(Reuters) – Medical equipment provider Steris on Tuesday raised its profit forecast for fiscal 2024 after strength in its core healthcare business boosted first-quarter results above Wall Street estimates.
The Dublin-based company raised its forecasts to reflect the recent acquisition of Becton Dickinson and Co’s surgical instrumentation platform.
Steris now sees per-share adjusted profit of $8.60 to $8.80, from $8.55 to $8.75 earlier. Analysts expect $8.68, according to Refinitiv data.
The company, which makes surgical instruments, expects its 2024 reported revenue to increase between 9% and 10%, from a prior forecast of 7% to 8% growth.
In a boost to medical device makers, the healthcare industry is seeing a recovery in some medical procedures including orthopedics and gastrointestinal surgeries as pandemic-induced staffing shortages ease.
Steris posted a 11% rise in quarterly revenue to $1.28 billion, ahead of estimates of $1.21 billion.
Excluding items, the company reported a profit of $2 per share, compared with estimates of $1.87.
(Reporting by Sriparna Roy in Bengaluru; Editing by Devika Syamnath)
