Financial Data and Key Metrics Changes - For Q1 2025, Teleflex reported revenues of $700.7 million, a decrease of 5% year over year on a GAAP basis and a decline of 3.8% on an adjusted constant currency basis, which was within the guidance range of -3% to -4% [5][27] - Adjusted earnings per share (EPS) for the first quarter was $2.91, reflecting a 9.3% decrease year over year [5][25] - Adjusted gross margin was 60.4%, a 70 basis point decrease compared to the prior year, primarily due to cost inflation and unfavorable product mix [23] - Adjusted operating margin was 24.7%, a decline of 190 basis points year over year [23] Business Line Data and Key Metrics Changes - **Americas**: Revenues were $475.7 million, a 3.2% decrease year over year, impacted by OEM declines and challenges in the UroLift office site [6][7] - **EMEA**: Revenues decreased by 2.8% year over year to $151.2 million, with strong performance in Surgical and Vascular Access offset by anesthesia [8] - **Asia**: Revenues were $73.8 million, a 9.7% decrease year over year, in line with expectations due to volume-based procurement in China [9] - **Vascular Access**: Revenue increased by 1.9% year over year to $182.4 million, driven by growth in PICCs [9] - **Interventional**: Revenue was $137.5 million, an increase of 3.2% year over year, led by growth in complex catheters [10] - **Anesthesia**: Revenue decreased by 8.6% year over year to $86.6 million, impacted by tough comps in military orders [11] - **Surgical**: Revenue increased by 2% year over year to $105.8 million, with solid underlying trends [12] - **OEM**: Revenue decreased by 26.8% year over year to $63.9 million, primarily due to a lost customer contract [12] Market Data and Key Metrics Changes - The company experienced softness in orders in EMEA during Q1, which has since recovered in April [5] - The Asia market faced challenges due to volume-based procurement, but sequential quarterly revenue improvement is expected through the remainder of 2025 [9] Company Strategy and Development Direction - Teleflex announced plans to separate into two independent publicly traded companies to enhance shareholder value, with significant inbound interest in acquiring NewCo [18][19] - The acquisition of BioTronix's Vascular Intervention business is on track to close by the end of Q3 2025, expected to enhance Teleflex's portfolio in the cath lab [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the headwinds faced in Q1, including OEM business pressures and UroLift declines, are expected to be transitory [35] - The company anticipates sequential improvement in revenue from China and expects to navigate tariff impacts through various mitigation strategies [30][31] Other Important Information - The company has initiated an accelerated share repurchase program, completing it in April 2025, which returned capital to shareholders [26] - The updated financial guidance for 2025 includes adjusted constant currency revenue growth expectations of 1% to 2% and adjusted EPS in the range of $13.2 to $13.6 [27][31] Q&A Session Summary Question: Has there been any incremental demand on the OEM side of the business? - Management noted a pickup in demand within the OEM business as the quarter progressed, indicating base demand rather than supply chain issues [42][43] Question: Can you provide more details on the $55 million tariff impact? - The $55 million figure reflects current tariffs and does not include any mitigation strategies. Management is exploring various strategies to mitigate tariff impacts [47][49] Question: What is the interest level in NewCo? - There is significant interest in NewCo, with a healthy mix of both strategic and private equity interest, and the company is open to exploring all options to maximize shareholder value [60][76] Question: How will tariffs impact RemainCo and SpinCo? - Management indicated that tariffs will impact both entities, but specifics will be discussed closer to the separation date [82] Question: What are the early views on cost and revenue synergies from BioTronix? - The focus will be on leveraging the BioTronix channel in Europe and the Teleflex channel in the Americas to drive revenue growth [84]

Financial Data and Key Metrics Changes - Teleflex reported Q1 2025 revenues of $700.7 million, a 5% decrease year over year on a GAAP basis, and a decline of 3.8% on an adjusted constant currency basis, which was within the guidance range of -3% to -4% [6][24] - Adjusted earnings per share (EPS) for the first quarter was $2.91, reflecting a 9.3% decrease year over year [6][24] - Adjusted gross margin was 60.4%, a 70 basis point decrease compared to the prior year, primarily due to cost inflation and unfavorable product mix [22] - Adjusted operating margin was 24.7%, a 190 basis point decline year over year [22] Business Line Data and Key Metrics Changes - **Americas**: Revenues were $475.7 million, a 3.2% decrease year over year, impacted by OEM declines and challenges in the UroLift service [7] - **EMEA**: Revenues decreased 2.8% year over year to $151.2 million, with strong performance in Surgical and Vascular Access offset by anesthesia [8] - **Asia**: Revenues were $73.8 million, a 9.7% decrease year over year, in line with expectations due to volume-based procurement impacts [8] - **Vascular Access**: Revenue increased 1.9% year over year to $182.4 million, driven by growth in PICCs [9] - **Interventional**: Revenue was $137.5 million, an increase of 3.2% year over year, led by strong demand for intra-aortic balloon pumps [10] - **Anesthesia**: Revenue decreased 8.6% year over year to $86.6 million, with growth in endotracheal tubes offset by declines in military orders [11] - **Surgical**: Revenue increased 2% year over year to $105.8 million, with solid underlying trends [11] - **Interventional Urology**: Revenue decreased 10.7% year over year to $71 million, with strong growth in BarriGel but pressure on UroLift [12] - **OEM**: Revenue decreased 26.8% year over year to $63.9 million, impacted by a lost customer contract [12] Market Data and Key Metrics Changes - The company experienced softness in orders in EMEA during Q1, which has since recovered in April [6] - The China business is expected to see sequential quarterly revenue improvement through the remainder of 2025 [9] Company Strategy and Development Direction - Teleflex announced plans to separate into two independent publicly traded companies to enhance shareholder value, with significant inbound interest in acquiring NewCo [17][18] - The acquisition of BioTronix Vascular Intervention business is on track to close by the end of Q3 2025, expected to enhance Teleflex's portfolio in the cath lab [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter evolved largely as expected, with specific headwinds anticipated to be transitory [33] - The company expects 2025 adjusted constant currency revenue growth of 1% to 2%, with an updated guidance range for reported revenue growth [26] - Tariffs are expected to impact 2025 results, with an estimated $55 million headwind, primarily associated with China and Mexico [28][29] Other Important Information - The company is actively exploring strategies to mitigate tariff exposure, including optimizing the supply chain and increasing the mix of USMCA compliant products [29][30] - The company has implemented thoughtful spending controls to offset tariff impacts [53] Q&A Session Summary Question: Has there been any incremental demand on the OEM side due to supply chain issues? - Management noted a pickup in demand within the OEM business, indicating base demand rather than supply chain issues [41] Question: Can you provide more details on the $55 million tariff impact and mitigation strategies? - Management explained that the $55 million is based on current tariffs and does not include mitigation strategies, which are being explored [46][52] Question: What is the interest level in NewCo, and is there a preference for a sale versus a spin? - Management indicated significant interest in NewCo, with a parallel process for both spin and sale being pursued [59][64] Question: How does the tariff impact split between RemainCo and SpinCo? - Management stated that the impact of tariffs will affect both entities, but specifics will be discussed closer to the separation date [81] Question: What are the early views on cost and revenue synergies from the BioTronix acquisition? - Management highlighted the opportunity to leverage BioTronix's channel in Europe and Teleflex's channel in the Americas for revenue growth [84]

Financial Data and Key Metrics Changes - Teleflex reported revenues of $700.7 million for Q1 2025, a decrease of 5% year over year on a GAAP basis and a decline of 3.8% on an adjusted constant currency basis, which was within the guidance range of -3% to -4% [5][6] - Adjusted earnings per share (EPS) for the first quarter was $2.91, reflecting a 9.3% decrease year over year [5][26] - Adjusted gross margin was 60.4%, a 70 basis point decrease compared to the prior year, primarily due to cost inflation and unfavorable product mix [23] - Adjusted operating margin was 24.7%, a decline of 190 basis points year over year [23] Business Line Data and Key Metrics Changes - **Americas Revenues**: $475.7 million, a 3.2% decrease year over year, impacted by OEM declines and challenges in the UroLift office site [6] - **EMEA Revenues**: $151.2 million, down 2.8% year over year, with strong performance in Surgical and Vascular Access offset by anesthesia [7] - **Asia Revenues**: $73.8 million, a 9.7% decrease year over year, in line with expectations due to volume-based procurement in China [7][8] - **Vascular Access**: Revenue increased 1.9% year over year to $182.4 million, driven by growth in PICCs [8] - **Interventional**: Revenue was $137.5 million, an increase of 3.2% year over year, led by growth in complex catheters [9] - **Anesthesia**: Revenue decreased 8.6% year over year to $86.6 million, with growth in endotracheal tubes offset by tough comps [11] - **Surgical**: Revenue increased 2% year over year to $105.8 million, with solid underlying trends [12] - **OEM Revenue**: Decreased 26.8% year over year to $63.9 million, impacted by a lost customer contract [12] Market Data and Key Metrics Changes - The company experienced softness in orders in EMEA during Q1, which has since recovered in April [5] - The China business is expected to see sequential quarterly revenue improvement through the remainder of 2025 [8] Company Strategy and Development Direction - Teleflex announced plans to separate into two independent publicly traded companies to enhance shareholder value, with significant inbound interest in acquiring NewCo [18][19] - The acquisition of BioTronix Vascular Intervention business is on track to close by the end of Q3 2025, expected to enhance Teleflex's portfolio in the cath lab [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that the first quarter evolved largely as expected, with specific headwinds anticipated to be transitory [35] - The company expects to return to growth and create shareholder value despite current challenges, including tariffs and customer contract losses [35][36] - Adjusted EPS guidance for 2025 has been revised to a range of $13.2 to $13.6, reflecting headwinds from tariffs and other factors [31] Other Important Information - The company is actively exploring strategies to mitigate tariff exposure, including optimizing the supply chain and increasing the mix of USMCA compliant products [31][32] - The total addressable global market for treating coronary vessel perforation is estimated to exceed $80 million, highlighting growth opportunities in the vascular intervention space [21] Q&A Session Summary Question: Has there been any incremental demand on the OEM side of the business? - Management noted a pickup in demand within the OEM business, with order rates improving as the quarter progressed [43][44] Question: Can you provide more details on the $55 million tariff impact? - The $55 million figure reflects current tariffs and does not include mitigation strategies. Management is exploring various strategies to mitigate the impact [48][52] Question: Is there significant interest in NewCo? - There is a healthy mix of interest from both strategic and private equity firms, with a focus on maximizing shareholder value [73][87] Question: How is the interventional urology business performing? - The interventional urology business is performing in line with expectations, with strong growth in the Palette product [100][101]