Steris Q3 Sales Jump 50% to $1.2 Billion, Revise FY22 Guidance

Steris AG IS announced sales of $1.2 billion in the third quarter of FY22, +49% year-over-year, in line with the consensus of $1.2 billion. Organic revenue at constant currency increased by 9%.

  • Adjusted EPS of $2.12, compared to the prior year’s third quarter of $1.73, beating the consensus of $1.97.
  • Healthcare revenue increased 46% to $759.7 million, with an additional $210.3 million from acquisitions, reflecting an 84% increase in consumables revenue, a 47% improvement in capital goods revenues and a 19% increase in services revenues.
  • Applied Sterilization Technologies sales increased 23% to $216.3 million, primarily due to increased demand from medical device and biopharmaceutical customers.
  • Life Sciences sales increased 15% to $127.9 million, with operating profit increasing from $41.5 million to $52 million.
  • Dental sales reached $105.1 million, slightly below company expectations due to lower patient volumes, supply chain constraints and inflation.
  • Free cash flow was $300.3 million.
  • Outlook: Steris updated its guidance for FY22, with constant currency organic revenue growth of approximately 11%, versus earlier expectations of 10-11%.
  • Adjusted EPS of $7.85-$7.95, versus prior expectations of $7.60-$7.85, above the consensus of $7.73.
  • Improved outlook reflects growth across the business and higher cost synergies from Cantel acquisition, partially offset by ongoing supply chain challenges, inflation and dilution profits resulting from the disposal of the Renal Care business.
  • Price Action: STE shares traded up 4.06% at $240.06 when last checked on Wednesday.

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