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Embecta (EMBC) Q2 FY2022 earnings: revenue $274 million, down 3.4% on the year

Embecta Corp. (EMBC) reported revenue of $274 million for Q2 FY2022, the quarter ended 31 March 2022, down 3.4% on the same quarter a year earlier as this quarter's filing gives it. Net income was $80 million, down 26.2% on the year as this quarter's filing gives it, and diluted earnings per share $1.38. The figures are the company's own, from the 10-Q it filed with the SEC on 13 May 2022.

Revenue$274 milliondown 3.4% on the year
Net income$80 milliondown 26.2% on the year
Diluted EPS$1.38
QuarterQ2 FY2022ended 31 March 2022

The quarter, against the one before and a year earlier

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Revenue274289n/an/a
Cost of revenue83.385.4n/an/a
Gross profit191204n/an/a
Gross margin69.7%70.5%n/a
Research and development18.016.7n/an/a
Selling, general and administrative66.962.2n/an/a
Operating income98.9117n/an/a
Operating margin36.0%40.3%n/a
Interest expense4.9n/an/an/a
Pre-tax income93.9117n/an/a
Income tax14.317.8n/an/a
Effective tax rate15.2%15.3%n/a
Net income79.698.8n/an/a
Net margin29.0%34.2%n/a
Diluted EPS$1.38$1.73n/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Operating cash flow183139n/an/a
Capital expenditure5.44.3n/an/a
Free cash flow177134n/an/a
Free cash flow margin64.6%46.5%n/a
Cash from investing-5.8-4.3n/an/a
Cash from financing90.3-134n/an/a
Depreciation and amortisation6.78.4n/an/a
Share-based compensation3.94.6n/an/a
Diluted shares, weighted58m57mn/an/a
Shares outstanding at period end58m57mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Shareholders' equity-968550n/an/a
Debt1,6100.0n/an/a
Other liabilities191189n/an/a
Total liabilities and equity834740n/an/a
Fixed assets356436n/an/a
Goodwill15.715.6n/an/a
Intangible assets19.018.3n/an/a
Cash and equivalents2640.0n/an/a
Receivables15.2118n/an/a
Inventory122119n/an/a
Other assets41.232.1n/an/a
Total assets834740n/an/a

Questions

What was Embecta's revenue in Q2 FY2022?

Embecta (EMBC) reported revenue of $274 million for Q2 FY2022, the quarter ended 31 March 2022, down 3.4% on the same quarter a year earlier as the company restated it.

How much did Embecta earn in Q2 FY2022?

Net income for Q2 FY2022 was $80 million, down 26.2% on the year, and diluted earnings per share $1.38.

When did Embecta report Q2 FY2022 results?

Embecta filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 13 May 2022.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue301289274291275276277286282277287272286262259296264261222272
Cost of revenue90.685.483.388.297.786.987.396.610091.410282.411210594.998.410699.594.0118
Gross profit210204191203177189190190182186185190174157164197158162128153
Gross margin70%70%70%70%64%68%68%66%64%67%65%70%61%60%63%67%60%62%58%56%
R&D19.516.718.014.317.916.922.122.623.620.218.420.419.820.38.04.44.64.65.45.6
SG&A70.862.266.983.881.972.885.287.695.790.392.385.796.881.179.684.486.977.676.278.6
Operating income11711798.997.1-3.088.855.651.325.845.539.255.926.228.762.994.056.583.335.048.7
Operating margin39%40%36%33%-1%32%20%18%9%16%14%21%9%11%24%32%21%32%16%18%
Interest expensen/an/a4.9n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Pre-tax income11611793.973.6-27.556.124.520.15.014.39.927.0-7.0-0.735.872.229.058.99.527.6
Tax rate17%15%15%15%n/a37%43%24%-20%-41%-192%46%n/an/a34%37%9%25%143%24%
Net income96.998.879.662.4-17.235.214.015.26.020.128.914.714.60.023.545.526.444.1-4.121.1
Net margin32%34%29%21%-6%13%5%5%2%7%10%5%5%0%9%15%10%17%-2%8%
Diluted EPSn/a$1.73$1.38$1.07-$0.30$0.61$0.24$0.26$0.10$0.35$0.50$0.25$0.25$0.00$0.40$0.78$0.45$0.74-$0.07$0.36
Operating cash flow85.513918332.858.060.4-13.0-9.329.6-13.124.3-2.126.6-5.331.881.284.017.231.141.8
Capital expenditure12.84.35.45.38.64.75.86.89.22.73.49.70.01.50.10.47.30.60.51.1
Free cash flow72.713417727.549.455.7-18.8-16.120.4-15.820.9-11.826.6-6.831.780.876.716.630.640.7
Dividends paid0.0n/an/a0.0n/a0.017.28.68.68.68.68.68.78.88.78.78.88.98.90.6
Shares outstanding57m57m58m58m57m57m57m57m57m58m58m58m58m58m58m58m58m59m59m57m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 13 May 2022: the filing.