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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.
Embecta
Embecta
Embecta Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com 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%
- We are unable to present a quantitative reconciliation of our expected adjusted gross margin, expected adjusted operating margin, expected adjusted diluted earnings per share, expected adjusted EBITDA and our expected adjusted EBITDA margin as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of any one-time items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income