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STE · Steris

8 filings

10-K

STE 10-K Annual Reports

Steris - 8 annual reports

Filing record · 2019–202610-K810-Q228-K64

2026
Steris Annual Report, Year Ended Mar 31, 2026
STERIS plc (STE) reported fiscal 2026 (year ended March 31, 2026) revenues of $5,935.9 million, up $476.4 million, or 8.7%, from $5,459.5 million in fiscal 2025, with growth reflecting higher volume and pricing across all three segments plus favorable foreign currency movements. Income from operations rose 27.1% to $1,101.8 million from $866.6 million, helped by pricing, volume, and lower restructuring and litigation costs, partly offset by inflation and tariffs. Net income attributable to shareholders was $782.3 million, or $7.93 diluted earnings per share from continuing operations ... total diluted EPS of $7.93 versus $6.20 in fiscal 2025. Cash flow from operations was $1,341.4 million and free cash flow was $982.9 million, compared with $787.2 million a year earlier. The company ended the year with $1,931.7 million of total debt, a debt-to-total capital ratio of 21.3% (down from 23.6%), and $439.6 million of cash. It paid $241.8 million in dividends ($2.46 per share, up from $2.23), and repurchased $225.0 million of shares under its Outgoing Repurchase Program during fiscal 2026. On May 5, 2026, the board terminated that program and authorized a new repurchase program of up to $1,000.0 million. Backlog for capital equipment rose to $490.7 million from $452.9 million. Key risks flagged in the filing include tariffs and the USMCA review, the single-sourced supply of ethylene oxide and cobalt-60 used in AST operations, and EO-related litigation, for which the company agreed to pay up to $48.2 million under settlement agreements. The filing also discusses a $50.0 million potential IRS tax liability tied to fiscal 2018 deemed dividend notices, which the company is contesting and for which it has not recorded a reserve.
May 29, 2026
2025
Steris Annual Report, Year Ended Mar 31, 2025
STERIS plc (STE) reported fiscal 2025 (year ended March 31, 2025) revenues of $5.46 billion, up 6.2% from $5.14 billion, driven by higher volume and pricing. Gross profit percentage rose to 44.0% from 43.2%, and income from operations increased 3.7% to $866.6 million. Net income attributable to shareholders was $614.6 million, versus $378.2 million in fiscal 2024, and diluted EPS from total operations was $6.20. Results were supported by the divestiture of the Dental segment (presented as discontinued operations, sold for $787.5 million in cash), which was used largely to repay debt. Cash flow strengthened considerably: net cash from operating activities was $1.15 billion and free cash flow was $787.2 million, versus $620.3 million a year earlier, driven primarily by working capital improvements. Total debt fell to $2.04 billion from $3.21 billion, and the debt-to-total capital ratio declined to 23.6% from 33.7%. The company returned capital through $219.9 million in dividends ($2.23 per share) and $200.0 million in share repurchases, leaving $300.0 million of authorization available. Key risks flagged in the filing include ethylene oxide (EO) litigation, with the company agreeing in March 2025 to pay up to $48.2 million to resolve substantially all pending personal injury claims in Illinois; tariff and trade policy uncertainty; EO sterilization regulation affecting the AST segment; and a restructuring plan that eliminated approximately 300 positions, with management estimating about $25.0 million per year in income-from-operations improvement.
May 29, 2025
2024
Steris Annual Report, Year Ended Mar 31, 2024
STERIS plc (STE) reported fiscal 2024 (year ended March 31, 2024) revenues of $5,138.7 million, up 13.3% from $4,536.3 million in fiscal 2023, driven by higher volume, including the BD surgical assets acquisition, and pricing. Income from operations rose 5.7% to $836.1 million, though gross profit percentage slipped to 43.2% from 43.7%, reflecting inflation, restructuring charges and productivity headwinds partly offset by pricing. Net income attributable to shareholders was $378.2 million, versus $107.0 million in fiscal 2023, which included a $490.6 million goodwill impairment tied to the Dental segment. Income from continuing operations was $553.3 million, compared with $556.2 million a year earlier. The Dental segment is now presented as discontinued operations following an April 11, 2024 agreement to sell it for $787.5 million in cash, plus up to $12.5 million in contingent payments tied to fiscal 2025 revenue targets. Proceeds are to be used to pay off existing debt. Operating cash flow was $973.3 million and free cash flow was $620.3 million, up from $409.6 million, and total debt was about $3.2 billion at March 31, 2024. The company also increased its quarterly dividend for the eighteenth consecutive year to $0.52. The filing also describes a restructuring plan affecting the European Healthcare surgical business, with fiscal 2024 pre-tax restructuring expenses of $44.4 million and expected additional charges of about $55.3 million, along with a $500.0 million share repurchase authorization that was unused during fiscal 2024.
May 29, 2024
2023
Steris Annual Report, Year Ended Mar 31, 2023
STERIS plc's 10-K for fiscal year ended March 31, 2023 reports revenues of $4.96 billion, up 8.1% from $4.59 billion in fiscal 2022, driven by growth in the Healthcare, Applied Sterilization Technologies, Life Sciences and Dental segments, partly offset by currency and divestiture effects. Gross profit percentage slipped to 43.6% from 44.0%, as inflation (330 basis points) and productivity (50 basis points) headwinds outweighed pricing (150 basis points) and mix (130 basis points) benefits. Operating income fell 37.0% to $268.2 million, primarily because of a $490.6 million non-cash goodwill impairment charge on the Dental segment recognized in the second quarter of fiscal 2023. Net income attributable to shareholders was $107.0 million, or $1.07 per diluted share, compared with $243.9 million, or $2.48 per diluted share, a year earlier. Excluding the impairment, the filing's segment operating income totaled $1.17 billion before adjustments. Cash flow remained solid, with operating cash flow of $756.9 million and free cash flow of $409.6 million, versus $684.8 million and $399.0 million in fiscal 2022. Total debt was about $3.1 billion at March 31, 2023, with a debt-to-total capital ratio of 33.6%, and the quarterly dividend was raised to $0.47 per share for the seventeenth consecutive year. Backlog stood at $599.6 million, and management expects continued supply chain and inflation pressure in fiscal 2024.
May 26, 2023
2022
Steris Annual Report, Year Ended Mar 31, 2022
STERIS plc (NYSE: STE) reported fiscal 2022 (year ended March 31, 2022) revenues of $4,585.1 million, up 47.5% from $3,107.5 million, driven mainly by the June 2, 2021 acquisition of Cantel Medical LLC, which contributed $1,073.1 million of added volume along with organic growth in Healthcare, Applied Sterilization Technologies and Life Sciences. Operating income fell 22.4% to $425.6 million from $548.4 million, primarily due to acquisition and integration expenses and incremental amortization tied to Cantel, plus unplanned supply chain and inflation costs of approximately $45.0 million. Diluted EPS was $2.48 versus $4.63 in the prior year. Net income attributable to shareholders was $243.9 million, compared with $397.4 million. Cash flow remained substantial, with net cash from operations of $684.8 million and free cash flow of $399.0 million, compared with $450.9 million in fiscal 2021. The company funded the Cantel acquisition with approximately $2.1 billion of new indebtedness, including $1.35 billion of Senior Public Notes issued April 1, 2021. Total long-term indebtedness was $2.9 billion at March 31, 2022, and the debt-to-total capital ratio rose to 32.1% from 29.8%. Management also raised the quarterly dividend to $0.43 per share, the sixteenth consecutive annual increase, and resumed share repurchases in February 2022 with $308.9 million of authorization remaining. The company now reports four segments: Healthcare, Applied Sterilization Technologies, Life Sciences and Dental. Backlog excluding Cantel was $528.3 million at March 31, 2022, up from $286.2 million a year earlier. Management expects continued supply chain and inflation pressure in fiscal 2023 and anticipates further cost synergies from the Cantel integration, with the Cantel acquisition expected to yield approximately $110 million in annualized pre-tax cost synergies within four fiscal years.
May 31, 2022
2021
Steris Annual Report, Year Ended Mar 31, 2021
STERIS plc (STE) reported fiscal 2021 (year ended March 31, 2021) revenues of $3.11 billion, up 2.5% from $3.03 billion in fiscal 2020, driven by growth in Applied Sterilization Technologies and Life Sciences, partly offset by a decline in Healthcare tied to the reduction of deferrable surgical procedures during the COVID-19 pandemic. Operating income rose to $548.4 million from $537.0 million, and diluted income per share was $4.63 versus $4.76 in fiscal 2020. Net income attributable to shareholders was $397.4 million, compared with $407.7 million the prior year. Net cash from operations was $689.6 million and free cash flow was $450.9 million, with the increase attributed mainly to working capital improvements. The debt-to-total capital ratio rose to 29.8% from 25.3%, reflecting new borrowings to fund acquisitions, including Key Surgical for a purchase price of $853.2 million. The pending acquisition of Cantel Medical Corp., expected to close June 2, 2021, is the most significant item for investors. The filing describes a total equity value of about $3.6 billion and total enterprise value of about $4.6 billion, funded with approximately $2.1 billion of new debt and roughly 14.3 million STERIS shares to Cantel stockholders. Management expects approximately $110 million in annualized pre-tax cost synergies within the first four fiscal years after completion. The filing also notes that the company paid a quarterly dividend of $0.40 per share, with fiscal 2021 dividends of $1.57 per share, and that the Board authorized share repurchases with about $333.9 million remaining, although repurchases were suspended on April 9, 2020. Key risks highlighted include the COVID-19 impact on procedure volumes, integration and dilution risk from the Cantel transaction, higher leverage after the acquisition (about $1.7 billion of long-term debt at March 31, 2021 before the new financing), ethylene oxide regulation affecting the AST segment, and a pending IRS challenge with a potential cumulative tax liability of approximately $50 million that the company intends to contest.
May 28, 2021
2020
Steris Annual Report, Year Ended Mar 31, 2020
STERIS plc (STE) reported fiscal 2020 (year ended March 31, 2020) revenues of $3,030.9 million, up $248.7 million, or 8.9%, from $2,782.2 million in fiscal 2019, driven by organic growth in all business segments and favorable pricing, partly offset by currency fluctuations. Operating income rose to $537.0 million from $411.5 million, and net income attributable to shareholders was $407.6 million, or $4.76 per diluted share, versus $304.1 million, or $3.56, a year earlier. Gross margin improved to 43.5% from 42.2%, and the Fiscal 2019 Restructuring Plan (closing two manufacturing facilities) contributed to lower restructuring expense in fiscal 2020. Cash generation was solid: net cash provided by operating activities was $590.6 million and free cash flow was $380.2 million, versus $355.4 million in fiscal 2019. The company repurchased 273,259 shares for $40.0 million, paid $123.0 million in dividends ($1.45 per share), and reported a debt-to-total capital ratio of 25.3%. Total debt outstanding was $1,153.9 million at year-end, with $717.8 million of unused credit under the Credit Agreement. The filing flags the COVID-19 pandemic as a material forward-looking risk. It began affecting the business late in fiscal 2020, with deferral of elective procedures expected to pressure demand in fiscal 2021, though management stated it could not estimate the full impact. Effective April 1, 2020, Healthcare Products and Healthcare Specialty Services will be combined into a single Healthcare segment.
May 29, 2020
2019
Steris Annual Report, Year Ended Mar 31, 2019
STERIS plc (filed as STERIS plc, NYSE: STE) reported fiscal 2019 (year ended March 31, 2019) revenues of $2,782.2 million, up 6.2% from $2,620.0 million in fiscal 2018, driven by organic growth in all four segments, partially offset by the fiscal 2018 divestiture of Healthcare Consumable Solutions and unfavorable currency movements. Operating income rose 2.9% to $411.5 million after $40.7 million of pre-tax restructuring costs under the Fiscal 2019 Restructuring Plan, and net income attributable to shareholders was $304.1 million, or $3.56 per diluted share, compared with $290.9 million and $3.39 a year earlier. Net cash from operations increased to $539.5 million and free cash flow to $355.4 million, from $457.6 million and $294.3 million in fiscal 2018. The company completed its redomiciliation from the United Kingdom to Ireland on March 28, 2019, with STERIS Ireland becoming the public parent. Balance sheet items included total assets of $5,073.1 million, long-term indebtedness of $1,183.2 million, and a debt-to-total capital ratio of 27.1%. The Board increased the quarterly dividend for the thirteenth consecutive year to $0.34 per share, and fiscal 2019 dividends were $1.33 per share. As of May 7, 2019, approximately $80.0 million remained under the share repurchase authorization, which the filing says was continued by STERIS Ireland. Management expects fiscal 2020 capital expenditures to rise to approximately $280.0 million, mainly for facility expansions in the Applied Sterilization Technologies segment. The filing notes an IRS notice of proposed tax adjustment of approximately $25,000 thousand relating to intercompany interest deductions for fiscal 2016 and 2017, which the company intends to contest.
May 30, 2019