Business
Sotera Health Reports Fourth-Quarter and Full-Year 2022 Results; Provides 2023 Outlook
Q4 2022 net revenues increased 4% to $252 million, compared to Q4 2021Q4 2022 net loss of $320 million or $1.14 per diluted share, which includes a $408
About this update from Sotera Health Company
[{"type":"text","content":"Q4 2022 net revenues increased 4% to $252 million, compared to Q4 2021Q4 2022 net loss of $320 million or $1.14 per diluted share, which includes a $408 million legal reserve recorded in Q4 2022, compared to net income of $36 million or $0.13 per diluted share in Q4 2021Q4 2022 Adjusted EBITDA increased 4% to $130 million, compared to Q4 2021Q4 2022 Adjusted EPS of $0.25 improved by $0.02 per diluted share, compared to Q4 2021Closed on $500 million aggregate principal amount Term Loan B in FebruaryFull-year 2023 outlook Net Revenues and Adjusted EBITDA growth of 5% to 9% CLEVELAND, Feb. 28, 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 fourth-quarter and full-year 2022. For the fourth-quarter 2022, net revenues increased 4.3% to $252 million, compared with $241 million in the same period a year ago. Net revenues increased 7.2% on a constant currency basis. Net loss attributable to the Company (“net loss”) was $320 million, or $1.14 per diluted share, compared with net income attributable to the Company (“net income”) of $36 million, or $0.13 per diluted share for the fourth-quarter 2021. The net loss for Q4 2022 includes a $408 million reserve related to the binding term sheets to settle the ethylene oxide (“EO”) claims in Cook County, IL, subject to the satisfaction or waiver by the Company of the various conditions set forth in the term sheets as more fully described in our Current Report on Form 8-K filed by the Company on January 9, 2023. Adjusted EBITDA increased by 4.0% to $130 million compared to the prior-year quarter. Adjusted earnings per diluted share (“Adjusted EPS”) was $0.25, an increase of $0.02 per diluted share, compared to the fourth quarter of 2021. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures; please refer to the section “Non-GAAP Financial Measures” provided later in this release. For full-year 2022, net revenues increased 7.8% to $1,004 million, compared with $931 million for full-year 2021. Net revenues increased 10.2% on a constant currency basis. Net loss was $234 million, or $(0.83) per diluted share, compared with net income of $117 million, or $0.4...