Why Shares of Steris Are Up Thursday

Shares of Steris (NYSE: STE) were up 10% Thursday morning, after rising as high as 11.8%. The medical equipment company that sells sterilization products to hospitals and other healthcare companies announced fiscal 2023 fourth-quarter earnings on Wednesday after the markets closed. The stock is up more than 12% this year.

The company reported fourth-quarter revenue of $1.38 billion, up 14% year over year, and net income of $52.3 million, or $0.52 in earnings per share (EPS), which represent a rise of 258% and 262%, respectively, over the same period last year.

All but one of the company's four segments grew revenue in the quarter year over year, led by healthcare, up 20%; life sciences, up 10%; and applied sterilization technologies, up 7%. Dental revenue fell 2%, year over year.

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Source Fool.com