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Steris Plc (STE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Steris Plc

CIK: 1757898 Ticker: STE

Exhibit 99.1
                                                
STERIS Announces Financial Results for Fiscal 2021 Fourth Quarter and Full Year
Fourth quarter revenue increases 6% as reported; full year increases 3% as reported
Full year earnings per diluted share of $4.63 on a U.S. GAAP basis and $6.17 on an adjusted basis on effective tax rates of 23.3% and 20.7%, respectively
Company provides outlook for fiscal 2022 including Cantel Medical

DUBLIN, IRELAND - (May 18, 2021) - STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2021 fourth quarter ended March 31, 2021. Revenue as reported for the quarter increased 6% to $873.5 million compared with $823.0 million in the fourth quarter of fiscal 2020, with growth in all three segments. Constant currency organic revenue (see Non-GAAP Financial Measures) increased 0.3% for the fourth quarter of fiscal 2021 as compared to constant currency organic revenue results in the fourth quarter of fiscal 2020. For the full fiscal year, revenue as reported increased 3% to $3,107.5 million and constant currency organic revenue was up slightly from the prior year.

“We are pleased to finish fiscal 2021 with constant currency organic revenue up slightly from last year and double-digit adjusted net income growth, even with the impact of the COVID-19 pandemic. This performance speaks to the resilience of our business and the good work by our Associates," said Walt Rosebrough, President and Chief Executive Officer of STERIS. “Our outlook for fiscal 2022 reflects the additions of Key Surgical for the full year and ten months of Cantel Medical as-well-as another year of record organic revenue and earnings, as we expect healthcare procedure volumes to return to pre-pandemic levels.”

Fourth Quarter and Full Year Operating Results
As reported, net income for the fourth quarter was $87.4 million or $1.02 per diluted share, compared with $122.6 million or $1.43 per diluted share in the fourth quarter of fiscal 2020. Adjusted net income (see Non-GAAP Financial Measures) for the fourth quarter of fiscal 2021 was $140.3 million or $1.63 per diluted share, compared with the previous year’s fourth quarter of $139.8 million or $1.63 per diluted share. As reported, full year net income was $397.4 million, or $4.63 per diluted share, compared with $407.7 million, or $4.76 per diluted share in fiscal 2020. Adjusted net income for fiscal 2021 was $530.2 million, or $6.17 per diluted share, compared with adjusted net income of $482.7 million, or $5.64 per diluted share in fiscal 2020. The effective tax rate was primarily impacted by discrete item adjustments.

In the fourth quarter of fiscal 2021, STERIS eliminated the use of LIFO for inventory accounting, which impacted our quarterly profit measures for fiscal 2021. The impact of this accounting change for fiscal 2021 caused a $0.03 reduction in earnings per diluted share. This accounting change has been retrospectively applied to all periods presented in the attached tables.

Fourth Quarter Segment Results
Healthcare revenue as reported grew 3% in the quarter to $561.8 million compared with $546.6 million in the fourth quarter of fiscal 2020. This performance reflected a 25% increase in consumable revenue, driven by the addition of $32.1 million in revenue from Key Surgical, and a 4% reduction in both service and capital equipment revenue. Constant currency organic revenue declined 4% for the quarter. Healthcare operating income was $122.7 million compared with $120.9 million in last year’s fourth quarter. The increase in profitability was primarily due to the favorable impact from Key Surgical.

Fiscal 2021 fourth quarter revenue for Applied Sterilization Technologies increased 15% as reported to $187.5 million compared with $163.7 million in the same period last year. Constant currency organic revenue increased 10%, driven primarily by increased demand from medical device Customers in the quarter. Segment operating income was $88.2 million in the fourth quarter of fiscal 2021 compared with operating income of $72.0 million in


The following information was filed by Steris Plc (STE) on Tuesday, May 18, 2021 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 Comprehensive Income (Unaudited) (Parenthetical)
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 Business Acquisitions And Divestitures (Notes)
Business Acquisitions And Divestitures Business Acquisitions And Divestitures (Tables)
Business Acquisitions And Divestitures Fiscal 2017 Acquisitions (Details)
Business Acquisitions And Divestitures Fiscal 2017 Divestitures (Details)
Business Acquisitions And Divestitures Fiscal 2018 Acquisitions (Details)
Business Segment Information (Notes)
Business Segment Information Business Segment Information (Details)
Business Segment Information Business Segment Information (Tables)
Contingencies (Notes)
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 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)
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: 0001757898-21-000027
Submitted to the SEC: Mon Aug 09 2021 4:54:48 PM EST
Accepted by the SEC: Mon Aug 09 2021
Period: Wednesday, June 30, 2021
Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies

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