STERIS (STE) 8-K STERIS Announces Financial Results for Fiscal 2019 Fourth Quarter and Full Year

Exhibit 99.1

STERIS Announces Financial Results for Fiscal 2019 Fourth Quarter and Full Year

• Strong fourth quarter revenue growth

• Fourth quarter earnings improve to $1.27 per diluted share as reported; adjusted earnings per diluted share increase to $1.53

• Full year fiscal 2019 revenue growth and adjusted earnings per diluted share exceed outlook

• Another record year anticipated in fiscal 2020

DUBLIN, IRELAND - (May 13, 2019) - STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced financial results for its fiscal 2019 fourth quarter ended March 31, 2019. Revenue as reported for the quarter increased 7% to $768.2 million compared with $716.0 million in the fourth quarter of fiscal 2018, with growth across all segments. Constant currency organic revenue (seeNon-GAAP Financial Measures) growth was 9% for the fourth quarter of fiscal 2019.

“We finished fiscal 2019 stronger than anticipated, with meaningful contributions from improved Customer demand, new products and services, as well as some Brexit-related inventorybuild-up by our Customers,” said Walt Rosebrough, President and Chief Executive Officer of STERIS. “We anticipate that fiscal 2020 will be another record year resulting from underlying demand and new products and services.”

Fourth Quarter and Full Year 2019 Operating Results

As reported, net income for the fourth quarter was $108.7 million, or $1.27 per diluted share, compared with net income of $73.6 million, or $0.86 per diluted share in the fourth quarter of fiscal 2018. Adjusted net income (seeNon-GAAP Financial Measures) for the fourth quarter of fiscal 2019 was $131.1 million, or $1.53 per diluted share, compared with adjusted net income for the previous year’s fourth quarter of $105.8 million or $1.24 per diluted share. As reported, full year net income was $304.1 million, or $3.56 per diluted share, compared with $290.9 million, or $3.39 per diluted share. Adjusted net income increased 17% to $417.5 million, or $4.89 per diluted share, compared with adjusted net income of $355.6 million, or $4.15 per diluted share in fiscal 2018.

Fourth Quarter Segment Results

Healthcare Products revenue as reported grew 7% in the quarter to $386.6 million compared with $360.0 million in the fourth quarter of fiscal 2018, driven by 10% growth in capital equipment revenue, 7% growth in service revenue and 4% growth in consumable revenue in the fourth quarter. Constant currency organic revenue growth for Healthcare Products was 8% during the quarter. Healthcare Products operating income was $106.7 million compared with $86.4 million in last year’s fourth quarter. The increase in profitability was primarily due to the increased volume, favorable mix and operating efficiencies.

Fiscal 2019 fourth quarter revenue forApplied Sterilization Technologies increased 7% as reported to $143.1 million compared with $133.5 million in the same period last year. Constant currency organic revenue increased 10%, primarily driven by increased volume from the segment’s core medical device Customers. Segment operating income increased to $57.4 million in the fourth quarter of fiscal 2019 compared with operating income of $51.6 million in the same period last year, due primarily to the revenue growth.

Healthcare Specialty Services as reported revenue grew 11% in the quarter to $135.5 million compared with $122.1 million in the fourth quarter of fiscal 2018. Constant currency organic revenue growth was 13%. Healthcare Specialty Services operating income was $19.8 million compared with $14.4 million in last year’s fourth quarter, benefitting from the additional volume and improved productivity.

Life Sciences fourth quarter revenue as reported grew 3% to $103.0 million compared with $100.3 million in the fourth quarter of fiscal 2018, driven by 14% growth in consumables and 2% growth in service revenue. Capital equipment revenue declined 9% in the fourth quarter compared with a strong quarter in the prior year. Constant currency organic revenue grew 4% in the quarter. Operating income was $35.9 million compared with $34.5 million in the prior year’s fourth quarter, primarily driven by volume and disciplined expense management.

Cash Flow

Net cash provided by operations for fiscal 2019 was $539.5 million, compared with $457.6 million in fiscal 2018. Free cash flow (seeNon-GAAP Financial Measures) for fiscal 2019 was $355.4 million compared with $294.3 million in the prior year period. The improvement in free cash flow is primarily due to the improved cash from operations partially offset by higher capital expenditures which fund future organic growth.

2

Fiscal 2020 Outlook

STERIS expects constant currency organic revenue growth to be in the range of5-6% for fiscal 2020. Reflecting March 29, 2019 forward rates, currency movements are anticipated to be neutral for fiscal 2020. Adjusted earnings per diluted share are anticipated to be in the range of $5.28 - $5.43, which assumes an adjusted effective tax rate in the range of19-20%.

Free cash flow for fiscal 2020 is expected to be approximately $300 million, and capital spending is anticipated to be approximately $280 million. Growth in cash from operations in fiscal 2020 will be more than offset by significantly higher capital spending, limiting free cash flow for the year. In particular, growth capital of more than $110 million will be invested to expand global capacity in the Applied Sterilization Technologies segment. In addition, investments will continue to be made to expand outsourced instrument reprocessing within the Healthcare Specialty Services segment.

Dividend Announcement

STERIS’s Board of Directors has authorized a quarterly interim dividend of $0.34 per share. The dividend is payable June 28, 2019 to shareholders of record at the close of business on June 12, 2019.

Conference Call

As previously announced, STERIS management will host a conference call tomorrow, May 14, 2019 at 10:00 a.m. Eastern time. The conference call can be heard live over the Internet atwww.steris-ir.com or via phone by dialing1-833-535-2199 in the United States or1-412-902-6776 internationally, then asking to join the conference call for STERIS plc.

For those unable to listen to the conference call live, a replay will be available beginning at 12:00 p.m. Eastern Time on May 14, 2019, either over the Internet atwww.steris-ir.com or via phone. To access the replay of the call, please use the access code 10129994 and dial1-877-344-7529 in the United States or1-412-317-0088 internationally.

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, visitwww.steris.com.

3

Investor Contact:

Julie Winter, Senior Director, Investor Relations and Corporate Communications

Julie_Winter@steris.com

+1 440 392 7245

Media Contact:

Stephen Norton, Senior Director, Corporate Communications

Stephen_Norton@steris.com

+1 440 392 7482

Non-GAAP Financial Measures

Adjusted net income, free cash flow and constant currency organic revenue arenon-GAAP measures that may be used from time to time and should not be considered replacements for GAAPresults. Non-GAAP financial measures are presented in this release with the intent of providing greater transparency to supplemental financial information used by management and the Board of Directors in their financial analysis and operational decision making. These amounts are disclosed so that the reader has the same financial data that management uses with the belief that it will assist investors and other readers in making comparisons to our historical operating results and analyzing the underlying performance of our operations for the periods presented. The Company believes that the presentation of thesenon-GAAP financial measures, when considered along with our GAAP financial measures, provides a more complete understanding of the factors and trends affecting our business than could be obtained absent this disclosure.

Adjusted net income excludes the amortization of intangible assets acquired in business combinations, acquisition-related transaction costs, integration costs related to acquisitions, there-measurement of deferred taxes and taxation of prior unremitted earnings impacts of the TCJA, and certain other unusual ornon-recurring items. STERIS believes this measure is useful because it excludes items that may not be indicative of or are unrelated to our core operating results and provides a baseline for analyzing trends in our underlying businesses.

The Company defines free cash flow as cash flows from operating activities less purchases of property, plant, equipment and intangibles, plus proceeds from the sale of property, plant, equipment, and intangibles. STERIS believes that free cash flow is a useful measure of the Company’s ability to fund future principal debt repayments and growth outside of core operations, pay cash dividends, and repurchase ordinary shares.

4

To measure the percentage organic revenue growth, the Company removes the impact of significant acquisitions and divestitures that affect the comparability and trends in revenue. To measure the percentage constant currency organic revenue growth, the impact of changes in currency exchange rates and acquisitions and divestitures that affect the comparability and trends in revenue are removed. The impact of changes in currency exchange rates is calculated by translating current year results at prior year average currency exchange rates.

Becausenon-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported sales, gross profit, operating income, net earnings and net earnings per diluted share, the most directly comparable GAAP financial measures. Thesenon-GAAP financial measures are an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures below, provide a more complete understanding of the business. The Company strongly encourage investors and shareholders to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

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 securities filings, including Item 1A of STERIS’s Annual Report on Form10-K for the year ended March 31, 2018. 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 parties’ ability to meet expectations regarding the accounting and tax treatments of the redomiciliation transaction, (b) 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 transaction, (c) 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, (d) changes in tax laws or interpretations that could increase our

5

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, (e) the potential for increased pressure on pricing or costs that leads to erosion of profit margins, (f) 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, (g) the possibility that application of or compliance with laws, court rulings, certifications, regulations, regulatory actions, including without limitation those relating to FDA warning notices or letters, government investigations, the outcome of any pending FDA requests, inspections or submissions, or other requirements or standards may delay, limit or prevent new product introductions, affect the production and marketing of existing products or services or otherwise affect STERIS’s performance, results, prospects or value, (h) 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, (i) the possibility of reduced demand, or reductions in the rate of growth in demand, for STERIS’s products and services, (j) 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, (k) 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 STERIS’s10-K for the year ended March 31, 2018 and other securities filings, may adversely impact STERIS’s performance, results, prospects or value, (l) 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, (m) 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, (n) the possibility that anticipated financial results or benefits of recent acquisitions, or of STERIS’s restructuring efforts, or of recent divestitures, or of the targeted restructuring plan will not be realized or will be other than anticipated, and (o) 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.

6

STERIS plc

Consolidated Condensed Statements of Operations

(In thousands, except per share data)

	Three Months Ended					Twelve Months Ended
	March 31,					March 31,
	2019		2018			2019		2018
	(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Revenues	$	768,213	$	715,973		$	2,782,170	$	2,619,996
Cost of revenues		432,872		423,608			1,597,022		1,527,250
Cost of revenues - Restructuring		625		—			9,721		—
Cost of revenues, net		433,497		423,608			1,606,743		1,527,250
Gross profit		334,716		292,365			1,175,427		1,092,746
Operating expenses:
Selling, general, and administrative		173,120		162,098			669,937		631,978
Research and development		15,878		17,609			63,038		60,782
Restructuring expense		4,840		(53	)		30,987		103
Total operating expenses		193,838		179,654			763,962		692,863
Income from operations		140,878		112,711			411,465		399,883
Non-operating expense, net		7,478		11,266			41,995		44,901
Income tax (benefit) expense		24,523		27,822			64,394		63,360
Net income	$	108,877	$	73,623		$	305,076	$	291,622
Net income attributable to noncontrolling interest		132		25			1,025		707
Net income attributable to shareholders	$	108,745	$	73,598		$	304,051	$	290,915
Earnings per ordinary share (EPS) data:
Basic	$	1.29	$	0.87		$	3.59	$	3.42
Diluted	$	1.27	$	0.86		$	3.56	$	3.39
Cash dividends declared per share outstanding	$	0.34	$	0.31		$	1.33	$	1.21
Weighted average number of shares outstanding used in EPS computation:
Basic number of shares outstanding		84,546		84,819			84,577		85,028
Diluted number of shares outstanding		85,447		85,544			85,468		85,713

STERIS plc

Consolidated Condensed Balance Sheets

(In thousands)

	March 31,		March 31,
	2019		2018
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	220,633	$	201,534
Accounts receivable, net		564,830		528,066
Inventories, net		208,243		205,731
Other current assets		60,029		54,326
Total Current Assets		1,053,735		989,657
Property, plant, and equipment, net		1,031,582		1,010,524
Goodwill and intangible assets, net		2,927,542		3,160,764
Other assets		60,212		39,389
Total Assets	$	5,073,071	$	5,200,334
Liabilities and Equity
Current liabilities:
Accounts payable	$	152,913	$	135,866
Other current liabilities		312,283		262,596
Total Current Liabilities		465,196		398,462
Long-term debt		1,183,227		1,316,001
Other liabilities		238,850		268,571
Equity		3,185,798		3,217,300
Total Liabilities and Equity	$	5,073,071	$	5,200,334

STERIS plc

Segment Data

Financial information for each of the segments is presented in the following table. 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. Segment income is calculated as the segment’s gross profit less direct costs and indirect costs if the resources are dedicated to a single segment. Corporate costs include corporate and administrative functions, public company costs, legacy post-retirement benefits, and certain services and facilities related to distribution and research and development that are shared by multiple segments.

	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
(In thousands)	2019			2018			2019			2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Segment Revenues:
Healthcare Products	$	386,649		$	360,001		$	1,338,428		$	1,276,054
Healthcare Specialty Services		135,493			122,131			510,057			469,065
Life Sciences		102,987			100,299			378,558			361,590
Applied Sterilization Technologies		143,084			133,542			555,127			513,287
Total Segment Revenues	$	768,213		$	715,973		$	2,782,170		$	2,619,996
Segment Operating Income:
Healthcare Products	$	106,673		$	86,377		$	323,684		$	294,162
Healthcare Specialty Services		19,800			14,444			64,222			58,458
Life Sciences		35,869			34,471			132,129			123,889
Applied Sterilization Technologies		57,411			51,584			221,828			196,297
Total Reportable Segments		219,753			186,876			741,863			672,806
Corporate		(49,847	)		(40,853	)		(184,900	)		(162,999	)
Total Segment Operating Income	$	169,906		$	146,023		$	556,963		$	509,807
Less: Adjustments
Amortization of property “step up” to fair value		600			(296	)		2,440			1,599
Amortization of acquired intangible assets		17,971			17,620			86,878			67,793
Acquisition and integration related charges		2,704			4,361			8,901			16,211
(Gain) on fair value adjustment of acquisition related contingent consideration		—			(593	)		(842	)		(593	)
Net loss (gain) on divestiture of businesses		(862	)		2,009			(1,370	)		14,547
Impact from U.S. Tax Cuts and Jobs Act*		—			10,264			—			10,264
Redomiciliation costs		3,150			—			8,783			—
Restructuring charges		5,465			(53	)		40,708			103
Total operating income	$	140,878		$	112,711		$	411,465		$	399,883

* Represents a one-time special employee bonus paid to most U.S. employees and associated professional fees.

STERIS plc

Consolidated Condensed Statements of Cash Flows

(In thousands)

	Twelve Months Ended
	March 31,
	2019			2018
	(Unaudited)			(Unaudited)
Operating Activities:
Net income	$	305,076		$	291,622
Non-cash items		224,532			225,155
Changes in operating assets and liabilities		9,897			(59,145	)
Net cash provided by operating activities		539,505			457,632
Investing Activities:
Purchases of property, plant, equipment, and intangibles, net		(189,715	)		(165,457	)
Proceeds from sale of property, plant, equipment and intangibles		5,567			2,094
Proceeds from the sale of businesses, net of cash divested		2,478			8,888
Purchases of investments		(4,955	)		—
Acquisition of businesses, net of cash acquired		(13,313	)		(46,271	)
Other		(13,286	)		(3,083	)
Net cash used in investing activities		(213,224	)		(203,829	)
Financing Activities:
Payments on long-term obligations		(85,000	)		(222,500	)
Proceeds (payments) under credit facilities, net		(27,087	)		29,065
Acquisition related deferred or contingent consideration		(1,327	)		(2,064	)
Deferred financing fees and debt issuance costs		(488	)		(2,029	)
Repurchases of shares		(81,494	)		(65,485	)
Cash dividends paid to shareholders		(112,503	)		(102,929	)
Stock option and other equity transactions, net		13,107			9,758
Net cash provided by financing activities		(294,792	)		(356,184	)
Effect of exchange rate changes on cash and cash equivalents		(12,390	)		20,997
Increase in cash and cash equivalents		19,099			(81,384	)
Cash and cash equivalents at beginning of period		201,534			282,918
Cash and cash equivalents at end of period	$	220,633		$	201,534

The following table presents a financial measure which is considered to be“non-GAAP financial measures” under Securities Exchange Commission rules. Free cash flow is defined by the Company as cash flows from operating activities less purchases of property, plant, equipment and intangibles, net (capital expenditures) plus proceeds from the sale of property, plant, equipment and intangibles. The Company uses free cash flow as a measure to gauge its ability to pay cash dividends, growth outside of core operations, fund future debt principal repayments, and repurchase shares. STERIS’s calculation of free cash flow may vary from other companies.

	Twelve Months Ended
	March 31,
	2019			2018
	(Unaudited)			(Unaudited)
Calculation of Free Cash Flow:
Cash flows from operating activities	$	539,505		$	457,632
Purchases of property, plant, equipment, and intangibles, net		(189,715	)		(165,457	)
Proceeds from the sale of property, plant, equipment, and intangibles		5,567			2,094
Free Cash Flow	$	355,357		$	294,269

	Twelve Months Ended
	March 31,
	2020
	(Outlook)*
Calculation of free cash flow for outlook:
Cash flows from operating activities	$	580,000
Purchases of property, plant, equipment, and intangibles, net		(280,000	)
Free Cash Flow	$	300,000

* All amounts are estimates.

STERIS plc

Non-GAAP Financial Measures

(In thousands, except per share data)

Non-GAAP financial measures are presented with the intent of providing greater transparency to supplemental financial information used by management and the Board of Directors in their financial analysis and operational decision making. These amounts are disclosed so that the reader has the same financial data that management uses with the belief that it will assist investors and other readers in making comparisons to our historical operating results and analyzing the underlying performance of our operations for the periods presented.

Management and the Board of Directors believe that the presentation of thesenon-GAAP financial measures, when considered along with our GAAP financial measures and the reconciliation to the corresponding GAAP financial measures, provide the reader with a more complete understanding of the factors and trends affecting our business than could be obtained absent this disclosure. It is important for the reader to note that thenon-GAAP financial measure used may be calculated differently from, and therefore may not be comparable to, a similarly titled measure used by other companies.

To measure the percentage organic revenue growth, the Company removes the impact of acquisitions and divestitures that affect the comparability and trends in revenue. To measure the percentage constant currency organic revenue growth, the impact of changes in currency exchange rates and acquisitions and divestitures that affect the comparability and trends in revenue are removed. The impact of changes in currency exchange rates is calculated by translating current year results at prior year average currency exchange rates.

	Three months ended March 31, (unaudited)
	As reported, GAAP				Impact of Acquisitions		Impact of Divestitures			Impact of Currency Movements			GAAP growth			Organic growth			Constant currency organic growth
Segment Revenues:	2019		2018		2019		2018			2019			2019			2019			2019
Healthcare Products	$	386,649	$	360,001	$	—	$	(363	)	$	(3,380	)		7.4	%		7.5	%		8.5	%
Healthcare Specialty Services		135,493		122,131		—		—			(2,147	)		10.9	%		10.9	%		12.7	%
Life Sciences		102,987		100,299		—		—			(1,732	)		2.7	%		2.7	%		4.4	%
Applied Sterilization Technologies		143,084		133,542		—		—			(4,409	)		7.1	%		7.1	%		10.4	%
Total	$	768,213	$	715,973	$	—	$	(363	)	$	(11,668	)		7.3	%		7.4	%		9.0	%
	Twelve months ended March 31, (unaudited)
	As reported, GAAP				Impact of Acquisitions		Impact of Divestitures			Impact of Currency Movements			GAAP growth			Organic growth			Constant currency organic growth
Segment Revenues:	2019		2018		2019		2018			2019			2019			2019			2019
Healthcare Products	$	1,338,428	$	1,276,054	$	—	$	(25,907	)	$	(4,690	)		4.9	%		7.1	%		7.4	%
Healthcare Specialty Services		510,057		469,065		—		—			(1,286	)		8.7	%		8.7	%		9.0	%
Life Sciences		378,558		361,590		—		—			(1,415	)		4.7	%		4.7	%		5.1	%
Applied Sterilization Technologies		555,127		513,287		—		—			(2,328	)		8.2	%		8.2	%		8.6	%
Total	$	2,782,170	$	2,619,996	$	—	$	(25,907	)	$	(9,719	)		6.2	%		7.3	%		7.6	%

	Three months ended March 31, (unaudited)
	Gross Profit				Income from Operations						Net income attributable to shareholders					Diluted EPS
	2019		2018		2019			2018			2019		2018			2019		2018
GAAP	$	334,716	$	292,365	$	140,878		$	112,711		$	108,745	$	73,598		$	1.27	$	0.86
Adjustments:
Amortization of property “step up” to fair value		648		666		600			(296	)
Amortization of acquired intangible assets		149		45		17,971			17,620
Acquisition and integration related charges		698		1,450		2,704			4,361
(Gain) on fair value adjustment of acquisition related contingent consideration		—		—		—			(593	)
Net (gain) loss on divestiture of businesses		—		—		(862	)		2,009
Restructuring charges		625		—		5,465			(53	)
Redomiciliation costs		—		—		3,150			—
Impact from U.S. Tax Cuts and Jobs Act**		—		5,542		—			10,264			—		12,083
Net impact of adjustments after tax*												22,308		20,164
Net EPS impact																	0.26		0.38
Adjusted	$	336,836	$	300,068	$	169,906		$	146,023		$	131,053	$	105,845		$	1.53	$	1.24
	Twelve months ended March 31, (unaudited)
	Gross Profit				Income from Operations						Net income attributable to shareholders					Diluted EPS
	2019		2018		2019			2018			2019		2018			2019		2018
GAAP	$	1,175,427	$	1,092,746	$	411,465		$	399,883		$	304,051	$	290,915		$	3.56	$	3.39
Adjustments:
Amortization of property “step up” to fair value		2,604		2,619		2,440			1,599
Amortization of acquired intangible assets		721		207		86,878			67,793
Acquisition and integration related charges		2,145		4,202		8,901			16,211
(Gain) on fair value adjustment of acquisition related contingent consideration		—		—		(842	)		(593	)
Net (gain) loss on divestiture of businesses		—		—		(1,370	)		14,547
Restructuring charges		9,721		—		40,708			103
Redomiciliation costs		—		—		8,783			—
Impact from U.S. Tax Cuts and Jobs Act**		—		5,542					10,264			—		(13,597	)
Net impact of adjustments after tax*												113,497		78,309
Net EPS impact																	1.33		0.76
Adjusted	$	1,190,618	$	1,105,316	$	556,963		$	509,807		$	417,548	$	355,627		$	4.89	$	4.15

* The tax expense includes both the current and deferred income tax impact of the adjustments.

** Represents there-measurement of U.S. deferred tax balances and the related taxation of unremitted earnings ofnon-U.S. subsidiaries along with a one-time special employee bonus paid to most U.S. employees.

FY 2020 Outlook	Twelve Months Ended March 31, 2020
	(Outlook)
Net Income per diluted share	$	4.60-4.75
Amortization of property “step up” to fair value		0.02
Amortization of acquired intangible assets		0.63
Acquisition and integration related charges		0.02
Restructuring charges		0.01
Adjusted net income per diluted share	$	5.28 - $5.43

All amounts are estimates.

STERIS plc

Unaudited Supplemental Financial Data

Fourth Quarter Fiscal 2019

For Periods Ending March 31, 2019 and 2018

	FY 2019			FY 2018			FY 2019			FY 2018
Total Company Revenues	Q4			Q4			YTD			YTD
Consumables	$	154,902		$	144,944		$	605,631		$	581,563
Service	$	393,276		$	364,963		$	1,486,145		$	1,399,363
Total Recurring	$	548,178		$	509,907		$	2,091,776		$	1,980,926
Capital Equipment	$	220,035		$	206,066		$	690,394		$	639,070
Total Revenues	$	768,213		$	715,973		$	2,782,170		$	2,619,996
Ireland Revenues	$	15,911		$	12,711		$	56,784		$	48,246
Ireland Revenues as a % of Total		2	%		2	%		2	%		2	%
United States Revenues	$	553,713		$	501,519		$	1,976,814		$	1,836,414
United States Revenues as a % of Total		72	%		70	%		71	%		70	%
International Revenues	$	198,589		$	201,743		$	748,572		$	735,336
International Revenues as a % of Total		26	%		28	%		27	%		28	%
Segment Data	Q4			Q4			YTD			YTD
Healthcare Products
Revenues
Consumables	$	105,424		$	101,557		$	414,969		$	412,495
Service		96,500			90,238			354,648			336,157
Total Recurring		201,924			191,795			769,617			748,652
Capital Equipment		184,725			168,206			568,811			527,402
Total Healthcare Products Revenues	$	386,649		$	360,001		$	1,338,428		$	1,276,054
Segment Operating Income		106,673			86,377			323,684			294,162
Healthcare Specialty Services
Healthcare Services Revenues	$	135,493		$	122,131		$	510,057		$	469,065
Segment Operating Income		19,800			14,444			64,222			58,458
Life Sciences
Revenues
Consumables	$	41,936		$	36,823		$	161,780		$	150,656
Service		30,626			30,014			114,064			110,379
Total Recurring		72,562			66,837			275,844			261,035
Capital Equipment		30,425			33,462			102,714			100,555
Total Life Sciences Revenues	$	102,987		$	100,299		$	378,558		$	361,590
Segment Operating Income		35,869			34,471			132,129			123,889
Applied Sterilization Technologies
Applied Sterilization Technologies Revenues	$	143,084		$	133,542		$	555,127		$	513,287
Segment Operating Income	$	57,411		$	51,584		$	221,828		$	196,297
Corporate
Operating Loss	$	(49,847	)	$	(40,853	)	$	(184,900	)	$	(162,999	)
Other Data	Q4			Q4			YTD			YTD
Healthcare Products Backlog	$	154,480		$	133,034			n/a			n/a
Life Sciences Backlog		60,702			60,837			n/a			n/a
Total Backlog	$	215,182		$	193,871			n/a			n/a
GAAP Income Tax Rate		18.4	%		27.4	%		17.4	%		17.8	%
Adjusted Income Tax Rate		19.2	%		21.4	%		18.7	%		23.4	%

This supplemental data is consistent with publicly disclosed information provided in quarterly conference calls, earnings releases and SEC filings, and is subject to all definitions, precautions and limitations contained in those disclosures. Please see the Company’s most recent10-K for definitions (and reconciliation where appropriate) of adjusted measures, backlog, free cash flow and net debt.