Recalls and Shred-It Shine in Stericycle's 2Q, Offsetting Ongoing Medical Waste Weakness
We maintain our $110 fair value estimate for wide-moat Stericycle, as ongoing weakness in the firm’s medical waste business was more than offset by outsize growth in an expanding portfolio of ancillary services in second quarter. Revenue increased 2.9% year over year to $917.7 million, as organic growth of 3.4% and acquisitive growth of 0.9% were slightly offset by currency. Regulated waste, which houses Stericycle’s small and large quantity medical waste businesses, as well as retail hazardous ...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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