STERIS plc Announces Mistrial in Isomedix Operations Litigation Over Ethylene Oxide Emissions

STERIS plc's subsidiary Isomedix faced a mistrial in a personal injury case linked to past ethylene oxide emissions.

Quiver AI Summary

STERIS plc announced that a jury trial against its subsidiary Isomedix Operations, Inc., which began on December 4, 2024, ended in a mistrial on January 17, 2025. The trial, held in Cook County, Illinois, involved claims from an individual that ethylene oxide emissions from a Waukegan sterilization facility operated by Isomedix from 2005 to 2008 caused personal injury. A mistrial was declared following a juror's dismissal during deliberations, prompting plans for a re-trial. Isomedix plans to vigorously defend against these allegations, asserting its compliance with environmental standards through significant investments in facility practices. STERIS emphasizes its commitment to providing innovative healthcare solutions and maintaining a safe environment.

Potential Positives

• The jury trial ended in a mistrial, which could potentially be favorable for STERIS as it allows them to prepare for and possibly achieve a more favorable outcome in a retrial.
• Isomedix intends to vigorously defend against the allegations, showing the company's commitment to uphold its reputation and address legal challenges proactively.
• The press release highlights Isomedix's investment in facilities and adherence to environmental regulatory standards, which can enhance the company's credibility and public image in terms of environmental responsibility.
• STERIS is positioned as a leading global provider in healthcare and life sciences, emphasizing its role in infection prevention, which is critical during public health concerns.

Potential Negatives

• The mistrial in the ongoing litigation regarding ethylene oxide emissions may imply ongoing legal vulnerabilities for STERIS, potentially damaging its reputation and leading to future financial liabilities.
• The request for a mistrial by the plaintiff could suggest weaknesses in the company's defense regarding environmental and health safety concerns, impacting stakeholder confidence.
• Continued litigation could distract management and resources from operational priorities, hindering the company's strategic initiatives and market performance.

FAQ

What was the outcome of the Isomedix trial?

The Isomedix trial ended in a mistrial on January 17, 2025, after jury deliberations.

What are the claims against Isomedix Operations, Inc.?

The claims involve alleged personal injury due to ethylene oxide emissions from a sterilization facility in Waukegan, Illinois.

When did Isomedix operate the Waukegan facility?

Isomedix owned and operated the Waukegan facility from 2005 to 2008.

What will happen next in the Isomedix case?

The court will schedule the case for retrial at a later date following the mistrial.

How does Isomedix handle environmental standards?

Isomedix invests regularly in its facilities and ensures compliance with applicable environmental regulatory standards.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$STE Insider Trading Activity

$STE insiders have traded $STE stock on the open market 8 times in the past 6 months. Of those trades, 0 have been purchases and 8 have been sales.

Here’s a breakdown of recent trading of $STE stock by insiders over the last 6 months:

• MICHAEL J TOKICH (Sr. Vice Pres., CFO) has made 0 purchases and 6 sales selling 46,664 shares for an estimated $11,477,646.
• CARY L MAJORS (SVP and President, Healthcare) sold 1,682 shares for an estimated $365,532
• CHRISTOPHER S HOLLAND sold 473 shares for an estimated $113,368

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$STE Hedge Fund Activity

We have seen 296 institutional investors add shares of $STE stock to their portfolio, and 370 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• APG ASSET MANAGEMENT N.V. removed 961,604 shares (-26.0%) from their portfolio in Q3 2024, for an estimated $233,227,434
• SLOCUM, GORDON & CO LLP added 909,589 shares (+360948.0%) to their portfolio in Q3 2024, for an estimated $220,611,716
• FRANKLIN RESOURCES INC added 529,308 shares (+171.2%) to their portfolio in Q3 2024, for an estimated $128,378,362
• CHAMPLAIN INVESTMENT PARTNERS, LLC removed 492,780 shares (-48.5%) from their portfolio in Q3 2024, for an estimated $119,518,861
• SELECT EQUITY GROUP, L.P. added 247,086 shares (+33.7%) to their portfolio in Q3 2024, for an estimated $59,928,238
• CITADEL ADVISORS LLC removed 219,166 shares (-99.8%) from their portfolio in Q3 2024, for an estimated $53,156,521
• FIL LTD removed 170,883 shares (-32.2%) from their portfolio in Q3 2024, for an estimated $41,445,962

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

DUBLIN, IRELAND, Jan. 21, 2025 (GLOBE NEWSWIRE) -- STERIS plc (NYSE: STE) (“STERIS” or the “Company”) today announced that a jury trial that had been ongoing since December 4, 2024, against Isomedix Operations, Inc. (“Isomedix”), a subsidiary of the Company, ended in a mistrial on January 17, 2025.

The case is pending in the Circuit Court of Cook County, Illinois, and involves claims by an individual plaintiff that ethylene oxide emissions from a sterilization facility in Waukegan, Illinois, caused personal injury. Isomedix owned and operated the facility from 2005 to 2008.

The Court declared a mistrial at Plaintiff’s request during jury deliberations when dismissal of one of the jurors reduced the jury to fewer than twelve. The Court will schedule the case for re-trial at a later date.

Isomedix intends to continue to vigorously defend against allegations regarding ethylene oxide operations and emissions from the Waukegan, Illinois facility during 2005 to 2008. Deploying its own rigorous best practices, Isomedix has regularly invested in its facilities and has created processes and procedures that meet or exceed the applicable environmental regulatory standards.

About STERIS



STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life sciences products and services. For more information, visit www.steris.com.

Company Contact:



Julie Winter, Vice President, Investor Relations and Corporate Communications


Julie_Winter@steris.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION



This release may contain statements concerning certain trends, expectations, forecasts, estimates, or other forward-looking information affecting or relating to STERIS or its industry, products or activities that are intended to qualify for the protections afforded “forward-looking statements” under the Private Securities Litigation Reform Act of 1995 and other laws and regulations. Forward-looking statements speak only as to the date the statement is made and may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “outlook,” “impact,” “potential,” “confidence,” “improve,” “optimistic,” “deliver,” “orders,” “backlog,” “comfortable,” “trend,” and “seeks,” or the negative of such terms or other variations on such terms or comparable terminology. Many important factors could cause actual results to differ materially from those in the forward-looking statements including, without limitation, statements related to the expected benefits of and timing of completion of the Restructuring Plan, disruption of production or supplies, changes in market conditions, political events, pending or future claims or litigation, competitive factors, technology advances, actions of regulatory agencies, and changes in laws, government regulations, labeling or product approvals or the application or interpretation thereof. Many of these important factors are outside of STERIS’s control. No assurances can be provided as to any result or the timing of any outcome regarding matters described in STERIS’s securities filings or otherwise with respect to any regulatory action, administrative proceedings, government investigations, litigation, warning letters, cost reductions, business strategies, earnings or revenue trends or future financial results. References to products are summaries only and should not be considered the specific terms of the product clearance or literature. Unless legally required, STERIS does not undertake to update or revise any forward-looking statements even if events make clear that any projected results, express or implied, will not be realized. Other potential risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, (a) the impact of public health crises on STERIS’s operations, supply chain, material and labor costs, performance, results, prospects, or value, (b) STERIS's ability to achieve the expected benefits regarding the accounting and tax treatments of the redomiciliation to Ireland, (c) operating costs, Customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, Customers, clients or suppliers) being greater than expected, (d) STERIS’s ability to successfully integrate acquired businesses into its existing businesses, including unknown or inestimable liabilities, impairments, or increases in expected integration costs or difficulties in connection with the integration of such businesses, (e) uncertainties related to tax treatments under the TCJA and the IRA, (f) the possibility that Pillar Two Model Rules could increase tax uncertainty and adversely impact STERIS's provision for income taxes and effective tax rate and subject STERIS to additional income tax in jurisdictions who adopt Pillar Two Model Rules, (g) STERIS's ability to continue to qualify for benefits under certain income tax treaties in light of ratification of more strict income tax treaty rules (through the MLI) in many jurisdictions where STERIS has operations, (h) changes in tax laws or interpretations that could increase our consolidated tax liabilities, including changes in tax laws that would result in STERIS being treated as a domestic corporation for United States federal tax purposes, (i) the potential for increased pressure on pricing or costs that leads to erosion of profit margins, including as a result of inflation, (j) the possibility that market demand will not develop for new technologies, products or applications or services, or business initiatives will take longer, cost more or produce lower benefits than anticipated, (k) the possibility that application of or compliance with laws, court rulings, certifications, regulations, or regulatory actions, including without limitation any of the same relating to FDA, EPA or other regulatory authorities, government investigations, the outcome of any pending or threatened FDA, EPA or other regulatory warning notices, actions, requests, inspections or submissions, the outcome of any pending or threatened litigation brought by private parties, including the Isomedix litigation, or other requirements or standards may delay, limit or prevent new product or service introductions, affect the production, supply and/or marketing of existing products or services, result in costs to STERIS that may not be covered by insurance, or otherwise affect STERIS’s performance, results, prospects or value, (l) the potential of international unrest, including the Russia-Ukraine or Israel-Hamas military conflicts, economic downturn or effects of currencies, tax assessments, tariffs and/or other trade barriers, adjustments or anticipated rates, raw material costs or availability, benefit or retirement plan costs, or other regulatory compliance costs, (m) the possibility of reduced demand, or reductions in the rate of growth in demand, for STERIS’s products and services, (n) the possibility of delays in receipt of orders, order cancellations, or delays in the manufacture or shipment of ordered products, due to supply chain issues or otherwise, or in the provision of services, (o) the possibility that anticipated growth, cost savings, new product acceptance, performance or approvals, or other results may not be achieved, or that transition, labor, competition, timing, execution, impairments, regulatory, governmental, or other issues or risks associated with STERIS’s businesses, industry or initiatives including, without limitation, those matters described in STERIS's various securities filings, may adversely impact STERIS’s performance, results, prospects or value, (p) the impact on STERIS and its operations, or tax liabilities, of Brexit or the exit of other member countries from the EU, and the Company’s ability to respond to such impacts, (q) the impact on STERIS and its operations of any legislation, regulations or orders, including but not limited to any new trade or tax legislation (including CAMT and excise tax on stock buybacks), regulations or orders, that may be implemented by the U.S. administration or Congress, or of any responses thereto, (r) the possibility that anticipated financial results or benefits of recent acquisitions, of STERIS’s restructuring efforts, or of recent divestitures, including anticipated revenue, productivity improvement, cost savings, growth synergies and other anticipated benefits, will not be realized or will be other than anticipated, (s) the level of STERIS’s indebtedness limiting financial flexibility or increasing future borrowing costs, (t) rating agency actions or other occurrences that could affect STERIS’s existing debt or future ability to borrow funds at rates favorable to STERIS or at all, (u) the effects of changes in credit availability and pricing, as well as the ability of STERIS’s Customers and suppliers to adequately access the credit markets, on favorable terms or at all, when needed, and (v) the possibility that our expectations about the pre-tax savings resulting from the Restructuring Plan, the number of positions eliminated pursuant to the Restructuring Plan and the costs, charges and cash expenditures associated with the announced restructuring plan may not be realized on the timeline or timelines we expect, or at all.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.