Lawrence Keusch - VP, IR & Strategy Development Liam Kelly - Chairman, President & CEO Thomas Powell - EVP & CFO Operator Lawrence Keusch Before we begin, I'd like to remind you that some of the matters discussed in this conference call will contain forward-looking statements regarding future events as outlined in the slides posted to the Investor Relations section of the Teleflex website. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncert ...

The overseas launch activity in Japan and China are progressing in line with expectations. OEM revenues increased 34.5% year-over-year to $77 million. The strength in the quarter was broad-based across our portfolio with double-digit growth in all product categories. We continue to have good visibility into the business and see solid demand dynamics throughout 2023. First quarter other revenue increased 6.4% to $71.6 million year-overyear. We continue to expect all MSA revenues to cease at the end of 2023, ...

Q1 2023 Performance Highlights - Adjusted EPS for Q1 2023 was $3.09, a 7.3% increase year-over-year[36] - The company reiterated its 2023 adjusted earnings per share guidance of $13.00 to $13.60[36] - Q1 2023 constant currency revenue grew 13.2% year-over-year, which included five extra shipping days compared to the prior year period[54] - Q1 2023 adjusted gross margin increased 100 bps (1%) and adjusted operating margin improved 10 bps (0.1%) year-over-year[54] Revenue Growth - Teleflex's revenue increased 10.8% year-over-year on a GAAP basis[62] - Revenue increased 13.2% year-over-year on a constant currency basis[62] - Vascular Access revenue was $177.7 million, a 9.2% increase in constant currency[38] - Interventional revenue was $116.9 million, a 23.3% increase in constant currency[38] - Anesthesia revenue was $93.3 million, a 9.9% increase in constant currency[38] - Surgical revenue was $99.0 million, a 14.3% increase in constant currency[38] - OEM revenue was $77.0 million, a 34.5% increase in constant currency[38] Financial Guidance for 2023 - The company forecasts GAAP revenue growth between 4.65% and 5.90%[44] - The impact of foreign exchange rate fluctuations is estimated to be (0.35)%[44] - Constant currency revenue growth is projected to be between 5.00% and 6.25%[44] - Adjusted gross margin is expected to be between 59.00% and 59.50%[44] - Adjusted operating margin is forecasted to be between 26.00% and 26.75%[44] - Adjusted EPS is guided to be between $13.00 and $13.60, representing a growth of (0.5)% to 4.1%[44] Gross and Operating Margin - GAAP gross margin for Q1 2023 was 55.1% compared to 54.0% in the prior year period[43] - Adjusted gross margin for Q1 2023 was 59.4%, up 100 bps (1%) year-over-year[43] - GAAP operating margin was 16.2% vs 16.1% in prior year period[62] - Adjusted operating margin was 25.8%, up 10 bps (0.1%) year-over-year[62]

PART I [Business](index=4&type=section&id=Item%201.%20BUSINESS) Teleflex is a global provider of single-use medical technology products for critical care and surgical applications, operating across four segments and subject to extensive regulation - Teleflex is a **global provider** of medical technology products, primarily **single-use devices** for critical care and surgical applications, with major manufacturing operations in the Czech Republic, Malaysia, Mexico, and the U.S[17](index=17&type=chunk) - The company operates through **four reportable segments**: Americas, EMEA (Europe, the Middle East and Africa), Asia (Asia Pacific), and OEM (Original Equipment Manufacturer and Development Services)[25](index=25&type=chunk) - **Key product categories** include Vascular Access, Anesthesia, Interventional, Surgical, Interventional Urology, Respiratory, and Urology[28](index=28&type=chunk) - As of December 31, 2022, Teleflex employed approximately **15,500 people worldwide**, with **4,000 in the U.S.** and **11,500 in 32 other countries**[64](index=64&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20RISK%20FACTORS) Teleflex faces significant risks from intense competition, extensive government regulations, operational disruptions, substantial indebtedness, and market fluctuations - The medical device industry is **highly competitive** and characterized by **rapid technological advances**, requiring substantial investment in R&D to design and market new products[90](index=90&type=chunk)[91](index=91&type=chunk) - The company is subject to **extensive and evolving government regulation** in the U.S. (FDA) and internationally (e.g., EU MDR), which can lead to costly and time-consuming processes for product clearance and approval[95](index=95&type=chunk)[96](index=96&type=chunk) - **Disruptions in product sterilization**, particularly from regulatory restrictions on ethylene oxide, could impair the ability to supply products and adversely affect operations[111](index=111&type=chunk)[113](index=113&type=chunk) - As of December 31, 2022, the company had total consolidated indebtedness of **$1.7 billion**, which increases financial risk and imposes restrictive covenants on business operations[149](index=149&type=chunk)[152](index=152&type=chunk) - The company is exposed to **market risks** from fluctuations in foreign currency exchange rates, commodity prices, and interest rates, which may adversely affect financial results[133](index=133&type=chunk) [Unresolved Staff Comments](index=28&type=section&id=Item%201B.%20UNRESOLVED%20STAFF%20COMMENTS) There are no unresolved staff comments - Not applicable[162](index=162&type=chunk) [Properties](index=28&type=section&id=Item%202.%20PROPERTIES) As of December 31, 2022, Teleflex owns or leases approximately 90 properties globally for manufacturing, distribution, research, and administration, with major facilities in the U.S., Malaysia, Mexico, Czech Republic, Germany, and Ireland Major Facilities (50,000+ sq. ft.) as of December 31, 2022 | Location | Primary use | Square Footage | Owned or Leased | | :--- | :--- | :--- | :--- | | Olive Branch, MS | Distribution warehouse | 627,000 | Leased | | Kamunting, Malaysia | Manufacturing | 286,000 | Owned | | Nuevo Laredo, Mexico | Manufacturing | 277,000 | Leased | | Tecate, Mexico | Manufacturing | 172,000 | Owned | | Chihuahua, Mexico | Manufacturing | 153,000 | Owned | | Maple Grove, MN | Manufacturing | 129,000 | Owned | | Morrisville, NC | Office administration | 121,000 | Leased | | Zdar Nad Sazauou, Czech Republic | Manufacturing | 108,000 | Owned | | Trenton, GA | Manufacturing | 102,000 | Owned | | Hradec Kralove, Czech Republic | Manufacturing | 92,000 | Owned | [Legal Proceedings](index=28&type=section&id=Item%203.%20LEGAL%20PROCEEDINGS) Teleflex is party to various lawsuits and claims, with $0.5 million accrued, and faces a potential $23.0 million liability from an Italian 'payback' measure, while a U.S. Department of Justice investigation was closed - The company is party to various lawsuits and claims arising in the normal course of business, with accrued liabilities of **$0.5 million** as of December 31, 2022[166](index=166&type=chunk)[506](index=506&type=chunk) - In August 2022, the U.S. Department of Justice closed its Civil Investigative Demand into the company's subsidiary, NeoTract, Inc., which related to an investigation of a single customer and certain rebate programs[507](index=507&type=chunk) - Regarding the Italian "payback" measure on medical device companies, Teleflex has a reserve of **$10.9 million** as of December 31, 2022, with a potential liability of up to **$23.0 million** if fully enforced[511](index=511&type=chunk) [Mine Safety Disclosures](index=29&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[168](index=168&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Teleflex common stock trades on the NYSE under 'TFX', with 367 holders of record as of February 21, 2023, and the report includes a five-year stock performance graph - The company's common stock is listed on the New York Stock Exchange under the symbol "**TFX**"[171](index=171&type=chunk) Five-Year Cumulative Total Stockholder Returns | Company / Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Teleflex Incorporated | 100.00 | 104.45 | 152.76 | 167.66 | 134.31 | 102.59 | | S&P 500 Index | 100.00 | 95.62 | 125.72 | 148.85 | 191.58 | 156.88 | | S&P 500 Healthcare Equipment & Supply Index | 100.00 | 114.24 | 148.06 | 175.90 | 210.90 | 166.35 | [Reserved](index=30&type=section&id=Item%206.%20RESERVED) This item is not applicable - Not applicable[174](index=174&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In fiscal year 2022, Teleflex's net revenues decreased by 0.7% to $2.791 billion due to unfavorable foreign currency and lower sales volumes, while gross margin declined and operating cash flow significantly decreased, though liquidity remains solid [Results of Operations](index=32&type=section&id=Results%20of%20Operations) For 2022, net revenues decreased by 0.7% to $2,791.0 million due to sales volume and currency impacts, gross profit fell to $1,531.1 million with a 54.9% margin, and R&D expenses rose for EU MDR compliance, increasing the effective tax rate to 18.6% Financial Performance Comparison (2022 vs. 2021) | Metric | 2022 | 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Revenues | $2,791.0M | $2,809.6M | ($18.6M) | (0.7%) | | Gross Profit | $1,531.1M | $1,549.6M | ($18.5M) | (1.2%) | | Gross Margin | 54.9% | 55.2% | (30 bps) | (0.5%) | | R&D Expenses | $153.8M | $130.8M | $23.0M | 17.6% | | Interest Expense | $54.3M | $57.0M | ($2.7M) | (4.7%) | | Effective Tax Rate | 18.6% | 13.3% | 5.3 p.p. | N/A | [Restructuring and Impairment Charges](index=33&type=section&id=Restructuring%20and%20impairment%20charges) Teleflex initiated a new strategic restructuring plan in November 2022, expecting $39 million to $48 million in charges, while continuing other divestiture and realignment plans, with total charges for 2022 at $20.3 million - A new strategic restructuring plan was initiated on November 15, 2022, designed to improve operating performance, with estimated aggregate pre-tax charges of **$39 million to $48 million** and expected annual pre-tax savings of **$21 million to $23 million** once fully implemented[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) Restructuring and Impairment Charges (in millions) | Plan | 2022 | 2021 | | :--- | :--- | :--- | | 2022 Restructuring plan | $15.5 | $— | | Respiratory divestiture plan | $0.6 | $2.7 | | 2019 Footprint realignment plan | ($1.0) | $0.3 | | 2018 Footprint realignment plan | $2.1 | $2.5 | | Other restructuring programs | $1.6 | $2.1 | | Impairment charges | $1.5 | $6.7 | | **Total** | **$20.3** | **$21.7** | [Segment Results](index=35&type=section&id=Segment%20Results) In 2022, Americas segment revenue was flat but operating profit grew 6.6%, EMEA revenue fell 8.0% with operating profit down 55.2% due to currency and EU MDR costs, Asia revenue grew 2.9% with slight profit decline, and OEM showed strong performance with 11.0% revenue growth and 16.3% operating profit increase Segment Net Revenues (in millions) | Segment | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Americas | $1,653.7 | $1,659.3 | (0.3%) | | EMEA | $558.4 | $606.8 | (8.0%) | | Asia | $306.3 | $297.8 | 2.9% | | OEM | $272.6 | $245.7 | 11.0% | | **Total** | **$2,791.0** | **$2,809.6** | **(0.7%)** | Segment Operating Profit (in millions) | Segment | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Americas | $452.0 | $424.2 | 6.6% | | EMEA | $42.5 | $94.9 | (55.2%) | | Asia | $82.8 | $84.6 | (2.2%) | | OEM | $65.4 | $56.2 | 16.3% | | **Total** | **$642.7** | **$659.9** | **(2.6%)** | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity primarily stems from operating activities, which provided $342.8 million in cash in 2022, a significant decrease from 2021 due to lower operating results and unfavorable working capital changes, though management believes current liquidity is sufficient Summary of Cash Flows (in millions) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Operating activities | $342.8 | $652.1 | | Investing activities | ($259.4) | $156.7 | | Financing activities | ($217.5) | ($715.8) | | **(Decrease) increase in cash** | **($153.1)** | **$69.2** | - The **$309.3 million decrease** in cash from operating activities was primarily due to less favorable operating results and unfavorable changes in working capital, including higher tax payments and an increase in inventories[228](index=228&type=chunk) Free Cash Flow Reconciliation (in millions) | | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $342.8 | $652.1 | | Less: Capital expenditures | $79.2 | $71.6 | | **Free cash flow** | **$263.6** | **$580.5** | [Financing Arrangements](index=39&type=section&id=Financing%20Arrangements) As of December 31, 2022, Teleflex's total debt was $1.72 billion, including a new five-year $1.0 billion revolving credit facility and a $500.0 million term loan, with the company in compliance with all debt covenants - On November 4, 2022, the company entered into a new Credit Agreement providing for a five-year, **$1.0 billion revolving credit facility** and a **$500.0 million term loan**, both maturing in November 2027[234](index=234&type=chunk) - As of December 31, 2022, outstanding long-term debt included **$500 million of 4.625% Senior Notes due 2027** and **$500 million of 4.25% Senior Notes due 2028**[239](index=239&type=chunk) - The company utilizes an accounts receivable securitization facility with a capacity of up to **$75 million**, which was fully drawn at year-end 2022[240](index=240&type=chunk) [Critical Accounting Policies and Estimates](index=40&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management identifies critical accounting policies requiring significant judgment and estimates, including inventory valuation, impairment assessment of long-lived assets and goodwill, valuation of contingent consideration liabilities, and determination of income tax provisions - Goodwill and other indefinite-lived intangible assets are tested for impairment annually in the fourth quarter, or more frequently if impairment indicators arise, by comparing the fair value of a reporting unit to its carrying value[249](index=249&type=chunk)[252](index=252&type=chunk) - Contingent consideration liabilities from acquisitions are remeasured to fair value each reporting period, with changes recognized in operating earnings, totaling **$44.0 million** as of December 31, 2022[259](index=259&type=chunk)[260](index=260&type=chunk) - The company establishes reserves for uncertain tax positions, with a valuation allowance for deferred tax assets of **$91.5 million** at December 31, 2022, primarily related to the uncertainty of utilizing tax loss and credit carryforwards[264](index=264&type=chunk)[265](index=265&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Teleflex is exposed to market risks from interest rates, foreign currency exchange rates, and commodity prices, which are managed using derivative instruments, with a 1.0% change in variable interest rates affecting annual interest expense by $7.2 million - A **1.0% change** in variable interest rates would increase or decrease annual interest expense by **$7.2 million** based on outstanding debt as of December 31, 2022[270](index=270&type=chunk) - The company uses foreign currency forward contracts and cross-currency interest rate swaps to manage foreign currency risk, where a hypothetical **10% change** in the U.S. dollar's value would change the fair value of these contracts by approximately **$68.2 million**[272](index=272&type=chunk) Debt Obligations by Interest Rate Type (as of Dec 31, 2022) | Debt Type | Total Amount | Average Interest Rate | | :--- | :--- | :--- | | Fixed rate debt | $1,000.0 M | 4.438% | | Variable rate debt | $723.3 M | 5.726% | [Financial Statements and Supplementary Data](index=44&type=section&id=Item%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section indicates that the company's audited consolidated financial statements and supplementary data are included in the report, beginning on page F-1 - The financial statements and supplementary data required by this Item are included commencing on page F-1[274](index=274&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=44&type=section&id=Item%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants on any matter of accounting principles or practices, or financial statement disclosure - None[275](index=275&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%209A.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded the company's disclosure controls and procedures were effective as of December 31, 2022, excluding the recently acquired Standard Bariatrics from internal control assessment, with no material changes to internal controls during the quarter - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[276](index=276&type=chunk) - The assessment of internal control over financial reporting excluded Standard Bariatrics, which was acquired on September 27, 2022, as its financial impact was **less than 1%** of consolidated net revenues and total assets[277](index=277&type=chunk) - No change in internal control over financial reporting occurred during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, internal controls[278](index=278&type=chunk) [Other Information](index=45&type=section&id=Item%209B.%20OTHER%20INFORMATION) On February 21, 2023, the Board of Directors amended the company's Bylaws to grant stockholders owning at least 20% of common stock for one year the right to call a special meeting - On February 21, 2023, the Board of Directors amended the company's Bylaws to allow one or more stockholders owning at least **20% of outstanding common stock** for at least **one year** to call a special meeting[279](index=279&type=chunk)[280](index=280&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=45&type=section&id=Item%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) This item is not applicable to the company - None[283](index=283&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=46&type=section&id=Item%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information regarding executive officers is in Part I, while other director and corporate governance details are incorporated by reference from the 2023 proxy statement - Information required by this item is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting[286](index=286&type=chunk) [Executive Compensation](index=46&type=section&id=Item%2011.%20EXECUTIVE%20COMPENSATION) Information regarding executive compensation, including the Compensation Discussion and Analysis, is incorporated by reference from the 2023 proxy statement - Information required by this item is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting[287](index=287&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=46&type=section&id=Item%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information on security ownership is incorporated by reference from the 2023 proxy statement, with 2,843,121 securities remaining available for future issuance under equity compensation plans as of December 31, 2022 - Information regarding security ownership is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting[288](index=288&type=chunk) Equity Compensation Plan Information as of December 31, 2022 | Plan Category | Number of Securities to be Issued Upon Exercise (A) | Weighted-Average Exercise Price (B) | Number of Securities Remaining Available for Future Issuance (C) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 1,228,848 | $230.58 | 2,843,121 | [Certain Relationships and Related Transactions, and Director Independence](index=46&type=section&id=Item%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information concerning related party transactions and director independence is incorporated by reference from the 2023 proxy statement - Information required by this item is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting[290](index=290&type=chunk) [Principal Accounting Fees and Services](index=46&type=section&id=Item%2014.%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES) Information regarding principal accounting fees and services, including audit and non-audit fees, is incorporated by reference from the 2023 proxy statement - Information required by this item is incorporated by reference from the Proxy Statement for the 2023 Annual Meeting[291](index=291&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=47&type=section&id=Item%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section references the Index to Consolidated Financial Statements and Schedule on page F-1 and lists all exhibits filed with or incorporated by reference into the Form 10-K - This section lists all exhibits filed with or incorporated by reference into the Form 10-K report[294](index=294&type=chunk)[295](index=295&type=chunk)[296](index=296&type=chunk) [Form 10-K Summary](index=49&type=section&id=Item%2016.%20FORM%2010-K%20SUMMARY) The company has elected not to include a voluntary summary of the Form 10-K information - The company has elected not to include a summary of the Form 10-K[298](index=298&type=chunk) Financial Statements [Consolidated Statements of Income](index=56&type=section&id=Consolidated%20Statements%20of%20Income) For 2022, Teleflex reported net revenues of $2.79 billion, a slight decrease from 2021, with income from continuing operations at $362.9 million and diluted EPS from continuing operations at $7.67 Consolidated Statements of Income (in thousands) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net revenues | $2,791,041 | $2,809,563 | $2,537,156 | | Gross profit | $1,531,087 | $1,549,602 | $1,324,874 | | Income from continuing operations | $362,916 | $485,119 | $335,801 | | Net income | $363,139 | $485,374 | $335,324 | | Diluted EPS from continuing operations | $7.67 | $10.23 | $7.10 | [Consolidated Balance Sheets](index=58&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2022, Teleflex had total assets of $6.93 billion, total liabilities of $2.91 billion, and total shareholders' equity of $4.02 billion, with significant goodwill and intangible assets Consolidated Balance Sheet Highlights (in thousands) | | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$6,928,063** | **$6,871,722** | | Total current assets | $1,410,983 | $1,429,118 | | Goodwill | $2,536,730 | $2,504,202 | | Intangibles assets, net | $2,306,165 | $2,289,067 | | **Total Liabilities** | **$2,906,095** | **$3,116,974** | | Total current liabilities | $581,492 | $680,119 | | Long-term borrowings | $1,624,023 | $1,740,102 | | **Total Shareholders' Equity** | **$4,021,968** | **$3,754,748** | [Consolidated Statements of Cash Flows](index=59&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For 2022, net cash provided by operating activities was $342.8 million, a significant decrease from 2021, with net cash used in investing at $259.4 million and financing at $217.5 million, resulting in a net decrease in cash of $153.1 million Consolidated Statements of Cash Flows (in thousands) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $342,806 | $652,139 | $437,143 | | Net cash (used in) provided by investing activities | ($259,410) | $156,737 | ($837,783) | | Net cash (used in) provided by financing activities | ($217,506) | ($715,822) | $455,163 | | Net (decrease) increase in cash | ($153,050) | $69,204 | $74,797 | | Cash and cash equivalents at end of year | $292,034 | $445,084 | $375,880 | [Notes to Consolidated Financial Statements](index=61&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, acquisitions like Standard Bariatrics for $211.8 million, the 2022 restructuring plan with $39-48 million in expected charges, revenue breakdown by product category (Vascular Access largest at $683.6 million), total borrowings of $1.72 billion, and compliance with debt covenants Net Revenues by Global Product Category (in thousands) | Product Category | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Vascular access | $683,612 | $700,240 | $657,703 | | Interventional | $445,018 | $427,500 | $382,435 | | Surgical | $392,917 | $377,756 | $317,200 | | Anesthesia | $388,890 | $380,140 | $302,293 | | Interventional urology | $322,832 | $341,661 | $290,022 | | OEM | $272,624 | $245,681 | $220,246 | | Other | $285,148 | $336,585 | $367,257 | - On September 27, 2022, the company acquired Standard Bariatrics, Inc. for a total consideration of **$211.8 million**, including **$173.0 million in cash** and **$38.8 million in estimated contingent consideration**[378](index=378&type=chunk) - A new strategic restructuring plan was initiated in November 2022, with total estimated charges of **$39 million to $48 million**, primarily for termination benefits and costs to transfer manufacturing operations[388](index=388&type=chunk)[389](index=389&type=chunk) Borrowings as of Dec 31, 2022 (in thousands) | Facility | Amount | | :--- | :--- | | Revolving credit facility | $148,250 | | Term loan facility | $500,000 | | 4.625% Senior Notes due 2027 | $500,000 | | 4.25% Senior Notes due 2028 | $500,000 | | Securitization program | $75,000 | | **Total Borrowings** | **$1,723,250** |

Teleflex Incorporated (NYSE:TFX) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET Company Participants Lawrence Keusch - Vice President, Investor Relations & Strategy Development Liam Kelly - Chairman, President & Chief Executive Officer Thomas Powell - Executive Vice President & Chief Financial Officer Conference Call Participants Cecilia Furlong - Morgan Stanley Mike Sarcone - Jefferies Shagun Singh - RBC Mike Polark - Wolfe Research Jayson Bedford - Raymond James Lawrence Biegelsen - Wells F ...

| --- | --- | --- | |----------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | Teleflex Incorporated Fourth Quarter 2022 Earnings Conference Call | | | Conference Call Logistics The call can be accessed by dialing 1 866 813 9403 (U.S.) or +44 204 525 0658 (all other locations). Today's Speakers Tfeleflex® Note on Forward-Looking Statements Note on Non-GAAP Financial Measures Executive Overview Liam Kelly - Chairman, President and CEO 5 Q4 Performance S ...

Financial Data and Key Metrics Changes - Teleflex reported revenues of $686.8 million for Q3 2022, a year-over-year decline of 1.9% on a reported basis and an increase of 2.4% on a constant currency basis [6] - Adjusted earnings per share decreased by 6.8% year-over-year to $3.27 [6][36] - Adjusted gross margin was 58.7%, an 80-basis point decrease compared to the prior year [33] - Adjusted operating margin was 26.9%, reflecting a 160-basis point decline year-over-year [34] Business Line Data and Key Metrics Changes - The OEM business unit achieved double-digit constant currency year-over-year revenue growth [7] - Interventional business unit grew approximately 9% [7] - Surgical business reported mid-single-digit constant currency growth year-over-year [7] - UroLift revenue declined 5.8% year-over-year, while the remainder of the high-growth portfolio showed healthy gains with 14% growth [8] Market Data and Key Metrics Changes - Americas revenues were $405.1 million, a 2.7% decline year-over-year [12] - EMEA revenues increased by 3.4% year-over-year to $128.4 million [13] - Asia revenues grew robustly by 20.5% year-over-year to $82 million, with China exceeding 19% growth [13] Company Strategy and Development Direction - The acquisition of Standard Bariatrics for $170 million aims to enhance Teleflex's surgical portfolio and is expected to be accretive to long-term revenue growth [22][24] - The company continues to focus on investing in high-growth portfolios while managing costs [48] - Teleflex is committed to expanding its UroLift product internationally, with ongoing training for new physicians and market development in Japan and China [29][31] Management's Comments on Operating Environment and Future Outlook - Management noted that patient visits to urologists were down high single digits year-over-year, impacting UroLift sales [19] - There is optimism regarding the recovery of patient flow and staffing levels, which are expected to improve in the future [55][68] - The company maintains its 2022 constant currency revenue growth guidance of 3.25% to 4.25% [39] Other Important Information - The company experienced elevated supply chain disruptions, particularly affecting Vascular and Interventional businesses [10] - The U.S. Department of Justice closed its investigation into NeoTract Inc., a subsidiary of Teleflex, in August 2022 [32] Q&A Session Summary Question: Trends in UroLift patient flow compared to pre-COVID - Management indicated that patient flow was down approximately 12% in Q2 and high single digits in Q3, with staffing shortages impacting the situation [53][55] Question: Outlook for Japan and international expansion - Management expressed confidence in the adoption of UroLift in Japan and noted that the market recovery is essential for future growth [56][58] Question: Impact of revenue slowdown on margin expansion - Management acknowledged that revenue slowdown affects margin leverage but emphasized ongoing restructuring programs and growth in high-margin portfolios [60][62] Question: UroLift sales dynamics and patient cancellations - Management confirmed that there is a lag in patient visits to procedures and noted that staffing shortages in urology offices remain a challenge [86] Question: Confidence in achieving future growth targets - Management remains confident in achieving a 6% to 7% CAGR, supported by the addition of Standard Bariatrics and the potential recovery in UroLift sales [68]

Teleflex, Inc. (NYSE:TFX) Q2 2022 Earnings Conference Call July 28, 2022 8:00 AM ET Company Participants Lawrence Keusch - VP, IR & Strategy Development Liam Kelly - Chairman, President & CEO Thomas Powell - EVP & CFO Conference Call Participants Cecilia Furlong - Morgan Stanley Jayson Bedford - Raymond James & Associates Shagun Chadha - RBC Capital Markets Michael Polark - Wolfe Research Richard Newitter - Truist Securities Michael Matson - Needham & Company Matthew Mishan - KeyBanc Capital Markets Craig B ...

| --- | --- | --- | |--------------------------------------------------------|-------|-------| | | | | | | | | | | | | | Teleflex Incorporated Q1 2022 Earnings Conference Call | | | ിfeleflex® Conference Call Logistics The release, accompanying slides, and replay webcast are available online at www.teleflex.com (click on Investors) An audio replay of the call will be available beginning at 11:00 am Eastern Time on April 28, 2022 either on the Teleflex website or by telephone. The call can be accessed by dia ...

Teleflex Incorporated (NYSE:TFX) Q1 2022 Earnings Conference Call April 28, 2022 8:00 AM ET Company Participants Lawrence Keusch - VP, Investor Relations and Strategy Development Liam Kelly - Chairman, President and Chief Executive Officer Thomas Powell - Executive Vice President and Chief Financial Officer Conference Call Participants Jayson Bedford - Raymond James Cecilia Furlong - Morgan Stanley Shagun Singh - RBC Capital Markets Larry Biegelsen - Wells Fargo Matthew Mishan - KeyBanc Richard Newitter - T ...