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Embecta Corp. Reports Fiscal 2023 Fourth Quarter and Full Year Financial Results and Provides Initial Fiscal 2024 Financial Guidance
PARSIPPANY, N.J., Nov. 21, 2023 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta” or the "Company") (Nasdaq: EMBC), a global diabetes care company, today reported
About this update from Embecta Corp.
[{"type":"text","content":"PARSIPPANY, N.J., Nov. 21, 2023 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta” or the \"Company\") (Nasdaq: EMBC), a global diabetes care company, today reported financial results for the three- and twelve-month periods ended September 30, 2023. \"During fiscal 2023, our first full year as an independent company, we delivered better than expected performance during each quarter, including strong performance during our fiscal fourth quarter,\" said Devdatt (Dev) Kurdikar, Chief Executive Officer of embecta. \"As we look ahead to fiscal 2024, we remain focused on advancing our strategic priorities and continuing to invest in the development of our type 2 closed loop insulin delivery system.\" embecta spun off from Becton, Dickinson and Company (“BD”) on April 1, 2022 (the \"Separation Date\"). 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 twelve-month periods ended September 30, 2022 and September 30, 2023 are not meaningfully comparable. Fourth Quarter Fiscal Year 2023 Financial Highlights: Revenues of $281.9 million, up 2.7% on a reported basis; up 2.1% on a constant currency basis U.S. revenues increased 1.3% on both a reported and constant currency basisInternational revenues increased 4.3% on a reported basis, and increased 3.0% on a constant currency basis Gross profit and margin of $181.8 million and 64.5%, compared to $176.9 million and 64.4% in the prior year periodAdjusted gross profit and margin of $182.6 million and 64.8%Operating income (loss) and margin of $25.8 million and 9.2%, compared to $(3.0) million and (1.1)% in the prior year periodAdjusted operating income and margin of $65.2 million and 23.1%Net income (loss) of $6.0 million and earnings per diluted share of $0.10. This compares to net income (loss) of $(17.2) million and earnings per diluted share of $(0.30) in the prior year period inclusive of an impairment charge of $58.9 million related to the abandonment of certain manufacturing production lines in the United States that are no longer expected to be completed, and a $5.5 million charge related to purchase commitments associated with the abandonment of the assets noted above.Adjusted net...