Business
Sotera Health Reports Second-Quarter and First-Half 2024 Results
Q2 2024 net revenues of $277 million increased 8%, compared to Q2 2023Q2 2024 net income of $9 million or $0.03 per diluted share, compared to net income of
About this update from Sotera Health Company
[{"type":"text","content":"Q2 2024 net revenues of $277 million increased 8%, compared to Q2 2023Q2 2024 net income of $9 million or $0.03 per diluted share, compared to net income of $24 million or $0.08 per diluted share in Q2 2023Q2 2024 Adjusted EBITDA(1) of $137 million increased 7%, compared to Q2 2023Q2 2024 Adjusted EPS(1) of $0.19 declined $0.01 per diluted share, compared to Adjusted EPS of $0.20 in Q2 2023Successfully refinanced debt structure, extending debt maturities to 2031Reaffirming 2024 outlook CLEVELAND, Aug. 05, 2024 (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 and six months ended June 30, 2024. Second-quarter 2024 net revenues increased 8.3% to $277 million, compared to $255 million in the second-quarter 2023. Net revenues increased 8.8% on a constant currency basis. Net income was $9 million, or $0.03 per diluted share, compared to net income of $24 million, or $0.08 per diluted share in the second-quarter of 2023. The net income decline was primarily driven by customary charges associated with the successful refinancing of both of the Company’s term loans. Adjusted EBITDA for the second-quarter 2024 increased 6.9% to $137 million compared to $128 million in the second-quarter 2023. Second-quarter 2024 Adjusted Earnings Per Diluted Share (“Adjusted EPS”) of $0.19 declined $0.01 compared to $0.20 in the second quarter of 2023 driven by higher interest expense. For the first six months of 2024, net revenues increased 10.3% to $525 million, compared to $476 million for the same period in 2023. Net revenues increased approximately 10.2% on a constant currency basis. Net income was $15 million, or $0.05 per diluted share for the first half of 2024, compared to net income of $26 million, or $0.09 per diluted share, for the same period last year. Adjusted EBITDA for the first half of 2024 increased 9.8% to $249 million and Adjusted EPS decreased by $0.01 to $0.32 compared to the first half of 2023. “We are pleased to have achieved both revenue and Adjusted EBITDA growth for the second quarter with all three business segments reporting volume increases,” said Chairman and Chief Executive Officer, Michael ...