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Solutions for Validation of Cleansing and Prevention of Infection

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STERIS' (STE) CEO Walter Rosebrough on the results of the third quarter 2018 - EPS Call Transcript

Hello, everyone, and welcome to the STERIS plc Third Quarter 2018 Conference Call. Dissemination, transmission or dissemination of this conference call without the express prior permission of STERIS is expressly forbidden. A number of important facts could cause our future results to differ materially from those contained in such forward-looking information, many of which include, but are not limited to, the risks described in the STERIS Investor Relations prospectus.

Most of these important elements are beyond the scope of STERIS' controls. STERIS SEC submissions are available through the company and on our website. Basic earnings per ordinary diluted share, net loss from operations, net foreign exchange gains and free cash flows are all non-GAAP financial measures that can be used from time-to-time during this conference call and should not be regarded as a substitute for Gaap results.

STERIS' core and core basic loss per ordinary shares excludes depreciation and amortisation on goodwill arising from businesses combined, acquisition-related expenses, acquisition-related integration expenses and certain other exceptional or non-recurring items. STERIS' core and core loss per ordinary shares is calculated using the weighted average number of ordinary shares outstanding. In order to quantify our sales on a currency-neutral basis, we eliminate the effects of foreign currencies, as well as the effects of disposals and disposals that impair our ability to compare and compare sales.

Free Cash Flow is defined as net of the purchase of tangible and intangible assets and the gain on disposal of tangible and intangible assets. Further information on core earnings per ordinary shares, net loss per ordinary share, net loss per ordinary share, sales organically grown and free cash flow can be found in today's press brief.

Once again I am delighted to be with you this early-morning to look back on our development in the third Quarter. Adjusted for exchange rate effects, sales grew organically by 5.2% in the third quarter, boosted by volumes and 110 base points of prices. Expressed as a percent of sales, net sales rose 250 basis points to 42 for the third quarter. 6% of the 170 basepoints increase was due to the effects of the divestments and the rest to a favourable business combination, pricing and efficiency gains partially compensated by adverse foreign exchange impacts.

8 percent of sales for the period. Our continuing capability to increase our operating income (EBIT) margins and sales and the positive effects of the divestments are very gratifying. Actual income taxes for the three months ended June 30, 2009 were 22. The third three months include the actual income taxes due to the effects of the U.S. Income and Expenses Act passed in December.

One of the main changes to the reform is a 35% cut in the US government's corporation income taxes to 21%. We are benefiting as a late March business from a 35% cut in the US mixed income applicable to our income taxes to 31.5% in the ongoing business year, as changes in US taxation laws need to be taken into consideration at the time of enactment, and we have included an advantage in our third quarterly income taxes charge to reflect the cumulative effect of the mixed income taxes that will not be recurred in the final quarterly year.

Although our estimate of the impact of the German corporate taxation reforms is not yet complete, we believe that the benefits achieved in the third quarters will lead to a full year full taxation ratio of around 25%, which is at the lower end of our previous guidance. Quarterly net earnings were $96.3 million, or $1.12 per common diluted share, driven by our strong sales performance, sustained higher margins and lower effective taxes.

Divisional sales are reported in both the table and the copy of the news releases. Regarding the carrying amount, we closed the third fiscal year with $284 million in liquid funds, $1.42 billion in aggregate indebtedness and a gearing of approximately 2.25x. In the third three months, investments were $38.1 million and depreciations were $44.7 million.

It is now our assumption that free Cash Flows will be around $300 million and investments in the financial year around $160 million. We expect the entry into force of the German Federal German Corporate Income tax treaty to result in a reduction of approximately $100 million in liquid funds used in line with our priority allocations. When we allocate our resources, our priority remains the same as when we maintain and increase the dividends in proportion to our own expansion, when we invest in our existing business to achieve sustainable development, when we make investments in related products and markets, when we reduce our overall gearing, and when we buy back shares when the other funding is less than we want and does not compensate for the watering down.

Now we have gone three fourths of the way through our year and have achieved 5% sales increase on a local currencies -adjusted basis - at the upper end of our guidance range and are on course for another year of all-time high. Throughout our entire business franchise, we are seeing high single-digit or low double-digit sales momentum in most of our business, supported by sound underlying market drivers and new products and services.

Our health care specialist services in particular exceeded our forecasts and posted currency-adjusted growth of 10%. The Life Sciences businesses, whose investment goods businesses now have two consecutive strong consecutive quarterends with continuing high order backlogs, achieved currency-neutral growth of 8% in the first nine months this year.

From today's perspective, we now anticipate only 1 million US dollars, all of which were accrued in the third Quarter. We have also recently introduced our EO Sustainability offer to the market, which helps our clients develop policies to decrease the consumption of EO during sterilisation while meeting regulatory requirements for ensuring good quality for our clients and the world.

In Health Care, we are seeing robust sales momentum in organics, driven in part by many new product introductions, among them our latest 20-minute low heat treatment biology indicator Celerity. Continued sales increase is a major driver of our health care business in recent years.

This year Celerity is just one of around 30 new health care product launches in our Health Care Segments. Sales of health care investment goods were slightly lower than expected, with shipment volumes down year-on-year, but compensated by a gratifying recovery in order levels on both a year-on-year and sequential order book and a strong pipelined track record with potentially promising businesses.

You know that the investment business can be piecemeal and we had heavy deliveries last year, especially in our 4th trimester. We are therefore visually occupied with the health care assets. Returning to the effects of the US federal government taxation reforms, Mike has already talked about the effects on STERIS in the third quarterly period and our anticipated results for the 2018 year.

However, we will be waiting for our call in the 4th trimester to get more detailed information. According to current estimates, STERIS will have an adapted actual income before income taxes in the low 20 percentile range in the 2019 financial year, which is below the mid-20s of this year. Allow me to make it clear that there are many complex issues in the new taxation legislation, and we and our consultants will keep examining the implications of this legislation for STERIS, and of course we will work to minimise our taxation in legal terms.

STERIS will be able to expand our businesses in a strategic manner and increase value for our clients, our employees and our stockholders. Regarding our 2018 guidance, we remain committed to our full-year guidance for full-year sales organics of 4% to 5% on a currency-neutral basis.

Let me recall that our Q4 of last year was exceptional, so we have particularly tough benchmarks in the Q4. Given our anticipated operational excellence at the upper end of our previously forecast and the advantage of the lower effective income taxes, we now anticipate EPS in the $4.10 to $4.16 region, representing either 9% or 11% year-over-year revenue increase.

So far this year we are very satisfied with our overall result and are on the way to a further sound result in terms of volume of sales and earnings and are looking forward to many more. Many thanks for having joined us today and for continuing to work with STERIS. First, on consumer demands for medical devices and we look across the sector this month, obviously quite sound results for other businesses, but it seems that your company was a little better than otherwise anticipated.

Is there any other element of the fiscal reforms that will get you to invest more aggressive in longer run investments, things related to innovations that are just inquisitive, what else are you doing with the wind fall here to try to promote the company's further development? For example, investing in the US is much more appealing in the near run than it was two years ago, and almost every good quality US asset is more appealing than it was a year ago.

Obviously the increase was beautiful 2. 5 percent on an organically based base. Was there anything else to look at in this growing trend, I realized that the compar was a little simpler, but was there any kind of perhaps on Puerto Rico, businesses that moved more aggressive to get volumes through the establishment since they also came up with cadence?

You are right to recall that last year all of our consumables or returning business in the third trimester had a Christmas break and at the moment we really didn't get it and to be frank, we still don't really do. We suspect that it was exactly the way the holiday season went and it took longer than usual for the holiday season to be over, and that seems to have taken effect because we didn't see it in the third part.

So, this is clearly the case with all our disposables on a quarterly basis, but if you look at it for the year, we still have a great year with record revenues across the line. Straight on HSS again really nicely almost 9% stable Currency Organic grow there but the spread was down sequentially I believe 5.

6 percent in the third quater from in the second quater of eightish. A year ago at that point we said that we were investing too much before the revenues - or just before the revenues we were expecting - and then we not only didn't get what we were expecting, we were losing it.

They want to be a little safer and now they have started to invest in further expansion, but we will be much more cautious, I am sure and do not anticipate any significant reductions as we have seen in the past. Then the last one, I know you're not you who will provide the 2019 guide at this point and thank you for the paint on the headset.

As you know, no further commentary from Mr. Norwell than what we have already said has been given, not by us, but by others, that the main part of the property is finished and we have said that we are now investing in this area. This will not have a significant impact next year, except on possible investments, but we have some things that now look more like fire and fumes.

There are therefore a number of expenses that we will reduce next year, including the rates, and we want to make sensible choices about what to do with these things. ýI suppose we'll see some of the benefits from such your counterbalanced or diversified franchise today, but Walt, just to make sure and examine the small case and listen to your thoughts on the health fund side again, any other colour, I know it's the second fourth where and I know it can be chunky, but any colour on main crop, produce or project and spare fund, anything you could just give us to tell us what you see out there today what you see today?

This always gives us a good feeling, especially in view of the insecurity that exists in the United States with regard to health care reimbursements. The Middle East has been a catastrophe in the last 18 moths, but it is now growing again. The Asia-Pacific region has been very robust in recent years, it has leveled off a bit this year, but I think we see a better pipelined outlook there.

I' ll say that we have spoken a great deal about money and the impact of the money in relation to what meets the income, what it is a result, but that is, I will name the bookkeeping versions of the money. If we have done it - if the US dollar gets stronger against other major US dollars, it will be a head wind for STERIS, because we have a tendency to develop the North American countries, most of these expenses are in the US and therefore in US dollars.

I am not trying to predict the future of the money now, but because if I could I would not work here, but in any case we see some easing in the winds we have faced in recent month in relation to our currencies. You know, folks were talking about how powerful it was.

If you look at these just under 10%, the high single-digit increase could have a certain part to play. If you can maintain a growing pace like this, I mean that my memory was that some of these - your equipment is running quite overheated and that perhaps there would be no ability for you to maintain some kind of elevation like this without you somehow stretching yourself.

Now, a facility is not a facility, US facilities are usually more focused, are probably almost twice the size and that's a number of facts - it's quite different to having to construct a new greenfield facility than add a few entities within a facility or expand a facility where we already have the floor, and we have a number of extensions that make up a large part of our investment costs.

So we think that the increase is there and we will be able to fulfill it, it was earlier, when we go back in price, the Isomedix 10 years ago, when we carried out eight extensions of plants, it was a big thing that made the return on investment decrease quite significantly because new plants need a while to be refilled and then earn that cash.

So it is now much less painful if we - to the end result financing of the entire STERIS firm overall and certainly if we do this AST - to the end result financing of the entire STERIS team. Most of your business is grow high one-digit or low double-digit numbers now I mean you had a really unbelievable fourth in almost everything with the exception of health fund equipping.

Well, first of all I will divide it into two why we don't worry is, if you look across the board for a while, it didn't grow that quickly, but neither did investments. Last year it was just as strong in a problem of economic expansion as this year, and that just happens.

This also applies to our so-called MS or device managment system. They are a very buoyant increase last year, less buoyant this year. The IPT industry has been particularly heavy on laundering lately and the relationship has been less steamy lately. A few years ago hydroperoxide was incredibly powerful, now it's just powerful.

It' s a mixture of both, and when we look at the whole thing and think about what we are doing, what we have done and what we are doing, we believe we are in a good place in our investment business. Again I mention the backwinds of a strength of a dollar, and that is dwindling a little right now, and that is obviously good for us in relation to the relatively especially outside America, but also inside America, since most of our rivals produce outside America, it changes the backwind, the backwind equation. Although we have a lot of competition from outside America, we have a lot of competition from outside America.

In absolute terms, there are significant variations in importance, and we have pushed ahead with our overall health care introductions, and so we have grown further, I estimate, only I would say, 30 is a large number. When I said the 30, it's a mix of funds and supplies, but it's common in funds and supplies.

As for the last two for me, I just wanted to succeed the more than flamed comments about special health care service and this off-site centric models. that you thought it was cheap at $35 million. Then, Matt, in terms of the currency perspective, so if we use the forward rate at the end of December, our prediction would be that sales would be about $35 million higher than the initial guidance.

Just to clear up the year after year, Matt, that's $20 million in sales compared to last year. In the case of health care investment goods, which build on Dave's previous request, it seems that the end market in the US remains cheap and perhaps somewhat cheaper international. They can also profit from the local currencies.

So, should we think about the fall in this quarterly as a feature of timings, and should we see some of them again in the 4th part? I' m thinking of it as a timing when you look at it - I call it long run and special in the third trimester.

I would say the 4th trimester, yes, unless you speak about it all year round. Speaking from year to year, last year, we had an exceptional period for the transport of funds. Then Walt, as you said - Live Times has recently posted some big figures, equipment sales were up 33%, organically grown 14%.

Could you perhaps just comment on some of the driving forces behind this increase and explain how sustained it will be if we move forward? So they have a long story with high single-digit, sometimes double-digit increases in this area, and we don't see that slowing down. Those of you on the main city side who followed us for a long period of times know that we had an eight-year dry spell when you were at CAPACAL Equipment in Life Science.

You saw early on the increase in order books. Quite significant increase in orderbook. It will now be delivered in the third quater, and we do not see an end to it at this point. We have therefore achieved a position of strength - we have a powerful ship and a powerful pipe. We have no other choice in this area than in the health sector.

Because we have vapor, we have wash, we have hydrogen percent esterification and the oxygen is really strong, we have really reinforced this line and have been a really good driver for our expansion in this area. As for your capacity building guide, it seems to have fallen by around $20 million compared to the last three months, and I was asking myself if you could close that void, especially given the fiscal wind that everyone receives.

Regarding takeovers, I know you said you were introducing a number of new health product offerings, and I was asking myself whether you are now more likely to consider deals that actually extend the $10 billion adressable end markets or just try to further solidify in areas that already exist?

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