Embecta Corp. Files 8-K on Financials
Ticker: EMBC · Form: 8-K · Filed: Nov 26, 2024 · CIK: 1872789
| Field | Detail |
|---|---|
| Company | Embecta CORP. (EMBC) |
| Form Type | 8-K |
| Filed Date | Nov 26, 2024 |
| Risk Level | low |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.01, $25 million, $30 million, $10 million, $15 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-reporting, 8-K, company-update
TL;DR
Embecta Corp. filed an 8-K detailing financial results and exhibits.
AI Summary
Embecta Corp. filed an 8-K on November 26, 2024, reporting on its results of operations and financial condition. The filing includes financial statements and exhibits. The company was formerly known as Berra Newco, Inc. and changed its name on July 14, 2021.
Why It Matters
This 8-K filing provides investors with crucial updates on Embecta Corp.'s financial performance and condition, which can influence investment decisions.
Risk Assessment
Risk Level: low — This filing is a routine disclosure of financial information and does not indicate any immediate or significant risks.
Key Players & Entities
- Embecta Corp. (company) — Registrant
- Berra Newco, Inc. (company) — Former company name
- November 26, 2024 (date) — Date of report
- July 14, 2021 (date) — Date of name change
FAQ
What is the primary purpose of this 8-K filing for Embecta Corp.?
The primary purpose is to report on Embecta Corp.'s results of operations and financial condition, including financial statements and exhibits.
When was Embecta Corp. formerly known as?
Embecta Corp. was formerly known as Berra Newco, Inc.
On what date did the company change its name from Berra Newco, Inc.?
The company changed its name on July 14, 2021.
What is the principal executive office address for Embecta Corp.?
The address of the principal executive offices is 300 Kimball Drive, Suite 300, Parsippany, New Jersey 07054.
What is the SIC code for Embecta Corp.?
The Standard Industrial Classification (SIC) code for Embecta Corp. is 3841, which corresponds to SURGICAL & MEDICAL INSTRUMENTS & APPARATUS.
Filing Stats: 1,394 words · 6 min read · ~5 pages · Grade level 16.3 · Accepted 2024-11-26 06:55:02
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share EMBC The Nasdaq Stock Market
- $25 million — imates that it will incur approximately $25 million - $30 million in pre-tax cash-based cha
- $30 million — will incur approximately $25 million - $30 million in pre-tax cash-based charges primarily
- $10 million — imates that it will incur approximately $10 million - $15 million of additional pre-tax non
- $15 million — will incur approximately $10 million - $15 million of additional pre-tax non-cash charges
Filing Documents
- embc-20241126.htm (8-K) — 37KB
- q42024ex-991.htm (EX-99.1) — 444KB
- image_0.jpg (GRAPHIC) — 151KB
- 0001872789-24-000031.txt ( ) — 846KB
- embc-20241126.xsd (EX-101.SCH) — 2KB
- embc-20241126_lab.xml (EX-101.LAB) — 21KB
- embc-20241126_pre.xml (EX-101.PRE) — 12KB
- embc-20241126_htm.xml (XML) — 3KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition. On November 26, 2024, Embecta Corp. (the "Company") issued a press release (the "Earnings Release") regarding its results for the quarter and fiscal year ended September 30, 2024. The Earnings Release is furnished as Exhibit 99.1 to this report.
05. Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities. On November 22, 2024, the Company's Board of Directors approved a plan to discontinue internal and external investment in the research and development of its patch pump program. The Company will refocus its investment on its core business with the intent to optimize free cash flow and strengthen its balance sheet by paying down debt. As a result of this decision, the Company plans to undergo an organizational restructuring (the "Restructuring Plan"). In addition, the Company intends to discontinue its plans to manufacture and commercialize the insulin delivery system, including the previous intended limited launch. The Company estimates that it will incur approximately $25 million - $30 million in pre-tax cash-based charges primarily associated with employee severance payments and benefits related to the workforce reduction. The Company also expects that the majority of the restructuring charges related to the workforce reduction will be incurred in the first quarter of fiscal 2025 and that the implementation of the workforce reduction, including cash payments, will be substantially complete by the end of the second quarter of fiscal year 2025. Additionally, the Company estimates that it will incur approximately $10 million - $15 million of additional pre-tax non-cash charges related to asset impairments and asset write-offs. However, the Company has not yet completed its analysis of the expected additional pre-tax non-cash charges associated with the implementation of the Restructuring Plan. Investors should note that the estimates of the pre-tax cash charges and additional charges that the Company expects to incur in connection with the Restructuring Plan, and the timing thereof, are subject to a number of assumptions and actual amounts may differ materially from estimates. In addition, the Company may incur other pre-tax cash charges or additional charges not currently contemplated due to unanticip
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits The following is furnished as an exhibit to this report: 99.1 Press Release, dated November 26, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EMBECTA CORP. Dated: November 26, 2024 By: /s/ Jacob Elguicze Jacob Elguicze Chief Financial Officer