STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced
that is has completed the previously announced acquisition of Key
Surgical, a portfolio company of Water Street Healthcare Partners,
LLC.
“We are pleased to announce the timely closing of the Key
Surgical acquisition, which strengthens, complements and expands
STERIS’s product offering and global reach,” said Walt Rosebrough,
President and Chief Executive Officer of STERIS. “We welcome
Key Surgical people to the STERIS team, and look forward to working
together to provide enhanced service to our Customers and create
additional value for our shareholders.”
STERIS now anticipates that Key Surgical will add about 35% more
revenue and adjusted earnings per diluted share in the fiscal year
than initially anticipated with a December 31, 2020 close. As
a result, the Company now expects approximately $55 million in
revenue and $0.13 in adjusted earnings per diluted share in fiscal
2021 from the Key Surgical acquisition, assuming no major
disruptions due to COVID-19.
Goldman Sachs & Co. LLC is serving as exclusive financial
advisor to STERIS and Jones Day and Wachtell, Lipton, Rosen &
Katz are serving as legal counsel. Piper Sandler & Co. is
serving as exclusive financial advisor to Key Surgical and Winston
& Strawn and Stinson are serving as legal counsel.
About STERIS STERIS’s MISSION IS TO HELP OUR
CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing
innovative healthcare and life science product and service
solutions around the globe. For more information, visit
www.steris.com.
Investor Contact: Julie Winter, Vice President, Investor
Relations and Corporate CommunicationsJulie_Winter@steris.com+1 440
392 7245
Media Contact: Stephen Norton, Senior Director, Corporate
CommunicationsStephen_Norton@steris.com+1 440 392 7482
Forward-Looking Statements This release and the
referenced conference call may contain statements concerning
certain trends, expectations, forecasts, estimates, or other
forward-looking information affecting or relating to STERIS or its
industry, products or activities that are intended to qualify for
the protections afforded “forward-looking statements” under the
Private Securities Litigation Reform Act of 1995 and other laws and
regulations. Forward-looking statements speak only as to the date
the statement is made and may be identified by the use of
forward-looking terms such as “may,” “will,” “expects,” “believes,”
“anticipates,” “plans,” “estimates,” “projects,” “targets,”
“forecasts,” “outlook,” “impact,” “potential,” “confidence,”
“improve,” “optimistic,” “deliver,” “orders,” “backlog,”
“comfortable,” “trend”, and “seeks,” or the negative of such terms
or other variations on such terms or comparable terminology. Many
important factors could cause actual results to differ materially
from those in the forward-looking statements including, without
limitation, disruption of production or supplies, changes in market
conditions, political events, pending or future claims or
litigation, competitive factors, technology advances, actions of
regulatory agencies, and changes in laws, government regulations,
labeling or product approvals or the application or interpretation
thereof. Other risk factors are described in STERIS’s other
securities filings, including Item 1A of our Annual Report on Form
10-K for the year ended March 31, 2020. Many of these important
factors are outside of STERIS’s control. No assurances can be
provided as to any result or the timing of any outcome regarding
matters described in STERIS’s securities filings or otherwise with
respect to any regulatory action, administrative proceedings,
government investigations, litigation, warning letters, cost
reductions, business strategies, earnings or revenue trends or
future financial results. References to products are summaries only
and should not be considered the specific terms of the product
clearance or literature. Unless legally required, STERIS does not
undertake to update or revise any forward-looking statements even
if events make clear that any projected results, express or
implied, will not be realized. Other potential risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements include, without
limitation, (a) the impact of the COVID-19 pandemic on STERIS’s
operations, performance, results, prospects, or value, (b) STERIS's
ability to achieve the expected benefits regarding the accounting
and tax treatments of the redomiciliation to Ireland
(“Redomiciliation”), (c) operating costs, Customer loss and
business disruption (including, without limitation, difficulties in
maintaining relationships with employees, Customers, clients or
suppliers) being greater than expected following the
Redomiciliation, (d) STERIS’s ability to meet expectations
regarding the accounting and tax treatment of the Tax Cuts and Jobs
Act (“TCJA”) or the possibility that anticipated benefits resulting
from the TCJA will be less than estimated, (e) changes in tax laws
or interpretations that could increase our consolidated tax
liabilities, including changes in tax laws that would result in
STERIS being treated as a domestic corporation for United States
federal tax purposes, (f) the potential for increased pressure on
pricing or costs that leads to erosion of profit margins, (g) the
possibility that market demand will not develop for new
technologies, products or applications or services, or business
initiatives will take longer, cost more or produce lower benefits
than anticipated, (h) the possibility that application of or
compliance with laws, court rulings, certifications, regulations,
regulatory actions, including without limitation any of the same
relating to FDA, EPA or other regulatory authorities, government
investigations, the outcome of any pending or threatened FDA, EPA
or other regulatory warning notices, actions, requests, inspections
or submissions, or other requirements or standards may delay, limit
or prevent new product or service introductions, affect the
production, supply and/or marketing of existing products or
services or otherwise affect STERIS’s performance, results,
prospects or value, (i) the potential of international unrest,
economic downturn or effects of currencies, tax assessments,
tariffs and/or other trade barriers, adjustments or anticipated
rates, raw material costs or availability, benefit or retirement
plan costs, or other regulatory compliance costs, (j) the
possibility of reduced demand, or reductions in the rate of growth
in demand, for STERIS’s products and services, (k) the possibility
of delays in receipt of orders, order cancellations, or delays in
the manufacture or shipment of ordered products or in the provision
of services, (l) the possibility that anticipated growth, cost
savings, new product acceptance, performance or approvals, or other
results may not be achieved, or that transition, labor,
competition, timing, execution, regulatory, governmental, or other
issues or risks associated with STERIS’s businesses, industry or
initiatives including, without limitation, those matters described
in our Annual Report on Form 10-K for the year ended March 31,
2020, and other securities filings, may adversely impact STERIS’s
performance, results, prospects or value, (m) the impact on STERIS
and its operations, or tax liabilities, of Brexit or the exit of
other member countries from the EU, and the Company’s ability to
respond to such impacts, (n) the impact on STERIS and its
operations of any legislation, regulations or orders, including but
not limited to any new trade or tax legislation, regulations or
orders, that may be implemented by the U.S. administration or
Congress, or of any responses thereto, (o) the possibility that
anticipated financial results or benefits of recent acquisitions,
including the acquisition of Key Surgical, or of STERIS’s
restructuring efforts, or of recent divestitures, will not be
realized or will be other than anticipated, and (p) the effects of
contractions in credit availability, as well as the ability of
STERIS’s Customers and suppliers to adequately access the credit
markets when needed.
- Key Surgical Financial Reconciliation 11.18.20 FINAL
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