Exhibit 99.1 Embecta Corp. Reports Fiscal 2024 Fourth Quarter and Full Year Financial Results; Provides Initial Fiscal Year 2025 Financial Guidance; Discontinues Insulin Patch Pump Program; and Announces Restructuring to Streamline Operations and Reduce Costs PARSIPPANY, N.J., November 26, 2024 (GLOBE NEWSWIRE) – Embecta Corp. ("embecta" or the "Company") (Nasdaq: EMBC), a global diabetes care company, today reported financial results for the three- and twelve-month periods ended September 30, 2024. "We are ...

PARSIPPANY, N.J., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Embecta Corp. (“embecta” or the "Company") (Nasdaq: EMBC), a global diabetes care company, today reported financial results for the three- and twelve-month periods ended September 30, 2024. "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 accomplishment ...

Core Viewpoint - Embecta Corp. will host a conference call to discuss its fiscal fourth quarter and full year 2024 financial results, along with preliminary financial guidance for fiscal year 2025 on November 26, 2024 [1]. Group 1: Company Overview - Embecta is a global diabetes care company with a 100-year legacy in insulin delivery, focused on empowering people with diabetes through innovative solutions and partnerships [3]. - The company employs over 2,000 individuals worldwide, emphasizing its commitment to improving the lives of those with diabetes [3]. Group 2: Conference Call Details - The conference call is scheduled for 8:00 a.m. Eastern Time (ET) on November 26, 2024, and will be accessible via a live webcast and teleconference [1][2]. - A replay of the call will be available starting at 11:00 a.m. ET on the same day and will be archived for one year on the company's investor relations website [2].

Group 1 - Embecta Corp. will host a conference call on November 26, 2024, at 8:00 a.m. ET to discuss its fiscal fourth quarter and full year 2024 financial results, along with preliminary fiscal year 2025 financial guidance [1] - Participants can access the live webcast through the company's website or via a teleconference link, with a replay available starting November 21, 2024 [2] - Embecta is a global diabetes care company with a 100-year legacy in insulin delivery, focusing on empowering people with diabetes through innovative solutions and partnerships [3]

Core Insights - Embecta Corp. has received FDA 510(k) clearance for its disposable patch pump designed for insulin delivery, marking a significant advancement in diabetes care for Type 2 diabetes (T2D) patients [1][2] - The new insulin delivery system is expected to enhance Embecta's market position by addressing the unmet needs of T2D patients, a segment historically underserved by existing insulin pump technologies [2][10] Company Developments - The newly approved system features a 300-unit insulin reservoir, which is sufficient for 64% of T2D patients over three days, compared to only 38% for a 200-unit reservoir [6] - The system includes a user-friendly interface with Bluetooth technology and a color touchscreen, facilitating the transition from multiple daily injections to pump therapy for T2D patients [7] - Embecta is also developing a closed-loop version of the insulin delivery system, which will incorporate an advanced insulin-dosing algorithm for improved convenience and precision [9] Market Performance - Embecta's shares have increased by 22.2% over the past six months, significantly outperforming the industry growth of 2.9% and the S&P 500 Index's gain of 11.7% during the same period [4] - Following the FDA clearance announcement, EMBC stock gained 0.7% on September 3, indicating positive investor sentiment [2] Strategic Positioning - The FDA clearance reflects Embecta's commitment to innovation and its strategic goals, leveraging its 100-year legacy in diabetes care to establish itself as a leader in the field [8][10] - The company aims to expand its product offerings and improve the quality of life for individuals with diabetes, particularly focusing on the underserved T2D population [10]

Core Insights - Embecta Corp has received FDA 510(k) clearance for its disposable insulin delivery system, aimed at adults with diabetes, including both T1D and T2D [1][2] - The system features a tubeless patch pump with a 300-unit insulin reservoir, designed specifically for T2D patients transitioning from multiple daily injections to pump therapy [1][2] - The patch pump can deliver adjustable basal and bolus insulin for up to three days, addressing the higher daily insulin needs of T2D patients [2][4] Product Features - The disposable insulin delivery system includes a wearable patch pump that can accommodate higher insulin requirements, with 64% of T2D adults able to use the 300-unit reservoir for three days, compared to only 38% with a 200-unit reservoir [2] - The system is equipped with a locked-down controller featuring Bluetooth technology and a color touchscreen for a simplified user experience [3] Strategic Importance - Achieving FDA clearance is a strategic priority for Embecta, reflecting its commitment to improving the lives of people with diabetes [2] - The company plans to develop a closed-loop version of the patch pump, which will include an insulin-dosing algorithm for future FDA submission [4] Company Background - Embecta is a global diabetes care company with a 100-year legacy in insulin delivery, focusing on innovative solutions to empower individuals with diabetes [6]

Revenue and Profitability - Revenue decreased by $13.6 million, or 4.8%, to $272.5 million for the three months ended June 30, 2024, compared to $286.1 million for the same period in 2023[63] - Revenue decreased by $1.9 million, or 0.2%, to $837.0 million for the nine months ended June 30, 2024, compared to $838.9 million for the same period in 2023[64] - Gross profit increased by $0.6 million to $190.1 million, with a gross profit margin of 69.8%, up from 66.2% in the prior year[63] - Gross profit decreased by $6.7 million to $561.4 million, with a gross profit margin of 67.1%, down from 67.7% in the prior year[64] - Operating income increased by $4.6 million to $55.9 million for the three months ended June 30, 2024[63] - Operating income decreased by $55.1 million to $140.6 million for the nine months ended June 30, 2024[64] - Net income decreased by $0.5 million to $14.7 million for the three months ended June 30, 2024[63] - Net income for the nine months ended June 30, 2024, was $63.7 million[84] Expenses and Cost Management - Cost of products sold decreased by $14.2 million, or 14.7%, to $82.4 million for the three months ended June 30, 2024, compared to $96.6 million for the same period in 2023[67] - Selling and administrative expenses decreased by $1.9 million, or 2.2%, to $85.7 million for the three months ended June 30, 2024, compared to $87.6 million for the same period in 2023[69] - Research and development expenses decreased by $2.2 million, or 9.7%, to $20.4 million for the three months ended June 30, 2024, compared to $22.6 million for the same period in 2023[71] - Selling and administrative expenses increased by $22.7 million, or 9.2%, to $268.3 million for the nine months ended June 30, 2024, compared to $245.6 million for the same period in 2023[70] - Cost of products sold as a percentage of revenues was 30.2% for the three months ended June 30, 2024, compared to 33.8% for the same period in 2023[67] Cash Flow and Debt - Cash and equivalents and restricted cash were $281.8 million as of June 30, 2024, down from $326.5 million as of September 30, 2023[83] - Net cash provided by operating activities was $9.1 million[84] - Net cash used for investing activities included capital expenditures of $15.8 million[84] - Net cash used for financing activities totaled $36.8 million, primarily due to dividend payments of $25.8 million[85] - Total debt outstanding as of June 30, 2024, was $1,600.3 million, with a weighted average cost of total debt at 7.2%[79] - Interest expense, net increased by $0.8 million to $27.8 million for the three months ended June 30, 2024, compared to $27.0 million for the same period in 2023[74] - A 100 basis points change in interest rates would have impacted interest expense on the Term Loan by $9.3 million annually[95] Operational Challenges - The decrease in revenue for the three months was driven by $24.4 million of unfavorable changes in volume and $2.5 million from negative foreign currency translation[65] - The company continues to face pricing pressures and increased competition in the medical device industry, impacting operating margins[59] - Other income (expense), net was $(1.1) million for the three months ended June 30, 2024, compared to $(4.2) million for the same period in 2023[75] Inventory and Receivables - The change in trade receivables was $(156.2) million, attributed to the implementation of new Business Continuity Processes[84] - The change in inventories was $(32.8) million, driven by increased raw material purchases in anticipation of the ERP system[84] - The company expects inventory levels to decrease during the remainder of fiscal 2024[84] - The company is now responsible for the collection of outstanding trade receivables globally following the termination of the Factoring Agreement with BD[84] Regulatory and Compliance - The company submitted its first 510(k) premarket filing to the FDA for a proprietary disposable insulin delivery system in December 2023[61] - There have been no material changes to the company's contractual obligations outside the ordinary course of business as of June 30, 2024[86] Taxation - The effective tax rate was 45.6% for the three months ended June 30, 2024, compared to 24.4% for the same period in 2023[76]

Financial Data and Key Metrics Changes - The company generated revenue of approximately $272.5 million in Q3 2024, representing a decrease of 4.8% on an as-reported basis and a decrease of 3.9% on a constant currency basis [5][12] - Adjusted gross profit for Q3 2024 was $190.3 million with a margin of 69.8%, compared to $189.6 million and 66.3% in the prior year period [15] - GAAP net income for Q3 2024 was $14.7 million, or $0.25 per diluted share, compared to $15.2 million, or $0.26 per diluted share in the prior year [16] Business Line Data and Key Metrics Changes - The core injection business revenue declined by 4.1% on a constant currency basis compared to the prior year period, while year-to-date performance showed a stable growth of 0.4% on a constant currency basis [6][14] - Revenue in the US totaled $143.6 million, reflecting a year-over-year decline of approximately 6.7% on a constant currency basis [12] - International revenue was $128.9 million, equating to a year-over-year constant currency decline of 0.6% [13] Market Data and Key Metrics Changes - The company noted that the decline in revenue was primarily due to inventory rebalancing with distributors following ERP implementations [6][14] - The introduction of a new small pack pen needle product for GLP-1 administration is planned to launch in Germany, with expectations to expand to other countries in the future [7][30] Company Strategy and Development Direction - The company is focused on three strategic priorities: strengthening the base business in insulin injection devices, establishing operational independence, and investing for growth, particularly in the insulin patch pump program [5][8] - The company is also exploring M&A and partnership opportunities to enhance growth [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the core injection business despite the revenue decline, attributing it to expected inventory adjustments [6][14] - The company is optimistic about the potential benefits from the evolving GLP-1 administration methods and the introduction of new products [7][30] Other Important Information - The company is on track to complete ERP implementations and separation activities by early fiscal year 2025, with only brand transition remaining [8][9] - Cash balance at the end of Q3 was approximately $282 million, with expectations to end fiscal year 2024 with a cash balance of roughly $300 million [17][20] Q&A Session Summary Question: Can you explain the inventory valuation adjustments and their impact on gross margins? - Management clarified that the adjusted gross margin was better than expected due to inventory revaluation adjustments contributing about 550 basis points to the year-over-year increase [24][25] Question: Why is Germany the first market for the small pen needle packs for GLP-1 users? - Management indicated that Germany is a logical first market due to the prevalence of pen injectors for GLP-1 administration, and they are excited about the product launch [30][31] Question: What is the outlook for free cash flow and separation costs? - Management expects separation costs to decrease significantly from approximately $180 million this year to around $50 million next year, leading to improved free cash flow generation starting in 2025 [37][38]

Embecta Corp. (EMBC) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 54.17%. A quarter ago, it was expected that this company would post earnings of $0.43 per share when it actually produced earnings of $0.67, delivering a surprise of 55.81%. Over the last four quarters, the company ...

Financial Performance - Revenues for Q3 FY2024 were $272.5 million, a decrease of 4.8% year-over-year, with U.S. revenues down 6.7% and international revenues down 2.5%[3] - Gross profit for Q3 FY2024 was $190.1 million, resulting in a gross margin of 69.8%, compared to 66.2% in the prior year period[3] - Adjusted EBITDA for Q3 FY2024 was $99.2 million, with a margin of 36.4%, up from 32.2% in the prior year[3] - For the nine months ended June 30, 2024, total revenues were $837.0 million, a slight decrease of 0.2% year-over-year, with U.S. revenues down 2.2% and international revenues up 2.0%[4] - Net income for the three months ended June 30, 2024, was $63.7 million, slightly down from $64.4 million in the same period of 2023[18] - Adjusted EBITDA for the three months ended June 30, 2024, was $99.2 million, up from $92.2 million in the same period of 2023, representing an increase of 8.1%[22] - Total Revenues for the three months ended June 30, 2024, were $272.5 million, reflecting a decrease of 4.8% compared to $286.1 million in 2023, with a Constant Currency Change of (3.9)%[27] - Adjusted Net Income for the three months ended June 30, 2024, was $43.0 million, up from $39.8 million in 2023, resulting in an Adjusted Net Income per Diluted share of $0.74 compared to $0.69[24] - GAAP Net Income for the three months ended June 30, 2024, was $14.7 million, down from $15.2 million in 2023[24] Guidance and Expectations - The company expects FY2024 revenues to be in the range of $1,111 million to $1,116 million, maintaining previous guidance[10] - Adjusted earnings per diluted share for FY2024 are now expected to be between $2.30 and $2.35, an increase from previous guidance[10] Cash and Debt Management - The company reported $281.8 million in cash and equivalents and $1.629 billion in debt principal outstanding as of June 30, 2024[12] - Cash and equivalents decreased to $275.1 million as of June 30, 2024, from $326.3 million as of September 30, 2023, a decline of 15.7%[17] - The company’s long-term debt remained stable at $1,590.8 million as of June 30, 2024, compared to $1,593.9 million as of September 30, 2023[17] Operational Developments - The implementation of the ERP system is now complete in most regions, with approximately 93% of global revenue operating on the new systems[5] - Progress has been made on the FDA 510(k) premarket filing for the open-loop insulin delivery system and the development of a type 2 closed-loop insulin delivery system[5] - The company declared a quarterly cash dividend of $0.15 per share, payable on September 13, 2024[12] Asset and Liability Changes - Total assets increased to $1,267.5 million as of June 30, 2024, compared to $1,214.4 million as of September 30, 2023, reflecting a growth of 4.4%[17] - Total current liabilities rose to $370.7 million as of June 30, 2024, compared to $353.5 million as of September 30, 2023, an increase of 4.0%[17] - Inventories increased to $185.6 million as of June 30, 2024, compared to $152.1 million as of September 30, 2023, reflecting a growth of 22.0%[17] Compensation and Expenses - Stock-based compensation for the three months ended June 30, 2024, was $20.1 million, up from $16.6 million in the same period of 2023[18] - Stock-based compensation expense for the three months ended June 30, 2024, was $1.2 million, compared to $1.3 million in the same period of 2023[25] Market and Competitive Environment - The company experienced an unfavorable foreign currency translation impact on revenues due to a stronger U.S. dollar compared to the prior-year period[26] - Embecta is focusing on maintaining stability in its core injection business while investing in growth opportunities[31] - The company is working with the FDA to obtain clearance for new products and anticipates product launches in fiscal 2024[31] - Embecta is advancing the development of its closed-loop insulin delivery system, which is a key area of innovation[31] - The company plans to commercialize new product pacts for non-insulin diabetes drugs, expanding its product offerings[31] - There are risks associated with the separation from BD, including potential dis-synergy costs and restructuring expenses[31] - Embecta faces competitive factors that could adversely affect its operations and profitability[31] - The company is addressing challenges related to operating costs, including fluctuations in raw material availability[31] - Changes in reimbursement practices and foreign currency exchange rates could impact financial performance[31] - Embecta's ability to successfully complete clinical trials and obtain regulatory approvals is critical for future product launches[31] - The company is committed to securing distribution channels and obtaining access and reimbursement for its products[31]