BD Diabetes Spinoff EmbectaEmbecta (Nasdaq:EMBC) shares took a hit this morning despite Street-beating first-quarter results and increased 2024 guidance.

Shares of EMBC fell 7.8% at $16.37 apiece as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — opened today relatively even.

The Parsippany, New Jersey-based BD Diabetes spinoff posted profits of $20.1 million in the quarter. That equals 35¢ per share on sales of $277.3 million for the three months ended Dec. 31, 2023. Embecta recorded a 42.9% bottom-line slide on sales growth of 0.6%.

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