SRCL on NASDAQ

Stericycle

Logo: Stericycle, Public domain, via Wikimedia Commons5

American waste management company

Stericycle, Inc. is an American compliance company that specializes in collecting and disposing regulated medical waste, such as medical waste and sharps, pharmaceuticals and controlled substances, trace chemotherapy waste, and pathological waste.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1989Founded1

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  • TickerSRCL on NASDAQ1
  • Industrytertiary sector of the economy1
  • HeadquartersLake Forest1
  • Founded inLake Forest1
  • Websitewww.stericycle.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address2355 Waukegan Road, Bannockburn, Il 600156
  • Filer categoryLarge accelerated filer6
  • LEIB8PTJH2P0AXSWSMP21364
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressCORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 21910144
StericycleTruck
Photo: Raysonho @ Open Grid Scheduler / Grid Engine, CC0, via Wikimedia Commons8

Stericycle, Inc. is an American compliance company that specializes in collecting and disposing regulated medical waste, such as medical waste and sharps, pharmaceuticals and controlled substances, trace chemotherapy waste, and pathological waste. It also provides related education and training services. The company was founded in 1989 and is headquartered in Bannockburn, Illinois, with more bases of operation around North America and Europe.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

38.2%Gross margin9
2.9%Operating margin9
-0.8%Net margin9
-1.7%Revenue growth, 20239
-0.8%Return on equity9
0.51×Debt to equity9
$112.0MFree cash flow9

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue62¢$1.6B
  • Selling, general and admin33¢$873.9M
  • Other costs4¢$116.1M
  • Income tax1¢$24.6M

Out of $2.7B in revenue.9 The company lost money this year.

Where each dollar of operating cash went, fiscal 2023

  • Capital spending54¢$131.3M
  • Kept or used elsewhere46¢$112.0M

Out of $243.3M of cash from operations.9

Financial statements

Revenue101112139$2.7B in 2023−26% since 2017
0$1.0B$2.0B$3.0B$4.0B2017: $3.6B$3.6B20172018: $3.5B$3.5B2018−3%2019: $3.3B$3.3B2019−5%2020: $2.7B$2.7B2020−19%2021: $2.6B$2.6B2021−1%2022: $2.7B$2.7B2022+2%2023: $2.7B$2.7B2023−2%
Gross profit101112139$1.0B in 2023−31% since 2017
0$500.0M$1.0B$1.5B2017: $1.5B$1.5B20172018: $1.4B$1.4B2018−6%2019: $1.2B$1.2B2019−15%2020: $1.1B$1.1B2020−10%2021: $1.0B$1.0B2021−3%2022: $1.0B$1.0B2022+1%2023: $1.0B$1.0B2023−1%
Operating income101112139$77.3M in 2023
-$300.0M-$200.0M-$100.0M0$100.0M$200.0M2017: -$7.6M-$7.6M20172018: -$161.1M-$161.1M2018+2020%2019: -$211.9M-$211.9M2019+32%2020: $31.9M$31.9M20202021: $72.3M$72.3M2021+127%2022: $153.7M$153.7M2022+113%2023: $77.3M$77.3M2023−50%
Net income10119-$21.3M in 2023
-$400.0M-$200.0M0$200.0M2017: $42.4M$42.4M20172018: -$244.7M-$244.7M20182019: -$346.8M-$346.8M2019+42%2020: -$57.3M-$57.3M2020−83%2021: -$26.8M-$26.8M2021−53%2022: $56.5M$56.5M20222023: -$21.3M-$21.3M2023
Fiscal year2017201820192020202120222023
Revenue$3.6B10$3.5B11$3.3B12$2.7B13$2.6B9$2.7B9$2.7B9
Cost of revenue$2.1B17$2.1B11$2.1B12$1.6B13$1.6B9$1.7B9$1.6B9
Gross profit$1.5B10$1.4B11$1.2B12$1.1B13$1.0B9$1.0B9$1.0B9
Selling, general and admin$1.4B10$1.2B11$1.1B12$897.6M13$946.6M9$887.5M9$873.9M9
Operating income-$7.6M10-$161.1M11-$211.9M12$31.9M13$72.3M9$153.7M9$77.3M9
Interest$94.0M18$106.6M18
Income before tax$700.0K9$78.9M9$3.3M9
Income tax-$150.9M10-$29.8M11-$16.8M12-$100.0K13$27.5M9$22.4M9$24.6M9
Net income$42.4M10-$244.7M11-$346.8M11-$57.3M11-$26.8M9$56.5M9-$21.3M9
Earnings per share$0.2710-$2.9111-$3.8112-$0.6313-$0.309$0.619-$0.239
Earnings per share (diluted)$0.2710-$2.9111-$3.8112-$0.6313-$0.309$0.619-$0.239
Shares (weighted, basic)91.8M shares992.1M shares992.4M shares9
Shares (weighted, diluted)91.8M shares992.4M shares992.4M shares9

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The story

Stericycle was founded in 1989 by Dr. James Sharp based on his business plan to address the Syringe Tide, where hypodermic needles and other medical waste washed up to the shores of New York and New Jersey. The Syringe Tide led to the Medical Waste Tracking Act, signed in 1988, establishing regulated medical waste management as an industry.

In 1992, Mark Miller stepped in as President and CEO, and as a result of Miller's leadership, Stericycle grew rapidly, going public in 1996 on the NASDAQ (ticker SRCL). The company's international business began in 1997 with a joint venture in Mexico. Since then, Stericycle has created services, tools and resources for healthcare professionals not only in the United States and Mexico, but also in Argentina, Brazil, Canada, Chile, Ireland, Japan, Portugal, Puerto Rico, Romania, Spain, and the United Kingdom. In 1999, Stericycle acquired 200,000 customers from Allied Waste Industries after Allied acquired Browning Ferris Industries. Also In 1999, Stericycle began offering safety and medical compliance training services with the launch of its Stericycle Steri-Safe OSHA Compliance program.

Expansion

In the 2000s, Stericycle achieved growth through launching and/or acquiring complementary business lines, as well as continued international expansion. In 2003, Stericycle entered sharps waste management, acquiring Scherer Healthcare's existing practice and occasionally referring to parts of the service as “Bio Systems” in markets like Ireland. In 2004, Stericycle began providing medical waste disposal solutions in the United Kingdom with more international growth following. In 2008, Stericycle acquired its first hazardous waste removal company and in 2010 started its Communications Solutions business line with the acquisition of NotifyMD, among several other acquisitions. The acquisition of PSC Environmental Solutions in 2014 in a deal worth $275 million led to the formal establishment of Stericycle Environmental Solutions focused on hazardous waste. Finally, Stericycle's largest acquisition to date, Shred-it, occurred in 2015, for US$2.3 billion.

The company lost a contract to provide clinical waste services to GPs and pharmacies in Cumbria and north-east England in April 2017, when their competitor, Healthcare Environment Services put in a substantially cheaper offer, of £310,000, than theirs of £479,999. Stericycle then initiated a legal challenge against NHS England’s decision which was dismissed by the High Court of Justice in July 2018, and the company's behaviour severely criticised. Their commercial director Lindsay Dransfield was described as “a broadly unsatisfactory witness”. A confidential settlement was reached in 2019, ending the litigation.

In October 2017, a $295 million settlement was reached on behalf of a nationwide class of Stericycle customers, following a class-action lawsuit accusing the company of engaging in a price-increasing scheme that automatically inflated customers' bills up to 18 percent biannually, according to a news release from Hagens Berman, the Chicago-based law firm that represented the class.

In Spring 2022, Stericycle released the Safeshield antimicrobial medical waste container, which was designed for the storage and transport of regulated medical waste. The continued redesigning of products aims to condense the amount of container types provided by the company from over 150 to less than 20.

In June 2024, Stericycle accepted an offer from WM (formerly Waste Management Inc) to acquire the business for $7.2 billion. The acquisition was completed in November 2024, and the company became a wholly owned subsidiary of WM.

In January 2025 Urbaser completed the acquisition of Stericycle’s biosanitary waste management businesses in Spain and Portugal. The deal, announced in October 2024, has been completed according to the expected timeline.

From Wikipedia’s article on Stericycle, shared under CC BY-SA 4.0.7

Leadership

Who has led Stericycle, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (41)

Products and brands

International operations

Stericycle has a presence in 10 countries. Approximately 10% of the company's revenue comes from its international operations. Full services are offered in the U.S., Canada, Ireland, Spain and Portugal. Stericycle offers all services, except for hazardous waste management, in the United Kingdom. Only secure information destruction services are provided in Austria, Belgium, France, Germany, the Netherlands, and Luxembourg.

Stericycle no longer operates in Argentina, Brazil, Chile, Japan, Mexico, Australia, South Korea, Romania, United Arab Emirates, and Singapore.

Services

Stericycle offers the following types of specialized waste management:

Regulated medical waste management

Read the full text

Hazardous waste management

Sharps waste management

Pharmaceutical waste or environmentally persistent pharmaceutical pollutants

Drug disposal

Integrated Waste Stream services – coordinating multiple waste streams for one entity

Beyond services related to healthcare wastes, in some markets the company has expanded its offerings to include management of certain hazardous wastes as well as patient transport and medical courier services. Stericycle offers secure information destruction, for both paper and hard drive, through Shred-it.

The company also offers compliance training primarily through online courses focused on applying industry regulations related to information security, human resources, medical billing, and other topics. They have also developed training software related to compliance.

During the COVID-19 pandemic, the company managed the transportation, treatment, and disposal of potentially infectious items. The company developed strategies for PPE disposal, including a waste pickup and mailback option. In 2021, Stericycle and UPS partnered through UPS Healthcare, creating a system to manage the reverse logistics of medical waste, including the transportation, treatment, and disposal of waste.

Beginning in 2021, Stericycle has published an annual Healthcare Workplace Safety Trend Report, which analyzes issues within the medical workplace, including comparisons of day-to-day stress on a yearly basis, and the importance of medical waste management.

UK

The company has a contract for collection and disposal services to around 700 GP practices across Hampshire and Isle of Wight, Buckinghamshire, Surrey, Sussex, Oxfordshire and Berkshire and acute NHS trusts in England. In 2020 it suffered from capacity problems and failed to collect clinical waste routinely from 139 practices during September and October. 245 collections were missed. They said that the NHS was producing significantly higher volumes of clinical waste than expected because of the amount of Personal protective equipment being used.

From Wikipedia’s article on Stericycle, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries

From Wikidata.1

Timeline

  1. May 3, 2019New chief executive Cindy J. Miller becomes CEO19
  2. Feb 22, 2013New chief executive Charles A. Alutto becomes CEO20
  3. Feb 6, 2006New chief executive Mark C. Miller becomes CEO21
  4. Aug 23, 1996Went public Listed on NASDAQ1
  5. 1989Founded Founded in Lake Forest1

Filings

292 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 25 major events, 179 insider forms, 24 large holders, 51 other. The latest 20:

  1. May 14, 2025S-8 POS EDGAR
  2. May 14, 2025S-8 POS EDGAR
  3. May 14, 2025S-8 POS EDGAR
  4. May 14, 2025S-8 POS EDGAR
  5. May 14, 2025S-8 POS EDGAR
  6. May 14, 2025S-8 POS EDGAR
  7. Nov 15, 2024SCHEDULE 13G/A EDGAR
  8. Nov 14, 2024EFFECT EDGAR
  9. Nov 14, 2024EFFECT EDGAR
  10. Nov 14, 2024EFFECT EDGAR
  11. Nov 14, 2024EFFECT EDGAR
  12. Nov 14, 2024EFFECT EDGAR
  13. Nov 14, 202415-12G EDGAR
  14. Nov 13, 2024SC 13G STERICYCLE, INC. EDGAR
  15. Nov 12, 2024SC 13G/A SEC SCHEDULE 13G EDGAR
  16. Nov 8, 20248-K EDGAR
  17. Nov 8, 2024SC 13G/A SC 13G/A#2 FOR CCP AND STERICYCLE, INC. EDGAR
  18. Nov 4, 20244 EDGAR
  19. Nov 4, 20244 EDGAR
  20. Nov 4, 20244 EDGAR

The 292 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 7, 2023Reuter Joseph AnthonyEVP & CHIEF PEOPLE OFFICERBuy7,000$44.09$308.6KForm 4
Feb 24, 2023Gursahaney Naren KDirectorBuy6,000$47.91$287.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

The numbers on this page point here. Each one links to the record it came from.

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