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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.
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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