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): August 8, 2018

 

 

STERIS plc

(Exact Name of Registrant as Specified in Charter)

 

 

 

England and Wales		1-37614		98-1203539
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Rutherford House Stephensons Way, Chaddesden

Derby, England, DE21 6LY

United Kingdom

(Address of Principal Executive Offices)

Registrant’s telephone number, including area code: +44 1332 387100

Not Applicable

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

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ITEM 2.02.

Results of Operations and Financial Condition.

On August 8, 2018, STERIS plc (the “Company”) issued a press release announcing financial results for its fiscal 2019 first quarter ending June 30, 2018, as well as an interim dividend. A copy of this press release is attached hereto as Exhibit 99.1.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Item 2.02 of 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.

 

ITEM 9.01.

Financial Statements and Exhibits.

(d)     Exhibits.

 

Exhibit No.		Description
99.1		Press Release issued by STERIS plc on August 8, 2018 announcing financial results for its fiscal 2019 first quarter ending June 30, 2018.

2

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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 plc
By:		/s/ J. Adam Zangerle
		J. Adam Zangerle
		Senior Vice President, General Counsel & Secretary

Date: August 8, 2018

Exhibit 99.1

STERIS Announces Financial Results for Fiscal 2019 First Quarter

 

•

First quarter revenue grows 5%

 

•

As reported EPS grows 21% and adjusted EPS grows 18%

 

•

Board approves increase in quarterly dividend to $0.34 per share

 

•

Fiscal 2019 full year revenue and adjusted earnings outlook confirmed

DERBY, U.K. - (August 8, 2018) - STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2019 first quarter ended June 30, 2018. Fiscal 2019 first quarter revenue as reported increased 5% to $638.8 million compared with $608.0 million in the first quarter of fiscal 2018, with growth across all segments. Constant currency organic revenue (see Non-GAAP Financial Measures) growth was also 5% for the first quarter of fiscal 2019.

“We are pleased with another strong start to a new fiscal year, with revenue growth at the high-end of our full year expectations and earnings in-line with our plan,” said Walt Rosebrough, President and Chief Executive Officer of STERIS. “Based on our performance in the quarter and expectations for the rest of the year, we continue to anticipate a record year consistent with our previous guidance.”

As reported, net income for the first quarter was $70.0 million, or $0.82 per diluted share, compared with net income of $58.1 million, or $0.68 per diluted share in the first quarter of fiscal 2018. Adjusted net income (see Non-GAAP Financial Measures) for the first quarter of fiscal 2019 was $85.6 million, or $1.00 per diluted share, compared with adjusted net income for the previous year’s first quarter of $73.2 million or $0.85 per diluted share.

First Quarter Segment Results

Beginning in the first quarter of fiscal 2019, the Company has changed the way it reports segment operating profit. Segment operating profit no longer includes certain corporate cost allocations. Please see the attached financial tables for a recast of prior year periods.

Healthcare Products revenue as reported grew 1% in the quarter to $292.0 million compared with $289.1 million in the first quarter of fiscal 2018, driven by 5% growth in service revenue and a 2% increase in capital equipment revenue during the quarter. Consumables declined 3% in the first quarter, as a result of divestitures. Constant currency organic revenue growth for Healthcare Products was 4% during the quarter. Healthcare Products operating income was $61.7 million compared with $63.1 million in last year’s first quarter. The decrease in profitability was primarily due to an increase of over $2 million in research and development spending, the impact of divestitures and a negative impact from currency fluctuations.

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Healthcare Specialty Services as reported revenue grew 8% in the quarter to $122.2 million compared with $113.4 million in the first quarter of fiscal 2018. On a constant currency organic revenue basis, the segment increased 6%. Healthcare Specialty Services operating income was $13.0 million compared with $14.3 million in last year’s first quarter, primarily due to investments in outsourced reprocessing in the United States.

Fiscal 2019 first quarter revenue for Applied Sterilization Technologies increased 12% as reported to $139.5 million compared with $124.5 million in the same period last year. Constant currency organic revenue increased 9%, primarily due to increased volume from the segment’s core medical device Customers. Segment operating income increased to $56.2 million in the first quarter of fiscal 2019 compared with operating income of $48.0 million in the same period last year, due primarily to the revenue growth.

Life Sciences first quarter revenue as reported grew 5% to $85.0 million compared with $80.9 million in the first quarter of fiscal 2018. Service, consumable and capital equipment revenues all grew 5% compared with the prior year period. Constant currency organic revenue grew 3% in the quarter. Operating income was $29.9 million compared with $26.9 million in the prior year’s first quarter, driven primarily by volume and favorable product mix.

Cash Flow

Net cash provided by operations for the first three months of fiscal 2019 was $100.8 million, compared with $80.7 million in fiscal 2018. Free cash flow (see Non-GAAP Financial Measures) for the first three months of fiscal 2019 was $75.8 million compared with $44.2 million in the prior year. The improvement in free cash flow is primarily due to improvements in working capital, the timing of capital spending and the increase in net income.

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Dividend Announcement

STERIS’s Board of Directors has authorized a $0.03 increase in its quarterly interim dividend to $0.34 per share. The dividend is payable September 27, 2018 to shareholders of record at the close of business on August 29, 2018.

Conference Call

As previously announced, STERIS management will host a conference call today at 10:00 a.m. Eastern time. The conference call can be heard live over the Internet at www.steris-ir.com or via phone by dialing 1- 877-317-6789 in the United States or 1-412-317-6789 internationally, then asking to join the conference call for STERIS plc.

For those unable to listen to the conference call live, a replay will be available beginning at 12:00 p.m. Eastern Time on August 8, 2018, either over the Internet at www.steris-ir.com or via phone. To access the replay of the call, please use the access code 10121683 and dial 1-877-344-7529 in the United States or 1-412-317-0088 internationally.

About STERIS

STERIS’s mission is to help our Customers create a healthier and safer world by providing innovative healthcare and life science product and service solutions around the globe. For more information, visit www.steris.com.

Investor Contact:

Julie Winter, Senior Director, Investor Relations

Julie_Winter@steris.com

+1 440 392 7245

Media Contact:

Stephen Norton, Senior Director, Corporate Communications

Stephen_Norton@steris.com

+1 440 392 7482

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Non-GAAP Financial Measures

Adjusted net income, free cash flow and constant currency organic revenue are non-GAAP measures that may be used from time to time and should not be considered replacements for GAAP results. Non-GAAP financial measures are presented in this release with the intent of providing greater transparency to supplemental financial information used by management and the Board of Directors in their financial analysis and operational decision making. These amounts are disclosed so that the reader has the same financial data that management uses with the belief that it will assist investors and other readers in making comparisons to our historical operating results and analyzing the underlying performance of our operations for the periods presented. The Company believes that the presentation of these non-GAAP financial measures, when considered along with our GAAP financial measures, provides a more complete understanding of the factors and trends affecting our business than could be obtained absent this disclosure.

Adjusted net income excludes the amortization of intangible assets acquired in business combinations, acquisition-related transaction costs, integration costs related to acquisitions, the re-measurement of deferred taxes and taxation of prior unremitted earnings impacts of the TCJA, and certain other unusual or non-recurring items. STERIS believes this measure is useful because it excludes items that may not be indicative of or are unrelated to our core operating results and provides a baseline for analyzing trends in our underlying businesses.

The Company defines free cash flow as cash flows from operating activities less purchases of property, plant, equipment and intangibles, plus proceeds from the sale of property, plant, equipment, and intangibles. STERIS believes that free cash flow is a useful measure of the Company’s ability to fund future principal debt repayments and growth outside of core operations, pay cash dividends, and repurchase ordinary shares.

To measure the percentage organic revenue growth, the Company removes the impact of significant acquisitions and divestitures that affect the comparability and trends in revenue. To measure the percentage constant currency organic revenue growth, the impact of changes in currency exchange rates and acquisitions and divestitures that affect the comparability and trends in revenue are removed. The impact of changes in currency exchange rates is calculated by translating current year results at prior year average currency exchange rates.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales, gross profit, operating income, net earnings and net earnings per diluted share, the most directly comparable GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures below, provide a more complete understanding of the business. The Company strongly encourage investors and shareholders to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

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Forward-Looking Statements

This release and the referenced conference call may contain statements concerning certain trends, expectations, forecasts, estimates, or other forward-looking information affecting or relating to STERIS or its industry, products or activities that are intended to qualify for the protections afforded “forward-looking statements” under the Private Securities Litigation Reform Act of 1995 and other laws and regulations. Forward-looking statements speak only as to the date the statement is made and may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “outlook,” “impact,” “potential,” “confidence,” “improve,” “optimistic,” “deliver,” “orders,” “backlog,” “comfortable,” “trend”, and “seeks,” or the negative of such terms or other variations on such terms or comparable terminology. Many important factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, disruption of production or supplies, changes in market conditions, political events, pending or future claims or litigation, competitive factors, technology advances, actions of regulatory agencies, and changes in laws, government regulations, labeling or product approvals or the application or interpretation thereof. Other risk factors are described in STERIS’s securities filings, including Item 1A of STERIS’s Annual Report on Form 10-K for the year ended March 31, 2018. Many of these important factors are outside of STERIS’s control. No assurances can be provided as to any result or the timing of any outcome regarding matters described in STERIS’s securities filings or otherwise with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, cost reductions, business strategies, earnings or revenue trends or future financial results. References to products are summaries only and should not be considered the specific terms of the product clearance or literature. Unless legally required, STERIS does not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, (a) STERIS’s ability to meet expectations regarding the accounting and tax treatment of the Tax Cuts and Jobs Act (“TCJA”) or the possibility that anticipated benefits resulting from the TCJA will be less than estimated, (b) changes in tax laws or interpretations that could increase our consolidated tax liabilities, including, changes in tax laws that would result in STERIS being treated as a domestic corporation for United States federal tax purposes, (c) the potential for increased pressure on pricing or costs that leads to erosion of profit margins, (d) the possibility that market demand will not develop for new technologies, products or applications or services, or business initiatives will take longer, cost more or produce lower benefits than anticipated, (e) the possibility that application of or compliance with laws, court rulings, certifications, regulations, regulatory actions, including without limitation those relating to FDA warning notices or letters, government investigations, the outcome of any pending FDA requests, inspections or submissions, or other requirements or standards may delay, limit or prevent new product introductions, affect the production and marketing of existing products or services or otherwise affect STERIS’s performance, results, prospects or value, (f) the potential of international unrest, economic downturn or effects of currencies, tax assessments, tariffs and/or other trade barriers, adjustments or anticipated rates, raw material costs or availability, benefit or retirement plan costs, or other regulatory compliance costs, (g) the possibility of reduced demand, or reductions in the rate of growth in demand, for STERIS’s products and services, (h) the possibility of delays in receipt of orders, order cancellations, or delays in the manufacture or shipment of ordered products or in the provision of services, (i) the possibility that anticipated growth, cost savings, new product acceptance, performance or approvals, or other results may not be achieved, or that transition, labor, competition, timing, execution, regulatory, governmental, or other issues or risks associated with STERIS’s businesses, industry or initiatives including, without limitation, those matters described in STERIS’s 10-K for the year ended March 31, 2018 and other securities filings, may adversely impact STERIS’s performance, results, prospects or value, (j) the impact on STERIS and its operations, or tax liabilities, of the “Brexit” or the exit of other member countries from the EU, and the Company’s ability to respond to such impacts, (k) the impact on STERIS and its operations of any legislation, regulations or orders, including but not limited to any new trade or tax legislation, regulations or orders, that may be implemented by the U.S. administration or Congress, or of any responses thereto, (l) the possibility that anticipated financial results or benefits of recent acquisitions, or of STERIS’s restructuring efforts, or of recent divestitures will not be realized or will be other than anticipated, and (m) the effects of the contractions in credit availability, as well as the ability of STERIS’s Customers and suppliers to adequately access the credit markets when needed.

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STERIS plc

Consolidated Condensed Statements of Operations

(In thousands, except per share data)

 

		Three Months Ended
		June 30,
		2018				2017
		(Unaudited)				(Unaudited)
Revenues		$	638,758			$	607,964
Cost of revenues			369,708				352,198
Gross profit			269,050				255,766
Operating expenses:
Selling, general, and administrative			158,406				156,336
Research and development			16,220				14,004
Restructuring expense			—				51
Total operating expenses			174,626				170,391
Income from operations			94,424				85,375
Non-operating expense, net			11,373				11,121
Income tax expense			12,773				16,039
Net income		$	70,278			$	58,215
Net income attributable to noncontrolling interest			287				138
Net income attributable to shareholders		$	69,991			$	58,077
Earnings per ordinary share (EPS) data:
Basic		$	0.83			$	0.68
Diluted		$	0.82			$	0.68
Cash dividends declared per share outstanding		$	0.31			$	0.28
Weighted average number of shares outstanding used in EPS computation:
Basic number of shares outstanding			84,685				85,090
Diluted number of shares outstanding			85,509				85,720

STERIS plc

Consolidated Condensed Balance Sheets

(In thousands)

 

		June 30,				March 31,
		2018				2018
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	218,524			$	201,534
Accounts receivable, net			481,482				528,066
Inventories, net			233,876				205,731
Other current assets			55,007				54,326
Total Current Assets			988,889				989,657
Property, plant, and equipment, net			984,235				1,010,524
Goodwill and intangible assets, net			3,032,408				3,160,764
Other assets			46,282				39,389
Total Assets		$	5,051,814			$	5,200,334
Liabilities and Equity
Current liabilities:
Accounts payable		$	130,738			$	135,866
Other current liabilities			243,104				262,596
Total Current Liabilities			373,842				398,462
Long-term debt			1,320,064				1,316,001
Other liabilities			258,720				268,571
Equity			3,099,188				3,217,300
Total Liabilities and Equity		$	5,051,814			$	5,200,334

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STERIS plc

Segment Data

 

 

		Three Months Ended
		June 30,
(In thousands)		2018				2017
		(Unaudited)				(Unaudited)
Segment Revenues:
Healthcare Products		$	292,010			$	289,064
Healthcare Specialty Services			122,249				113,434
Life Sciences			84,955				80,935
Applied Sterilization Technologies			139,544				124,531
Total Segment Revenues		$	638,758			$	607,964
Segment Operating Income:
Healthcare Products		$	61,722			$	63,124
Healthcare Specialty Services			12,954				14,344
Life Sciences			29,865				26,870
Applied Sterilization Technologies			56,151				47,994
Total Reportable Segments			160,692				152,332
Corporate			(46,042	)			(45,833	)
Total Segment Operating Income Before Adjustments		$	114,650			$	106,499
Less: Adjustments
Amortization of inventory and property “step up” to fair value			611				618
Amortization of acquired intangible assets			18,055				16,302
Acquisition and integration related charges			1,671				4,029
Net loss on divestiture of businesses			444				124
(Gain) on fair value adjustment of acquisition related contingent consideration			(842	)			—
Tax restructuing costs			287				—
Restructuring charges			—				51
Total operating income		$	94,424			$	85,375

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STERIS plc

Consolidated Condensed Statements of Cash Flows

(In thousands)

 

		Three Months Ended
		June 30,
		2018				2017
		(Unaudited)				(Unaudited)
Operating Activities:
Net income		$	70,278			$	58,215
Non-cash items			31,111				45,816
Changes in operating assets and liabilities			(610	)			(23,378	)
Net cash provided by operating activities			100,779				80,653
Investing Activities:
Purchases of property, plant, equipment, and intangibles, net			(27,726	)			(36,492	)
Proceeds from sale of property, plant, equipment and intangibles			2,795				9
Proceeds from the sale of businesses, net of cash divested			(196	)			—
Purchases of investments			(4,955	)			—
Acquisition of businesses, net of cash acquired			—				(18,399	)
Other			(4,784	)			—
Net cash used in investing activities			(34,866	)			(54,882	)
Financing Activities:
Payments on long-term obligations			—				(7,500	)
Proceeds under credit facilities, net			18,443				13,631
Acquisition related deferred or contingent consideration			(685	)			(1,876	)
Deferred financing fees and debt issuance costs			(298	)			(44	)
Repurchases of shares			(33,844	)			(8,451	)
Cash dividends paid to shareholders			(26,265	)			(23,858	)
Stock option and other equity transactions, net			3,435				5,844
Net cash provided by financing activities			(39,214	)			(22,254	)
Effect of exchange rate changes on cash and cash equivalents			(9,709	)			8,405
Increase (decrease) in cash and cash equivalents			16,990				11,922
Cash and cash equivalents at beginning of period			201,534				282,918
Cash and cash equivalents at end of period		$	218,524			$	294,840

 

 

		Three Months Ended
		June 30,
		2018				2017
		(Unaudited)				(Unaudited)
Calculation of Free Cash Flow:
Cash flows from operating activities		$	100,779			$	80,653
Purchases of property, plant, equipment, and intangibles, net			(27,726	)			(36,492	)
Proceeds from the sale of property, plant, equipment, and intangibles			2,795				9
Free Cash Flow		$	75,848			$	44,170

 

		Twelve Months Ended
		March 31,
		2019
		(Outlook)*
Calculation of free cash flow for outlook:
Cash flows from operating activities		$	530,000
Purchases of property, plant, equipment, and intangibles, net			(190,000	)
Free Cash Flow		$	340,000

 

*	All amounts are estimates.

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STERIS plc

Non-GAAP Financial Measures

(In thousands, except per share data)

 

 

		Three months ended June 30, (unaudited)
		As reported, GAAP								Impact of Acquisitions				Impact of Divestitures				Impact of Currency Movements				GAAP growth				Organic growth				Constant currency organic growth
Segment Revenues:		2018				2017				2018				2017				2018				2018				2018				2018
Healthcare Products		$	292,010			$	289,064			$	—			$	(9,870	)		$	1,704				1.0	%			4.6	%			4.0	%
Healthcare Specialty Services			122,249				113,434				—				—				1,968				7.8	%			7.8	%			6.0	%
Life Sciences			84,955				80,935				—				—				1,248				5.0	%			5.0	%			3.4	%
Applied Sterilization Technologies			139,544				124,531				—				—				4,146				12.1	%			12.1	%			8.7	%
Total		$	638,758			$	607,964			$	—			$	(9,870	)		$	9,066				5.1	%			6.8	%			5.3	%

 

 

		Three months ended June 30, (unaudited)
		Gross Profit								Income from Operations								Net income attributable to shareholders								Diluted EPS
		2018				2017				2018				2017				2018				2017				2018				2017
GAAP		$	269,050			$	255,766			$	94,424			$	85,375			$	69,991			$	58,077			$	0.82			$	0.68
Adjustments:
Amortization of inventory and property “step up” to fair value			648				636				611				618
Amortization of acquired intangible assets			100				22				18,055				16,302
Acquisition and integration related charges			587				116				1,671				4,029
Net loss on divestiture of businesses			—				—				444				124
Restructuring charges			—				—				—				51
(Gain) on fair value adjustment of acquisition
related contingent consideration			—				—				(842	)			—
Tax restructuring costs			—				—				287				—
Net impact of adjustments after tax*																			15,656				15,124
Net EPS impact																											0.18				0.17
Adjusted		$	270,385			$	256,540			$	114,650			$	106,499			$	85,647			$	73,201			$	1.00			$	0.85

 

*	The tax expense (benefit) includes both the current and deferred income tax impact of the adjustments.

 

FY 2019 Outlook		Twelve Months Ended March 31 2019
		(Outlook)**
Net Income per diluted share		$	3.88 - 4.00
Amortization of inventory and property “step up” to fair value			0.02
Amortization and impairment of purchased intangible assets			0.64
Acquisition and integration related charges			0.04
Impact of Tax Cuts and Jobs Act			0.05
Adjusted net income per diluted share		$	4.63 - $4.75

 

**	All amounts are estimates.

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STERIS plc

Unaudited Supplemental Financial Data

First Quarter Fiscal 2019

For Periods Ending June 30, 2018 and 2017

 

		FY 2019				FY 2018
Total Company Revenues		Q1				Q1
Consumables		$	147,571			$	147,862
Service		$	359,968			$	334,359
Total Recurring		$	507,539			$	482,221
Capital Equipment		$	131,219			$	125,743
Total Revenues		$	638,758			$	607,964
United Kingdom Revenues		$	47,480			$	52,722
United Kingdom Revenues as a % of Total			7	%			9	%
United States Revenues		$	447,540			$	422,959
United States Revenues as a % of Total			70	%			69	%
International Revenues		$	143,738			$	132,283
International Revenues as a % of Total			23	%			22	%
Segment Data		Q1				Q1
Healthcare Products
Revenues
Consumables		$	100,414			$	103,688
Service			84,100				79,811
Total Recurring			184,514				183,499
Capital Equipment			107,496				105,565
Total Healthcare Products Revenues		$	292,010			$	289,064
Segment Operating Income			61,722				63,124
Healthcare Specialty Services
Healthcare Services Revenues		$	122,249			$	113,434
Segment Operating Income			12,954				14,344
Life Sciences
Revenues
Consumables		$	40,221			$	38,319
Service			25,620				24,335
Total Recurring			65,841				62,654
Capital Equipment			19,114				18,281
Total Life Sciences Revenues		$	84,955			$	80,935
Segment Operating Income			29,865				26,870
Applied Sterilization Technologies
Applied Sterilization Technologies Revenues		$	139,544			$	124,531
Segment Operating Income		$	56,151			$	47,994
Corporate
Operating Loss		$	(46,042	)		$	(45,833	)
Other Data		Q1				Q1
Healthcare Products Backlog		$	177,064			$	135,048
Life Sciences Backlog			63,405				66,505
Total Backlog		$	240,469			$	201,553
GAAP Income Tax Rate			15.4	%			21.6	%
Adjusted Income Tax Rate			16.8	%			23.1	%

This supplemental data is consistent with publicly disclosed information provided in quarterly conference calls, earnings releases and SEC filings, and is subject to all definitions, precautions and limitations contained in those disclosures. Please see the Company’s most recent 10-K for definitions (and reconciliation where appropriate) of adjusted measures, backlog, free cash flow and net debt.

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STERIS plc

Segment Data

Recast of Fiscal 2018 Segment Data By Quarter

 

 

		Fiscal Year Ending March 31, 2018
(In thousands)		Q1				Q2				Q3				Q4				Full Year
		(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Segment Revenues:
Healthcare Products		$	289,064			$	302,094			$	324,895			$	360,001			$	1,276,054
Healthcare Specialty Services			113,434				116,111				117,389				122,131				469,065
Life Sciences			80,935				89,461				90,895				100,299				361,590
Applied Sterilization Technologies			124,531				126,493				128,721				133,542				513,287
Total Revenues		$	607,964			$	634,159			$	661,900			$	715,973			$	2,619,996
Segment Operating Income:
Healthcare Products		$	63,124			$	63,159			$	81,498			$	86,376			$	294,157
Healthcare Specialty Services			14,344				15,950				13,720				14,444				58,458
Life Sciences			26,870				31,303				31,245				34,471				123,889
Applied Sterilization Technologies			47,994				48,528				48,191				51,584				196,297
Total Reportable Segments			152,332				158,940				174,654				186,875				672,801
Corporate			(45,833	)			(38,174	)			(38,140	)			(40,853	)			(163,000	)
Total Operating Income Before Adjustments		$	106,499			$	120,766			$	136,514			$	146,022			$	509,801