Business
Embecta Corp. Reports Second Quarter Fiscal 2023 Financial Results
PARSIPPANY, N.J., May 12, 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., May 12, 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- and six-month periods ended March 31, 2023. \"Following our solid first quarter performance, I am pleased to say that our second quarter results have once again exceeded our internal expectations,\" said Devdatt (Dev) Kurdikar, Chief Executive Officer of embecta. \"We remain focused on executing our three key strategic priorities: strengthening our base business, separating and standing up embecta as an independent company, and investing for growth. During the second quarter, we made progress in each of these areas, as evidenced by our strong revenue performance; exiting additional transition service agreements with BD; and advancing our insulin patch pump program, including reaching an agreement with an innovative third-party algorithm developer. Given our financial performance during the first half of the year, coupled with our outlook for the remainder of the year, we are once again raising our guidance for our key financial metrics.\" 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 three and six-month periods ended March 31, 2023 and March 31, 2022 are not meaningfully comparable. Second Quarter Fiscal Year 2023 Financial Highlights: Revenues of $277.1 million, up 0.9% on a reported basis; up 4.0% on a constant currency basis U.S. revenues increased 3.6% on both a reported and constant currency basisInternational revenues decreased 1.9% on a reported basis, and increased 4.4% on a constant currency basis Gross profit and margin of $189.8 million and 68.5%, compared to $191.2 million and 69.7% in the prior year periodAdjusted gross profit and margin of $190.1 million and 68.6%Operating income and margin of $55.6 million and 20.1%, compared to $98.9 million and 36.0% in the prior year periodAdjusted operating income and margin of $84.9 million and 30.6%Net income and earnings per diluted...