STERIS plc (STE): Business Model Canvas [Dec-2025 Updated]

You're digging into STERIS plc, trying to figure out what makes this infection prevention powerhouse tick after a $5.5 billion revenue year in fiscal 2025. Honestly, having spent years mapping these complex models, I can tell you their business is a textbook annuity, not a series of one-time transactions; they nail recurring revenue through high-margin consumables and essential contract sterilization services, which backs up that strong $1.15 billion in operating cash flow they generated. It's a defintely sophisticated mix of equipment, services, and supplies that keeps hospitals and pharma locked in. Keep reading below to see the nine core components of the Business Model Canvas that drive this performance.

STERIS plc (STE) - Canvas Business Model: Key Partnerships

You're looking at the backbone of STERIS plc's operations-the external relationships that make their global infection prevention and procedural support possible. Honestly, for a company with fiscal 2025 revenue from continuing operations hitting $5.5 billion, these partnerships aren't just helpful; they're mission-critical.

Strategic alliances with medical device and pharma manufacturers

STERIS plc maintains a formal Alliance network, which is a close collaboration designed to equip next-generation operating rooms (ORs) with seamlessly integrated imaging and surgical technologies. This network directly supports STERIS plc's core customers in Healthcare, Pharma, and Medtech. The goal of these alliances is to enhance procedural flexibility and increase surgical team satisfaction.

Key technology partners in this OR integration strategy include:

• BrainLAB
• GE
• Intuitive
• MAVIG
• Philips
• Siemens
• Toshiba

Key supplier relationships for specialized components and raw materials

STERIS plc views its suppliers as imperative to achieving its Mission. The company actively promotes supplier diversity, focusing on ethical business practices. As of March 31, 2025, the gross carrying amount for intangible assets categorized as Supplier relationships was reported at $54,800. STERIS plc expects suppliers to comply with numerous regulations, including the US Foreign Corrupt Practices Act and the UK Modern Slavery Act.

The supplier portfolio is intentionally inclusive, featuring companies certified in categories such as:

• Certified Minority-Owned Business Enterprises (MBE)
• Woman-Owned Business Enterprises (WBE)
• Certified Service-Disabled Veteran-Owned Businesses (SDVO)
• Certified Historically Underutilized Business Zone areas (HUBZone)
• Small Business (SB)
• Certified Veteran-Owned (VO)

Contracted third-party logistics (3PL) providers for global distribution

STERIS plc relies on a global distribution network to support its worldwide customer base. While we don't have STERIS plc's specific 3PL count, the environment they operate in is massive; the global Third-Party Logistics (3PL) market size was valued at $1,208.11 billion in 2024 and was expected to grow to $1,321.68 billion in 2025, showing a Compound Annual Growth Rate (CAGR) of 9.4% through 2029. Furthermore, 87% of shippers reported increasing their use of outsourced logistics services in the latest study. This reliance on outsourcing helps STERIS plc manage the complexity of moving specialized healthcare and life sciences products globally.

Academic and research institutions for co-developing new sterilization methods

The Life Sciences segment of STERIS plc supports research capabilities by ensuring the highest standards of safety and efficiency in scientific discoveries. This involves providing high-performance equipment and products that comply with the latest industry standards to mitigate contamination risks, which is key for credible and reproducible findings. The company offers continuous support and training in research facilities.

Integration partners for operating room (OR) connectivity solutions

STERIS plc offers connectivity solutions, such as operating room (OR) integration, as part of its product portfolio. These solutions are often delivered through the aforementioned Strategic Alliances, which focus on integrating advanced surgical equipment and imaging systems. The company's fiscal 2025 performance, with net cash provided by operations reaching $1.15 billion, supports the capital investment required for these integrated systems.

The following table summarizes key financial context relevant to the scale of these partnership-dependent operations for the fiscal year ended March 31, 2025:

The quarterly dividend declared was $0.63 per share, which annualizes to $2.52 per share. This dividend policy is supported by the strong operational cash flow generated, which underpins the ability to maintain these complex external relationships.

STERIS plc (STE) - Canvas Business Model: Key Activities

You're looking at the core engine of STERIS plc, the things they absolutely must do well to keep that $23.4 Billion market cap humming as of November 2025. It's a mix of making things, servicing things, and making sure everything is sterile and compliant.

Manufacturing and global distribution of capital equipment and consumables

This activity underpins the Healthcare segment, which is massive. For the full fiscal year 2025, STERIS plc generated total revenue from continuing operations of $5.46 Billion, a 6.24% increase from the prior year. The fourth quarter of fiscal 2025 showed the Healthcare segment bringing in $1.1 Billion in reported revenue. Within that segment, consumables are a key driver; consumable revenue saw a 6% growth in the fourth quarter of fiscal 2025. To give you a sense of the scale, the company's estimated revenue breakdown suggests this area accounts for roughly 70% of total revenue, with consumables being a major component of that.

Providing contract sterilization services (AST) for medical products

This is the Applied Sterilization Technologies (AST) business, where STERIS plc is a global leader. In the fourth quarter of fiscal 2025, AST revenue was reported at $273.9 Million, reflecting a 10% constant currency organic revenue growth for that quarter. Based on the estimated breakdown, AST represents about 19% of the company's overall revenue stream. The activity involves managing a vast network of sterilization facilities globally to process medical products for third parties.

Delivering specialized equipment installation, maintenance, and repair services

Service revenue is critical for recurring income. In the fourth quarter of fiscal 2025, service revenue within the Healthcare segment showed a strong 13% improvement. This reflects the ongoing activity of installing, maintaining, and repairing the specialized decontamination and sterilization equipment they sell. The focus on service helps stabilize revenue even when capital equipment sales fluctuate; for instance, capital equipment revenue in that same quarter saw a 4% decline.

The scale of operational investment required to support these activities is substantial, as seen in the outlook for the next fiscal year:

Research and development (R&D) for infection prevention technologies

Innovation requires dedicated spending. For the twelve months ending September 30, 2025, STERIS plc's research and development expenses totaled $0.110 Billion. This represented a 4.11% increase year-over-year for that trailing period, showing a defintely positive investment trend in new technologies.

Managing complex regulatory compliance (FDA, global standards)

Operating across medical device manufacturing and sterilization services means constant interaction with bodies like the FDA. While direct compliance cost isn't itemized, the operational scale and the focus on quality are evident in the segment performance. For example, the Healthcare segment achieved lead times back to pre-pandemic levels by the fourth quarter of fiscal 2024, indicating successful management of supply chain and production processes which are heavily scrutinized by regulators. The company's total outstanding shares were 98.1 Million as of November 3, 2025, which is the denominator for per-share metrics that must satisfy these stringent global standards.

• Healthcare segment constant currency organic revenue growth in FY2024 was 13%.
• Adjusted net income for the full fiscal year 2025 reached $913.2 Million.
• The company expects mid-to-high single-digit revenue growth long-term.

STERIS plc (STE) - Canvas Business Model: Key Resources

You're looking at the core assets that power STERIS plc's operations as of late 2025. These aren't just line items; they are the engines driving their market position in infection prevention and procedural solutions.

The human capital is substantial, with approximately 18,000 Associates globally supporting the worldwide operations as of March 31, 2025. This scale is necessary to manage the complex service and product delivery across numerous geographies.

A critical physical resource is the extensive infrastructure supporting their Applied Sterilization Technologies (AST) segment. This includes a network of approximately 50 contract sterilization and laboratory facilities worldwide, utilizing technologies like ethylene oxide, gamma irradiation, and electron beam sterilization. This physical footprint is a major barrier to entry for competitors.

Intellectual property forms a significant intangible asset. As of early November 2025, STERIS plc held a portfolio including 2,191 total patent documents, applications, and grants. This IP underpins proprietary technologies, such as the VHP® LTS-V and V-PRO™ series, which represent key resources in low-temperature sterilization for heat/radiation-sensitive medical devices and drug products.

The financial strength backing these resources is evident in the cash generation. For the fiscal year 2025, STERIS plc reported $1.15 billion in net cash provided by operations. This significant financial capital supports ongoing investment, working capital needs, and strategic positioning.

Brand equity is another key, though less quantifiable, resource. STERIS plc is recognized as a leading global provider of products and services emphasizing infection prevention, which translates into strong trust among healthcare providers and medical device manufacturers.

Here's a quick summary of the hard numbers underpinning these key resources:

The company also maintains a strong presence with offices and Associates in more than 100 countries, ensuring global reach to support their customer base.

• V-PRO™ maX 2 Sterilizer cycle times as fast as 16 minutes for Fast Non-Lumen cycle.
• FY2025 Total Revenue from continuing operations reached $5.5 billion.
• FY2025 Adjusted EPS per diluted share was $9.22.
• Anticipated FY2026 Capital Expenditures are approximately $375 million.

Finance: draft 13-week cash view by Friday.

STERIS plc (STE) - Canvas Business Model: Value Propositions

You're looking at the core value STERIS plc delivers to its customers, which is what keeps their fiscal 2025 revenue hitting $5.5 billion, up 6% from the prior year. This value is built on providing essential, high-reliability solutions across the continuum of care and life sciences.

Comprehensive infection prevention and control solutions

STERIS plc positions itself as a global leader in infection control, a market segment valued at an estimated $102.36 billion in 2025. The company's value proposition here is breadth, covering everything from the moment a device enters the sterile processing department to its use in the operating room and beyond. This comprehensive approach means customers aren't piecing together solutions from disparate vendors; they are getting an integrated system.

The company's portfolio is designed to address the entire infection prevention lifecycle. For instance, their sterilization products and services segment held a significant market share, with sterilization products and services controlling 42.74% of the infection control market in 2024, reflecting sustained demand for terminal-sterilization solutions. This scale helps them maintain relevance as the market evolves.

High-reliability contract sterilization for medical devices and biopharma

For customers who need to outsource sterilization or require specialized processing, STERIS plc offers a high-reliability service backed by significant infrastructure. This is where the Applied Sterilization Technologies (AST) segment shines, delivering 9% as-reported revenue growth in the fourth quarter of fiscal 2025. This growth is driven by the critical need for specialized processing that many manufacturers cannot cost-effectively replicate in-house.

The company supports this with a substantial physical footprint. STERIS plc operates a network of more than 50 contract sterilization and laboratory facilities globally. This network allows them to offer multiple modalities, including ethylene oxide, gamma irradiation, and electron beam, providing redundancy and specialized capability that customers depend on for regulatory compliance and product release.

Here's a quick look at the AST segment performance in Q4 FY2025:

Reduced risk of healthcare-associated infections (HAIs)

While direct HAI reduction statistics tied to STERIS plc's services are often proprietary to hospital systems, the value proposition is directly tied to the industry's focus on this metric. The rising prevalence of HAIs is a major market driver, and the company's solutions are designed to mitigate this risk through validated processes. For example, the Healthcare segment, which includes many infection control touchpoints, saw its revenue grow 5% in the fourth quarter of fiscal 2025, showing continued customer investment in these risk-reduction tools.

The financial incentive for customers is clear: rising reimbursement penalties tied to HAIs mean that investing in STERIS plc's proven prevention strategies is a cost-saving measure. The company's focus on validated cleaning, disinfection, and sterilization directly supports the customer's ability to meet these quality benchmarks.

Integrated procedural solutions for operating rooms and sterile processing

For the operating room (OR) and sterile processing departments, the value is in seamless integration and efficiency. The Healthcare segment revenue grew 5% in Q4 FY2025, supported by strong consumable and service revenue growth. This segment delivers products that streamline procedures and ensure instruments are ready when needed.

The integrated procedural solutions include:

• Consumable Revenue Growth: 13% improvement in Q4 FY2025.
• Service Revenue Growth: 13% improvement in Q4 FY2025.
• OR Integration: Offering connectivity solutions for the operating room environment.
• Acquisition Synergy: Strengthening the portfolio with assets acquired from Becton, Dickinson and Company in August 2023, focusing on surgical instrumentation.

The company's ability to generate $1.15 billion in net cash provided by operations in fiscal 2025 underscores the stability of the service and consumable streams that support these procedural workflows.

Recurring supply of essential consumables and defintely critical services

A significant portion of STERIS plc's value proposition is its sticky, recurring revenue base, which provides financial predictability. This is evident in the consistent growth across service and consumable lines, which are less susceptible to capital equipment purchasing cycles. The full-year fiscal 2025 constant currency organic revenue growth was a solid 6%, suggesting underlying demand for ongoing supplies and services.

Consider the components that drive this recurring value:

• Service Revenue: Essential for maintaining capital equipment and ensuring compliance.
• Consumables: Products like detergents and barrier products that are used up with every procedure or sterilization cycle.
• Overall Financial Health: The full-year adjusted earnings per diluted share reached $9.22, demonstrating that the recurring revenue base translates effectively into profitability.

This recurring revenue stream is the engine that allows STERIS plc to invest in the next generation of infection prevention technology, keeping their value proposition current. Finance: draft 13-week cash view by Friday.

STERIS plc (STE) - Canvas Business Model: Customer Relationships

You're looking at how STERIS plc keeps its hospital and life science customers locked in, and honestly, it's all about the recurring revenue engine they've built around service and supplies. The relationship isn't transactional; it's designed for the long haul.

Dedicated, long-term service contracts for equipment maintenance

The core of the stickiness here is the service contract structure. For equipment care plans, STERIS plc boasts a 93% contract renewal rate. That number tells you the value proposition is hitting home for sterile processing departments (SPD) and operating rooms (OR).

This high retention fuels strong financial performance in that area. For the full fiscal year 2025, service revenues climbed 9.0% over fiscal 2024. Looking closer at the quarters, the fourth quarter of fiscal 2025 saw service revenue improve by 13% year-over-year. That's a consistent trend, as Q3 FY2025 also showed 13% growth in service revenue, and Q1 FY2025 was up 14%.

Supporting this is a significant human investment:

• 1,000+ tenured Service Specialists are deployed.
• The 77% first call fix rate shows their technical teams are effective right away.

If onboarding takes 14+ days, churn risk rises, but these numbers suggest they are managing the service relationship well.

High-touch, consultative sales approach for capital equipment

While service is growing, the capital equipment side, which often requires that initial high-touch consultation for complex installations like surgical tables or sterilizers, is seeing headwinds. For the full fiscal year 2025, capital equipment revenues actually decreased by $75.9 million, which is a 6.0% drop compared to fiscal 2024. This contrasts sharply with the service side.

The quarterly trend confirms this pressure:

• Q4 FY2025 capital equipment revenue saw a 4% decline.
• Q3 FY2025 saw a 5% decline.
• Q1 FY2025 saw the steepest drop at 10%.

The strategy clearly pivots from the initial sale to locking in the subsequent service and consumable streams.

Automated replenishment systems for consumable products

STERIS plc drives customer dependency through consumables, often tied to their sterilization processes. This revenue stream is performing very well, showing that the replenishment systems are working to keep the product flowing to the customer.

Consumable revenues for the full fiscal year 2025 increased by $183.5 million, which translates to a 12.2% increase over the prior year. The quarterly performance was strong, too, with Q1 FY2025 showing a 23% improvement in consumable revenue, even if Q4 FY2025 settled into a 6% growth rate.

Regulatory support and technical expertise for AST clients

For Applied Sterilization Technologies (AST) clients, the relationship is heavily weighted toward compliance and technical assurance. The high service revenue growth reflects this focus. For instance, in Q1 FY2026, AST service revenue grew 12%.

The technical expertise is quantified by the overall service metric, but it's critical here:

• The 77% first call fix rate is a direct measure of on-site technical proficiency.
• STERIS plc provides detailed service documentation to support the customer's maintenance strategy.

This expertise helps clients navigate complex mandates, which is a huge value-add beyond just fixing a machine.

Customer-specific training and education programs

While direct financial figures for training enrollment aren't public, the structure implies customization. STERIS Service Solutions offers hands-on, instructor-led classes at their Technical Training Center to teach proper care and preventive maintenance. Furthermore, they offer the ConnectCare℠ Equipment Service Technology Platform, which is cloud-based software with mobile capability, empowering management with real-time connected operations.

Here's a look at how the revenue streams that these relationships support stack up for the full fiscal year 2025:

Total revenue from continuing operations for STERIS plc in fiscal 2025 reached $5.5 billion.

Finance: draft 13-week cash view by Friday.

STERIS plc (STE) - Canvas Business Model: Channels

You're looking at how STERIS plc gets its essential products and services into the hands of hospitals, pharma companies, and labs globally. It's a mix of direct selling, service contracts, and partner networks, which is typical for a complex medical technology provider.

The company's overall reach is supported by a workforce of 17,787 total employees as of late 2025. This scale allows STERIS plc to drive revenue, which reached $5.5 billion from continuing operations for the full fiscal year 2025. Geographically, the sales channel is heavily weighted toward the United States, accounting for 73.4% of net sales, with other regions making up the remaining 24.6% and Ireland at 2%.

Direct sales force to hospitals and pharmaceutical companies globally

STERIS plc markets products through a direct sales force, which is key to reaching its primary B2B clients: businesses in the healthcare, pharmaceutical, and medical device industries. This direct interaction is crucial for selling capital equipment and securing service contracts. The Healthcare segment, which relies heavily on direct channels, generated $1,033.8 million in revenue for the fourth quarter of fiscal 2025. The company's reliance on recurring revenue streams, like services and consumables, suggests the direct sales force is also vital for managing long-term customer relationships and renewals.

Global service and technical support organization

The service component is the largest revenue driver for STERIS plc, representing 47.4% of net sales by source of income. This organization handles equipment installation, maintenance, instrument and scope repair, and microbial reduction services. The importance of this channel is clear when looking at segment performance; for instance, the Applied Sterilization Technologies (AST) segment saw its service revenue grow by 6% in the fourth quarter of fiscal 2025. Furthermore, the backlog of unfilled capital equipment purchase orders, which feeds into future service and maintenance revenue, stood at $1,926.4 million as of September 30, 2025, with about 53% expected to be recognized within one year.

Here's a look at the revenue mix that this service and support organization underpins:

E-commerce and digital platforms for consumable ordering

While specific e-commerce revenue figures aren't broken out, consumables are a significant channel component, making up 30.9% of net sales. STERIS plc offers consumable products like detergents and endoscopy accessories. The digital platform supports the high-volume, recurring nature of these sales. For example, the AST segment saw an 8% growth in consumable revenue in one reported quarter of fiscal 2025.

Specialized distribution partners in select international markets

STERIS plc markets products through a network of distributors and dealers globally, complementing its direct sales force. This is particularly relevant for the 24.6% of net sales derived from outside the United States. These partners help navigate local regulatory environments and market access where a purely direct model might be less efficient.

Regional service centers for equipment repair and maintenance

The service channel is supported by a network of facilities, including more than 50 sterilization and laboratory facilities worldwide under the Applied Sterilization Technologies (AST) segment. These centers facilitate services like off-site reprocessing and laboratory testing, which are critical components of the service offering. The company generated $787.2 million in free cash flow in fiscal 2025, which supports the ongoing investment in this physical infrastructure.

The company's ability to generate $1.15 billion in net cash provided by operations in fiscal 2025 demonstrates the financial capacity to maintain and expand this global service footprint.

Finance: draft 13-week cash view by Friday.

STERIS plc (STE) - Canvas Business Model: Customer Segments

You're looking at the core groups STERIS plc serves globally, which directly dictates where they focus their sales and R&D efforts. Honestly, their entire model is built around being indispensable to the process of keeping things sterile and safe in critical environments.

The bulk of STERIS plc's revenues are derived from healthcare, medical device, and pharmaceutical Customers. The company markets products through a direct sales force and a network of distributors and dealers across the world, serving customers in over 60 countries. [cite: 7, 10 from first search, 8 from first search]

Following the divestiture of its Dental segment in fiscal 2025, the customer base is now clearly aligned with the three continuing reportable segments: Healthcare, Applied Sterilization Technologies (AST), and Life Sciences. For the full fiscal year ending March 31, 2025, STERIS plc reported total revenue from continuing operations of $5,459.5 million. [cite: 10 from first search]

Here's a look at the revenue scale associated with the primary customer groups, using the fourth quarter of fiscal 2025 as a concrete data point for segment size:

The Healthcare segment, which is their largest, saw revenue grow 5% in the fourth quarter of fiscal 2025. [cite: 1 from first search] This group relies on STERIS plc for sterilizers, washers, surgical tables, and recurring consumables like detergents and endoscopy accessories. [cite: 7 from first search]

The Applied Sterilization Technologies (AST) segment serves medical device and pharmaceutical manufacturers needing contract sterilization services. This segment showed strong demand, with revenue increasing 9% as reported in the fourth quarter of fiscal 2025. [cite: 1 from first search]

For the Life Sciences customers, which include pharmaceutical and biotech entities, the fourth quarter of fiscal 2025 saw revenue decrease by 7%, partly due to a business divestiture. [cite: 1 from first search] Within this segment, no single Customer represented more than 10% of the Life Sciences segment's total revenues for the fiscal year ended March 31, 2025. [cite: 1 from second search]

STERIS plc's service offerings are key to locking in these customer relationships. You see this in the recurring nature of their sales:

• Consumable revenues for fiscal 2025 increased 12.2% over fiscal 2024. [cite: 10 from second search]
• Service revenues for fiscal 2025 increased 9.0% over fiscal 2024. [cite: 10 from second search]

Finance: draft 13-week cash view by Friday.

STERIS plc (STE) - Canvas Business Model: Cost Structure

You're analyzing the cost base for STERIS plc as of late 2025, and it's clear that maintaining their position requires significant, ongoing investment across the board. The cost structure is heavily weighted toward the physical delivery of their solutions and meeting stringent global standards.

The high cost of goods sold (COGS) is inherent to the business, driven by both the recurring consumable products and the complex capital equipment. While the company achieved a strong full-year revenue of $5.5 billion from continuing operations for fiscal 2025, the cost of generating that revenue is substantial, as evidenced by the gross margin hovering around 44.6% in Q3 FY2025.

STERIS plc must commit substantial resources to innovation and compliance. While explicit R&D spending figures for the full year are not immediately available, the necessity for new product development and maintaining existing product lines is a constant drain. Regulatory compliance costs, particularly for the sterilization technologies and medical device accessories, are embedded within operating expenses and are a non-negotiable overhead for market access.

Labor and energy costs presented measurable headwinds during the fiscal year. For instance, in the Applied Sterilization Technologies (AST) segment during Q3 FY2025, sequential margin improvements were specifically noted as offsetting higher labor and energy costs. This pressure continued into the start of FY2026, where operating income growth was partially offset by labor inflation.

Capital expenditures (CapEx) are a major planned outlay to support manufacturing capacity and infrastructure. For fiscal 2025, capital expenditures were anticipated to be approximately $375 million. This figure was later confirmed in the May 2025 announcement covering the full fiscal year.

Costs related to past strategic moves, such as the Cantel acquisition, continue to impact the structure through amortization and integration expenses. Looking at a historical breakdown of non-recurring charges, acquisition related transaction and integration costs were reported at $82,891 thousand in one recent period. Restructuring charges were also present, noted at ($501 thousand) in that same period.

Here's a look at some of the key financial metrics that define the cost environment:

The cost profile is characterized by these key pressures:

• High fixed and variable costs tied to manufacturing and sterilization services.
• Significant planned CapEx of approximately $375 million for FY2025.
• Observed inflation in labor and energy impacting segment margins during FY2025.
• Amortization and integration costs stemming from prior acquisitions.
• The ongoing need to fund product development and maintain regulatory clearances.

Finance: draft 13-week cash view by Friday.

STERIS plc (STE) - Canvas Business Model: Revenue Streams

You're looking at how STERIS plc actually brings in its money, which is key to understanding its stability. The business model leans heavily on recurring, high-margin items, which is what smart investors like to see.

The total financial picture for the most recently completed fiscal year shows solid top-line performance. Total revenue from continuing operations for fiscal year 2025 was $5.5 billion. On the profitability side, the adjusted EPS for fiscal year 2025 came in at $9.22 per diluted share.

Here's a quick look at those headline numbers:

The revenue streams are clearly segmented across different types of offerings, which helps manage risk across the business cycle. You see a mix of immediate sales and longer-term service contracts.

Sales of Consumables (high-margin, recurring revenue)

• These are the essential, repeat-purchase items used in sterilization and surgical procedures.
• For the Healthcare segment in the fourth quarter of fiscal 2025, consumable revenue showed 6% growth.
• In the first quarter of fiscal 2025, Healthcare consumable revenue growth was even stronger at 23%.

Service Revenue (maintenance, repair, contract sterilization)

• This stream provides predictable, ongoing income from maintaining the installed base of equipment.
• In the fourth quarter of fiscal 2025, the Healthcare segment saw service revenue improve by 13%.
• The Applied Sterilization Technologies (AST) segment also reported 6% service revenue growth in that same quarter.

Sales of Capital Equipment (sterilizers, washers, surgical tables)

• These are the large, infrequent purchases of machinery by hospitals and labs.
• This stream can be more cyclical; for instance, Healthcare capital equipment revenue declined 4% in the fourth quarter of fiscal 2025.
• In contrast, the AST segment saw an increase in capital equipment revenue in the fourth quarter of fiscal 2025.

To give you a clearer picture of how these streams performed in the final quarter of the fiscal year for the Healthcare segment, which is a major part of the business:

Honestly, the strong performance in consumables and services is what buffers the business when capital equipment sales slow down. Finance: draft 13-week cash view by Friday.