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Dec 31, 2023
Embecta Q1 2024 Earnings Report
Embecta reported strong financial results for Q1 2024, exceeding expectations and transitioning a significant portion of revenue to its own ERP system.
Key Takeaways
Embecta Corp. reported a revenue increase of 0.6% to $277.3 million in Q1 2024. The company also progressed on strategic priorities, including the 510(k) filing of its open-loop patch pump with the FDA and raised its guidance for certain key financial reporting metrics.
Revenues increased 0.6% to $277.3 million, but decreased 0.3% on a constant currency basis.
The company transitioned approximately sixty percent of its revenue to its own ERP system, shared service capability and distribution infrastructure.
A 510(k) premarket filing was submitted for the open-loop insulin delivery system with the U.S. Food and Drug Administration.
Fiscal year 2024 revenue guidance was updated to $1,094 - $1,116 million.
Embecta
Embecta
Embecta Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
For fiscal year 2024, the Company now expects revenues of $1,094 - $1,116 million, adjusted gross margin of 63.0% - 64.0%, adjusted operating margin of 23.75% - 24.75%, adjusted earnings per diluted share of $1.95 - $2.15 and adjusted EBITDA margin of 29.5% - 30.5%.
Positive Outlook
- Revenue: $1,094 - $1,116 million
- As Reported (%): (2.4%) - (0.4%)
- Constant Currency (%): (2.0%) - 0.0%
- Adjusted Gross Margin (%): 63.0% - 64.0%
- Adjusted Operating Margin (%): 23.75% - 24.75%
Challenges Ahead
- F/X (%): (0.4)%
- Contract Manufacturing: $2 - $5 million
- Adjusted Earnings per Diluted Share: $1.95 - $2.15
- Adjusted EBITDA Margin (%): 29.5% - 30.5%
- Previous Revenue: $1,085 - $1,105 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income