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
period
2024 guidance summary
- Lowering GAAP revenue growth guidance
range to 2.90% to 3.40%
- Lowering adjusted constant currency
revenue growth guidance range to 3.50% to 4.00%
- Raising GAAP EPS from continuing
operations guidance range to $6.65 to $6.95
- Raising the low end of adjusted
diluted EPS from continuing operations guidance range to $13.90 to
$14.20
"In the third quarter, we delivered year-over-year
margin expansion and continued adjusted operating income growth"
said Liam Kelly, Teleflex's Chairman, President and Chief Executive
Officer. "The benefits of our diversified portfolio were evident as
strong performances from Interventional and Vascular Access helped
offset unexpected softness in OEM revenues. Healthy revenue
momentum for Barrigel continued while our integration of Palette
Life Sciences AB remained on schedule. Cash flow remains strong,
and we have augmented our disciplined capital allocation strategy
with a $500 million share repurchase authorization, including a
$200 million accelerated share program in the third quarter. With
net leverage at 1.7x, we continue to have considerable balance
sheet flexibility to execute on our M&A strategy. Finally, we
have raised the low end of our 2024 adjusted EPS guidance.”
NET REVENUE BY SEGMENTThe
following table provides information regarding net revenues in each
of the Company's reportable operating segments for the three and
nine months ended September 29, 2024 and the comparable prior
year periods on a GAAP, adjusted and adjusted constant currency
basis.
|
|
Three Months Ended |
| |
As reported |
|
Adjusted |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
Reported Revenue Growth |
|
September 29, 2024 |
|
October 1, 2023 |
|
Adjusted Constant Currency Revenue Growth |
|
Americas |
$433.3 |
|
$428.2 |
|
1.2% |
|
$433.3 |
|
$428.2 |
|
1.5% |
|
EMEA |
150.2 |
|
142.7 |
|
5.3% |
|
150.2 |
|
142.7 |
|
3.9% |
|
Asia |
98.3 |
|
93.2 |
|
5.5% |
|
98.3 |
|
93.2 |
|
5.0% |
|
OEM |
82.6 |
|
82.3 |
|
0.3% |
|
82.6 |
|
82.3 |
|
0.1% |
|
Consolidated |
$764.4 |
|
$746.4 |
|
2.4% |
|
$764.4 |
|
$746.4 |
|
2.2% |
|
|
Nine Months Ended |
| |
As reported |
|
Adjusted |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
Reported Revenue Growth |
|
September 29, 2024 |
|
October 1, 2023 |
|
Adjusted Constant Currency Revenue Growth |
|
Americas |
$1,266.4 |
|
$1,264.7 |
|
0.1% |
|
$1,266.4 |
|
$1,264.7 |
|
0.2% |
|
EMEA |
456.9 |
|
433.9 |
|
5.3% |
|
470.7 |
|
433.9 |
|
7.8% |
|
Asia |
269.5 |
|
258.6 |
|
4.2% |
|
269.5 |
|
258.6 |
|
6.5% |
|
OEM |
259.1 |
|
243.4 |
|
6.4% |
|
259.1 |
|
243.4 |
|
6.3% |
|
Consolidated |
$2,251.9 |
|
$2,200.6 |
|
2.3% |
|
$2,265.7 |
|
$2,200.6 |
|
3.1% |
NET REVENUE BY GLOBAL PRODUCT
CATEGORYThe following table provides information regarding
net revenues in each of the Company's global product categories for
the three and nine months ended September 29, 2024 and the
comparable prior year periods on a GAAP, adjusted and adjusted
constant currency basis.
|
|
Three Months Ended |
| |
As reported |
|
Adjusted |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
Reported Revenue Growth |
|
September 29, 2024 |
|
October 1, 2023 |
|
Adjusted Constant Currency Revenue Growth |
|
Vascular Access |
$180.9 |
|
$169.9 |
|
6.5% |
|
$180.9 |
|
$169.9 |
|
6.3% |
|
Interventional |
149.9 |
|
134.1 |
|
11.8% |
|
149.9 |
|
134.1 |
|
11.4% |
|
Anesthesia |
101.1 |
|
97.6 |
|
3.6% |
|
101.1 |
|
97.6 |
|
3.4% |
|
Surgical |
111.7 |
|
112.8 |
|
(0.9)% |
|
111.7 |
|
112.8 |
|
(1.0)% |
|
Interventional Urology |
83.4 |
|
73.6 |
|
13.3% |
|
83.4 |
|
73.6 |
|
13.3% |
|
OEM |
82.6 |
|
82.3 |
|
0.3% |
|
82.6 |
|
82.3 |
|
0.1% |
|
Other |
54.8 |
|
76.1 |
|
(28.0)% |
|
54.8 |
|
76.1 |
|
(28.3)% |
|
Consolidated |
$764.4 |
|
$746.4 |
|
2.4% |
|
$764.4 |
|
$746.4 |
|
2.2% |
|
|
Nine Months Ended |
| |
As reported |
|
Adjusted |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
Reported Revenue Growth |
|
September 29, 2024 |
|
October 1, 2023 |
|
Adjusted Constant Currency Revenue Growth |
|
Vascular Access |
$543.3 |
|
$521.3 |
|
4.2% |
|
$543.3 |
|
$521.3 |
|
4.3% |
|
Interventional |
425.7 |
|
375.8 |
|
13.3% |
|
425.7 |
|
375.8 |
|
13.4% |
|
Anesthesia |
300.0 |
|
291.8 |
|
2.8% |
|
300.0 |
|
291.8 |
|
2.9% |
|
Surgical |
328.6 |
|
317.8 |
|
3.4% |
|
328.6 |
|
317.8 |
|
4.0% |
|
Interventional Urology |
246.2 |
|
226.8 |
|
8.6% |
|
246.2 |
|
226.8 |
|
8.8% |
|
OEM |
259.1 |
|
243.4 |
|
6.4% |
|
259.1 |
|
243.4 |
|
6.3% |
|
Other (1) |
149.0 |
|
223.7 |
|
(33.4)% |
|
162.8 |
|
223.7 |
|
(27.3)% |
|
Consolidated |
$2,251.9 |
|
$2,200.6 |
|
2.3% |
|
$2,265.7 |
|
$2,200.6 |
|
3.1% |
(1) In 2024, amounts reflect the impact from
increases in our reserves related to the Italian payback measure
pertaining to prior years.
OTHER FINANCIAL HIGHLIGHTS
-
Depreciation expense, amortization of intangible assets and
deferred financing charges for the nine months ended
September 29, 2024 totaled $205.4 million compared to
$180.5 million for the prior year period.
-
Total cash, cash equivalents and restricted cash equivalents at
September 29, 2024 were $277.8 million compared to
$222.8 million at December 31, 2023.
- Net
accounts receivable at September 29, 2024 were $470.3 million
compared to $443.5 million at December 31, 2023.
- Inventories at September 29, 2024
were $639.9 million compared to $626.2 million at December 31,
2023.
2024 OUTLOOK The
Company lowered its full year 2024 revenue growth outlook on a GAAP
basis from a range of 3.40% to 4.40% to a range of 2.90% to 3.40%,
including our estimate of an approximately 0.15% negative impact of
foreign exchange rate fluctuations. On an adjusted constant
currency basis, the Company lowered its full year 2024 revenue
growth outlook from a range of 4.25% to 5.25% to a range of 3.50%
to 4.00% year-over-year.
The Company raised its full year 2024 GAAP diluted
earnings per share from continuing operations outlook from a range
of $6.43 to $6.83 to a range of $6.65 to $6.95, representing a
year-over-year change of (12.0)% to (8.1)%. The Company raised the
low end of its full year 2024 adjusted diluted earnings per share
from continuing operations guidance from a range of $13.80 to
$14.20 to a range of $13.90 to $14.20, representing growth of 2.8%
to 5.0% year-over-year.
Forecasted 2024
Adjusted Constant Currency Revenue Growth
Reconciliation
|
|
Low |
|
High |
|
Forecasted 2024 GAAP revenue growth |
2.90% |
|
3.40% |
|
Estimated impact of foreign currency exchange rate
fluctuations |
(0.15)% |
|
(0.15)% |
|
Italian payback measure |
(0.45)% |
|
(0.45)% |
|
Forecasted 2024 adjusted constant currency revenue growth |
3.50% |
|
4.00% |
|
|
Forecasted 2024
Adjusted Diluted Earnings Per Share From Continuing
Operations Reconciliation
|
|
Low |
|
High |
|
Forecasted GAAP diluted earnings per share from continuing
operations |
$6.65 |
|
$6.95 |
|
Restructuring, restructuring related and impairment items, net of
tax |
$0.60 |
|
$0.60 |
|
Acquisition, integration and divestiture related items, net of
tax |
$0.30 |
|
$0.30 |
|
Pension termination and related charges, net of tax |
$1.70 |
|
$1.70 |
|
ERP Implementation, net of tax |
$0.32 |
|
$0.32 |
|
MDR, net of tax |
$0.18 |
|
$0.18 |
|
Italian payback measure, net of tax |
$0.29 |
|
$0.29 |
|
Intangible amortization expense, net of tax |
$3.81 |
|
$3.81 |
|
Tax adjustments |
$0.05 |
|
$0.05 |
|
Forecasted adjusted diluted earnings per share from continuing
operations, net of tax |
$13.90 |
|
$14.20 |
|
|
CONFERENCE CALL WEBCAST AND ADDITIONAL
INFORMATIONA webcast of Teleflex's third quarter 2024
investor conference call can be accessed live from a link on the
Company's website at teleflex.com. The call will begin at 8:00 am
ET on October 31, 2024.
An audio replay of the investor call will be
available beginning at 11:00 am ET on October 31, 2024, either
on the Teleflex website or by telephone. The call can be accessed
by dialing 1 800 770 2030 (U.S. and Canada) or 1 609 800 9909 (all
other locations). The confirmation code is 69028.
ADDITIONAL NOTESReferences in this
release to the impact of foreign currency exchange rate
fluctuations on adjusted diluted earnings per share include both
the impact of translating foreign currencies into U.S. dollars and
the impact of foreign currency exchange rate fluctuations on
foreign currency denominated transactions.
In the discussion of segment results, "new
products" refers to products for which we initiated commercial
sales within the past 36 months and "existing products" refers to
products we have sold commercially for more than 36 months.
Certain financial information is presented on a
rounded basis, which may cause minor differences. Segment results
and commentary exclude the impact of discontinued operations.
NOTES ON NON-GAAP FINANCIAL
MEASURESWe report our financial results in accordance with
accounting principles generally accepted in the United States,
commonly referred to as “GAAP”. In this press release, we provide
supplemental information, consisting of the following non-GAAP
financial measures: adjusted revenue, adjusted constant currency
revenue growth and adjusted diluted earnings per share. These
non-GAAP measures are described in more detail below. Management
uses these financial measures to assess Teleflex’s financial
performance, make operating decisions, allocate financial
resources, provide guidance on possible future results, and assist
in its evaluation of period-to-period and peer comparisons. The
non-GAAP measures may be useful to investors because they provide
insight into management’s assessment of our business, and provide
supplemental information pertinent to a comparison of
period-to-period results of our ongoing operations. The non-GAAP
financial measures are presented in addition to results presented
in accordance with GAAP and should not be relied upon as a
substitute for GAAP financial measures. Moreover, our non-GAAP
financial measures may not be comparable to similarly titled
measures used by other companies.
Tables reconciling changes in historical adjusted
constant currency net revenues and adjusted net revenues to
historical GAAP net revenues and historical adjusted diluted
earnings per share from continuing operations to historical GAAP
diluted earnings per share from continuing operations are set forth
below.
Adjusted revenue: This non-GAAP
measure is based upon net revenues, adjusted to exclude the impact
in the nine months ended September 29, 2024 of an increase in our
reserves, and corresponding reduction to revenue within our EMEA
segment, for prior years. The reserve relates to the Italian
payback measure, a law that requires suppliers of medical devices
to the Italian National Healthcare System to make payments to the
Italian government if medical device expenditures in a given year
exceed regional expenditure ceilings established for that year. As
a result of a recent ruling from the Italian courts, we recognized
an increase in our reserves during the nine months ended September
29, 2024, of which $13.8 million related to prior years. The prior
year amounts do not represent normal adjustments to revenue, are
not expected to recur in future periods and are not recurring in
nature, making it difficult to contribute to a meaningful
evaluation of our operating performance. Accordingly, management
has excluded the $13.8 million prior year amount as it is not
indicative of our underlying core performance or business
trends.
Adjusted constant currency revenue
growth: This non-GAAP measure is based upon net revenues,
adjusted to exclude, depending on the period presented, the items
described in Adjusted revenue and to eliminate the impact of
translating the results of international subsidiaries at different
currency exchange rates from period to period. The impact of
changes in foreign currency may vary significantly from period to
period, and such changes generally are outside of the control of
our management. We believe that this measure facilitates a
comparison of our operating performance exclusive of currency
exchange rate fluctuations that do not reflect our underlying
performance or business trends.
Adjusted diluted earnings per
share: This non-GAAP measure is based upon diluted
earnings per share from continuing operations, the most directly
comparable GAAP measure, adjusted to exclude, depending on the
period presented, the items described below. Management does not
believe that any of the excluded items are indicative of our
underlying core performance or business trends.
Restructuring, restructuring related and impairment
items - Restructuring programs involve discrete initiatives
designed to, among other things, consolidate or relocate
manufacturing, administrative and other facilities, outsource
distribution operations, improve operating efficiencies and
integrate acquired businesses. Depending on the specific
restructuring program involved, our restructuring charges may
include employee termination, contract termination, facility
closure, employee relocation, equipment relocation, outplacement
and other exit costs associated with the restructuring program.
Restructuring related charges are directly related to our
restructuring programs and consist of facility consolidation costs,
including accelerated depreciation expense related to facility
closures, costs to transfer manufacturing operations between
locations, and retention bonuses offered to certain employees as an
incentive for them to remain with our company after completion of
the restructuring program. Impairment charges occur if, due to
events or changes in circumstances, we determine that the carrying
value of an asset exceeds its fair value. Impairment charges do not
directly affect our liquidity, but could have a material adverse
effect on our reported financial results.
Acquisition, integration and divestiture related
items - Acquisition and integration expenses are incremental
charges, other than restructuring or restructuring related
expenses, that are directly related to specific business or asset
acquisition transactions. These charges may include, among other
things, professional, consulting and other fees; systems
integration costs; inventory step-up amortization (amortization,
through cost of goods sold, of the increase in fair value of
inventory resulting from a fair value calculation as of the
acquisition date); fair value adjustments to contingent
consideration liabilities; and bridge loan facility and backstop
financing fees in connection with loan facilities that ultimately
were not utilized. Divestiture related activities involve specific
business or asset sales. Depending primarily on the terms of a
divestiture transaction, the carrying value of the divested
business or assets on our financial statements and other costs we
incur as a direct result of the divestiture transaction, we may
recognize a gain or loss in connection with the divestiture related
activities.
Italian payback measure - These adjustments
represent the exclusion of the impact from increases in our
reserves related to the Italian payback measure pertaining to prior
years as described in Adjusted revenue.
Pension termination and related charges - These
adjustments represent charges associated with the planned
termination of the Teleflex Incorporated Retirement Income Plan, a
frozen U.S. defined benefit pension plan, and related direct
incremental expenses including certain charges stemming from the
liquidation of surplus plan assets. These charges and costs do not
represent normal and recurring operating expenses, will be
inconsistent in amounts and frequency, and are not expected to
recur once the plan termination process has been completed.
Accordingly, management has excluded these amounts to facilitate an
evaluation of our current operating performance and a comparison to
our past operating performance.
European medical device regulation - The European
Union (“EU”) has adopted the EU Medical Device Regulation (“MDR”),
which replaces the existing Medical Devices Directive (“MDD”) and
imposes more stringent requirements for the marketing and sale of
medical devices in the EU, including requirements affecting
clinical evaluations, quality systems and post-market surveillance.
The MDR requirements became effective in May 2021, although certain
devices that previously satisfied MDD requirements can continue to
be marketed in the EU until December 2027 for highest-risk devices
and December 2028 for lower-risk devices, subject to certain
limitations. Significantly, the MDR will require the
re-registration of previously approved medical devices. As a
result, Teleflex will incur expenditures in connection with the new
registration of medical devices that previously had been registered
under the MDD. Therefore, these expenditures are not considered to
be ordinary course expenditures in connection with regulatory
matters (in contrast, no adjustment has been made to exclude
expenditures related to the registration of medical devices that
were not registered previously under the MDD).
Intangible amortization expense - Certain
intangible assets, including customer relationships, intellectual
property, distribution rights, trade names and non-competition
agreements, initially are recorded at historical cost and then
amortized over their respective estimated useful lives. The amount
of such amortization can vary from period to period as a result of,
among other things, business or asset acquisitions or
dispositions.
ERP implementation - These adjustments represent
direct and incremental costs incurred in connection with our
implementation of a new global enterprise resource planning ("ERP")
solution and related IT transition costs. An implementation of this
scale is a significant undertaking and will require substantial
time and attention of management and key employees. The associated
costs do not represent normal and recurring operating expenses and
will be inconsistent in amounts and frequency making it difficult
to contribute to a meaningful evaluation of our operating
performance.
Tax adjustments - These adjustments represent the
impact of the expiration of applicable statutes of limitations for
prior year returns, the resolution of audits, the filing of amended
returns with respect to prior tax years and/or tax law or certain
other discrete changes affecting our deferred tax liability.
Reconciliation of Net Revenue (Dollars in
millions)
Net revenue by segment
|
|
Three Months Ended |
|
% Increase / (Decrease) |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
|
|
Reported revenue |
|
Adjustment |
|
Adjusted Revenue |
|
Reported revenue |
|
Adjustment |
|
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% |
|
|
Nine Months Ended |
|
% Increase / (Decrease) |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
|
|
Reported revenue |
|
Adjustment |
|
Adjusted Revenue |
|
Reported revenue |
|
Adjustment |
|
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% |
Net revenue by global product category
|
|
Three Months Ended |
|
% Increase / (Decrease) |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
|
|
Reported revenue |
|
Adjustment |
|
Adjusted Revenue |
|
Reported revenue |
|
Adjustment |
|
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% |
|
|
Nine Months Ended |
|
% Increase / (Decrease) |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
|
|
Reported revenue |
|
Adjustment |
|
Adjusted Revenue |
|
Reported revenue |
|
Adjustment |
|
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% |
(1) In 2024, amounts reflect the impact from
increases in our reserves related to the Italian payback measure
pertaining to prior years.
Reconciliation of Consolidated Statement of
Income Items (Dollars in millions, except per share
data)
|
Three Months Ended September 29, 2024 |
|
|
Revenue |
|
Grossmargin |
|
SG&A(1) |
|
R&D(1) |
|
Operating margin(2) |
|
Income before income taxes |
|
Income tax expense |
|
Effective income tax rate |
|
Diluted earnings per share from continuing
operations |
|
GAAP Basis |
$764.4 |
|
56.3% |
|
31.6% |
|
5.1% |
|
19.5% |
|
$130.6 |
|
$19.6 |
|
15.0% |
|
$2.36 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring, restructuring related and impairment items (A) |
— |
|
0.7 |
|
(0.1) |
|
— |
|
0.9 |
|
6.8 |
|
1.2 |
|
|
|
0.12 |
|
Acquisition, integration and divestiture related items (B) |
— |
|
— |
|
(0.3) |
|
— |
|
0.3 |
|
2.0 |
|
— |
|
|
|
0.04 |
|
ERP implementation |
— |
|
— |
|
(0.8) |
|
— |
|
0.8 |
|
6.1 |
|
1.0 |
|
|
|
0.11 |
|
MDR |
— |
|
— |
|
— |
|
(0.2) |
|
0.2 |
|
1.3 |
|
— |
|
|
|
0.03 |
|
Pension termination costs |
|
|
— |
|
0.7 |
|
— |
|
(0.7) |
|
(5.4) |
|
(1.3) |
|
|
|
(0.09) |
|
Intangible amortization expense |
— |
|
3.8 |
|
(2.5) |
|
— |
|
6.3 |
|
48.3 |
|
5.2 |
|
|
|
0.92 |
|
Adjustments total |
— |
|
4.5 |
|
(3.0) |
|
(0.2) |
|
7.8 |
|
59.1 |
|
6.1 |
|
|
|
1.13 |
|
Adjusted basis |
$764.4 |
|
60.8% |
|
28.6% |
|
4.9% |
|
27.3% |
|
$189.7 |
|
$25.7 |
|
13.6% |
|
$3.49 |
|
Three Months Ended October 1, 2023 |
|
|
Gross margin |
|
SG&A(1) |
|
R&D(1) |
|
Operating margin(2) |
|
Income before income taxes |
|
Income tax expense |
|
Effective income tax rate |
|
Diluted earnings per share from continuing
operations |
|
GAAP Basis |
55.8% |
|
28.6% |
|
5.0% |
|
22.1% |
|
$149.6 |
|
$11.9 |
|
8.0% |
|
$2.91 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring, restructuring related and impairment items (A) |
0.5 |
|
— |
|
— |
|
0.6 |
|
4.7 |
|
0.7 |
|
|
|
0.08 |
|
Acquisition, integration and divestiture related items (B) |
— |
|
2.0 |
|
— |
|
(2.0) |
|
(14.8) |
|
0.2 |
|
|
|
(0.32) |
|
ERP implementation |
— |
|
— |
|
— |
|
— |
|
0.3 |
|
0.1 |
|
|
|
— |
|
MDR |
— |
|
— |
|
(0.8) |
|
0.8 |
|
5.7 |
|
— |
|
|
|
0.12 |
|
Intangible amortization expense |
3.1 |
|
(2.6) |
|
— |
|
5.7 |
|
41.6 |
|
2.1 |
|
|
|
0.85 |
|
Tax adjustments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
|
— |
|
Adjustments total |
3.6 |
|
(0.6) |
|
(0.8) |
|
5.1 |
|
37.5 |
|
3.1 |
|
|
|
0.73 |
|
Adjusted basis |
59.4% |
|
28.0% |
|
4.2% |
|
27.2% |
|
$187.1 |
|
$15.0 |
|
8.0% |
|
$3.64 |
|
Notes: |
(1) |
Selling, general and administrative expenses and research and
development expenses are shown as a percentage of as reported and
adjusted revenues. |
| |
(2) |
Operating margin defined as Income from continuing operations
before interest, loss on extinguishment of debt and taxes as a
percentage of as reported and adjusted revenues. |
| |
|
|
| Totals may not sum due to rounding. |
|
Nine Months Ended September 29, 2024 |
|
|
Revenue |
|
Gross margin |
|
SG&A(1) |
|
R&D(1) |
|
Operating margin(2) |
|
Income before income taxes |
|
Income tax expense |
|
Effective income tax rate |
|
Diluted earnings per share from continuing
operations |
|
GAAP Basis |
$2,251.9 |
|
56.1% |
|
38.8% |
|
5.2% |
|
11.6% |
|
$202.2 |
|
$(4.6) |
|
(2.3)% |
|
$4.38 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring, restructuring related and impairment items (A) |
— |
|
0.5 |
|
(0.1) |
|
— |
|
1.1 |
|
24.8 |
|
4.3 |
|
|
|
0.44 |
|
Acquisition, integration and divestiture related items (B) |
— |
|
0.1 |
|
(0.4) |
|
— |
|
0.5 |
|
11.0 |
|
0.5 |
|
|
|
0.22 |
|
Italian payback measure (C) |
13.8 |
|
0.2 |
|
(0.2) |
|
— |
|
0.6 |
|
13.8 |
|
— |
|
|
|
0.29 |
|
ERP implementation |
— |
|
— |
|
(0.4) |
|
— |
|
0.4 |
|
9.2 |
|
1.4 |
|
|
|
0.17 |
|
MDR |
— |
|
— |
|
— |
|
(0.4) |
|
0.3 |
|
7.6 |
|
— |
|
|
|
0.16 |
|
Pension termination costs |
— |
|
— |
|
(5.9) |
|
— |
|
5.9 |
|
133.2 |
|
56.9 |
|
|
|
1.61 |
|
Intangible amortization expense |
— |
|
4.0 |
|
(2.6) |
|
— |
|
6.5 |
|
148.0 |
|
15.2 |
|
|
|
2.81 |
|
Tax adjustments |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(2.1) |
|
|
|
0.04 |
|
Adjustments total |
13.8 |
|
4.8 |
|
(9.6) |
|
(0.4) |
|
15.3 |
|
347.6 |
|
76.2 |
|
|
|
5.74 |
|
Adjusted basis |
$2,265.7 |
|
60.9% |
|
29.2% |
|
4.8% |
|
26.9% |
|
$549.8 |
|
$71.6 |
|
13.0% |
|
$10.12 |
|
Nine Months Ended October 1, 2023 |
|
|
Gross margin |
|
SG&A (1) |
|
R&D (1) |
|
Operating margin (2) |
|
Income before income taxes |
|
Income tax expense |
|
Effective income tax rate |
|
Diluted earnings per share from continuing
operations |
|
GAAP Basis |
55.2% |
|
30.4% |
|
5.4% |
|
19.3% |
|
$374.0 |
|
$47.7 |
|
12.7% |
|
$6.90 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring, restructuring related and impairment items (A) |
0.9 |
|
— |
|
(0.1) |
|
1.3 |
|
27.5 |
|
4.2 |
|
|
|
0.49 |
|
Acquisition, integration and divestiture related items (B) |
— |
|
0.9 |
|
— |
|
(0.9) |
|
(19.3) |
|
0.3 |
|
|
|
(0.41) |
|
ERP implementation |
— |
|
(0.1) |
|
— |
|
0.1 |
|
2.8 |
|
0.7 |
|
|
|
0.05 |
|
MDR |
— |
|
— |
|
(1.1) |
|
1.1 |
|
23.6 |
|
— |
|
|
|
0.50 |
|
Intangible amortization expense |
3.2 |
|
(2.6) |
|
— |
|
5.6 |
|
125.3 |
|
6.2 |
|
|
|
2.51 |
|
Tax adjustments |
— |
|
— |
|
— |
|
— |
|
— |
|
(4.8) |
|
|
|
0.10 |
|
Adjustments total |
4.1 |
|
(1.8) |
|
(1.2) |
|
7.2 |
|
159.9 |
|
6.6 |
|
|
|
3.24 |
|
Adjusted basis |
59.3% |
|
28.6% |
|
4.2% |
|
26.5% |
|
$533.9 |
|
$54.3 |
|
10.2% |
|
$10.14 |
|
Notes: |
(1) |
Selling, general and administrative expenses and research and
development expenses are shown as a percentage of as reported and
adjusted revenues. |
| |
(2) |
Operating margin defined as
Income from continuing operations before interest, loss on
extinguishment of debt and taxes as a percentage of as reported and
adjusted revenues. |
| |
|
|
| Totals may not sum
due to rounding. |
| Tickmarks to Reconciliation
Tables |
|
(A) |
Restructuring, restructuring related and impairment
items – For the three months ended
September 29, 2024, pre-tax restructuring charges were $0.3 million
and restructuring related charges were $6.5 million. For the three
months ended October 1, 2023, pre-tax restructuring charges were
$0.2 million and restructuring related charges were $4.5 million.
For the nine months ended September 29, 2024, pre-tax restructuring
charges were $8.7 million; restructuring related charges were $14.0
million; and impairment charges were $2.1 million. For the nine
months ended October 1, 2023, pre-tax restructuring charges were
$4.0 million and restructuring related charges were $23.6
million. |
| |
|
| (B) |
Acquisition, integration
and divestiture related items – For the three and nine
months ended September 29, 2024 and October 1, 2023,
these charges related to changes in the estimated fair value of our
contingent consideration liabilities and the acquisition of Palette
Life Sciences AB. |
| |
|
| (C) |
Italian payback measure
– Adjustment reflects the impact of an increase in
reserves for prior years related to the Italian payback measure and
its impact on the adjusted basis for each Non-GAAP financial
measure presented within the table. |
| |
|
ABOUT TELEFLEX INCORPORATEDAs a
global provider of medical technologies, Teleflex is driven by our
purpose to improve the health and quality of people’s lives.
Through our vision to become the most trusted partner in
healthcare, we offer a diverse portfolio with solutions in the
therapy areas of anesthesia, emergency medicine, interventional
cardiology and radiology, surgical, vascular access, and urology.
We believe that the potential of great people, purpose driven
innovation, and world-class products can shape the future direction
of healthcare.
Teleflex is the home of Arrow™, Barrigel™,
Deknatel™, LMA™, Pilling™, QuikClot™ Rüsch™, UroLift™ and Weck™ –
trusted brands united by a common sense of purpose.
At Teleflex, we are empowering the future of
healthcare. For more information, please visit teleflex.com.
CAUTION CONCERNING FORWARD-LOOKING
INFORMATIONThis press release contains forward-looking
statements, including, but not limited to, our ability to execute
on our M&A strategy; forecasted 2024 GAAP and adjusted constant
currency revenue growth and GAAP and adjusted diluted earnings per
share; and our estimates regarding the projected impact of foreign
currency exchange rate fluctuations on our 2024 financial results.
Actual results could differ materially from those in the
forward-looking statements due to, among other things, delays or
cancellations in shipments; demand for and market acceptance of new
and existing products; our inability to provide products to our
customers, which may be due to, among other things, events that
impact key distributors, suppliers and third-party vendors that
sterilize our products; our inability to integrate acquired
businesses into our operations, realize planned synergies and
operate such businesses profitably in accordance with our
expectations; the inability of acquired businesses to generate
revenues in accordance with our expectations; our inability to
effectively execute our restructuring plans and programs; our
inability to realize anticipated savings from restructuring plans
and programs; the impact of healthcare reform legislation and
proposals to amend, replace or repeal the legislation; changes in
Medicare, Medicaid and third party coverage and reimbursements; the
impact of enacted tax legislation and related regulations;
competitive market conditions and resulting effects on revenues and
pricing; increases in raw material costs that cannot be recovered
in product pricing; global economic factors, including currency
exchange rates, interest rates, trade disputes, sovereign debt
issues and international conflicts and hostilities, such as the
ongoing conflicts in the Ukraine and the Middle East; public health
epidemics; difficulties in entering new markets; general economic
conditions; and other factors described or incorporated in our
filings with the Securities and Exchange Commission, including our
most recently filed Annual Report on Form 10-K. We expressly
disclaim any obligation to update forward-looking statements,
except as otherwise specifically stated by us or as required by law
or regulation.
|
TELEFLEX INCORPORATEDCONSOLIDATED STATEMENTS OF
INCOME(Unaudited) |
|
|
| |
Three Months Ended |
|
Nine Months Ended |
|
|
September 29, 2024 |
|
October 1, 2023 |
|
September 29, 2024 |
|
October 1, 2023 |
|
|
(Dollars and shares in thousands, except per
share) |
|
Net revenues |
$ |
764,375 |
|
|
$ |
746,389 |
|
|
$ |
2,251,915 |
|
|
$ |
2,200,580 |
|
|
Cost of goods sold |
|
334,203 |
|
|
|
330,078 |
|
|
|
989,151 |
|
|
|
985,066 |
|
|
Gross profit |
|
430,172 |
|
|
|
416,311 |
|
|
|
1,262,764 |
|
|
|
1,215,514 |
|
|
Selling, general and administrative expenses |
|
247,257 |
|
|
|
213,194 |
|
|
|
740,718 |
|
|
|
669,216 |
|
|
Research and development expenses |
|
38,726 |
|
|
|
37,576 |
|
|
|
117,119 |
|
|
|
118,493 |
|
|
Pension settlement charge |
|
(5,407 |
) |
|
|
— |
|
|
|
132,732 |
|
|
|
— |
|
|
Restructuring and impairment charges |
|
285 |
|
|
|
231 |
|
|
|
10,799 |
|
|
|
3,960 |
|
|
Income from continuing operations before interest and taxes |
|
149,311 |
|
|
|
165,310 |
|
|
|
261,396 |
|
|
|
423,845 |
|
|
Interest expense |
|
21,058 |
|
|
|
23,192 |
|
|
|
64,909 |
|
|
|
59,291 |
|
|
Interest income |
|
(2,298 |
) |
|
|
(7,487 |
) |
|
|
(5,751 |
) |
|
|
(9,486 |
) |
|
Income from continuing operations before taxes |
|
130,551 |
|
|
|
149,605 |
|
|
|
202,238 |
|
|
|
374,040 |
|
|
Taxes (benefit) on income from continuing operations |
|
19,633 |
|
|
|
11,935 |
|
|
|
(4,586 |
) |
|
|
47,651 |
|
|
Income from continuing operations |
|
110,918 |
|
|
|
137,670 |
|
|
|
206,824 |
|
|
|
326,389 |
|
|
Operating income (loss) from discontinued operations |
|
112 |
|
|
|
(687 |
) |
|
|
(639 |
) |
|
|
(1,512 |
) |
|
Taxes (benefit) on operating loss from discontinued operations |
|
26 |
|
|
|
(157 |
) |
|
|
(146 |
) |
|
|
(346 |
) |
|
Income (loss) from discontinued operations |
|
86 |
|
|
|
(530 |
) |
|
|
(493 |
) |
|
|
(1,166 |
) |
|
Net income |
$ |
111,004 |
|
|
$ |
137,140 |
|
|
$ |
206,331 |
|
|
$ |
325,223 |
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
2.37 |
|
|
$ |
2.93 |
|
|
$ |
4.40 |
|
|
$ |
6.95 |
|
|
Income (loss) from discontinued operations |
|
0.01 |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
Net income |
$ |
2.38 |
|
|
$ |
2.92 |
|
|
$ |
4.39 |
|
|
$ |
6.92 |
|
|
Diluted: |
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
2.36 |
|
|
$ |
2.91 |
|
|
$ |
4.38 |
|
|
$ |
6.90 |
|
|
Loss from discontinued operations |
|
— |
|
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
Net income |
$ |
2.36 |
|
|
$ |
2.90 |
|
|
$ |
4.37 |
|
|
$ |
6.88 |
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
46,724 |
|
|
|
46,992 |
|
|
|
46,995 |
|
|
|
46,974 |
|
|
Diluted |
|
47,012 |
|
|
|
47,299 |
|
|
|
47,256 |
|
|
|
47,304 |
|
|
TELEFLEX INCORPORATEDCONSOLIDATED BALANCE
SHEETS(Unaudited) |
| |
| |
September 29, 2024 |
|
December 31, 2023 |
| |
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
243,235 |
|
|
$ |
222,848 |
|
|
Accounts receivable, net |
|
470,257 |
|
|
|
443,467 |
|
|
Inventories |
|
639,938 |
|
|
|
626,216 |
|
|
Prepaid expenses and other current assets |
|
116,928 |
|
|
|
107,471 |
|
|
Prepaid taxes |
|
28,945 |
|
|
|
7,404 |
|
|
Total current assets |
|
1,499,303 |
|
|
|
1,407,406 |
|
|
Property, plant and equipment, net |
|
512,224 |
|
|
|
479,913 |
|
|
Operating lease assets |
|
112,895 |
|
|
|
123,521 |
|
|
Goodwill |
|
2,918,562 |
|
|
|
2,914,055 |
|
|
Intangible assets, net |
|
2,325,105 |
|
|
|
2,501,960 |
|
|
Deferred tax assets |
|
6,779 |
|
|
|
6,748 |
|
|
Other assets |
|
111,423 |
|
|
|
98,943 |
|
|
Total assets |
$ |
7,486,291 |
|
|
$ |
7,532,546 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Current borrowings |
$ |
96,875 |
|
|
$ |
87,500 |
|
|
Accounts payable |
|
119,255 |
|
|
|
132,247 |
|
|
Accrued expenses |
|
157,782 |
|
|
|
146,880 |
|
|
Payroll and benefit-related liabilities |
|
142,619 |
|
|
|
146,535 |
|
|
Accrued interest |
|
16,657 |
|
|
|
5,583 |
|
|
Income taxes payable |
|
18,681 |
|
|
|
41,453 |
|
|
Other current liabilities |
|
66,884 |
|
|
|
46,547 |
|
|
Total current liabilities |
|
618,753 |
|
|
|
606,745 |
|
|
Long-term borrowings |
|
1,661,546 |
|
|
|
1,727,572 |
|
|
Deferred tax liabilities |
|
445,841 |
|
|
|
456,080 |
|
|
Pension and postretirement benefit liabilities |
|
23,548 |
|
|
|
23,989 |
|
|
Noncurrent liability for uncertain tax positions |
|
3,369 |
|
|
|
3,370 |
|
|
Noncurrent operating lease liabilities |
|
102,938 |
|
|
|
111,300 |
|
|
Other liabilities |
|
148,579 |
|
|
|
162,502 |
|
|
Total liabilities |
|
3,004,574 |
|
|
|
3,091,558 |
|
|
Commitments and contingencies |
|
|
|
|
Total shareholders' equity |
|
4,481,717 |
|
|
|
4,440,988 |
|
|
Total liabilities and shareholders' equity |
$ |
7,486,291 |
|
|
$ |
7,532,546 |
|
|
TELEFLEX INCORPORATEDCONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited) |
| |
| |
Nine Months Ended |
| |
September 29, 2024 |
|
October 1, 2023 |
|
|
(Dollars in thousands) |
|
Cash flows from operating activities of continuing operations: |
|
|
|
|
Net income |
$ |
206,331 |
|
|
$ |
325,223 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Loss from discontinued operations |
|
493 |
|
|
|
1,166 |
|
|
Depreciation expense |
|
54,826 |
|
|
|
52,687 |
|
|
Intangible asset amortization expense |
|
147,983 |
|
|
|
125,230 |
|
|
Deferred financing costs and debt discount amortization
expense |
|
2,562 |
|
|
|
2,547 |
|
|
Pension settlement charge |
|
132,732 |
|
|
|
— |
|
|
Fair value step up of acquired inventory sold |
|
1,722 |
|
|
|
— |
|
|
Changes in contingent consideration |
|
7,446 |
|
|
|
(24,482 |
) |
|
Assets impairment charge |
|
2,110 |
|
|
|
— |
|
|
Stock-based compensation |
|
23,727 |
|
|
|
22,135 |
|
|
Deferred income taxes, net |
|
(60,648 |
) |
|
|
2,076 |
|
|
Payments for contingent consideration |
|
— |
|
|
|
(289 |
) |
|
Interest benefit on swaps designated as net investment hedges |
|
(12,031 |
) |
|
|
(15,459 |
) |
|
Other |
|
1,970 |
|
|
|
4,743 |
|
|
Changes in assets and liabilities, net of effects of acquisitions
and disposals: |
|
|
|
|
Accounts receivable |
|
(25,294 |
) |
|
|
(18,313 |
) |
|
Inventories |
|
(11,635 |
) |
|
|
(50,702 |
) |
|
Prepaid expenses and other assets |
|
40,446 |
|
|
|
7,487 |
|
|
Accounts payable, accrued expenses and other liabilities |
|
(1,623 |
) |
|
|
(16,674 |
) |
|
Income taxes receivable and payable, net |
|
(75,493 |
) |
|
|
(45,014 |
) |
|
Net cash provided by operating activities from continuing
operations |
|
435,624 |
|
|
|
372,361 |
|
|
Cash flows from investing activities of continuing operations: |
|
|
|
|
Expenditures for property, plant and equipment |
|
(94,412 |
) |
|
|
(63,768 |
) |
|
Payments for businesses and intangibles acquired, net of cash
acquired |
|
(120 |
) |
|
|
(205 |
) |
|
Net proceeds on swaps designated as net investment hedges |
|
18,262 |
|
|
|
10,275 |
|
|
Proceeds from sales of investments |
|
7,300 |
|
|
|
7,300 |
|
|
Purchase of investments |
|
(7,300 |
) |
|
|
(11,300 |
) |
|
Net cash used in investing activities from continuing
operations |
|
(76,270 |
) |
|
|
(57,698 |
) |
|
Cash flows from financing activities of continuing operations: |
|
|
|
|
Proceeds from new borrowings |
|
130,000 |
|
|
|
646,000 |
|
|
Reduction in borrowings |
|
(188,375 |
) |
|
|
(321,625 |
) |
|
Repurchase of common stock |
|
(200,000 |
) |
|
|
— |
|
|
Net proceeds from share based compensation plans and related tax
impacts |
|
3,555 |
|
|
|
534 |
|
|
Payments for contingent consideration |
|
(182 |
) |
|
|
(949 |
) |
|
Dividends paid |
|
(47,808 |
) |
|
|
(47,919 |
) |
|
Net cash (used in) provided by financing activities from continuing
operations |
|
(302,810 |
) |
|
|
276,041 |
|
|
Cash flows from discontinued operations: |
|
|
|
|
Net cash used in operating activities |
|
(2,355 |
) |
|
|
(579 |
) |
|
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 the
beginning of the period |
|
222,848 |
|
|
|
292,034 |
|
|
Cash, cash equivalents and restricted cash equivalents at the end
of the period |
$ |
277,765 |
|
|
$ |
881,499 |
|
|
|
|
|
|
Contacts:Teleflex
Incorporated:Lawrence KeuschVice President, Investor Relations and
Strategy Development
investors.teleflex.com 610-948-2836
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