Business
Embecta Corp. Reports Fiscal 2022 Fourth Quarter and Full Year Financial Results
PARSIPPANY, N.J., Dec. 20, 2022 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta”) (Nasdaq: EMBC), one of the largest pure-play diabetes care companies in the
About this update from Embecta Corp.
[{"type":"text","content":"PARSIPPANY, N.J., Dec. 20, 2022 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta”) (Nasdaq: EMBC), one of the largest pure-play diabetes care companies in the world, today reported financial results for the three and twelve month periods ended September 30, 2022. “2022 was a milestone year for embecta, our first as a public company,” said Devdatt “Dev” Kurdikar, Chief Executive Officer of embecta. “We are very proud of our colleagues around the world, whose perseverance, collaboration, and focus led to this performance notwithstanding a dynamic and challenging macro environment. Despite incremental headwinds from foreign exchange and inflation, our fourth quarter and second half of fiscal year 2022 results exceeded our guidance and advanced our mission to develop and provide solutions that make life better for people living with diabetes. Looking forward, fiscal year 2023 will be a critical year as we take steps to further strengthen our core business, make additional progress towards separating and standing up embecta as an independent company, and invest in growth opportunities, including the further development of our type 2 closed loop insulin delivery system.” embecta was 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 and twelve month periods ended September 30, 2021 and September 30, 2022 are not meaningfully comparable. Fourth Quarter Fiscal Year 2022 Financial Highlights: Revenues of $274.6 million, down 8.7% on a reported basis; down 4.2% on a constant currency basis U.S. revenues decreased 5.9% on both a reported and constant currency basisInternational revenues decreased 11.9% on a reported basis, and decreased 2.3% on a constant currency basis Gross profit and margin of $176.9 million and 64.4%, compared to $209.7 million and 69.7% in the prior year periodAdjusted gross profit and margin of $176.9 million and 64.4%, compared to $209.7 million and 69.7% in the prior year periodNet income (loss) of $(17.2) million inclusive of an impairment charge of $58.9 million related to the abandonment of certain manufacturing production lines in ...