SRCL - Why Stericycle Stock Tanked This Week
The stock of medical waste handling specialist Stericycle (NASDAQ: SRCL) wasn't the picture of health this week. The company's shares took a double-digit ding after publishing its latest quarterly earnings release on Thursday. All told, across the week Stericycle's share price declined by over 15%, according to data compiled by S&P Global Market Intelligence .
For its fourth quarter of 2022, Stericycle managed to grow its revenue 2% year over year to $670 million. That, however, fell well short of the average analyst estimate for slightly more than $697 million. The situation was better on the bottom line -- non- GAAP (adjusted) net income saw a nearly 60% rise to $55.5 million for the period, or $0.60 per share. That broadly met prognosticator forecasts.
Stericycle breaks down its revenue into two categories, regulated healthcare waste and compliance -- its "classic" and core activities -- and secure information destruction services.
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Why Stericycle Stock Tanked This Week