Stericycle

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Stericycle
Public
Traded as NASDAQSRCL
S&P 500 Component
NASDAQ-100 Component
Industry Services - Compliant Regulated Waste Disposal, Recall Services, Sustainability Services, Communications Services
Founded 1989
Headquarters Lake Forest, Illinois, U.S.
Key people
Charles A. Alutto, President, Chief Executive Officer
Frank J.M. ten Brink, Chief Financial Officer
Revenue
  • Increase US$ 2,142.807 million (2013) [1]
  • Increase US$ 1,913.149 million (2012) [1]
  • Increase US$ 535.619 million (2013) [1]
  • Increase US$ 468.836 million (2012) [1]
  • Increase US$ 311.372 million (2013) [1]
  • Increase US$ 267.996 million (2012) [1]
Total assets
  • Increase US$ 3,882.797 million (2013) [2]
  • Increase US$ 3,546.738 million (2012) [1]
Total equity
  • Increase US$ 1,767.538 million (2013) [2]
  • Increase US$ 1,557.323 million (2012) [2]
Website www.stericycle.com

Stericycle is a global business-to-business services company that provides an array of highly specialized solutions serving health care organizations and commercial businesses of every size and shape. They specialize in collecting and disposing regulated substances, such as medical waste and sharps, pharmaceuticals, hazardous waste, and providing services for recalled and expired goods. It also provides related education and training services, and patient communication services. The company was a small start-up in medical waste management but has grown into a leader across a range of increasingly complex and highly regulated arenas, such as: • Brand protection solutions • Environmental and sustainable solutions • Patient and customer communication solutions • Regulated waste management and compliance solutions[3]

The company was founded in 1989 and is headquartered in Lake Forest, Illinois, with 435 location and 18,000 employees in 13 countries around the globe.[4] Stericycle is a publicly company trading under the ticker symbol SRCL on the NASDAQ.

Specific services of the company[5] include regulated medical waste service, compliance programs, sharps management services, pharmaceutical waste disposal, hazardous waste disposal services, solutions for patient and customer communications, and product recall or returns management solutions.

The company serves[6] healthcare facilities such as hospitals, physician offices, outpatient clinics, dental offices, long-term care facilities, home health care agencies, and veterinary and animal hospitals in addition to a myriad of other small commercial businesses. Medical device manufacturers, consumer goods manufacturers, laboratories, universities, and retailers are also key customers.

Stericycle’s core purpose is to its customers to fulfill their promises by providing solutions that protect people and brands, promote health and safeguard the environment.[7]


Stericycle has been harshly criticized by residents living near their incinerators and environmentalists across the globe.[8] Stericycle’s North Salt Lake facility was investigated by the state of Utah for alleged allegations from an anonymous individual who claimed that the plant was burning waste above legal levels. His claims were found to be unsubstantiated by the Utah Department of Environmental Quality.[9] The North Salt Lake plant incinerates regulated medical waste only. The anonymous individual also claimed that Stericycle falsified records to hide the illegal quantity burning in North Salt Lake.[5][6][7] This claim was also unsubstantiated after a thorough investigation. The state investigation resulted in a settlement agreement “without acknowledgement of fault.”[10]

Stericycle, Inc., together with its subsidiaries, offers regulated waste management services, sharps disposal containers to reduce the risk of needlesticks, healthcare compliance services, pharmaceutical disposal, and regulated returns management services for expired or recalled products through incineration processes.

The company serves healthcare facilities such as hospitals, blood banks, pharmaceutical manufacturers,. Stericycle also serves myriad small businesses, which include outpatient clinics, medical and dental offices, veterinary and animal hospitals, funeral homes, home healthcare agencies, body art studios, and long-term and sub-acute care facilities. Medical device manufacturers, consumer goods manufacturers, and retailers are also key customers.

History[edit]

Stericycle was founded in 1989 as a regulated medical waste company. It became a publicly traded company in 1996.

In 1999, Stericycle began offering safety and compliance training services with the launch of its Stericycle Steri-Safe OSHA Compliance program.

Stericycle's hospital offerings grew in 2003 when it acquired Bio Systems. Today, Stericycle Sharps Management Service with Bio Systems containers is the US leader in reusable sharps container management service.[citation needed]

The company’s pharmaceutical waste programs provide disposal of unused or expired wastes in hospitals, healthcare practices, and pharmacies.

To help hospitals manage their waste streams and drive recycling efforts, Stericycle began to offer Stericycle Integrated Waste Stream Solutions in 2009.

In 2010, Stericycle expanded its service offering again to include patient notification services with the acquisition of NotifyMD. Several other acquisitions followed, giving Stericycle a leadership position[citation needed] in telephone support services for physician offices. Serving customers across the United States, the NotifyMD team provides a breadth of services designed to improve office productivity and communication with patients.

In 2014, Stericycle acquired PSC Environmental Services LLC in a deal worth $275 million to form Stericycle Environmental Solutions.[11] This acquisition further reinforced Stericycle's position in the waste management industry, with specific expansion in hazardous waste management.

International[edit]

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.

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.

Controversy[edit]

Stericycle's medical waste incinerator located in North Salt Lake, Utah has been a topic of hot debate in the community. In September 2013, Erin Brockovich joined in with Utah residents in their call for Stericycle to discontinue their business in the area.[12][13] Brockovich's visit was spurred by a violation notice from the Utah Division of Air Quality to Stericycle for excessive emissions above legal limits, and manipulating their reporting to show lower amounts of Mercury, Dioxins, and other potentially harmful chemicals emitted through burning medical waste.[14][15]

The violations in 2013 were followed by criminal investigations at the order of Utah Governor Gary Herbert.[16][17] Investigations by California's Soil Water Air Protection Enterprise, or SWAPE, in connection with Ms. Brockovich, discovered Dioxin in homes near the incinerator at levels 16x higher than what is considered "safe".[18][19] At least two state-sponsored health studies[20] indicate that there is not a harmful effect from residential inhalation near the facility.

As of December 1, 2014, Stericycle and the Utah Division of Air Quality reached an agreement acknowledging no wrongdoing, though the settlement does require Stericycle to relocate approximately 40 miles to the west of the incinerator's current location in North Salt Lake. The settlement also calls for Stericycle to pay a $2.3 million fine, half of which is forgivable if the move happens within 3 years.[21][22]

References[edit]

  1. ^ a b c d e f g "STERICYCLE INC 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 28, 2014. 
  2. ^ a b c "STERICYCLE INC 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. May 8, 2014. 
  3. ^ http://www.stericycle.com/filebase/en/src/Files/the-stericycle-story.pdf
  4. ^ http://www.stericycle.com/filebase/en/src/Files/the-stericycle-story.pdf
  5. ^ http://investors.stericycle.com/phoenix.zhtml?c=119334&p=irol-investorkit
  6. ^ http://www.stericycle.com/filebase/en/src/Files/the-stericycle-story.pdf
  7. ^ http://www.stericycle.com/our-culture
  8. ^ http://www.redbag.com/images/documents/SSMStericycleReport.pdf
  9. ^ http://www.deq.utah.gov/businesses/S/Stericycle/investigation.htm
  10. ^ http://www.deq.utah.gov/boards/airquality/docs/12Dec/ITEM_12_Stericycle_Admin_Order.pdf
  11. ^ http://www.dailyherald.com/article/20140423/business/140429344/
  12. ^ http://www.sltrib.com/sltrib/politics/56933623-90/stericycle-salt-community-lake.html.csp
  13. ^ http://www.ksl.com/?sid=27046470
  14. ^ http://www.brockovich.com/portfolio/stericycle-utah/
  15. ^ http://www.huffingtonpost.com/2013/09/12/utah-medical-waste-incinerator-stericycle-pollution_n_3909083.html
  16. ^ http://utah.gov
  17. ^ http://kuer.org
  18. ^ http://e.standard.net/stories/2014/03/15/dangerous-levels-dioxin-found-stericycle-neighborhood-homes
  19. ^ http://www.christophergauthier.com/galleries/the-new-downwinders-2/
  20. ^ http://health.utah.gov/enviroepi/appletree/SouthDavisCounty/
  21. ^ http://fox13now.com/2014/12/01/stericycle-reaches-settlement-with-state-clean-air-advocates-object/
  22. ^ http://www.deseretnews.com/article/865616764/Proposed-Stericycle-settlement-calls-for-23-million-fine-move-to-Tooele-County.html?pg=all

External links[edit]