Embecta (NASDAQ:EMBC) President and CEO Devdatt Kurdikar said the company’s recent U.S. business reset reflected a combination of customer-specific share loss, softer market trends and inventory-related factors, while emphasizing that the diabetes device maker is continuing a broader diversification strategy intended to make the business less dependent on its core insulin injection franchise.
Speaking at a Bank of America event, Kurdikar described the company’s most recent quarter — Embecta’s fiscal second quarter and calendar first quarter — as “unquestionably a challenging quarter.” He said the U.S. business, which represents about half of Embecta’s global business, had been stable for years following the company’s spinout, even through COVID-related disruptions and inflationary pressures.
