Business
Embecta Corp. Reports First Quarter Fiscal 2023 Financial Results
PARSIPPANY, N.J., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta” or the "Company") (Nasdaq: EMBC), one of the largest pure-play diabetes care
About this update from Embecta Corp.
[{"type":"text","content":"PARSIPPANY, N.J., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta” or the \"Company\") (Nasdaq: EMBC), one of the largest pure-play diabetes care companies in the world, today reported financial results for the three month period ended December 31, 2022. \"We are pleased with our financial performance in the first fiscal quarter, which exceeded our initial expectations in an operating environment that remains challenging,\" said Devdatt (Dev) Kurdikar, Chief Executive Officer of embecta. \"During fiscal year 2023, we remain focused on three key strategic priorities: strengthening our base business, separating and standing up embecta as an independent company, and investing in growth. Throughout the first quarter, we made progress on each of these objectives, as we continue setting up embecta for sustainable success. Given our performance during the first quarter, we are raising our guidance for our key financial reporting metrics.\" embecta spun off from Becton, Dickinson and Company (\"BD\") on April 1, 2022. Financial results during the pre-spin period were presented on the carve-out basis of accounting and do not purport to reflect what embecta’s financial results would have been had embecta operated as a standalone public company. Therefore, financial results for the three-month periods ended December 31, 2021 and December 31, 2022 are not meaningfully comparable. First Quarter Fiscal Year 2023 Financial Highlights: Revenues of $275.7 million, down 4.7% on a reported basis; up 0.7% on a constant currency basis U.S. revenues decreased 1.1% on both a reported and constant currency basisInternational revenues decreased 8.7% on a reported basis, and increased 2.6% on a constant currency basis Gross profit and margin of $188.8 million and 68.5%, compared to $203.9 million and 70.5% in the prior year periodAdjusted gross profit and margin of $188.9 million and 68.5%Operating income and margin of $88.8 million and 32.2%, compared to $116.6 million and 40.3% in the prior year periodAdjusted operating income and margin of $101.6 million and 36.9%Net income and diluted earnings per share of $35.2 million and $0.61, compared to $98.8 million and $1.73 in the prior year periodAdjusted net income and adjusted diluted earnings per share of $55.4 million and $0.96Adjusted EBITDA and margin of $110.2 million and 40.0%, compared to...