STERIS plc Files 2024 10-K Report

Ticker: STE · Form: 10-K · Filed: May 29, 2024 · CIK: 1757898

Sentiment: neutral

Topics: 10-K, annual-report, healthcare-supplies

TL;DR

STERIS 2024 10-K is in: financials look solid, operations steady. Buy?

AI Summary

STERIS plc filed its 2024 10-K report, detailing its fiscal year ending March 31, 2024. The company, a leader in orthopedic, prosthetic, and surgical appliances, reported significant financial activities. Key financial figures and operational details are outlined in the filing, which provides a comprehensive overview of the company's performance and strategic positioning.

Why It Matters

This filing provides investors and stakeholders with a detailed look at STERIS's financial health and operational performance for the fiscal year 2024, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

Key Players & Entities

FAQ

What were STERIS plc's total revenues for the fiscal year ending March 31, 2024?

The filing does not explicitly state total revenues in the provided snippet, but it does list financial data points like shares outstanding and liabilities.

What is STERIS plc's primary industry classification?

STERIS plc's primary industry classification is 'ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES' with SIC code 3842.

When did STERIS plc change its former company name?

The company formerly known as STERIS Ltd changed its name on November 1, 2018.

What are the dates for the fiscal year covered by this 10-K filing?

The fiscal year covered by this 10-K filing ends on March 31, 2024.

Where is STERIS plc's principal business address located?

STERIS plc's principal business address is located at 70 Sir John Rogerson's Quay, Dublin, L2, ZIP 2.

Filing Stats: 4,322 words · 17 min read · ~14 pages · Grade level 15.1 · Accepted 2024-05-29 16:35:52

Key Financial Figures

Filing Documents

Business

Item 1 Business 3 Introduction 3 Information Related to Business Segments 3 Information with Respect to Our Business in General 5

Risk Factors

Item 1A Risk Factors 14

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 25

Cybersecurity

Item 1C Cybersecurity 25

Properties

Item 2 Properties 26

Legal Proceedings

Item 3 Legal Proceedings 27

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 27 Part II

Market for Registrant's Ordinary Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Ordinary Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 28

Management's Discussion and Analysis of Financial Condition and Results of Operation

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operation 30 Introduction 30 Financial Measures 30 Revenues-Defined 31 General Overview and Executive Summary 31 Non-GAAP Financial Measures 33 Results of Operations 33 Liquidity and Capital Resources 38 Capital Expenditures 42 Material Future Cash Obligations and Commercial Commitments 43 Supplemental Guarantor Financial Information 43 Critical Accounting Estimates and Assumptions 45

Forward-Looking Statements

Forward-Looking Statements 50

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 52 Interest Rate Risk 52 Foreign Currency Risk 52 Commodity Risk 52

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 53

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107

Controls and Procedures

Item 9A Controls and Procedures 107

Other Information

Item 9B Other Information 109

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 109 Part III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 110

Executive Compensation

Item 11 Executive Compensation 110

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 110

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 110 Part IV

Exhibits and Financial Statement Schedule

Item 15 Exhibits and Financial Statement Schedule 111

Form 10-K Summary

Item 16 Form 10-K Summary 115

Signatures

Signatures 116 2 Table of Contents PART I Throughout this Annual Report, STERIS plc and its subsidiaries together are called "STERIS," "the Company," "we," "us," or "our," unless otherwise noted. References in this Annual Report to a particular "year," "fiscal," "fiscal year," or "year-end" mean our fiscal year, which ends on March 31. For example, fiscal year 2024 ended on March 31, 2024.

BUSINESS

ITEM 1. BUSINESS INTRODUCTION 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 science products and services around the globe. We offer our Customers a unique mix of innovative products and services. These include: consumable products, such as detergents, endoscopy accessories, barrier products, instruments and tools; and services, including equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair, laboratory testing, outsourced reprocessing; and capital equipment, such as sterilizers, surgical tables, and automated endoscope reprocessors, and connectivity solutions such as operating room ("OR") integrati on. We operate and report our financial information in three reportable business segments: Healthcare, Applied Sterilization Technologies ("AST"), and Life Sciences. Previously, we had four reportable business segments; however, as a result of the agreement to divest our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability, as required. For more information, refer to Note 4 to our consolidated financial statements titled, "Discontinued Operations." Non-allocated operating costs that support the entire Company and items not indicative of operating trends are excluded from segment operating income. We describe our business segments in the section that follows, titled "Information Related to Business Segments" and Note 13 to our consolidated financial statements titled, "Business Segment Information." The bulk of our revenues are derived from healthcare, medical device and pharmaceutical Customers. Much of the growth in these industries is driven by the aging of the population throughout the world, as an increasing number of i

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing