STE - Earnings call transcript Q3 2020

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Operator

Good morning, and welcome to the STERIS plc Third Quarter 2020 Conference Call. All participant will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I’d now like to turn the conference over to Julie Winter, Investor Relations. ahead. go Please

Julie Winter

and Gary, everyone. Thank good you, morning,

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

company in Some are from of cause forward-looking undertake important or events this the risk available forward-looking the revise actual statements made filings. a described without company in not could those our or as statements statements. and securities during are review update forward-looking including STERIS' of to factors new materially considered may or STERIS' result on through those SEC filings statements, be differ the any The results to information or limitation, Many factors developments. future does website.

per today's cash In earnings including flow, adjusted and income, share, be revenue segment financial operating will used. measures, on call, constant-currency free non-GAAP organic addition, diluted growth

Board including supplemental reconciliations financial measures, presented information used financial to these Directors available regarding decision-making. management release, call their is of with the including in and this during operational information Additional Non-GAAP financial today’s providing of between transparency greater in non-GAAP and financial are GAAP definitions measures. measures the analysis and intent by

those Mike. over to I the hand call With cautions, will

Mike Tokich

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

basis volume price. growth driven by organic points quarter, was the and constant currency revenue of For XX%, XX

organic of fiscal completed growth from currency We continue success year. included growth total from with acquisitions the XXX customers our new we for this million tuck-in eight experience in quarter or basis constant A is revenue the products. strong points $XX and to underlying

Gross and XX somewhat XX by basis points of quarter EBIT margin XX.X% and increased mix by XX.X% due for offset higher points labor strong the year, in our to expenses. favorably last quarter a performance costs. increase impacted compensation R&D to incentive was price for expenses increase and revenue, was an from the basis to relating higher despite the in increase of quarter productivity, margin third an X%

earnings rate in Net tax effective benefiting diluted income XX%, quarter grew share, per $X.XX and adjusted XX%. expansion. revenue quarter from The and in margin was increased the to $XXX the to million growth

billion the cash with terms $XXX.X ended balance of sheet, December and In debt. of million we $X.X in total

the third Free quarter, the as anticipated flow $XX.X capital planned in and During million. million, to was primarily cash $XX.X capital due totaled first nine months amortization the increase depreciation million, spending. for to declined while $XXX.X expenditures

the lower Our projects. capital capital quarters three of first timing due of through been expenditures the the year, have to

As increasing we $XXX capital full a year free and to $XXX our to expectations cash million. expectations result, are spending our flow million decreasing for

over the With to that, remarks. Walt his turn call for I'll

Walt Rosebrough

good Thanks, Mike everyone. morning, and

experienced the consecutive quarters. currency constant delivered across continued seen revenue outperformance quarter expectations. trend several As in for organic third you've already of the growth the total exceeding double-digit solid our heard, of last We in and our third our we've segments all growth quarter

the levels level future strong shipments, to allowed in cost centers outsource quarter and capital personnel Lifescience this startup backlog us from with in end outperformed even the Margins increased Our consumables in reprocessing also growth centers coming our we record quarter equipment new by the of costs with record to the quarter contributions shipments, has support business reprocessing than orders anticipated, growth. good in with stronger were impacted outsourced significantly healthcare continued driven service and growth for and specialty somewhat repair segment segment capital double-digit in a by online. Lifescience.

revenue currency outstanding constant its the this on basis XX% performance continued growing a year, AST revenue quarter. for organic

We Healthcare Products continue a strong to medical particular delivered in quarter solid device the with strength lastly, see And growth consumables. core customers world. around from our

to We our consumable from as acquired well as recently benefit continue new products businesses.

our revenue too installation our Based expectations Our and of by was the year, are service the to augmented for full revenue maintenance we year-to-date, in outlook. fiscal half the of strong the again and rest year. has capital shipments once the grown on due first year revising performance,

is in to revenue, increase of X% with currency constant quarter. XXXX, expect the to range. now for we approximately X.X% X.X% third organic outperformance the growth Starting revenue from prior due This fiscal up

the Our Recall our In to particular, makes year. expectations the quarter in equipment X%. last revenue comparisons comparisons. strong year we for organic was In prior our difficult against constant be the fourth Healthcare of capital year-over-year capital across that businesses fourth flat which growth roughly bulk up very quarter QX expect have revenue, QX. reflect Products, we the currency difficult equipment

in level we mentioned our efforts our the we've capital past, quarter to fourth avoid and As shipments continue spikes.

year the per the be expectations anticipate share we Given diluted have we far fourth our to so at high $X.XX the quarter, $X.XX seen of now and strength our range. this end for to earnings adjusted

future record long-term XXXX. ongoing short-term we and As the performance STERIS result, we to and support. bright another a We continue in expect for is your of appreciate year believe

coronavirus. open I on we to like comment would to before Now, Q&A,

know, STERIS' you As China probably relatively global small a revenue. is of piece

from So, China a coronavirus sales to anticipate fiscal revenue this material impact result we year. as of don't the any

able due we issues to that side, impacts supply the no we chain are revenue to this in should is so this year material supply the fiscal we issues be On regular chain fluid, Chinese arise, there our are well. any may the situation mitigate with time, communication At to as although believe suppliers.

them in to with our understand the also can and safety. contact We're in are and impacting concerned We with what our deeply to their we for health how and do are situation help. contact is people customers

businesses, and to follow China the Like the been our Year, of we operations support guidance since closed to most have we operations company. critical limited continue Lunar have for Government is and except China restricted for best across from travel will New people and the the do what Our products like. to

are we can may take open call any you Q&A that, have. the happy questions please? Julie, With for to you

Julie Winter

comments. if Q&A. Walt for and the please can you would with you, instructions Mike Gary, your started give Thank so we get

Operator

[Operator Instructions].

first Turkaly Our with ahead. Dave from Securities. comes question Please go JMP

Dave Turkaly

a Thank morning. this you love one you, was Good quarter? quarter, you. off call I'd ask here. XQ you what Walt, bat the for If to hot

Walt Rosebrough

Pretty darned.

Dave Turkaly

was into like get there again, extra days to was right, one-time but serious that. anything a So, impact here, there no or question no

think a in had no overall, You other contribution. little called side out impacts the the one-time pricing, but, But quarter, I correct? the M&A and

Walt Rosebrough

characterize any wouldn't the I abnormal. of quarter of the being impacts

Dave Turkaly

I I they're mentioned but guess, I guess think those lot. base? said, it you in? And the deals to even said eight, things I relatively might a you you've you where that small know at Thanks look any Great. versus mentioned, I your contribution, be what guess fall color nice You on think if we though they them added

Walt Rosebrough

Sure, going not that. Dave. get We're to into of details

revenue actually for of which best business and Products point a the units none a we the that As in various estimate is this point the so around are year the It's smattered half overtime. a of mentioned, And Hospital bulk Products our year business, in is the business. or about or Does Healthcare revenue in consequential. the coming-in add of quarter.

that's of in see particularly for work may long short-run. nothing them we'll they out. but there's think So again, instance we hold material the we There's that here how be the a in couple run, until

Dave Turkaly

you. Thank

Operator

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

Chris Cooley

morning. Good

offset follow growth Just and when a around the that top didn't and Healthcare we one drove just segment two why coming to that. within Healthcare look Really specifically of from do you a consumables level leverage. why, we what understand strong hands wanted expansion to better then after bit little from at percentage margin terms margin. to a Products, the that, there that the I've guess I from broader more about me. Products both like I'd in couple and in more from year-over-year in get the consumables. bit of things got up that increase just I more and had with really growth our Thanks. category see solid bottom, a contribution guess little

Mike Tokich

Mike. of the is we growth that from that some Yeah, actually the Chris. acquisitions of portion In consumables, a just It's completed.

Chris Cooley

Okay.

Mike Tokich

nature, It's some obviously impact about $X right? Yeah, or to that the million acquisitions for just favorable Julie, from completed. $XX quarter, we to million $X of revenue something $XX side of the impacts, billion of on million the

Walt Rosebrough

the part type as not Chris, our strong point, we as look products. other we on basis, and service profitability it chemistry-type an is and consumables of products service at mentioned, ROS The as endoscopy is as

it's base, capital, an more an it's averaging of very And strong. capitals. so, an of that effect. basis, good had Obviously but like on ROE looks It little because on ROS more pretty

Chris Cooley

terms business just much. how remainder Certainly. year, kind And just the there you me, perspective, thoughts lastly just perspective? for to in a walk general through then, CapEx of from capacity you where that incremental beyond are out so guess I about AST, this hot maybe and right ahead see we could capacity topic a of fiscal it longer-term on be Thanks you now as seems look us growing can from

Walt Rosebrough

U.S. of had to Sure, oxide you and obviously at increased high overseas. [furnace]. right plants normally some Mike Americas, they've ethylene CapEx. things But level, let pretty overseas as Chris. has if full we're moved processing I'll in that our It processed are have talk will would from about a now now pressure

we more Having full. they're So, giving said capacity. add to continued that,

two inside facilities facilities. there's chambers is one number so, the growing ways adding by And the we of add, or

being is, those more inside other and efficient doing The we're approaches lean both. facilities,

on are, type than normal oxide we more a although ethylene full So, facilities. the

EBM on in grow across added grow the grow, of network the plants and continue about is you there ability continue or doing adding technology, a to the to our a that and we're technology-neutral will. built grow, By to we capacity the being number very technology, are approach, we're if that side, adding global we're We and same or ability adding facilities. to radiation so we've our can also x-ray talked token opened in we're global

So, as clearly type We see that and x-ray EBM any growth approach. than in facilities see greater the we the actually. do of others the

Mike, about CapEx? And placing you money. we're talk don't our so, why that's where

Mike Tokich

CapEx has of have spend the million being AST I gross because bit at $XXX the beginning And little year, of view think to Chris, timing recent a alone. Yeah. that we we are just announced. was, the that in come Obviously of about eight number on a were that we've projects. down projects going about our worked

it's just a would timing issue. view Our be,

We for So, with Obviously need that. to our I the next once maybe industry. that customers to being current probably from maintain level a growth. even add at that the two to next growth and again, year the seeing after capacity continue or CapEx medical look elevated would, at for year device we're

Walt Rosebrough

And mean growing. healthcare stents would I biggest XX and and those device improve now, a I years things baby-boomers lot, We're and the our part get baby-boom you're implants entering, devices the XX the say, talked spending the used of medical XX. XX a about you're orthopedic in business and we right as the to entering and more the like all baby-boomers middle largely are XX lives when of the high medical and seen when XX and and good than I've lot

hospital B business. growth and who least for that, companies foreseeable need is can move We to can work our that volume for unit at broad to easier our also, on single a for our has and a network, reason. sustained A on our they with AST and I from a us see plant growth like if well single it healthcare we system. And would future, the for business plant to add quality customers coverage. global given business I system sustained the as type But, as think global regulatory creates or they for count easier whatever So, someone

for think I that So, than the helpful do to grow faster us is market. a bit

Operator

ahead. is Mishan go KeyBanc. question with Our Matthew Please from next

Matthew Mishan

results that mentioned ahead of expectations. You were

quarters consistent had like straight this. You've two that are

the about of Just curious, these trends? you sustainability in particular what is surprising

Walt Rosebrough

Matt, have guess, should if strongly or that on they answer we Well, I'll to now. a the sustainability. feel of stay. years be you lot know, together more I'll seem the right about But, in working been I five coming four even things

add equipment our talked understanding in and customers nice growing through we think that capacity, we're And and nicely walk both we the it's to as what model Americas you the as if of the mentioned at Healthcare this than look going is we've providing want different outsource to before, about looks solutions, it business, in the at So, growth better I getting kind and think I've Services UK. repair business added the continue and need.

business growth rate So, good in the that maybe of solid years, kind biologics, slightly side, still but rate. that space pretty has think business. Lifescience the of we We we has off and be in business growth continued and faster think, vaccines the that's to chemistry a of a where long-term on are. its good some a growth is And

I've is the good I our Healthcare we a product already business, side, to talked we continue and that, think think a AST but on that the sides On to grower of again, add portfolio. about

next pig XX approaches, and the that's the years. particularly, python industrialized coming through facing, a again, We opinion like baby-boom XX to thought continue to the and through countries, refine middle my I our to sales in be the going a we're for of

we're at to doing our fair jobs good of that. So, our least and underlying share demand up market pick is

Matthew Mishan

how healthcare business to they of more systems, Alright. with scale? the like trying And you? consolidate at understand with trying you some businesses Specialty looking and evolved your then, across major is differently Healthcare conversations just Healthcare how the to interconnected growth have services. Products Are especially and I'm with your

Walt Rosebrough

question. yes, is to that's yes. question Matt, your excellent The an answer

in and the are to customer to a that the respects, some, and another between hospitals run I is some the for say, things, more, at centers. say, like their about their more take might it and to space might but need they some we oftentimes, business that surgery seeing the clearly turn is ambulatory able position does in to the model full evolving talk ORC. centers of put needs are what have so, But are in we needs the you this might a Products looking space other, thing. we're the to add having we'd mean, add are. In business I'll their spectrum it can best a, of what give over business. to more gee, is I them We interconnection you Service Healthcare and the we're services when one systems independent, us they in other may the CST across products little healthcare and one have, different think And, our be, want what I'll still our one, Healthcare what

a the they of approach-neutral. offer technology-neutral, so, hard can do. things customer it's let And broad that we of be of which spectrum We them most and want. our we work like things to pieces I have choose spectrum the

Matthew Mishan

an model? least three really also helpful a us launched That's the more about running talking previously $XX on Okay. color. those bit are million you you at business I expected? contracts. like think ORC quoted You're give on on now? Could as that update and little Have

Walt Rosebrough

about talk ones. don't We specific

larger we customers, know more numbers, have up. about I We and we're I which have part we're more more But, have centers continued have but don't them now the not ORCs, we like forecast to expectations. centers, some of more but talk to of are more HSS our them we a our of centers. are locations up, has give the centers. growth is give our beaten like that know quoted some numbers for those the going exceed going to we for those, reason centers micro

Matthew Mishan

question. And question. last then And is multi-part it a Okay.

a job. size did savings guys room, would require at followup the I sustainably. I an know, I would So practices facility? Does using how traditionally-owed were an adult you of we're sustainably-owed questions just thought it thought and equipment guys less long job. the Like, because thought on did that in costs thought you cost excellent switch like the in the I what advance. the medium new asking you clearly panel, implementing you is to did warning excellent you EO? facility? incremental at be from what it You take to like of FDA

Walt Rosebrough

does in facilities the work I'm to gas, It not question, Matt. consequential costs whatever. any backwards nothing change require to and going on equipment, your

a that cost does non-cost item. us customers and is So, working our It together.

We processes that the know the we the have gas so it uses re-validate don't sure less fact process, to make half does, we're oftentimes validate traditional which know to to have attention not gas, an how to issue. there that's of using use, We product. we particular know so be pays stays also the we that question. have less we we part the will FDA that know gas ethylene, much residual But, the in the

better, the know implanted with starting into So, we if out that's okay, we're but less gets it that's gas. because patient,

So, known. all those things are

by are that we us. positively and need just that, sure the requires customers We device, when the sterilizing validation be that we and do absolutely to

working also agency and the requires historically or it look are at currently approve We to it. with It it.

We able to out far our a that customers less that. agency the for regulatory of to burden templates are working to for lay and simpler with our customers far make be do to

the all it call switching cost I'll I'll costs. So, material around any than it cost other call validation, switching is and

largely gas, uses cost it immaterial the in a process. obviously little less is Now that

usage relatively most is So, as the process. cost are the cases, the Delta is those And frankly, total transportation costs in gas in in our immaterial immaterial. the

this a risks customers both it right to do cost issue. environment potentially make and that is that is the is a that issue, are what's in and the sure It very not not enhancing our So, not serious product take any we big we get sterile.

oxymoron to kill the going kill I'm the We're today world many we're, again. bugs, in you them sterilizing Once you over now, all can't an cases. use Right now.

up any of a products customers there's for don't But in product. we're and a gassing, does, time, to measured lot gassing a there. specific customer name lot of extent, but takes and it we it's to It we're And So, specific not over do. over sterilizing. not months the to really need over

we believe. XX%, hit take to we and using think years for his of Chief we that believes Mr. think will absolutely requirements years we for But, do and and Operating half do we grew it STERIS up in and a Officer inside that use team can who set used gas Carestio, target the to X our business, get down targets. of level those same the So,

Matthew Mishan

for taking All Mike. you to questions and much your congratulations Thank for even very all success, you right. the

Operator

James. [Operator next Larry with is go Instructions]. from The Raymond ahead. Keusch question Please

Larry Keusch

can both to not to really margins start for about everyone. Thanks. 'XX in margin any look and morning, I wondering, year? next fiscal year-to-date has as generation all recognize Obviously, you're should just start for considering takes this just sort we Walt, at and wanted outstanding providing revenues guidance, but revenue we that to think about with Good and us help fiscal as you. you expansion. I'm sort puts think of of we be and both been

Walt Rosebrough

have companies as guidance, calendar the behind in And for year I some frustrating we're you right be not most Larry, are guys said, giving quarter that year. that, and a we're companies you now. because calendar can know respects

quarter So, year a versus a late as result kind projections. we're a calendar of

not, our planning have in we're processes. we So

those concluded not have We processes.

there a But is, tough flip uncertainties I out is China. last know, a comps very for year, that I trade couple growth of A, will in America approaching but things us you for mentioned, us little are thing, North we more rates, trade gives tax, than nice in in uncertainties side As rates, year labor started with uncertainties Chinese X%, device a there. the we from say fluidity We're the the think is right? double-digits to starting about,

year we comps So, the which QX. in last of again, comps some have in QX terms did in year, uncertainties NAFTA, and this tough and we tough have trade Brexit

Hopefully, be high when at for sort So, if currency we where grower, thing price. haven't we of We're business our currency and a X% in never in constant a this analysis. to through of single-digits. X% those be we're get toward going look know, X% little exactly think you growth get, rates with we high the all next to couple markets acquisitions our constant that how kind we and that's X% and you of you will of we're that, about you, happen. if rates. in hopefully a to a to share, get Again, that right we and level, done know we in the pretty high-end final we Hopefully a now comfortable our sit, the

three We about will the talk more but good pretty in high we're obviously that months, about feeling side.

Larry Keusch

more margins think margins to expand would then going thoughts wouldn't a reason I and around And some assume, again, that forward. there's

Walt Rosebrough

profit reason cost Larry, I our any don't position. I'm dollars, not As I'm believe. the working growing will like guy. margin I expansion the you I grow to know, be am margin we guy. confident, improve absolutely to but to have

facing any labor know, to will of choose together, normal in terms in what labor rates We price definitely are put price headwind terms on we we do going or up. of the lack how handle reason We paths. all increase. But on clearly don't to side. of we be you when increase little our are that see that The a off

Larry Keusch

to how the you and and One Okay. more where Its an just have guess quick about that's comes the up think next you know, you couple have recommendations Illinois States a from up of become with sterilization Georgia types are where could But, always of start I there out government these EPA doing of of operation But any sort within about, as local you ultimately think then, perhaps and could in picture the will what for a more bring pathway, think Mike. in been local the bigger steps it issue ones of and guys facilities? you us speed really the government are wind to challenging, this. concern. clearly regulatory more for as States I you perspective, do operating then

Walt Rosebrough

need sterilized some by the way with by the is a say, have elections. that be to and that is we XX mentioned this really I has taken there time, been don't oxide, like percent knowledge the great any bull impressed think have odd do to I that. will FDA And are on and horns going we are governments devices sterile. little that what ethylene forecasting Larry, know the of You last forecasting I knowing

and them And they're superb because, the oxide important of The intermediate-term. very takes it's those of in made the it and EPA, think supply keep cannot clear, so, with a the risks job chains we the And country to Health Secretary particularly on, FDA that. on to doing ethylene I the sterilize moving. have working

all have space, about think types very issues in the job, three nice would would are devices, requested of the think approach. of asking and of two from judgment, sterilize to information, buckets. a manufacturers, are are a nice players It who they've see, snap who them this they taking but I we're those done I a the they what easy those you for be in By well, the we those, way know, environment. doing, make we're those methodical all but three the those way, way concerned in they the

So, We're the being were manufacturing, concerned about a We're we manufacturer. environment. concerned device about concerned a device sterilization. about

that at very-balanced they're approach feel, this So process. in high-end own it opinion we're the we We do things. feel me our a of terms way industry taking the to handle we is, to seems the of

industry now, Our that a clearly move we're couple people of years now. ago being in approach led very seeing toward sustainability certainly interested the and

high-end about, gases remediate we design call the the the the facilities the it we of the, industry. of the and at good end handle know We I'll gas the our know also and way or the way

not are on safer, do intend in can and We mean, we why been we people doesn't rest for we this is But which our laurels. our we get and So, have to that communities. safer our that safe and comfortable the XX% about are the so. very of comment by do the we'll reduction, and the States, about to United and always the at way we that world. the gas facilities, we're and And looking outside a that's continue comment way, handle just that's inside

Americans. people are the care oxide We ethylene only not are that gas about that assuming

And I approach. because We're can can one that's comfortable, comfortable guess, as something you know, always have so, that occur. you our get,

But, You wait are local now based people least In governments. clear actions. result, more engaged, the And very and my it's is the risk correct. FDA in what take state at is. that, short bigger that the appropriate own there's result think run then will see I and do that the that EPA likelihood both and we'll on are that view,

Larry Keusch

a Okay. within Mike, to Very HFS. just then, about for good. little think wanted the bit And investments

know, is the operating over quarters. of three past margin the You that down trended

operating of XX.X% basis the quarter margin fourth 'XX. from I in XX.X% think an it's on this quarter,

just investments, I again it what's the understanding make sure want and business way just make then think So, pretty sure understanding for going straightforward, that the again, I'm this but to seems forward. to we're margins about, to right

points growth, points organic Mike in you've kind still XXX threshold And M&A the is, talked pull M&A. this XXX of currency but there is second year. a question of then the about a that basis for out you from being so What growth? Because, or there's growth of basis added it constant by when you characterize as organic,

to trying Thanks. understand is. what just So, threshold the

Mike Tokich

actually the separate Typically do I'll of, would we're is acquisition, we so to first. any and Yes, type that revenue call trying I'll answer separately time do that material what it what call disclose that and growth, organic certainly question this, we we Larry. not note second where point when today, we're also are then in out cuts or acquisitions at that we same in the boat in added. out the the

all that if them year, So, this they you doing material. were aggregate become but unfortunately all individually immaterial, together, X acquisitions

pretty an would transparent possible. but impact is and and year We impact we hopefully. being this down quarter that the So, we a XXX out understood the sure back we're and that don't growth, prefer anomaly reporting, chose that path, as obviously. quarter, like as everybody basis We our make way historical organic for understands and want points it there's but, in an year to that's significant acquisition is separate the to the the to revenue on third is go going disclose do that this that currency reason constant

again, transparent. have But to truly with combination that do being being of in we're X so relative all the again, something being acquisitions combined we

Walt Rosebrough

like XX look don't we businesses. be again, suspect. businesses. clear And next I do businesses. next don't just tuck-in the but eight that that, We issues, about like be year, can XX we'll the will this Mike talking we year, that, the more I like do to like If these more accounting businesses. those not it's love says on that we he's We not But, talking when

Mike Tokich

We reporting it. the like of just don't

Walt Rosebrough

currency We really the growth the don't to constant businesses some of small because issue, month, be point. every want changing our that's rate

Mike Tokich

script as future addition costs start first that, ORCs HSS of mean, support Obviously, the continuing cost his we HSS. that, have term still then in growth new is and for question business mid-teens. did a And long our business. Walt view to up mentioned I in your regarding to people are the we the this to have in

come actually in get it facility then little We benefit revenue, XX to Obviously, that. a top-line on size row, we've but as and roughly does that the the two years of and the the business. come are talked months about growth, which it with probably of online, start takes facilities adding to for the of startup breakeven, bit bring a profit you we off XX, haven't to seeing now of costs, maybe depending

it's and unusual, any not to by not us means. it's a So, surprise

Operator

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

Julie Winter

joining day. for great this Hope everybody Thanks morning. us a again have you

Operator

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

You may disconnect. now

STERIS (STE) 11 Feb 202020 Q3 Earnings call transcript