8-K

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

FORM 8-K

 Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 Date of Report: April 26, 2007 (Date of earliest event reported)

 Stericycle, Inc.

  (Exact name of registrant as specified in its charter)

Delaware	0-21229	36-3640402
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification Number)

 28161 North Keith Drive

 Lake Forest, Illinois    60045

  (Address of principal executive offices including zip code)

 (847) 367-5910

  (Registrant's telephone number, including area code)

 Not Applicable

  (Former name or former address, if changed since last report)

Item 9.01 Financial Statement and Exhibits

On April 26, 2007 Stericycle, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2007. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated by reference.

 The press release and accompanying balance sheet refer to Stericycle's total debt to capitalizaton percentage ratio. The total debt to capitalization percentage ratio is calculated by dividing total debt (numerator) by the sum of total debt, preferred stock, and shareholders' equity (denominator). We consider this leverage ratio to be a good indicator of the strength of a company's balance sheet and its ability to service its debt. Total debt to capitalization percentage is not a measure in accordance with accounting principles generally accepted in the United States. The ratio should not be considered as an alternative to net income, as an indicator of operating performance or as an alternative to cash flow as a measure of liquidity.

 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned therunto duly authorized.

 Stericycle, Inc.

By:		/s/ Frank J.M. ten Brink
	Frank J.M. ten Brink
	Executive Vice President and Chief Financial Officer

Dated: April 26, 2007

 EXHIBIT INDEX

Exhibit  Number	Description
Exhibit 99.1	Press Release dated April 26, 2007.

EX-99

Exhibit 99.1

 April 26, 2007

 STERICYCLE, INC. REPORTS RESULTS

 FOR FIRST QUARTER 2007

Lake Forest, Illinois, April 26, 2007 - Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the first quarter of 2007.

FIRST QUARTER RESULTS

Revenues for the quarter ended March 31, 2007 were $211.0 million, up 17.7% from $179.2 million in the first quarter of 2006.  Acquisitions less than 12 months old contributed $13.9 million to the $31.8 million revenue growth in the first quarter of 2007. Gross profit was $94.2 million, up 19.7% from $78.8 million in the first quarter last year. Gross profit as a percent of revenues was 44.7% versus 43.9% in the first quarter of 2006.

Net income for the first quarter of 2007 was $29.4 million or $0.65 per diluted share compared with net income of $23.5 million or $0.52 per diluted share for the first quarter of 2006.

Cash flow from operations was $52.9 million for the first quarter of 2007. Cash flow and increased loan balances funded $46.1 million in stock repurchases, $14.6 million in acquisitions and international investments and $10.3 million in capital spending.

For more information about Stericycle, please visit our website at www.stericycle.com.

Safe Harbor Statement: Statements in this press release may contain forward-looking statements that involve risks and uncertainties, some of which are beyond our control (for example, general economic conditions). Our actual results could differ significantly from the results described in the forward-looking statements. Factors that could cause such differences include difficulties in completing the integration of acquired businesses, changes in governmental regulation of medical waste collection and treatment, and increases in transportation and other operating costs, as well as the various other factors described in our filings with the U.S. Securities and Exchange Commission. As a result, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate future results or trends. We make no commitment to disclose any subsequent revisions to forward-looking statements.

STERICYCLE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
		March 31,		December 31,
		2007		2006
		(unaudited)		(audited)
ASSETS
Current assets:
Cash and cash equivalents	$	18,094	$	13,492
Short-term investments		1,859		2,548
Accounts receivable, less allowance for doubtful
accounts of $5,349 in 2007 and $5,411 in 2006		125,428		130,354
Deferred tax asset		13,579		16,072
Asset group held for sale		-		33,674
Other current assets		22,975		22,462
Total current assets		181,935		218,602
Property, plant and equipment, net		166,783		156,953
Other assets:
Goodwill		828,599		813,973
Intangible assets, less accumulated amortization of
$12,203 in 2007 and $11,454 in 2006		124,665		115,879
Other		23,327		22,499
Total other assets		976,591		952,351
Total assets	$	1,325,309	$	1,327,906
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt	$	23,477	$	22,681
Accounts payable		24,793		25,033
Accrued liabilities		75,404		75,434
Deferred revenue		15,294		11,662
Liability group held for sale		-		7,221
Total current liabilities		138,968		142,031
Long-term debt, net of current portion		448,547		443,115
Deferred income taxes		110,471		105,521
Other liabilities		13,503		12,158
Common shareholders' equity:
Common stock (par value $0.01 per share, 80,000,000
shares authorized,  43,764,461 issued and outstanding
in 2007, 44,251,965 issued and outstanding in 2006)		438		443
Additional paid in capital		212,603		252,568
Accumulated other comprehensive income		4,552		5,229
Retained earnings		396,227		366,841
Total shareholders' equity		613,820		625,081
Total liabilities and shareholders' equity	$	1,325,309	$	1,327,906
Total debt to capitalization percentage ratio		43.5%		42.7%
Calculation of total debt to capitalization percentage ratio:
Total debt	$	472,024	$	465,796
Shareholders' equity		613,820		625,081
Capitalization	$	1,085,844	$	1,090,877

STERICYCLE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)
		Three Months Ended
		March 31,
	(unaudited)
		2007			2006
		$	% of Rev		$	% of Rev
Revenues	$	211,049	100.0%	$	179,249	100.0%
Cost of revenues		116,813	55.3%		100,496	56.1%
Gross profit		94,236	44.7%		78,753	43.9%
Selling, general and
administrative expenses		37,779	17.9%		32,865	18.3%
Amortization		868	0.4%		511	0.3%
Total SG&A expense and amortization		38,647	18.3%		33,376	18.6%
Income from operations before
acquisition integration  and other expenses		55,589	26.4%		45,377	25.3%
Gain on sale of assets		(823)	-0.4%		-	0.0%
Impairment of fixed assets		650	0.3%		-	0.0%
Acquisition integration expenses		313	0.1%		631	0.3%
Income from operations		55,449	26.4%		44,746	25.0%
Other income (expense):
Interest Income		401	0.2%		256	0.1%
Interest expense		(7,700)	-3.7%		(5,906)	-3.3%
Insurance proceeds		500	0.2%		-	0.0%
Other expense, net		(553)	-0.3%		(530)	-0.3%
Total other income (expense)		(7,352)	-3.6%		(6,180)	-3.5%
Income before income taxes		48,097	22.8%		38,566	21.5%
Income tax expense		18,710	8.9%		15,041	8.4%
Net income	$	29,387	13.9%	$	23,525	13.1%
Earnings per share-diluted	$	0.65		$	0.52
Weighted average number of
common shares outstanding-diluted		45,218,346			45,155,925

STERICYCLE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
		For the three months ended
		March 31,
		2007		2006
	(unaudited)
Operating Activities:
Net income	$	29,387	$	23,525
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sale of assets		(823)		-
Impairment of fixed assets		650		-
Stock compensation expense		2,450		2,589
Excess tax benefit of disqualifying dispositions of stock options and
exercise of non-qualified stock options		(576)		(2,256)
Depreciation		6,270		5,784
Amortization		868		511
Deferred income taxes		6,176		5,310
Changes in operating assets and liabilities, net of
effect of acquisitions
Accounts receivable		5,420		(2,014)
Other assets		1,316		(4,738)
Accounts payable		(1,635)		(4,322)
Accrued liabilities		(245)		4,460
Deferred revenue		3,632		2,333
Net cash provided by operating activities		52,890		31,182
Investing Activities:
Payments for acquisitions and international
investments, net of cash acquired		(14,645)		(120,825)
Proceeds from maturity/(purchases) of short-term investments		689		(5,700)
Proceeds from sale of business		26,453		-
Proceeds from sale of property and equipment		49		-
Capital expenditures		(10,300)		(7,506)
Net cash provided by (used in) investing activities		2,246		(134,031)
Financing Activities:
Proceeds from issuance of note payable		-		4,582
Repayment of long-term debt		(16,200)		(8,730)
Net borrowings on senior credit facility		10,879		110,153
Principal payments on capital lease obligations		(111)		(613)
Excess tax benefit of stock options exercised		576		2,256
Purchase/cancellation of treasury stock		(46,071)		(11,198)
Proceeds from other issuances of common stock		3,075		5,511
Net cash (used in) provided by financing activities		(47,852)		101,961
Effect of exchange rate changes on cash		(2,682)		824
Net increase (decrease) in cash and cash equivalents		4,602		(64)
Cash and cash equivalents at beginning of period		13,492		7,825
Cash and cash equivalents at end of period	$	18,094	$	7,761
Non-cash activities:
Net issuances of notes payable for certain acquisitions	$	11,854	$	21,263