STERIS is a leading global provider of products and services focused on infection prevention, supporting patient care through innovative healthcare and life science solutions. The company operates in three main business segments: Healthcare, Applied Sterilization Technologies (AST), and Life Sciences . STERIS offers a comprehensive range of products and services, including infection prevention consumables, capital equipment like sterilizers and surgical tables, and services such as equipment maintenance and instrument repair . The company has divested its Dental segment to focus on core markets in healthcare, pharma, and MedTech .
- Healthcare - Offers a comprehensive range of products and services for healthcare providers, including infection prevention consumables, capital equipment like sterilizers and surgical tables, and services such as equipment maintenance and instrument repair .
- Applied Sterilization Technologies (AST) - Provides contract sterilization and laboratory testing services for medical device and pharmaceutical manufacturers, offering a technology-neutral approach from testing through sterilization .
- Life Sciences - Supports biopharmaceutical and medical device research and manufacturing facilities with products like pharmaceutical detergents, sterilizers, and maintenance services .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew Xilas Executive | Senior Vice President and General Manager, Dental | None | Andrew Xilas transitioned into STERIS leadership following the acquisition of HuFriedyGroup. | |
Cary L. Majors Executive | Senior Vice President and President, Healthcare | None | Cary L. Majors has been with STERIS since 2014, serving in various leadership roles within the company. | |
Daniel A. Carestio Executive | President and CEO | None | Daniel A. Carestio has extensive experience in all operating aspects of STERIS's business and is familiar with healthcare and related industries. He leads the management team and assists the Board in its oversight of the company. | View Report → |
J. Adam Zangerle Executive | Senior Vice President, General Counsel, and Secretary | None | J. Adam Zangerle oversees legal, compliance, and corporate governance matters for STERIS. | |
Julia K. Madsen Executive | Senior Vice President and General Manager, Life Sciences | None | Julia K. Madsen has been with STERIS since 2015, progressing to her current leadership role in the Life Sciences division. | |
Karen L. Burton Executive | Vice President and Chief Accounting Officer | None | Karen L. Burton has been with STERIS since 2017, serving as Chief Accounting Officer and previously as Controller. | |
Kenneth E. Kohler Executive | Senior Vice President and General Manager, AST | None | Kenneth E. Kohler has been with STERIS since 2015, overseeing operations in the Applied Sterilization Technologies division. | |
Mary Clare Fraser Executive | Senior Vice President and Chief Human Resources Officer | None | Mary Clare Fraser joined STERIS in 2020 and was promoted to her current role in 2022. She has a background in human resources leadership. | |
Michael J. Tokich Executive | Senior Vice President and Chief Financial Officer | None | Michael J. Tokich has been with STERIS since 2017, serving as CFO. He has held various financial leadership roles within the company. | |
Renato G. Tamaro Executive | Vice President and Corporate Treasurer | None | Renato G. Tamaro has been with STERIS since 2006, serving as Corporate Treasurer since 2017. | |
Christopher S. Holland Board | Director | Director at Jabil Inc. | Christopher S. Holland has been a director at STERIS since 2020, with extensive financial experience in the healthcare industry. | |
Cynthia L. Feldmann Board | Director | Director at UFP Technologies, Inc. and Alexandria Real Estate Equities, Inc. | Cynthia L. Feldmann has been a director at STERIS since 2005, bringing extensive experience in financial oversight and governance. | |
Esther M. Alegria Board | Director | Founder and Chief Innovation Officer of APIE Therapeutics; Board Member at Avid Bioservices, Inc. | Esther M. Alegria brings over three decades of experience in the biopharmaceutical industry to STERIS's Board. | |
Jacqueline B. Kosecoff Board | Director | Director at Houlihan Lokey, Alignment Healthcare, and TriNet Group, Inc. | Jacqueline B. Kosecoff has been a director at STERIS since 2003, with extensive experience in the healthcare industry. | |
Mohsen M. Sohi Board | Chairman of the Board | CEO of Freudenberg SE; Board Member at Baker Hughes and Tetra Laval | Mohsen M. Sohi has been a director at STERIS since 2005 and serves as Chairman of the Board. He is also the CEO of Freudenberg SE and holds board positions at Baker Hughes and Tetra Laval. | |
Nirav R. Shah Board | Director | Faculty at Stanford University; Chief Medical Officer of American Health Associates | Nirav R. Shah has been a director at STERIS since 2018, with extensive experience in public health policy and healthcare management. | |
Paul E. Martin Board | Director | Director at Unisys Corporation and Owens Corning | Paul E. Martin has been a director at STERIS since 2021, with extensive experience in information technology and security. | |
Richard C. Breeden Board | Director | Chairman and CEO of Breeden Capital Management LLC; Chairman of Richard C. Breeden & Co., LLC; Special Master for the U.S. Department of Justice | Richard C. Breeden has been a director at STERIS since 2008 and has extensive experience in financial and regulatory matters. | |
Richard M. Steeves Board | Director | Executive Chairman of Advanced Research Cryptography Ltd.; Chairman of TrustFlight Ltd.; Nonexecutive Chairman of Future Health Works Ltd. | Richard M. Steeves has been a director at STERIS since 2015, with extensive knowledge of healthcare and medical device industries. |
- With the AST segment no longer expected to exit the year at double-digit revenue growth and margins impacted by labor and energy costs, what specific strategies are you implementing to improve AST's growth trajectory and profitability in the face of these challenges?
- Given the anticipated flat to slightly down Healthcare capital equipment revenue for fiscal 2025 due to timing of shipments and difficult fourth quarter comparisons, how confident are you that recurring revenue outperformance can fully offset this decline, and what steps are you taking to drive capital equipment growth?
- The Life Sciences segment is now expected to have flat revenue for the year, with declines in capital equipment sales partially mitigated by consumables. What are the underlying factors contributing to the decline in Life Sciences capital equipment, and how do you plan to address this weakness?
- Labor and energy costs continue to pressure margins, particularly in AST, and you mentioned the inability to immediately pass on increased energy costs to customers. How are you planning to manage these costs, and when do you anticipate seeing margin improvement as a result?
- You reported a one-time loss on a capital equipment order in your med-x business unit that negatively impacted AST margins. Can you provide more details on what led to this loss and what measures you're putting in place to prevent similar issues in the future?
Research analysts who have asked questions during STERIS earnings calls.
Brett Fishbin
KeyBanc Capital Markets
6 questions for STE
Jason Bednar
Piper Sandler Companies
6 questions for STE
Patrick Wood
Morgan Stanley
5 questions for STE
Michael Matson
Needham & Company
3 questions for STE
Michael Polark
Wolfe Research
3 questions for STE
Mike Matson
Needham & Company, LLC
3 questions for STE
Jacob Johnson
Stephens Inc.
2 questions for STE
Michael Pollard
Wolfe Research
2 questions for STE
Dave Turklin
Citizens JMP Securities
1 question for STE
Dave Windley
Jefferies LLC
1 question for STE
David Turkaly
Citizens JMP
1 question for STE
Justin Wang
Morgan Stanley
1 question for STE
Mac Etoch
Stephens Inc.
1 question for STE
Mike Polark
Wolfe Research, LLC
1 question for STE
Steven Etoch
Stephens Inc.
1 question for STE
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. | |
Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. | |
Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. | |
Belimed | Competes on a product basis in the Healthcare segment and in the Life Sciences segment, which includes infection prevention consumables and capital equipment. |
Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. | |
Getinge | Competes on a product basis in the Healthcare segment and in the Life Sciences segment, which includes infection prevention consumables and capital equipment. |
Karl Storz | Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
Olympus | Competes on a product basis in the Healthcare segment and on a service line basis, which includes infection prevention consumables and capital equipment. |
Ruhof | Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
SteelCo | Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. | |
Skytron | Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
Wassenburg | Competes on a product basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
Agiliti | Competes on a service line basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
BBraun | Competes on a service line basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
Crothall | Competes on a service line basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
Pentax | Competes on a service line basis in the Healthcare segment, which includes infection prevention consumables and capital equipment. |
Sterigenics International, Inc. | Competes in the AST segment, which supports medical device and pharmaceutical manufacturers through a global network of contract sterilization and laboratory testing facilities. |
Contec | Competes in the Life Sciences segment, which provides products and services designed to support biopharmaceutical and medical device research and manufacturing facilities. |
Competes in the Life Sciences segment, which provides products and services designed to support biopharmaceutical and medical device research and manufacturing facilities. | |
Fedegari | Competes in the Life Sciences segment, which provides products and services designed to support biopharmaceutical and medical device research and manufacturing facilities. |
Stilmas | Competes in the Life Sciences segment, which provides products and services designed to support biopharmaceutical and medical device research and manufacturing facilities. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Tuck-in acquisitions in Healthcare and AST segments | 2025 | During the first nine months of fiscal 2025, tuck-in acquisitions with an aggregate consideration of $53.7 million were completed to expand product and service offerings in the Healthcare and AST segments. |
Tuck-in acquisitions in AST and Healthcare segments | 2024 | Fiscal 2024 saw tuck-in acquisitions with an aggregate consideration of $6.5 million, net of cash acquired, aimed at expanding offerings within the AST and Healthcare segments. |
BD Assets Acquisition | 2023 | STERIS acquired BD’s surgical, laparoscopic, and sterilization container assets for $540 million in cash (financed with debt and cash on hand), integrating assets that generated approximately $170 million in annual revenue along with a $60 million tax benefit, bolstering its Healthcare portfolio. |
Tuck-in acquisition in Healthcare segment | 2023 | A Healthcare tuck-in acquisition completed in the first six months of fiscal 2023 involved an aggregate consideration of $21.9 million (including $6.7 million in contingent deferred consideration), intended to enhance the company’s Healthcare offerings despite related integration expenses. |
Cantel Medical LLC Acquisition | 2022 | STERIS acquired Cantel Medical LLC for a total of $3.6 billion (combining cash, STERIS plc shares, and equity components) while assuming and repaying approximately $721 million in debt, which strengthened its infection prevention leadership and expanded its product portfolio. |
Three Smaller Acquisitions in Healthcare | 2022 | These tuck-in acquisitions in fiscal 2022 featured an aggregate consideration of $3.1 million (including $0.1 million in deferred consideration) and were integrated to complement and broaden STERIS’s Healthcare segment offerings. |
Recent press releases and 8-K filings for STE.
- Total as-reported revenue grew 10%, with constant currency organic revenue up 9% (210 bps price contribution).
- Gross margin rose 60 bps to 44.3%, and EBIT margin increased 90 bps to 23.1%, driven by price, productivity, and operating‐expense leverage.
- Adjusted EPS from continuing operations was $2.47, up 15%, and net income reached $244.5 million.
- Free cash flow for the first half was $527.7 million; total debt was $1.9 billion with gross-to-EBITDA of ~1.2×.
- FY 2026 guidance raised to 8–9% as-reported revenue growth (7–8% constant currency organic), EPS of $10.15–$10.30, EBIT margin expansion of 10–20 bps, and free cash flow of $850 million.
- Revenue grew 10% year-over-year (constant-currency organic growth 9%), with gross margin up 60 bps to 44.3% and EBIT margin up 90 bps to 23.1% in Q2 FY 2026.
- Healthcare revenue rose on a constant-currency organic basis by 9%, led by service (+13%), consumables (+10%) and capital equipment (+4%; backlog > $400 million); AST services grew 13% (AST EBIT margin 45.3%); Life Sciences revenue grew 12%, driven by capital equipment (+39%; backlog $114 million).
- Free cash flow in H1 FY 2026 was $527.7 million, debt stood at $1.9 billion with gross/EBITDA ~1.2x at quarter-end.
- Full-year guidance raised: as-reported revenue growth 8%–9%, constant-currency organic revenue growth 7%–8%, adjusted EPS $10.15–$10.30, and free cash flow $850 million.
- In Q2, revenue grew 10%, with 9% constant currency organic growth; gross margin improved 60 bps to 44.3%, EBIT margin rose 90 bps to 23.1%, net income was $244.5 M, and adjusted EPS was $2.47 (+15%).
- Healthcare segment organic revenue +9% (service +13%, consumables +10%, capital equipment +4%, backlog >$400 M); AST organic +7% (services +13%, EBIT margin 45.3% +250 bps); Life Sciences organic +12% (capital equipment +39%, margin –70 bps).
- Raised fiscal 2026 outlook: as-reported revenue +8–9%, constant currency organic +7–8%, EPS $10.15–$10.30, EBIT margin +10–20 bps, effective tax ~24%, free cash flow $850 M, and CapEx ~$375 M.
- First-half free cash flow reached $527.7 M, ending debt was $1.9 B (gross debt/EBITDA ~1.2×).
- Reported $1.5 billion in total revenue from continuing operations, a 10% increase year-over-year, with 9% constant currency organic growth.
- As-reported EPS from continuing operations rose to $1.94, while adjusted EPS climbed to $2.47, both up versus Q2 FY 2025.
- All three segments drove growth: Healthcare revenue up 9% to $1,033.8 million; Applied Sterilization Technologies up 10% to $281.5 million; Life Sciences up 13% to $145.0 million.
- Company upgraded its full-year fiscal 2026 outlook for constant currency organic revenue, EPS and free cash flow.
- STERIS posted a 10% year-over-year rise in Q2 revenue to $1.5 billion, with 9% constant currency organic growth.
- As reported EPS from continuing operations climbed to $1.94, while adjusted EPS reached $2.47, versus $1.51 and $2.14 a year ago, respectively.
- Q2 segment performance: Healthcare revenue up 9% to $1,033.8 million; AST revenue up 10% to $281.5 million; Life Sciences revenue up 13% to $145.0 million.
- First-half net cash from operations was $707.8 million; free cash flow totaled $527.7 million, driven by earnings growth and working capital improvements.
- Fiscal 2026 guidance raised: constant currency organic revenue growth now 7–8%, adjusted EPS outlook $10.15–$10.30, and free cash flow target $850 million.
- Revenue grew 9% (8% constant currency organic) with gross margin of 45.3%, EBIT margin of 22.8%, and adjusted EPS of $2.34 (+15%); free cash flow was $327 M in Q1
- Segment performance: Healthcare organic revenue +8%; AST organic +10% (services +12%) with AST EBIT margin up 150 bps to 48.6%; Life Sciences organic +4% and backlog +50% to $111 M
- Full-year guidance: As-reported revenue growth raised to 8–9% (organic CC unchanged at 6–7%), EPS unchanged at $9.90–$10.15, and free cash flow increased to $820 M; tariff headwinds offset by ~200 bps of FX tailwind
- CFO transition: Mike Tokich to become special financial advisor, with Karen succeeding him as CFO
- Dividend: 20th consecutive annual increase, raised 10% to $0.63 per quarter
- Q4 2025 results: Reported total revenue growth of 4% and organic revenue increase of 6%, with gross margins rising to 44.3% and adjusted EPS from continuing operations at $2.74, up 40% year-over-year.
- Full-year performance & outlook: Achieved 6% revenue growth and 12% earnings growth for fiscal 2025, with guidance for fiscal 2026 projecting as reported revenue growth of 6%-7% and inclusion of $30 million in tariff costs.
- Capital and share repurchase activities: Recorded capital expenditures of $370 million, free cash flow of a record $787 million, and repurchased approximately $200 million of shares during fiscal 2025.