Embecta Corp. (NASDAQ:EMBC), a Delaware-incorporated medical device company, announced today the resignation of its Chief Accounting Officer (CAO), Brian Capone, effective today. Capone's resignation comes as he plans to pursue another opportunity. The company has clarified that his departure is not related to any disagreements over financial statements or internal controls.
Following Capone's exit, Jake Elguicze, the current Chief Financial Officer (CFO), will temporarily take on the role of principal accounting officer (PAO) in addition to his ongoing duties as CFO and principal financial officer (PFO), a position he has held since April 2022. Elguicze's professional background and other relevant details are available in the proxy statement filed with the SEC on December 19, 2023.
Embecta, which operates under the surgical and medical instruments and apparatus industry, has not entered into any arrangements or understandings in appointing Elguicze as the interim PAO, nor are there any familial relationships between him and any directors or executive officers of the company. No transactions involving Elguicze necessitate disclosure under SEC regulations. Moreover, he will not receive additional compensation for his interim PAO duties.
This executive change comes as Embecta continues to operate from its principal executive offices in Parsippany, New Jersey. The announcement is based on a recent SEC filing by the company and does not entail any additional compensation for Elguicze during his interim tenure. The search for a new CAO is expected to commence shortly, as per standard corporate governance practices following such a high-level departure.
In other recent news, Embecta, a prominent medical technology company, reported a revenue drop in its Fiscal Third Quarter 2024 to about $272.5 million, representing a decrease of 4.8% on an as-reported basis and a 3.9% decrease on a constant currency basis. Despite the decline, Embecta raised its financial outlook, demonstrating confidence in its strategic objectives and ongoing projects. The company's leadership, CEO Dev Kurdikar and CFO Jake Elguicze, provided insights into future plans, including the launch of a new pen needle product and the advancement of the insulin patch pump program.
The company also reported a strong cash position of approximately $282 million and a net leverage of 3.7 times. Embecta's adjusted net income and earnings per share stood at $43 million and $0.74 respectively. The company's adjusted EBITDA margin for the quarter was 36.4%.
In addition to these financial updates, Embecta is making strides with its insulin patch pump program, having submitted a 510(k) application to the FDA. The company also plans to introduce small pen needle packs in Germany for GLP-1 administration. These are the latest developments in Embecta's ongoing efforts to strengthen its base business and invest in growth opportunities.
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