STERIS（STE）：杰富瑞纽约医疗保健会议炉边谈话

USA | Medical Supplies & DevicesSTERISEquity ResearchJune 4, 2025 David Windley, CFA *  | Equity Analyst(615) 963-8313 | dwindley@jefferies.comSteven Couche, CFA *  | Equity Analyst(615) 963-8394 | scouche@jefferies.comJefferies NYC Healthcare Conference: STEFiresideCFO Mike Tokich joined our fireside chat. Structural/competitive dynamics inAST remain favorable, although ability to pick up market share from distrssedcompetitors is limited (EO running at high-90s% utl). The X-ray buildout is ontrack, with ~half the planned additions currently operational. CapX associatedwith this program should slow in FY27/28. A robust M&A pipeline includesoptions both across geos and service line expansions.Master File Program Requires Customer Education. The FDA's Master File program allowsmedical products to increase the # of permissible sterilization processes "without opening up the510(k) filing. This program helps to facilitate a long-term mix shift toward X-ray from gamma,for which STE is buildi