Sotera Health (SHC) FY2023 results: revenue $1.0 billion, up 4.5% on the year

Sotera Health Co. (SHC) reported revenue of $1.0 billion for fiscal 2023, the year ended 31 December 2023, up 4.5% on the year before. Net income was $51 million, and diluted earnings per share $0.18. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.0 billion

+4.5% on the year

FY2019FY2023

Operating margin

26.4%

24.7% a year earlier

FY2019FY2023

Net income

$51 million

FY2019FY2023

Diluted EPS

$0.18

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,049	1,004	931	+4.5%
Cost of revenue	472	447	413	+5.7%
Gross profit	577	557	519	+3.6%
Gross margin	55.0%	55.5%	55.7%
Selling, general and administrative	237	246	198	-3.7%
Operating income	277	248	257	+11.4%
Operating margin	26.4%	24.7%	27.6%
Pre-tax income	106	-243	176
Income tax	54.7	-9.5	58.6
Effective tax rate	51.5%	n/a	33.3%
Net income	51.4	-234	117
Net margin	4.9%	-23.3%	12.5%
Diluted EPS	$0.18	-$0.83	$0.41

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-148	278	282
Capital expenditure	215	182	102	+17.9%
Free cash flow	-363	95.6	179
Free cash flow margin	-34.6%	9.5%	19.3%
Cash from investing	-215	-182	-160
Cash from financing	266	198	-117	+34.5%
Depreciation and amortisation	76.6	64.3	64.2	+19.1%
Share-based compensation	32.2	21.2	13.9	+52.0%
Buybacks	n/a	0.0	0.0
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	283m	280m	279m	+1.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	444	350	586	+26.7%
Non-controlling interest	n/a	0.0	0.0
Debt	2,228	1,944	1,744	+14.6%
Operating lease liabilities	20.1	21.6	33.0	-6.9%
Finance lease liabilities	63.8	57.0	40.9	+12.0%
Other liabilities	374	745	386	-49.7%
Total liabilities and equity	3,130	3,118	2,790	+0.4%
Fixed assets	n/a	775	651
Goodwill	1,111	1,102	1,120	+0.9%
Intangible assets	416	491	599	-15.3%
Cash and equivalents	296	395	107	-25.0%
Receivables	148	118	108	+24.7%
Inventory	48.3	37.1	54.3	+30.1%
Other assets	1,110	199	150	+457.2%
Total assets	3,130	3,118	2,790	+0.4%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.