Steris (NYSE: STE) reported Q1 EPS of $1.76, $0.25 better than the analyst estimate of $1.51. Revenue for the quarter came in at $968.4 million versus the consensus estimate of $881.72 million.

GUIDANCE:

Steris sees FY2022 EPS of $7.60-$7.85 vs $7.41 consensus.

Fiscal 2022 Outlook

• STERIS now expects as reported revenue of approximately $4.6 billion, an increase from prior expectations of $4.5 billion. Constant currency organic revenue growth is now expected to be in the range of 10-11% for fiscal 2022, reflecting revenue recovery across the business, with specific strength in Healthcare and AST. Prior expectations were for constant currency organic revenue growth of 8-9%. Reflecting June 30, 2021 forward rates, currency movements are anticipated to be favorable to revenue by approximately $30 million for fiscal 2022. Adjusted earnings per diluted share are anticipated to be in the range of $7.60 - $7.85, compared to prior expectations of $7.40 - $7.65. The company continues to plan on an adjusted effective tax rate of 21-22% and a slightly lower than planned share count of approximately 98.5 million diluted shares for fiscal 2022.
• Free cash flow for fiscal 2022 is now expected to be approximately $400 million, an increase of $20 million compared with original expectations. Capital spending is unchanged and anticipated to be approximately $320 million for the combined company.

For earnings history and earnings-related data on Steris (STE) click here.