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Jun 30, 2023
Embecta Q3 2023 Earnings Report
Embecta reported financial results for the third quarter of fiscal year 2023.
Key Takeaways
Embecta's Q3 2023 revenues were $286.1 million, a decrease of 1.7% on a reported basis and 0.3% on a constant currency basis. The company reported a net income of $15.2 million, or $0.26 per diluted share, compared to $62.4 million, or $1.07 per diluted share, in the prior year period. Adjusted net income was $39.8 million, or $0.69 per diluted share. The company is tightening and raising its fiscal 2023 outlook for key financial metrics.
Revenues of $286.1 million, down 1.7% on a reported basis; down 0.3% on a constant currency basis.
U.S. revenues decreased 2.6% on both a reported and constant currency basis.
International revenues decreased 0.7% on a reported basis, and increased 2.4% on a constant currency basis.
Adjusted earnings per diluted share of $0.69.
Revenue by Geographic Location
Forward Guidance
For fiscal year 2023, the Company now expects revenues between $1,107 - $1,113 million, contract manufacturing ~$11 million, adjusted gross margin ~66.0%, adjusted operating margin ~29.5%, adjusted earnings per diluted share between $2.75 - $2.80, and adjusted EBITDA margin ~33.5%.
Positive Outlook
- Revenues: $1,107 - $1,113 million
- Constant Currency: 0.5% - 1.0%
- Adjusted Gross Margin: ~66.0%
- Adjusted Operating Margin: ~29.5%
- Adjusted Earnings per Diluted Share: $2.75 - $2.80
Challenges Ahead
- As Reported (%): (2.0%) - (1.5%)
- F/X (%): (2.5)%
- Contract Manufacturing: ~$11 million
- We are unable to present a quantitative reconciliation of our expected adjusted gross margin, expected adjusted operating margin, expected adjusted earnings per diluted 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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