Matt Etoch

Matt Etoch asked about the performance drivers for delivery devices, which were relatively flat year-over-year excluding incentive fees, and the variables impacting top-line and margins ahead of 2026 automation.

Answer

CEO Eric Green highlighted progress in Crystal Zenith and administration systems within the drug delivery portfolio. He emphasized two urgent levers for SmartDose: driving down costs and improving efficiencies (on track for automation in early 2026) and evaluating alternative options to maximize value. CFO Bob McMahon added that sequential performance was as expected, with improving economics each quarter.

Matt Etoch with Stephens Inc. asked about the performance drivers for the delivery devices business, which was relatively flat year-over-year excluding the incentive fee, and the variables impacting its top line and margins, especially with improving economics ahead of 2026 automation.

Answer

CEO Eric Green expressed satisfaction with the progress of Crystal Zenith and admin systems within the drug delivery device portfolio. He highlighted two urgent levers for SmartDose: driving down costs and improving efficiencies, which are on track with expectations and showing improved profitability quarter-over-quarter, with further gains expected from 2026 automation. He also mentioned evaluating alternative options to maximize SmartDose's value. CFO Bob McMahon added that sequential quarterly performance was as expected, and the focus is on long-term value for shareholders.