Sotera Health CFO Sees Continued Growth, Forecasts 5%-6.5% Organic Growth in 2026

Lyons Highlights Consistent Revenue Growth, High Margins, and Accelerating Free Cash Flow at KeyBanc Healthcare Forum

Mar. 22, 2026 at 11:06am

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Sotera Health CFO Jon Lyons told investors at the KeyBanc Healthcare Forum that the company's core investment case remains intact, pointing to a long track record of revenue growth, consistently high EBITDA margins, and accelerating free cash flow generation. Lyons reiterated the company's constant-currency organic growth guidance of 5% to 6.5% for 2026, driven by strong demand in medical devices and pharmaceuticals.

Why it matters

As a global leader in sterilization and lab services, Sotera Health's performance is a key indicator of the health of the medical device and pharmaceutical industries. The company's ability to maintain high margins and generate strong free cash flow despite industry headwinds underscores its operational excellence and resilience.

The details

Lyons described Sotera Health as a global industry leader with an estimated $18 billion serviceable addressable market and a footprint of 62 facilities worldwide. He said the company offers 'end-to-end solutions' across sterilization and lab services and is positioned for 'above market growth' going forward. For 2026, Lyons reiterated the company's constant-currency organic growth guidance of 5% to 6.5%, with Sterigenics expected to deliver mid- to high-single-digit revenue growth and Nordion targeting low- to mid-single-digit growth. He said the company expects pricing to be another positive contributor, with expectations around the midpoint of the company's 3% to 4% long-term pricing guide.

  • Sotera Health recently achieved its 20th consecutive year of revenue growth.
  • The company generated more than $200 million in free cash flow in 2025 and is 'well on track' to achieve its three-year target of $500 million to $600 million.

The players

Jon Lyons

Chief Financial Officer of Sotera Health.

Sotera Health

A global provider of sterilization and laboratory testing services that support the medical device, pharmaceutical, life sciences and consumer product industries.

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What they’re saying

“Sotera Health is a global industry leader operating in 'highly regulated markets,' with an estimated $18 billion serviceable addressable market and a footprint of 62 facilities worldwide.”

— Jon Lyons, Chief Financial Officer

“Sotera recently achieved its 20th consecutive year of revenue growth and has maintained EBITDA margins above 50% through multiple cycles.”

— Jon Lyons, Chief Financial Officer

What’s next

Sotera Health's performance in the coming quarters will be closely watched as an indicator of the broader medical device and pharmaceutical industries. Investors will be keen to see if the company can maintain its strong growth and profitability in the face of any potential economic headwinds.

The takeaway

Sotera Health's consistent financial performance, high margins, and disciplined capital allocation demonstrate the company's operational excellence and resilience in a highly regulated industry. The company's ability to navigate industry challenges and deliver above-market growth underscores its value proposition to customers and investors alike.