EX-99.1 2 ste03312025ex991.htm EX-99.1 Document

Exhibit 99.1
                                                
STERIS Announces Financial Results for Fiscal 2025 Fourth Quarter and Full Year

•
Full year fiscal 2025 revenue from continuing operations increased 6%; constant currency organic revenue growth was 6%
•
Full year fiscal 2025 as reported diluted EPS from continuing operations increased to $6.16; adjusted EPS per diluted share increased to $9.22
•
Fiscal 2026 outlook provided

DUBLIN, IRELAND - (May 14, 2025) - STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2025 fourth quarter and full year ended March 31, 2025. Total revenue from continuing operations for the fourth quarter of fiscal 2025 increased 4% to $1.5 billion compared with $1.4 billion in the fourth quarter of fiscal 2024. Constant currency organic revenue growth from continuing operations for the fourth quarter was 6%.

Revenue from continuing operations for fiscal 2025 increased 6% to $5.5 billion compared with $5.1 billion in fiscal 2024. Constant currency organic revenue growth from continuing operations for fiscal 2025 was 6%.

“Fiscal 2025 was another record year,” said Dan Carestio, President and CEO of STERIS. “We continue to benefit from our diversified Customer base and growth in global procedure volumes. We appreciate the efforts of our global Associates who continue to put Customers first. We look forward to another successful year in fiscal 2026.”

Total Company Fourth Quarter and Full Year Results from Continuing Operations
As reported, net income from continuing operations for the fourth quarter was $146.5 million or $1.48 per diluted share, compared with net income of $152.9 million or $1.54 per diluted share in the fourth quarter of fiscal 2024. Adjusted net income for the fourth quarter of fiscal 2025 was $270.3 million or $2.74 per diluted share, compared with the previous year’s fourth quarter of $240.1 million or $2.41 per diluted share.

As reported, net income from continuing operations for the full year fiscal 2025 was $610.1 million or $6.16 per diluted share, compared with net income of $551.4 million or $5.55 per diluted share in fiscal 2024. Adjusted net income for the full year fiscal 2025 was $913.2 million or $9.22 per diluted share, compared with $814.9 million or $8.20 per diluted share in fiscal 2024.

Fourth Quarter Segment Results from Continuing Operations
Healthcare revenue as reported grew 5% in the fourth quarter to $1.1 billion compared with $1.0 billion in the fourth quarter of fiscal 2024. This performance reflected 13% improvement in service revenue, 6% growth in consumable revenue, and a 4% decline in capital equipment revenue. Constant currency organic revenue growth was 6%. Healthcare operating income was $279.7 million compared with $245.2 million in last year’s fourth quarter. The increase in operating income was primarily due to improved volume, price, productivity and the benefit of restructuring.

Fiscal 2025 fourth quarter revenue for Applied Sterilization Technologies (AST) increased 9% as reported to $273.9 million compared with $250.9 million in the same period last year. This performance reflected 6% growth in service revenue and an increase in capital equipment revenue. Constant currency organic revenue growth was 10%. Segment operating income was $122.2 million in the fourth quarter of fiscal 2025, compared with operating income of $114.2 million in the same period last year. The operating income increase compared with the prior year primarily reflects improved volume and price, which was partially offset by continued increases in labor and energy costs.

Life Sciences fourth quarter revenue as reported decreased 7% to $149.5 million compared with $160.6 million in the fourth quarter of fiscal 2024, primarily due to the divestiture of the CECS business on April 1, 2024 and a decline in capital equipment revenue. This performance reflected 8% growth in consumable revenue offset by a 16% decline in capital equipment revenue and a 21% decline in service revenue. Constant currency organic revenue was flat. Reflecting improvement in mix and price, operating income increased to $65.0 million in the fourth quarter of fiscal 2025 compared with $64.5 million in the prior year’s fourth quarter.





Cash Flow
Net cash provided by operations for fiscal 2025 was $1.15 billion, compared with $973.3 million in fiscal 2024. Free cash flow for fiscal 2025 was $787.2 million compared with $620.3 million in the prior year period. The increase in free cash flow during the period was driven primarily by working capital improvements.

Fiscal 2026 Outlook
For fiscal 2026, the Company expects as reported revenue from continuing operations to increase 6-7%. Based on forward rates through March 31, 2026, currency is expected to be neutral to revenue in fiscal 2026. As a result, constant currency organic revenue growth from continuing operations is also anticipated to be 6-7%. Adjusted earnings per diluted share from continuing operations is anticipated to be in the range of $9.90 to $10.15, an increase of 7-10% compared with $9.22 in adjusted earnings per diluted share from continuing operations in fiscal 2025. Included in this outlook is the negative impact of tariffs, estimated to reduce pre-tax profit by approximately $30 million.

Capital expenditures are anticipated to be approximately $375 million and free cash flow is expected to be approximately $770 million.

Conference Call
As previously announced, STERIS management will host a conference call tomorrow, May 15, 2025, at 9:00 a.m. ET. The conference call can be heard at www.steris-ir.com or via phone by dialing 1-833-535-2199 in the United States or 1-412-902-6776 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. ET tomorrow either at www.steris-ir.com or via phone. To access the replay of the call, please use the access code 5194825 and dial 1-877-344-7529 in the United States or 1-412-317-0088 internationally.

About STERIS
STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life sciences products and services. For more information, visit www.steris.com.

Company Contact:
Julie Winter, Vice President, Investor Relations and Corporate Communications
Julie_Winter@steris.com

Non-GAAP Financial Measures
Adjusted net income, adjusted income from operations, free cash flow, adjusted EPS and constant currency organic revenue are non-GAAP measures that may be used from time to time and should not be considered replacements for U.S. 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 U.S. 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, adjusted EPS and adjusted income from operations exclude the amortization of intangible assets acquired in business combinations, acquisition and divestiture related transaction costs and gains or losses, integration costs related to acquisitions, tax restructuring costs, 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 U.S. GAAP financial measures. These non-GAAP financial measures are an additional way of viewing aspects of the Company’s operations that, when viewed with U.S. GAAP results and the reconciliations to corresponding U.S. GAAP financial measures below, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This release 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 factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, those identified in STERIS’s recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation: (a) operating costs, pressure on pricing (including, without limitation, as a result of inflation), Customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, Customers, clients or suppliers) being greater than expected and leading to erosion of profit margins; (b) STERIS’s ability to successfully integrate acquired businesses into its existing businesses, including unknown or inestimable liabilities, impairments, or increases in expected integration costs or difficulties in connection with the integration of such businesses; (c) changes in tax laws or interpretations or the adoption of certain income tax treaties in jurisdictions where we operate 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, or tariffs and/or other trade barriers; (d) the possibility that compliance with laws, court rulings, certifications, regulations, or other regulatory actions, or the outcome of any pending or threatened litigation, including the Isomedix litigation, may delay, limit or prevent new product or service introductions, impact production, supply and/or marketing of existing products or services, result in uncovered costs, or otherwise affect STERIS’s performance, results, prospects or value; (e) the potential of international unrest, including military conflicts, trade wars, economic downturn and effects of currency fluctuations; (f) the possibility of delays in receipt of orders, order cancellations, or the manufacture or shipment of ordered products; (g) the possibility that anticipated growth, performance or other results may not be achieved, or that timing, execution, impairments, or other issues associated with STERIS’s businesses, industry or initiatives may adversely impact STERIS’s performance, results, prospects or value; (h) the impact on STERIS and its operations of any legislation, regulations or orders, including but not limited to any new trade, regulations or orders, that may be implemented by the U.S. administration or Congress, or of any responses thereto by non-U.S. governments; (i) the possibility that anticipated financial results, anticipated revenue, productivity improvements, cost savings, growth synergies, and other anticipated benefits of acquisitions, restructuring efforts, and divestitures will not be realized or will be less than anticipated; (j) the level of STERIS’s indebtedness limiting financial flexibility or increasing future borrowing costs; (k) the effects of changes in credit availability and pricing, as well as the ability of STERIS and STERIS’s Customers and suppliers to adequately access the credit markets, on favorable terms or at all, when needed; (l) the impacts of increasing competition within our industry, which may exert pressure on our pricing strategy or lead to decreasing demand for our products and services; (m) the effects on our operations resulting from labor-related issues, such as strikes, unsuccessful union negotiations and other workforce disruptions; (n) the possibility of economic downturns and recessions, which could negatively impact our business by reducing consumer and Customer spending. 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.


STERIS plc
Consolidated Condensed Statements of Operations
(Unaudited - In thousands, except per share data)Three Months Ended March 31, Twelve Months Ended March 31,
 
2025202420252024
Revenues$1,480,531 $1,419,387 $5,459,515 $5,138,701 
Cost of revenues 839,320 836,485 3,056,751 2,920,541 
Gross profit641,211 582,902 2,402,764 2,218,160 
Operating expenses:
Selling, general, and administrative333,905 309,063 1,334,276 1,252,318 
Research and development27,686 27,462 107,648 103,679 
Illinois EO litigation settlement48,150 — 48,150 — 
Restructuring expenses15,322 26,043 46,049 26,045 
Total operating expenses425,063 362,568 1,536,123 1,382,042 
Income from operations216,148 220,334 866,641 836,118 
Non-operating expenses, net
Interest expense17,115 36,103 86,261 144,351 
Interest and miscellaneous income(3,534)(6,344)(8,402)(11,043)
Loss (gain) on sale of businesses and equity investment, net5,258 — (7,425)— 
Total non-operating expenses, net18,839 29,759 70,434 133,308 
Income from continuing operations before income tax expense197,309 190,575 796,207 702,810 
Income tax expense50,450 37,276 184,650 149,530 
Income from continuing operations, net of income tax$146,859 $153,299 $611,557 $553,280 
(Loss) income from discontinued operations, net of income tax$(786)$(154,301)$4,517 $(173,201)
Net income (loss)$146,073 $(1,002)$616,074 $380,079 
Less: Net income (loss) attributable to noncontrolling interests403 375 1,433 1,840 
Net income (loss) attributable to shareholders$145,670 $(1,377)$614,641 $378,239 
Net income from continuing operations attributable to shareholders$146,456 $152,924 $610,124 $551,440 
Earnings per ordinary share (EPS) - Basic
Continuing Operations$1.49 $1.55 $6.19 $5.58 
Discontinued Operations$(0.01)$(1.56)$0.05 $(1.75)
Total$1.48 $(0.01)$6.24 $3.83 
Earnings per ordinary share (EPS) - Diluted
Continuing Operations$1.48 $1.54 $6.16 $5.55 
Discontinued Operations$(0.01)$(1.55)$0.05 $(1.74)
Total$1.48 $(0.01)$6.20 $3.81 
Cash dividends declared per share ordinary outstanding$0.57 $0.52 $2.23 $2.03 
Weighted average number of shares outstanding used in EPS computation:
  Basic number of shares outstanding98,273 98,851 98,575 98,787 
  Diluted number of shares outstanding98,756 99,435 99,069 99,359 


STERIS plc
Consolidated Condensed Balance Sheets
(Unaudited - In thousands)March 31,March 31,
 20252024
Assets
Current assets:
Cash and cash equivalents$171,701 $207,020 
Accounts receivable, net1,043,961 1,008,315 
Inventories, net581,329 674,535 
Prepaid expenses and other current assets203,774 174,349 
Current assets held for sale— 804,904 
Total current assets2,000,765 2,869,123 
Property, plant, and equipment, net1,956,544 1,765,180 
Lease right-of-use assets, net156,388 173,201 
Goodwill4,095,678 4,070,712 
Intangibles, net 1,854,390 2,119,282 
Other assets83,046 66,199 
Total assets$10,146,811 $11,063,697 
Liabilities and equity
Current liabilities:
Accounts payable$280,770 $251,723 
Short-term indebtedness125,000 85,938 
Other current liabilities616,403 529,454 
Current liabilities held for sale— 64,012 
Total current liabilities1,022,173 931,127 
Long-term indebtedness1,918,701 3,120,162 
Other liabilities590,180 697,062 
Total equity6,615,757 6,315,346 
Total liabilities and equity$10,146,811 $11,063,697 


STERIS plc
Segment Data
(Unaudited - In thousands)
Financial information for each of the segments is presented in the following table. We disclose a measure of segment income that is consistent with the way management operates and views the business. The accounting policies for reportable segments are the same as those for the consolidated Company. Segment income is calculated as the segment’s gross profit less direct costs and indirect costs if the resources are dedicated to a single segment. Corporate costs include corporate and administrative functions, public company costs, legacy post-retirement benefits, and certain services and facilities related to distribution and research and development that are shared by multiple segments.
 Three Months Ended March 31, Twelve Months Ended March 31,
2025202420252024
Revenues:
Healthcare $1,057,176 $1,007,862 $3,878,671 $3,613,019 
AST273,889 250,897 1,038,573 953,980 
Life Sciences149,466 160,628 542,271 571,702 
Total revenues$1,480,531 $1,419,387 $5,459,515 $5,138,701 
Income (loss) from operations before adjustments:
Healthcare$279,711 $245,224 $971,521 $871,358 
AST122,202 114,215 465,576 439,744 
Life Sciences65,024 64,486 229,441 221,349 
Corporate(99,314)(88,044)(399,033)(348,497)
Total income from operations before adjustments$367,623 $335,881 $1,267,505 $1,183,954 
Less: Adjustments
Amortization of acquired intangible assets
$70,909 $67,760 $273,784 $266,420 
Acquisition and integration related charges 1,944 1,217 11,159 25,526 
Tax restructuring (benefits) costs— (32)54 620 
Net loss on divestiture of businesses
— 873 — 873 
Amortization of inventory and property "step up" to fair value 1,306 1,366 5,442 10,032 
Restructuring charges29,166 44,363 62,275 44,365 
Illinois EO litigation settlement48,150 — 48,150 — 
Income from operations$216,148 $220,334 $866,641 $836,118 




STERIS plc
Consolidated Condensed Statements of Cash Flows
(Unaudited - In thousands)
 Twelve Months Ended March 31,
 20252024
Operating activities:
Net income$616,074 $380,079 
Non-cash items465,500 739,273 
Changes in operating assets and liabilities66,513 (146,078)
Net cash provided by operating activities1,148,087 973,274 
Investing activities:
Purchases of property, plant, equipment, and intangibles, net(370,091)(360,326)
Proceeds from the sale of property, plant, equipment, and intangibles9,195 7,381 
Proceeds from the sale of businesses814,558 9,458 
Proceeds from the sale of investments— 3,882 
Purchases of equity investments and convertible notes(10,750)(1,500)
Acquisition of businesses, net of cash acquired(54,139)(546,256)
Net cash provided by (used in) investing activities388,773 (887,361)
Financing activities:
Payments on term loans(638,125)(60,000)
Payments on Private Placement Senior Notes(80,000)— 
(Payments) proceeds under credit facilities, net(446,304)181,486 
Deferred financing fees and debt issuance costs(2,316)— 
Acquisition related deferred or contingent consideration(355)(6,242)
Repurchases of ordinary shares(211,321)(11,765)
Cash dividends paid to ordinary shareholders(219,875)(200,570)
Distributions to noncontrolling interest(2,069)(1,561)
Contributions from noncontrolling interest2,532 2,994 
Stock option and other equity transactions, net25,469 10,472 
Net cash used in financing activities(1,572,364)(85,186)
Effect of exchange rate changes on cash and cash equivalents185 (2,064)
Decrease in cash and cash equivalents(35,319)(1,337)
Cash and cash equivalents at beginning of period207,020 208,357 
Cash and cash equivalents at end of period$171,701 $207,020 
The following table presents a financial measure which is considered to be "non-GAAP financial measures" under Securities Exchange Commission rules. Free cash flow is defined by the Company as cash flows from operating activities less purchases of property, plant, equipment and intangibles (capital expenditures) plus proceeds from the sale of property, plant, equipment and intangibles. The Company uses free cash flow as a measure to gauge its ability to pay cash dividends, fund growth outside of core operations, fund future debt principal repayments, and repurchase shares. STERIS's calculation of free cash flows may vary from other companies.
Twelve Months Ended March 31,
20252024
Calculation of Free Cash Flow:
Cash flows from operating activities$1,148,087 $973,274 
Purchases of property, plant, equipment, and intangibles, net(370,091)(360,326)
Proceeds from the sale of property, plant, equipment, and intangibles9,195 7,381 
Free Cash Flow$787,191 $620,329 





STERIS plc
Non-GAAP Financial Measures
(Unaudited - In thousands, except per share data)
Non-GAAP financial measures are presented 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.
Management and the Board of Directors believe that the presentation of these non-GAAP financial measures, when considered along with our U.S. GAAP financial measures and the reconciliation to the corresponding U.S. GAAP financial measures, provides the reader with a more complete understanding of the factors and trends affecting our business than could be obtained absent this disclosure. It is important for the reader to note that the non-GAAP financial measure used may be calculated differently from, and therefore may not be comparable to, a similarly titled measure used by other companies.
To measure the percentage organic revenue growth, the Company removes the impact of 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.
Three months ended March 31,
As reported, U.S. GAAPImpact of AcquisitionsImpact of DivestituresImpact of Foreign Currency MovementsU.S. GAAP GrowthOrganic GrowthConstant Currency Organic Growth
20252024202520242025202520252025
Segment revenues:
Healthcare $1,057,176 $1,007,862 $— $— $(7,532)4.9 %4.9 %5.6 %
AST273,889 250,897 — — (2,837)9.2 %9.2 %10.3 %
Life Sciences149,466 160,628 — (9,958)(1,283)(6.9)%(0.8)%0.1 %
Total$1,480,531 $1,419,387 $— $(9,958)$(11,652)4.3 %5.0 %5.9 %

Twelve months ended March 31,
As reported, U.S. GAAPImpact of AcquisitionsImpact of DivestituresImpact of Foreign Currency MovementsU.S. GAAP GrowthOrganic GrowthConstant Currency Organic Growth
20252024202520242025202520252025
Segment revenues:
Healthcare $3,878,671 $3,613,019 $52,373 $— $(8,139)7.4 %5.9 %6.1 %
AST1,038,573 953,980 — — (2,028)8.9 %8.9 %9.1 %
Life Sciences542,271 571,702 — (34,598)(1,915)(5.1)%1.0 %1.3 %
Total$5,459,515 $5,138,701 $52,373 $(34,598)$(12,082)6.2 %5.9 %6.2 %



















STERIS plc
Non-GAAP Financial Measures (Continued)
(Unaudited - In thousands, except per share data)

Three months ended March 31,
Continuing Operations
Gross ProfitIncome from OperationsIncome from continuing operations, net of income tax(Loss) income from discontinued operations, net of income taxNet income (loss) attributable to shareholdersDiluted EPS from continuing operationsDiluted EPS from discontinued operations
Diluted EPS(2)
2025202420252024202520242025202420252024202520242025202420252024
As reported, U.S. GAAP$641,211 $582,902 $216,148 $220,334 $146,859 $153,299 $(786)$(154,301)$145,670 $(1,377)$1.48 $1.54 $(0.01)$(1.55)$1.48 $(0.01)
Adjustments:
Amortization of acquired intangible assets 979 393 70,909 67,760 
Acquisition and integration related (credits) charges (32)1,884 1,944 1,217 
Tax restructuring benefits— — — (32)
Net loss on divestiture of businesses— 176 — 873 
Amortization of inventory and property "step up" to fair value 479 635 1,306 1,366 
Restructuring charges 13,844 18,321 29,166 44,363 
Illinois EO litigation settlement— — 48,150 — 
Loss on sale of business5,258 — 
Net impact of adjustments after tax(1)
118,613 87,199 786 170,488 124,657 257,687 
Net EPS impact1.260.87 0.011.71 1.26 2.59 
Adjusted$656,481 $604,311 $367,623 $335,881 $270,730 $240,498 $— $16,187 $270,327 $256,310 $2.74 $2.41 $— $0.16 $2.74 $2.58 
(1) The tax expense includes both the current and deferred income tax impact of the adjustments.
(2) Diluted EPS is calculated independently for Diluted EPS from continuing operations and Diluted EPS from discontinued operations. The sum of Diluted EPS from continuing operations and Diluted EPS from discontinued operations may not equal Diluted EPS due to rounding.












STERIS plc
Non-GAAP Financial Measures (Continued)
(Unaudited- In thousands, except per share data)

Twelve months ended March 31,
Continuing Operations
Gross ProfitIncome from OperationsIncome from continuing operations, net of income taxIncome (loss) from discontinued operations, net of income taxNet income attributable to shareholdersDiluted EPS from continuing operationsDiluted EPS from discontinued operations
Diluted EPS(2)
2025202420252024202520242025202420252024202520242025202420252024
As reported, U.S. GAAP$2,402,764 $2,218,160 $866,641 $836,118 $611,557 $553,280 $4,517 $(173,201)$614,641 $378,239 $6.16 $5.55 $0.05 $(1.74)$6.20 $3.81 
Adjustments:
Amortization of acquired intangible assets 3,109 2,049 273,784 266,420 
Acquisition and integration related charges 1,628 3,264 11,159 25,526 
Tax restructuring costs— — 54 620 
Gain on fair value adjustment of acquisition related contingent consideration — — — — 
Net loss (gain) on divestiture of businesses — 176 — 873 
Amortization of inventory and property "step up" to fair value 2,223 7,060 5,442 10,032 
Restructuring charges 16,233 18,320 62,275 44,365 
Illinois EO litigation settlement`— — 48,150 — 
Gain on sale of businesses and equity investment, net(7,425)— 
Net impact of adjustments after tax(1)
310,520 263,429 6,559 235,960 309,654 499,389 
Net EPS impact3.06 2.65 0.06 2.37 3.13 5.02 
Adjusted$2,425,957 $2,249,029 $1,267,505 $1,183,954 $914,652 $816,709 $11,076 $62,759 $924,295 $877,628 $9.22 $8.20 $0.11 $0.63 $9.33 $8.83 
(1) The tax expense includes both the current and deferred income tax impact of the adjustments.
(2) Diluted EPS is calculated independently for Diluted EPS from continuing operations and Diluted EPS from discontinued operations. The sum of Diluted EPS from continuing operations and Diluted EPS from discontinued operations may not equal Diluted EPS due to rounding.











STERIS plc
Non-GAAP Financial Measures (Continued)
(Unaudited - In thousands, except per share data)


FY 2026 OutlookTwelve Months
Ended March 31, 2026
(Outlook)***
Net income from continuing operations per diluted share$7.82 - $8.07
Amortization of acquired intangible assets$2.06 
Acquisition and integration related charges— 
Restructuring$0.02 
Adjusted net income from continuing operations per diluted share$9.90 - $10.15
Cash flows from operating activities$1,145,000
Purchases of property, plant, equipment, and intangibles, net(375,000)
Free Cash Flow$770,000
*** All amounts are estimates.




STERIS plc
Unaudited Supplemental Financial Data
Fourth Quarter Fiscal 2025
For the Periods Ending March 31, 2025 and 2024
FY 2025FY 2024FY 2025FY 2024
Total Company Revenues - Continuing OperationsQ4Q4YTDYTD
Consumables$430,009 $403,637 $1,685,924 $1,502,378 
Service679,465 633,150 2,587,911 2,374,747 
Total Recurring$1,109,474 $1,036,787 $4,273,835 $3,877,125 
Capital Equipment$371,057 $382,600 $1,185,680 $1,261,576 
Total Revenues$1,480,531 $1,419,387 $5,459,515 $5,138,701 
Ireland Revenues$38,208 $22,659 $107,321 $82,695 
Ireland Revenues as a % of Total2 %2 %2 %2 %
United States Revenues$1,078,618 $1,036,039 $4,007,622 $3,751,437 
United States Revenues as a % of Total73 %73 %73 %73 %
International Revenues$363,705 $360,689 $1,344,572 $1,304,569 
International Revenues as a % of Total25 %25 %25 %25 %
Segment Data - Continuing OperationsFY 2025FY 2024FY 2025FY 2024
Q4Q4YTDYTD
Healthcare
Revenues
Consumables$352,737 $332,683 $1,396,031 $1,248,424 
Service386,414 343,484 1,445,440 1,273,058 
Total Recurring$739,151 $676,167 $2,841,471 $2,521,482 
Capital Equipment318,025 331,695 1,037,200 1,091,537 
Total Healthcare Revenues$1,057,176 $1,007,862 $3,878,671 $3,613,019 
Segment Operating Income$279,711 $245,224 $971,521 $871,358 
AST
Revenues
Service$257,840 $244,247 $1,007,627 $939,461 
Capital Equipment16,049 6,650 30,946 14,519 
Total AST Revenues$273,889 $250,897 $1,038,573 $953,980 
Segment Operating Income$122,202 $114,215 $465,576 $439,744 
Life Sciences
Revenues
Consumables$76,037 $70,401 $286,656 $251,580 
Service36,446 45,972 138,081 164,602 
Total Recurring$112,483 $116,373 $424,737 $416,182 
Capital Equipment36,983 44,255 117,534 155,520 
Total Life Sciences Revenues$149,466 $160,628 $542,271 $571,702 
Segment Operating Income$65,024 $64,486 $229,441 $221,349 
Corporate Operating Loss$(99,314)$(88,044)$(399,033)$(348,497)
Other DataFY 2025FY 2024FY 2025FY 2024
Q4Q4YTDYTD
Healthcare Backlog$369,200 $353,833 
Life Sciences Backlog83,700 71,400 
Total Backlog - Continuing Operations$452,900 $425,233 
As reported, U.S. GAAP Income Tax Rate - Continuing Operations25.6 %19.6 %23.2 %21.3 %
Adjusted Income Tax Rate - Continuing Operations23.5 %21.4 %23.1 %22.3 %
As reported, U.S. GAAP Income Tax Rate - Discontinued Operations86.4 %24.3 %(371.0)%24.3 %
Adjusted Income Tax Rate - Discontinued Operations26.9 %27.9 %26.9 %27.5 %
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.