Steris (NYSE:STE) shares ticked up today on fourth-quarter financial results that came in just ahead of the consensus forecast.
The infection prevention technology company — headquartered in Dublin, Ireland, and run operationally out of Mentor, Ohio — posted profits of $52.3 million, or 52¢ per share, on sales of $1.2 billion for the three months ended March 31, 2022, for a 40.2% bottom-line slide on sales growth of 37.4%.
Adjusted to exclude one-time items, earnings per share were $2.04, 2¢ ahead of Wall Street, where analysts were looking for sales of $1.19 billion.
The company’s healthcare segment’s revenues grew by 32% year-over-year, while applied sterilization technologies grew by 19% and life sciences grew by 15%. Dental revenues of $105.7 million were below expectations primarily due to COVID-19 impacts on patient volumes and higher supply chain and inflationary costs.
“We are pleased to end the year with strong performance in the fourth quarter, as our balanced revenue stream continues to deliver solid growth in the current environment,” Steris President and CEO Dan Carestio said in a news release. “While supply chain and inflation continue to be a challenge, our teams have worked to address these issues with minimal impact on our ability to serve our customers. As we look ahead at the new fiscal year, we expect another record year of performance.”
Steris expects 2023 revenue growth of approximately 12%, with adjusted EPS projected for between $8.55 and $8.75 for the full year. The outlook acknowledges supply chain and inflation pressure.
STE shares were up 1.1% at $214.96 in late-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.3%.