“Fiscal 2020 is shaping up to be a great year,” says CEO on the latest financial report
STERIS' latest financial report has been generally positive showing revenue for the quarter increased 9% to $737.8 million compared with $679 million this time last year, with growth across all segments.
“Fiscal 2020 is shaping up to be a great year,” said Walt Rosebrough, President and CEO of STERIS. “Underlying customer demand for our products and services remains strong and is enhanced by new products and several tuck-in acquisitions.”
Growth was seen to be steady among all segments. A 13% growth in Applied Sterilization Technologies was primarily driven by increased volume from the segment’s core medical device customers. A smaller but still substantial growth occurred in the Life Science sector at 2%. The growth was attributed to an 11% growth in consumables revenue and 3% growth in service revenue, partially offset by an 11% decline in capital equipment revenue.
Based on current performance and expectations for the full fiscal year, the company is updating its prior outlook for revenue.
The increase in revenue growth was attributed to outperformance of the underlying business as well as lingering benefits from a number of tuck-in acquisitions completed in the first half of the year. STERIS now expects that currency values fluctuating will have a negative impact on revenue by approximately $25 million in 2020.