Proprietary Products net sales decreased by $23.6 million, or 4.0%, for the three months ended March 31, 2024, as compared to the same period in 2023. This decline was primarily due to a decrease in sales of certain high-value product offerings.

Contract-Manufactured Products net sales increased by $2.4 million, or 1.8%, for the three months ended March 31, 2024, as compared to the same period in 2023. This increase was primarily due to higher sales of components associated with diagnostic devices and increased sales prices.

Net cash used in investing activities increased by $8.5 million for the three months ended March 31, 2024, as compared to the same period in 2023, due to an increase in capital expenditures for additional manufacturing capacity in 2024 to meet customer demand.

Consolidated SG&A costs increased by $0.7 million, or 0.8%, for the three months ended March 31, 2024, as compared to the same period in 2023, primarily due to an increase in costs related to professional services and increased compensation costs.

In December 2022, the Company approved a restructuring plan to adjust our operating cost base to better respond to the macroeconomic factors influencing our business. The plan is expected to require restructuring and related charges of approximately $22 million to $24 million, with annualized savings in the range of $22 million to $24 million.

During the three months ended March 31, 2024, we purchased 729,679 shares of our common stock under the program at a cost of $267.0 million, or an average price of $365.87 per share.

We have operations based in Israel that conduct research and development activities and manufacture certain components for our devices. Our Israel-based facilities continue to substantially operate as they had prior to the conflict in Israel and surrounding area.

The company acknowledges the risk of interruptions or weaknesses in their supply chain, including from reasons beyond their control such as extreme weather, longer-term climate changes, natural disasters, pandemic, war, accidental damage, or unauthorized access to our or our customers' information and systems.

There are no material changes to the risk factors disclosed in Part I, Item 1A of our 2023 Annual Report.

Competition from other providers in our businesses, including customers' in-house operations, and from lower-cost producers in emerging markets, which can impact unit volume, price and profitability.

Customers' changing inventory requirements and manufacturing plans that alter existing orders or ordering patterns for the products we supply to them.

The timing, regulatory approval and commercial success of customer products that incorporate our products and systems.

Maintaining or improving production efficiencies and overhead absorption.

Contract-Manufactured Products gross profit margin decreased by 0.6 margin points for the three months ended March 31, 2024, as compared to the same period in 2023, due to inflationary pressures, primarily within compensation costs, and unfavorable mix of product sold.

The successful and timely implementation of price increases necessary to offset rising production costs, including raw material prices, particularly petroleum-based raw materials.

Consolidated R&D costs increased by $0.5 million, or 2.9%, for the three months ended March 31, 2024, as compared to the same period in 2023, due to additional research performed to identify new product opportunities.

Efforts remain focused on the continued investment in elastomeric packaging components, formulation development, drug containment systems, self-injection systems and drug administration consumables.

Contingent consideration represents changes in the fair value of the SmartDose® contingent consideration. Please refer to Note 10, Fair Value Measurements, for additional details.

Net cash used in financing activities increased by $200.0 million for the three months ended March 31, 2024, as compared to the same period in 2023, primarily due to an increase in purchases under our share repurchase program in 2024, as compared to 2023.

Net cash used in investing activities increased by $8.5 million for the three months ended March 31, 2024, as compared to the same period in 2023, due to an increase in capital expenditures for additional manufacturing capacity in 2024 to meet customer demand.

The $0.6 million decrease in total debt at March 31, 2024, as compared to December 31, 2023, resulted from debt repayments under our Term Loan.

The 10-Q filing does not explicitly mention any new or ongoing ESG initiatives. Further information would be needed to assess the company's performance.

The 10-Q filing does not explicitly mention any new or ongoing ESG initiatives. Further information would be needed to assess the company's performance.

The 10-Q filing does not explicitly mention any new or ongoing ESG initiatives. Further information would be needed to assess the company's performance.

We continue to monitor the impact of the conflict in Israel and surrounding areas on our operations and those of our suppliers, the possible expansion of such conflict and potential geopolitical consequences, if any, on our business and operations.

The potential adverse effects of global healthcare legislation on customer demand, product pricing and profitability.

The relative strength of USD in relation to other currencies, particularly the Euro, SGD, the Danish Krone, Yen, Colombian Peso, Brazilian Real, and the South Korean Won.