Embecta (Nasdaq:EMBC) shares received a boost today on fourth-quarter results that came in well ahead of the consensus forecast.
Shares of EMBC ticked up 7.9% at $30.67 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 11.3%.
Wall Street’s positive reaction to the results is likely attributable to Embecta’s sizeable guidance increase for 2023.
The company now projects adjusted EPS to range between $2.20 and $2.35. That marks a significant rise from previous expectations for between $1.75 and $2. Embecta also upped its revenue guidance, now projecting between $1.084 billion and $1.107 billion. Its previous range fell between $1.05 billion and $1.073 billion.
The company now projects adjusted EPS to range between $2.20 and $2.35. That marks a significant rise from previous expectations of between $1.75 and $2. Embecta also upped its revenue guidance, now projecting between $1.084 billion and $1.107 billion. Its previous range fell between $1.05 billion and $1.073 billion.
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