Business
Embecta Corp. Reports Third Quarter Fiscal 2023 Financial Results
PARSIPPANY, N.J., Aug. 08, 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., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta” or the \"Company\") (Nasdaq: EMBC), a global diabetes care company, today reported financial results for the three- and nine-month periods ended June 30, 2023. \"Having completed nearly a year and a half as an independent, publicly-traded company, we continue to make significant progress in building an organization well-positioned to advance our mission to develop and provide solutions that make life better for people living with diabetes,\" said Devdatt (Dev) Kurdikar, Chief Executive Officer of embecta. \"We remain steadfast in our focus on three strategic priorities: strengthening our base business, separating and standing up embecta as an independent company, and investing for growth. While executing against initiatives in each of these areas, we continued to deliver quarterly financial results that exceeded our expectations. With strong year-to-date performance, we are tightening and raising our fiscal 2023 outlook 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 nine-month periods ended June 30, 2023 and June 30, 2022 are not meaningfully comparable. Third Quarter Fiscal Year 2023 Financial Highlights: Revenues of $286.1 million, down 1.7% on a reported basis; down 0.3% on a constant currency basis U.S. revenues decreased 2.6% on both a reported and constant currency basisInternational revenues decreased 0.7% on a reported basis, and increased 2.4% on a constant currency basis Gross profit and margin of $189.5 million and 66.2%, compared to $202.9 million and 69.7% in the prior year periodAdjusted gross profit and margin of $189.6 million and 66.3%Operating income and margin of $51.3 million and 17.9%, compared to $97.1 million and 33.4% in the prior year periodAdjusted operating income and margin of $79.8 million and 27.9%Net income and earnings per diluted share of $15.2 million and $0.26, compared to $62.4 million and $1.07 in the prior year periodAdjusted net income and adjusted earnings per dil...