- Stericycle Inc (NASDAQ:SRCL) reported second-quarter revenue growth of 1.1% year-over-year to $679.8 million, +5% on an organic basis, beating the consensus of $677.14 million.
- The gross margin declined by 168 bps to 38.3%. The operating income declined 31.5% Y/Y to $38.1 million, and the margin contracted by 266 bps to 5.6%.
- The adjusted operating margin was 12.1%, down from 15.7% in 2Q21.
- Adjusted EPS was $0.48, above the consensus of $0.47.
- Adjusted EBITDA decreased by 16.4% Y/Y to $109 million, and margin contracted by 335 bps to 16%.
- Stericycle’s net cash used in operating activities year-to-date was $(18.4) million, compared to cash provided of $149.8 million a year ago. Free cash outflow of $(88.4) million.
- The company held cash and cash equivalents of $45.9 million as of June 30, 2022.
- Price Action: SRCL shares traded higher by 7.05% at $50.58 on the last check Friday.
B of A Securities Maintains Neutral on 8×8, Lowers Price Target to $7
B of A Securities analyst Michael Funk maintains 8x8 (NYSE:EGHT) with a Neutral and lowers the price target from $10 to $7.
