Business
Sotera Health Reports Third-Quarter and Year-to-Date 2023 Results
Q3 2023 net revenues of $263 million increased 6%, compared to Q3 2022Q3 2023 net loss of $14 million or $0.05 per diluted share, compared to net income of
About this update from Sotera Health Company
[{"type":"text","content":"Q3 2023 net revenues of $263 million increased 6%, compared to Q3 2022Q3 2023 net loss of $14 million or $0.05 per diluted share, compared to net income of $25 million or $0.09 per diluted share in Q3 2022 Q3 2023 Adjusted EBITDA of $134 million increased 7%, compared to Q3 2022Q3 2023 Adjusted EPS of $0.21 decreased $0.02 per diluted share, compared to Q3 2022 driven by higher interest expenseCompany reaffirms 2023 outlook, anticipates results at the lower end of the range CLEVELAND, Nov. 01, 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 and nine months ended September 30, 2023. Third-quarter 2023 net revenues increased 5.8% to $263 million, compared with $249 million in the third-quarter 2022. Net loss was $14 million, or $0.05 per diluted share, including a previously disclosed legal settlement of $35 million. This compares with net income of $25 million, or $0.09 per diluted share in the third-quarter of 2022. Adjusted EBITDA for the third-quarter 2023 increased 7.3% to $134 million compared to $125 million in the third-quarter 2022. Third-quarter 2023 Adjusted Earnings Per Diluted Share (“Adjusted EPS”) was $0.21, compared to $0.23 in the third-quarter of 2022 driven by higher interest expense. Please refer to the section “Non-GAAP Financial Measures” provided later in this release. For the first nine-months of 2023, net revenues decreased 1.7% to $739 million, compared to $752 million for the same period in 2022. Net revenues also decreased approximately 1.7% on a constant currency basis. Net income was $13 million, or $0.04 per diluted share for the nine-months ended September 30, 2023, compared with net income of $86 million, or $0.31 per diluted share, for the same period last year. Adjusted EBITDA for the first nine-months of 2023 decreased 4.1% to $361 million and Adjusted EPS decreased by $0.17 to $0.55 compared to the first nine-months of 2022. Please refer to the section “Non-GAAP Financial Measures” provided later in this release. “Today I am pleased to report both top and bottom-line growth for the third-quarter 2023,” said Chairman and Chief Executive Officer, Michael B. P...