Sotera Health Co
soterahealth.comSotera Health Co (NASDAQ: SHC) is a healthcare services company that provides outsourced sterilization, cobalt-60 isotope supply, and laboratory testing services for medical device, pharmaceutical, and food safety customers. Revenue comes from service fees charged under multi-year contracts across three segments: Sterigenics (contract sterilization), Nordion (cobalt-60 supply and gamma irradiation systems), and Nelson Labs (microbiological and analytical chemistry testing). Sterigenics competes globally with Applied Sterilization Technologies, a segment of STERIS plc, as well as smaller regional sterilization providers. More than 90% of Sterigenics revenues for the year ended December 31, 2025 were from customers under multi-year contracts, and no single customer accounted for more than 10% of total revenues. Sterigenics reported 100% renewal rates among its top ten customers for more than five consecutive years as of the FY2025 10-K filed February 24, 2026. Approximately 90% of Nordion revenues for the year ended December 31, 2025 were also from multi-year contracts. Nelson Labs offers over 900 microbiological and analytical chemistry tests plus fee-based advisory and regulatory consulting services.
Products & Services
Ethylene oxide sterilization, gamma irradiation sterilization, X-ray irradiation sterilization, NO2-based sterilization, cobalt-60 isotope supply (low specific activity and high specific activity), gamma irradiation system design and installation, microbiological testing, analytical chemistry testing, product development and validation testing, regulatory consulting, advisory services.
Revenue Model
Service fees under multi-year contracts for sterilization processing (Sterigenics), cobalt-60 isotope sales priced by radioactivity level in curies plus gamma irradiation system design and maintenance (Nordion), and per-test laboratory fees plus advisory service fees (Nelson Labs).
Customers & Markets
Medical device manufacturers, pharmaceutical companies, food safety producers, outsourced contract sterilizers, semiconductor manufacturers, the USPS, and in-house sterilizing manufacturers. End markets include single-use medical devices, prefilled syringes, drug-device combination products, custom implants, and food microbial reduction.
Geographic Exposure
United States and international operations; Nordion processes cobalt-60 at its Ottawa facility and ships globally using a proprietary licensed container fleet. Filing identifies risks from operations in multiple jurisdictions but does not disclose a specific revenue breakdown by geography in the excerpts provided.
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