Business
Sotera Health Reports First-Quarter 2023 Results
Q1 2023 net revenues of $221 million decreased 7%, compared to Q1 2022, primarily driven by Nordion Cobalt-60 harvest schedule timing, as expectedQ1 2023 net
About this update from Sotera Health Company
[{"type":"text","content":"Q1 2023 net revenues of $221 million decreased 7%, compared to Q1 2022, primarily driven by Nordion Cobalt-60 harvest schedule timing, as expectedQ1 2023 net income of $3 million or $0.01 per diluted share, compared to net income of $31 million or $0.11 per diluted share in Q1 2022Q1 2023 Adjusted EBITDA of $98 million decreased 15%, compared to Q1 2022, driven by Nordion Cobalt-60 harvest schedule timing, as expectedQ1 2023 Adjusted EPS of $0.13 decreased by $0.09 per diluted share, compared to Q1 2022Total debt of $2.3 billion and net leverage ratio of 3.4x as of March 31, 2023Company reaffirms 2023 outlook CLEVELAND, May 03, 2023 (GLOBE NEWSWIRE) -- Sotera Health Company (“Sotera Health” or the “Company”) (Nasdaq: SHC), a leading global provider of mission-critical end-to-end sterilization solutions, lab testing and advisory services for the healthcare industry, today announced financial results for the three months ended March 31, 2023. First-quarter 2023 net revenues decreased 6.8% to $221 million, compared with $237 million in the first-quarter 2022. Net revenues decreased 5.3% on a constant currency basis. Net income (“net income”) was $3 million, or $0.01 per diluted share, compared with net income of $31 million, or $0.11 per diluted share in the first-quarter 2022. Adjusted EBITDA for the first-quarter 2023 decreased by 14.6% to $98 million compared to $115 million in the first-quarter 2022. First-quarter 2023 Adjusted Earnings Per Diluted Share (“Adjusted EPS”) was $0.13, compared to $0.22 in the first-quarter 2022. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures; please refer to the section “Non-GAAP Financial Measures” provided later in this release. “As we outlined in our fourth-quarter 2022 earnings call, our first-quarter total revenue was below the same quarter last year, driven by the anticipated timing of Nordion Cobalt-60 harvest schedules and lower volumes for the Nelson Labs and Sterigenics businesses, which is typical for the first quarter of the year,” said Chairman and Chief Executive Officer, Michael B. Petras, Jr. “We continue to expect financial contribution from Sterigenics and Nelson Labs to increase as we move through the year, in a similar cadence to prior years. Additionally, we are still forecasting Nordion’s Cobalt-60 harvest schedules to be uneven, with approximately 75% of No...