Steris (STE) FY2026 results: revenue $5.9 billion, up 8.7% on the year

STERIS supplies products and services that support patient care, with the emphasis on infection prevention. The offering falls into four kinds: consumables such as detergents, endoscopy accessories, barrier products, instruments and tools; services including equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair, laboratory testing and outsourced reprocessing; capital equipment such as sterilizers, surgical tables and automated endoscope reprocessors; and connectivity solutions such as operating room integration. Most of the revenue comes from healthcare, medical device and pharmaceutical customers. The financial year ends on 31 March. There are three reportable segments, down from four after the fiscal 2025 divestiture of the Dental segment, which is now presented as discontinued operations. The company averaged approximately 18,000 employees worldwide through fiscal 2026, fewer than 12 percent of them represented by work councils or labour unions.

Healthcare

This is by far the largest of the three by headcount, at 12,496 people in fiscal 2026 against 3,489 in AST and 837 in Life Sciences. It serves healthcare providers, aimed at sterile processing departments and procedural centres such as operating rooms and endoscopy suites. The products run from cleaning chemistries and sterility assurance products through automated endoscope reprocessing systems and tracking products, endoscopy accessories, instruments, washers and sterilizers, to equipment used in the procedure room itself including surgical tables, lights and connectivity solutions. On the service side, employees install, maintain, upgrade, repair and troubleshoot capital equipment worldwide under preventive maintenance and repair programmes, and the segment also repairs and maintains instruments, devices and endoscopes either on site or at its own facilities, runs custom process improvement consulting, and takes on outsourced instrument sterile processing both inside the hospital and at off-site reprocessing centres. No customer was more than 10 percent of what the segment sold in fiscal 2026. Named competitors by product include 3M, Baxter, Boston Scientific, Belimed, Ecolab, Fortive, Getinge, Karl Storz, Olympus, Ruhof, SteelCo, Stryker, Skytron and Wassenburg, and by service line BBraun, Crothall, Olympus and Pentax.

Applied Sterilization Technologies

AST serves medical device and pharmaceutical manufacturers through a global network of contract sterilization and laboratory testing facilities, plus integrated sterilization equipment and control systems. The filing describes the offering as technology-neutral, supporting customers from testing through sterilization. The facilities sit in regions with a concentration of medical device and pharmaceutical manufacturing across the Americas, Europe and Asia, and technical staff support customers through product development, materials testing and process validation. The segment also services its own global installed base of sterilization equipment and control systems, and supplies process controls and monitoring systems along with the integrated equipment itself, including accelerators, product handling and automation. No customer was more than 10 percent of what the segment sold in fiscal 2026 either. Competition comes from Sterigenics, other smaller contract sterilization companies, other equipment makers, and manufacturers that sterilize in-house.

Life Sciences

Life Sciences supports biopharmaceutical and medical device manufacturing facilities, particularly those doing aseptic manufacturing, with consumables, equipment maintenance, specialty services and capital equipment. The products include sterilants, pharmaceutical grade and research sterilizers and washers, sterility assurance and maintenance products, vaporized hydrogen peroxide room decontamination systems and sterilizers, and high purity water and pure steam generators. Service employees install, maintain, upgrade, repair and troubleshoot that equipment worldwide, again with preventive maintenance and repair programmes. No single customer reached 10 percent of what this segment sold either. The filing says competition here turns on technological innovation, product performance, convenience and ease of use, and overall cost-effectiveness, and names Belimed, Contec, Ecolab, Fedegari, Getinge and Stilmas.

What the business depends on

Raw materials, sub-assemblies, components and supplies come from numerous suppliers in the United States and internationally, and are generally available from several sources in sufficient quantity. Two exceptions matter: ethylene oxide and the radioisotope cobalt-60, both necessary to AST operations, have few suppliers or are single-sourced in certain regions, and are covered by long-term supply contracts. The company continues to expand its irradiation processing capacity with accelerator-based technologies, which it presents as a way to mitigate the potential cobalt-60 supply risk. On the demand side, the filing points to the ageing of the population worldwide, rising demand for medical procedures including preventive screenings such as endoscopies and colonoscopies, and customers' own wish to operate more efficiently.

From STERIS's annual report on Form 10-K for the year ended 31 March 2026. The filing

Written from the 10-K filed 29 May 2026: read the full 10-K.