Dev, and morning, you, good Thank everyone.
do financial results the Before remind BD that principles I and would on as to not I on the would was embecta XXXX, the what investment periods during periods discuss like embecta's XX-month results, XX, the the from are X, embecta the financial accounting off community spun XXXX, operated had Therefore, carved-out XXXX, September pre-spin that April XX, based a comparable. and were financial stand-alone for ending not reflect and September company. results financial have meaningfully been results public
has fiscal XXXX start and tailwinds each net our the certain and of respectively. and due inflation financial GAAP from year-over-year prior the margin essentially of standup of other Given the programs.
These the Incremental the million margin raw direct a for in out. This offset and revenue, costs, and which $XXX.X totaled gross year at increase fourth and cost discussion at labor from factors, quarter and product slight in was that items temporary by quarter period.
The million for include were China separation overhead. GAAP fourth manufacturing gross and the already improvement regarding in compared my performance review profit profit our will favorable and $XXX.X materials, to pricing XX.X%, profit on year-over-year XX.X% geographic embecta's line. FX. stemming These of facility the shutdown occurred variances impact the of I domestic gross unfavorable Suzhou manufacturing cost of mix, to combination
and profit fourth XXXX the While quarter an gross margin million of $XXX.X and XX.X%. adjusted was basis, on for
during expectations margin up was this XXXX internal gross due ability and than adjusted expected, our and fourth manage product organization. pricing was mix, revenue, favorable quarter geographic the outlook, of our incurred a we the previously to stand to prior higher-than-anticipated the our to our and compared to costs that As better exceeded
margin. and income operating GAAP to Turning
The to During by were discussed the a somewhat This $X $XX.X stand is up and costs primarily offset year-over-year and year GAAP respectively. the to margin year-over-year gross profit compared fourth period. the to and an a income I This was due of respectively, decrease as GAAP million impairment changes loss expense. million as X.X%, in just the X.X%, they increase incurred in well organization. in in quarter, prior increase operating
on overachievement gross as quarter patch adjusted insulin additional offset behind XXXX, adjusted and $XX.X margin performance was prior the operating during margin employee expectations as pump adjusted associated million was additional margin XX.X%. profit of income the line our line as at While and and spending incurred QX basis, during income well expenses our the with and R&D fourth The by activities. with totaled stand-up program operating an and benefits in
Turning prior to during increase drivers an I in fiscal debt. diluted the in is interest the The discussed, net increase period. diluted earnings to due of variable GAAP line. interest expense million the a offset profit $X and the with share GAAP per GAAP associated XXXX. to and year-over-year somewhat net compared per $X.XX and earnings This $XX.X and share by income $X.XX operating our of just loss fourth million rate primarily bottom quarter year were in year-over-year income
basis, on XXXX. share per income While and an of $XX.X quarter $X.XX adjusted the million were fiscal fourth net during earnings and
a margin totaled XX.X%. $XX.X and from approximately our and P&L fourth adjusted for quarter perspective, the of EBITDA Lastly, XXXX, million
year guidance shows results. actual Turning ending as we progression slide to XXXX, This year our year move results. throughout XXXX full fiscal financial with XXXX fiscal our
people gross per raise on basis ending slide million, approximately quarter XX%, XX.X%, depicts, fiscal ability year, of our $X,XXX adjusted of currency pleased margin our with was to revenue approximately XXXX ultimately we with guidance each adjusted earnings share of which margin this that of constant $X.XX following As of year of given X.X% adjusted operating resiliency with up a are financial the year. products during margin to focused make particularly ability these and countless to we generate hours a the the XX.X%.
The adjusted embecta of EBITDA a in small to activities on our is put our was This the no of task, and results separation-oriented all successful. number who testament
closer We $XX million a million approximately flow expenditures, look $XXX cash let's cash year Now, from cash while the cash a with take approximately on million operations translating using $XX generation $XX began generated capital approximately into approximately flow. free at million. balance of of of our and flow
began towards compared Additionally, we flat a ending the $XXX used to where ultimately approximately dividend, cash $XX million year. with the approximately million of balance cash as our of year roughly or we
operating embecta's negatively prepared ending readily impacted our as you what million $XXX relates However, with fiscal expenditures and capital not results year quarter activities.
That that and and do expenses see XXXX. is by of remarks over cash balance associated one-time for the to separation of financial fourth was full standup my completes it
Next, XXXX underlying would discuss to certain like guidance preliminary financial I embecta's assumptions. and
all from I XXXX will March out into fiscal and XXXX that XXXX. currency basis advance approximately Before expectations on adjusted business in in expectations for margin go flattish fiscal year me constant fiscal XXXX that be you we year surrounding would our remind through year XX%. spin EBITDA growth laid the our of our guidance, our that XXXX, CAGR remain of occurring, the Those a let details included revenue through our
range, XXXX amount despite manufacturing our to we result our the currency about half in as revenue be we're no additional revenues is guidance an significant compared constant revenue. the for of At significant And to compared needing inflationary to down decline environment, a ranges our with low expectations, X% as will revenue decrease unprecedented that end flat original from as fiscal of On contract with contract year XXXX our will our XXXX. initial compared projections.
Beginning in the absorb assuming pressure initial XXXX. basis, to expectations, to a as currently as manufacturing to compared pre-spin well anticipate FX financial guidance as the aligned
competitive X% the low remaining continued is headwind the at negatively volume. end While with associated impacting shifts
currency as all as year-over-year of impacting prices. same the the a our revenue flattish smaller our manufacturing low except at assuming to end compared low contract Lastly, headwind pricing slightly the well the associated constant year end, end, that modestly revenue includes factors ability prior be with high will while us raise for the range we're for as to
of the is revenue positive revenue, for and low contract our such, negative X%. constant excluding end a X% our currency manufacturing growth range of As business, between core
thoughts our to Turning on FX.
guidance XXXX. $X,XXX approximately an a calls exchange basis, guide as-reported guidance of dollar resulting initial for assumption to rate exchange in our during is combined foreign existence revenue currency a million. a for of including Our of $X,XXX foreign and approximately decline a headwind This euro X% revenue timeframe, in in early X.XX. between On and million U.S. initial based between X% of the on that were rates calls November X%,
impact adjusted gross and XX% Turning increased gross with with XXXX our margin. the margin between costs China largest anticipated We as that the being variances of raw it for of the to of labor associated production year-over-year P&L. negative and will be stemming market.
Continuing domestic as from currently anticipate syringe lower our the drivers Chinese Suzhou, as exchange, shutdown range and facility year-over-year XX% well material the adjusted temporary in headwinds foreign down the relates to manufacturing production
shipping associated our that as expect during will well embecta, move IT our with additional and organization own we costs our distribution fiscal up and as as network. increase incur most systems We as and with we expenses associated notably standing XXXX supply to transportation associated SG&A chain with
certain by this inclusive of and We by associated lower offset extension to potential conditional expense the TSA TSAs described of Dev. expect costs be with year-over-year as
appear will in depreciation line. fiscal amortization will associated of and ERP the of expense portion implementation we incur operating the XXXX, year a addition, expense this In with during system, and our other
patch revenue, as percentage of may totaled, our to that anticipate XX.XX% during XXXX. will R&D. adjusted invest program. of pump All during this, anticipate exceed XX.XX%. and behind a And continuing XXXX to margin of the be because X% our between insulin range operating We Turning we R&D,
Moving earnings. to
for initial assumption $XXX diluted that our calls adjusted of average tax million, will interest our that approximately share between guidance be weighted an we be $X.XX as outstanding. expense annual net diluted approximately will as range includes an XXXX, annual approximately well million During that an earnings have assumption XX.X XX% and shares $X.XX. per This adjusted rate will our
mentioned for fiscal XX.X%, I remarks, initial fiscal guidance EBITDA turn to our margin our the I XX.X% pre-spin considerations revenue regarding an for and with between XXXX some expectations call Lastly, for XXXX. for before highlight final as to is year expectations XXXX. And of calls some adjusted quarterly Dev which, consistent during year of over I'd cadence like the earlier,
may further the on quarterly ongoing we provide concerning forward, not Moving commentary of any basis. revenue cadence an
fiscal XX% including the of approximately the of XXXX, revenue first during the half generated XX% dollars During during approximately quarter. we year year, first as-reported our
revenue During contract slightly and prior percentage first a XXXX both XXXX, during half revenue manufacturing currently due part reduced we in compared to compared year. as annual as of the to generating of anticipate prior period the our quarter lower the to first year
at That And GLP-X and time, Dev? completes thoughts the market landscape turn call would some to like to this Dev remarks. I the prepared my on for over back opportunity.
