Steris' quarterly revenue beats estimates on strength in Healthcare segment
07/11/2023 22:39
Nov 7 (Reuters) - Medical equipment provider Steris
STE.N beat second-quarter sales estimates, helped by strength
in its core healthcare business.
As pandemic-induced staffing shortages eased, the healthcare
industry saw a recovery in medical procedures, especially in
orthopedics and gastrointestinal surgeries, that helped boost
the demand of its surgical devices and infection prevention
services in the United States.
"Healthcare segment is anticipated to outperform our
original expectations for the fiscal year, offsetting macro
challenges impacting demand in our other segments," said CEO Dan
Carestio.
Revenue from Healthcare segment grew 19% in the quarter to
$870.1 million compared with $732.8 million in the second
quarter of fiscal 2023.
The company, which sells sterilization systems, posted
quarterly total revenue of $1.34 billion, ahead of analysts'
estimates of $1.30 billion, according to LSEG data.
The Dublin-based company maintained its outlook for fiscal
year 2024 with reported revenue growth of 9%-10% and adjusted
earnings per diluted share in the range of $8.60 to $8.80.
Excluding items, the company reported a profit of $2.03 per
share, compared with analysts' estimates of $2.00.
(Reporting by Vaibhav Sadhamta in Bengaluru; Editing by Krishna
Chandra Eluri)
((Vaibhav.Sadhamta@thomsonreuters.com;))