Q2 2025 Performance - Adjusted constant currency revenue grew by 1.0% year-over-year[12] - Adjusted gross margin was 59.7%[12] - Adjusted operating margin was 26.9%[12] - Adjusted EPS reached $3.73, a 9.1% increase year-over-year[12] 2025 Financial Guidance - Adjusted constant currency revenue growth guidance increased to a range of 7.70% to 8.70%, compared to the prior range of 1.00% to 2.00%[12] - Adjusted diluted EPS from continuing operations guidance increased to a range of $13.90 to $14.30, compared to the prior range of $13.20 to $13.60[12] - GAAP Revenue Growth is forecasted between 9.00% and 10.00%[41] Segment Performance (Q2 2025) - Americas reported revenue of $525.7 million, with adjusted constant currency revenue growth of 2.0%[13, 14] - EMEA reported revenue of $166.2 million, but experienced an adjusted constant currency revenue decline of 2.1%[13, 14] - Asia reported revenue of $89.0 million, with adjusted constant currency revenue growth of 1.2%[13, 14] Strategic Updates - Teleflex is progressing with the separation into RemainCo and NewCo, and is evaluating a potential sale of NewCo[23] - Teleflex completed the acquisition of BIOTRONIK's Vascular Intervention business for an initial upfront cash payment of €704 million[23]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Second Quarter 2025 Financial Summary](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Summary) The company reported solid Q2 results with increased constant currency revenue and adjusted EPS, raising its full-year 2025 guidance **Second Quarter 2025 Key Financials (YoY Growth):** | Metric | Value | Growth | | :----------------------------------- | :------ | :----- | | GAAP Revenue | $780.9M | 4.2% | | Adjusted Constant Currency Revenue | $780.9M | 1.0% | | GAAP Diluted EPS from Continuing Operations | $2.77 | 63.9% | | Adjusted Diluted EPS from Continuing Operations | $3.73 | 9.1% | [Full Year 2025 Outlook Summary](index=1&type=section&id=Full%20Year%202025%20Outlook%20Summary) Teleflex increased its full-year 2025 guidance for revenue and EPS, driven by the BIOTRONIK acquisition and positive foreign exchange impact **Full Year 2025 Guidance (Revised Ranges):** | Metric | Low | High | | :------------------------------------------ | :------ | :------ | | GAAP Revenue Growth | 9.00% | 10.00% | | Adjusted Constant Currency Revenue Growth | 7.70% | 8.70% | | GAAP EPS from Continuing Operations | $6.73 | $7.13 | | Adjusted Diluted EPS from Continuing Operations | $13.90 | $14.30 | [CEO Commentary & Strategic Initiatives](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Initiatives) The CEO highlighted strong Q2 results, the strategic acquisition of BIOTRONIK's Vascular Intervention business, and ongoing value creation efforts - Solid second quarter results reflected an **increase in constant currency revenue growth** and **adjusted earnings per share** compared to the prior year period[3](index=3&type=chunk) - Successfully completed the acquisition of BIOTRONIK's Vascular Intervention business, which drove the **increase in 2025 adjusted constant currency revenue guidance**[3](index=3&type=chunk) - The Vascular Intervention business enhances global presence in the cath lab and establishes a footprint in the **fast-growing peripheral intervention market**[3](index=3&type=chunk) - Remaining focused on unlocking value through the **separation of NewCo** and actively exploring options to maximize shareholder value creation[3](index=3&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) [Net Revenue by Segment](index=2&type=section&id=Net%20Revenue%20by%20Segment) Segment net revenue showed varied regional performance, with notable reported growth in EMEA for Q2 offset by a decline on a constant currency basis [Three Months Ended June 29, 2025](index=2&type=section&id=Net%20Revenue%20by%20Segment%20-%20Three%20Months%20Ended%20June%2029%2C%202025) **Net Revenue by Segment (Three Months Ended June 29, 2025 vs. June 30, 2024):** | Segment | June 29, 2025 (Reported) | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :-------- | :----------------------- | :---------------------- | :---------------------------------------- | | Americas | $525.7M | 1.9% | 2.0% | | EMEA | $166.2M | 13.0% | (2.1)% | | Asia | $89.0M | 2.3% | 1.2% | | Consolidated | $780.9M | 4.2% | 1.0% | [Six Months Ended June 29, 2025](index=2&type=section&id=Net%20Revenue%20by%20Segment%20-%20Six%20Months%20Ended%20June%2029%2C%202025) **Net Revenue by Segment (Six Months Ended June 29, 2025 vs. June 30, 2024):** | Segment | June 29, 2025 (Reported) | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :-------- | :----------------------- | :---------------------- | :---------------------------------------- | | Americas | $1,001.4M | (0.8)% | (0.6)% | | EMEA | $317.4M | 3.5% | (2.4)% | | Asia | $162.8M | (4.9)% | (4.0)% | | Consolidated | $1,481.6M | (0.4)% | (1.3)% | [Net Revenue by Global Product Category](index=2&type=section&id=Net%20Revenue%20by%20Global%20Product%20Category) Interventional products showed strong growth, while OEM and Interventional Urology declined, and the 'Other' category was impacted by prior-year adjustments [Three Months Ended June 29, 2025](index=2&type=section&id=Net%20Revenue%20by%20Global%20Product%20Category%20-%20Three%20Months%20Ended%20June%2029%2C%202025) **Net Revenue by Global Product Category (Three Months Ended June 29, 2025 vs. June 30, 2024):** | Product Category | June 29, 2025 (Reported) | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :------------------- | :----------------------- | :---------------------- | :---------------------------------------- | | Vascular Access | $185.5M | 2.4% | 1.4% | | Interventional | $170.0M | 20.4% | 19.3% | | Anesthesia | $96.4M | (6.0)% | (7.6)% | | Surgical | $114.0M | 2.5% | 1.4% | | Interventional Urology | $76.4M | (8.1)% | (8.3)% | | OEM | $78.7M | (11.4)% | (12.4)% | | Other (1) | $59.9M | 43.5% | 3.5% | | Consolidated | $780.9M | 4.2% | 1.0% | [Six Months Ended June 29, 2025](index=3&type=section&id=Net%20Revenue%20by%20Global%20Product%20Category%20-%20Six%20Months%20Ended%20June%2029%2C%202025) **Net Revenue by Global Product Category (Six Months Ended June 29, 2025 vs. June 30, 2024):** | Product Category | June 29, 2025 (Reported) | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :------------------- | :----------------------- | :---------------------- | :---------------------------------------- | | Vascular Access | $367.9M | 1.5% | 1.6% | | Interventional | $307.6M | 11.5% | 11.5% | | Anesthesia | $183.0M | (8.0)% | (8.1)% | | Surgical | $219.8M | 1.4% | 1.7% | | Interventional Urology | $147.4M | (9.5)% | (9.5)% | | OEM | $142.6M | (19.2)% | (19.5)% | | Other (1) | $113.3M | 20.3% | 4.0% | | Consolidated | $1,481.6M | (0.4)% | (1.3)% | - The 'Other' category includes revenues from respiratory and urology products and in 2024, reflects the impact from increases in reserves related to the **Italian payback measure** pertaining to prior years[9](index=9&type=chunk) [Other Financial Highlights](index=3&type=section&id=Other%20Financial%20Highlights) Key balance sheet and expense metrics show a slight decrease in depreciation, a reduction in cash, and increases in receivables and inventories **Other Financial Highlights (Six Months Ended June 29, 2025 vs. Prior Periods):** | Metric | June 29, 2025 | December 31, 2024 | Prior Year Period (6 months) | | :------------------------------------------ | :------------ | :---------------- | :--------------------------- | | Depreciation expense, amortization of intangible assets and deferred financing charges | $134.7M | N/A | $135.9M | | Total cash, cash equivalents and restricted cash equivalents | $283.9M | $327.7M | N/A | | Net accounts receivable | $513.8M | $459.5M | N/A | | Inventories | $693.7M | $600.1M | N/A | [Full Year 2025 Outlook](index=3&type=section&id=Full%20Year%202025%20Outlook) [Revenue Guidance](index=3&type=section&id=Revenue%20Guidance) The full-year 2025 revenue growth outlook was increased, primarily due to the BIOTRONIK acquisition and favorable foreign exchange impacts **Full Year 2025 Revenue Growth Outlook (Revised):** | Metric | Previous Range | New Range | Change Driver | | :------------------------------------------ | :------------- | :-------- | :------------ | | GAAP Revenue Growth | 1.28% to 2.28% | 9.00% to 10.00% | BIOTRONIK acquisition, 0.85% FX impact | | Adjusted Constant Currency Revenue Growth | 1.00% to 2.00% | 7.70% to 8.70% | BIOTRONIK acquisition | - The BIOTRONIK Vascular Intervention business is expected to generate revenues of **$204 million** in the second half of 2025[11](index=11&type=chunk) [Earnings Per Share Guidance](index=3&type=section&id=Earnings%20Per%20Share%20Guidance) The company raised its full-year 2025 GAAP and adjusted diluted earnings per share outlook from continuing operations **Full Year 2025 EPS Outlook (Revised):** | Metric | Previous Range | New Range | | :------------------------------------------ | :------------- | :-------- | | GAAP Diluted EPS from Continuing Operations | $6.51 to $6.91 | $6.73 to $7.13 | | Adjusted Diluted EPS from Continuing Operations | $13.20 to $13.60 | $13.90 to $14.30 | - The revised adjusted diluted EPS guidance represents a **decrease of 0.8% to an increase of 2.1%** year-over-year[12](index=12&type=chunk) [Reconciliation of Forecasted Adjusted Constant Currency Revenue Growth](index=3&type=section&id=Reconciliation%20of%20Forecasted%20Adjusted%20Constant%20Currency%20Revenue%20Growth) This reconciliation details adjustments from GAAP revenue growth to forecasted adjusted constant currency revenue growth for 2025 **Forecasted 2025 Adjusted Constant Currency Revenue Growth Reconciliation:** | Item | Low | High | | :------------------------------------------ | :------ | :------ | | Forecasted 2025 GAAP revenue growth | 9.00% | 10.00% | | Estimated impact of foreign currency exchange rate fluctuations | 0.85% | 0.85% | | Prior year Italian payback measure adjustment | 0.45% | 0.45% | | Forecasted 2025 adjusted constant currency revenue growth | 7.70% | 8.70% | [Reconciliation of Forecasted Adjusted Diluted EPS](index=3&type=section&id=Reconciliation%20of%20Forecasted%20Adjusted%20Diluted%20EPS) A detailed reconciliation from forecasted GAAP diluted EPS to adjusted diluted EPS outlines various non-GAAP adjustments **Forecasted 2025 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation:** | Item | Low | High | | :---------------------------------------------------- | :------ | :------ | | Forecasted GAAP diluted earnings per share from continuing operations | $6.73 | $7.13 | | Restructuring and rationalization items, net of tax | $0.54 | $0.54 | | Impairment items, net of tax | $0.14 | $0.14 | | Acquisition, integration and divestiture related items, net of tax | $0.23 | $0.23 | | Separation costs, net of tax | $1.48 | $1.48 | | ERP implementation, net of tax | $0.42 | $0.42 | | MDR, net of tax | $0.16 | $0.16 | | Intangible amortization expense, net of tax | $4.25 | $4.25 | | Tax adjustments | $(0.05) | $(0.05) | | Forecasted adjusted diluted earnings per share from continuing operations, net of tax | $13.90 | $14.30 | [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) [Overview and Rationale](index=5&type=section&id=Overview%20and%20Rationale) The company uses non-GAAP measures to supplement GAAP results for assessing performance and facilitating period-to-period comparisons - Non-GAAP measures are used by management to **assess financial performance**, make operating decisions, allocate resources, provide guidance, and evaluate comparisons[21](index=21&type=chunk) - Non-GAAP measures provide insight into management's assessment and supplemental information for comparing ongoing operations, but **should not be relied upon as a substitute for GAAP**[21](index=21&type=chunk) [Definitions of Adjustments](index=5&type=section&id=Definitions%20of%20Adjustments) This section defines specific adjustments used to derive non-GAAP measures from reported GAAP figures - Adjusted revenue excludes the impact of a **$13.8 million increase in reserves** related to the Italian payback measure in 2024, as these are not indicative of core performance[23](index=23&type=chunk)[24](index=24&type=chunk) - Adjusted constant currency revenue growth further **eliminates the impact of foreign currency exchange rate fluctuations** to facilitate comparison of underlying operating performance[25](index=25&type=chunk) - Adjusted diluted earnings per share excludes items such as restructuring, impairment, acquisition costs, separation costs, and intangible amortization, as these are **not considered indicative of core performance**[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[39](index=39&type=chunk) [Reconciliation of Net Revenue (Historical)](index=8&type=section&id=Reconciliation%20of%20Net%20Revenue%20(Historical)) Detailed reconciliations show adjustments from reported GAAP revenue to adjusted constant currency revenue growth by segment and product category **Reconciliation of Consolidated Net Revenue by Segment (Three Months Ended June 30, 2024):** | Segment | Reported Revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | | :-------- | :--------------- | :--------- | :--------------- | :---------------------- | :-------------- | :---------------- | :---------------------------------------- | | EMEA | $147.1M | ($13.8M) | $160.9M | 13.0% | 5.7% | 9.4% | (2.1)% | | Consolidated | $749.7M | ($13.8M) | $763.5M | 4.2% | 1.2% | 2.0% | 1.0% | **Reconciliation of Consolidated Net Revenue by Global Product Category (Three Months Ended June 30, 2024):** | Product Category | Reported Revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | | :------------------- | :--------------- | :--------- | :--------------- | :---------------------- | :-------------- | :---------------- | :---------------------------------------- | | Other (1) | $41.7M | ($13.8M) | $55.5M | 43.5% | 4.5% | 35.5% | 3.5% | | Consolidated | $749.7M | ($13.8M) | $763.5M | 4.2% | 1.2% | 2.0% | 1.0% | **Reconciliation of Consolidated Net Revenue by Segment (Six Months Ended June 30, 2024):** | Segment | Reported Revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | | :-------- | :--------------- | :--------- | :--------------- | :---------------------- | :-------------- | :---------------- | :---------------------------------------- | | EMEA | $306.7M | ($13.8M) | $320.5M | 3.5% | 1.3% | 4.6% | (2.4)% | | Consolidated | $1,487.5M | ($13.8M) | $1,501.3M | (0.4)% | 0.0% | 0.9% | (1.3)% | **Reconciliation of Consolidated Net Revenue by Global Product Category (Six Months Ended June 30, 2024):** | Product Category | Reported Revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | | :------------------- | :--------------- | :--------- | :--------------- | :---------------------- | :-------------- | :---------------- | :---------------------------------------- | | Other (1) | $94.3M | ($13.8M) | $108.1M | 20.3% | 0.1% | 16.2% | 4.0% | | Consolidated | $1,487.5M | ($13.8M) | $1,501.3M | (0.4)% | 0.0% | 0.9% | (1.3)% | [Reconciliation of Consolidated Statement of Income Items (Historical)](index=9&type=section&id=Reconciliation%20of%20Consolidated%20Statement%20of%20Income%20Items%20(Historical)) This section provides comprehensive reconciliations of GAAP income statement items to adjusted non-GAAP figures for recent periods **Reconciliation of Consolidated Statement of Income Items (Three Months Ended June 29, 2025):** | Item | GAAP Basis | Adjustments Total | Adjusted Basis | | :------------------------------------------ | :--------- | :---------------- | :------------- | | Revenue | $780.9M | — | $780.9M | | Gross margin | 55.2% | 4.5% | 59.7% | | Operating margin | 19.9% | 7.0% | 26.9% | | Income before income taxes | $135.2M | $54.9M | $190.1M | | Diluted earnings per share from continuing operations | $2.77 | $0.96 | $3.73 | **Reconciliation of Consolidated Statement of Income Items (Three Months Ended June 30, 2024):** | Item | GAAP Basis | Adjustments Total | Adjusted Basis | | :------------------------------------------ | :--------- | :---------------- | :------------- | | Revenue | $749.7M | $13.8M | $763.5M | | Gross margin | 55.6% | 5.2% | 60.8% | | Operating margin | 15.6% | 11.1% | 26.7% | | Income before income taxes | $97.5M | $87.3M | $184.8M | | Diluted earnings per share from continuing operations | $1.69 | $1.73 | $3.42 | **Reconciliation of Consolidated Statement of Income Items (Six Months Ended June 29, 2025):** | Item | GAAP Basis | Adjustments Total | Adjusted Basis | | :------------------------------------------ | :--------- | :---------------- | :------------- | | Revenue | $1,481.6M | — | $1,481.6M | | Gross margin | 55.4% | 4.6% | 60.0% | | Operating margin | 19.0% | 6.9% | 25.9% | | Income before income taxes | $244.2M | $102.3M | $346.5M | | Diluted earnings per share from continuing operations | $4.82 | $1.81 | $6.63 | **Reconciliation of Consolidated Statement of Income Items (Six Months Ended June 30, 2024):** | Item | GAAP Basis | Adjustments Total | Adjusted Basis | | :------------------------------------------ | :--------- | :---------------- | :------------- | | Revenue | $1,487.5M | $13.8M | $1,501.3M | | Gross margin | 56.0% | 4.9% | 60.9% | | Operating margin | 7.5% | 19.2% | 26.7% | | Income before income taxes | $71.7M | $288.6M | $360.3M | | Diluted earnings per share from continuing operations | $2.02 | $4.61 | $6.63 | - Acquisition, integration and divestiture related items for the three and six months ended June 29, 2025, primarily related to the **BIOTRONIK Vascular Intervention business acquisition**[52](index=52&type=chunk)[53](index=53&type=chunk) [Company Information](index=14&type=section&id=Company%20Information) [About Teleflex Incorporated](index=14&type=section&id=About%20Teleflex%20Incorporated) Teleflex is a global provider of medical technologies with a diverse portfolio of solutions designed to improve health and quality of life - Teleflex is a global provider of medical technologies driven by the purpose to **improve the health and quality of people's lives**[54](index=54&type=chunk) - Offers a diverse portfolio with solutions in **anesthesia, emergency medicine, interventional cardiology and radiology, surgical, vascular access, and urology**[54](index=54&type=chunk) - Key brands include **Arrow™, Barrigel™, Deknatel™, LMA™, Pilling™, QuikClot™ Rüsch™, UroLift™ and Weck™**[55](index=55&type=chunk) [Caution Concerning Forward-Looking Information](index=14&type=section&id=Caution%20Concerning%20Forward-Looking%20Information) This section advises caution regarding forward-looking statements, as actual results may differ materially due to various enumerated risks - Forward-looking statements, including **2025 financial forecasts** and statements about the BIOTRONIK acquisition and NewCo separation, are subject to material risks[57](index=57&type=chunk) - Risks include **unanticipated difficulties in integration**, financing risks, customer and shareholder reactions, operational disruptions, and regulatory actions[57](index=57&type=chunk) - Other factors affecting actual results include product demand, restructuring execution, healthcare reform, competitive conditions, and **global economic factors**[57](index=57&type=chunk) [Contacts](index=14&type=section&id=Contacts) Contact information for investor relations is provided for Teleflex Incorporated - Investor Relations Contact: **Lawrence Keusch**, Vice President, Investor Relations and Strategy Development, 610-948-2836[64](index=64&type=chunk) [Unaudited Consolidated Financial Statements](index=15&type=section&id=Unaudited%20Consolidated%20Financial%20Statements) [Consolidated Statements of Income](index=15&type=section&id=Consolidated%20Statements%20of%20Income) The statements of income detail the company's financial performance for the three and six-month periods ended June 29, 2025, and June 30, 2024 **Consolidated Statements of Income (in thousands, except per share data):** | Metric | June 29, 2025 | June 30, 2024 | | :------------------------------------------ | :------------ | :------------ | | Net revenues | $780,889 | $749,691 | | Gross profit | $431,085 | $416,458 | | Income from continuing operations before interest and taxes | $155,311 | $116,878 | | Net income | $122,580 | $80,038 | | Diluted EPS from continuing operations | $2.77 | $1.69 | **Consolidated Statements of Income (in thousands, except per share data):** | Metric | June 29, 2025 | June 30, 2024 | | :------------------------------------------ | :------------ | :------------ | | Net revenues | $1,481,558 | $1,487,540 | | Gross profit | $820,524 | $832,592 | | Income from continuing operations before interest and taxes | $280,881 | $112,085 | | Net income | $217,582 | $95,327 | | Diluted EPS from continuing operations | $4.82 | $2.02 | [Consolidated Balance Sheets](index=16&type=section&id=Consolidated%20Balance%20Sheets) The balance sheets present the company's financial position as of June 29, 2025, compared to December 31, 2024 **Consolidated Balance Sheets (in thousands):** | Item | June 29, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Total current assets | $1,723,862 | $1,471,124 | | Total assets | $7,375,219 | $7,097,914 | | Total current liabilities | $716,148 | $649,360 | | Total liabilities | $3,132,351 | $2,819,774 | | Total shareholders' equity | $4,242,868 | $4,278,140 | [Consolidated Statements of Cash Flows](index=17&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The statements of cash flows detail cash inflows and outflows from operating, investing, and financing activities for the recent six-month periods **Consolidated Statements of Cash Flows (in thousands):** | Item | June 29, 2025 | June 30, 2024 | | :------------------------------------------ | :------------ | :------------ | | Net cash provided by operating activities from continuing operations | $81,186 | $204,532 | | Net cash used in investing activities from continuing operations | ($59,280) | ($55,040) | | Net cash used in financing activities from continuing operations | ($83,192) | ($127,992) | | Net (decrease) increase in cash, cash equivalents and restricted cash equivalents | ($43,728) | $15,719 | | Cash, cash equivalents and restricted cash equivalents at the end of the period | $283,922 | $238,567 |

Core Insights - Teleflex Incorporated reported solid second quarter results with an increase in constant currency revenue growth and adjusted earnings per share compared to the prior year [3][6] - The company successfully completed the acquisition of BIOTRONIK's Vascular Intervention business, which positively impacted the 2025 adjusted constant currency revenue guidance [3][9] - The company is focused on unlocking value through the separation of NewCo and exploring options to maximize shareholder value [3] Financial Performance - For the three months ended June 29, 2025, consolidated net revenue was $780.9 million, reflecting a 4.2% increase compared to $749.7 million in the prior year [5][6] - Adjusted diluted earnings per share from continuing operations for the second quarter was $3.73, up from $3.42 in the prior year [6][10] - The company raised its full year 2025 GAAP revenue growth guidance to a range of 9.00% to 10.00% and adjusted constant currency revenue growth guidance to 7.70% to 8.70% [9][10] Revenue by Segment - In the Americas, net revenue for the three months ended June 29, 2025, was $525.7 million, a 1.9% increase from $515.6 million in the prior year [5] - EMEA segment revenue increased by 13.0% to $166.2 million, while Asia segment revenue grew by 2.3% to $89.0 million [5] - For the six months ended June 29, 2025, consolidated net revenue was $1,481.6 million, a slight decrease of 0.4% compared to $1,487.5 million in the prior year [5][6] Product Category Performance - The Interventional product category saw significant growth, with revenue increasing by 20.4% to $170.0 million for the three months ended June 29, 2025 [8] - Vascular Access revenue grew by 2.4% to $185.5 million, while Anesthesia and OEM categories experienced declines of 6.0% and 11.4%, respectively [8] - For the six months ended June 29, 2025, Interventional revenue increased by 11.5% to $307.6 million, while Anesthesia and OEM categories saw declines of 8.0% and 19.2%, respectively [8][36] Outlook - The company expects the acquisition of the Vascular Intervention business to generate approximately $204 million in revenue in the second half of 2025 [9] - The adjusted diluted earnings per share guidance for 2025 was raised to a range of $13.90 to $14.30, reflecting a year-over-year increase [10][14] - The company anticipates a positive impact of approximately 0.85% from foreign exchange rate fluctuations for the full year [9][11]

Core Insights - The chest drainage catheters market is projected to grow at a CAGR of 4.78% from 2025 to 2032, driven by the increasing prevalence of chronic conditions such as cancer and cardiovascular diseases, along with advancements in catheter technology and improved healthcare access [2][6]. Market Dynamics - In 2022, there were 2,480,675 reported cases of lung-related cancers, predominantly in Asia, which significantly boosts the demand for thoracic drainage interventions using chest drainage catheters [3]. - Approximately 620 million people globally are living with heart and circulatory diseases, further driving the need for interventions like pericardial effusions management through chest drainage catheters [4]. Technological Advancements - The adoption of minimally invasive procedures is enhancing the chest drainage catheter market by improving procedural precision and patient outcomes, with innovations such as image-guided catheter placements and smart catheters enabling real-time monitoring [5]. Challenges - The market faces challenges including catheter complexity and stringent regulatory requirements, which may limit growth; however, the demand for safe and effective thoracic drainage solutions continues to rise due to the increasing global burden of cancer and cardiovascular diseases [6]. Segment Analysis - Pleural drainage catheters are expected to lead the market in 2024, driven by the rise in pleural diseases associated with lung cancer and heart failure, with features like tunneled indwelling pleural catheters offering less invasive alternatives [7]. Manufacturer Innovations - Manufacturers are advancing catheter designs by incorporating features such as smaller diameters, anti-microbial coatings, and integration with digital drainage systems, enhancing safety and clinical outcomes [8]. Regional Outlook - North America is anticipated to dominate the chest drainage catheters market in 2024, supported by an increasing number of cancer patients, advanced healthcare infrastructure, and the presence of key market players like BD, Teleflex Incorporated, and Cook [9][10]. Key Players - Leading companies in the chest drainage catheters market include BD, Teleflex Incorporated, Cook, ICU Medical, and Redax S.p.A., among others [10][12]. Recent Developments - In June 2021, BD received FDA 510(k) clearance for its PeritXT Peritoneal Catheter System, intended for symptomatic, non-malignant ascites drainage [11]. Conclusion - The chest drainage catheters market is poised for substantial growth from 2025 to 2032, with North America being a significant contributor to this expansion [11].

Core Points - Teleflex Incorporated will host a conference call to discuss its second quarter financial results and provide an operational update on July 31, 2025 at 8:00 a.m. Eastern Time [1] - An audio replay of the call will be available starting at 11:00 a.m. Eastern Time on the same day [2] - Teleflex is a global provider of medical technologies focused on improving health and quality of life, with a diverse portfolio in various therapy areas [3] - The company is known for its trusted brands such as Arrow™, Barrigel™, Deknatel™, LMA™, Pilling™, QuikClot™ Rüsch™, UroLift™, and Weck™ [4]

Company Overview - Teleflex has completed the acquisition of the majority of BIOTRONIK SE & Co. KG's Vascular Intervention business for €760 million, significantly enhancing its interventional access product line and global presence in cath labs [1][8] - The acquired business includes a diverse portfolio of coronary and peripheral intervention products, which are expected to bolster Teleflex's innovation pipeline [4][5] Financial Impact - The acquisition is projected to add $0.10 to Teleflex's adjusted earnings per share (EPS) in the first year, with increasing contributions in subsequent years [10] - Teleflex anticipates that the acquired products will generate revenues of €177 million ($204 million) in the second half of 2025, with a constant currency revenue growth expectation of 6% or better from 2026 onward [9] Market Context - The vascular intervention medical devices market was valued at $5.1 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 7.1% through 2033, driven by the rising prevalence of cardiovascular diseases and advancements in technology [11] Recent Developments - Teleflex has announced findings from a multinational study demonstrating the effectiveness of Arrow Chlorhexidine-Impregnated Central Venous Catheters, showing a 70.5% reduction in the incidence of CLABSI [12]

Core Viewpoint - Teleflex has completed the acquisition of Biotronik's Vascular Intervention business for nearly $900 million, enhancing its product portfolio in the interventional treatment market and positioning itself as a stronger competitor in the growing peripheral intervention market [1][15][20] Summary by Sections Acquisition Details - Teleflex announced the early completion of its acquisition of Biotronik's Vascular Intervention business, with a total transaction price of nearly $900 million (approximately 6.4 billion RMB) [1] - The acquisition integrates Biotronik's core assets in coronary and peripheral vascular intervention into Teleflex's product lineup [1] Biotronik VI Products and Technologies - The acquisition includes several high-tech interventional treatment products such as: - **Orsiro Drug-Eluting Stent (DES)**: A biodegradable polymer-coated stent designed to reduce long-term inflammation risks and improve vascular compliance [3] - **Pantera Lux Drug-Coated Balloon (DCB)**: A non-implant treatment option that releases drugs to inhibit vascular smooth muscle proliferation [6] - **PK Papyrus Covered Stent**: The first FDA-approved stent for acute coronary perforation, designed for flexibility and delivery performance [9] - **Freesolve Absorbable Magnesium Stent (RMS)**: A stent that fully degrades within 12 months, providing temporary mechanical support without long-term metal presence [12] Strategic Rationale for Teleflex - Teleflex aims to transition from a focus on access products to therapeutic devices, enhancing its market position and profitability [14] - The acquisition allows Teleflex to enter the high-value treatment market, with products that have significant technological barriers [14] - The global peripheral intervention market is projected to exceed $10 billion by 2030, with a compound annual growth rate of 7.3%, highlighting the strategic importance of this acquisition [15] Biotronik's Strategic Shift - Biotronik's decision to divest its Vascular Intervention business aligns with its strategy to concentrate resources on high-growth areas such as cardiac devices and digital health [16][17] - The divestiture reflects Biotronik's recognition of the competitive and capital-intensive nature of the vascular intervention market [17] Market Dynamics - The acquisition positions Teleflex in a competitive landscape dominated by major players like Boston Scientific and Medtronic, with products like Orsiro showing competitive advantages in clinical studies [18] - Teleflex's entry into the peripheral intervention market, previously dominated by larger companies, could disrupt existing market dynamics [19] - The future of Freesolve remains uncertain, but if it demonstrates safety and efficacy in clinical trials, it could revitalize the absorbable stent market [19] Conclusion - The acquisition signifies a strategic upgrade for Teleflex, transitioning from a supplier of access devices to a competitor in therapeutic interventional products [20] - Biotronik's divestiture allows it to focus on active implantable devices and digital health, paving the way for future growth [20]

Core Viewpoint - Teleflex Incorporated has successfully completed the acquisition of substantially all of the Vascular Intervention business from BIOTRONIK SE & Co. KG, enhancing its portfolio and global presence in the cath lab and peripheral intervention market [1][3][5]. Acquisition Details - The acquisition was finalized for a cash payment of €760 million, subject to certain adjustments [2]. - The Vascular Intervention business includes a comprehensive portfolio for coronary and peripheral interventions, featuring key products such as the Pantera™ Lux™ Drug-Coated Balloon Catheter and the Orsiro™ Mission Drug Eluting Stent [3][4]. Financial Outlook - The acquired products are expected to generate revenues of €177 million ($204 million) in the second half of 2025, with an anticipated €91 million ($105 million) for the fourth quarter of 2025 [5]. - From 2026 onwards, annual constant currency revenue growth of 6% or better is expected from the acquired products [5][6]. Strategic Implications - The acquisition will allow Teleflex to invest in the clinical trial program for Freesolve™, a sirolimus-eluting Resorbable Metallic Scaffold technology, with plans for a U.S. pivotal study [4]. - The integration of the Vascular Intervention business is anticipated to enhance Teleflex's innovation pipeline and position the company to leverage emerging technologies in the market [3][4].

Core Insights - Teleflex Incorporated announced findings from a multinational study demonstrating the efficacy of Arrow™ Chlorhexidine-Impregnated Central Venous Catheters (CVCs) in reducing central line-associated bloodstream infections (CLABSIs) by 70.5% [2][3][4] Study Findings - The study involved over 6,670 patients from 12 Intensive Care Units across eight countries, including India, Malaysia, Papua New Guinea, Colombia, Egypt, and Turkey [1] - Patients using chlorhexidine-impregnated CVCs had a significantly lower incidence of infections caused by various pathogens, including gram-negative and gram-positive bacteria, as well as fungi [4][7] - The study highlighted that unprotected CVCs may pose an independent risk factor for CLABSI compared to chlorhexidine-impregnated CVCs, even with adherence to best practices [3][7] Implications for Teleflex - The results reinforce Teleflex's claims regarding the effectiveness of its Arrowg+ard Blue™ and Arrowg+ard Blue Plus™ CVCs against common CLABSI pathogens [4] - The company aims to enhance healthcare quality through innovative medical technologies, positioning itself as a trusted partner in the healthcare sector [5][6]

Core Insights - Teleflex Incorporated has launched two initiatives to raise awareness about benign prostatic hyperplasia (BPH) during Men's Health Month, focusing on quality-of-life issues and potential rectal toxicity from prostate cancer radiation treatment [3][8]. Group 1: Awareness Initiatives - The initiatives include the "Prostate Monster" ad campaign and the Prostate Education Express, a mobile training center that will tour major U.S. cities throughout 2025 [4][5]. - The Prostate Education Express aims to educate both physicians and the community about BPH and the benefits of the UroLift™ System and Barrigel™ rectal spacer [4][7]. Group 2: UroLift™ System - The UroLift™ System is a minimally invasive treatment for BPH symptoms, indicated for men aged 45 and older, and has been used to treat over 500,000 men globally [10][6]. - A clinical study showed a low retreatment rate of about 2-3% per year, indicating the durability of the UroLift™ System [10]. Group 3: Barrigel™ Rectal Spacer - Barrigel™ rectal spacer is the first hyaluronic acid rectal spacer designed to protect the rectum during radiation therapy for prostate cancer, with over 50,000 men treated [12][8]. - A clinical study found that 98.5% of men treated with Barrigel™ achieved at least a 25% reduction in radiation to the rectum, with an average reduction of 85% [8].