STERIS plcSTE
STERIS plc Segments Disclosure
13. BUSINESS SEGMENT INFORMATION
We operate and report our financial information in three reportable business segments: Healthcare, AST, and Life Sciences. Previously, we had four reportable business segments, however, as a result of the divestiture of our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to reflect these changes for comparability, as required. For more information, refer to Note 4 titled, "Discontinued Operations." Non-allocated operating costs that support the entire Company and items not indicative of operating trends are excluded from segment operating income.
Our Healthcare segment provides a comprehensive offering for healthcare providers worldwide, focused on sterile processing departments and procedural centers, such as operating rooms and endoscopy suites. Our products and services range from infection prevention consumables and capital equipment, as well as services to maintain that equipment; to the repair of re-usable procedural instruments; to outsourced instrument reprocessing services. In addition, our procedural products also
include endoscopy accessories, instruments, and capital equipment infrastructure used primarily in operating rooms, ambulatory surgery centers, endoscopy suites, and other procedural areas.
Our AST segment supports medical device and pharmaceutical manufacturers through a global network of contract sterilization and laboratory testing facilities, and integrated sterilization equipment and control systems. Our technology-neutral offering supports Customers every step of the way, from testing through sterilization.
Our Life Sciences segment provides a comprehensive offering of products and services designed to support biopharmaceutical and medical device research and manufacturing facilities, in particular those focused on aseptic manufacturing. Our portfolio includes a full suite of capital equipment, consumable products, equipment maintenance and specialty services.
Our chief operating decision maker ("CODM") is our President and Chief Executive Officer ("CEO"). The CEO is responsible for performance assessment and resource allocation. The CEO regularly receives discrete financial information about each reportable segment and uses this information to assess performance and allocate resources. This information includes Revenues and Cost of revenues; Selling, general, and administrative expenses; and Research and development expenses for each reportable segment.
We disclose a measure of segment income that is consistent with the way management operates and views the business. The accounting policies for reportable segments are the same as those for the consolidated Company.
For the three years ended March 31, 2025, revenues from a single Customer did not represent ten percent or more of the Healthcare, AST or Life Sciences segment revenues.
Information regarding our segments is presented in the following tables.
| Year Ended March 31, 2025 | ||||||||||||||||||||||||||||||||
| Healthcare | AST | Life Sciences | Corporate | Company | ||||||||||||||||||||||||||||
| Revenues | $ | 3,878,671 | $ | 1,038,573 | $ | 542,271 | $ | — | $ | 5,459,515 | ||||||||||||||||||||||
| Segment expenses | ||||||||||||||||||||||||||||||||
| Cost of revenues | 2,204,084 | 516,704 | 243,714 | |||||||||||||||||||||||||||||
| Selling, general, and administrative | 609,974 | 52,485 | 59,755 | |||||||||||||||||||||||||||||
| Research and development | 93,092 | 3,808 | 9,361 | |||||||||||||||||||||||||||||
| Total income from operations before adjustments | $ | 971,521 | $ | 465,576 | $ | 229,441 | $ | (399,033) | $ | 1,267,505 | ||||||||||||||||||||||
| Less: Adjustments | ||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets (1) | 273,784 | |||||||||||||||||||||||||||||||
Acquisition and integration related charges (2) | 11,159 | |||||||||||||||||||||||||||||||
Tax restructuring costs (3) | 54 | |||||||||||||||||||||||||||||||
Amortization of inventory and property "step up" to fair value (1) | 5,442 | |||||||||||||||||||||||||||||||
Restructuring charges (4) | 62,275 | |||||||||||||||||||||||||||||||
Illinois EO litigation settlement (5) | 48,150 | |||||||||||||||||||||||||||||||
Total income from operations | $ | 866,641 | ||||||||||||||||||||||||||||||
| Year Ended March 31, 2024 | ||||||||||||||||||||||||||||||||
| Healthcare | AST | Life Sciences | Corporate | Company | ||||||||||||||||||||||||||||
| Revenues | $ | 3,613,019 | $ | 953,980 | $ | 571,702 | $ | — | $ | 5,138,701 | ||||||||||||||||||||||
| Segment expenses | ||||||||||||||||||||||||||||||||
| Cost of revenues | 2,083,850 | 458,397 | 283,880 | |||||||||||||||||||||||||||||
| Selling, general, and administrative | 568,040 | 51,698 | 58,218 | |||||||||||||||||||||||||||||
| Research and development | 89,771 | 4,141 | 8,255 | |||||||||||||||||||||||||||||
| Total income from operations before adjustments | $ | 871,358 | $ | 439,744 | $ | 221,349 | $ | (348,497) | $ | 1,183,954 | ||||||||||||||||||||||
| Less: Adjustments | ||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets (1) | 266,420 | |||||||||||||||||||||||||||||||
Acquisition and integration related charges (2) | 25,526 | |||||||||||||||||||||||||||||||
Tax restructuring costs (3) | 620 | |||||||||||||||||||||||||||||||
Net loss on divestiture of businesses (1) | 873 | |||||||||||||||||||||||||||||||
Amortization of inventory and property "step up" to fair value (1) | 10,032 | |||||||||||||||||||||||||||||||
Restructuring charges (4) | 44,365 | |||||||||||||||||||||||||||||||
Total income from operations | $ | 836,118 | ||||||||||||||||||||||||||||||
| Year Ended March 31, 2023 | ||||||||||||||||||||||||||||||||
| Healthcare | AST | Life Sciences | Corporate | Company | ||||||||||||||||||||||||||||
| Revenues | $ | 3,085,131 | $ | 914,431 | $ | 536,704 | $ | — | $ | 4,536,266 | ||||||||||||||||||||||
| Segment expenses | ||||||||||||||||||||||||||||||||
| Cost of revenues | 1,788,174 | 436,682 | 266,458 | |||||||||||||||||||||||||||||
| Selling, general, and administrative | 506,262 | 43,804 | 52,608 | |||||||||||||||||||||||||||||
| Research and development | 84,675 | 4,925 | 7,413 | |||||||||||||||||||||||||||||
| Total income from operations before adjustments | $ | 706,020 | $ | 429,020 | $ | 210,225 | $ | (264,974) | $ | 1,080,291 | ||||||||||||||||||||||
| Less: Adjustments | ||||||||||||||||||||||||||||||||
Amortization of acquired intangible assets (1) | 256,355 | |||||||||||||||||||||||||||||||
Acquisition and integration related charges (2) | 23,486 | |||||||||||||||||||||||||||||||
Tax restructuring costs (3) | 661 | |||||||||||||||||||||||||||||||
Gain on fair value adjustment of acquisition related contingent consideration (1) | (3,100) | |||||||||||||||||||||||||||||||
Net loss on divestiture of businesses (1) | (67) | |||||||||||||||||||||||||||||||
Amortization of inventory and property "step up" to fair value (1) | 11,370 | |||||||||||||||||||||||||||||||
Restructuring charges (4) | 485 | |||||||||||||||||||||||||||||||
Total income from operations | $ | 791,101 | ||||||||||||||||||||||||||||||
(1) For more information regarding our recent acquisitions and divestitures, refer to Note 3 titled, "Business Acquisitions and Divestitures"
(2) Acquisition and integration related charges include transaction costs and integration expenses associated with acquisitions.
(3) Costs incurred in tax restructuring.
(4) For more information regarding our restructuring efforts, refer to Note 2 titled, "Restructuring".
(5) For more information regarding our Illinois EO litigation settlement, refer to Note 12 titled, "Commitments and Contingencies".
Assets include the current and long-lived assets directly attributable to the segment based on the management of the location or on utilization. Certain corporate assets were allocated to the reportable segments based on revenues. Assets attributed to sales and distribution locations are only allocated to the Healthcare and Life Sciences segments.
Individual facilities, equipment, and intellectual properties are utilized by both the Healthcare and Life Sciences segments at varying levels over time. As a result, an allocation of total assets, capital expenditures, and depreciation and amortization is not meaningful to the individual performance of the Healthcare and Life Sciences segments. Therefore, their respective amounts are reported together.
| March 31, | 2025 | 2024 | ||||||||||||
| Assets | ||||||||||||||
| Healthcare and Life Sciences | $ | 6,806,442 | $ | 7,055,576 | ||||||||||
| AST | 3,340,369 | 3,203,217 | ||||||||||||
Assets excluding assets held for sale | $ | 10,146,811 | $ | 10,258,793 | ||||||||||
| Years Ended March 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| Capital Expenditures | ||||||||||||||||||||
| Healthcare and Life Sciences | $ | 142,845 | $ | 114,164 | $ | 98,585 | ||||||||||||||
| AST | 227,246 | 237,012 | 253,914 | |||||||||||||||||
| Total Capital Expenditures | $ | 370,091 | $ | 351,176 | $ | 352,499 | ||||||||||||||
| Depreciation, Depletion, and Amortization | ||||||||||||||||||||
| Healthcare and Life Sciences | $ | 334,212 | $ | 322,244 | $ | 306,377 | ||||||||||||||
| AST | 142,003 | 127,823 | 116,153 | |||||||||||||||||
| Total Depreciation, Depletion, and Amortization | $ | 476,215 | $ | 450,067 | $ | 422,530 | ||||||||||||||
Financial information for each of our United States and international geographic areas is presented in the following table. Revenues are based on the location of these operations and their Customers. Property, plant, and equipment, net are those assets that are identified within the operations in each geographic area.
| March 31, | 2025 | 2024 | ||||||||||||
| Property, Plant, and Equipment, Net | ||||||||||||||
| Ireland | $ | 74,901 | $ | 68,603 | ||||||||||
| United States | 1,008,712 | 1,009,979 | ||||||||||||
| Other locations | 872,931 | 686,598 | ||||||||||||
| Property, Plant, and Equipment, Net | $ | 1,956,544 | $ | 1,765,180 | ||||||||||
| Years Ended March 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Ireland | $ | 107,321 | $ | 82,695 | $ | 74,292 | ||||||||||||||
| United States | 4,007,622 | 3,751,437 | 3,254,373 | |||||||||||||||||
| Other locations | 1,344,572 | 1,304,569 | 1,207,601 | |||||||||||||||||
| Total Revenues | $ | 5,459,515 | $ | 5,138,701 | $ | 4,536,266 | ||||||||||||||
| Years Ended March 31, | 2025 | 2024 | 2023 | |||||||||||||||||
| Healthcare: | ||||||||||||||||||||
| Capital equipment | $ | 1,037,200 | $ | 1,091,537 | $ | 896,590 | ||||||||||||||
| Consumables | 1,396,031 | 1,248,424 | 1,050,316 | |||||||||||||||||
| Service | 1,445,440 | 1,273,058 | 1,138,225 | |||||||||||||||||
| Total Healthcare Revenues | $ | 3,878,671 | $ | 3,613,019 | $ | 3,085,131 | ||||||||||||||
| AST: | ||||||||||||||||||||
| Capital equipment | $ | 30,946 | $ | 14,519 | $ | 26,460 | ||||||||||||||
| Service | 1,007,627 | 939,461 | 887,971 | |||||||||||||||||
| Total AST Revenues | $ | 1,038,573 | $ | 953,980 | $ | 914,431 | ||||||||||||||
| Life Sciences: | ||||||||||||||||||||
| Capital equipment | $ | 117,534 | $ | 155,520 | $ | 147,420 | ||||||||||||||
| Consumables | 286,656 | 251,580 | 241,114 | |||||||||||||||||
| Service | 138,081 | 164,602 | 148,170 | |||||||||||||||||
| Total Life Sciences Revenues | $ | 542,271 | 571,702 | 536,704 | ||||||||||||||||
| Total Revenues | $ | 5,459,515 | $ | 5,138,701 | $ | 4,536,266 | ||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | May 29, 2025 | Showing above |
| 2024 | May 29, 2024 | |
| 2023 | May 26, 2023 | |
| 2022 | May 31, 2022 | |
| 2021 | May 28, 2021 | |
| 2020 | May 29, 2020 | |
| 2019 | May 30, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.