Steris sees FY24 EPS $8.60-$8.80, consensus $8.68

As announced on June 20, STERIS signed a definitive agreement to purchase the surgical instrumentation, for $540M. All applicable antitrust waiting periods for the Transaction have expired and STERIS now anticipates that the Transaction will close in early August. The Company is updating fiscal 2024 outlook to reflect the Transaction. For fiscal 2024, the company now expects as reported revenue to increase 9-10%, an increase from previous expectations of 7-8%, solely reflecting the Transaction. Expectations for constant currency organic revenue growth are unchanged at 6-7%. Adjusted earnings per diluted share are anticipated to be in the range of $8.60 to $8.80, increased from prior expectations of $8.55 to $8.75, reflec ting $0.05 contribution from the acquired assets. Free cash flow for fiscal 2024 is now anticipated to be $685 million, a decrease from prior expectations of $700 million, reflecting working capital funding requirements for the Transaction.