embecta Q2 Revenue $22.18M, Significantly Below Expectations
Reports Q2 revenue $22.18M, consensus $235.66M. "We were disappointed with our second quarter results as they were significantly below our expectations, driven by a combination of factors which impacted our U.S. business, including increased competitive dynamics and softness in overall market volumes. Our International business performed in line with expectations," said Devdatt Kurdikar, Chairman, President and CEO of embecta. Kurdikar continued, "Given our results, we have initiated a review of our cost structure and organizational footprint and expect to communicate findings and any resulting actions to investors once that process is complete. Our lowered financial guidance assumes that the dynamics which impacted our U.S. business during the second quarter will continue for the balance of the year, as well as the addition of Owen Mumford."
