Steris Explained

STERIS plc
Type:Public
Location:Mentor, Ohio, U.S.
Key People:Daniel A. Carestio (President and CEO)
Industry:Medical devices
Revenue: (2024)
Operating Income: (2024)
Net Income: (2024)
Assets: (2024)
Equity: (2024)
Num Employees:18,179
Num Employees Year:2024
Footnotes:Financials .[1]

Steris plc is an American-Irish-based medical equipment company specializing in sterilization and surgical products for the US healthcare system.[2] Steris is operationally headquartered in Mentor, Ohio,[3] but has been legally registered since 2018 in Dublin, Ireland for tax purposes; it was previously registered in the United Kingdom from 2014 to 2018. Steris is quoted on the NYSE, and is a constituent of the S&P 500 Index.

Profile

Steris filed accounts which showed global revenues of over US$2.6 billion in 2018, of which US$1.8 billion (or 70 percent) came from the US healthcare system; and employed ~12,000 people.[4] As of 2024, the President and CEO is Daniel A. Carestio.

Steris' competitors include 3M, Getinge Group, and Belimed (Metall Zug).[5]

History

Steris was founded in August 1985 in Ohio,[3] under the name "Innovative Medical Technologies".[2]

In 2012, Steris acquired US Endoscopy for $270 million. Steris also acquired Spectrum Surgical Instruments Corp. and Total Repair Express for $110 million combined.[6]

On April 1, 2014, Steris announced its acquisition of Integrated Medical Systems International Inc. for ~$175 million, although it would only cost the company ~$140 million after tax benefits.[7] Shortly after, Steris also acquired Chesterfield, Missouri-based Life Systems.[6]

In October 2014, Steris executed a tax inversion from the United States to the United Kingdom, via an offer made to acquire UK-based Synergy Health for $1.9 billion.[8] [9] The tax inversion was notable as it was the first US inversion post the new rules introduced by the Obama administration in 2014 to curb US corporations moving their "legal domicile" to reduce their exposure to US corporate taxation.[9] [10] [11]

On June 24, 2015, Steris announced the acquisitions of General Econopak for $175 million and Black Diamond Video for $51 million.[8]

In November 2018, Steris announced that it would further re-domicile its legal headquarters from the United Kingdom to Ireland; Steris had reduced its corporate tax rate from 31.3 percent to 20 percent as a result of its 2014 tax inversion to the United Kingdom, however, it believed a further reduction could be achieved by moving to Ireland.[12] [13]

In April 2020, Steris received emergency use authorization from the FDA for a N95 mask sterilization system to help address the shortage of personal protective equipment during the 2019-20 coronavirus pandemic.[14] [15]

In November 2020, Steris acquired Key Surgical, a leading global provider of sterile processing, operating room, and endoscopy products.[16]

In June 2021, Steris acquired Cantel Medical Corporation a provider of infection prevention products and services to endoscopy, dental and dialysis.[17]

See also

Notes and References

  1. Web site: Steris plc FY2024 Annual Report (Form 10-K) . 29 May 2024 . U.S. Securities and Exchange Commission.
  2. Web site: Company Overview . 2020-01-03 . STERIS plc.
  3. Web site: STERIS Corp - Company Profile and News . Bloomberg Markets. 2020-01-04.
  4. Web site: 2018 Annual Report . Steris Corporation . 4 January 2020 . Geographic Split of Revenues: Page 88 .
  5. Web site: STERIS Competitors, Revenue and Employees . Owler.com . 2020-01-04.
  6. Web site: Steris acquires another ISO company . Bonner. Loren . May 5, 2014 . January 11, 2020 . https://web.archive.org/web/20140515164704/http://www.dotmed.com/news/story/23391 . May 15, 2014 . live.
  7. Web site: Steris to Acquire Integrated Medical Systems for $165 Million . WSJ.com . April 1, 2014 . January 11, 2020 . McCarthy. Erin . https://web.archive.org/web/20200111233224/https://www.wsj.com/articles/steris-to-acquire-integrated-medical-systems-for-165-million-1396358743 . January 11, 2020. live.
  8. Web site: Steris drops $226m on General Econopak, Black Diamond Video . Perriello . Brad . MassDevice.com. 2015-06-24 . 2020-01-04.
  9. News: Steris makes UK tax leap with $1.9bn Synergy inversion deal . . Arash Massoudi . Andrew Ward . 13 October 2014 . 4 January 2020 . Steris Corp has become the first American company to agree a deal that allows it to lower its tax burden by moving overseas since President Barack Obama’s administration announced measures to clamp down on the practice..
  10. News: UK medical firm Synergy bought by Steris . . Sean Farrell . 31 October 2014 . 5 January 2020 . The proposed acquisition of the Swindon-based Synergy by Steris Corporation is the latest attempt to pull off a tax inversion deal, despite political opposition on both sides of the Atlantic to the controversial manoeuvre..
  11. News: Steris to Fight F.T.C. Move to Block Merger With Synergy Health . . Chad Bray . 29 May 2015 . 4 January 2020 . The transaction was one of a series of so-called tax inversions announced last year, in which companies based in the United States sought to reincorporate overseas to lower their corporate tax rates..
  12. News: Sterie to relocate HQ to Dublin. . Cantillon . 13 November 2018 . 4 January 2020 . But the fact remains that it was paying an effective tax rate of 31.3 per cent in the US. That has since fallen to 20 per cent, a figure that will fall further should it relocate to Dublin..
  13. News: Brexit pushes Steris to move again - to Ireland. . 12 November 2018 . 4 January 2020 . Surgical equipment maker was part of first corporate inversion post-Obama clampdown .
  14. Web site: STERIS Decontamination Solutions for compatible N95 or N95-equivalent Respirators . Steris . https://web.archive.org/web/20200414095907/https://www.steris.com/healthcare/steris-decontamination-solutions-for-compatible-n95-or-n95-equivalent-respirators . April 14, 2020 . live.
  15. Web site: FDA approves Steris technology for N95 mask sterilization . Steer . Jen . April 10, 2020 . fox8.com . https://web.archive.org/web/20200415174852/https://fox8.com/news/coronavirus/fda-approves-steris-technology-for-n95-mask-sterilization/ . April 15, 2020 . live.
  16. Web site: STERIS acquires Key Surgical for approximately $850 million. 2023-10-21 .
  17. News: STERIS Completes the Acquisition of Cantel Medical. sterisplc.gcs-web.com. 2021-06-02. 2021-09-14.

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