Benzinga -
- Embecta Corp (NASDAQ: EMBC) posted Q4 revenues of $274.6 million, down 8.7% on a reported basis and down 4.2% on a constant currency basis, beating the consensus of $261.01 million.
- Embecta registered a significant bottom-line skid into the red on a sales decline.
- The company posted losses of $(17.2) million. That amounts to $(0.30) per share.
- This time last year — as the diabetes arm of Becton, Dickinson And Company (NYSE: BDX) — Embecta posted profits of $97.1 million for the quarter, or $1.70 per share. However, Embecta noted that last year's numbers do not purport to reflect its performance if it were a standalone company.
- The company also struggled to match Wall Street's earnings projections of $0.66.
- In a news release, Embecta CEO Devdatt "Dev" Kurdikar attributed some struggles to the macroeconomic environment. That includes incremental headwinds from foreign exchange and inflation. Still, he said the fourth-quarter performance "exceeded" the company's guidance.
- Outlook: Embecta expects to log adjusted EPS of $1.75-$2.00 in 2023 and sales of $1.05-$1.073 billion compared to the consensus of $3.11 and $1.11 billion, respectively.
- Price Action: EMBC shares are down 13.73% at $28.02 on the last check Tuesday.
- Photo Via Company