Embecta has reported a net income of $14.6m, or $0.25 per diluted share, for the fourth quarter (Q4) of fiscal year 2024 (FY24), a 143.3% rise compared to $6m, or $0.1 per diluted share, for the respective quarter in 2023.
The medical technology company’s net income for Q4 FY24 decreased by 0.7% compared to $14.7m for the third quarter of fiscal year 2024 (Q3 FY24).
Embecta reported revenues of $286.1m for Q4 FY24, a 1.5% rise compared to $281.9m for the same quarter in 2023, and a 5% increase compared to $272.5m for Q3 FY24.
The company reported total operating expenses of $147.6m for Q4 FY24, a 5.4% decline compared to $156m for the same quarter in 2023.
Embecta reported a loss before tax of $7m for Q4 FY24, compared to an income before tax of $5m for the respective quarter in the previous year.
The company intends to complete its restructuring plan during the first half of fiscal year 2025 and discontinue the patch pump program and organisational restructuring plan.
Embecta CEO Devdatt Kurdikar said: “We are pleased to report a strong fourth quarter and end to our fiscal year, as we once again delivered results that exceeded our expectations across key financial metrics.
“We continued to execute on our strategic priorities, and to date, our significant accomplishments include the successful transition of approximately 98% of our revenue to our own ERP system, shared service capabilities, and distribution infrastructure, with India remaining as our only deferred market.
“Additionally, the recent launch of our small-pack GLP-1 needles in Germany has gone well, and we are evaluating expanding into other markets.”
Embecta reported a net income of $78.3m, or $1.34 per diluted share, for the full year ended 30 September 2024, an 11.2% rise compared to $70.4m, or $1.22 per diluted share, for the full year 2023.
The medical technology company reported revenues of $1.12bn for the full year 2024, almost unchanged compared to $1.12bn for the full year 2023.
Embecta reported total operating expenses of $568.4m for the full year 2024, a 7.6% $528.4 for the full year 2023.
The company reported an income before tax of $44.2m for the full year 2024, a 58.2% increase compared to $105.7m for the full year 2023.
Kurdikar added: “As our stand-up work nears completion and following an in-depth review of our portfolio and strategy, we have decided to discontinue our insulin patch pump program and initiate an organisational restructuring plan.
“We believe this approach will streamline operations, reduce costs and enhance our profitability and free cash flow profile.
“We intend to concentrate our resources on our core business and to prioritise our free cash flow towards paying down debt which we expect will give us the financial flexibility needed for future investments.”
