Embecta Slips To Loss In Q4

(RTTNews) - Diabetes management company Embecta Corp. (EMBC), which listed on the NASDAQ on Apr.1, 2022 after spinning-off from medical technology company Becton, Dickinson and Co. (BDX), announced Tuesday a net loss of $17.2 million or $0.30 per share, compared to net income of $97.1 million or $1.70 per share in the prior-year quarter.

Revenues for the quarter decreased 8.7 percent to $274.6 million from $300.8 million in the same quarter last year. It was also down 4.2 percent on a constant currency basis.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenues of $261.01 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $1.75 to $2.00 per share on revenues between $1.050 billion and $1.073 billion. The Street is looking for earnings of $3.11 per share on revenues of 1.11 billion for the year.

The Company's Board of Directors also declared a quarterly cash dividend of $0.15 for each issued and outstanding share of the Company's common stock, payable on January 11, 2023 to stockholders of record at the close of business on December 30, 2022.