Steris set for best day since April on beat-and-raise quarter

Steris

09/02/2022 15:13

** Shares of medical equipment provider  STE.N  rise 5.5% to
$243.29, eye best day since April 2020
    ** Q3 results top estimates on strong performance of its
healthcare segment  urn:newsml:reuters.com:*:nGNE8Yw8DY
    ** Healthcare revenue grew 46% y-o-y to $759.7 mln, with
$210.3 mln added from acquisitions during the quarter
    ** STE now expects 2022 adj EPS to be in the range of
$7.85-$7.95, versus prior estimates of $7.60 to $7.85; sees
constant currency organic revenue growth of ~11% from earlier
forecast of 10%-11%
    ** Co says outlook raise reflects solid growth across
business and higher cost synergies from $3.6 bln buyout of rival
Cantel Medical Corp  CMD.N   urn:newsml:reuters.com:*:nL4N2JN2P8
    ** All four brokerages covering the stock rate it "buy" or
higher; their median PT is $255 - Refinitiv data
    ** Shares down 5.2% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))