Sotera Health Company reported significant financial improvements in its third quarter and year-to-date results for 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, the company achieved consolidated revenues of $285.5 million, an increase of 8.5% from $263.2 million in the same period of 2023. This growth was driven by higher service revenues, which rose to $238.8 million from $227.1 million, and product revenues, which surged 29.5% to $46.7 million, up from $36.1 million.
The company's profitability also saw a marked improvement. Net income for the third quarter of 2024 was $17.0 million, a turnaround from a net loss of $13.7 million in the prior year. This resulted in earnings per share of $0.06, compared to a loss of $(0.05) in Q3 2023. For the nine months ended September 30, 2024, net income reached $32.1 million, a substantial increase from $12.7 million in the same period of 2023.
Operating income for the third quarter increased to $80.5 million, up 5.8% from $76.1 million in 2023. Adjusted EBITDA also rose to $146.4 million, reflecting a 9.0% increase from $134.3 million in the prior year. The company attributed these results to favorable pricing and increased volumes across its segments, particularly in the Nordion segment, which reported a 28.0% increase in revenues.
Sotera Health's total assets as of September 30, 2024, were $3.15 billion, up from $3.13 billion at the end of 2023. The company reported total current liabilities of $195.5 million, a decrease from $230.7 million, contributing to an increase in total equity to $470.2 million from $443.7 million.
Strategically, the company has been active in refinancing its debt. On May 30, 2024, Sotera Health entered into Amendment No. 4 to its Senior Secured Credit Facilities, securing Refinancing Term Loans totaling $1.5 billion and issuing $750 million in senior secured notes. These actions were aimed at refinancing existing debt and improving liquidity.
Sotera Health continues to face legal challenges, particularly related to emissions from its facilities, with ongoing litigation in multiple states. The company has incurred significant costs associated with these legal proceedings, amounting to $8.2 million for the third quarter of 2024.
Overall, Sotera Health's financial performance in 2024 reflects a strong recovery and strategic initiatives aimed at enhancing operational efficiency and addressing its legal challenges.
About Sotera Health Co
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