UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 16, 2004
STERIS Corporation
(Exact Name of Registrant as Specified in its Charter)
| Ohio | 0-20165 | 34-1482024 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 5960 Heisley Road, Mentor, Ohio | 44060-1834 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (440) 354-2600
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
| ITEM 9. | Regulation FD Disclosure |
Attached hereto as Exhibit 99 is a copy of materials dated June 16, 2004 and prepared with respect to a presentation at the GARP Investors Conference that was made by senior management of STERIS Corporation (the “Company”) on June 16, 2004.
The information contained in this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STERIS CORPORATION | ||
| By: | /s/ Mark D. McGinley | |
| Mark D. McGinley Vice President, General Counsel and Secretary | ||
Dated: June 16, 2004
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Exhibit 99
GARP Investors Conference
June 16, 2004
Les C. Vinney, STERIS President and CEO
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Forward-Looking Statements
Except for historical information discussed, today’s presentation includes forward-looking statements that involve risks and uncertainties. Investors are cautioned that such statements are only predictions and that actual events or results may differ materially. Some of the factors which could cause actual results to materially differ from those anticipated by the forward-looking statements are set forth in the Company’s latest SEC Filings on Forms 10-K and 10-Q and in its earnings release dated April 23, 2004. Further, these forward-looking statements speak only as of this date June 16, 2004. We undertake no obligation to publicly release the results of any revisions to the forward-looking statements made today to reflect events or circumstances after today or to reflect the occurrence of unanticipated events.
STERIS’s Path to Growth
INITIAL GROWTH ACQUISITIONS REORGANIZATION
1987 Start up
STERIS 1995
STERIS 2000
STERIS Today
Leader in Technologies to
Control Infection and
Contamination
Positioned For Growth
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Sales by Business Segment
Fiscal Year Ended March 31, 2004 (Dollars in millions)
HEALTHCARE ($753) 69%
LIFE SCIENCES ($246) 23%
STERIS ISOMEDIX SERVICES ($88) 8%
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Key Industries Served
HEALTHCARE
Surgical Support
Sterile Processing
Applied Infection Control
LIFE SCIENCES
Pharmaceutical Production
Research
Defense and Industrial
STERIS ISOMEDIX SERVICES (CONTRACT STERILIZATION)
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Investment Considerations
Investment Considerations
A technology leader
Diversified and recurring revenue stream
Strong competitive positions
Strong financial and operating platform
Improving market dynamics
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A Technology Leader
Broad based technologies…
Gamma
Peracetic Acid Sterilization
EtO Sterilization
Steam Sterilization
VHP ® Sterilization
Skin Care
Washing Systems
Surface Cleaning Chemistries
Delivered through capital equipment chemistries and services…
Make STERIS a leader
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Diversified and Recurring Revenue Stream
Capital equipment drives… Consumables… and Services…
51% of fiscal 2004 revenues were higher margin,
recurring consumables and services
STERIS has the unique ability to offer a custom solution for a variety
of customers, industries and geographies
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Strong Competitive Positions
Leading supplier of sterilization and surgical support products to U.S. healthcare facilities
Leading position in contract sterilization for medical technology manufacturers and other industries
Leading supplier of equipment and chemistries to biopharmaceutical companies for research and production facilities
STERIS has the broadest range of infection control technologies, products and services in the world
STERIS has the unique capability to offer custom solutions to a variety of industries
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A Strong Financial and Operating Platform
Consistent revenue and earnings growth
Low level of debt
Strong free cash flow
Efficient operations
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Improving Market Dynamics
Aging population is driving demand for healthcare services and pharmaceuticals
Increased spending by hospitals is leading to expansion and upgrading of facilities
Ongoing investment in drug production is driving manufacturing capacity and research facilities
Global awareness of infection control is growing
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Strategic Direction
Sources of Growth
Earnings Power
EXTERNAL INTERNAL
Improving market dynamics and growing awareness of the need for infection control
Strategic Actions to Drive Growth and Financials
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Our Growth Strategy
Enhance our revenue stream by continuing to diversify by product, service, market and geography
Increase recurring revenues
Leverage our channel
Introduce new technologies
Adapt our technologies
Expand internationally
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Increase Recurring Revenues
Large revenue opportunity in our own installed base
Capture consumable opportunity
Aggressively grow service
New capital equipment products will have an associated proprietary consumable
Greater penetration of chemistries in Life Sciences
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Chemistry in Life Sciences—New One Solution RTU
Ready-to-Use chemistry designed to replace concentrate chemistries that require dilution and transfer
Eliminates processing steps and contamination risk
Reduces labor cost
Expands STERIS’s chemistry offering in Life Sciences
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Leverage Our Channel in Healthcare
Presence in every U.S. hospital
Sales force of 250 people
Service force of 1,000
New products, alliances, acquisitions
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Introduce New Technologies
R&D spending to approximate $30 million in fiscal 2004
Focused new product development effort
Areas of focus include projects for new industries and new sterilization technologies
VHP® technology advancement into new product uses
Prion Decontamination
Segmented sterile processing offering
Key new products for general infection control and surgical support
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New Product - Reliance® Endoscope Processing System
Submitted to FDA for 510k Approval
Available for sale in Europe
Approved for use in Canada
Registration pending in Australia
STERIS’ first high level disinfection system for flexible endoscopes in GI Suite
Can process two instruments simultaneously
Addresses key market needs in GI suite
Integrated capital and proprietary consumable
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Adapt Our Technologies
CURRENT FUTURE POSSIBILITIES
Exploring new applications related to Anthrax contamination
Joint research on defense applications for biological and chemical warfare
Joint research in space applications
Transportation
Hotel and building decontamination
Food and beverage packaging
Medical Device Sterilization
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Adapt Our Technologies — Key Application
Decontamination of State Department building SA32 mail processing facility.
Used STERIS proprietary technology, equipment and expertise
First validated process for treating anthrax contaminated buildings
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International Expansion Opportunities
Fourth Quarter Fiscal 2004
REVENUE MIX BY GEOGRAPHY
United States 76%
International 24%
Market size is equivalent to U.S.
Focused on key European markets
Acquisitions to play strategic role
Leading-edge technologies
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Recent Results
Net Quarterly Revenues
dollars in millions
12% Growth in Fiscal 2004
$300 $250 $200 $150 $100 $50
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
FY2001 FY2002 FY2003 FY2004
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Quarterly Diluted Earnings Per Share
19% Growth in Fiscal 2004
$0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $0.05 $0.00
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
FY2001 FY2002 FY2003 FY2004
* A charge in the fourth quarter of fiscal 2001 resulted in a loss
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Summary
A technology leader with strong competitive positions
Diversified and recurring revenue stream
Improving market dynamics
Financial flexibility
Bright future
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