Embecta Corp.
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
EMBC$6.19-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-06.
0001872789-25-000006
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001872789-25-000012
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 109 previous paragraphs and 127 current paragraphs.
81 unchanged; 24 reworded; 14 added; 3 removed; 1 previous and 8 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
Global Trade. The current global economic environment has been recently influenced by rapidly changing new tariff policies instituted by the United States ("U.S.") government and foreign governments. As a global company that both imports raw materials and products into the U.S. and distributes products and raw materials originating from the U.S. to global manufacturing sites and markets, these new tariffs may have a financial impact on our cost of goods, our profit margins, our business generally and our global distribution strategy. These new tariffs have also caused foreign governments and private purchasers to consider transitioning away from products originating from certain countries (including the U.S.) in favor of buying “local” products, which may impact the company’s business and operations.
Current report
During the second quarter of fiscal 2025, the Company initiated restructuring actions in connection with the 2025 Restructuring Plan to streamline the organization and optimize resources. The Company expects the 2025 Restructuring Plan to be substantially completed by the end of fiscal year 2025. Total cumulative pretax costs to be incurred by the Company to implement the 2025 Restructuring Plan are estimated to be between $4.0 million to $5.0 million.
Current report
•Revenue decreased by $28.2 million to $259.0 million from $287.2 million;
Current report
•Operating income increased by $23.7 million to $62.9 million from $39.2 million; and
Current report
•Revenue decreased by $43.6 million to $520.9 million from $564.5 million;
Current report
•Operating income increased by $6.9 million to $91.6 million from $84.7 million; and
Current report
•Net income decreased by $25.5 million to $23.5 million from $49.0 million.
Current report
Other operating expenses incurred primarily consist of the following:
Current report
•Costs recognized associated with the amortization of cloud computing arrangements.
Current report
Income tax provision (benefit)
Current report
The effective tax rates were 33.0% and (102.5)% for the six months ended March 31, 2025 and 2024, respectively. The increase in the Company's effective tax rate compared to the prior period is primarily due to the absence of non-recurring tax benefits recognized in the prior period related to withholding taxes on undistributed foreign earnings, Swiss tax law changes and tax reserves, partially offset by favorable tax impacts primarily resulting from overall higher earnings reflected in the current period.
Current report
During the six months ended March 31, 2025, the Company made interest payments of $52.5 million on debt outstanding.
Current report
•The risk that as a result of the current global trade environment from the newly instituted tariffs, certain foreign governments, private purchasers and other customers in certain countries may consider transitioning away from products originating from certain countries (including the U.S.) in favor of buying “local” products.
Current report
•Embecta’s ability to timely and successfully complete the brand transition, including any resulting regulatory delays of transferring or obtaining registrations and licenses in the “Embecta” name, interruptions in, or customer confusion from, the replacement and transfer of the rebranded product into the current commercialization, supply and distribution networks, or other issues arising out of system, supply chain logistics, administrative and adjudicative operations transitions in the end-to-end product flow and end-user access.
Removed paragraphs (3)
Previous report
•Revenue decreased by $15.4 million to $261.9 million from $277.3 million;
Previous report
•Operating income decreased by $16.8 million to $28.7 million from $45.5 million; and
Previous report
Income tax (benefit)
Reworded paragraphs (24)
Previous wording
We are a leading global medical device company focused on providing solutions to improve the health and well-being of people living with diabetes. In the 100-year history of our business, we believe that our products have become some of the most widely recognized and respected brands in diabetes management in the world. We estimate that our products are used by approximately 30 million people in over 100 countries for insulin administration and to aid with the daily management of diabetes. Our business traces its origins to 1924, when BD developed the first dedicated insulin syringe. Since then, we have built a world-class organization with a unique manufacturing, supply chain and commercial footprint.
Current wording
We are a leading global medical device company focused on providing solutions to improve the health and well-being of people living with diabetes. In the 100-year history of our business, we believe that our products have become some of the most widely recognized and respected brands in diabetes management in the world. We estimate that our products are used by approximately 30 million people in over 100 countries for insulin administration and to aid with the daily management of diabetes. Our business traces its origins to 1924, when BD developed the first dedicated insulin syringe. Since then, we have built a world-class organization with an unique manufacturing, supply chain and commercial footprint.
Previous wording
physicians and longer wait times for patients. Healthcare delivery for non-emergency diabetes care is expected to continue shifting outside of hospitals to primary care providers, which could have a material impact on our results of operations.
Current wording
Decentralization of Chronic Care. Many countries are facing an aging population and a rapidly growing number of people living with diabetes. While healthcare investments in certain regions continue to grow, there is an increased burden on physicians and longer wait times for patients. Healthcare delivery for non-emergency diabetes care is expected to continue shifting outside of hospitals to primary care providers, which could have a material impact on our results of operations.
Previous wording
We continue to face increases in the cost and disrupted availability of raw materials, components, and other inputs necessary to manufacture and distribute our products due to constraints and inflation within the global supply chain, as well as increases in the cost and time to distribute our products. To date we have been able to successfully mitigate this disruption and provide uninterrupted supply to our customers by increasing our inventory levels and taking other measures.
Current wording
We continue to face increases in the cost and disrupted availability of raw materials, components, and other inputs necessary to manufacture and distribute our products due to constraints and inflation within the global supply chain, as well as increases in the cost and time to distribute our products. To date we have been able to successfully mitigate this disruption and provide uninterrupted supply to our customers by increasing our inventory levels and taking other measures. Given our global business, we expect recently announced tariffs will result in additional cost for us and our suppliers as well as influencing potential future decisions by foreign governments and private purchasers to source non-U.S., “locally” manufactured products instead of products originating from certain countries (including the U.S.). We will continue to monitor the evolving tariff environment and we will focus on optimizing operations and leveraging existing strategies to reduce the impact from tariffs.
Previous wording
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 our patch pump program. As a result of this decision, the Company is in the process of executing an organizational Restructuring Plan which is expected to be completed by the end of the first half of the fiscal year, with the cumulative pretax costs to be incurred by the Company to implement the Restructuring Plan estimated to be $35.0 million to $45.0 million. In addition, we discontinued our commercial operation plans for the insulin delivery system, including the previous intended limited launch. The Company plans to refocus its investment on its core business while looking to optimize free cash flow and strengthen its balance sheet by paying down debt.
Current wording
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 our patch pump program. Restructuring actions associated with the Patch Pump Restructuring Plan to discontinue the patch pump program are substantially complete as of March 31, 2025. Total cumulative pretax costs to be incurred by the Company to implement the Patch Pump Restructuring Plan are estimated to be between $30.0 million to $40.0 million. In addition, we discontinued our commercial operation plans for the insulin delivery system, including the previous intended limited launch. The Company plans to refocus its investment on its core business while looking to optimize free cash flow and strengthen its balance sheet by paying down debt.
Previous wording
•Gross profit decreased by $28.8 million to $157.1 million from $185.9 million. Gross profit as a percent of revenue was 60.0%, as compared to 67.0% in the prior year comparative period;
Current wording
•Gross profit decreased by $21.3 million to $164.1 million from $185.4 million. Gross profit as a percent of revenue was 63.4%, as compared to 64.6% in the prior year comparative period;
Previous wording
•Net income decreased by $20.1 million to $0.0 million from $20.1 million.
Current wording
•Net income decreased by $5.4 million to $23.5 million from $28.9 million.
Previous wording
Our revenues decreased by $15.4 million, or 5.6%, to $261.9 million for the three months ended December 31, 2024 as compared to revenues of $277.3 million for the three months ended December 31, 2023. Changes in revenues are driven by the volume of goods that the Company sells, the prices it negotiates with customers, and changes in foreign exchange rates. The decrease in revenues was driven by $17.9 million of unfavorable changes in volume and $2.0 million associated with the negative impact of foreign currency translation primarily due to the strengthening of the U.S. dollar. This was partially offset by a $2.9 million increase in contract manufacturing revenues related to sales of non-diabetes products to BD and $1.6 million of favorable changes in price.
Current wording
Our revenues decreased by $28.2 million, or 9.8%, to $259.0 million for the three months ended March 31, 2025 as compared to revenues of $287.2 million for the three months ended March 31, 2024. Changes in revenues are driven by the volume of goods that the Company sells, the prices it negotiates with customers, and changes in foreign exchange rates. The decrease in revenues was driven by $26.6 million of unfavorable changes in volume and $6.0 million associated with the negative impact of foreign currency translation primarily due to the strengthening of the U.S. dollar. This was partially offset by $2.5 million of favorable changes in price and a $1.9 million increase in contract manufacturing revenues related to sales of non-diabetes products to BD.
Previous wording
Cost of products sold increased by $13.4 million, or 14.7%, to $104.8 million for the three months ended December 31, 2024 as compared to $91.4 million for the three months ended December 31, 2023. Cost of products sold as a percentage of revenues was 40.0% for the three months ended December 31, 2024 as compared to 33.0% for the three months ended December 31, 2023. The increase in cost of products sold for the three month comparative period was primarily driven by a non-cash asset impairment charge to write down the carrying value of certain property and equipment as a result of the Company's plan to discontinue the patch pump program. Also, contributing to the period over period increase was the impact of net changes in profit in inventory adjustments. These items were partially offset by the impact of lower sales recognized in the current period as compared to the prior year period.
Current wording
Cost of products sold increased by $6.5 million, or 3.4%, to $199.7 million for the six months ended March 31, 2025 as compared to $193.2 million for the six months ended March 31, 2024. Cost of products sold as a percentage of revenues was 38.3% for the six months ended March 31, 2025 as compared to 34.2% in the six months ended March 31, 2024. The increase in cost of products sold for the six month comparative period was primarily driven by the impact of net changes from profit in inventory adjustments period over period and a non-cash asset impairment charge recorded in the first quarter of fiscal year 2025 to write down the carrying value of certain property and equipment as a result of the Company's Patch Pump Restructuring Plan. This was partially offset by lower volumes in the current period compared to the prior year period.
Previous wording
Selling and administrative expenses decreased by $9.2 million, or 10.2%, to $81.1 million for the three months ended December 31, 2024 as compared to $90.3 million for the three months ended December 31, 2023. The decrease for the three month comparative period was primarily driven by lower TSA and LSA costs with BD in addition to lower compensation and marketing expense recognized in the current period.
Current wording
Selling and administrative expenses decreased by $12.7 million, or 13.8%, to $79.6 million for the three months ended March 31, 2025 as compared to $92.3 million for the three months ended March 31, 2024. Selling and administrative expenses decreased by $21.9 million, or 12.0%, to $160.7 million for the six months ended March 31, 2025 as compared to $182.6 million for the six months ended March 31, 2024. The decrease for both the three and six month comparative periods was primarily driven by lower TSA and LSA costs with BD in addition to lower compensation and marketing expense recognized in the current periods.
Previous wording
Research and development expenses increased by $0.1 million, or 0.5%, to $20.3 million for the three months ended December 31, 2024 as compared to $20.2 million for the three months ended December 31, 2023. The increase for the three month comparative period was primarily driven by certain asset impairments attributed to our decision to discontinue internal and external investment in the research and development of the Company's patch pump program. This was partially offset by a reduction in payments made in connection with the development of our insulin patch pump program in the current period as compared to the prior period, given the discontinuation of the patch pump program. We expect our research and development expense to decrease sequentially in fiscal year 2025 compared to fiscal year 2024.
Current wording
Research and development expenses decreased by $10.4 million, or 56.5%, to $8.0 million for the three months ended March 31, 2025 as compared to $18.4 million for the three months ended March 31, 2024. Research and development expenses decreased by $10.3 million, or 26.7%, to $28.3 million for the six months ended March 31, 2025 as compared to $38.6 million for the six months ended March 31, 2024. The decrease for both the three and six month comparative periods was primarily driven by a reduction in payments made in connection with the development of our insulin patch pump program in the current periods as compared to the prior periods, given the discontinuation of the patch pump program. We expect our research and development expenses to decrease sequentially in fiscal year 2025 compared to fiscal year 2024.
Previous wording
Other operating expenses incurred primarily relate to accounting, auditing, legal services, marketing, supply chain, employee retention, costs associated with the implementation of our new ERP system and other Business Continuity Processes, costs associated with brand transition, and certain other costs to establish certain stand-alone functions to assist with the transition to being a stand-alone entity. These costs also include certain severance costs related to the optimization of certain business functions as we transition to being a stand-alone entity and severance and contract termination costs associated with the discontinued patch pump program.
Current wording
•Accounting, auditing, legal services, marketing, supply chain, employee retention, costs associated with the implementation of our new ERP system and other Business Continuity Processes, costs associated with brand transition, and certain other costs to establish certain stand-alone functions to assist with the transition to being a stand-alone entity
Previous wording
Interest expense, net increased by $0.2 million to $27.9 million for the three months ended December 31, 2024 as compared to $27.7 million for the three months ended December 31, 2023, which equates to a relatively flat change period over period. It remains unclear whether the United States Federal Reserve will increase or decrease the benchmark interest rate during the remainder of fiscal 2025. An increase in the benchmark interest rate would result in an increase in interest expense on our variable rate debt and a decrease in the benchmark interest rate would result in a decrease in interest expense on our variable rate debt.
Current wording
Interest expense, net decreased by $1.1 million to $26.7 million for the three months ended March 31, 2025 as compared to $27.8 million for the three months ended March 31, 2024. Interest expense, net decreased by $0.9 million to $54.6 million for the six months ended March 31, 2025 as compared to $55.5 million for the six months ended March 31, 2024. The change for both periods was relatively flat. It remains unclear whether the United States Federal Reserve will increase or decrease the benchmark interest rate during the remainder of fiscal 2025. An increase in the benchmark interest rate would result in an increase in interest expense on our variable rate debt and a decrease in the benchmark interest rate would result in a decrease in interest expense on our variable rate debt.
Previous wording
Other income (expense), net, was $(1.5) million and $(3.5) million for the three months ended December 31, 2024 and 2023, respectively. The costs incurred for the three month period ended December 31, 2024 are primarily attributed to unfavorable impacts from foreign exchange. The costs incurred for the three month period ended December 31, 2023, are primarily attributed to amounts due to BD for income taxes payable incurred in deferred jurisdictions where BD is considered the primary obligor. We do not expect to incur any additional amounts where BD is considered the primary obligor in the current fiscal year.
Current wording
Other income (expense), net, was $(0.4) million and $(1.5) million for the three months ended March 31, 2025 and 2024, respectively. Other income (expense), net was $(1.9) million and $(5.0) million for the six months ended March 31, 2025 and 2024, respectively. The costs incurred for the three and six month periods ended March 31, 2025 are primarily attributed to unfavorable impacts from foreign exchange. The costs incurred for the three and six month periods ended March 31, 2024, are primarily attributed to amounts due to BD for income taxes payable incurred in deferred jurisdictions where BD is considered the primary obligor. We do not expect to incur any additional amounts where BD is considered the primary obligor in the current fiscal year.
Previous wording
The effective tax rates were 100.0% and (40.6)% for the three months ended December 31, 2024 and 2023, respectively. The increase in the Company’s effective tax rate from the prior comparative period is primarily due to the absence of a tax benefit from the establishment of deferred tax assets related to tax law changes in Switzerland, as well as a decrease in earnings.
Current wording
The effective tax rates were 34.4% and (191.9)% for the three months ended March 31, 2025 and 2024, respectively. The increase in the Company's effective tax rate compared to the prior period is primarily due to the absence of non-recurring tax benefits recognized in the prior period related to withholding taxes on undistributed foreign earnings and tax reserves, partially offset by favorable tax impacts primarily resulting from overall higher earnings reflected in the current period.
Previous wording
During thefirst quarter of fiscal year 2025, the Company paid an aggregate principal amount of approximately $32.4 million on the Term Loan, of which $30.0 million was discretionary. Debt extinguishment charges as a result of this discretionary prepayment were not material to the Company's Condensed Consolidated Statements of Income.
Current wording
During thesix months ended March 31, 2025, the Company paid an aggregate principal amount of approximately$59.8 million on the Term Loan, of which$55.0 million was discretionary. Debt extinguishment charges as a result of this discretionary prepayment were not material to the Company's Condensed Consolidated Statements of Income.
Previous wording
Cash and equivalents and restricted cash were $216.7 million as of December 31, 2024 as compared to $274.2 million as of September 30, 2024.
Current wording
Cash and equivalents and restricted cash were $212.3 million as of March 31, 2025 as compared to $274.2 million as of September 30, 2024.
Previous wording
The primary uses of cash that contributed to the $57.5 million decrease were:
Current wording
The primary uses of cash that contributed to the $61.9 million decrease were:
Previous wording
Net cash used for operating activities was primarily attributable to:
Current wording
Net cash provided by operating activities was primarily attributable to:
Previous wording
The change in prepaid expenses and other is primarily attributed to payments received from BD associated with the transfer of certain assets and liabilities related to the Diabetes Care Business in certain jurisdictions that closed in the first quarter of fiscal 2025.
Current wording
The change in prepaid expenses and other is primarily attributed to payments received from BD associated with the transfer of certain assets and liabilities related to the Diabetes Care Business in certain jurisdictions that closed in the first half of fiscal 2025.
Previous wording
Net cash used for investing activities was comprised of capital expenditures of $1.5 million for the three months ended December 31, 2024 to support our business and operations.
Current wording
Net cash used for investing activities was comprised of capital expenditures of $1.6 million for the six months ended March 31, 2025 to support our business and operations.
Previous wording
This Quarterly Report on Form 10-Q contains statements that constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements include those containing such words as “anticipates,” “believes,” "can," “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” "possible," “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect Embecta’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts relating to discussions of future operations and financial performance (including volume growth, pricing, sales and earnings per share growth and cash flows) and statements regarding Embecta’s strategy for growth, the Restructuring Plan, brand transition, future product development, anticipated product and regulatory clearances, approvals, and launches, competitive position and expenditures. Forward-looking statements are based upon our present intent, beliefs or expectations, are not guarantees of future performance and are subject to numerous risks, uncertainties, and changes in circumstances that are difficult to predict. Although Embecta believes that the expectations reflected in any forward-looking statements it makes are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to:
Current wording
This Quarterly Report on Form 10-Q contains statements that constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements include those containing such words as “anticipates,” “believes,” "can," “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “outlook,” “plans,” "possible," “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect Embecta’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts relating to discussions of future operations and financial performance (including volume growth, pricing, sales and earnings per share growth and cash flows) and statements regarding Embecta’s strategy for growth, the Patch Pump Restructuring Plan, the 2025 Restructuring Plan, expectations related to the impact of incremental tariffs, brand transition, future product development, anticipated product and regulatory clearances, approvals, and launches, competitive position and expenditures. Forward-looking statements are based upon our present intent, beliefs or expectations, are not guarantees of future performance and are subject to numerous risks, uncertainties, and changes in circumstances that are difficult to predict. Although Embecta believes that the expectations reflected in any forward-looking statements it makes are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to:
Previous wording
•Increases in operating costs, including fluctuations in the cost and availability of oil-based resins, other raw materials, and energy as well as certain components, used in its products, the ability to maintain favorable supplier arrangements and relationships, and the potential adverse effects of any disruption in the availability of such items.
Current wording
•Increases in operating costs, including costs incurred from the new tariffs instituted by the U.S. government and certain foreign governments on raw materials and products, fluctuations in the cost and availability of oil-based resins, other raw materials, and energy as well as certain components, used in its products, the ability to maintain favorable supplier arrangements and relationships, and the potential adverse effects of any disruption in the availability of such items.
Previous wording
•The impact of the Separation on Embecta's businesses and the risk that the Separation may be more difficult, time-consuming or costly than expected, including brand transition, the impact on its resources, systems, including ERP, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties.
Current wording
•The impact of the Separation on Embecta's businesses and the risk that the Separation, including brand transition timelines and efforts, may be more difficult, time-consuming or costly than expected, the impact on its resources, systems, including ERP, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties.
Previous wording
•The expectations related to the costs, profitability, timing and the estimated financial impact of, and charges associated with, the Restructuring Plan.
Current wording
•The expectations related to the costs, profitability, timing and the estimated financial impact of, and charges associated with, the Patch Pump Program Restructuring Plan and the 2025 Restructuring Plan.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Six Months Ended March 31, 2025 Summary (on a comparative basis)
Current report — wording carried from elsewhere
Key financial results for the six months ended March 31, 2025 were as follows:
Current report — wording carried from elsewhere
•Gross profit decreased by $50.1 million to $321.2 million, from $371.3 million. Gross profit as a percent of revenue was 61.7%, as compared to 65.8% in the prior year comparative period;
Current report — wording carried from elsewhere
Our revenues decreased by $43.6 million, or 7.7%, to $520.9 million for the six months ended March 31, 2025 as compared to revenues of $564.5 million for the six months ended March 31, 2024. The decrease in revenues was driven by $44.5 million of unfavorable changes in volume and $8.0 million associated with the negative impact of foreign currency translation primarily due to the strengthening of the U.S. dollar. This was partially offset by a $4.8 million increase in contract manufacturing revenues related to sales of non-diabetes products to BD and $4.1 million of favorable changes in price.
Current report — wording carried from elsewhere
Cost of products sold decreased by $6.9 million, or 6.8%, to $94.9 million for the three months ended March 31, 2025 as compared to $101.8 million for the three months ended March 31, 2024. Cost of products sold as a percentage of revenues was 36.6% for the three months ended March 31, 2025 as compared to 35.4% for the three months ended March 31, 2024. The decrease in cost of products sold for the three month comparative period was primarily driven by lower volumes partially offset by the impact of net changes in profit in inventory adjustments period over period.
Current report — wording carried from elsewhere
•Restructuring related costs associated with the optimization of certain business functions as we transition to being a stand-alone entity;
Current report — wording carried from elsewhere
•Severance and contract termination costs associated with the discontinued patch pump program; and
Current report — wording carried from elsewhere
Dollar amounts are in millions except per share amounts or as otherwise specified.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Decentralization of Chronic Care. Many countries are facing an aging population and a rapidly growing number of people living with diabetes. While healthcare investments in certain regions continue to grow, there is an increased burden on