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Embecta Corp. (EMBC-0.05%) has filed its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports revenues of $1,123.1 million, a slight increase from $1,120.8 million in the prior year. This increase was primarily driven by favorable changes in pricing, partially offset by unfavorable changes in volume and foreign currency translation impacts.
Cost of products sold increased to $387.9 million from $370.9 million, attributed to inflation in raw material costs, labor, and manufacturing variances.
Operating income decreased to $166.8 million from $221.5 million, with operating expenses rising due to increased compensation costs and expenses related to the implementation of a new ERP system.
Net income for the year was $78.3 million, compared to $70.4 million in the previous year. The increase was due to a reduction in income tax provision.
Embecta reported a material weakness in its internal control over financial reporting related to the design and operation of certain process and management review controls.
The company announced a plan to discontinue investment in its patch pump program and focus on its core business, estimating pre-tax charges related to this decision.
Embecta's cash and equivalents were $274.2 million as of September 30, 2024, down from $326.5 million the previous year, primarily due to cash used in financing activities.
The company maintains a revolving credit facility of $500 million, with no amounts drawn as of the filing date.
Embecta's Board of Directors declared a quarterly dividend of $0.15 per share, payable on December 18, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Embecta Corp. annual 10-K report dated December 11, 2024. To report an error, please email earnings@qz.com.