By Denny Jacob
Embecta Corp. shares fell 7.9% to $26.60 in early trading Friday after the company reported second-quarter results and lowered its revenue guidance for the last six months of fiscal 2022.
The medical device manufacturer and distributor logged net income of $79.6 million, or $1.38 a share, for the quarter ended March 31, compared with net income of $107.9 million, or $1.87 a share, in the year-ago period.
Revenue declined to $274.5 million from $284.2 million. The company said the drop was primarily due to unfavorable effects from foreign currency translation in countries with revenues denominated in euros.
The company guided for revenue of $555 million in the last six months of fiscal 2022, a decrease of 7% compared with revenue of $596 million for the last six months of fiscal 2021.
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(END) Dow Jones Newswires