STERIS delivered a solid QQ3 2025 performance anchored by broad-based organic growth across Healthcare and Applied Sterilization Technologies (AST), with Life Sciences still solid on consumables and services despite a divestiture drag. Total revenue of $1.3706 billion grew about 6% on a reported and constant-currency basis, underpinned by volume and price, while gross margins rose to 44.6% (+90 bps YoY). Operating income reached $245.3 million and diluted EPS from continuing operations was $2.32 on an adjusted basis, up 11% YoY. Management highlighted strong healthcare backlog ($435 million) and order growth (>10%) even as shipments were delayed by customer project timing. The company also indicated meaningful margin leverage from volume, pricing, and productivity across Healthcare and Life Sciences, with CECS divestiture contributing to a 390 bps margin uplift in Life Sciences. On the profitability and liquidity front, STE enjoys a robust balance sheet, with net debt of approximately $2.165 billion and debt-to-EBITDA around 1.5x, and generated $588 million of free cash flow in the first nine months, on track to roughly $700 million for the year. The outlook remains constructive but tilted by currency headwinds and EO-related litigation costs. The company reaffirmed a 2025 guidance path of ~6% revenue growth (as-reported) and ~6% constant-currency organic growth, with adjusted EPS guidance of $9.05-$9.15 and ~$700 million of free cash flow, implying continued deleveraging and earnings resilience even as foreign exchange and regulatory matters pose near-term headwinds.