• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

Drug Delivery Business

  • Clinical Trials
  • Research & Development
  • Drug-Device Combinations
  • FDA
  • Pharmaceuticals
  • Policy

Embecta increases 2023 guidance, reports closed-loop insulin delivery tech progress

August 8, 2023 By Sean Whooley

BD Diabetes Spinoff EmbectaEmbecta (Nasdaq:EMBC) shares rose this morning as it increased its full-year guidance and shared an update on its automated insulin delivery technology.

The company also reported third-quarter results that came in ahead of the consensus forecast.

Shares of EMBC ticked up 3.1% at $22.27 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remained unchanged.

Since its spinoff from BD last year, Embecta says it continues to make progress on the development of a closed-loop insulin delivery system for type 2 diabetes. The system utilizes its proprietary patch pump system, which holds FDA breakthrough device designation.

Additionally, Embecta has an ongoing collaboration with Tidepool on automated insulin delivery. The companies commenced engineering work to integrate Tidepool’s insulin dosing algorithm with the patch pump to develop a closed-loop system. They also initiated a small observational study to analyze type 2 diabetes patients using Tidepool’s algorithm.

The rest of the financial results for Embecta

The Parsippany, New Jersey-based diabetes technology company posted profits of $15.2 million in the quarter. That equals 26¢ per share on sales of $286.1 million for the three months ended June 30, 2023.

Embecta recorded a 75.6% bottom-line slide on a sales decline of 1.7%.

Adjusted to exclude one-time items, earnings per share totaled 69¢. That landed 23¢ ahead of projections on Wall Street, where analysts expected $275.1 million in revenue.

“Having completed nearly a year and a half as an independent, publicly-traded company, we continue to make significant progress in building an organization well-positioned to advance our mission to develop and provide solutions that make life better for people living with diabetes,” said Devdatt (Dev) Kurdikar, CEO of Embecta. “We remain steadfast in our focus on three strategic priorities: strengthening our base business, separating and standing up Embecta as an independent company, and investing for growth. While executing against initiatives in each of these areas, we continued to deliver quarterly financial results that exceeded our expectations.

“With strong year-to-date performance, we are tightening and raising our fiscal 2023 outlook for our key financial metrics.”

Embecta now projects revenues between $1.107 billion and $1.113 billion. It tightened the low end of the previous forecast for $1.101 billion to $1.113 billion. It raised both ends of its adjusted EPS guidance from $2.50 to $2.60 up to $2.75 to $2.80.

The analysts’ view

BTIG analysts Marie Thibault and Sam Eiber wrote in a report that they like Embecta’s “consistent earnings track record.” They also look positively upon the company’s geographic diversity, cash flow and dividend payments.

However, they maintain a “Neutral” rating for a number of reasons, including flat total sales growth and a lack of detail on catalysts. Additionally, positive study results for a diabetes drug from Novo Nordisk “may add to noise around the GLP-1 drug class.” They said that applies pressure on Embecta’s shares.

The analysts still say a large funnel of patients needing insulin should continue growing as emerging markets won’t have access to the drug class for years.

“We view EMBC as a value story that is undertaking a multiyear transition to a growth play, as the company is making long-term investments in commercial programs and R&D initiatives,” the analysts wrote.

Filed Under: Business/Financial News, Diabetes, Drug-Device Combinations, Featured, MassDevice Earnings Roundup, Technology, Wall Street Beat Tagged With: BD, embecta

IN CASE YOU MISSED IT

  • Glooko adds chief strategy officer to chief medical officer’s title
  • Cordis launches 10,000-patient registry for drug-eluting balloon
  • Senseonics opens $50M public offering, $25M private placement with Abbott
  • Study links Abbott CGM use to lower risk of hospitalizations due to heart complications
  • Go-Pen ApS wins FDA nod for user-filled insulin pen

About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

Primary Sidebar

“ddb
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news and trends happening now in drug delivery.

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.

Footer

Drug Delivery Business News Logo

MassDevice Medical NETWORK

MassDevice
DeviceTalks
Medical Tubing + Extrusion
Medical Design & Outsourcing
MedTech100 Index
Drug Discovery & Development
Pharmaceutical Processing World
Medical Design Sourcing
R&D World

DRUG DELIVERY BUSINESS NEWS

Subscribe to Drug Delivery’s E-Newsletter
Advertise with us
About
Contact us
Privacy
Listen to our Weekly Podcasts

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy | RSS