Shares of Embecta (NASDAQ: EMBC.V) were tanking on Friday, falling 13% lower as of 10:54 a.m. ET. The decline came after the diabetes care company reported its fiscal year 2024 first-quarter results.

Despite the big sell-off, Embecta reported positive Q1 results. The company generated revenue in the quarter of $277.3 million, up 0.6% year over year and better than the average analysts' estimate of $264.9 million.

Embecta also posted earnings of $20.1 million, or $0.35 per share, based on generally accepted accounting principles (GAAP). This result reflected a sharp decline from the prior-year period. However, the company's adjusted earnings per share of $0.61 million blew past the consensus Wall Street estimate of $0.45 per share.

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Source Fool.com