Embecta (Nasdaq:EMBC) shares dipped before the market opened today on fourth-quarter results that came in mixed compared to the consensus forecast.
EMBC shares fell more than 12% to $29.73 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 4%.
The Parsippany, New Jersey-based company posted losses of $17.2 million. That amounts to 30¢ per share on sales of $274.6 million for the three months ended Sept. 30, 2022.
Embecta registered a significant bottom-line skid into the red on a sales decline of 8.7%. This time last year — as the diabetes arm of BD — Embecta posted profits of $97.1 million for the quarter. However, Embecta noted that last year’s numbers do not purport to reflect its performance if it were a standalone company.
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