STE - Earnings call transcript Q2 2018

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Operator

Good morning and welcome to the STERIS Plc Second Quarter 2018 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note, this event is being recorded. I'd now like to turn the conference over to Julie Winter, Director of Investor Relations. ahead. go Please

Julie Winter

I and usual Chad, CEO; prohibited. we everybody. today's and On comments Mike words the a rebroadcast Thank caution or strictly of This have good STERIS Walt as CFO. President Vice we our and of call do without Rosebrough, call, have from before written Tokich, few webcast you, Senior morning, also our and that consent information is retransmission time-sensitive open Any only accurate redistribution, for expressed of is as management. contains of today. this President

or in supplemental developments. does a limitation, result The made webcast available Some as from of materially cause the or information this unusual information future costs or statements of factors and amortization intangible results with statements. in integration this earnings actual analysis the decision-making. and Company acquisition-related greater during financial those measures new SEC forward-looking statements to to or filings events the acquired segment replacements used not and diluted update per in acquisitions operating be flows revise the through Adjusted on acquisitions, their other Many in non-recurring are in are forward-looking constant of operating could organic measure those important may this transaction the without not revenue, constant considered rates certain the assets differ and are otherwise. in STERIS' providing forward-looking are to divestitures revenue and by review including cash Non-GAAP comparability any trends and currency costs, affect or of income statements, changes of are related Many combinations, of Directors from exchange during exclude or equipment described share, call this organic define less adjusted business described property, any share STERIS' regarding diluted Company in operational our proceeds factors financial results. income, as impact these that may No can filings. free management of of non-GAAP to To securities the cash operating of earnings flow of removed. from growth, segment outside and measures intent any items. from all currency during property, considered the time-to-time financial plus and plant, as be be and STERIS' should transparency We currency are intangibles. that of the timing outcome factors to call sale website. and equipment used the per be flow intangibles, and undertake assurances plant for provided free control. GAAP purchases and cash Board STERIS' presented matters or important results risk activities

income, free segment diluted cautions, will organic and growth flow adjusted operating constant today's revenue hand information is share, over earnings call cash Additional Walt. per With available I to the those in regarding currency release.

Walter Rosebrough

Thank you, thanks everyone for us. morning, and and joining Julie, good

regarding results outlook and the remarks the so our have quarter and of in second outlook generally for maintain accepted Our for brief FYXXXX. as and year. the we year far Mike I full our prepared came

We will open then Q&A. for

the are overall line half we our results at year; of are their that fiscal Looking pleased with first in expectations. our

on forecast. we a Services has and half. earnings quarter X% second currency produced constant Specialty in segment revenue Healthcare note, first XX% profit the both for basis currency were a of quarters than the to anticipated just Of basis our growth three the Turning constant now organic consecutive with and quarter grew revenue growing our higher on and line

lower the in shipments shipments shipments Florida. in the the I have the In healthcare of in lack in saw and wildfires sequential we to of specific during particular, those Texas, no underlying locations. but add believe capital $X substantial due largely expected and areas product and the of that but will are we and have was people timing. by solid million operations second in Hurricanes fiscal about sales in On half These the we we service million occur Hurricanes, Texas a orders growth the year other backlog. which California, QX was growth to had our are $XX we do in in Florida strictly equipment hand reflected of matter impacted in quarter,

needs. their our their Fortunately have these were injured natural customers disasters life to families worked people science immediate nor with hospital in and neither and admirably accommodate they their

For top year annual revenue constant at the growth. currency guidance X% at our fiscal half revenue of full we the are the first end of organic

about growth in has a this pricing been as so point EBIT basis points improvement slightly flat above basis has margin. volume increase margin XXX improved XX Profitability year gross with far nicely with expectation. XXX point in price primarily in Our basis and well our

feel share We for year. about earnings we reflect share diluted in fiscal per over at adjusted growth our of per our outlook and halfway $X.XX of of our the earnings reiterating to currency per growth $X.XX organic adjusted revenue stand and have X% XX% I good point share. the the year constant where range $X.XX First, prior of

fourth in where ASD year Puerto facility. as Annual million ASD do the of impact operations. Rico tough For $XX well from headwind is have we we the second facility the as normal an have comparisons a the around the quarter half from revenue in storms of in that

safe everyone many sustained working with some and those and we all people were their families left considerable able landed account and before customers Puerto U.S. great team as people and damage with help help the Naturally necessities of in jump our without Thankfully immediate were on their concert eagerness their to property storm. they natural quickly. for this we of in and We our basic were disaster to well have to them a rather Hurricane medical substantial and could and the managed as device issues. we in counterparts Rico following are our from preparations

to weeks the about our two operational full to in status back the However, they plant minor relatively from damage facility. brought

been Although we at about facility operational our customers' before normal products we and that operate fully are their rates ship now processing our since have near dependent month to ability can on again. full have time been for capacity a

that which half. impact $X right best Puerto storms ASD fiscal of now the recognized year about be Our on this negative is be of million Rico estimate the profit in virtually in all will second will

to to the benefit currency a movement as Turning topline back basis. the as continues reported an on Company whole

is of end pound approximately fiscal the this $XX forward the the Given increase the by of revenue year, versus six-month expect for both due be reported year U.S. the will now We the versus euro British revenue the dollar. September increase fiscal in now to million currency. earlier due expectations full rates to as strengthening that the to approximately as anticipate largely and we flat primarily

that business grow continue mix for and customer growth terms we feel created ability our leverage with revenue in as into We impact virtually to to single-digits swing U.S. on mid to profitability geographic help development insurance and have earlier. revenue even revenue continue stable. uncertainty the our healthcare FX model. we bottom be a faster in substantial opportunities Despite current markets growth natural programs and organically stream no balance currency and This described profits line reported of generally the on our business built in highlights expect to product, Hedge that The improvement. serve the

the performance of our with a interest and and for pleased future. and will are the second we're Mike before open well-positioned Q&A. appreciate We support to We STERIS believe review brief now your we the turn for over current for of continued I call quarter

Michael Tokich

is again morning It Thank morning, my to the once our you you, quarter Walt, be second good with pleasure performance. highlights to everyone. and of review this

effective divested and the XXX basis remainder as currency EBIT addition driven improvement point basis XX.X% we very mix the with and a the as expected. prior for had the the quarter from is points improvements, and of the productivity Obviously by quarter organic and improvement. XXX to businesses, was of prior favorable of basis of the volume of XX.X% growth first which at The margin points year For quarter quarter the businesses. pleased the divested and from percentage XX first in in revenue margin Both quarter from product price. growth impact are year EBIT the of rate to price. adjustments. impact the both for constant with a up expand leverage to due revenue was continued to our increased basis revenue X% represents margin points revenue quarter XX.X%, ability Gross favorable XXX item favorable tax discrete

revenue growth in fiscal $X.XX growth $XX.X share tables be rate the to the tax continued to range information expansion. million income diluted margin both in continue the effective pressure been in the or press Net expect detailed both the of full in the from benefiting and organic We has per XX% the quarter was year XX%. dollars Segment copy. and to release

In the debt sheet X.X approximately terms cash, $XXX debt in quarter a balance ended we with total ratio million and of the billion EBITDA $X.XX times. to of leverage of total

sterling U.S. dollar the of has U.S. euros placement the our weakening While are dollar. equivalent the value and private debt pound increased of British to dominated due

million our reduced floating first since of quarter. rate the debt by bank have $XX end We the

million, the to quarter said flow by a improvement XX% fiscal anticipate net months half EBITDA. be approximately versus higher additional income. the first to end was continue acquisitions last year to six As first year, cash without of to $XXX debt we due times primarily the for of we leverage the two last Free

told million. second the and million $XX.X totaled amortization During quarter capital while depreciation $XX.X expenditures

are will be cash and call flow are to full fiscal Q&A. anticipated I open expenditures to expenditures Our $XXX over turn With for million. approximately $XXX the free outlook Free approximately cash and to is the unchanged. that, capital back flow capital anticipated year Julie million to be

Julie Winter

give and will Walt are comments. you, for Chad, instructions and open your we so started? please ready me get Thank for Mike Q&A, to we

Operator

Thank you.

begin first come Instructions] Sachs. Goldman now will will question go the with from [Operator Ro Please ahead. question-and-answer The Isaac session. We

Isaac Ro

margin we price gross on little bit little margin you expectations? bit looks Thank Good a gross Wanted margin side, effect to might in like have had expected. quarter you than Can a your guys. the mix came in a start baseline talk it morning, little versus versus about you. on this better

Michael Tokich

impact of margin improvement quarter, really the similar due to gross the points about basis up the to XXX XX.X%, was Isaac, of businesses. points was in Yes. XXX divested basis that first

And points. obviously we the gross consumables America continues have XX to mix in the basis we improvements we're productivity gross recall businesses addition bit basis help on capital and North some which well down to biggest that, basis perform business you then then about in were that's service continue IMS so that see business about the our improvements points If very pricing And cost where did and in the XX favorable of with both improvement. their particular a sold, most of we divested goods to in have especially did was what in and did seeing in impact have little margin the margin. margin points propel there. We consumables several topline costs

Isaac Ro

in areas came you're came on marginal SG&A in we the profitability of interested Thank higher of any maybe of margin investment where kind obviously that Great. putting that curious extra have potential like side, expense because that. gross work fund you. you plan in looks to the you guys a that upside with, made And the dollars? I'm little ahead have then it you than to forecast,

Michael Tokich

as the is rate Yes. EU units particularly differential the Britain, foreign our it's Great so The exchange, an well exchange issue. in bulk have that countries as of OpEx

constant of basis, terms run we it's a very much expected. rate currency what In on our

Isaac Ro

Thanks it. Got guys. Okay.

Operator

The with Lakes next ahead. go question Great Review. Rodgers will come from Jason Please

Jason Rodgers

morning. Good

bit strong about performance margins the little that given already this IMS, high you productivity in quarter in So talked the there very are single-digits. improvements a

maybe your I expect Thanks. of down mid Where for go in expectation we a said come from we or think that single-digits the fiscal little you margins here? that you are to the segment? was should what by Should to expecting XXXX. the end half the second

Walter Rosebrough

a say couple would of I things. Sure.

to now we've as of and mentioned revenue clearly the didn't had we without revenue come, we First investments. additional come allowed all, so the ahead invested before, of time

forward. go to the grow. need so hopefully be do investing of we time, We into going to game can at the will appropriate We back continue

bit anticipate business. the that what described little those a see for in but term our we we intermediate may we end point that around numbers, rocking general numbers in are of short So

the one-quarter investment total. based modest So we than incremental It's lower and have of timing percentage might of is little and not a higher one-month filling we're little quarter to like as a or the one you build But more this then a one-month be start on plant it. investments.

year occurrence we been got a so time, that us We and growth last long unusual doing service again. don't change we So expect and just That's for it both missed for we've directions investment. of wrong. way significant kind an

Jason Rodgers

from hurricanes, more would hit second that evenly be million $X of it maybe an is realized the the to third the expect the And in spread is half? income, AST majority the in operating quarter you or

Walter Rosebrough

will things they all then don't they're the machines large as are in of the need bring have have energy and speaking than issues. of well. enough because we It are as Almost as is in bringing generally would they people always issues generator their doing of volume fourth capability, to their third customers our is be run plants most the energy issues some volume. they're people relatively some all there doing our cases, them do expect that do stronger limited that it's and quarter but but up; or their generation all plants, customers they just A to more part of generation capability issues -

So more coming as the they think be much volumes. they quarter, see full as up at end to and full so volumes, more we close we - of the approach getting we'll should

will be seen heavily more in third quarter. the it So

Jason Rodgers

can And quarter the for what basis then if the comment change material it? Thank hospital is was finally, performance segment the in organic seeing you international you. I any on globally, region. by spending if And that you're wondered on

Walter Rosebrough

Europe good and APAC, year, slightly an From in quarter both growth standpoint, we the see sir. to America. looking growing the continue America Yes, and North although Latin growth at slower are international both and in we

based the call itself America equipment bottom now East would been there life been And a that we the time, healthcare that capital some Middle with some difficult, has East growing Europe very in the just nice on bit, Europe, I you it we for the EMEA. was Although little timing. obviously will. add quarter, being of which quite down if Middle seems under to North trough more for has like and but to slightly steady The should pressure again. is

up was it's years it not although It So picking levels is us. ago. for three the back

Operator

Raymond Larry with James. The come ahead. will next from go question Keusch Please

Lawrence Keusch

you right so $X Yes, hi obviously to good way I possible think million, what's for hurricane didn't here the morning. part get Mike, growth then constant clear organic just you those particularly on know volume kind to on want I shipments adjust impact currency plays Walt for side. capital side, or about that the very the said be if and you of quarter, a capital large equation on in the the so the the

that that think of shipment EPS sort impact from about to one was? anyway So delay in

Michael Tokich

capital pressure was take for new largely or questions, asked equipment of did that Texas You've want kind out. during to shipped to timeframe. break into under them and Florida and a Larry, orders multiple Sure, I'll not were so were again Those their they that the obviously haven't' storm try capital and from it orders facilities the hospitals

Orders the take hospitals that around probably reverse most expect third of $X more severely million the to $X the were we equipment impact would $X.X same AST million. would just expect to reverse that the expect think quarter magnitude, talked a kind We that in we million damaged. line is Larry of in quarter. that's it timeframe. of that that see that They - of exact to because about I profitability bottom would and about not couldn't way, to So on was I see during

some in bulk be there reverse into the QX of and drags guess. would so of be the that QX my And should will

for of for total not the health is total the one, percentage for hurricane is company. a to itself probably. pieces X% capital small magnitude, relative So of - larger revenue it's X%-ish course which But as the growth it impact business, in a did growth $X orders get smaller of X% of care million, roughly huge have the or or business, on growth and about numbers, terms you down

of we shipments $X our picked is other $XX orders the backlog is, and the only million did see Now side than which up million, more so storm.

is have purely matter we did a more the but normal to capital sequentially in time $XX happens I'll differentials backlog - $X So in than purely that storm. of it due quarters. That the the across million business, before we call just million is

Lawrence Keusch

So $X comp? X% million is sort to constant of were currency, again right [indiscernible] kind sort a of normalized basis that of way think the a on of on again

Michael Tokich

off, without far not exact those math magnitude, of you're total so that's is X% point, orders roughly Yes, the a business close. for about doing too because the

Lawrence Keusch

places what's maybe additional and know bigger Sciences do growing Okay, competitor Life talk bit but different get to picture of continues be obviously just And guess expand questions, to endoscopy I broadly. to little that continues perhaps on a well. perfect. And your other market to endoscopy then opportunities variety a just two the in question I are around you're nicely in on Walt, backlog markets. into going thoughts that then there, very a want

Walter Rosebrough

just run to a seeing capital the we be begun appears But grower order Sure, as same what our our Larry total current mid haven't questions. to doing a of to seen business been rates has In nicely the very as two come you've observed, the backlog and Life to about business, more. continuing or business The a range. single-digit clearly not separate which the side rates in has consumable of back high as decade us good in the in grow and we're that for is long-term Science are. result and I'll again is only pipeline

year a at months XX continue orders is and months life two than in that this hard are in view or and to XX anticipating shipments to that least. going of probably more science will we're So it's level but forecast out

So A vaccines that think a we amount about few we're biologics of supports fair largely feeling business of at is good market pharma particularly years where this phase peroxide area had done growing it in the and piece capital consolidation us. the and pieces quite the for for that work equipment our area that's piece general we've market spent is that. nicely finished. is nice last the that in hydrogen in consolidating and a that business on is where some growth of the least our progress a second we're then And is time

So growing products a and into to market of rapidly it's set a more the put of that us combination having nicely market the in space.

science job done nice the life So the guys have that. of

As relates market bottom as which the and year in on and years double-digits almost market in and endoscopy above we ago endoscopy the double-digits we growth do topline now view plus opportunity purchased a US five growing Endoscopy the has been certainly growth line. therefore every near has

number So as we ways capital segment our consumables that in been continue to space smaller in of has an side. Healthcare opportunity people a then on also that growth we and the both look to we've into acquisitions the on expand a what the US for And Products that done to Endoscopy add view opportunity care.

So we continue to invest in that space.

Lawrence Keusch

Okay. about that impact help lastly that of Sterilmed just I the I there? us And moved on the think into believe. ASD. Can then piece on guess just growth was you

Walter Rosebrough

the is actually basis talked and points because that top year-over-year. quarter we've XXX we XXX about we talked and both as basis bottom we that points will declining bottom have in for both business which line impact top as basically full-year Larry, every is we last about line Yes, believe quarter as

the basis So number use. to about points fair - number is XXX

Lawrence Keusch

Okay.

Michael Tokich

about basis Sterilmed ASD ASD is think XXX you If stronger. absence points of be would pure

Walter Rosebrough

and Top bottom.

Lawrence Keusch

Right.

guys. Thanks Perfect. Okay.

Operator

Mishan Please be The from with ahead. will next KeyBanc. question Matthew go

Walter Rosebrough

Matt. morning, Good

Matthew Mishan

and morning How questions. doing? taking thank the you good Hey, for are

Walter Rosebrough

Great.

Matthew Mishan

one IMS equivalently and you're a the Services they the America And about like go other? both the and little on in more than are detail maybe Europe? growing processing the and talk Healthcare trends seeing growing they Specialty faster model you double-digits UK growing bit central versus Could or offsite North is the both are

Michael Tokich

North back step business say in the growth would is the America I that double-digit in for general and IMS driver that rate.

repair also business last did XX in - of I'm more also was some in that We right significant businesses in the three. term in have reversing experience or are some working about us natural moving some to now European and more months some those so the business. outsources growth last longer opportunities And now. relatively instant called the HSS. we that growth that we the the of And the both think is nice the they're we're the nice not for The as both still are causing currency, into opposite but and to European future, growth talked business outsourcing are HSS the do talking QX but model of European growth in U.S. nascent is move in

Matthew Mishan

help you year-over-year a Services did improvement Okay. - to now margin explain that jump lot there? the a big it amount XQ a a it's I Specialty big if the saw improvement can of investors of tremendous What me but XQ sequential in but it and drove from that? Healthcare improvement

Walter Rosebrough

revenue growth we Well, place. I allowing matter we've put that our mean in of largely talked to the up costs it's catch again had to a as

So removal as it's both year-over-year, has you it the on three it's that, the been over are at sequential improved. the helped as basis, the business year-over-year, also and but of laundry a comparison last two a correct, level high comparison that's clearly the well or quarters sequential obviously

Michael Tokich

We is Some million of that $X volume. also in so… sequentially Matt total grew

Walter Rosebrough

And didn't cost. raise our

Michael Tokich

exactly. Right,

Walter Rosebrough

basis. grew cost We our into

Matthew Mishan

Your And adding down is various platforms? what to an and you then is now? to there start right to switching for like leverage - is pipeline guys acquisition look significantly, the opportunity the

Walter Rosebrough

at are we businesses. believe doesn't have adding as do feel back integration as about in they on, them absolutely synergy specific of wish systems any timing would number just would bulk we that the complete, at we ratio, mean it the down integration. never timing actively Well, the that come of you looking we things. pipeline we that the systems - opportunities. are as like IT We of we we a bulk leverage we so office don't have We but And that and occur. are concerns working opposed to is would, but That other brought they our mature suggested looking we've we past type issues, we type discuss still we not the so

Matthew Mishan

on and divestiture on don't I latest guidance closed And on the the that? then update last is have what's just the that last What did yet. question impact think that

Walter Rosebrough

Yes.

or we As mentioned in material time, so had business some with the of per There's to going any profit last difficulty either has and the $XX we not has consequence. issues, that no number closed. impact past forward guidance The not purchaser have revenue impact million-ish way. that other speaking and is our roughly forward. anticipated and really not It's in in the financing quarter

anticipated no. So we've

guidance there fact, to not be no revenue or us that so really we're growth, any not as as our growth, to not. In deal the growth, on far will anticipating close. there's since It's numbers clear

so it a the not time longer material And the for takes, is, conversation the it's longer us. really but

Matthew Mishan

Mike Walter, and you much Thank very Julie. right. All

Operator

Cooley question Please will Chris with be go from Stephens. next The ahead.

Chris Cooley

Good for morning. the questions. Thanks taking

Walter Rosebrough

morning. Good

Chris Cooley

at for clarify healthcare capital? here growth are have couple than through of type bit? I the project continuing than a environment. our this just we the we Walt traditional if capital as the seeing that maybe in for point Sciences capital think build, a on that particularly on and if pipeline a versus Just you any capital modeled in the the Just what Should in changes those about you growth terms during just on replacement more a me flow us as call. the new you think would in of upon comp better And Life follow-on, quarter. Could kind little expand then

columns [indiscernible] relative in like then uptick technologies seeing utilizations that? newer to so Just of terms curious if are you and much. growth we in as see where disposable biologics an Thanks

Walter Rosebrough

clear, first to are me it the markets or you our whether just Sciences or it asking Chris, was Sure. to talking about but the unclear question, spending capital spending. make Life the we capital understood questions,

Chris Cooley

On markets.

Walter Rosebrough

Yes.

there for So time, in the years. also That now several kind a normal of digits or of to you between not quarters, floated and look large I will it couple that I'd forth call XX% is to rapidly. projects. It's projects to rates our we change new And replacement, it's that if XX%, growing what is beginning to shrinking, are and replacement. it's space answer not The has capital modest XX% if is back seen say will. long if that not XX% significant have so uptick differences you a single last flat will short at it been you major

So the that and started the A in CSDs. projects more changed have nature more the also area which similar. room looking have more operating affects seeing of couple particularly we're though things

more seeing because being by you more seeing We not we quicker. get more being brought are are to outposts profit Ambulatory some being level of those some surgeries can for Centers if their Surgery and built Surgery by more and Center will, we're people units built both freestanding out hospitals as for Ambulatory profit, if you for that will major hospital that says are

even we're surgery. for overnight orthopedics surgery lot a seeing So being more day either done or example, in

built we're to center out So in seeing as opposed will the downtown. more if being you that the inside major of suburbs

a for In capitalized of has for of the - that XX to grow bit last Life space Science, do technology has shift have and is months, but forward sterilization in we've affected a for particularly a not good we new spend the Life brought total is technology it there In XX the in greatly. So Science there, no the that question. both that that strong us it. It's technology just more peroxide been their them on to business. has a hydrogen driver helped and facilities

clean we AST. units of how grow. How if hand that sterilize those it one hand if affects used, fast are will the depending unclear relates of markets on disposables work, disposables, it's us, kind the disposable small place As in other disposable on on to do those but we less

to So one we revenue as we the market. a growth may of are that the rates other. from But with see a shifting growing experiencing, still review

Chris Cooley

can time? have you and if we squeeze one more Thank in I

Walter Rosebrough

Sure, Chris.

Chris Cooley

enhance to have capacity private starting bring the predominately be with digits, that keep opportunities, and the driver longer is franchise us Are AST a margin that or initiatives again you're if you something Just assuming see further outsourced term? on on should could so, Thanks about of growth if you Can I'm high seeing and that curious more when incremental that we think kind a the outside United additional about either there. single we hospitals? good the outside of would from - quarter. sustainable think that your is congratulations in of States any to the to

Walter Rosebrough

do looking a we that would are we're in principal at is and because of countries outsourced that our that relatively country. the the Thanks, that couple we model of bring up significant Chris. in HSS may there which rate CSDs see growth put Yes, UK, we're

facilities The into Italy both think where have our with of other efforts. are most that the in opportunities couple growth we other and we're are that that's I market focusing couple at looking real and both we though will a countries at time. Netherlands go and in those We space. countries in this But U.S. opportunities

Operator

from next ahead. The question with Ramgopal Instructions] go will be Please Mitra [Operator Sidoti.

Mitra Ramgopal

Yes, good morning.

be have comfortable you finished your a Walt, that you I with questions, couple pretty ones now, as the Just Do you divestitures right to was given are fiscal XXXX. the businesses the you want exit feel much plan wondering in?

Walter Rosebrough

across a those segment - we acquisitions, all our to of think about four of those of we're all unfortunately what tie a - divestitures if look but businesses about opportunities segments a think before you talk are or broadly better, so the most segments? one conversation That's across major those conversations and another doing We the completely good other within like you lot across and more less the have segment. or have segments, there's segments

So in are that of areas as very a we and terms in sterilization do same units. procedural those we in spaces nice sterile have think portfolio commonly the

So in my significant short mind medium-term anyway. there's not in divestiture the a and

Mitra Ramgopal

case customers and terms Is thanks. when or on. through you're that the you're seeing we customers increasing now, sell backlog are are the projects the onboard to look also Okay, And large strength of a existing again it a coming seeing the at lot bringing new you of of in now? more

Walter Rosebrough

is vaccine folks but exciting sell But are in do in the is and in space, biologics “an by It both. are space biologic space” right some existing Pharma the principal through being principally new combination. see are with people a It already so space. that there we to see is there, out the numbers entrance now is the developed that we customers,

Mitra Ramgopal

again thanks Okay, for taking questions.

Walter Rosebrough

Thank you.

Operator

our I question-and-answer any session. turn Winter, concludes back remarks. This Julie like for over would the to conference to concluding

Julie Winter

you, road you forward on Thank with of joining look the some We coming chat today. the to and for months soon. you us in seeing everybody,

Operator

attending today's conference concluded. Thank The for is presentation. you now

now You disconnect. may

STERIS (STE) 1 Nov 172018 Q2 Earnings call transcript