Stericycle, Inc. Q2 2009 Earnings Call Transcript

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2009-07-28 18:12:00.0

Tags: Call Transcript, William Blair Co., Earnings, Stericycle Inc., GAAP, Financial Accounting, Finance, Seeking Alpha

Question-and-Answer Session

Operator

(Operator instructions) Your first question comes from Ryan Daniels with William Blair. Your line is open.

Ryan DanielsWilliam Blair

Yes thanks and good evening guys. I had a quick question just to follow up on your guidance, I know it looks like you have narrowed the range upward a little bit and that $2.03 to $2.06 does that guidance include any FAS 141R meaning that you guys have had roughly $2 million year to date, should we be backing that out to get to your $2.03 to $2.06.

Frank ten Brink

It just includes the year to date but not any future.

Ryan DanielsWilliam Blair

Okay. So that $2.03 to $2.06 is based on the GAAP numbers that have been reported year to date.

Frank ten Brink

That is it. For the first two quarters you should adjust for it. So this is adjusted already for the first two quarters, so you should take it out.

Ryan DanielsWilliam Blair

Okay so we are using the $0.52 in Q2 to get to this guidance.

Frank ten Brink

Yes.

Ryan DanielsWilliam Blair

Okay perfect. And then a couple of quick housekeeping questions too on top of that, can you just give me the number of Steri-Safe customers and overall on premium and then the total LQ and Bio Systems adds for the quarter?

Frank ten Brink

Yes. You are asking first for the total number of Steri-Safe customers?

Ryan DanielsWilliam Blair

Yes, sure and then a percent of premium?

Frank ten Brink

Yes, the total number is over $137,000 and the percent on premium is – or actually the total number on premium right now is over $43,000, so the LQ adds 57% med waste contracts and 71% Bio Systems.

Ryan DanielsWilliam Blair

Okay, looks pretty consistent. Okay great. And then a couple of broader ones, I know you launched the equivalent of Steri-Safe in Canada I think the clinical services offering, I am curious if you could talk a little bit about how that has been received and maybe what we might see with expensing [ph] on the other geographic fronts maybe the UK later in the year, any thoughts there?

Mark Miller

I think we continued to see good progress in the international markets adding on to our small quantity offering, still fairly early (inaudible) grow a lot of services but early adoption has been good in Canada and we will continue to look at programs in other markets as well as we move forward.

 

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