Steris (STE) FY2023 results: revenue $4.5 billion, up 7.4% on the year

Steris plc (STE) reported revenue of $4.5 billion for fiscal 2023, the year ended 31 March 2023, up 7.4% on the year before. Net income was $107 million, down 56.1%, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 26 May 2023.

Revenue

$4.5 billion

+7.4% on the year

FY2017FY2023

Operating margin

17.4%

11.3% a year earlier

FY2017FY2023

Net income

$107 million

-56.1% on the year

FY2017FY2023

Diluted EPS

$1.07

-56.9% on the year

FY2017FY2023

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	4,536	4,223	3,108	+7.4%
Cost of revenue	2,556	2,340	1,764	+9.2%
Gross profit	1,981	1,883	1,343	+5.2%
Gross margin	43.7%	44.6%	43.2%
Research and development	98.5	86.7	66.3	+13.6%
Selling, general and administrative	1,091	1,318	731	-17.3%
Operating income	791	478	548	+65.6%
Operating margin	17.4%	11.3%	17.6%
Interest expense	108	89.6	37.2	+20.5%
Pre-tax income	680	367	518	+85.5%
Income tax	124	82.3	121	+50.7%
Effective tax rate	18.2%	22.4%	23.3%
Net income	107	244	397	-56.1%
Net margin	2.4%	5.8%	12.8%
Diluted EPS	$1.07	$2.48	$4.63	-56.9%

$ 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	757	685	690	+10.5%
Capital expenditure	362	288	239	+25.9%
Free cash flow	395	397	450	-0.6%
Free cash flow margin	8.7%	9.4%	14.5%
Cash from investing	-383	-667	-1,154
Cash from financing	-499	116	346
Depreciation and amortisation	553	553	219	-0.0%
Share-based compensation	39.0	57.7	26.0	-32.4%
Buybacks	309	55.8	14.6	+453.2%
Dividends paid	183	163	134	+12.5%
Dividend per share	$1.84	$1.69	$1.57	+8.9%
Diluted shares, weighted	100m	98m	86m	+2.0%
Shares outstanding at period end	99m	100m	85m	-1.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	6,077	6,532	3,881	-7.0%
Non-controlling interest	10.0	12.3	10.5	-18.8%
Debt	3,079	3,088	1,651	-0.3%
Operating lease liabilities	140	155	130	-10.0%
Other liabilities	1,516	1,636	903	-7.3%
Total liabilities and equity	10,822	11,424	6,574	-5.3%
Fixed assets	1,633	1,553	1,235	+5.2%
Goodwill	3,879	3,939	3,026	-1.5%
Intangible assets	2,077	3,329	898	-37.6%
Cash and equivalents	208	348	221	-40.2%
Receivables	865	799	609	+8.3%
Inventory	604	575	315	+5.1%
Other assets	1,555	881	270	+76.5%
Total assets	10,822	11,424	6,574	-5.3%

10-K for the year ended 31 March 2023, filed 26 May 2023: the filing.