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• Like Becton Dickinson (BD) but solely focused on diabetes injection devices.
• The 'Gillette' for insulin needles and syringes.

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• Insulin Syringes: Devices designed for the manual injection of insulin for individuals with diabetes.
• Pen Needles: Small, disposable needles that attach to insulin pens to facilitate the subcutaneous delivery of insulin.
• Safety Devices for Diabetes Care: Products incorporating features to help prevent accidental needlestick injuries during insulin administration, enhancing user and caregiver safety.

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Embecta (EMBC) primarily sells its products to other companies, rather than directly to individual consumers. Its products are part of the medical supply chain that ultimately reaches individuals living with diabetes.

According to Embecta's latest Form 10-K filing (for the fiscal year ended September 30, 2023), no single customer represented 10% or more of the company's net sales in fiscal years 2023, 2022, or 2021. Therefore, Embecta does not have any individually "major" customers that it is required to disclose by name in its public filings.

However, Embecta's sales and distribution channels indicate that its customer base consists of the following types of organizations:

• Medical Distributors and Wholesalers: These companies act as intermediaries, purchasing Embecta's diabetes care products in bulk and then distributing them to pharmacies, hospitals, clinics, and other healthcare providers. Prominent public companies that operate in this space and would typically be customers for medical device manufacturers include:
  • Cardinal Health (NYSE: CAH)
  • McKesson Corporation (NYSE: MCK)
  • Owens & Minor, Inc. (NYSE: OMI)
• Retail Pharmacy Chains: Large pharmacy retailers and their associated distribution networks directly purchase products for sale to individuals with diabetes through their retail stores or mail-order services. Examples of public companies in this category include:
  • CVS Health Corporation (NYSE: CVS)
  • Walgreens Boots Alliance, Inc. (NASDAQ: WBA)
• Hospitals, Clinics, and Healthcare Systems: These medical institutions and integrated delivery networks purchase Embecta's products for direct use on patients within their facilities, for their internal pharmacies, or for distribution through their outpatient services. While specific major hospital systems are not disclosed, this category represents a significant portion of where Embecta's products are ultimately used.

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Devdatt Kurdikar, President and Chief Executive Officer

Devdatt Kurdikar serves as the President and Chief Executive Officer of Embecta, a position he has held since the company's spin-off from BD in April 2022. Prior to Embecta, he was the President and CEO of Cardiac Science Corporation (CSC), a company acquired by a private equity firm via bankruptcy proceedings. Under his leadership, CSC returned to profitable growth and was successfully sold to ZOLL Medical. He also served as Worldwide President of Diabetes Care at BD. Earlier in his career, Mr. Kurdikar was the Vice President and General Manager of Men's Health at Boston Scientific Corporation, a role he also held at American Medical Systems (AMS), where he led the Men's Health business through its carve-out, sale, and integration into Boston Scientific. He spent 11 years with Baxter International, Inc. in various leadership roles across finance, strategy, R&D, and marketing. He currently serves on the board of directors of Zimmer Biomet Holdings, Inc., AdvaMed, and LMG Holdings, which is a portfolio company of The Riverside Company, indicating a pattern of involvement with private equity-backed entities.

Jake Elguicze, Senior Vice President, Chief Financial Officer

Jake Elguicze is Embecta's Chief Financial Officer. He previously worked at Teleflex, a global provider of medical technologies, where he was the company's Treasurer and Head of Investor Relations. Mr. Elguicze is a CPA and began his career in public accounting with PricewaterhouseCoopers before spending eight years at Motorola in operating finance roles. At Teleflex, he built out the financial planning and analysis function and transformed the capital structure to support the company's M&A strategy.

Ginny Blocki, Senior Vice President, Strategy

Ginny Blocki serves as the Senior Vice President of Strategy for Embecta, where she is responsible for developing the company's strategy, partnership, and alliance growth initiatives, and assessing new business development opportunities. She joined Embecta in 2021 as SVP, Global Marketing & Product Management. Throughout her career, Ms. Blocki has held leadership roles in general management, marketing, strategy, market access, and sales.

Shaun Curtis, Senior Vice President, Global Manufacturing & Supply Chain

Shaun Curtis is the Senior Vice President of Global Manufacturing & Supply Chain at Embecta. He holds a Master of Business Administration from Northampton University, UK, and an Honors Degree in Mechanical Engineering from Plymouth University.

Jeff Mann, Senior Vice President, General Counsel & Head of Business Development

Jeff Mann serves as the General Counsel and Head of Business Development for Embecta. Prior to joining Embecta, he spent 14 years with Boston Scientific Corporation in roles of increasing responsibility, including M&A, venture capital investments, SEC and corporate governance patent strategy, litigation, and business unit support for the MedSurg group. He also served on the Board of Directors of Preventice Solutions and as Chair of its Compensation Committee.

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1. Shrinking Core Market Due to GLP-1 Medications and Technological Advancements: Embecta faces a significant risk from the evolving diabetes care market, particularly with the increasing adoption of GLP-1 (glucagon-like peptide-1) medications. These drugs can delay the need for insulin therapy, consequently reducing demand for Embecta's primary products, such as insulin pen needles and syringes. This structural shift in diabetes treatment threatens to shrink the company's core market and has already contributed to declining revenues in its key product segments.
2. High Leverage and Debt: Embecta carries a substantial debt load, with a considerable portion of its future cash flows earmarked for debt servicing rather than reinvestment or other strategic initiatives. This high leverage limits the company's financial flexibility, restricts its ability to adapt to changing market conditions, and could impact its capacity for future growth and investment opportunities.
3. Supply Chain Vulnerabilities and Third-Party Reliance: The company's operations are subject to risks related to its supply chain, including reliance on third parties for components and raw materials. Any failure in performance by these suppliers or disruptions in manufacturing and supply, particularly from Becton Dickinson (BD) post-spin-off, could materially and adversely affect Embecta's business and operations.

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Embecta (EMBC) primarily focuses on insulin delivery devices, including insulin syringes and pen needles. The addressable markets for these main products are substantial globally and across key regions.

Pen Needles Market

• The global pen needles market was valued between approximately USD 1.81 billion and USD 4.1 billion in 2024.
• It is projected to grow to between approximately USD 3.08 billion by 2030 and USD 11.92 billion by 2034, with Compound Annual Growth Rates (CAGR) ranging from 8.9% to 11.71% during the forecast periods.
• In 2024, North America held a significant share of the pen needles market, accounting for the largest share according to one source and 28.8% of the global revenue share according to another.
• Europe also held a dominant position in the global pen needles industry with a 36.8% share in 2024, with the market size in Europe evaluated at USD 1.54 billion in 2024 and projected to reach approximately USD 4.71 billion by 2034.

Insulin Syringes Market

• The global insulin syringes market was estimated at approximately USD 1.844 billion in 2024 and is projected to grow from USD 1.922 billion in 2025 to around USD 2.901 billion by 2035, exhibiting a CAGR of 4.2%.
• Another estimate places the market at USD 1.78 billion in 2025, projected to expand to USD 2.21 billion by 2030, with a CAGR of 4.42%.
• North America is the largest market for insulin syringes, holding approximately 45% of the global share.
• Europe holds around 30% of the global share in the insulin syringes market.
• By volume, Asia Pacific is expected to remain a major market for insulin syringes.

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Embecta (EMBC) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives:

1. Strategic Pricing Initiatives: Favorable changes in pricing have already contributed to revenue increases, with a notable impact of $13.7 million in the fourth quarter of 2024 and $27.7 million for the full fiscal year 2024. This indicates a continued focus on optimizing pricing strategies to enhance revenue.
2. Expansion of Product Portfolio and GLP-1 Market Penetration: Embecta is actively expanding its product portfolio, particularly by leveraging opportunities in the growing GLP-1 (Glucagon-like peptide-1) market. This includes securing contracts to co-package pen needles with generic GLP-1 drugs and expanding appropriately sized retail packaging for weekly GLP-1 drugs, aligning with the surging demand for diabetes therapies.
3. Geographic Market Expansion: The company has demonstrated a commitment to expanding its market presence. A recent example includes the successful launch of new products in Germany, with ongoing evaluations to expand into other international markets. This geographical expansion is a crucial component of their growth strategy.
4. Strengthening Core Insulin Injection Business and Brand Transition: Embecta aims to maintain and strengthen its leadership in the core insulin injection devices business. This involves executing a seamless brand transition to ensure global brand recognition and maintain customer trust, which is fundamental to retaining market share and supporting overall revenue stability and growth.
5. Operational Efficiencies and Increased Financial Flexibility to Fund Future Investments: While not a direct revenue driver, Embecta's focus on generating cost savings through operational efficiencies and prioritizing debt reduction is designed to increase financial flexibility. This enhanced agility will allow the company to make future investments in product development, market expansion, and other growth-driving initiatives, indirectly contributing to revenue growth over the long term.

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Share Repurchases

• Embecta has not initiated a share repurchase program or made significant share repurchases since its spin-off in April 2022.
• As of August 2025, Embecta's capital allocation priority remains debt reduction and maintaining its dividend, rather than share repurchases.

Share Issuance

• Embecta became an independent public company on April 1, 2022, with BD shareholders receiving one share of Embecta common stock for every five common shares of BD outstanding. Approximately 56.8 million shares were initially created.
• The number of outstanding shares increased to 57,334,621 as of November 20, 2023, 57,578,921 as of February 2, 2024, and 58,130,561 as of November 29, 2024.

Inbound Investments

• There is no information available regarding large inbound investments made in Embecta by third-parties, such as strategic partners or private equity firms, since its spin-off in April 2022.

Outbound Investments

• Embecta aims to explore strategic collaborative partnerships and acquisition opportunities to accelerate growth.
• However, no significant outbound strategic investments or acquisitions in other companies have been reported within the last 3-5 years. Management indicated that mergers and acquisitions (M&A) might be considered in the future after addressing debt repayment and dividends.

Capital Expenditures

• Capital expenditures were $15.0 million for the nine months ended June 30, 2022, and $17.3 million for the nine months ended June 30, 2023, primarily for business and operations expansion.
• Capital expenditures were $15.8 million for the three months ended June 30, 2024, and $2.0 million for the three months ended June 30, 2025.
• The company discontinued its insulin patch pump program on November 22, 2024, to refocus its research and development strategy on core business, with future R&D spending expected for developing lower-cost pen needles and syringes, achieving cannula independence, and collaborating with generic GLP-1 manufacturers.