What changed in this filing

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Item 1. Business

2023-05-26 compared with 2022-05-31 · 73 added, 75 removed, 352 unchanged (30% of the section changed)

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WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare, life sciences and dental products and services.

We offer our Customers a unique mix of innovative consumable products, such as detergents, gastrointestinal (“GI”) endoscopy accessories, barrier product solutions, and other products and services, including:

We offer our Customers a unique mix of innovative consumable products, such as detergents, endoscopy accessories, barrier products, and other products and services, including:

equipment installation and maintenance, microbial reduction of medical devices, dental instruments and tools, instrument and scope repair, laboratory testing services, outsourced reprocessing, and capital equipment products, such as sterilizers and surgical tables, automated endoscope reprocessors, and connectivity solutions such as operating room (“OR”) integrati on.

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Much of the growth in these industries is driven by the aging of the population throughout the world, as an increasing number of individuals are entering their prime healthcare consumption years, and is dependent upon advancement in healthcare delivery, acceptance of new technologies, government policies, and general economic conditions.

The pharmaceutical industry has been impacted by increased regulatory scrutiny of cleaning and validation processes, mandating that manufacturers improve their processes.

The pharmaceutical industry has been impacted by increased regulatory scrutiny over cleaning and validation processes, mandating that manufacturers improve their processes.

Within healthcare, there is increased concern regarding the level of hospital acquired infections around the world;

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and a desire by our Customers to operate more efficiently, all which are driving increased demand for many of our products and services.

On June 2, 2021, we acquired all outstanding equity interests in Cantel Medical LLC ("Cantel") through a U.S.

Cantel, formerly headquartered in Little Falls, New Jersey, with approximately 3,700 employees, is a global provider of infection prevention products and services primarily to endoscopy and dental Customers.

We believe that the acquisition will strengthen STERIS’s leadership in infection prevention by bringing together two complementary businesse s able to offer a broader set of Customers a more diversified selection of infection prevention, endoscopy and sterilization products and services.

Cantel’s Dental business extends our business into a new Customer segment where there is an increasing focus on infection prevention protocols and processes.

This business is reported as the Dental segment.

The rest of Cantel was integrated into our existing Healthcare and Life Sciences segments.

Additionally, the acquisition is expected to result in cost savings from optimizing global back-office infrastructure, leveraging best-demonstrated practices across locations and eliminating redundant public company costs.

We do not believe that the COVID-19 pandemic has had a material impact on our operations, as we have been able to continue to operate our manufacturing facilities and meet the demand for essential products and services of our Customers.

In response to the COVID-19 pandemic, we implemented several measures that we believe helped us protect the health and safety of our employees, preserve liquidity and enhance our financial flexibility.

We have successfully managed our liquidity throughout the COVID-19 pandemic and continue to invest in expansion projects as planned.

We obtained addi tional funding in the second half o f fiscal 2021 to continue to advance our growth strategy to supplement organic growth with acquisitions.

As a result, we do not believe that the COVID-19 pandemic or the actions we took in respo nse to the pandemic will negatively impact our long-term ability to generate revenues or meet existing and future financial obligations.

While we have been impacted and expect this situation to continue to have an impact on our business, we cannot predict the impact that another significant wave of disruption would have on our results of operations and financial position.

For additional information and our risk factors related to the COVID-19 pandemic, please refer to Part I Item 1A titled, "Risk Factors."

INFORMATION RELATED TO BUSINESS SEGMENTS

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The CEO regularly receives discrete financial information about each reportable segment and uses this information to assess performance and allocate resources.

The accounting policies of the reportable segments are the same as those described in Note 1 to the Consolidated Financial Statements titled, “Nature of Operations and Summary of Significant Accounting Policies,” of this Annual Report.

The accounting policies of the reportable segments are the same as those described in Note 1 to our consolidated financial statements titled, “Nature of Operations and Summary of Significant Accounting Policies,” of this Annual Report.

HEALTHCARE SEGMENT

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to outsourced instrument reprocessing services.

In addition, our procedural solutions also include single-use devices and capital equipment infrastructure used primarily in operating rooms, ambulatory surgery centers, endoscopy suites, and other procedural areas.

In addition, our procedural solutions also include endoscopy accessories and capital equipment infrastructure used primarily in operating rooms, ambulatory surgery centers, endoscopy suites, and other procedural areas.

Products Offered.

Our products include cleaning chemistries and sterility assurance products, automated endoscope reprocessing systems and tracking products, accessories for GI procedures, washers, sterilizers and other pieces of capital equipment essential to the operations of a sterile processing department ("SPD") and equipment used directly in the operating room, including surgical tables, lights, equipment management services, and connectivity solutions.

Our products include cleaning chemistries and sterility assurance products, automated endoscope reprocessing systems and tracking products, endoscopy accessories, washers, sterilizers and other pieces of capital equipment essential to the operations of a sterile processing department ("SPD") and equipment used directly in the procedure rooms, including surgical tables, lights, equipment management services, and connectivity solutions.

Services Offered.

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On a product basis, competitors include 3M, Baxter, Boston Scientific, Belimed, Ecolab, ERBE, Fortive, Getinge, Karl Storz, Metrex, Olympus, Ruhof, SteelCo, Stryker, Skytron and Wassenburg.

On a service line basis, competitors include Agiliti, BBraun, Berendsen plc, CleanLease (Clean Lease Fortex), Mobile, Northfield, Olympus, Owens & Minor, Pentax, Rentex Awé and Rentex Floren and Sterilog Limited.

On a service line basis, competitors include Agiliti, BBraun, Berendsen plc, CleanLease (Clean Lease Fortex), Parts Source, Olympus, Owens & Minor, Pentax, Rentex Awé and Rentex Floren and Sterilog Limited.

APPLIED STERILIZATION TECHNOLOGIES SEGMENT

Description of Business.

Our Applied Sterilization Technologies ("AST") segment is a third-party service provider for contract sterilization, as well as testing services needed to validate sterility services for medical device and pharmaceutical manufacturers.

Our Applied Sterilization Technologies ("AST") segment is a third-party service provider for contract sterilization, as well as testing services needed to validate sterility for medical device and pharmaceutical manufacturers.

Our technology-neutral offering supports Customers every step of the way, from testing through sterilization.

Services Offered.

We offer a wide range of sterilization modalities as well as an array of testing services that complements the manufacturing of sterile products.

Our locations are in major population centers and core distribution corridors throughout the Americas, Europe and Asia.

Our technical services group supports Customers in all phases of product development, materials testing, and process validation.

We offer a wide range of sterilization modalities and an array of testing services that complement the manufacturing of single use, sterile products.

Our facilities are located in regions with a concentration of medical device manufacturing throughout the Americas, Europe, and Asia.

Our technical professionals supports Customers in all phases of product development, materials testing, and process validation.

In addition, we manufacture and supply integrated sterilization equipment and control systems to medical device manufacturers and research institutions.

Customer Concentration.

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Our Life Sciences segment provides a comprehensive offering of products and services that support pharmaceutical manufacturing, primarily for vaccine and other biopharma Customers focused on aseptic manufacturing.

These solutions include a full suite of consumable products, equipment maintenance and specialty services, and capital equipment.

Our portfolio includes a full suite of consumable products, equipment maintenance and specialty services, and capital equipment.

Products Offered.

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Description of Business.

As a result of the acquisition of Cantel, we reassessed the organization of our business and have added a new segment called Dental.

Our Dental segment provides a comprehensive offering for dental practitioners and dental schools, offering instruments, infection prevention consumables and instrument management systems.

Our Dental segment provides a comprehensive offering for dental practitioners and dental schools, offering instrumentation, infection prevention consumables, and instrument management systems.

Products Offered.

Our products include hand and powered dental instruments, infection control products, personal protective equipment and water quality products for the dental suite.

Our products include hand and electric-powered dental instruments, infection control products, conscious sedation, personal protective equipment and water quality products for the dental suite.

Customer Concentration.

Our dental products are sold globally to wholesale Customers and directly to end users in many countries.

Our wholesale Customers primarily include major healthcare distributors, with some group purchasing organizations and buying co-operatives that sell our products to dental practices, medical facilities, veterinary clinics, and government and educational institutions.

Our wholesale Customers primarily include major healthcare distributors, with some group purchasing organizations and buying co-operatives that sell our products to dental practices, medical facilities, government & educational institutions, and veterinary clinics.

The majority of our dental products are sold under our brand names, but we also supply private label products for several of our Customers.

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The percentage associated with these three Customers collectively in any one period may vary due to the buying patterns of these three Customers as well as other Dental Customers.

These three Customers collectively accounted for approximately 45.1% of our Dental segment revenues for the year ended March 31, 2022.

These three Customers collectively accounted for approximatel y 47.4% of our Dental segment revenues for the year ended March 31, 2023.

We compete with a number of large companies that have significant product portfolios and global reach, as well as a number of small companies with very limited product offerings.

On a product basis, competitors include 3M, Amcor, ASP, Braun/Aesculap, Danaher/Sybron, Dentsply/Sultan Healthcare, J&J/Ethicon, Halyard Health, LM Dental, Medicom, Porter Instrument, ProEdge, Sterisil, Young Dental, and less expensive products from Asia and other lower cost manufacturing locations.

On a product basis, competitors include 3M, Braun/Aesculap, Danaher/Sybron, Dentsply/Sultan Healthcare , J&J/Ethicon, Halyard Health, LM Dental, Medicom, Porter Instrument, Sterisil, Young Dental, and less expensive products from Asia and other lower cost manufacturing locations.

INFORMATION WITH RESPECT TO OUR BUSINESS IN GENERAL

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These raw materials and supplies are generally available from several suppliers and in sufficient quantities.

However, in fiscal 2022 we have experienced delays in receiving materials and significant cost increases that we expect will continue in fiscal 2023.

However, in fiscal 2022 and 2023 we experienced delays in receiving materials and significant cost increases.

We do not currently expect any significant disruption to our operations due to sourcing problems in fiscal 2024.

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In addition, we have developed a plan to expand our irradiation processing capacity with accelerator-based technologies, which may reduce the potential supply risk.

In response to the active conflict between Russian and Ukraine, we have stopped purchasing cobalt-60 from our Russian supplier.

In response to the active conflict between Russian and Ukraine, we stopped purchasing cobalt-60 from our Russian supplier.

A long-term disruption in cobalt-60 sourced from Russia may negatively impact gamma processing capacity or increase costs in certain portions of our AST operations but these impacts are not expected to be material to our AST segment and its results of operations.

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Historically, our business has not been significantly impacted by the overall effects of inflation.

However during fiscal 2022, we experienced a rise in supply chain and labor costs and anticipate continued supply chain and inflation pressure in fiscal 2023.

However during fiscal 2022 and 2023, we experienced a rise in supply chain and labor costs and anticipate continued inflationary pressure in fiscal 2024 .

We monitor the prices we charge for our products and services on an ongoing basis and plan to adjust those prices to take into account future changes in the rate of inflation.

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We also rely upon trade secrets, technical know-how, and continuing technological innovation to develop and maintain our co mpetitive position.

As of March 31, 2022, we held approximately 566 United States patents and approximately 2,346 in other jurisdictions and had approximately 188 United States patent applications and 428 patent applications pending in other jurisdictions.

As of March 31, 2023, we held 581 United States patents and 2,356 patents in other jurisdictions and had 159 United States patent applications and 372 patent applications pending in other jurisdictions.

Patents for individual products extend for varying periods according to the date of filing or grant and legal term of patents in various countries where a patent is obtained.

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However, there can be no assurance that future or current regulatory, governmental, or private action will not have a material adverse affect on our performance, results, or financial condition.

Please refer to Note 10 of our consolidated financial statements titled, "Commitments and Contingencies" for further information.

Please refer to Note 10 to our consolidated financial statements titled, "Commitments and Contingencies" for further information.

In the future, if a loss contingency related to environmental matters, employee safety, health or conditional asset retirement obligations is significantly greater than the current estimated amount, we would record a liability for the obligation and it may result in a material impact on net income for the annual or interim period during which the liability is recorded.

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We believe many organizations are working with a variety of technologies and sterilizing agents.

Also, a number of companies have developed disposable medical instruments and other devices designed to address the risk of contamination.

We believe that our long-term competitive position depends on our success in discovering, developing, and marketing innovative, cost-effective products and services.

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We define backlog as the amount of unfilled capital equipment purchase orders at a point in time.

At March 31, 2022, we had a backlog, excluding Cantel, of $528.3 million.

At March 31, 2023, we had a backlog of $599.6 million.

Of this amount, $494.7 million and $104.9 million related to our Healthcare and Life Sciences segments, respectively.

At March 31, 2021, we had backlog orders of $286.2 million.

At March 31, 2022, excluding Cantel, we had backlog orders of $528.3 million.

Of this amount, $423.6 million and $104.7 million related to our Healthcare and Life Sciences segments, respectively.

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Inspired by our Customers’ efforts to create a healthier and safer world, and guided by our legacy of leadership and innovation, we strive to be a Great Company.

To STERIS, this means we will make a difference by providing world-class products and service solutions for our Customers, safe and rewarding work for our People, and superior returns for our Shareholders.

To STERIS, this means we will make a difference by providing world-class products and services for our Customers, safe and rewarding work for our People, and superior returns for our Shareholders.

We have an Enterprise Risk Management process ("ERM") to manage risk, which is led by our Chief Compliance Officer.

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We are committed to understanding and managing these risks through a consistent approach to risk assessment, monitoring, reporting, and mitigation.

Key management sponsors are responsible for participating in the risk

assessment process, including a periodic review with the Board of Directors.

Key management sponsors are responsible for participating in the risk assessment process, including a periodic review with the Board of Directors.

The objective of ERM is to identify key risks, the potential impacts of compliance failure, identify key mitigating activities, develop potential improvements for managing the risks, and to ensure execution of oversight activities on a monthly, annual or as needed basis.

We established a dedicated Environmental, Social, and Governance ("ESG") function with the appointment of Vice President of ESG and are continuing to develop additional roles within the function.

Our Environmental, Social, and Governance ("ESG") function is led by the Vice President of ESG.

The ESG function, with support from our Chief Executive Officer, General Counsel and other senior executives, works to actively develop and refine our ESG strategies, programs, and policies.

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The Global Sustainability Steering Committee is a cross-functional team of senior leadership, subcommittee chairs, and subject matter experts spanning our businesses and Legal, Investor Relations, Human Resources, Continuous Improvement, Compliance, Facilities, and Health, Safety and Environment functions.

The ESG team regularly updates the Nominating and Governance Committee of our Board of Directors.

The ESG team regularly updates the Nominating and Governance Committee of our Board of Directors regarding its activities, including evaluating carbon emissions, preparing for regulatory requirements, reporting ESG metrics, and reviewing ESG ratings.

Key performance indicators and metrics have been established for those areas we believe to be relevant and potentially significant to our business.

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We have mechanisms in place to identify when suppliers do not meet our Supplier Code of Conduct requirements.

Suspicions of supplier non-compliance are promptly investigated and addressed.

Suspicions of

supplier non-compliance are promptly investigated and addressed.

We believe in conducting business with integrity and honesty and in accordance with all applicable laws and regulations of the countries in which we operate.

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MedTech Europe’s purpose is to make innovative medical technology available to more people, while helping healthcare systems move towards a more sustainable path.

The MedTech Europe Code of Ethical Business Practice regulates all aspects of the industry’s relationship with Healthcare Professionals (HCPs) and Healthcare Organisations (HCOs), to ensure that all interactions are ethical and professional at all times and to maintain the trust of regulators, and patients.

The MedTech Europe Code of Ethical Business Practice regulates all aspects of the industry’s relationship with Healthcare Professionals (HCPs) and Healthcare Organizations (HCOs), to ensure that all interactions are ethical and professional at all times and to maintain the trust of regulators, and patients.

STERIS has adopted and requires compliance with the MedTech Europe Code of Ethical Business Practice.

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In fiscal 2023, STERIS incurred no monetary losses as a result of legal proceedings associated with false marketing claims.

ENERGY AND ENVIRONMENTAL CONSERVATION

ENERGY, GHG EMISSIONS AND ENVIRONMENTAL CONSERVATION

We are subject to various laws and governmental regulations concerning environmental matters and employee safety and health in Ireland, the United States and other countries.

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Our Continuous Improvement objectives include efforts to improve energy and water efficiency and reduce or eliminate certain chemicals used in, and wastes generated from, our operations thereby reducing the impact of our operations on the environment.

We have a broad and comprehensive portfolio of sterilization and disinfection products that support the procedural spaces within hospitals and surgery centers as well as pharmaceutical, medical device and dental Customers.

STERIS tracks greenhouse gas ("GHG") emissions and we complete the annual Carbon Disclosure Project ("CDP") questionnaire.

CDP is an internationally recognized nonprofit organization that collects and reports environmental metrics.

Currently, we report our direct (Scope 1) and indirect (Scope 2) energy use and emissions from all legacy STERIS facilities.

In fiscal 2023, we completed an energy assessment of our global operations to identify opportunities for reducing our global GHG emissions and evaluate potential target setting opportunities.

We recognize that a significant portion of our carbon impact is as a result of our value chain, outside of electricity and energy consumption at our global sites.

More recently, we initiated a comprehensive review to establish the baseline for our Scope 3 carbon emissions.

We have a broad and comprehensive portfolio of sterilization and disinfection products that support the procedural spaces within hospitals, endoscopy and surgery centers as well as pharmaceutical, medical device and dental Customers.

When we think about new products or next generation products, part of our effort is to reduce the environmental impact of what we do.

That can include anything from reformulating chemistries to eliminate metals-based ingredients or reducing the effluence produced as a result of the use of our products to creating ultra-concentrate chemistries such as Prolystica® Ultra Concentrate Cleaning Chemistries, which offer 10x the uses per container.

That can include anything from reformulating chemistries to eliminating metals-based ingredients or reducing the effluence produced as a result of the use of our products, to creating ultra-concentrate chemistries such as Prolystica® Ultra Concentrate Cleaning Chemistries, which offer 10x the uses per container.

That means 5 and 10-liter containers of concentrate replace 114-liter drums, creating benefits from safer lifting, elimination of packaging waste, and less frequent deliveries with smaller trucks.

We also work to utilize containers that can be recycled and build products with materials that can be recycled at the end of their life.

We are actively evaluating our ability to report in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) framework and in light of evolving regulatory disclosure requirements.

Risks and Prevention.

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Employees by Segment.

As of March 31, 2022, we had over 16,000 employees throughout the world including certain locations subject to work council representation and five collective bargaining agreements.

As of March 31, 2023, we had over 17,000 employees throughout the world of which less than 12% are represented by work councils or labor unions.

We believe we generally have good relations with our employees.

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We are dedicated to creating and sustaining a diverse, equitable and inclusive work environment.

W e believe that the different ideas, experiences, perspectives and backgrounds of our global employees create a stronger organization that allows us to fulfill our ultimate goal of serving our Customers.

W e believe that the different ideas, experiences, perspectives and backgrounds of our global employees create a

stronger organization that allows us to fulfill our ultimate goal of serving our Customers.

To put it simply, we believe a diverse and inclusive workforce is essential to a thriving organization.

We strive to recruit the best available people who are aligned with and embody our core values.

We are committed to equality, assessing candidates based on qualifications.

We are committed to equality and assessing candidates based on qualifications.

We believe that our success is dependent on attracting and retaining people from a cross-section of our communities who understand their markets, and in doing so we continue to create a competitive advantage for STERIS.

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It is the policy of the Company to make all decisions regarding employment, including hiring, compensation, training, promotions, transfers, or lay-offs, based on the job requirements and skills of the individuals and utilizing the principle of equal employment opportunity without discrimination.

STERIS has biennial training on anti-harassment, except where required annually.

We have biennial training on anti-harassment, except where required annually.

Total directors and employee’s distribution by gender is shown in the table below:

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We apply the U.S.

Occupational Safety and Health Administration recordkeeping practices worldwide.

Key metrics for purposes of benchmarking performance include Total Recordable Cases ("TRC") and Days Away From Work ("DAFW") injury and illness incident rates, both of which are presented in the table below:

Occupational Safety and Health Administration (OSHA) recordkeeping practices worldwide.

Key metrics for purposes of benchmarking performance include Total Recordable Incident Rate ("TRIR") and Lost-time Incident Rate ("LTIR") injury and illness incident rates, both of which are presented in the table below:

STERIS Industry Benchmarks (2)

Fiscal 2023 Fiscal 2022 Average Best in Class

Total Recordable Cases Rate (1)

Total Recordable Incident Rate (1)

1.05 0.85 2.50 1.43

Days Away From Work Rate (1)

Lost-time Incident Rate (1)

0.36 0.24 1.25 0.32

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100 FTEs equals 200,000 work hours.

TRC includes work-related injuries or illnesses requiring medical attention beyond first-aid.

DAWF includes work-related injuries or illnesses that cause an employee to be away from work at least one full day after the date of the incident.

TRIR includes work-related injuries or illnesses requiring medical attention beyond first-aid.

LTIR includes work-related injuries or illnesses that cause an employee to be away from work at least one full day after the date of the incident.

(2) Our external benchmarks include the OSHA average and 1st Quartile injury/illness rates which are derived from the Bureau of Labor Statistics.

Our annual workplace injury prevention results are within the manufacturing sector's best-in-class performance as defined by the Bureau of Labor Statistics.

The ISO 14001 and 45001 sets out the criteria that a company can follow to establish an effective HSE management system.

Designed for any type of organization, regardless of its activity or sector, it can provide assurance that environmental impact is being measured, controlled and improved in a holistic manner.

We currently have 1 facility and 13 reprocessing locations that hold ISO 14001, and 4 facilities and 13 reprocessing locations are 45001 accredited locations.

To date, one facility and 14 reprocessing locations have undergone the formal process to receive ISO 14001.

The OSHA Voluntary Protection Program ("VPP") Star Award recognizes employers who have implemented effective safety and health management systems and maintain injury and illness rates below national Bureau of Labor Statistics averages for their industry.

We currently have 12 locations that hold the OSHA VPP Star Award.

We utilize internal HSE management systems and compliance audits that will identify percent compliance of our global operations against our standards.

We utilize internal HSE management systems and compliance audits designed to identify percent compliance of our global operations against our standards.

Employee Engagement and Development.

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In addition, our global human resources team has programs focused on career development and training for employees at all levels.

Our employee turnover rate was 17% and 11% for fiscal 2022 and 2021, respectively, and we are continuously working towards a goal of achieving 10% or under, excluding retirements and reductions in force.

Our employee turnover rate was 15% and 17% for fiscal 2023 and 2022, respectively, and we are continuously working towards a goal of achieving a rate of 10% or less, excluding retirements and reductions in force.

Although reductions in force are sometimes necessary, we work to avoid them and they must always be approved by executive management.

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We are pleased to report that 85% of our employees completed our 2023 survey.

In our most recent survey, we measured fifteen principal factors and overall employee engagement was 75%, in-line with our results for the past five years.The results indicate that the majority of our people are committed to serving our Customers, are proud to work for STERIS, and have confidence in the stability of our business.

In our most recent survey, we measured fifteen principal factors and overall employee engagement was 74%, in-line with our results for the past five years.

The results indicate that the majority of our people are committed to serving our Customers, are proud to work for STERIS, and have confidence in the stability of our business.

We are committed to supporting the development of our people.

Employees benefit from hands-on continuous improvement ("Lean") training, a web-based learning management system and STERIS University.

In addition, we provide bi-annual Code of Conduct training and other key required training at all levels of the Company.

In our manufacturing and service organizations, we provide training for employees who do not have the appropriate experience or background.

In addition, we provide biennial Code of Conduct training and other key required training at all levels of the Company.

In our manufacturing and service organizations, we provide training for employees who do not have the necessary experience or background.

This training is conducted through a combination of hands-on and module-based training.

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Wages and salaries $ 1,172,234 $ 1,100,357

Commission and incentive plans 154,840 225,863

Social security costs 91,653 65,525

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We take prompt action whenever we are alerted to regulatory or field-safety issues with a STERIS product.

Following immediate assessment, we take corrective action, including voluntary product recalls, when needed.

Following immediate assessment, we take corrective action, including voluntary product recalls, when

We examine underlying issues and root cause and work to resolve these to avoid recurrence.

STERIS had no Class I recalls in fiscal 2022, 2021 and 2020.

STERIS had no Class I recalls in fiscal 2023, 2022 or 2021.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

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Carestio 50 President and Chief Executive Officer

Mary Clare Fraser 51 Vice President and Chief Human Resources Officer

Mary Clare Fraser 52 Senior Vice President and Chief Human Resources Officer

Madsen 58 Senior Vice President, Life Sciences

Majors 47 Senior Vice President, Americas Commercial Operations

Majors 48 Senior Vice President and President, Healthcare

Tamaro 54 Vice President and Corporate Treasurer

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Andrew Xilas 58 Senior Vice President and General Manager, Dental

Adam Zangerle 55 Senior Vice President, General Counsel, and Corporate Secretary

Adam Zangerle 56 Senior Vice President, General Counsel, and Company Secretary

The following discussion provides a summary of each executive officer's recent business experience through March 31, 2023:

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From August 2015 to February 2018, he served as Senior Vice President, STERIS Applied Sterilization Technologies and Life Sciences.

Mary Clare Fraser serves as Vice President and Chief Human Resources Officer.

She assumed this role when she joined STERIS in July 2020.

From February 2003 to July 2020 she held various positions with Parker-Hannifin Corporation, a global motion control technologies company, serving most recently from September 2019 to July 2020, as Vice President Human Resources of its Aerospace Group, from March 2017 to September 2019 as its Corporate Director of Human Resources.

Mary Clare Fraser serves as Senior Vice President and Chief Human Resources Officer.

She assumed this role in May 2022.

She joined STERIS in July 2020 as the Vice President and Chief Human Resources Officer.

From February 2003 to July 2020 she held various positions with Parker-Hannifin Corporation, a global motion control technologies company, serving most recently from September 2019 to July 2020, as Vice President Human Resources of its Aerospace Group and from March 2017 to September 2019 as its Corporate Director of Human Resources.

Madsen serves as Senior Vice President, Life Sciences.

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From August 2015 to July 2020 she served as Vice President and General Manager Life Sciences, Consumables.

Majors serves as Senior Vice President, Americas Commercial Operations.

Majors serves as Senior Vice President and President, Healthcare.

He assumed this role in August 2022.

From August 2019 to August 2022, he served as Senior Vice President, Americas Commercial Operations.

From April 2014 to August 2019 he served as Vice President, North America Commercial Operations.

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He joined HuFriedyGroup (now part of STERIS) in 1987, holding roles of increasing responsibility, which included a promotion to President, HuFriedyGroup in January 2021.

Adam Zangerle serves as Senior Vice President, General Counsel, and Corporate Secretary.

Adam Zangerle serves as Senior Vice President, General Counsel, and Company Secretary.

He assumed this role in July 2018.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business