The following is a summary of the Stericycle, Inc. (SRCL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Stericycle reported Q1 adjusted earnings per share of $0.57, up by $0.08 from Q1 2023, and adjusted EBITDA of $116.2 million, which increased by $4.9 million.

• The company experienced a slight decrease in Q1 revenue at $664.9 million from $684.3 million in Q1 2023, mainly due to divestitures worth $17.7 million.

• The net income was $13.1 million or $0.14 diluted earnings per share, up from $11.2 million or $0.12 in Q1 2023.

• Regulated Waste and Compliance Services organic revenues showed growth for the eighth consecutive quarter, being in line with the company's internal expectations.

• Despite facing some headwinds related to the commodity index revenue based on the RISI rates in Q1, there's anticipation of a slight improvement in Q2.

• Globally, their service revenue rose by about 3% and about 2.9% in North America, excluding all the commodity-based revenue.

Business Progress:

• Stericycle launched a new subscription-based product, Shred-it ProtectPLUS, that provides paper shredding services along with cybersecurity and privacy awareness training.

• The construction work of their newest medical waste incinerator facility in McCarran, Nevada, is expected to be completed in Q2 2024, which aligns with the planned schedule.

• Thanks to the progress on their routing optimization initiative, their North America fleet could be reduced by approximately 5% over the past 15 months.

• Stericycle introduced a subscription-based capability with ProtectPLUS offering, aimed to provide stability and revenue flow-through in the long run.

• The company saw progress with its Express and priority pickup services for Secure Information Destruction, paving the way for opportunities in sustainability and recycling.

• Routing improvements led to increased efficiency and more customer engagement, expanding both its large and small quantity generator customer base in the regulated waste business.

• Stericycle has been recognized by Newsweek as one of America's greatest workplaces for diversity and for women.

More details: Stericycle IR

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