STERIS plc (NYSE:STE) Q2 2024 Earnings Conference Call November 8, 2023 9:00 AM ET
Company Participants
Julie Winter - Vice President of Investor Relations
Dan Carestio - President and CEO
Mike Tokich - Senior Vice President and CFO
Conference Call Participants
Jacob Johnson - Stephens, Inc.
David Turkaly - JMP Securities
Michael Polark - Wolfe Research
Michael Matson - Needham & Company
Jason Bednar - Piper Sandler
Operator
Good morning, everyone and welcome to the STERIS plc Fiscal Second Quarter 2024 Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. Please also note, today's event is being recorded.
At this time, I'd like to turn the floor over to Julie Winter, Vice President of Investor Relations. Ma'am, please go ahead.
Julie Winter
Thank you, Jamie, and good morning, everyone. As usual, speaking on today's call will be Mike Tokich, our Senior Vice President and CFO; and Dan Carestio, our President and CEO. And I do have a few words of caution before we open for comments.
This webcast contains time-sensitive information that is accurate only as of today. Any redistribution, retransmission or rebroadcast of this call without the expressed written consent of STERIS is strictly prohibited. Some of the statements made during this review are may be considered forward-looking statements. Many important factors could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, those risk factors described in STERIS' securities filings.
The company does not undertake to update or revise any forward-looking statements as a result of new information or future events or developments. STERIS' SEC filings are available through the company and on our website.
In addition, on today's call, non-GAAP financial measures, including adjusted earnings per diluted share, adjusted operating income, constant currency organic revenue growth and free cash flow will be used. Additional information regarding these measures, including definitions, is available in our release as well as reconciliations between GAAP and non-GAAP financial measures.
Non-GAAP financial measures are presented during this call with the intent of providing greater transparency to supplemental financial information used by management and the Board of Directors in their financial analysis and operational decision-making.
With those cautions, I will hand the call over to Mike.
Mike Tokich
Thank you, Julie, and good morning, everyone. It is once again my pleasure to be with you this morning to review the highlights of our second quarter performance. For the quarter, constant currency organic revenue increased 8% driven by volume as well as 330 basis points of price. Gross margin for the quarter decreased 50 basis points compared with the prior year to 44.3%. The favorable price was more than offset by lower productivity and continued material and labor inflation.