Business
Embecta Corp. Reports Third Quarter Fiscal 2024 Financial Results
PARSIPPANY, N.J., Aug. 09, 2024 (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. 09, 2024 (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, 2024. \"During the third quarter our business performed in alignment with our expectations. We generated strong gross, operating and EBITDA margins even as revenue was impacted by the expected timing of customer orders that had positively impacted our second quarter results,\" said Devdatt (Dev) Kurdikar, Chief Executive Officer of embecta. \"From a year-to-date perspective, our financial results demonstrated the continued resilience and stability of our business.\" \"Additionally, I’m proud of the significant strides we have made as an organization in advancing our strategic priorities, including the transition to our own enterprise resource planning (“ERP”) system, shared service capability and distribution infrastructure, which is now complete in most regions of the world. Furthermore, we made progress on our 510(k) application for the open-loop patch pump program. Lastly, given the strong year-to-date performance, coupled with our outlook for the remainder of the year, we are once again tightening and raising our fiscal 2024 outlook for certain financial metrics.\" Third Quarter Fiscal Year 2024 Financial Highlights: Revenues of $272.5 million, down 4.8% on a reported basis; down 3.9% on a constant currency basis U.S. revenues decreased 6.7% on both a reported and constant currency basisInternational revenues decreased 2.5% on a reported basis, and 0.6% on a constant currency basis Gross profit and margin of $190.1 million and 69.8%, compared to $189.5 million and 66.2% in the prior year periodAdjusted gross profit and margin of $190.3 million and 69.8%, compared to $189.6 million and 66.3% in the prior year periodOperating income and margin of $55.9 million and 20.5%, compared to $51.3 million and 17.9% in the prior year periodAdjusted operating income and margin of $83.3 million and 30.6%, compared to $79.8 million and 27.9% in the prior year periodNet income and earnings per diluted share of $14.7 million and $0.25, compared to $15.2 million and $0.26 in the prior year periodAdjusted net income and adjusted earnings per diluted share of $43.0 million and $0.74, compared to $39.8 million and $0.69...