Pricing Reset Continues, But No Negative Surprises in Stericycle’s First Quarter; Shares Undervalued
Narrow-moat medical waste specialist Stericycle’s first-quarter top line was roughly flat year over year on an organic basis; though slightly ahead of our expected run rate due to a better-than-anticipated performance in the manufacturing and industrial, or M&I, hazardous waste operations. Operating profitability was clouded by plentiful noise from recently implemented business transformation endeavors, but adjusted margins didn’t deviate materially from our expectations; an encouraging deve...Stericycle is engaged in the medical and hazardous waste management and secure information services. The company's segments are: North America, and International Regulated Waste and Compliance Services, which provides medical waste management services, pharmaceutical waste services, compliance programs, retail and healthcare, industrial and manufacturing hazardous waste management and secure information destruction; and Domestic Communication and Related Services, which provides appointment reminders, secure messaging, event registration, and other communications mainly for hospitals and integrated delivery network's as well as regulated recall and returns management communication, and logistics.
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