NASDAQ$EMBC
Embecta Corp · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Embecta reported financial results for the third quarter of fiscal year 2023.
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.
Headline financials
Revenue & EPS history
Embecta · Revenue · Quarterly
$286M
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%.
Tailwinds
- 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
Headwinds
- 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.
- The financial impact of these one-time items is uncertain and is dependent on various factors, including timing, and could be material to our Condensed Consolidated Statements of Income.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2023
+2.6%
Avg return
Earnings day
-0.9%
Avg return
5 days after
-8.3%
Avg return
30 days after
42%
8 / 19 earnings
Positive
+42.9%
Q4 2024
Best reaction
-15.7%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +1.1% | -60.6% | -63.0% | |
| Q1 2026 | -7.8% | -9.3% | -20.1% | |
| Q4 2025 | -7.3% | -12.9% | -17.5% | |
| Q2 2025 | -9.7% | -12.9% | -26.4% | |
| Q1 2025 | -2.6% | -3.8% | -29.9% | |
| Q4 2024 | +42.9% | +44.6% | +44.6% | |
| Q3 2024 | +2.9% | +2.9% | +6.8% | |
| Q2 2024 | +38.7% | +42.2% | +21.1% | |
| Q1 2024 | -15.7% | -18.1% | -22.5% | |
| Q4 2023 | +7.9% | +7.1% | +14.3% | |
| Q3 2023 | -0.5% | -3.6% | -27.3% | |
| Q2 2023 | -0.7% | -3.4% | -11.8% | |
| Q1 2023 | +15.3% | +12.0% | +3.9% | |
| Q4 2020 | -1.9% | -4.3% | -15.4% | |
| Q4 2022 | -13.6% | -15.3% | -28.1% | |
| Q3 2021 | +12.7% | +16.6% | +13.3% | |
| Q3 2022 | +12.7% | +16.6% | +13.3% | |
| Q2 2022 | -12.6% | -7.7% | -6.2% | |
| Q2 2021 | -12.6% | -7.7% | -6.2% | |
| Q4 2021 | — | — | — | |
| Q1 2022 | — | — | — |
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