steris

{{short description|Irish registered American medical device company}}

{{Infobox company

| name = STERIS plc

| type = Public

| traded_as = {{Unbulleted list|{{NYSE|STE}}|S&P 500 component}}

| ISIN = {{ISIN|sl=n|pl=y|IE00BFY8C754}}

| founded = {{Start date and age|1985}}

| location = Mentor, Ohio, U.S.

| key_people = Daniel A. Carestio (President and CEO)

| industry = Medical devices

| products =

| revenue = {{increase}} {{US$|5.14 billion|link=yes}} (2024)

| operating_income = {{increase}} {{US$|836 million}} (2024)

| net_income = {{increase}} {{US$|378 million}} (2024)

| assets = {{increase}} {{US$|11.1 billion}} (2024)

| equity = {{increase}} {{US$|6.32 billion}} (2024)

| num_employees = 18,179

| num_employees_year = 2024

| parent =

| subsid =

| website = {{url|steris.com}}

| footnotes = Financials {{asof|2024|03|31|lc=y}}.{{cite web |url=https://www.sec.gov/Archives/edgar/data/1757898/000175789824000008/ste-20240331.htm |title=Steris plc FY2024 Annual Report (Form 10-K) |date=29 May 2024 |publisher=U.S. Securities and Exchange Commission}}

| logo = Steris logo.svg

}}

Steris plc is an American-Irish-based medical equipment company specializing in sterilization and surgical products for the US healthcare system.{{cite web|url=https://www.steris.com/about/company|title=Company Overview |access-date=2020-01-03 |publisher=STERIS plc}} Steris is operationally headquartered in Mentor, Ohio,{{cite web|url=https://www.bloomberg.com/profile/company/1339679D:US |title=STERIS Corp - Company Profile and News |publisher=Bloomberg Markets|access-date=2020-01-04}} but has been legally registered since 2018 in Dublin, Ireland for tax purposes; it was previously registered in the United Kingdom from 2014 to 2018. Steris is quoted on the NYSE, and is a constituent of the S&P 500 Index.

Profile

Steris filed accounts which showed global revenues of over US$2.6 billion in 2018, of which US$1.8 billion (or 70 percent) came from the US healthcare system; and employed ~12,000 people.{{cite web | url=https://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_STE_2018.pdf | title=2018 Annual Report | website=Steris Corporation | accessdate=4 January 2020 | quote=Geographic Split of Revenues: Page 88 }} As of 2024, the President and CEO is Daniel A. Carestio.

Steris' competitors include 3M, Getinge Group, and Belimed (Metall Zug).{{cite web|url=https://www.owler.com/company/steris |title=STERIS Competitors, Revenue and Employees |website=Owler.com |access-date=2020-01-04}}

History

Steris was founded in August 1985 in Ohio, under the name "Innovative Medical Technologies".

In 2012, Steris acquired US Endoscopy for $270 million. Steris also acquired Spectrum Surgical Instruments Corp. and Total Repair Express for $110 million combined.{{cite web|url=https://www.dotmed.com/news/story/23391/|title=Steris acquires another ISO company |last=Bonner|first=Loren |date=May 5, 2014 |access-date=January 11, 2020 |archive-url=https://web.archive.org/web/20140515164704/http://www.dotmed.com/news/story/23391 |archive-date=May 15, 2014 |url-status=live}}

On April 1, 2014, Steris announced its acquisition of Integrated Medical Systems International Inc. for ~$175 million, although it would only cost the company ~$140 million after tax benefits.{{cite web|url=https://www.wsj.com/articles/steris-to-acquire-integrated-medical-systems-for-165-million-1396358743 | title=Steris to Acquire Integrated Medical Systems for $165 Million |website=WSJ.com |date=April 1, 2014 |access-date=January 11, 2020 |last=McCarthy|first=Erin |archive-url=https://web.archive.org/web/20200111233224/https://www.wsj.com/articles/steris-to-acquire-integrated-medical-systems-for-165-million-1396358743 |archive-date=January 11, 2020|url-status=live}} Shortly after, Steris also acquired Chesterfield, Missouri-based Life Systems.

In October 2014, Steris executed a tax inversion from the United States to the United Kingdom, via an offer made to acquire UK-based Synergy Health for $1.9 billion.{{cite web|url=https://www.massdevice.com/steris-drops-226m-on-general-econopak-black-diamond-video |title=Steris drops $226m on General Econopak, Black Diamond Video |last=Perriello |first=Brad |website=MassDevice.com| date=2015-06-24 |access-date=2020-01-04}}{{cite news | url=https://www.ft.com/content/7f67a526-52e2-11e4-9221-00144feab7de | title=Steris makes UK tax leap with $1.9bn Synergy inversion deal | newspaper=Financial Times | author1=Arash Massoudi | author2=Andrew Ward | date=13 October 2014 | accessdate=4 January 2020 | quote=Steris Corp has become the first American company to agree a deal that allows it to lower its tax burden by moving overseas since President Barack Obama’s administration announced measures to clamp down on the practice.}} The tax inversion was notable as it was the first US inversion post the new rules introduced by the Obama administration in 2014 to curb US corporations moving their "legal domicile" to reduce their exposure to US corporate taxation.{{cite news | url=https://www.theguardian.com/business/2014/oct/13/synergy-steris-takeover-tax-inversion | title=UK medical firm Synergy bought by Steris | newspaper=The Guardian | author=Sean Farrell | date=31 October 2014 | accessdate=5 January 2020 | quote=The proposed acquisition of the Swindon-based Synergy by Steris Corporation is the latest attempt to pull off a tax inversion deal, despite political opposition on both sides of the Atlantic to the controversial manoeuvre.}}{{cite news|url=https://www.nytimes.com/2015/05/30/business/international/steris-says-it-will-fight-ftc-move-to-block-merger-with-synergy-health.html | newspaper=New York Times | title=Steris to Fight F.T.C. Move to Block Merger With Synergy Health | author=Chad Bray | date=29 May 2015 | accessdate=4 January 2020 | quote=The transaction was one of a series of so-called tax inversions announced last year, in which companies based in the United States sought to reincorporate overseas to lower their corporate tax rates.}}

On June 24, 2015, Steris announced the acquisitions of General Econopak for $175 million and Black Diamond Video for $51 million.

In November 2018, Steris announced that it would further re-domicile its legal headquarters from the United Kingdom to Ireland; Steris had reduced its corporate tax rate from 31.3 percent to 20 percent as a result of its 2014 tax inversion to the United Kingdom, however, it believed a further reduction could be achieved by moving to Ireland.{{cite news | url=https://www.irishtimes.com/business/health-pharma/corporate-inverter-steris-blindsided-by-brexit-1.3696692 | newspaper=Irish Times | author=Cantillon | date=13 November 2018 | accessdate=4 January 2020 | quote=But the fact remains that it was paying an effective tax rate of 31.3 per cent in the US. That has since fallen to 20 per cent, a figure that will fall further should it relocate to Dublin.| title=Sterie to relocate HQ to Dublin}}{{cite news | url=https://www.irishtimes.com/business/health-pharma/brexit-pushes-steris-to-move-again-to-ireland-1.3695410 | newspaper=Irish Times | date=12 November 2018 | accessdate=4 January 2020 | quote=Surgical equipment maker was part of first corporate inversion post-Obama clampdown | title=Brexit pushes Steris to move again - to Ireland}}

In April 2020, Steris received emergency use authorization from the FDA for a N95 mask sterilization system to help address the shortage of personal protective equipment during the 2019-20 coronavirus pandemic.{{cite web|url=https://www.steris.com/healthcare/steris-decontamination-solutions-for-compatible-n95-or-n95-equivalent-respirators |title=STERIS Decontamination Solutions for compatible N95 or N95-equivalent Respirators |publisher=Steris |archiveurl=https://web.archive.org/web/20200414095907/https://www.steris.com/healthcare/steris-decontamination-solutions-for-compatible-n95-or-n95-equivalent-respirators |archivedate=April 14, 2020 |url-status=live}}{{cite web |url=https://fox8.com/news/coronavirus/fda-approves-steris-technology-for-n95-mask-sterilization/ |title=FDA approves Steris technology for N95 mask sterilization |last=Steer |first=Jen |date=April 10, 2020 |website=fox8.com |archiveurl=https://web.archive.org/web/20200415174852/https://fox8.com/news/coronavirus/fda-approves-steris-technology-for-n95-mask-sterilization/ |archivedate=April 15, 2020 |url-status=live}}

In November 2020, Steris acquired Key Surgical, a leading global provider of sterile processing, operating room, and endoscopy products.{{Cite web|url=https://www.jonesday.com/en/practices/experience/2020/11/steris-to-acquire-key-surgical-for-approximately-$850-million |title=STERIS acquires Key Surgical for approximately $850 million|access-date=2023-10-21 }}

In June 2021, Steris acquired Cantel Medical Corporation a provider of infection prevention products and services to endoscopy, dental and dialysis.{{Cite news|url=https://sterisplc.gcs-web.com/news-releases/news-release-details/steris-completes-acquisition-cantel-medical |title=STERIS Completes the Acquisition of Cantel Medical|website=sterisplc.gcs-web.com|date=2021-06-02|access-date=2021-09-14}}