Steris (STE) shares were up 2% in recent trading on Tuesday a day after its unit Isomedix Operations agreed to settle personal injury claims related to ethylene oxide emissions with several plaintiffs for $48.2 million.
The claims are currently pending in the Circuit Court of Cook County, Illinois, according to Isomedix.
The company said it will fund the settlement with a mix of cash on hand and borrowing under its existing revolving credit facility. The charge for the $48.2 million settlement will be recorded for the fiscal year ended March 31, 2025, but will be excluded from Steris' fiscal 2025 adjusted earnings measures.
Isomedix expects all ethylene oxide-related claims from covered plaintiffs to be dismissed upon court approval.
Price: 227.29, Change: +4.57, Percent Change: +2.05
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