Steris

Last updated
STERIS plc
Company type Public
ISIN IE00BFY8C754
Industry Medical devices
Founded1985;39 years ago (1985) [1]
Headquarters Mentor, Ohio, U.S.
Key people
Daniel A. Carestio (President and CEO)
RevenueIncrease2.svg US$5.14 billion (2024)
Increase2.svgUS$836 million (2024)
Increase2.svgUS$378 million (2024)
Total assets Increase2.svgUS$11.1 billion (2024)
Total equity Increase2.svgUS$6.32 billion (2024)
Number of employees
18,179 (2024)
Website steris.com
Footnotes /references
Financials as of 31 March 2024. [2]

Steris plc is an American-Irish-based medical equipment company specializing in sterilization and surgical products for the US healthcare system. [3] Steris is operationally headquartered in Mentor, Ohio, [1] but has been legally registered since 2018 in Dublin, Ireland for tax purposes; it was previously registered in the United Kingdom from 2014 to 2018. Steris is quoted on the NYSE, and is a constituent of the S&P 500 Index. [4]

Contents

Profile

Steris filed accounts which showed global revenues of over US$2.6 billion in 2018, of which US$1.8 billion (or 70 percent) came from the US healthcare system; and employed ~12,000 people. [5] As of 2024, the President and CEO is Daniel A. Carestio. [2]

Steris' competitors include 3M, Getinge Group, and Belimed (Metall Zug). [6]

History

Steris was founded in August 1985 in Ohio, [1] under the name "Innovative Medical Technologies". [3]

In 2012, Steris acquired US Endoscopy for $270 million. Steris also acquired Spectrum Surgical Instruments Corp. and Total Repair Express for $110 million combined. [7]

On April 1, 2014, Steris announced its acquisition of Integrated Medical Systems International Inc. for ~$175 million, although it would only cost the company ~$140 million after tax benefits. [8] Shortly after, Steris also acquired Chesterfield, Missouri-based Life Systems. [7]

In October 2014, Steris executed a tax inversion from the United States to the United Kingdom, via an offer made to acquire UK-based Synergy Health for $1.9 billion. [9] [4] The tax inversion was notable as it was the first US inversion post the new rules introduced by the Obama administration in 2014 to curb US corporations moving their "legal domicile" to reduce their exposure to US corporate taxation. [4] [10] [11]

On June 24, 2015, Steris announced the acquisitions of General Econopak for $175 million and Black Diamond Video for $51 million. [9]

In November 2018, Steris announced that it would further re-domicile its legal headquarters from the United Kingdom to Ireland; Steris had reduced its corporate tax rate from 31.3 percent to 20 percent as a result of its 2014 tax inversion to the United Kingdom, however, it believed a further reduction could be achieved by moving to Ireland. [12] [13]

In April 2020, Steris received emergency use authorization from the FDA for a N95 mask sterilization system to help address the shortage of personal protective equipment during the 2019-20 coronavirus pandemic. [14] [15]

In November 2020, Steris acquired Key Surgical, a leading global provider of sterile processing, operating room, and endoscopy products. [16]

In June 2021, Steris acquired Cantel Medical Corporation a provider of infection prevention products and services to endoscopy, dental and dialysis. [17]

See also

Related Research Articles

Olympus Corporation is a Japanese manufacturer of optics and reprography products. Olympus was established on 12 October 1919, initially specializing in microscopes and thermometers. Olympus holds roughly a 70 percent share of the global endoscope market, estimated to be worth approximately US$2.5 billion. Its global headquarters are located in Hachioji, Tokyo, Japan.

<span class="mw-page-title-main">Eaton Corporation</span> Multinational power management company

Eaton Corporation plc is an Irish/American multinational power management company, founded in the United States and incorporated in Dublin, Ireland, with a primary administrative center in Beachwood, Ohio. Eaton has more than 85,000 employees and sells products to customers in more than 175 countries.

Stryker Corporation is an American multinational medical technologies corporation based in Kalamazoo, Michigan. Stryker's products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; neurosurgical, neurovascular and spinal devices; as well as other medical device products used in a variety of medical specialties.

<span class="mw-page-title-main">Medtronic</span> Irish tax-registered medical device company

Medtronic plc is an Irish medical device company. The company's operational and executive headquarters are in Minneapolis, Minnesota, and its legal headquarters are in Ireland due to its acquisition of Irish-based Covidien in 2015. While it primarily operates in the United States, it operates in more than 150 countries and employs over 90,000 people. It develops and manufactures healthcare technologies and therapies.

<span class="mw-page-title-main">Boston Scientific</span> U.S.-based medical device company

Boston Scientific Corporation (BSC), headquartered in Watertown, Massachusetts and incorporated in Delaware, is a biomedical/biotechnology engineering firm and multinational manufacturer of medical devices used in interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology. Boston Scientific is widely known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries. With the full acquisition of Cameron Health in June 2012, the company also became notable for offering a minimally invasive implantable cardioverter-defibrillator (ICD) which they call the EMBLEM subcutaneous implantable defibrillator (S-ICD).

Nordion Inc., a Sotera Health company, is a health science company that provides Cobalt-60 used for sterilization and treatment of disease (radiotherapy).

<span class="mw-page-title-main">Corporation tax in the Republic of Ireland</span> Irish corporate tax regime

Ireland's Corporate Tax System is a central component of Ireland's economy. In 2016–17, foreign firms paid 80% of Irish corporate tax, employed 25% of the Irish labour force, and created 57% of Irish OECD non-farm value-add. As of 2017, 25 of the top 50 Irish firms were U.S.–controlled businesses, representing 70% of the revenue of the top 50 Irish firms. By 2018, Ireland had received the most U.S. § Corporate tax inversions in history, and Apple was over one–fifth of Irish GDP. Academics rank Ireland as the largest tax haven; larger than the Caribbean tax haven system.

<span class="mw-page-title-main">Smith & Nephew</span> Medical equipment manufacturing company based in Watford, England

Smith & Nephew plc, also known as Smith+Nephew, is a British multinational medical equipment manufacturing company headquartered in Watford, England. It is an international producer of advanced wound management products, arthroscopy products, trauma and clinical therapy products, and orthopaedic reconstruction products. Its products are sold in over 100 countries. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">Perrigo</span> Irish tax-registered pharmaceutical

Perrigo Company plc is an American Irish-registered manufacturer of private label over-the-counter pharmaceuticals, and while 70% of Perrigo's net sales are from the U.S. healthcare system, Perrigo is legally headquartered in Ireland for tax purposes, which accounts for 0.60% of net sales. In 2013, Perrigo completed the sixth-largest US corporate tax inversion in history when it reregistered its tax status to Ireland to avoid U.S. corporate taxes. Perrigo maintains its corporate headquarters in Grand Rapids, Michigan, within Michigan State University's Grand Rapids Innovation Park.

<span class="mw-page-title-main">Allergan, Inc.</span> Former American conglomerate

Allergan, Inc. was an American global pharmaceutical company focused on eye care, neurosciences, medical dermatology, medical aesthetics, breast enhancement, obesity intervention and urologics. Allergan, Inc. was formed in 1948, incorporated in 1950 and became a public company in 1970. It ceased operation in 2015 when it was acquired by Irish-based Actavis plc, who then renamed the group as Allergan plc.

<span class="mw-page-title-main">Actavis</span> Global pharmaceutical company

Actavis Generics is a global pharmaceutical company focused on acquiring, developing, manufacturing and marketing branded pharmaceuticals, generic and over-the-counter medicines, and biologic products. Actavis has a commercial presence across approximately 100 countries. The company has global headquarters in Dublin, Ireland and administrative headquarters in Parsippany-Troy Hills, New Jersey, United States.

Endo International plc is an American Irish-domiciled generics and specialty branded pharmaceutical company that generated over 93% of its 2017 sales from the U.S. healthcare system. While Endo's management, operations, and customers are almost exclusively U.S.–based, in 2013 Endo executed a corporate tax inversion to Ireland to avoid U.S. corporate taxes on their U.S. drug sales, and to avail of Ireland's corporate tax system.

<span class="mw-page-title-main">Mallinckrodt</span> Irish domiciled pharmaceutical

Mallinckrodt Pharmaceuticals is an American-Irish domiciled manufacturer of specialty pharmaceuticals, generic drugs and imaging agents. In 2017, it generated 90% of its sales from the U.S. healthcare system. While Mallinckrodt is headquartered in Ireland for tax purposes, its operational headquarters are in the U.S. Mallinckrodt's 2013 tax inversion to Ireland drew controversy when it was shown Acthar was Medicaid's most expensive drug.

Teleflex Incorporated, headquartered in Wayne, Pennsylvania, is an American provider of specialty medical devices for a range of procedures in critical care and surgery. Teleflex has annual revenues of $2.4 billion, operations in 40 countries, and more than 15,000 employees. By 2011, the company had substantially realigned to focus on its current business as a medical-device manufacturer, having undergone several years of active acquisitions and divestitures. Teleflex has been associated with Irish corporate tax avoidance tools. Teleflex's chief executive officer (CEO) is Liam J. Kelly; Kelly is also the company's president and former chief operating officer.

Synergy Health plc was a global company headquartered in the United Kingdom. The company provides specialist outsourced services to the healthcare and related markets around the world, including sterilization services for medical device and other manufacturers, decontamination of surgical instruments for hospitals and other medical practitioners together with related hygiene services. The company was listed on the London Stock Exchange until it was acquired by Steris Corporation in October 2015.

<span class="mw-page-title-main">Tax inversion</span> Corporate relocation to a lower tax location

A tax inversion or corporate tax inversion is a form of tax avoidance where a corporation restructures so that the current parent is replaced by a foreign parent, and the original parent company becomes a subsidiary of the foreign parent, thus moving its tax residence to the foreign country. Executives and operational headquarters can stay in the original country. The US definition requires that the original shareholders remain a majority control of the post-inverted company. In US federal legislation a company which has been restructured in this manner is referred to as an "inverted domestic corporation", and the term "corporate expatriate" is also used.

Cantel Medical Corporation is an American company which produces and sells medical equipment. The company is based in Little Falls, New Jersey. The company has three subsidiaries:

Horizon Therapeutics was a biopharmaceutical company focused on researching, developing, and commercializing medicines that address critical needs for people impacted by rare and rheumatic diseases. Horizon primarily markets products in the United States, which represented 97% of Horizon's 2019 worldwide sales. Amgen acquired the company in October 2023.

Allergan plc is an American, Irish-domiciled pharmaceutical company that acquires, develops, manufactures and markets brand name drugs and medical devices in the areas of medical aesthetics, eye care, central nervous system, and gastroenterology. The company is the maker of Botox.

<span class="mw-page-title-main">Metall Zug</span> Swiss public company

The Metall Zug Group is a Swiss industrial holding company headquartered in Zug, Switzerland which was founded in 1887. Shares of the company are traded on the SIX Swiss Exchange.

References

  1. 1 2 3 "STERIS Corp - Company Profile and News". Bloomberg Markets. Retrieved 2020-01-04.
  2. 1 2 "Steris plc FY2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 29 May 2024.
  3. 1 2 "Company Overview". STERIS plc. Retrieved 2020-01-03.
  4. 1 2 3 Arash Massoudi; Andrew Ward (13 October 2014). "Steris makes UK tax leap with $1.9bn Synergy inversion deal". Financial Times . Retrieved 4 January 2020. Steris Corp has become the first American company to agree a deal that allows it to lower its tax burden by moving overseas since President Barack Obama's administration announced measures to clamp down on the practice.
  5. "2018 Annual Report" (PDF). Steris Corporation. Retrieved 4 January 2020. Geographic Split of Revenues: Page 88
  6. "STERIS Competitors, Revenue and Employees". Owler.com. Retrieved 2020-01-04.
  7. 1 2 Bonner, Loren (May 5, 2014). "Steris acquires another ISO company". Archived from the original on May 15, 2014. Retrieved January 11, 2020.
  8. McCarthy, Erin (April 1, 2014). "Steris to Acquire Integrated Medical Systems for $165 Million". WSJ.com. Archived from the original on January 11, 2020. Retrieved January 11, 2020.
  9. 1 2 Perriello, Brad (2015-06-24). "Steris drops $226m on General Econopak, Black Diamond Video". MassDevice.com. Retrieved 2020-01-04.
  10. Sean Farrell (31 October 2014). "UK medical firm Synergy bought by Steris". The Guardian . Retrieved 5 January 2020. The proposed acquisition of the Swindon-based Synergy by Steris Corporation is the latest attempt to pull off a tax inversion deal, despite political opposition on both sides of the Atlantic to the controversial manoeuvre.
  11. Chad Bray (29 May 2015). "Steris to Fight F.T.C. Move to Block Merger With Synergy Health". New York Times . Retrieved 4 January 2020. The transaction was one of a series of so-called tax inversions announced last year, in which companies based in the United States sought to reincorporate overseas to lower their corporate tax rates.
  12. Cantillon (13 November 2018). "Sterie to relocate HQ to Dublin". Irish Times . Retrieved 4 January 2020. But the fact remains that it was paying an effective tax rate of 31.3 per cent in the US. That has since fallen to 20 per cent, a figure that will fall further should it relocate to Dublin.
  13. "Brexit pushes Steris to move again - to Ireland". Irish Times . 12 November 2018. Retrieved 4 January 2020. Surgical equipment maker was part of first corporate inversion post-Obama clampdown
  14. "STERIS Decontamination Solutions for compatible N95 or N95-equivalent Respirators". Steris. Archived from the original on April 14, 2020.
  15. Steer, Jen (April 10, 2020). "FDA approves Steris technology for N95 mask sterilization". fox8.com. Archived from the original on April 15, 2020.
  16. "STERIS acquires Key Surgical for approximately $850 million" . Retrieved 2023-10-21.
  17. "STERIS Completes the Acquisition of Cantel Medical". sterisplc.gcs-web.com. 2021-06-02. Retrieved 2021-09-14.