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Dec 31, 2022
Embecta Q1 2023 Earnings Report
Reported financial results for the first quarter of fiscal year 2023, exceeding initial expectations despite a challenging operating environment.
Key Takeaways
Embecta Corp. reported its first quarter fiscal year 2023 financial results, with revenues of $275.7 million, a decrease of 4.7% on a reported basis but an increase of 0.7% on a constant currency basis. The company's performance exceeded initial expectations, and they are raising their guidance for key financial reporting metrics.
Revenues were $275.7 million, down 4.7% on a reported basis and up 0.7% on a constant currency basis.
U.S. revenues decreased 1.1% on both a reported and constant currency basis.
International revenues decreased 8.7% on a reported basis, and increased 2.6% on a constant currency basis.
Net income and diluted earnings per share were $35.2 million and $0.61, respectively.
Revenue by Geographic Location
Forward Guidance
For fiscal year 2023, the Company now expects revenues between $1,084 - $1,107 million, adjusted gross margin of approximately 63.5%, adjusted operating margin of approximately 26.5%, adjusted diluted earnings per share between $2.20 - $2.35, and adjusted EBITDA margin of approximately 31.5%.
Positive Outlook
- Revenues: $1,084 - $1,107 million
- As Reported (%): (4.0%) - (2.0%)
- Constant Currency (%): (1.5%) - 0.5%
- Contract Manufacturing: $5 - $10 million
- Adjusted Gross Margin (%): ~63.5%
Challenges Ahead
- F/X (%): (2.5%) - (2.5%)
- Adjusted Operating Margin (%): ~26.5%
- Adjusted Diluted Earnings per Share: $2.20 - $2.35
- Adjusted EBITDA Margin (%): ~31.5%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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