Core Viewpoint - Teleflex Incorporated (TFX) reported a mixed performance in Q3 2024, with adjusted earnings per share (EPS) beating estimates but revenues missing expectations, leading to a significant drop in share price [1][2][12]. Financial Performance - Adjusted EPS from continuing operations was $3.49, down 3.1% year over year, exceeding the Zacks Consensus Estimate by 3.3% [1] - GAAP EPS was $2.36, reflecting a 32.4% decline year over year [1] - Net revenues for Q3 were $764.4 million, a 2.4% increase year over year, but missed the Zacks Consensus Estimate by 0.4% [2] Segmental Revenue Analysis - Americas net revenues were $433.3 million, up 1.2% year over year, slightly above the projected $429.4 million [3] - EMEA net revenues reached $150.2 million, a 5.3% increase year over year, surpassing the projected $145.7 million [4] - Asia Pacific revenues rose 5.5% to $98.3 million, although this was below the model's projection [4] - OEM revenues were $82.6 million, a modest increase of 0.3% year over year [5] Product Revenue Breakdown - Vascular Access segment revenues were $180.9 million, up 6.3% year over year, exceeding projections [6] - Interventional business revenues were $149.9 million, an 11.4% increase year over year, also surpassing expectations [6] - Anesthesia segment revenues increased 3.4% to $101.1 million, slightly below projections [7] - Surgical segment revenues decreased 1% year over year to $111.7 million, missing expectations [7] - Interventional Urology segment revenues grew 13.3% to $83.4 million, exceeding projections [7] Margin and Liquidity Performance - Gross profit was $430.2 million, a 3.3% increase year over year, with a gross margin of 56.3%, up 50 basis points [9] - Adjusted operating profit was $144.2 million, down 12.9% year over year, with an adjusted operating margin contraction of 332 basis points to 18.9% [9] - Cash and cash equivalents at the end of Q3 were $243.2 million, up from $238.6 million at the end of Q2 [10] - Cumulative cash flow from operating activities was $435.6 million, compared to $372.4 million in the prior year [10] Updated Guidance - GAAP revenue growth for 2024 is now expected to be in the range of 2.90%-3.40%, down from a previous range of 3.40%-4.40% [11] - The adjusted EPS guidance for 2024 has been raised to $13.90-$14.20, indicating a year-over-year growth of 2.8% to 5% [11] Market Reaction and Outlook - Following the earnings announcement, TFX shares fell 14.5%, closing at $201.06 [1] - The company continues to face challenges in South Korea due to a doctors' strike and a tough year-over-year comparison in the surgical portfolio [12] - Positive growth was noted in Vascular Access and Interventional segments, with potential for future expansion in the NASHA product platform [13]

Financial Data and Key Metrics Changes - Teleflex reported revenues of $764.4 million for Q3 2024, representing a 2.4% year-over-year increase on a GAAP basis and a 2.2% increase on an adjusted constant currency basis, slightly below the guidance of $765 million to $770 million due to unexpected softness in the OEM business [6][7] - Adjusted earnings per share for Q3 was $3.49, a decrease of 4.1% year-over-year, but higher than expectations due to strong margin performance [7][29] - Adjusted gross margin was 60.8%, a 140 basis point increase year-over-year, primarily driven by the termination of the MSA and the acquisition of Palette, despite manufacturing inefficiencies and cost inflation [26] - Adjusted operating margin was 27.3%, reflecting a 10 basis point year-over-year increase [27] Business Line Data and Key Metrics Changes - Vascular Access revenue increased 6.3% year-over-year to $180.9 million, driven by strong performance in peripheral and central access products [11] - Interventional revenue rose 11.4% year-over-year to $149.9 million, with expectations for increased contributions from intra-aortic balloon pump revenues in Q4 [12] - Anesthesia revenue grew 3.4% year-over-year to $101.1 million, led by intraosseous and hemostatic products [12] - Surgical revenue decreased 1% year-over-year to $111.7 million, with solid underlying trends offset by tough comparisons in the ligation portfolio [13] - Interventional Urology revenue increased 13.3% year-over-year to $83.4 million, driven by Barrigel revenue following the acquisition of Palette Life Sciences [14] - OEM revenue increased 0.1% year-over-year to $82.6 million, softer than expected due to a large customer’s decision to vertically integrate a component [14] Market Data and Key Metrics Changes - Americas revenues were $433.3 million, a 1.5% increase year-over-year, impacted by prior year MSA revenues [8] - EMEA revenues increased 3.9% year-over-year to $150.2 million, driven by improved product availability and utilization [8] - Asia revenues were $98.3 million, a 5% increase year-over-year, affected by ongoing doctor strikes in South Korea [9] Company Strategy and Development Direction - The company is focused on driving durable growth through its diversified portfolio and global footprint, with an emphasis on execution and margin expansion [41] - Teleflex is actively pursuing inorganic growth opportunities, including M&A, while maintaining a disciplined capital allocation strategy [41][52] - The integration of Palette Life Sciences is nearly complete, with expectations for continued strong performance from Barrigel and UroLift [80] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with OEM performance but noted strong margin expansion and free cash flow, positioning the company well for capital allocation [47] - The company anticipates continued headwinds in UroLift and OEM, with expectations for stabilization in 2025 [57] - Management remains optimistic about the intra-aortic balloon pump market, expecting significant share gains in the U.S. due to competitor challenges [19][21] Other Important Information - Cash flow from operations for the year-to-date was $435.6 million, up from $372.4 million in the prior year [30] - The company has a cash balance of $277.8 million at the end of Q3, with net leverage at approximately 1.7x [31] - Teleflex raised its 2024 revenue guidance for Palette to $73 million to $75 million, reflecting strong performance [18] Q&A Session Summary Question: What is the impact of OEM on the top line? - Management clarified that the OEM business was the larger impact on guidance, primarily due to vertical integration and inventory management issues, totaling approximately $14 million for the year [48] Question: How does the company view the balance between share repurchase and M&A? - Management indicated that the balance sheet is strong, allowing for both share repurchase and M&A opportunities, with a focus on non-EPS dilutive assets [50][52] Question: What is the outlook for UroLift and OEM in 2025? - Management noted that the OEM headwind will continue into the first half of next year, while UroLift remains challenged primarily in the office side of service [55][57] Question: What is the expected contribution from intra-aortic balloon pumps in Q4? - Management expects over $10 million in orders for intra-aortic balloon pumps in Q4, driven by both normal replacement cycles and conversions from competitors [68][94] Question: How is the integration of Palette Life Sciences progressing? - The integration is nearly complete, with strong performance from Barrigel and expectations for continued growth [80]

Core Insights - Teleflex reported revenue of $764.38 million for the quarter ended September 2024, reflecting a year-over-year increase of 2.4% [1] - The earnings per share (EPS) for the quarter was $3.49, down from $3.64 in the same quarter last year, with an EPS surprise of +3.25% compared to the consensus estimate of $3.38 [1] Revenue Performance - Geographic Revenues in the Americas reached $433.30 million, slightly above the estimated $432.78 million, marking a +1.2% change year-over-year [3] - EMEA revenues were reported at $150.20 million, slightly below the estimate of $150.67 million [3] - Asia revenues totaled $98.30 million, exceeding the estimate of $96.66 million [3] Segment Performance - Net Revenues from Interventional products were $149.90 million, surpassing the average estimate of $144.74 million, with a year-over-year increase of +11.8% [3] - Interventional Urology revenues were $83.40 million, exceeding the estimate of $82.01 million, reflecting a +13.3% change year-over-year [3] - OEM revenues were reported at $82.60 million, below the estimate of $89.36 million, with a +0.4% change year-over-year [3] - Vascular Access revenues reached $180.90 million, above the estimate of $179.24 million, with a +6.5% year-over-year change [3] - Anesthesia revenues were $101.10 million, slightly below the estimate of $101.17 million, showing a +3.6% change year-over-year [3] - Other revenues were $54.80 million, below the estimate of $55.62 million, with a significant year-over-year decline of -28% [3] - Surgical revenues were reported at $111.70 million, below the estimate of $115.47 million, reflecting a -1% change year-over-year [3] Stock Performance - Teleflex shares have returned -3.6% over the past month, contrasting with the Zacks S&P 500 composite's +1% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [4]

Teleflex (TFX) came out with quarterly earnings of $3.49 per share, beating the Zacks Consensus Estimate of $3.38 per share. This compares to earnings of $3.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.25%. A quarter ago, it was expected that this medical equipment maker would post earnings of $3.33 per share when it actually produced earnings of $3.42, delivering a surprise of 2.70%.Over the last four quarters, the co ...

Executive Summary [Third Quarter Financial Performance](index=1&type=section&id=Third%20Quarter%20Financial%20Performance) Teleflex reported Q3 2024 revenue growth and sustained adjusted operating profit, with GAAP revenue increasing 2.4% and adjusted diluted EPS at $3.49 Q3 2024 Financial Summary (Millions of USD) | Metric | Q3 2024 | Prior Year Period | Change | | :-------------------------------- | :------------- | :--------- | :--- | | GAAP Revenue | $764.4 | - | 2.4% Growth (2.2% at Constant Currency) | | GAAP Diluted EPS from Continuing Operations | $2.36 | $2.91 | Decrease | | Adjusted Diluted EPS from Continuing Operations | $3.49 | $3.64 | Decrease | - The company achieved gross margin expansion and sustained adjusted operating income growth, driven by a diversified product portfolio with strong performance in Interventional and Vascular Access, offsetting unexpected OEM revenue softness[2](index=2&type=chunk) - Barrigel revenue maintained healthy growth momentum, and the integration of Palette Life Sciences AB proceeded as planned[2](index=2&type=chunk) - Cash flow remained strong, with a **$500 million** share repurchase authorization, including a **$200 million** accelerated share repurchase program in Q3[2](index=2&type=chunk) [Full Year 2024 Outlook](index=1&type=section&id=Full%20Year%202024%20Outlook) The company revised its FY 2024 outlook, lowering revenue growth guidance but raising the low end of its GAAP and adjusted diluted EPS FY 2024 Guidance Summary | Metric | Original Guidance | New Guidance | | :------------------------------------ | :-------------------- | :-------------------- | | GAAP Revenue Growth | 3.40% to 4.40% | 2.90% to 3.40% | | Adjusted Constant Currency Revenue Growth | 4.25% to 5.25% | 3.50% to 4.00% | | GAAP Diluted EPS from Continuing Operations | $6.43 to $6.83 | $6.65 to $6.95 | | Adjusted Diluted EPS from Continuing Operations (Low End) | $13.80 to $14.20 | $13.90 to $14.20 | Detailed Financial Results [Net Revenue by Segment](index=2&type=section&id=Net%20Revenue%20by%20Segment) Net revenue is reported by geographic region and OEM segment, showing strong Q3 growth in EMEA and Asia, with moderate growth in Americas and OEM Q3 2024 Net Revenue by Segment (Millions of USD) | Segment | September 29, 2024 | October 1, 2023 | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :----------- | :------------- | :------------ | :----------- | :--------------------- | | Americas | $433.3 | $428.2 | 1.2% | 1.5% | | EMEA | 150.2 | 142.7 | 5.3% | 3.9% | | Asia | 98.3 | 93.2 | 5.5% | 5.0% | | OEM | 82.6 | 82.3 | 0.3% | 0.1% | | Consolidated | $764.4 | $746.4 | 2.4% | 2.2% | First Nine Months 2024 Net Revenue by Segment (Millions of USD) | Segment | September 29, 2024 | October 1, 2023 | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :----------- | :------------- | :------------ | :----------- | :--------------------- | | Americas | $1,266.4 | $1,264.7 | 0.1% | 0.2% | | EMEA | 456.9 | 433.9 | 5.3% | 7.8% | | Asia | 269.5 | 258.6 | 4.2% | 6.5% | | OEM | 259.1 | 243.4 | 6.4% | 6.3% | | Consolidated | $2,251.9 | $2,200.6 | 2.3% | 3.1% | [Net Revenue by Global Product Category](index=2&type=section&id=Net%20Revenue%20by%20Global%20Product%20Category) Interventional Urology and Interventional products saw strong double-digit growth in Q3 and the first nine months, while the 'Other' category revenue significantly declined Q3 2024 Net Revenue by Global Product Category (Millions of USD) | Product Category | September 29, 2024 | October 1, 2023 | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :--------------- | :------------- | :------------ | :----------- | :--------------------- | | Vascular Access | $180.9 | $169.9 | 6.5% | 6.3% | | Interventional | 149.9 | 134.1 | 11.8% | 11.4% | | Anesthesia | 101.1 | 97.6 | 3.6% | 3.4% | | Surgical | 111.7 | 112.8 | (0.9)% | (1.0)% | | Interventional Urology | 83.4 | 73.6 | 13.3% | 13.3% | | OEM | 82.6 | 82.3 | 0.3% | 0.1% | | Other | 54.8 | 76.1 | (28.0)% | (28.3)% | | Consolidated | $764.4 | $746.4 | 2.4% | 2.2% | First Nine Months 2024 Net Revenue by Global Product Category (Millions of USD) | Product Category | September 29, 2024 | October 1, 2023 | Reported Revenue Growth | Adjusted Constant Currency Revenue Growth | | :--------------- | :------------- | :------------ | :----------- | :--------------------- | | Vascular Access | $543.3 | $521.3 | 4.2% | 4.3% | | Interventional | 425.7 | 375.8 | 13.3% | 13.4% | | Anesthesia | 300.0 | 291.8 | 2.8% | 2.9% | | Surgical | 328.6 | 317.8 | 3.4% | 4.0% | | Interventional Urology | 246.2 | 226.8 | 8.6% | 8.8% | | OEM | 259.1 | 243.4 | 6.4% | 6.3% | | Other (1) | 149.0 | 223.7 | (33.4)% | (27.3)% | | Consolidated | $2,251.9 | $2,200.6 | 2.3% | 3.1% | [Other Financial Highlights](index=3&type=section&id=Other%20Financial%20Highlights) As of September 29, 2024, the company reported increased cash, accounts receivable, and inventory, with depreciation and intangible asset amortization expenses also rising Key Financial Data (As of September 29, 2024) (Millions of USD) | Metric | September 29, 2024 | December 31, 2023 | Change | | :------------------------------------ | :------------- | :------------- | :--- | | Cash, Cash Equivalents, and Restricted Cash Equivalents | $277.8 | $222.8 | Increase | | Net Accounts Receivable | $470.3 | $443.5 | Increase | | Inventory | $639.9 | $626.2 | Increase | - For the first nine months of 2024, depreciation, intangible asset amortization, and deferred financing costs totaled **$205.4 million**, up from **$180.5 million** in the prior year period[9](index=9&type=chunk) 2024 Outlook and Guidance [Revenue Growth Outlook](index=3&type=section&id=Revenue%20Growth%20Outlook) The company lowered its FY 2024 GAAP and adjusted constant currency revenue growth outlook, citing negative impacts from foreign exchange fluctuations and Italian clawback measures 2024 Revenue Growth Outlook | Metric | Original Guidance Range | New Guidance Range | | :------------------------------------ | :------------- | :------------- | | GAAP Revenue Growth | 3.40% to 4.40% | 2.90% to 3.40% | | Adjusted Constant Currency Revenue Growth | 4.25% to 5.25% | 3.50% to 4.00% | 2024 Adjusted Constant Currency Revenue Growth Forecast (Millions of USD) | Metric | Low End | High End | | :------------------------------------ | :--- | :--- | | Projected 2024 GAAP Revenue Growth | 2.90% | 3.40% | | Estimated Impact of Foreign Exchange Fluctuations | (0.15)% | (0.15)% | | Italian Clawback Measures | (0.45)% | (0.45)% | | Projected 2024 Adjusted Constant Currency Revenue Growth | 3.50% | 4.00% | [Earnings Per Share Outlook](index=3&type=section&id=Earnings%20Per%20Share%20Outlook) The company raised the low end of its FY 2024 GAAP and adjusted diluted EPS guidance, reflecting positive profitability expectations 2024 Earnings Per Share Outlook | Metric | Original Guidance Range | New Guidance Range | Year-over-Year Change | | :------------------------------------ | :------------- | :------------- | :------- | | GAAP Diluted EPS from Continuing Operations | $6.43 to $6.83 | $6.65 to $6.95 | (12.0)% to (8.1)% | | Adjusted Diluted EPS from Continuing Operations (Low End) | $13.80 to $14.20 | $13.90 to $14.20 | 2.8% to 5.0% | 2024 Adjusted Diluted EPS from Continuing Operations Forecast (Millions of USD) | Metric | Low End | High End | | :------------------------------------------------ | :----- | :----- | | Projected GAAP Diluted EPS from Continuing Operations | $6.65 | $6.95 | | Restructuring, Restructuring-Related, and Impairment Items (After-Tax) | $0.60 | $0.60 | | Acquisition, Integration, and Divestiture-Related Items (After-Tax) | $0.30 | $0.30 | | Pension Termination and Related Costs (After-Tax) | $1.70 | $1.70 | | ERP Implementation (After-Tax) | $0.32 | $0.32 | | MDR (After-Tax) | $0.18 | $0.18 | | Italian Clawback Measures (After-Tax) | $0.29 | $0.29 | | Intangible Asset Amortization Expense (After-Tax) | $3.81 | $3.81 | | Tax Adjustments | $0.05 | $0.05 | | Projected Adjusted Diluted EPS from Continuing Operations (After-Tax) | $13.90 | $14.20 | Non-GAAP Financial Measures and Reconciliations [Explanation of Non-GAAP Measures](index=5&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures such as adjusted revenue and EPS to evaluate financial performance, excluding items not representative of core business trends - Adjusted Revenue: Excludes a **$13.8 million** impact from increased revenue reserves in prior years for the EMEA segment due to Italian clawback measures, as this amount does not represent a normal revenue adjustment and is non-recurring[22](index=22&type=chunk)[23](index=23&type=chunk)[28](index=28&type=chunk) - Adjusted Constant Currency Revenue Growth: Eliminates the impact of currency translation from international subsidiaries across different periods, building on adjusted revenue to better reflect underlying performance[24](index=24&type=chunk) - Adjusted Diluted Earnings Per Share: Excludes items such as restructuring, acquisition/integration/divestiture, Italian clawback measures, pension termination, European Medical Device Regulation (MDR) related costs, intangible asset amortization, ERP implementation, and tax adjustments from GAAP diluted EPS[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Reconciliation of Net Revenue](index=8&type=section&id=Reconciliation%20of%20Net%20Revenue) Detailed net revenue reconciliations are provided by business segment and global product category, illustrating GAAP revenue, adjustments, and adjusted constant currency growth Q3 2024 Net Revenue Reconciliation by Segment (Millions of USD) | Segment | Reported Revenue (Sep 29, 2024) | Adjustments | Adjusted Revenue | Reported Revenue (Oct 1, 2023) | Adjustments | Adjusted Revenue | Reported Revenue Growth | Currency Impact % | Adjustment Impact % | Adjusted Constant Currency Revenue Growth | | :----------- | :----------------------- | :--- | :--------- | :----------------------- | :--- | :--------- | :----------- | :-------- | :-------- | :--------------------- | | Americas | $433.3 | $— | $433.3 | $428.2 | $— | $428.2 | 1.2% | (0.3)% | —% | 1.5% | | EMEA | 150.2 | — | 150.2 | 142.7 | — | 142.7 | 5.3% | 1.4% | —% | 3.9% | | Asia | 98.3 | — | 98.3 | 93.2 | — | 93.2 | 5.5% | 0.5% | —% | 5.0% | | OEM | 82.6 | — | 82.6 | 82.3 | — | 82.3 | 0.3% | 0.2% | —% | 0.1% | | Consolidated | $764.4 | $— | $764.4 | $746.4 | $— | $746.4 | 2.4% | 0.2% | —% | 2.2% | First Nine Months 2024 Net Revenue Reconciliation by Segment (Millions of USD) | Segment | Reported Revenue (Sep 29, 2024) | Adjustments | Adjusted Revenue | Reported Revenue (Oct 1, 2023) | Adjustments | Adjusted Revenue | Reported Revenue Growth | Currency Impact % | Adjustment Impact % | Adjusted Constant Currency Revenue Growth | | :----------- | :----------------------- | :--- | :--------- | :----------------------- | :--- | :--------- | :----------- | :-------- | :-------- | :--------------------- | | Americas | $1,266.4 | $— | $1,266.4 | $1,264.7 | $— | $1,264.7 | 0.1% | (0.1)% | —% | 0.2% | | EMEA | 456.9 | (13.8) | 470.7 | 433.9 | — | 433.9 | 5.3% | 0.7% | (3.2)% | 7.8% | | Asia | 269.5 | — | 269.5 | 258.6 | — | 258.6 | 4.2% | (2.3)% | —% | 6.5% | | OEM | 259.1 | — | 259.1 | 243.4 | — | 243.4 | 6.4% | 0.1% | —% | 6.3% | | Consolidated | $2,251.9 | ($13.8) | $2,265.7 | $2,200.6 | $— | $2,200.6 | 2.3% | (0.2)% | (0.6)% | 3.1% | Q3 2024 Net Revenue Reconciliation by Global Product Category (Millions of USD) | Product Category | Reported Revenue (Sep 29, 2024) | Adjustments | Adjusted Revenue | Reported Revenue (Oct 1, 2023) | Adjustments | Adjusted Revenue | Reported Revenue Growth | Currency Impact % | Adjustment Impact % | Adjusted Constant Currency Revenue Growth | | :--------------- | :----------------------- | :--- | :--------- | :----------------------- | :--- | :--------- | :----------- | :-------- | :-------- | :--------------------- | | Vascular Access | $180.9 | $— | $180.9 | $169.9 | $— | $169.9 | 6.5% | 0.2% | —% | 6.3% | | Interventional | 149.9 | — | 149.9 | 134.1 | — | 134.1 | 11.8% | 0.4% | —% | 11.4% | | Anesthesia | 101.1 | — | 101.1 | 97.6 | — | 97.6 | 3.6% | 0.2% | —% | 3.4% | | Surgical | 111.7 | — | 111.7 | 112.8 | — | 112.8 | (0.9)% | 0.1% | —% | (1.0)% | | Interventional Urology | 83.4 | — | 83.4 | 73.6 | — | 73.6 | 13.3% | —% | —% | 13.3% | | OEM | 82.6 | — | 82.6 | 82.3 | — | 82.3 | 0.3% | 0.2% | —% | 0.1% | | Other (1) | 54.8 | — | 54.8 | 76.1 | — | 76.1 | (28.0)% | 0.3% | —% | (28.3)% | | Consolidated | $764.4 | $— | $764.4 | $746.4 | $— | $746.4 | 2.4% | 0.2% | —% | 2.2% | First Nine Months 2024 Net Revenue Reconciliation by Global Product Category (Millions of USD) | Product Category | Reported Revenue (Sep 29, 2024) | Adjustments | Adjusted Revenue | Reported Revenue (Oct 1, 2023) | Adjustments | Adjusted Revenue | Reported Revenue Growth | Currency Impact % | Adjustment Impact % | Adjusted Constant Currency Revenue Growth | | :--------------- | :----------------------- | :--- | :--------- | :----------------------- | :--- | :--------- | :----------- | :-------- | :-------- | :--------------------- | | Vascular Access | $543.3 | $— | $543.3 | $521.3 | $— | $521.3 | 4.2% | (0.1)% | —% | 4.3% | | Interventional | 425.7 | — | 425.7 | 375.8 | — | 375.8 | 13.3% | (0.1)% | —% | 13.4% | | Anesthesia | 300.0 | — | 300.0 | 291.8 | — | 291.8 | 2.8% | (0.1)% | —% | 2.9% | | Surgical | 328.6 | — | 328.6 | 317.8 | — | 317.8 | 3.4% | (0.6)% | —% | 4.0% | | Interventional Urology | 246.2 | — | 246.2 | 226.8 | — | 226.8 | 8.6% | (0.2)% | —% | 8.8% | | OEM | 259.1 | — | 259.1 | 243.4 | — | 243.4 | 6.4% | 0.1% | —% | 6.3% | | Other (1) | 149.0 | (13.8) | 162.8 | 223.7 | — | 223.7 | (33.4)% | —% | (6.1)% | (27.3)% | | Consolidated | $2,251.9 | ($13.8) | $2,265.7 | $2,200.6 | $— | $2,200.6 | 2.3% | (0.2)% | (0.6)% | 3.1% | [Reconciliation of Consolidated Statement of Income Items](index=9&type=section&id=Reconciliation%20of%20Consolidated%20Statement%20of%20Income%20Items) Detailed reconciliations of GAAP and adjusted consolidated statement of income items are presented, covering gross margin, SG&A, R&D, operating margin, income before taxes, income tax expense, and diluted EPS Q3 2024 Reconciliation of Consolidated Statement of Income Items (Millions of USD, except per share data) | Metric | GAAP Basis | Total Adjustments | Adjusted Basis | | :------------------------------------ | :--------- | :--------- | :--------- | | Revenue | $764.4 | — | $764.4 | | Gross Margin | 56.3% | 4.5% | 60.8% | | Selling, General & Administrative Expenses | 31.6% | (3.0)% | 28.6% | | Research & Development Expenses | 5.1% | (0.2)% | 4.9% | | Operating Margin | 19.5% | 7.8% | 27.3% | | Income Before Taxes | $130.6 | $59.1 | $189.7 | | Income Tax Expense | $19.6 | $6.1 | $25.7 | | Diluted EPS from Continuing Operations | $2.36 | $1.13 | $3.49 | Q3 2023 Reconciliation of Consolidated Statement of Income Items (Millions of USD, except per share data) | Metric | GAAP Basis | Total Adjustments | Adjusted Basis | | :------------------------------------ | :--------- | :--------- | :--------- | | Gross Margin | 55.8% | 3.6% | 59.4% | | Selling, General & Administrative Expenses | 28.6% | (0.6)% | 28.0% | | Research & Development Expenses | 5.0% | (0.8)% | 4.2% | | Operating Margin | 22.1% | 5.1% | 27.2% | | Income Before Taxes | $149.6 | $37.5 | $187.1 | | Income Tax Expense | $11.9 | $3.1 | $15.0 | | Diluted EPS from Continuing Operations | $2.91 | $0.73 | $3.64 | First Nine Months 2024 Reconciliation of Consolidated Statement of Income Items (Millions of USD, except per share data) | Metric | GAAP Basis | Total Adjustments | Adjusted Basis | | :------------------------------------ | :--------- | :--------- | :--------- | | Revenue | $2,251.9 | $13.8 | $2,265.7 | | Gross Margin | 56.1% | 4.8% | 60.9% | | Selling, General & Administrative Expenses | 38.8% | (9.6)% | 29.2% | | Research & Development Expenses | 5.2% | (0.4)% | 4.8% | | Operating Margin | 11.6% | 15.3% | 26.9% | | Income Before Taxes | $202.2 | $347.6 | $549.8 | | Income Tax Expense | $(4.6) | $76.2 | $71.6 | | Diluted EPS from Continuing Operations | $4.38 | $5.74 | $10.12 | First Nine Months 2023 Reconciliation of Consolidated Statement of Income Items (Millions of USD, except per share data) | Metric | GAAP Basis | Total Adjustments | Adjusted Basis | | :------------------------------------ | :--------- | :--------- | :--------- | | Gross Margin | 55.2% | 4.1% | 59.3% | | Selling, General & Administrative Expenses | 30.4% | (1.8)% | 28.6% | | Research & Development Expenses | 5.4% | (1.2)% | 4.2% | | Operating Margin | 19.3% | 7.2% | 26.5% | | Income Before Taxes | $374.0 | $159.9 | $533.9 | | Income Tax Expense | $47.7 | $6.6 | $54.3 | | Diluted EPS from Continuing Operations | $6.90 | $3.24 | $10.14 | [Tickmarks to Reconciliation Tables](index=11&type=section&id=Tickmarks%20to%20Reconciliation%20Tables) Detailed explanations for each adjustment in the reconciliation tables are provided, covering restructuring, acquisition/integration/divestiture-related items, and Italian clawback measures - Restructuring, Restructuring-Related, and Impairment Items: Q3 2024 pre-tax restructuring expenses were **$0.3 million**, and restructuring-related expenses were **$6.5 million**. For the first nine months of 2024, pre-tax restructuring expenses were **$8.7 million**, restructuring-related expenses were **$14.0 million**, and impairment expenses were **$2.1 million**[47](index=47&type=chunk) - Acquisition, Integration, and Divestiture-Related Items: These expenses relate to changes in the estimated fair value of contingent consideration liabilities and the acquisition of Palette Life Sciences AB[48](index=48&type=chunk) - Italian Clawback Measures: Adjustments reflect the impact of increased reserves in prior years due to Italian clawback measures[49](index=49&type=chunk) Company Information [About Teleflex Incorporated](index=12&type=section&id=About%20Teleflex%20Incorporated) Teleflex is a global medical technology provider dedicated to improving health and quality of life through its diversified product portfolio across various therapeutic areas - The company's vision is to be the most trusted partner in healthcare, shaping the future of medical care through purpose-driven innovation and world-class products[51](index=51&type=chunk) - It owns well-known brands including Arrow™, Barrigel™, Deknatel™, LMA™, Pilling™, QuikClot™ Rüsch™, UroLift™, and Weck™[52](index=52&type=chunk) [Caution Concerning Forward-Looking Information](index=12&type=section&id=Caution%20Concerning%20Forward-Looking%20Information) This press release contains forward-looking statements, with actual results potentially differing materially due to factors like shipping delays, market demand, acquisition integration, healthcare reform, and global economic conditions - The company explicitly disclaims any obligation to update forward-looking statements, except as required by law or regulation[53](index=53&type=chunk) Consolidated Financial Statements (GAAP) [Consolidated Statements of Income](index=13&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated statements of income for the three and nine months ended September 29, 2024, and October 1, 2023, present key GAAP financial data including revenue, gross profit, operating expenses, and EPS Consolidated Statements of Income (USD and shares in thousands, except per share data) | Metric | Sep 29, 2024 (Three Months) | Oct 1, 2023 (Three Months) | Sep 29, 2024 (Nine Months) | Oct 1, 2023 (Nine Months) | | :------------------------------------ | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Net Revenue | $764,375 | $746,389 | $2,251,915 | $2,200,580 | | Cost of Sales | 334,203 | 330,078 | 989,151 | 985,066 | | Gross Profit | 430,172 | 416,311 | 1,262,764 | 1,215,514 | | Selling, General & Administrative Expenses | 247,257 | 213,194 | 740,718 | 669,216 | | Research & Development Expenses | 38,726 | 37,576 | 117,119 | 118,493 | | Pension Settlement Expense | (5,407) | — | 132,732 | — | | Restructuring and Impairment Charges | 285 | 231 | 10,799 | 3,960 | | Income Before Taxes from Continuing Operations | 130,551 | 149,605 | 202,238 | 374,040 | | Income Tax (Benefit) Expense from Continuing Operations | 19,633 | 11,935 | (4,586) | 47,651 | | Net Income from Continuing Operations | 110,918 | 137,670 | 206,824 | 326,389 | | Diluted Earnings Per Share (Continuing Operations) | $2.36 | $2.91 | $4.38 | $6.90 | | Diluted Earnings Per Share (Net Income) | $2.36 | $2.90 | $4.37 | $6.88 | [Consolidated Balance Sheets](index=14&type=section&id=Consolidated%20Balance%20Sheets) Consolidated balance sheets as of September 29, 2024, and December 31, 2023, list major components including cash, accounts receivable, inventory, fixed assets, intangible assets, liabilities, and equity Consolidated Balance Sheets (USD in thousands) | Metric | September 29, 2024 | December 31, 2023 | | :------------------------------------ | :------------- | :------------- | | **ASSETS** | | | | Cash and Cash Equivalents | $243,235 | $222,848 | | Net Accounts Receivable | 470,257 | 443,467 | | Inventory | 639,938 | 626,216 | | Total Current Assets | 1,499,303 | 1,407,406 | | Property, Plant and Equipment, Net | 512,224 | 479,913 | | Goodwill | 2,918,562 | 2,914,055 | | Intangible Assets, Net | 2,325,105 | 2,501,960 | | Total Assets | $7,486,291 | $7,532,546 | | **LIABILITIES AND EQUITY** | | | | Total Current Liabilities | $618,753 | $606,745 | | Long-Term Debt | 1,661,546 | 1,727,572 | | Deferred Tax Liabilities | 445,841 | 456,080 | | Total Liabilities | 3,004,574 | 3,091,558 | | Total Stockholders' Equity | 4,481,717 | 4,440,988 | | Total Liabilities and Stockholders' Equity | $7,486,291 | $7,532,546 | [Consolidated Statements of Cash Flows](index=16&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated statements of cash flows for the nine months ended September 29, 2024, and October 1, 2023, cover operating, investing, and financing cash flows from continuing operations, and exchange rate impacts Consolidated Statements of Cash Flows (USD in thousands) | Metric | Sep 29, 2024 (Nine Months) | Oct 1, 2023 (Nine Months) | | :------------------------------------ | :----------------------- | :----------------------- | | Net Cash Provided by Operating Activities from Continuing Operations | $435,624 | $372,361 | | Net Cash Used in Investing Activities from Continuing Operations | (76,270) | (57,698) | | Net Cash (Used in)/Provided by Financing Activities from Continuing Operations | (302,810) | 276,041 | | Net Cash Used in Discontinued Operations | (2,355) | (579) | | Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash Equivalents | 728 | (660) | | Net Increase in Cash, Cash Equivalents, and Restricted Cash Equivalents | 54,917 | 589,465 | | Cash, Cash Equivalents, and Restricted Cash Equivalents at End of Period | $277,765 | $881,499 | Company Information [Teleflex Incorporated Contacts](index=17&type=section&id=Teleflex%20Incorporated%20Contacts) Contact information for Lawrence Keusch, VP of Investor Relations at Teleflex, is provided for investors seeking additional company information - Investor Relations Contact: Lawrence Keusch, Vice President, Investor Relations and Strategic Development, Phone: 610-948-2836, Website: investors.teleflex.com[59](index=59&type=chunk)

WAYNE, Pa., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX) (the "Company") today announced financial results for the third quarter ended September 29, 2024. Third quarter financial summary GAAP revenue of $764.4 million, up 2.4% compared to the prior year period, up 2.2% on a constant currency basis GAAP diluted EPS from continuing operations of $2.36, compared to $2.91 in the prior year period Adjusted diluted EPS from continuing operations of $3.49, compared to $3.64 in the prior year ...

WAYNE, Pa., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX), a leading global provider of medical technologies, today announced the first patient enrolled in the latest Barrigel™ rectal spacer randomized, controlled, single-blinded multicenter study: The PPRT Trial. Barrigel™ rectal spacer is the first and only sculptable hyaluronic acid rectal spacer designed to significantly reduce radiation that reaches the rectum during prostate radiation therapy.1-3 This new study will evaluate Barr ...

WAYNE, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX), a leading global provider of medical technologies, today announced the launch of two new devices in Canada designed to enhance PICC insertion procedures and reduce the chance of complications. The next-generation Arrow™ VPS Rhythm™ DLX Device and NaviCurve™ Stylet are engineered to work together to give Vascular Access professionals more efficient and predictable PICC placement. The next-generation VPS Rhythm™ DLX Device provid ...

• Barrigel™ rectal spacer provides high quality rectal spacing, enabling low dose to the rectum during prostate cancer radiation therapy, with an excellent toxicity and safety profile; and low incidence (0.32-1%) of rectal wall infiltration (RWI), which can be safely reversed using hyaluronidase4,5 • Data demonstrate safety and efficacy of Barrigel™ rectal spacer in stereotactic body radiation therapy (SBRT) for patients undergoing repeat therapy6 WAYNE, Pa., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Teleflex Incor ...

WAYNE, Pa., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE:TFX) will host a conference call to discuss its third quarter financial results and provide an operational update at 8:00 a.m. Eastern Time on Thursday, October 31, 2024. To participate in the conference call, please utilize this link to pre-register and receive the dial-in information. The call can also be accessed through a live audio webcast on the company's website, teleflex.com. An audio replay of the call will be available begin ...