Teleflex Reports Fourth Quarter and Full Year 2024 Financial Results
Teleflex (NYSE: TFX) reported Q4 2024 revenues of $795.4 million, up 2.8% year-over-year, with adjusted diluted EPS of $3.89 compared to $3.38 in the prior year. Full-year 2024 adjusted revenue reached $3,061.1 million, up 2.9% from the previous year.
The company recorded a significant non-cash goodwill impairment charge of $240 million in the Interventional Urology unit, primarily due to subdued UroLift revenue growth expectations. For 2025 guidance, Teleflex projects adjusted constant currency revenue growth of 1.0% to 2.0% and adjusted diluted EPS of $13.95 to $14.35.
Two major strategic announcements were made: the planned acquisition of BIOTRONIK's Vascular Intervention business and the intention to separate Teleflex into two publicly traded companies. Additionally, the company plans to initiate a $300 million accelerated share repurchase program.
Teleflex (NYSE: TFX) ha riportato ricavi per il Q4 2024 di $795,4 milioni, in aumento del 2,8% rispetto all'anno precedente, con un utile per azione diluito rettificato di $3,89 rispetto a $3,38 dell'anno scorso. I ricavi rettificati per l'anno intero 2024 hanno raggiunto $3.061,1 milioni, in crescita del 2,9% rispetto all'anno precedente.
L'azienda ha registrato un significativo onere non monetario per impairment di avviamento di $240 milioni nell'unità Urologia Interventistica, principalmente a causa delle aspettative di crescita dei ricavi di UroLift più contenute. Per le previsioni del 2025, Teleflex prevede una crescita dei ricavi rettificati a cambi costanti dell'1,0% al 2,0% e un utile per azione diluito rettificato di $13,95 a $14,35.
Due importanti annunci strategici sono stati fatti: l'acquisizione pianificata del business di Interventistica Vascolare di BIOTRONIK e l'intenzione di separare Teleflex in due aziende quotate in borsa. Inoltre, l'azienda prevede di avviare un programma accelerato di riacquisto di azioni da $300 milioni.
Teleflex (NYSE: TFX) reportó ingresos del Q4 2024 de $795.4 millones, un aumento del 2.8% interanual, con un EPS diluido ajustado de $3.89 en comparación con $3.38 del año anterior. Los ingresos ajustados para el año completo 2024 alcanzaron $3,061.1 millones, un incremento del 2.9% respecto al año anterior.
La compañía registró un significativo cargo por deterioro de goodwill no monetario de $240 millones en la unidad de Urología Intervencionista, principalmente debido a las expectativas de crecimiento de ingresos de UroLift más moderadas. Para la guía de 2025, Teleflex proyecta un crecimiento de ingresos ajustados a tipos de cambio constantes del 1.0% al 2.0% y un EPS diluido ajustado de $13.95 a $14.35.
Se realizaron dos importantes anuncios estratégicos: la adquisición planificada del negocio de Intervención Vascular de BIOTRONIK y la intención de separar a Teleflex en dos empresas cotizadas. Además, la compañía planea iniciar un programa acelerado de recompra de acciones de $300 millones.
텔레플렉스 (NYSE: TFX)는 2024년 4분기 수익이 7억 9,540만 달러로, 전년 대비 2.8% 증가했으며, 조정된 희석 EPS는 3.89달러로 전년도 3.38달러와 비교되었습니다. 2024년 전체 조정된 수익은 30억 6,110만 달러에 달하며, 전년 대비 2.9% 증가했습니다.
회사는 주로 UroLift 수익 성장 기대가 저조한 이유로, 중재적 비뇨기과 부문에서 2억 4천만 달러의 비현금 영업권 손상 차손을 기록했습니다. 2025년 전망에 대해 텔레플렉스는 조정된 고정환율 수익 성장률을 1.0%에서 2.0%로, 조정된 희석 EPS는 13.95달러에서 14.35달러로 예상하고 있습니다.
두 가지 주요 전략적 발표가 있었습니다: BIOTRONIK의 혈관 중재 사업 인수 계획과 텔레플렉스를 두 개의 상장 회사로 분리할 의도입니다. 또한, 회사는 3억 달러 규모의 가속화된 자사주 매입 프로그램을 시작할 계획입니다.
Teleflex (NYSE: TFX) a annoncé des revenus de 795,4 millions de dollars pour le 4ème trimestre 2024, en hausse de 2,8 % par rapport à l'année précédente, avec un bénéfice par action dilué ajusté de 3,89 dollars contre 3,38 dollars l'année précédente. Les revenus ajustés pour l'année complète 2024 ont atteint 3 061,1 millions de dollars, en hausse de 2,9 % par rapport à l'année précédente.
L'entreprise a enregistré une charge de dépréciation de goodwill non monétaire significative de 240 millions de dollars dans l'unité d'urologie interventionnelle, principalement en raison des attentes de croissance des revenus de l'UroLift qui sont plus faibles. Pour les prévisions 2025, Teleflex projette une croissance des revenus ajustés à taux de change constant de 1,0 % à 2,0 % et un bénéfice par action dilué ajusté de 13,95 à 14,35 dollars.
Deux annonces stratégiques majeures ont été faites : l'acquisition prévue de l'activité d'intervention vasculaire de BIOTRONIK et l'intention de séparer Teleflex en deux entreprises cotées en bourse. De plus, la société prévoit de lancer un programme de rachat d'actions accéléré de 300 millions de dollars.
Teleflex (NYSE: TFX) meldete für das 4. Quartal 2024 Einnahmen von 795,4 Millionen USD, was einem Anstieg von 2,8 % im Jahresvergleich entspricht, mit einem bereinigten verwässerten EPS von 3,89 USD im Vergleich zu 3,38 USD im Vorjahr. Die bereinigten Einnahmen für das Gesamtjahr 2024 beliefen sich auf 3.061,1 Millionen USD, was einem Anstieg von 2,9 % im Vergleich zum Vorjahr entspricht.
Das Unternehmen verzeichnete eine signifikante nicht zahlungswirksame Goodwill-Abwertung von 240 Millionen USD in der interventionellen Urologie, hauptsächlich aufgrund der gedämpften Umsatzwachstumsprognosen für UroLift. Für die Prognose 2025 erwartet Teleflex ein bereinigtes Umsatzwachstum in konstanten Währungen von 1,0 % bis 2,0 % und ein bereinigtes verwässertes EPS von 13,95 USD bis 14,35 USD.
Es wurden zwei wichtige strategische Ankündigungen gemacht: die geplante Übernahme des vaskulären Interventionsgeschäfts von BIOTRONIK und die Absicht, Teleflex in zwei börsennotierte Unternehmen zu spalten. Darüber hinaus plant das Unternehmen, ein beschleunigtes Aktienrückkaufprogramm im Umfang von 300 Millionen USD zu starten.
- Q4 adjusted EPS grew to $3.89 from $3.38 YoY
- Full-year 2024 adjusted revenue up 2.9% to $3.06B
- Palette Life Sciences revenue exceeded guidance at $75M
- $300M accelerated share repurchase program announced
- $240M goodwill impairment charge in Interventional Urology
- Weak UroLift performance due to market challenges
- Lower 2025 guidance with 1-2% revenue growth
- GAAP EPS declined from $7.56 to $1.49 in 2024
Insights
Teleflex delivered mixed Q4 2024 results featuring modest topline growth but stronger earnings performance, while simultaneously announcing transformative strategic initiatives that signal a significant corporate pivot. Q4 revenues increased 2.8% to
The results revealed a tale of two businesses: strong performance in Interventional and Surgical segments contrasted with persistent challenges in Interventional Urology, where a substantial
Teleflex's 2025 guidance reflects continued growth constraints, projecting just
- The acquisition of BIOTRONIK's Vascular Intervention business, strengthening Teleflex's position in high-growth interventional markets with complementary coronary and peripheral intervention devices
- Plans to separate into two independent public companies (RemainCo and NewCo), designed to "simplify the operating model" and "increase management focus"
The company's decision to execute a
Geographically, the Americas segment performed well with
Teleflex's simultaneous announcements of a corporate separation, strategic acquisition, and segment reorganization represent a comprehensive strategic reset that fundamentally reorients the company's trajectory. The decision to split into two public companies targets the classic conglomerate discount affecting diversified medical device companies, where the market typically undervalues businesses with disparate growth profiles and operational requirements under one corporate umbrella.
The timing of these moves is particularly revealing. With
- A higher-growth entity focused on interventional and specialty products (potentially bolstered by the BIOTRONIK acquisition)
- A more stable, cash-generating entity comprising mature product lines with lower growth but strong margin profiles
The BIOTRONIK Vascular Intervention acquisition represents classic strategic portfolio reshaping - divesting or deemphasizing underperforming assets (UroLift) while simultaneously investing in higher-growth adjacencies. This approach mirrors successful transformations at other medical technology companies that have enhanced shareholder value through focus and strategic portfolio management.
The shift to geographic segment reporting creates organizational alignment with how customers and healthcare systems operate regionally, potentially improving commercial execution. However, it also adds complexity to the planned corporate separation, which will likely require significant internal reorganization.
The
WAYNE, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the fourth quarter ended December 31, 2024.
Fourth quarter financial summary
- Revenues of
$795.4 million , up2.8% compared to the prior year period, up3.2% on an adjusted constant currency basis - GAAP diluted EPS from continuing operations of
$(2.95) , compared to$0.66 in the prior year period - Adjusted diluted EPS from continuing operations of
$3.89 , compared to$3.38 in the prior year period
Full year 2024 financial summary
- GAAP revenue of
$3,047.3 million , up2.4% compared to the prior year period - Adjusted revenue of
$3,061.1 million , excluding the impact from increases in our reserves related to the Italian payback measure pertaining to prior years, up2.9% compared to the prior year period, up3.1% on an adjusted constant currency basis1 - GAAP diluted EPS from continuing operations of
$1.49 , compared to$7.56 in the prior year period - Adjusted diluted EPS from continuing operations of
$14.01 , compared to$13.52 in the prior year period
2025 guidance summary2
- GAAP revenue growth guidance range of (0.4)% to
0.7%
- Adjusted constant currency revenue growth guidance range of
1.0% to2.0% , which excludes the 2024 impact from increases in our reserves related to the Italian payback measure pertaining to prior years1 - GAAP EPS from continuing operations guidance range of
$8.85 to$9.25 - Adjusted diluted EPS from continuing operations guidance range of
$13.95 to$14.35
"In the fourth quarter, we delivered strong double-digit adjusted earnings per share 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 Surgical helped offset softness in Interventional Urology revenues. Palette Life Sciences revenues exceeded
(1) Refer to Notes on Non-GAAP Financial Measures for detail on Italian payback measure.
(2) Excludes any impact from the acquisition of substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG announced today.
NET REVENUE BY SEGMENT
The following table provides information regarding net revenues in each of the Company's reportable operating segments for the three and twelve months ended December 31, 2024 and the comparable prior year periods on a GAAP, adjusted and adjusted constant currency basis. During the fourth quarter of 2024, we changed our segment presentation to solely focus on geographic location and incorporated the OEM (Original Equipment Manufacturer and Development Services) reporting unit into the Americas segment. We now have three reportable segments: Americas, EMEA (Europe, the Middle East and Africa) and Asia (Asia Pacific).
| Three Months Ended | |||||||||||
| As reported | Adjusted | ||||||||||
| December 31, 2024 | December 31, 2023 | Reported Revenue Growth | December 31, 2024 | December 31, 2023 | Adjusted Constant Currency Revenue Growth | ||||||
| Americas | |||||||||||
| EMEA | 161.0 | 152.4 | 161.0 | 152.4 | |||||||
| Asia | 93.6 | 88.3 | 93.6 | 88.3 | |||||||
| Consolidated | |||||||||||
Year Ended | |||||||||||||||
| As reported | Adjusted | ||||||||||||||
| December 31, 2024 | December 31, 2023 | Reported Revenue Growth | December 31, 2024 | December 31, 2023 | Adjusted Constant Currency Revenue Growth | ||||||||||
| Americas | |||||||||||||||
| EMEA | 618.0 | 586.2 | 631.8 | 586.2 | |||||||||||
| Asia | 363.0 | 346.9 | 363.0 | 346.9 | |||||||||||
| Consolidated | |||||||||||||||
NET REVENUE BY GLOBAL PRODUCT CATEGORY
The following table provides information regarding net revenues in each of the Company's global product categories for the three and twelve months ended December 31, 2024 and the comparable prior year periods on a GAAP, adjusted and adjusted constant currency basis.
| Three Months Ended | |||||||||||||||
| As reported | Adjusted | ||||||||||||||
| December 31, 2024 | December 31, 2023 | Reported Revenue Growth | December 31, 2024 | December 31, 2023 | Adjusted Constant Currency Revenue Growth | ||||||||||
| Vascular Access | |||||||||||||||
| Interventional | 160.4 | 135.6 | 160.4 | 135.6 | |||||||||||
| Anesthesia | 95.3 | 98.2 | (2.9)% | 95.3 | 98.2 | (2.4)% | |||||||||
| Surgical | 121.9 | 109.6 | 121.9 | 109.6 | |||||||||||
| Interventional Urology | 84.9 | 93.0 | (8.7)% | 84.9 | 93.0 | (8.6)% | |||||||||
| OEM | 85.4 | 82.6 | 85.4 | 82.6 | |||||||||||
| Other | 58.2 | 68.2 | (14.7)% | 58.2 | 68.2 | (14.3)% | |||||||||
| Consolidated | |||||||||||||||
| Year Ended | |||||||||||||||
| As reported | Adjusted | ||||||||||||||
| December 31, 2024 | December 31, 2023 | Reported Revenue Growth | December 31, 2024 | December 31, 2023 | Adjusted Constant Currency Revenue Growth | ||||||||||
| Vascular Access | |||||||||||||||
| Interventional | 586.0 | 511.4 | 586.0 | 511.4 | |||||||||||
| Anesthesia | 395.3 | 390.0 | 395.3 | 390.0 | |||||||||||
| Surgical | 450.5 | 427.4 | 450.5 | 427.4 | |||||||||||
| Interventional Urology | 331.1 | 319.8 | 331.1 | 319.8 | |||||||||||
| OEM | 344.5 | 326.0 | 344.5 | 326.0 | |||||||||||
| Other (1) | 207.2 | 291.9 | (29.0)% | 221.0 | 291.9 | (24.3)% | |||||||||
| Consolidated | |||||||||||||||
(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 year ended December 31, 2024 totaled
$278.0 million compared to$245.5 million for the prior year. - Total cash, cash equivalents and restricted cash equivalents at December 31, 2024 were
$327.7 million compared to$222.8 million at December 31, 2023. - Net accounts receivable at December 31, 2024 were
$459.5 million compared to$443.5 million at December 31, 2023. - Inventories at December 31, 2024 were
$600.1 million compared to$626.2 million at December 31, 2023.
2025 OUTLOOK
On a GAAP basis, the Company expects full year 2025 revenue growth of (0.35)% to
The Company expects full year 2025 GAAP diluted earnings per share from continuing operations of
Forecasted 2025 Adjusted Constant Currency Revenue Growth Reconciliation
| Low | High | ||
| Forecasted 2025 GAAP revenue growth | (0.35)% | ||
| Estimated impact of foreign currency exchange rate fluctuations | (1.80)% | (1.80)% | |
| Italian payback measure | |||
| Forecasted 2025 adjusted constant currency revenue growth |
Forecasted 2025 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation
| Low | High | ||||
| Forecasted GAAP diluted earnings per share from continuing operations | |||||
| Restructuring, restructuring related and impairment items, net of tax | |||||
| Acquisition, integration and divestiture related items, net of tax | |||||
| ERP Implementation, net of tax | |||||
| MDR, net of tax | |||||
| Forecasted adjusted diluted earnings per share from continuing operations, net of tax | |||||
ACCELERATED SHARE REPURCHASE
The Company intends to commence an accelerated share repurchase of
INTERVENTIONAL UROLOGY NON-CASH GOODWILL IMPAIRMENT CHARGE
In connection with preparing the financial statements for the year ended December 31, 2024, we performed our annual impairment test for goodwill and determined that the carrying value of the IU reporting unit exceeded its fair value. Consequently, we recognized an impairment charge of
CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION
A webcast of Teleflex's fourth 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 February 27, 2025.
An audio replay of the investor call will be available beginning at 11:00 am ET on February 27, 2025, 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 NOTES
References 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 MEASURES
We 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 year ended December 31, 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 year ended December 31, 2024, of which
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, including those related to goodwill and other assets, 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 | ||||||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | % Increase / (Decrease) | ||||||||||||||||||||||||
| Reported revenue | Adjustment | Adjusted Revenue | Reported revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | |||||||||||||||||
| Americas | $— | $— | (0.3)% | —% | ||||||||||||||||||||||
| EMEA | 161.0 | — | 161.0 | 152.4 | — | 152.4 | (0.3)% | —% | ||||||||||||||||||
| Asia | 93.6 | — | 93.6 | 88.3 | — | 88.3 | (1.6)% | —% | ||||||||||||||||||
| Consolidated | $— | $— | (0.4)% | —% | ||||||||||||||||||||||
| Year Ended | |||||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | % Increase / (Decrease) | |||||||||||||||||||||||
| Reported revenue | Adjustment | Adjusted Revenue | Reported revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | ||||||||||||||||
| Americas | $— | $— | (0.1)% | —% | |||||||||||||||||||||
| EMEA | 618.0 | (13.8) | 631.8 | 586.2 | — | 586.2 | (2.3)% | ||||||||||||||||||
| Asia | 363.0 | — | 363.0 | 346.9 | — | 346.9 | (2.1)% | —% | |||||||||||||||||
| Consolidated | ( | $— | (0.3)% | (0.4)% | |||||||||||||||||||||
Net revenue by global product category
| Three Months Ended | |||||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | % Increase / (Decrease) | |||||||||||||||||||||||
| Reported revenue | Adjustment | Adjusted Revenue | Reported revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | ||||||||||||||||
| Vascular Access | $— | $— | (0.4)% | —% | |||||||||||||||||||||
| Interventional | 160.4 | — | 160.4 | 135.6 | — | 135.6 | (0.5)% | —% | |||||||||||||||||
| Anesthesia | 95.3 | — | 95.3 | 98.2 | — | 98.2 | (2.9)% | (0.5)% | —% | (2.4)% | |||||||||||||||
| Surgical | 121.9 | — | 121.9 | 109.6 | — | 109.6 | (1.0)% | —% | |||||||||||||||||
| Interventional Urology | 84.9 | — | 84.9 | 93.0 | — | 93.0 | (8.7)% | (0.1)% | —% | (8.6)% | |||||||||||||||
| OEM | 85.4 | — | 85.4 | 82.6 | — | 82.6 | (0.1)% | —% | |||||||||||||||||
| Other (1) | 58.2 | — | 58.2 | 68.2 | — | 68.2 | (14.7)% | (0.4)% | —% | (14.3)% | |||||||||||||||
| Consolidated | $— | $— | (0.4)% | —% | |||||||||||||||||||||
| Year Ended | ||||||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | % Increase / (Decrease) | ||||||||||||||||||||||
| Reported revenue | Adjustment | Adjusted Revenue | Reported revenue | Adjustment | Adjusted Revenue | Reported Revenue Growth | Currency Impact | Adjustment impact | Adjusted Constant Currency Revenue Growth | |||||||||||||||
| Vascular Access | $— | $— | (0.2)% | —% | ||||||||||||||||||||
| Interventional | 586.0 | — | 586.0 | 511.4 | — | 511.4 | (0.2)% | —% | ||||||||||||||||
| Anesthesia | 395.3 | — | 395.3 | 390.0 | — | 390.0 | (0.2)% | —% | ||||||||||||||||
| Surgical | 450.5 | — | 450.5 | 427.4 | — | 427.4 | (0.7)% | —% | ||||||||||||||||
| Interventional Urology | 331.1 | — | 331.1 | 319.8 | — | 319.8 | (0.2)% | —% | ||||||||||||||||
| OEM | 344.5 | — | 344.5 | 326.0 | — | 326.0 | —% | |||||||||||||||||
| Other (1) | 207.2 | (13.8) | 221.0 | 291.9 | — | 291.9 | (29.0)% | —% | (4.7)% | (24.3)% | ||||||||||||||
| Consolidated | ( | $— | (0.3)% | (0.4)% | ||||||||||||||||||||
(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 December 31, 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 | (13.9)% | (7.8)% | ||||||||||||||||||
| Adjustments | ||||||||||||||||||||
| Restructuring, restructuring related and impairment items (A) | — | 0.6 | (0.2) | — | 32.4 | 257.5 | 1.9 | 5.48 | ||||||||||||
| Acquisition, integration and divestiture related items (B) | — | — | (1.4) | — | 1.4 | 11.1 | 0.6 | 0.23 | ||||||||||||
| Other items (C) | — | — | (0.1) | — | 0.1 | 1.0 | 0.2 | 0.02 | ||||||||||||
| ERP implementation | — | — | (0.4) | — | 0.4 | 3.5 | 0.4 | 0.07 | ||||||||||||
| MDR | — | — | — | (0.1) | 0.1 | 1.0 | — | 0.02 | ||||||||||||
| Pension termination costs | — | 0.3 | (0.4) | (0.1) | 0.8 | 6.5 | 1.5 | 0.11 | ||||||||||||
| Intangible amortization expense | — | 3.9 | (2.4) | — | 6.1 | 49.7 | 5.1 | 0.96 | ||||||||||||
| Tax adjustments | — | — | — | — | 0.2 | — | 2.3 | (0.05) | ||||||||||||
| Adjustments total | — | 4.8 | (4.9) | (0.2) | 41.5 | 330.3 | 12.0 | 6.84 | ||||||||||||
| Adjusted basis | $795.4 | 60.1% | 27.1% | 5.4% | 27.6% | $203.5 | $21.9 | 10.7% | $3.89 | |||||||||||
| Three Months Ended December 31, 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 | |||||||||||||||||||
| Adjustments | |||||||||||||||||||
| Restructuring, restructuring related and impairment items (A) | 0.4 | (0.1) | — | 2.0 | 15.5 | 2.6 | 0.27 | ||||||||||||
| Acquisition, integration and divestiture related items (B) | 0.2 | (0.6) | — | 0.2 | 1.7 | 1.3 | 0.01 | ||||||||||||
| ERP implementation | — | — | — | — | (0.2) | (0.1) | — | ||||||||||||
| MDR | — | — | (0.6) | 0.6 | 4.8 | — | 0.10 | ||||||||||||
| Pension termination costs | — | (5.9) | — | 5.9 | 45.4 | 10.4 | 0.74 | ||||||||||||
| Legal entity rationalization items | — | (0.7) | — | 0.7 | 5.3 | (26.2) | 0.67 | ||||||||||||
| Intangible amortization expense | 3.8 | (2.4) | — | 6.2 | 48.6 | 4.0 | 0.94 | ||||||||||||
| Tax adjustments | — | — | — | — | — | 0.3 | (0.01) | ||||||||||||
| Adjustments total | 4.4 | (9.7) | (0.6) | 15.6 | 121.1 | (7.7) | 2.72 | ||||||||||||
| Adjusted basis | 60.1% | 29.8% | 4.0% | 26.3% | $181.1 | $21.1 | 11.6% | $3.38 | |||||||||||
| 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. | |
| Year Ended December 31, 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 | ||||||||||||||||||
| Adjustments | ||||||||||||||||||
| Restructuring, restructuring related and impairment items (A) | — | 0.5 | (0.1) | — | 9.3 | 282.3 | 6.1 | 5.86 | ||||||||||
| Acquisition, integration and divestiture related items (B) | — | 0.1 | (0.7) | — | 0.7 | 22.1 | 1.0 | 0.45 | ||||||||||
| Other items (C) | — | (0.4) | (0.2) | — | — | 1.0 | 0.2 | 0.02 | ||||||||||
| Italian payback measure (D) | 13.8 | 0.5 | — | — | 0.5 | 13.8 | — | 0.29 | ||||||||||
| ERP implementation | — | — | (0.4) | — | 0.4 | 12.7 | 1.8 | 0.23 | ||||||||||
| MDR | — | — | — | (0.4) | 0.3 | 8.7 | — | 0.18 | ||||||||||
| Pension termination costs | — | 0.2 | (4.5) | — | 4.6 | 139.6 | 58.4 | 1.73 | ||||||||||
| Intangible amortization expense | — | 3.9 | (2.6) | — | 6.3 | 197.7 | 20.4 | 3.76 | ||||||||||
| Tax adjustments | — | — | — | — | — | — | 0.2 | — | ||||||||||
| Adjustments total | 13.8 | 4.8 | (8.5) | (0.4) | 22.1 | 677.9 | 88.1 | 12.52 | ||||||||||
| Adjusted basis | $3,061.1 | 60.7% | 28.5% | 4.9% | 27.1% | $753.4 | $93.4 | 12.4% | $14.01 | |||||||||
| Year Ended December 31, 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 | |||||||||||||||||||
| Adjustments | |||||||||||||||||||
| Restructuring, restructuring related and impairment items (A) | 0.8 | (0.1) | (0.1) | 1.4 | 43.0 | 6.7 | 0.77 | ||||||||||||
| Acquisition, integration and divestiture related items (B) | 0.1 | 0.5 | — | (0.6) | (17.7) | 1.5 | (0.41) | ||||||||||||
| ERP implementation | — | (0.1) | — | 0.1 | 2.6 | 0.6 | 0.04 | ||||||||||||
| MDR | — | — | (1.0) | 1.0 | 28.4 | — | 0.60 | ||||||||||||
| Pension termination costs | — | (1.5) | — | 1.5 | 45.5 | 10.4 | 0.74 | ||||||||||||
| Legal entity rationalization items | — | (0.2) | — | 0.2 | 5.3 | (26.2) | 0.67 | ||||||||||||
| Intangible amortization expense | 3.2 | (2.5) | — | 5.9 | 174.0 | 10.4 | 3.46 | ||||||||||||
| Tax adjustments | — | — | — | — | — | (4.4) | 0.09 | ||||||||||||
| Adjustments total | 4.1 | (3.9) | (1.1) | 9.5 | 281.1 | (1.0) | 5.96 | ||||||||||||
| Adjusted basis | 59.5% | 28.9% | 4.1% | 26.5% | $715.1 | $75.4 | 10.5% | $13.52 | |||||||||||
| 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 December 31, 2024, pre-tax restructuring charges were
(B) Acquisition, integration and divestiture related items – For the three months and year ended December 31, 2024, these charges related to the acquisition of the BIOTRONIK SE & Co. KG Vascular Intervention business and the acquisition of Palette Life Sciences AB. For the three months ended December 31, 2023 these charges primarily related to the acquisition of Palette Life Sciences AB and the divestiture of respiratory assets. For the year ended December 31, 2023 these charges related to a decrease in contingent consideration expense resulting from changes in the estimated fair value of our contingent consideration liabilities, the acquisition of Palette Life Sciences AB, and the divestiture of respiratory assets.
(C) Other – For the three months and year ended December 31, 2024, other items included expenses associated with prior year tax matters.
(D) 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 INCORPORATED
As 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 INFORMATION
This press release contains forward-looking statements, including, but not limited to, our expectation that our acquisition of BIOTRONIK’s Vascular Interventions business will be accretive to growth beginning in 2026; forecasted 2025 GAAP and adjusted constant currency revenue growth and GAAP and adjusted diluted earnings per share; and our estimates of the projected impact of a hypothetical
| TELEFLEX INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||
| (Dollars and shares in thousands, except per share) | |||||||||||||||
| Net revenues | $ | 795,409 | $ | 773,909 | $ | 3,047,324 | $ | 2,974,489 | |||||||
| Cost of goods sold | 355,494 | 342,492 | 1,344,645 | 1,327,558 | |||||||||||
| Gross profit | 439,915 | 431,417 | 1,702,679 | 1,646,931 | |||||||||||
| Selling, general and administrative expenses | 254,553 | 260,651 | 995,271 | 929,867 | |||||||||||
| Research and development expenses | 44,553 | 35,858 | 161,672 | 154,351 | |||||||||||
| Pension settlement charge | — | 45,244 | 132,732 | 45,244 | |||||||||||
| Goodwill impairment charge | 240,000 | — | 240,000 | — | |||||||||||
| Restructuring and other impairment charges | 11,192 | 11,644 | 21,991 | 15,604 | |||||||||||
| Gain on sale of assets and business | — | (4,448 | ) | — | (4,448 | ) | |||||||||
| (Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes | (110,383 | ) | 82,468 | 151,013 | 506,313 | ||||||||||
| Interest expense | 18,635 | 25,791 | 83,544 | 85,082 | |||||||||||
| Interest income | (2,258 | ) | (3,295 | ) | (8,009 | ) | (12,781 | ) | |||||||
| (Loss) income from continuing operations before taxes | (126,760 | ) | 59,972 | 75,478 | 434,012 | ||||||||||
| Taxes on income from continuing operations | 9,902 | 28,789 | 5,316 | 76,440 | |||||||||||
| (Loss) income from continuing operations | (136,662 | ) | 31,183 | 70,162 | 357,572 | ||||||||||
| Operating income (loss) from discontinued operations | 5 | (96 | ) | (634 | ) | (1,608 | ) | ||||||||
| (Benefit) taxes on operating loss from discontinued operations | (1 | ) | (18 | ) | (147 | ) | (364 | ) | |||||||
| Income (loss) from discontinued operations | 6 | (78 | ) | (487 | ) | (1,244 | ) | ||||||||
| Net (loss) income | $ | (136,656 | ) | $ | 31,105 | $ | 69,675 | $ | 356,328 | ||||||
| Earnings per share: | |||||||||||||||
| Basic: | |||||||||||||||
| (Loss) income from continuing operations | $ | (2.95 | ) | $ | 0.66 | $ | 1.50 | $ | 7.61 | ||||||
| Loss from discontinued operations | — | — | (0.01 | ) | (0.03 | ) | |||||||||
| Net income | $ | (2.95 | ) | $ | 0.66 | $ | 1.49 | $ | 7.58 | ||||||
| Diluted: | |||||||||||||||
| (Loss) income from continuing operations | $ | (2.95 | ) | $ | 0.66 | $ | 1.49 | $ | 7.56 | ||||||
| Loss from discontinued operations | — | — | (0.01 | ) | (0.03 | ) | |||||||||
| Net income | $ | (2.95 | ) | $ | 0.66 | $ | 1.48 | $ | 7.53 | ||||||
| Weighted average common shares outstanding | |||||||||||||||
| Basic | 46,373 | 47,002 | 46,837 | 46,981 | |||||||||||
| Diluted | 46,373 | 47,301 | 47,094 | 47,304 | |||||||||||
| TELEFLEX INCORPORATED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| (Dollars in thousands) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 290,188 | $ | 222,848 | |||
| Accounts receivable, net | 459,495 | 443,467 | |||||
| Inventories | 600,133 | 626,216 | |||||
| Prepaid expenses and other current assets | 117,851 | 107,471 | |||||
| Prepaid taxes | 3,457 | 7,404 | |||||
| Total current assets | 1,471,124 | 1,407,406 | |||||
| Property, plant and equipment, net | 502,852 | 479,913 | |||||
| Operating lease assets | 108,912 | 123,521 | |||||
| Goodwill | 2,632,314 | 2,914,055 | |||||
| Intangibles assets, net | 2,268,714 | 2,501,960 | |||||
| Deferred tax assets | 11,374 | 6,748 | |||||
| Other assets | 102,624 | 98,943 | |||||
| Total assets | $ | 7,097,914 | $ | 7,532,546 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities | |||||||
| Current borrowings | $ | 100,000 | $ | 87,500 | |||
| Accounts payable | 141,031 | 132,247 | |||||
| Accrued expenses | 143,167 | 146,880 | |||||
| Payroll and benefit-related liabilities | 151,263 | 146,535 | |||||
| Accrued interest | 5,338 | 5,583 | |||||
| Income taxes payable | 41,318 | 41,453 | |||||
| Other current liabilities | 67,243 | 46,547 | |||||
| Total current liabilities | 649,360 | 606,745 | |||||
| Long-term borrowings | 1,555,871 | 1,727,572 | |||||
| Deferred tax liabilities | 391,066 | 456,080 | |||||
| Pension and postretirement benefit liabilities | 20,185 | 23,989 | |||||
| Noncurrent liability for uncertain tax positions | 1,831 | 3,370 | |||||
| Noncurrent operating lease liabilities | 99,154 | 111,300 | |||||
| Other liabilities | 102,307 | 162,502 | |||||
| Total liabilities | 2,819,774 | 3,091,558 | |||||
| Commitments and contingencies | |||||||
| Shareholders’ equity | |||||||
| Common shares, | 48,096 | 48,046 | |||||
| Additional paid-in capital | 781,184 | 749,712 | |||||
| Retained earnings | 4,115,870 | 4,109,736 | |||||
| Accumulated other comprehensive loss | (316,669 | ) | (314,405 | ) | |||
| 4,628,481 | 4,593,089 | ||||||
| Less: Treasury stock, at cost | 350,341 | 152,101 | |||||
| Total shareholders' equity | 4,278,140 | 4,440,988 | |||||
| Total liabilities and shareholders' equity | $ | 7,097,914 | $ | 7,532,546 | |||
| TELEFLEX INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
| Year Ended | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| (Dollars in thousands) | |||||||
| Cash flows from operating activities of continuing operations: | |||||||
| Net income | $ | 69,675 | $ | 356,328 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Loss from discontinued operations | 487 | 1,244 | |||||
| Depreciation expense | 76,932 | 68,144 | |||||
| Intangible asset amortization expense | 197,669 | 173,974 | |||||
| Deferred financing costs and debt discount amortization expense | 3,415 | 3,400 | |||||
| Pension settlement charge | 132,732 | 45,244 | |||||
| Fair value step up of acquired inventory sold | 1,722 | 1,536 | |||||
| Changes in contingent consideration | 10,027 | (27,243 | ) | ||||
| Asset impairments | 7,834 | — | |||||
| Stock-based compensation | 31,348 | 31,465 | |||||
| Gain on sale of assets and business | — | (4,448 | ) | ||||
| Goodwill impairment charge | 240,000 | — | |||||
| Deferred income taxes, net | (130,237 | ) | (13,046 | ) | |||
| Payments for contingent consideration | — | (289 | ) | ||||
| Interest benefit on swaps designated as net investment hedges | (17,410 | ) | (18,814 | ) | |||
| Other | 15,888 | 5,960 | |||||
| Changes in operating assets and liabilities, net of effects of acquisitions and disposals: | |||||||
| Accounts receivable | (27,952 | ) | (15,763 | ) | |||
| Inventories | 1,925 | (41,068 | ) | ||||
| Prepaid expenses and other assets | 43,026 | (11,420 | ) | ||||
| Accounts payable, accrued expenses and other liabilities | 9,665 | (31,258 | ) | ||||
| Income taxes | (28,486 | ) | (12,263 | ) | |||
| Net cash provided by operating activities from continuing operations | 638,260 | 511,683 | |||||
| Cash flows from investing activities of continuing operations: | |||||||
| Expenditures for property, plant and equipment | (126,434 | ) | (91,442 | ) | |||
| Payments for businesses and intangibles acquired, net of cash acquired | (120 | ) | (603,920 | ) | |||
| Proceeds from sales of business and assets | — | 15,000 | |||||
| Net interest proceeds on swaps designated as net investment hedges | 27,196 | 63,134 | |||||
| Proceeds from sales of investments | 7,300 | 7,300 | |||||
| Purchase of investments | (7,300 | ) | (11,300 | ) | |||
| Net cash (used in) provided by investing activities from continuing operations | (99,358 | ) | (621,228 | ) | |||
| Cash flows from financing activities of continuing operations: | |||||||
| Proceeds from new borrowings | 130,000 | 646,000 | |||||
| Reduction in borrowings | (291,500 | ) | (544,750 | ) | |||
| Repurchase of common stock | (200,000 | ) | — | ||||
| Net proceeds from share based compensation plans and the related tax impacts | 3,352 | 5,190 | |||||
| Payments for contingent consideration | (236 | ) | (4,004 | ) | |||
| Dividends paid | (63,541 | ) | (63,896 | ) | |||
| Net cash (used in) provided by financing activities from continuing operations | (421,925 | ) | 38,540 | ||||
| Cash flows from discontinued operations: | |||||||
| Net cash used in operating activities | (2,521 | ) | (1,045 | ) | |||
| Net cash used in discontinued operations | (2,521 | ) | (1,045 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents | (9,654 | ) | 2,864 | ||||
| Net increase in cash, cash equivalents and restricted cash equivalents | 104,802 | (69,186 | ) | ||||
| 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 | $ | 327,650 | $ | 222,848 | |||
Contacts:
Teleflex Incorporated:
Lawrence Keusch
Vice President, Investor Relations and Strategy Development
investors.teleflex.com
610-948-2836
FAQ
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