Q4 2024 Performance - Adjusted constant currency revenue grew by 3.2% year-over-year[9, 11] - Adjusted gross margin was 60.1%[9, 10] - Adjusted operating margin was 27.6%, up 130 bps year-over-year[9, 10] - Adjusted EPS was $3.89, a 15.1% increase year-over-year[9, 10] 2024 Full Year Performance - Revenue increased 2.4% year-over-year on a GAAP basis[37, 60] - Adjusted constant currency revenue increased 3.1% year-over-year[37, 60] - Adjusted gross margin was 60.7%, up 120 bps year-over-year[60] - Adjusted operating margin was 27.1%, up 60 bps year-over-year[60] - Adjusted EPS was $14.01, up 3.6% year-over-year[60] 2025 Financial Guidance - Adjusted constant currency revenue growth is projected to be between 1.00% and 2.00%[9, 15] - Adjusted diluted EPS from continuing operations is guided to be between $13.95 and $14.35[9, 15]

Core Insights - The U.K. surgical pledgets market is projected to grow significantly, driven by advancements in surgical technologies and increased healthcare infrastructure investments [1][2][3] Market Overview - The market was valued at approximately US$15.3 million in 2023 and is expected to exceed US$27.5 million by 2034, with a CAGR of 5.5% from 2024 to 2034 [2][16][24] - Surgical pledgets are critical in enhancing surgical repairs by distributing load and reducing tissue tear risks, particularly in cardiovascular, general, and orthopedic surgeries [3][9][10] Key Market Drivers - The rising prevalence of cardiovascular disorders, affecting nearly 7.6 million individuals in the U.K., is a significant driver for the demand for surgical pledgets [7][11] - The geriatric population is growing, with over 11 million individuals aged 65 and above in England and Wales as of 2021, increasing the need for effective surgical interventions [12] - Continuous advancements in surgical technologies and product innovations are enhancing the safety and effectiveness of surgical pledgets [8][13] Competitive Landscape - Key players in the U.K. surgical pledgets market include Becton, Dickinson, and Company (BD), Medtronic plc, B. Braun Melsungen AG, and Ethicon, Inc. [4][27] - Companies are engaging in strategic partnerships and technological advancements to strengthen their market positions [4][8] Recent Developments - B. Braun entered an agreement with IDENTI Medical to enhance surgical sutures inventory management [5] - Ethicon launched antibacterial sutures that reduce surgical site infections by 30% [5] - DeRoyal Industries collaborated with researchers to innovate compression wound care therapy [6] Market Segmentation - The market is segmented by application, with cardiovascular surgeries being the largest segment due to the high number of heart-related surgeries performed annually [21] - Material types include Teflon and polyester surgical pledgets, with Teflon known for durability and biocompatibility [21] Future Outlook - The market is expected to grow steadily, driven by the increasing number of surgeries, technological advancements, and an aging population [21][22]

Core Viewpoint - Teleflex Incorporated has announced a definitive agreement to acquire the Vascular Intervention business of BIOTRONIK SE & Co. KG for approximately €760 million, aiming to enhance its presence in the interventional cardiology and peripheral vascular market, which is estimated to be worth $10 billion [1][2]. Group 1: Acquisition Details - The acquisition is expected to close by the end of the third quarter of 2025, subject to customary closing conditions and regulatory approvals [1]. - The acquired business will expand Teleflex's portfolio to include a range of vascular intervention devices, with 75% of the acquired revenues coming from coronary interventions and 25% from peripheral procedures [2][3]. - Key products in the acquired portfolio include drug-coated balloons, drug-eluting stents, and various stent types for both coronary and peripheral interventions [2]. Group 2: Strategic Implications - The acquisition is anticipated to significantly enhance Teleflex's global presence in the cath lab and improve patient care through an expanded suite of innovative technologies [2]. - The integration of BIOTRONIK's products is expected to complement Teleflex's existing complex percutaneous coronary intervention (PCI) platform and diversify its geographic revenue mix, with 50% of the acquired revenues generated in EMEA [2][3]. - Teleflex plans to leverage its established education and clinical platforms to further enhance the offerings to cardiac and peripheral care specialists [4][5]. Group 3: Financial Outlook - The acquired products are projected to generate approximately €91 million in revenues in the fourth quarter of 2025, with expected constant currency revenue growth of 6% or better starting in 2026 [6][7]. - The transaction is expected to be approximately $0.10 accretive to Teleflex's adjusted earnings per share in the first year of ownership, with increasing accretion thereafter [8]. - Teleflex intends to finance the acquisition through a new term loan, revolving borrowings, and cash on hand, while also entering into foreign exchange derivative contracts to hedge against currency exposure [9][8].