Financial Data and Key Metrics Changes - The company achieved high single-digit reported revenue growth and low double-digit adjusted EPS growth in Q4 2025, with sales growing 7% on a reported basis and 6% in constant currency [5][7] - Adjusted EPS grew 11% to $13.13 for the full year, while GAAP EPS was $10.76 [9][33] - Recurring revenue grew 9%, driven by a 12% increase in chemistry [7][32] Business Line Data and Key Metrics Changes - Instrument revenue grew 5%, led by high single-digit growth in LCMS, while TA instruments declined due to cautious spending in the U.S. and Europe [9][30] - Chemistry revenue grew 12% for the full year, significantly above the historical average growth rate of 7% [12][33] - The transition to a subscription-based model for Empower reduced overall instrument growth by a low single-digit percentage for the quarter, but is expected to provide long-term recurring revenue benefits [8][48] Market Data and Key Metrics Changes - Pharma revenue grew 9%, with high single-digit growth across the Americas and Europe, and low double-digit growth in Asia [13][30] - In China, sales grew 9% for the year, driven by strong performance in biotech and CDMOs [14][33] - Non-pharma end markets saw industrial growth of 6%, while academic and government declined by 1% [13][32] Company Strategy and Development Direction - The company completed the acquisition of BD's Biosciences and Diagnostic Solutions business, aiming to strengthen its position in high-growth adjacencies and enhance operational execution [5][18] - The strategic roadmap laid out five years ago continues to advance, with a focus on innovation and commercial execution [6][9] - The company plans to expand its idiosyncratic growth driver framework from three to five drivers, adding biologics and informatics to its growth strategy [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving organic revenue growth of 5.5%-7% for 2026, with the acquired business expected to contribute $3 billion in revenue [26][35] - The company anticipates a blended year-over-year revenue growth of approximately 5.3% for the combined entity in 2026, with an adjusted operating margin percentage of approximately 28.1% [27][36] - Management highlighted the importance of improving operational execution and pricing discipline to enhance revenue synergies [44][52] Other Important Information - Free cash flow totaled $677 million for the full year, with a net debt position of $820 million at year-end [34][36] - The company expects to realize approximately $55 million of adjusted EBIT from cost synergies in 2026, alongside $50 million in revenue synergies [24][36] Q&A Session Questions and Answers Question: Insights on BD results and path to recovery - Management acknowledged several issues that impacted growth in the BD business, including a weaker flu season and challenges in export approvals, but expressed confidence in a lower baseline for 2026 to support recovery [42][46] Question: Impact of Empower transition on instruments - Management noted that the transition to subscription for Empower had a low single-digit headwind on overall instrument growth but is expected to provide long-term recurring revenue benefits [43][48] Question: Full year guidance and deceleration dynamics - Management clarified that the guidance reflects a prudent approach, incorporating assumptions of mid-single-digit growth in China and the impact of the Empower transition [49][50]

J.P. Morgan 44th Annual Healthcare Conference Udit Batra, Ph.D. President & CEO January 12, 2026 Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements: This presentation includes "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction among Waters Corporation ("Waters" or the "Com ...

Core Insights - The company reported a decrease in revenue for the fourth quarter and the full fiscal year 2025, primarily due to advanced distributor ordering and ongoing business dynamics in China [2][10][11] - Despite the revenue decline, the company achieved higher profitability metrics, including increased GAAP operating margin and net income year over year [3][10] - The company completed the first phase of its strategic roadmap and initiated the second phase focused on growth, operational efficiency, and debt reduction [3][9] Fourth Quarter Fiscal Year 2025 Financial Highlights - Reported revenues were $264.0 million, down 7.7% from $286.1 million in the prior year [6][10] - U.S. revenues decreased by 15.2%, while international revenues increased by 2.8% on a reported basis [6][8] - Gross profit was $158.5 million with a margin of 60.0%, compared to $173.8 million and 60.7% in the prior year [6][19] - Net income was $26.4 million, with diluted earnings per share of $0.45, compared to $14.6 million and $0.25 in the prior year [6][19] Twelve Months Ended September 30 Fiscal Year 2025 Financial Highlights - Reported revenues totaled $1,080.4 million, down 3.8% from $1,123.1 million in the previous year [11][19] - U.S. revenues decreased by 4.6%, while international revenues decreased by 2.8% on a reported basis [11][19] - Gross profit was $676.8 million with a margin of 62.6%, compared to $735.2 million and 65.5% in the prior year [11][19] - Net income was $95.4 million, with diluted earnings per share of $1.62, compared to $78.3 million and $1.34 in the prior year [11][19] Strategic Initiatives and Future Outlook - The company aims to strengthen its core business and expand its product portfolio, particularly in the GLP-1 strategy [9][12] - Fiscal year 2026 guidance anticipates reported revenues between $1,071 million and $1,093 million, with an expected revenue growth of -0.9% to 1.1% [12][13] - The company plans to maintain a strong adjusted operating margin of 29.0% to 30.0% in fiscal year 2026 [12][13] Balance Sheet and Liquidity - As of September 30, 2025, the company had $228.6 million in cash and equivalents and $1.417 billion in debt principal outstanding [15][19] - The company repaid approximately $72.4 million of outstanding principal under its term loan B facility during the fourth quarter [9][15] - A quarterly cash dividend of $0.15 per share was declared, payable on December 18, 2025 [16]

Core Insights - embecta Corp. has expanded its partnership with Direct Relief to enhance access to diabetes care for underserved communities in the U.S. and globally [1][2][3] Company Overview - embecta was spun off from Becton, Dickinson and Company in 2022, acquiring BD-branded pen needles and insulin syringes [2] - The company has updated its packaging in North America from the BD brand to the embecta brand in 2025 [2] - Since becoming independent, embecta has focused on empowering individuals with diabetes and ensuring access to necessary supplies [3] Partnership Details - embecta has donated approximately 15 million units of pen needles and insulin syringes to Direct Relief, marking its largest humanitarian partnership since independence [2] - The partnership aims to provide essential diabetes management supplies to uninsured and low-income patients through Direct Relief's Safety Net Support Program [4][5] - Direct Relief collaborates with over 1,600 community health centers and clinics, serving more than 36 million patients, including a significant portion of the uninsured population in the U.S. [4] Global Impact - The partnership supports Direct Relief's Life for a Child program, which provides diabetes care to over 53,000 children and young people in 45 countries [6] - embecta's donations also support diabetes care in crisis-affected regions, including a recent donation of 2.7 million insulin needles and syringes for a campaign in Sudan [8][7] Educational Initiatives - embecta supports diabetes education camps through Direct Relief, providing essential supplies to help children and young adults learn diabetes management skills [10] Emergency Response - The partnership includes emergency response capabilities, with a recent grant of $25,000 from embecta to support disaster relief efforts in Texas [11] Industry Context - Over 537 million people globally live with diabetes, with projections reaching 783 million by 2045; in the U.S., approximately 38 million individuals are affected [12] - Access to affordable diabetes care remains a critical challenge, particularly for uninsured and underinsured populations [12]

Financial Data and Key Metrics Changes - The company reported Q3 revenue of almost $296 million, representing an 8% constant currency growth, marking one of the strongest quarters in its history [6][4] - The company has overachieved its fiscal 2024 targets, maintaining flat revenue while achieving a margin of about 30% [3][4] - The company expects to approach a net leverage of 3 by the end of the fiscal year, having already paid down about $110 million in debt by the end of Q3 [28][35] Business Line Data and Key Metrics Changes - The U.S. market contributed significantly to the revenue growth, with both pricing and volume being key drivers [6][10] - Internationally, Latin America and Asia showed strong growth, although there was some weakness observed in China [8][9] - The company is transitioning its brand from BD to Embecta, with over 90% of U.S. and Canada revenue now under the Embecta brand [27] Market Data and Key Metrics Changes - The Greater China market, which includes mainland China, Taiwan, and Hong Kong, contributes high single-digit percentages to total global revenues, but has faced increased price competition and a shift towards local brands [12][13] - The company anticipates a decline in its China business in Q4 due to inventory adjustments by national distributors [14] Company Strategy and Development Direction - The company has set three priorities: strengthening the core business, expanding the product portfolio, and increasing financial flexibility [4][27] - The company is focusing on becoming a more diversified medical supplies company, leveraging its core competencies in high-volume manufacturing and distribution [27][29] - The company is optimistic about the long-term potential in China, citing a large market of undiagnosed diabetes patients and existing strong infrastructure [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate cash flow and pay down debt, which will allow for opportunistic M&A in the future [35][41] - The company is optimistic about growth opportunities in the GLP-1 market, with several agreements already signed with generic companies [20][22] - Management noted that the completion of stand-up work allows for greater operational flexibility and cost optimization moving forward [34][39] Other Important Information - The company has made significant progress in transitioning to the Embecta brand, with plans to complete this transition internationally by the end of next year [27] - The company has a world-class manufacturing plant in China that began operations in 2016, producing products for both local and regional markets [16] Q&A Session Summary Question: Can you discuss the drivers behind the strong Q3 results? - The strong Q3 results were driven by both pricing and volume in the U.S., with adjustments in rebate reserves contributing to pricing [6][7] Question: What is the outlook for the U.S. market? - The U.S. market has shown better-than-expected pricing dynamics, and underlying volume trends remain stable despite some anomalies [10][11] Question: How is the company addressing challenges in China? - The company is optimistic about the long-term potential in China despite current challenges, citing strong infrastructure and ongoing initiatives [15][16] Question: What is the current status of tariffs and their impact? - The tariff environment is currently seen as negligible for fiscal 2025, with previous impacts expected to dissipate [18][20] Question: What are the growth drivers for the business? - The company is excited about GLP-1 initiatives, with ongoing discussions and agreements with multiple generic companies [20][22] Question: What milestones should investors expect in the next 12 to 18 months? - Investors should expect continued progress in brand transition, product portfolio expansion, and financial flexibility improvements [27][28]

Market Overview - The China biopsy devices market is projected to grow from approximately US$ 612.62 million in 2024 to about US$ 1.13 billion by 2033, reflecting a compound annual growth rate (CAGR) of 7.06% during the period from 2025 to 2033 [2][16]. Growth Drivers - The rising prevalence of cancer in China, with an estimated 4,824,700 new cases and 2,574,200 cancer-related deaths in 2022, is significantly driving the demand for biopsy devices [4]. - Technological advancements in biopsy devices, such as ultrasound-guided systems and robotic-assisted devices, are enhancing diagnostic precision and patient comfort, thereby expanding the market [5]. - The expansion of healthcare infrastructure, including the establishment of high-tech diagnostic centers and easing of foreign investment restrictions, is improving access to advanced biopsy technologies across various regions [6]. Challenges - High costs associated with advanced biopsy technologies pose a significant barrier to widespread adoption, particularly in underdeveloped regions where budget constraints limit healthcare facilities' ability to invest [7]. - A limited number of skilled professionals trained to operate sophisticated biopsy devices and interpret data is hindering effective utilization, especially in rural areas [8]. Market Segmentation - The market for needle-based guns biopsy devices is experiencing substantial growth due to their minimally invasive nature and high precision in tissue sample acquisition [9]. - The breast biopsy devices market is expanding due to the increasing incidence of breast cancer and the growing awareness of the need for early diagnosis, with innovations like vacuum-assisted biopsy systems gaining prominence [10][11]. - The lung biopsy devices market is rapidly growing, driven by rising lung cancer cases linked to environmental pollution and smoking, with advanced imaging-guided techniques enhancing diagnostic accuracy [12]. - The CT scan biopsy devices market is also growing, fueled by the reliance on CT-guided biopsies for their accuracy in diagnosing deep-seated lesions [13]. - The MRI-guided biopsy devices market is witnessing significant growth due to the high-resolution imaging capabilities of MRI technology, which improves diagnostic outcomes [14]. Key Players - Major companies in the biopsy devices market include Cardinal Health, Hologic, Danaher, Becton, Dickinson and Company, Boston Scientific, Medtronic, and Olympus [18].

Market Overview - The global scaffold technology market was valued at approximately US$ 1,395.15 million in 2024 and is projected to reach US$ 5,570.75 million by 2033, with a compound annual growth rate (CAGR) of 16.63% from 2025 to 2033 [2][5]. Key Drivers - Major drivers of market growth include advancements in regenerative medicine and tissue engineering techniques, increasing demand for 3D cellular models in biological studies, and the rising prevalence of chronic diseases alongside an aging population [5]. Innovations and Trends - The market is witnessing significant innovations, particularly in bone tissue engineering and regenerative medicine, with 3D and 4D printing technologies enabling the creation of complex bone scaffolds [3][4]. - The layer-by-layer (LbL) assembly method is gaining traction for scaffold fabrication, enhancing bone integration and blood vessel formation in orthopedic applications [4]. - The integration of CAD/CAM technology in scaffold design is paving the way for personalized medicine, allowing for the creation of patient-specific implants [4]. Market Segmentation - By material type, synthetic scaffolds account for 67.08% of the market, while hydrogels represent 34.28% [5]. - The largest application area is regenerative medicine, comprising 38.05% of the market, followed by biotechnology and pharmaceutical companies as the primary end users at 33.74% [5]. Regional Insights - North America is the largest market, holding 42.72% of the global share in 2024, attributed to its advanced healthcare infrastructure and strong industry presence [5][18]. - Asia-Pacific is the fastest-growing region, with a projected CAGR of 15.75% from 2025 to 2033, driven by increasing healthcare expenditure and medical tourism [19]. Challenges - The scaffold technology market faces challenges such as high production costs and regulatory compliance requirements, which can hinder market growth [5][11]. Economic Impact - Scaffold technology is significantly impacting the healthcare sector by improving patient outcomes and potentially reducing long-term healthcare costs through personalized 3D printed scaffolds [16]. - In the construction industry, advanced scaffolding systems are enhancing safety and efficiency, leading to reduced project timelines and labor costs [17]. Patent Activity - The scaffold technology market is experiencing a surge in patent applications, with over 3.3 million global applications in 2023, highlighting the rapid innovation in this sector [8][9].