STERIS plc provides infection prevention and other procedural products and services worldwide. It operates in three segments: Healthcare, Applied Sterilization Technologies, and Life Sciences. The Healthcare segment offers cleaning chemistries and sterility assurance products; accessories for gastrointestinal (GI) procedures, washers, sterilizers, and other pieces of capital equipment for the operation of a sterile processing department; and equipment used directly in the operating room, including surgical tables, lights, and connectivity solutions, as well as equipment management services. It also provides capital equipment installation, maintenance, upgradation, repair, and troubleshooting services; preventive maintenance programs and repair services; instrument and endoscope repair and maintenance services; and custom process improvement consulting and outsourced instrument sterile processing services. This segment offers its products and services to acute care hospitals and other healthcare settings. The Applied Sterilization Technologies segment provides contract sterilization and testing services for medical device and pharmaceutical manufacturers through a network of approximately 50 contract sterilization and laboratory facilities. The Life Sciences segment designs, manufactures and sells consumable products, such as formulated cleaning chemistries, barrier and sterility assurance products, steam and vaporized hydrogen peroxide sterilizers, and washer disinfectors. This segment also offers equipment installation, maintenance, upgradation, repair, and troubleshooting services; and preventive maintenance programs and repair services. The company was founded in 1985 and is based in Dublin, Ireland.
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Here are 1-2 brief analogies to describe Steris:
- Ecolab for hospitals: Steris provides essential infection prevention, hygiene, and sterilization solutions and services, much like Ecolab does for a broader range of industries, but with a dedicated focus on healthcare and medical device manufacturing.
- Medtronic for sterilization equipment and services: Similar to how Medtronic provides a wide array of medical devices, Steris specializes in providing the critical equipment and services necessary for sterilizing medical tools, devices, and healthcare environments.
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Major Products and Services of Steris (STE)
- Surgical Technologies: Provides integrated operating room solutions including surgical tables, lights, and room integration systems.
- Instrument Processing: Offers equipment and consumables for the cleaning, disinfection, and sterilization of medical instruments.
- Infection Prevention Products: Supplies a range of disinfectants, sterilants, and cleaning chemistries for healthcare and life sciences environments.
- Sterilization and Decontamination Equipment: Manufactures large-scale sterilizers and washers used in hospitals, pharmaceutical manufacturing, and research.
- Applied Sterilization Technologies (AST) Services: Provides contract sterilization and testing services for medical devices, pharmaceuticals, and other products.
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Steris (symbol: STE) primarily sells its products and services to other companies and organizations, not directly to individuals.
Due to the diversified nature of its global customer base, Steris does not have individual major customers that account for a significant portion of its consolidated net sales (typically, no single customer accounts for more than 10% of its total revenue, as disclosed in its annual reports).
Therefore, instead of naming specific customer companies, the following are the major categories of companies and organizations that Steris serves:
- Hospitals and Healthcare Systems: This includes acute care hospitals, ambulatory surgery centers, clinics, and other healthcare providers globally. Steris provides them with sterile processing equipment, surgical tables, lights, infection prevention solutions, and related services.
- Pharmaceutical and Biotechnology Companies: Steris offers contamination control products and services, including sterile processing and cleanroom solutions, to companies involved in the research, development, and manufacturing of drugs and biologics.
- Medical Device Manufacturers: These companies rely on Steris for sterilization services (contract sterilization through its Applied Sterile Technologies segment) and contamination control solutions for their medical devices.
- Research Institutions: Academic, government, and commercial research laboratories utilize Steris's products and services for maintaining sterile environments and processing equipment for scientific research.
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Daniel A. Carestio, President and Chief Executive Officer
Mr. Carestio became President and CEO of STERIS in July 2021, having been with the company since 1997. He has held various leadership positions within STERIS, including Senior Vice President and Chief Operating Officer, and Senior Vice President of Sterilization and Disinfection, where he led the Life Sciences, Applied Sterilization Technologies, and Infection Prevention Technologies business units.
Karen L. Burton, Senior Vice President and Chief Financial Officer
Ms. Burton was appointed Senior Vice President and Chief Financial Officer of STERIS in August 2025. Prior to this role, she served as the company's Vice President and Chief Accounting Officer. She also held the position of Vice President and Corporate Controller for STERIS from May 2008 to January 2017.
Michael J. Tokich, Senior Financial Advisor (Former Senior Vice President and Chief Financial Officer)
Mr. Tokich served as Senior Vice President and Chief Financial Officer of STERIS from March 2008 until August 2025. He joined STERIS in 2000 as Assistant Corporate Controller and progressed through roles including Corporate Controller and Vice President. His responsibilities included financial reporting, planning, investor relations, tax, treasury, and oversight of regulatory, compliance, IT, government affairs, and global facilities. Before joining STERIS, he was a Divisional Vice President and Assistant Controller at OfficeMax Inc. from 1994 to 2000.
J. Adam Zangerle, Senior Vice President, General Counsel and Company Secretary
Mr. Zangerle holds the position of Senior Vice President, General Counsel, and Company Secretary at STERIS.
Mary Clare Fraser, Senior Vice President and Chief Human Resources Officer
Ms. Fraser was appointed Senior Vice President and Chief Human Resources Officer of STERIS in 2022. Previously, she served as Vice President of Human Resources at Aerospace Group and as Corporate Director of Human Resources and Vice President Human Resources of Fluid Connectors Group.
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Steris (STE) operates in several key markets, with significant addressable market sizes in sterilization and surgical products and services.
Sterilization Market
- The global sterilization equipment market was valued at approximately USD 16.8 billion in 2024 and is projected to reach USD 24.7 billion by 2029.
- The global sterilization services market was estimated at USD 5.60 billion in 2024 and is anticipated to reach around USD 10.64 billion by 2034.
- North America is a significant region within the sterilization market, with the U.S. sterilization equipment market projected to reach USD 6.2 billion by 2034. Additionally, North America held a 39.5% revenue share of the sterilization services market in 2024.
Surgical Market
- The global surgical equipment market was valued at USD 18.51 billion in 2024 and is anticipated to reach USD 45.61 billion by 2034.
- North America is a dominant region in the surgical equipment market, holding the largest share at 41% in 2023.
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Steris plc (STE) is expected to drive future revenue growth over the next two to three years through a combination of strategic factors across its key segments:
- Volume and Pricing Improvements: Steris has consistently demonstrated its ability to increase revenue through improvements in both volume and pricing across its business segments. This trend is expected to continue, contributing to overall revenue expansion. For example, recent earnings reports highlight that strong revenue growth has been "primarily driven by improvements in volume and pricing". The company's gross margin improvements have also been attributed to "positive pricing strategies".
- Sustained Growth in Healthcare Segment Services and Consumables: The Healthcare segment continues to be a robust driver, with consistent growth in service and consumable revenues. The company has reported strong performance in this segment, with growth driven by service and consumable sales. Furthermore, a significant healthcare capital equipment backlog exceeding $400 million indicates strong future demand and anticipated shipments contributing to revenue once fulfilled.
- Expansion of Applied Sterilization Technologies (AST) Services: The AST segment is a key growth area, particularly in its services, driven by stable medical device volumes and increasing demand in bioprocessing. Recent performance shows AST services growing, with expectations for continued high single-digit revenue growth for the segment. The recovery and increased demand in bioprocessing are noted as significant contributors to this segment's resilience and growth potential.
- Recovery and Growth in the Life Sciences Segment: After some fluctuations, the Life Sciences segment is anticipated to contribute to revenue growth, particularly with a return of capital equipment shipments and continued strength in consumables and services. The company has observed a return of capital equipment shipments, with significant growth in some recent quarters, and expects bioprocessing demand to stabilize and contribute to meaningful growth in the second half of fiscal 2025.
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Share Repurchases
- STERIS completed a share repurchase of 907,158 shares for $200 million under a buyback plan announced on May 3, 2023.
- A $10.6 million share repurchase occurred in Q1 FY2026, following higher repurchases in the previous year.
Share Issuance
- No explicit dollar amount of shares issued by the company through offerings or similar mechanisms was found within the last 3-5 years. The number of outstanding shares is primarily impacted by stock splits and share buybacks.
Inbound Investments
- No information regarding large, strategic investments made in STERIS by third-parties (e.g., a strategic partner or a private equity firm) was explicitly found.
Outbound Investments
- STERIS acquired Cantel Medical in 2021 for a total equity value of $3.6 billion, though a goodwill impairment charge of $490 million related to this acquisition was recognized in FY23.
- The company divested its Dental segment, which had been acquired through the Cantel Dental acquisition, with the sale closing in the first quarter of fiscal 2025.
- STERIS also announced the divestiture of the CECS business on April 1, which impacted reported revenue in Q1 FY2025.
Capital Expenditures
- Capital expenditures for the first half of fiscal 2025 totaled $210 million.
- Expected capital expenditures for fiscal year 2025 are approximately $360 million, and for fiscal year 2026, they are anticipated to be approximately $375 million.
- The capital expenditures reflect ongoing investment in growth, and in Q1 fiscal 2026, capital equipment order growth accelerated to 14%.
