STERIS plc

Company facts

Industry

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Headquarters

Dublin

Most recent report

10-Q, filed Nov 5, 2026

Incorporated

N/A

Filings on record

686 filings

On EDGAR

CIK 1757898

Fiscal year ends

March

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 5 of 11 sections worth reading, with 1 positive, 13 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Large acquisition announced, new debt, restructuring charges, and IRS dispute.
  Notable

  • IRS seeks ~$50M in tax for FY2018; STERIS is contesting and has not reserved. Outcome could be material to one period.
  • Received ~$24M in IEEPA tariff refunds in H1 FY2027, recorded in cost of product revenues and interest income.
  Negative

  • Two new restructuring plans in Q2 FY2027: $55M-$70M manufacturing plan and $45M portfolio plan; $25.5M charged in Q2.

• Management's Discussion (Item 2)

  Pending $2.1B Xodus Medical acquisition, new debt, restructuring plans, and segment results.
  Notable

  • STERIS agreed to acquire Xodus Medical for ~$2.1B cash plus up to $150M earnout, funded by ~$2.0B new debt.
  • Life Sciences segment revenue grew 17.7% in Q2 FY2027, with capital equipment up 53.0%.
  • Healthcare segment operating margin fell to 24.0% from 25.1% due to inflation and operational investments.
  • Share repurchases doubled to $200M in H1 FY2027 from $100M, and dividends rose to $128.4M from $118.1M.
  • Free cash flow fell to $492.5M in H1 FY2027 from $527.7M, due to working capital build for inventory.

• Risk Factors (Item 1A)

  New acquisition risk factors with specific debt and timeline details.
  Notable

  • Deal must close by July 12, 2027, or either party can terminate; extended to Jan 11, 2028 if approvals lag.
  • If the deal fails, STERIS will have spent significant costs and management time with no benefit.
  • Pending deal may cause key employees to leave and customers/suppliers to delay decisions.
  Negative

  • STERIS will nearly double its debt, adding $2.0B to the current $1.9B as of Sep 30, 2026.

• Unregistered Sales and Repurchases (Item 2)

  New $1B buyback authorized, $200M spent in H1 FY2027, $800M remaining.
  Positive

  • Repurchases doubled to $200.0M in H1 FY2027 from $100.0M in H1 FY2026, showing increased capital return.
  Notable

  • $800.0M remaining under the new buyback program as of September 30, 2026.

• Other Information (Item 5)

  Two senior executives adopted 10b5-1 plans to sell shares, including the CEO.
  Notable

  • CEO adopted a plan to sell up to 31,980 shares through July 2028, including unvested awards.
  • President of Healthcare adopted a plan to sell up to 29,943 shares (5,231 shares + 24,712 options) through Sep 2027.

What changed: Sep 2026 vs. Jun 2026

About 18% of STE's Sep 2026 10-Q is new information. 57 paragraphs were added, 149 changed, and 40 removed. Below are the most important lines SECSift identified.

• Item 2 87
• Item 1 58
• Item 1A 8
• Item 5 3
• Item 3 3
• Item 4 1