Sotera Health Q3 2023 Earnings Call Transcript

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Provided by Quartr
November 1, 2023

There are 9 speakers on the call.

Operator

Good morning, and welcome to the Sotera Health Third Quarter 2023 Conference Call. All participants will be in a listen only mode. Please note this event is being recorded. I would now like to turn the conference over To Vice President and Treasurer, Jason Peterson, please go ahead.

Speaker 1

Good morning and thank you. Welcome to Sotera Health's Third Quarter 2023 Earnings Call. You can find today's press release and accompanying supplemental slides on the Investors section of our website atsoterahealth.com. This webcast is being recorded and a replay will be available in the Investors section of the Sotera Health website. On the call with me today are Chairman and Chief Executive Officer, Michael Petrus and Chief Financial Officer, John Lyons.

Speaker 1

During the call, some of our comments may be considered forward looking statements. The matters addressed in these statements are subject to risks in the forward looking statements slide at the beginning of the presentation for a description of these risks and uncertainties. The company assumes no obligation Please note that during the discussion today, the company will present both GAAP and non GAAP financial measures, including adjusted net income, adjusted EBITDA, adjusted EPS, net debt, adjusted EBITDA margin, segment income margin and net leverage ratio In addition to constant currency comparisons, a reconciliation of GAAP to non GAAP measures for all relevant periods may be found in the schedules Attached to the company's press release and in the supplemental slides of this presentation. The operator will be assisting with the Q and A portion of the call today. Please limit yourself to one question and one follow-up so that we can give everyone an opportunity to ask questions.

Speaker 1

As always, if you have any questions post call, please feel free to reach out to me and the Investor Relations team. I will now turn the call over to Centerra Health Chairman and CEO, Michael Petros.

Speaker 2

Good morning, everyone, and thank you for joining Centerra Health's Q3 2023 earnings call. This morning, we reported year over year top and bottom line growth plus margin improvement. Consistent with our past commentary, macro environment headwinds Still exists such as rising interest rates, inflation and customer supply chain challenges. The team has done a good job at all These headwinds as we execute on delivering on our mission of safeguarding global health. I want to highlight a few items from our Q3 year to date results.

Speaker 2

Compared to the Q3 of 2022, total company revenues increased 5.8%, while adjusted EBITDA increased 7.3 We delivered adjusted EPS of $0.21 for the quarter, which is a 0 point expense. Sterigenics, our largest reporting segment, delivered 6.7% top line growth for the Q3 of 2023 As compared to the Q3 of 2022, despite ongoing customer inventory and supply chain challenges and some market softness, The Sterigenics business has been and is a consistent growth business. Revenue has grown more than 30% since we became a public company from approximately $500,000,000 in 2020 to $657,000,000 over the last 12 months. And segment income has grown by $90,000,000 during the same period. This consistent growth is a testament to the great job that's been done by our team and the critical nature of our business, even when our customers are fighting through significant macroeconomic challenges.

Speaker 2

Sterigenics is a strong business that plays a critical role in providing government mandated sterilization services to over 2,000 customers Across 48 facilities in 13 countries, more than 90% of sterilization services revenue comes from customers under multi year contracts. We are very important to our customers in the commercialization of their healthcare products and ultimately in the role we play in getting safe products to patients. During the quarter, the team completed another facility expansion project for which the customer product validation phase is underway. We also continue to make good progress on our EO facility enhancements in the United States. These industry leading enhancements demonstrate our commitment to ensure Best in class emission controls for employees, customers and the communities in which we operate.

Speaker 2

Nordeon, Our other reporting segment within the sterilization services business delivered a 14% year over year revenue increase in the Q3 versus last year. As communicated previously, Naurian's revenue is tied to the harvest schedules of our Cobalt-sixty suppliers, which results in irregular revenue patterns on a quarter to quarter basis. The team has unique experience in navigating the complex Cobalt 60 supply Shane and the Norian team remains on track to deliver significant portion of its full year revenue in the Q4 as planned and previously communicated. Cobalt 60 is used to sterilize approximately 30% of the world's single use medical devices and is critical to the global healthcare community. This is another great example of how we play a critical role in safeguarding global health.

Speaker 2

Revenue in Nelson Labs, our lab testing advisory service business experienced a 2 1% decline versus the prior year quarter as testing volumes continue to be soft based on 3 primary drivers. First, The extensions of the deadlines for compliance with the European Union Medical Devices Regulations second, the decline to funding for start ups in smaller companies and lastly, routine lot release testing tied to sterilization volume. A bright spot for As a consulting business, however, RCA margins dilute those of Nelson Labs more generally. In light of the softer than expected volumes, the Nelson Labs team is actively managing costs while remaining focused on quality. Our staffing levels have stabilized, turnaround times and utilization levels have improved And customer satisfaction scores are solid.

Speaker 2

Turning to the 2023 outlook. Due to the volume softness At Sterigenics and Nelson Labs, we expect that 2023 revenue and adjusted EBITDA will finish at the lower end of the 2023 outlook range we provided during our 2nd Quarter Earnings Call. Now I would like to give a brief update on the ethylene oxide litigation in Georgia. In October, we announced that Sterigenics signed a binding term sheet to resolve 79 ethylene oxide claims against Sterigenics for $35,000,000 subject to submission of liability or the admissions from our Atlanta facility have ever posed any safety hazard to the surrounding communities. The settlement was driven by circumstances unique to one of the cases that was about to begin trial in the State Court of Gwinnett County.

Speaker 2

We continue to vigorously defend the approximately 240 remaining personal injury claims pending in the state court of Cobb County, Where we are optimistic, the court will apply the rules of evidence properly and affords Sterigenics the opportunity to fully and fairly defend itself based on valid science. The judge in Cobb County has already acknowledged the central importance of science to the EO cases by implementing a case management order that places science In contrast to the approach taken by the judges in Cook County, Illinois and Gwinnett County, Georgia, only cases in which the plaintiffs present sufficient scientific proof To the judge's satisfaction that the plaintiff's alleged exposure to EO from the Atlanta facility could have caused And in fact did cause the illnesses they allege will be allowed to go to trial before a jury. We are confident that When the rules of evidence are applied properly, the science and related evidence about EO refutes claims that admissions from Sterigenics facilities can or do cause cancer or the other harms alleged in the EO litigation. This was proven by the complete defense verdict returned in favor almost a year ago in the Forney case in Cook County, Illinois.

Speaker 2

More detailed information about the settlement and the EO litigation It's available in the 10 Q that will be filed today and as always on the ethylene oxide pages on our Investor Relations website. Prior to turning this call over to John to walk us through the financials in more detail, I'd like to take a minute to underscore our mission, Safeguarding Global Health, which is at the heart of our work. We perform tests for medical and pharmaceutical products used each and every day To make sure the products are safe and meet regulatory requirements, we sterilize millions of products each year that benefit millions of patients. We supply cobalt 60 to enable gamma sterilization globally and for the treatment of early stage breast cancer. In addition, we provide critical scientific And regulatory expertise to help solve our customers' challenges.

Speaker 2

Our mission critical services help protect millions patients and health care providers around the world. An example of our teams fulfilling our mission is highlighted in a video link located in the Safeguarding Global Health slide Our Q3 2023 earnings presentation released this morning and available on our Investor Relations website. I encourage you to watch this video to learn how Norium plays a vital role in the treatment of breast cancer. Now John will walk us through the financials.

Speaker 3

Thank you, Michael. I will begin by covering the Q3 2023 highlights on a consolidated basis and then provide some details on each of the business segments, along with updates on capital deployment and leverage. On a consolidated total company basis, 3rd quarter revenues increased by 5.8% as compared to the same period last year to $263,000,000 This equates to a 4.3% increase on a constant currency basis 7.3 percent to $134,000,000 as compared to the Q3 of 2022. Adjusted EBITDA margins finished at 51%, which was an increase of more than 70 basis points versus both the Q3 of 2022 and the Q2 of 2023. Adjusted EPS was $0.21 a decrease of 0 point expense versus the prior year.

Speaker 3

The reported net loss for Q3 2023 was $14,000,000 or $0.05 per diluted share, inclusive of the $35,000,000 Georgia settlement, compared to net income of $25,000,000 or $0.09 per diluted share in Q3 2022. Our reported interest expense for the Q3 of 2023 was $41,000,000 which is an increase of approximately $17,000,000 versus same period last year. The increase is driven primarily by the increase in interest rates and the $500,000,000 term loan that closed in Q1. Now let's take a closer look at our segment performance. For the quarter, Sterigenics delivered 6.7% revenue growth to $168,000,000 as compared to the Q3 of last year.

Speaker 3

Revenue growth drivers for q3 2023 included favorable pricing of 6.3% and favorable changes in foreign currency exchange rates of 2.2%, partially offset by unfavorable volume and mix of 1.8%. Compared to the prior year quarter, Segment income for Q3 2023 increased 8.9 percent to $93,000,000 and Segment income margins increased by approximately 110 basis points to 55.3%, driven by favorable pricing, partially offset by unfavorable volume and mix as well as inflation. Nordion's 3rd quarter revenue increased by 14.3% to $40,000,000 compared to Q3 2022. Nordeon's revenue increase was driven by favorable pricing of 9.4% And favorable volume and mix of 6.9%, partially offset by an unfavorable impact from changes in foreign currency exchange rates of 2%. Nordion segment income increased 18.5 percent to approximately $24,000,000 And segment income margin increased more than 2 10 basis points to 60% compared to the same period last year.

Speaker 3

Segment income and margin changes versus Q3 2022 were driven by favorability in pricing, volume and mix and partially offset by inflation. For Nelson Labs, Q3 2023 revenue declined by 2.1% to approximately $55,000,000 Compared to the Q3 of 2022. Revenue was impacted by volume and mix declines of 8%, partially offset by a 4.1% benefit from pricing and favorable changes in foreign currency of approximately 1.8%. Nelson Labs' 3rd quarter 2023 segment income decreased by 11.2 percent to 17,000,000 Segment income margins contracted by approximately 320 basis points to 31.3% versus Q3 2022. This decline was due to the unfavorable volume in mix as well as inflation partially offset by favorable pricing.

Speaker 3

I will now turn to liquidity, net leverage and capital deployment. The company is in a strong liquidity position. As of September 30, 2023, we had approximately $645,000,000 of available liquidity, which includes 245 in unrestricted cash and $400,000,000 of available capacity on our revolving line of credit. Through the 3rd quarter, After adjusting for the $408,000,000 Illinois settlement, we generated over $145,000,000 of operating cash. This is a testament to the tremendous cash generating capability of this business.

Speaker 3

Our net leverage ratio at the end of the 3rd quarter was 4.2 times. This was an increase from the year end 2022 level of 3.2 times and was driven by the new $500,000,000 term loan in connection with the Illinois ethylene oxide settlement. Our capital expenditures totaled $52,000,000 For the Q3 of 2023 $150,000,000 on a year to date basis, over the past couple of years, we have been operating in a period of elevated capital due to the U. S. EO facility enhancements, Sterigenics capacity additions and the strategic cobalt development programs.

Speaker 3

Spending on the Cobalt development and U. S. E. O. Facility Enhancements Programs totaled approximately $50,000,000 in 2022 And we have spent nearly the same amount through Q3 of this year.

Speaker 3

Our cobalt development programs are required to support the long term growth of gamma sterilization. Our last significant cobalt program was approximately 20 years ago. It is also important to note, the current development programs will begin to yield revenue late in the decade. Theragenyx has 3 active capacity expansion projects continuing. Capital will be largely complete by the end of 2025.

Speaker 3

As previously communicated, we expect 2024 will be another year of heightened investment. Based on our current view, we expect a significant reduction in capital expenditures for the U. S. EO facility enhancements and cobalt development programs in 2025 and Ceragenyx growth investments in 2026. We have a great company and we will continue to invest in all three businesses to Pain and to grow Sotera Health for the long term.

Speaker 3

As we complete this stage of elevated investment, we expect to substantially increase the conversion of our strong operating cash flow to free cash flow, which is a key priority. Now I'd like to discuss our 2023 outlook. Based on ongoing market softness, we expect full year 2023 results to be at the lower end of our previous outlook, Which is total revenues in the range of $1,035,000,000 to $1,055,000,000 representing annual growth rate of approximately 3% to 5%. Full year adjusted EBITDA in the range of $520,000,000 to 535 dollars representing an annual growth rate of approximately 3% to 6%. As mentioned earlier, we are on track to deliver approximately 50% of Nordion's full year revenue in the 4th quarter.

Speaker 3

For Nordion, we expect 2023 full year adjusted EBITDA margins to be similar to 20 22 full year margins. For the remainder of the business, we expect Q4 to be similar to Q3 for both top and bottom line. Tax rate is expected to be in the range of 30% to 32%. Weighted average diluted shares are expected to be in the range of $283,000,000 to 2 $85,000,000 adjusted EPS is expected to be in the range of $0.78 to 0 point 8 $6 Capital expenditures are expected to be in the range of $200,000,000 to $215,000,000 And lastly, we expect net leverage to finish the year at or below

Speaker 2

Our condolences to the family, friends and work colleagues of Matt Michon from KeyBanc. Matt had been following our company since 2020 in just 1 week prior to his passing, we are fortunate to spend time with him in Boston. Matt will truly be missed. At this point in time, let's open the call for question and answer.

Operator

We'll now begin the question and answer session. At this time, we will pause momentarily to assemble our roster. The first question today comes from Sean Dodge with RBC Capital. Please go ahead.

Speaker 4

Yes. Thanks. Good morning. I just want to start with a quick clarification, Michael, on your comments around the remaining Georgia cases. So 240 remain there.

Speaker 4

But in those counties you said that the judge is going to require those to provide some type of evidence of exposure that caused their illness. So Is it right that number could actually the number that actually go to trial, could that be whittled down some? Or is that 2 40 number remaining cases, is that the number I've already cleared that initial hurdle that have provided their proof and will go to trial.

Speaker 2

Good morning, Sean. So here's how it works. There's 240 cases. There were 10 cases that the judge has pulled out to kind of go through Phase 1 and Phase 2. Phase 1 is general causation, Phase 2 is specific causation.

Speaker 2

So the answer to your question is yes, the cases could go down. So if a condition comes through, Goes through Phase 1, it has to pass through. If it's leukemia or it's breast cancer, lymphoma, it has to go through Phase 1. So given case has to go through Phase 1, if it passes that, it goes to Phase 2. If it passes that screen with the judge, then it goes to a trial jury You take it through the whole case.

Speaker 2

So there is a case scenario here where something gets knocked out in one of those first two cases. Let's say ALL, for example. It could not maybe not pass Phase 1 and Phase 2, which means it will not go to a jury trial. So yes, It could reduce the number of cases. Is that clear?

Speaker 2

It's a little complex. I want to make sure I'm being clear enough for you.

Speaker 4

No, no, that's great. That helps. And then maybe just on the EO emissions regulations, Is there any more updates you can share there? You guys have been communicating with the EPA and any ideas on changes we could see in the final rule? It looks like that's expected now In Q1 of 2024?

Speaker 2

No. We continue to engage with our regulators like we always do, but we have no more Exactly what's going to be in the final rule, but we again are very confident of the improvements we've put in place and the timing we expect on the knee shop is in the Q1, Late

Speaker 4

Q1. Okay. Great. Thank you, Jim. Thank you, Sean.

Operator

The next comes from Patrick Donnelly with Citi. Please go ahead.

Speaker 5

Hey, guys. Thanks for taking the questions. Michael, just as we think about the go forward, obviously some of these headwinds are lingering. Is it still right are you still confident, I should say, in High single digit organic growth profile of the business here. A lot of companies have come out and discussed 24s relatively lower growth given some of the headwinds.

Speaker 5

Obviously, you guys Low end here. Just curious if we should be thinking about the near term a bit differently and your visibility into things improving as we work our way into 2024?

Speaker 2

Yes. Patrick, thank you. We are confident in the ability to continue to grow high single digits in the business. As you know, We felt some of the challenges from our customers and their supply chains and inventory challenges, but we look at the mid to long range. We

Speaker 5

Then just on the margin profile, I assume no real changes in terms of the cost controls given the near term headwinds. But can

Speaker 3

you just talk about the moving pieces on

Speaker 5

the margins? Obviously, pricing has been a nice tailwind You guys for a long time. Any change to that algorithm as we work our way forward? And just anything we should be thinking about, in the near term in terms of the margin Moving pieces. Thank you.

Speaker 2

Yes. Obviously, volume is the biggest lever we have on driving margin and margin expansion. We do get price. We've been able to prove that we're able to offset price or inflation because of our price actions. But again, it all comes back to the value that we create With our customers and our customers pay for the service because it's so critical and important to them.

Speaker 2

Yes, price has It's been a little higher net because inflation has been a little higher net. We've been offsetting it. But we expect that price will continue in that range in the future. We also expect volumes to return to where they've been historically, which will continue to give us great operating leverage. But the team is doing a good job in managing through that.

Speaker 2

The Sterigenics facilities don't have a ton of labor, but Mike and the team have done a good job in managing around that. And the same with Joe on the Nelson side And working through the volume challenges there, they've been through a lot with the COVID, the job crisis that Append and then some of the regulation changes. But overall, we feel good about our ability and our margin rates continue to hold in there as we've proven out in our business model.

Speaker 4

Appreciate it.

Operator

The next question comes from Luke Servat with Barclays. Please go ahead.

Speaker 6

Good morning. This is Salem on for Luke. Maybe just a follow-up on Sean's question earlier about The case is outstanding. Is there a timeline right now for when we might hear about whether some of these cases are Exiting Phase 1 or Phase 2 or if they're getting stopped, just curious about the timeline there.

Speaker 2

Yes. So good morning, San. Yes, there is a time line set up. Phase 1 will get through general causation Through October 24, Phase 2 would be August of 2025. And then ultimately, any surviving cases will go to a jury trial.

Speaker 2

They would

Speaker 6

Got you. That's really helpful. Thank you. And then, this hearing a lot about biopharma kind of tightening their budgets. Just wondering about What the effects are there for you guys?

Speaker 6

What's your exposure there? And if you're hearing anything similar on that demand environment? And then Just on GLP-1s, it's expected to hit devices volumes kind of in the long run. What's kind of your sense of or your plan for capacity? And is that kind of offset by any sterilization of Some of the pens that will be used for GLP-1s, just curious about how you're thinking about that as well?

Speaker 2

So on the biopharma side, we do business in biopharma. We probably aren't to the scale that we like to be in that segment, but we have You performed very well there. Obviously, this year has been a headwind. Our customers and some of that you referenced, they've had significant challenges on their volumes in inventory takedown, which has impacted the Sterigenics volume in a meaningful way. We are bullish on that segment long term.

Speaker 2

When you look at the testing opportunities as well, we've also felt the impact of that to some degree, although pharma again is a smaller percent of total Nelson Labs. When you look at that segment, it's strategic to us longer term. On the GLP-one, there will be some volumes that are longer term, but it's too it's for the surgical procedures. But there's a really mixed bag. Obviously, you're seeing some communication recently with The diabetes companies and how well they're performing and we see the benefit of that in our business too.

Speaker 2

So we think long term, There's opportunities for us, particularly when you start to look at prefilled syringe and some of the things that come from that, that creates opportunities across Cetera Health. So We think it actually could be a net positive as prefilled syringes and these injectables take on a bigger portion of the marketplace long term.

Speaker 4

Got you. Thank you.

Operator

The next question comes from Michael Pollark with Wolfe Research. Please go ahead.

Speaker 7

Hey, good morning. Thank you for taking the questions. I want to go back to the question about The high single digit growth goal. I mean, look, Michael, I appreciate over the mid to long haul, that's the North Star. But as I look at 24 being so close, it just unless I'm missing something, unless You anticipate market recovery, this destock cycle being over, maybe the Sterigenics Capacity coming online is more impactful than we're appreciating.

Speaker 7

It just looks like high singles maybe a stretch Place to start for 2024 for now. And so I'll ask the question again knowing you're not giving guidance today like What are the puts and takes as we sit here today to frame up growth opportunity in 2024?

Speaker 2

Yes. Mike, as you stated, we're not in a position to talk about 2024 guidance. We'll do that in the Q1 when we wrap up 2023, and we're going through that process right now with our teams. Mid to long term, we expect the high single digits organic growth as we had mentioned and I referenced earlier. We're working through inventories with our They've destocked and that's had an impact on both Sterigenics and Nelson as well as some of the development efforts have had an impact.

Speaker 2

As that starts to burn off, we expect some volumes to return. But obviously, we're talking about the lower end of our range today because of the We're still seeing some of the challenges around that inventory side. So as we look into 'twenty four, we're going to have to make some assumptions based on where we think our customers' inventories are going to I don't want to get into that level of detail today because we're not prepared to do it. But you see what's happening with the customer base they're communicating to you on inventories and the desocking challenges. So that's something that we'll be focused on as we communicate our guidance for 2024 as well.

Speaker 7

The follow-up on Nordion, just the Q4 all year, you've been consistent that it'd be a very 4Q heavy year. A month into the quarter, have some of these very large shipments and deliveries already happened? Or are they Yet to happen, I guess, I'm just curious for what level of visibility and or confidence you have into making this large Sequential step up. And then I will extend the Nordion question and ask just this year was especially lumpy. We know business is lumpy and hard to predict quarter to quarter, but very predictable.

Speaker 7

Over the mid run, best guess for seasonal pattern in 2024 lumpy like the lumpiness of 23 or maybe a little smoother?

Speaker 2

Yes. Thanks Mike for all the lumpiness there. When we look at the Q4, we've been very clear and consistent all year That 75% of the revenue would come in the second half, 50% would be in the 4th quarter. We're recommunicating that again to you today. Riaz and the team have done a phenomenal job in executing against that and given visibility to that throughout the year.

Speaker 2

There's always operational things that can happen, but we feel confident And we've reiterated that on our call this morning that we expect the Noreon team to deliver approximately 50% of their revenue in the 4th quarter. As far as next year again, I know you really want me to tell you what 2024 looks like. I won't get into great specifics on it. It will not be as lumpy and as back end loaded as you're seeing right now In 2023. This was a fair as we stated many times, this is really driven by harvest schedules that is I just want to make sure everyone knows that demand is there for Nordion.

Speaker 2

It's all driven by when the supply with the nuclear reactors. This year was extremely lumpy with 75% in the back half of the year. We do not anticipate it being as lumpy next year.

Speaker 7

Thank you.

Operator

The next question comes from Casey Woodring with JPMorgan. Please go ahead.

Speaker 8

Great. Thank you for taking my questions. The first one is just around Nelson Labs. So margins declined more than 2 50 basis points sequentially. Wondering if you can expand on that.

Speaker 8

It looks like revenue seemed to be in line with expectations, but the margins had been anticipated to improve quarter over quarter. Was that all just the RCA dynamic that, Michael, you mentioned earlier? Or was something else going on there? And then maybe just touch on what's assumed in 4Q for Nelson? I think last quarter said 4Q would look more like 2Q in that business.

Speaker 8

So has that expectation changed at all?

Speaker 3

Hey, Casey, it's John Lyons. Thanks for the question. Really, you called it out. The RCA piece had an impact Sequentially, not the biggest impact. I think really when you look at it, we dropped revenue a couple of $1,000,000 sequentially and there's that's just primarily

Speaker 4

the volume in

Speaker 3

lost And there's that's just primarily the volume in lost leverage, in the business that's really the biggest driver of the margin decline. And as you look at the overall story in Q4, yes, we had been calling, I think, on the last call, The Q4 might be up a little bit. As we look at Q4 today and how we've seen things overall transpire across We're calling for Sterigenics and Nelson in total to be flat to Q3, and having gotten specific as to How that might shake out between the 2 of them.

Speaker 8

Got you. And then maybe just if I can put one more in. Last quarter, you gave some color around bio Processing as being the key driver of or one of the key drivers for the full year guidance reduction. Just curious if the continued softness there is a contributing factor why you're pointing to the low end of the full year guidance range here today or if the market softness you referred to when talking about the guidance It's more generalized than that. Thank you.

Speaker 2

Yes. Casey, this is Michael. Yes, bioprocessing has an impact On the guide and then I would also tell you it's a really mixed bag on the medical device side. We have some categories doing really well and others not and some of it's really Hi to our customers and some of their inventory challenges and supply chain challenges.

Speaker 8

Got it. Thank you very much.

Operator

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

Speaker 2

Thank you. I want to emphasize what a great business this is. We produced 6% top line growth and 7% bottom line growth in the quarter, We also generate strong operating cash flow. We remain focused on living our mission of safeguarding global health and we like to thank our customers and investors for their continued support throughout the year. So thank you and have

Speaker 4

a good day. Bye bye.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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Sotera Health Q3 2023
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