Steris (NYSE:STE) shares ticked up as the market closed today after reporting first-quarter results that beat the consensus forecast.
The Dublin, Ireland-based sterilization and surgical products company posted profits of $88.1 million, or $1.03 per share, on sales of $668.9 million for the three months ended June 30, 2020, for a 3.9% bottom-line gain despite a sales decline of 4%.
Adjusted to exclude one-time items, earnings per share were $1.31, 35¢ ahead of Wall Street, where analysts were looking for sales of $635.98 million.
Steris reported a -10% decline in revenues for its healthcare segment, along with a 1% drop in applied sterilization technologies. However, those dips were offset by 21% growth in life sciences because of increased demand for vaccines and biologics amid the COVID-19 pandemic.
“We are pleased with our overall performance during such a challenging time,” Steris president & CEO Walt Rosebrough said in a news release. “Our results this quarter reflect the benefits of Steris’ balanced and diversified business model as well as certain non-recurring items. As anticipated, our healthcare segment was the most impacted by the reduction of deferrable procedures.
“Our life sciences segment continued its strong performance due to increased demand from pharma customers focused on vaccines and biologics. Due to the continuing uncertainty, we are not providing guidance for fiscal 2021.”
STE shares closed the day up 0.9% at $161.07 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished today up 1.1%.