees Financial And Other Gurantees (Tables)
Financial And Other Guarantees(Notes)
Income Tax Expense (Notes)
Income Tax Expense Income Tax Expense (Details)
Inventories, Net (Notes)
Inventories, Net Inventories, Net (Details)
Inventories, Net Inventories, Net (Tables)
Loans Receivable (Details)
Loans Receivable (Notes)
Nature Of Operations And Summary Of Significant Accounting Policies Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies Revenue Intial Application Period (Details)
Nature Of Operations And Summary Of Significant Accounting Policies Revenue Table (Details)
Nature Of Operations And Summary Of Significant Accounting Policies(Notes)
Property, Plant And Equipment (Notes)
Property, Plant And Equipment Property, Plant And Equipment (Details)
Property, Plant And Equipment Property, Plant And Equipment (Tables)
Reclassifications Out Of Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details)
Reclassifications Out Of Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Notes)
Reclassifications Out Of Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Tables)
Repurchases Of Shares (Notes)
Repurchases Of Shares Repurchases Of Shares (Details)
Restructuring (Details)
Restructuring (Notes)
Share-Based Compensation (Notes)
Share-Based Compensation Share-Based Compensation (Details)
Share-Based Compensation Share-Based Compensation (Tables)
Shares And Preferred Shares (Notes)
Shares And Preferred Shares Ordinary Shares (Details)
Shares And Preferred Shares Preferred Shares (Details)
Shares And Preferred Shares Shares And Preferred Shares (Tables)
Ticker: STE
CIK: 1757898
Form Type: 10-Q Quarterly Report
Accession Number: 0001757898-20-000022
Submitted to the SEC: Fri Aug 07 2020 8:39:58 AM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies

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