In This Story
Embecta Corp. (EMBC-1.11%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $261.9 million from $277.3 million in the same quarter the previous year. The decrease is attributed to unfavorable changes in volume and foreign currency translation.
Cost of products sold for the quarter was $104.8 million, representing 40% of revenues, compared to 33% in the same quarter of the previous year. This increase is due to a non-cash asset impairment charge related to the discontinuation of the patch pump program.
The company reported a gross profit of $157.1 million for the quarter, compared to $185.9 million in the previous year, with the decline attributed to increased costs.
Selling and administrative expenses decreased to $81.1 million from $90.3 million, primarily due to lower costs related to transition services agreements and marketing expenses.
Research and development expenses were $20.3 million, slightly up from $20.2 million, due to asset impairments from discontinuing the patch pump program.
Net income for the quarter was $0.0 million, down from $20.1 million in the previous year. The decline is attributed to increased operating expenses and lower revenues.
Cash used in operating activities was $5.3 million, while cash used in investing and financing activities was $1.5 million and $45.2 million, respectively.
Embecta had cash and equivalents of $216.7 million as of December 31, 2024, down from $274.2 million as of September 30, 2024.
The filing also details the company's restructuring plan, which includes discontinuing investment in the patch pump program and refocusing on core business areas.
Embecta continues to monitor geopolitical conflicts and macroeconomic conditions, which may impact its business operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Embecta Corp. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.