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Teleflex
🇺🇸 NYSE:TFX
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•
Mar 31, 2024

Teleflex Q1 2024 Earnings Report

Teleflex reported solid first quarter results, driven by strong execution and margin expansion, and remained on track with the integration of Palette Life Sciences AB.

Key Takeaways

Teleflex reported first quarter financial results with revenues of $737.8 million, a 3.8% increase compared to the prior year. GAAP diluted EPS from continuing operations was $0.33, while adjusted diluted EPS from continuing operations was $3.21.

Revenues increased by 3.8% to $737.8 million compared to the prior year period.

GAAP diluted EPS from continuing operations was $0.33, compared to $1.63 in the prior year period.

Adjusted diluted EPS from continuing operations was $3.21, compared to $3.09 in the prior year period.

The company is lowering GAAP revenue growth guidance range to 3.35% to 4.35%.

Total Revenue
$738M
Previous year: $711M
+3.8%
EPS
$3.21
Previous year: $3.09
+3.9%
Gross Profit
$416M
Previous year: $391M
+6.3%
Cash and Equivalents
$237M
Previous year: $264M
-10.1%
Free Cash Flow
$72.5M
Total Assets
$7.48B
Previous year: $6.92B
+8.1%

Teleflex

Teleflex

Teleflex Revenue by Segment

Teleflex Revenue by Geographic Location

Forward Guidance

Teleflex lowered its full year 2024 revenue growth outlook on a GAAP basis from a range of 3.60% to 4.60% to a range of 3.35% to 4.35%. On a constant currency basis, the Company maintained its full year 2024 revenue growth outlook of 3.75% to 4.75% year-over-year. The Company raised its full year 2024 GAAP diluted earnings per share from continuing operations outlook from a range of $5.69 to $6.09 to a range of $6.87 to $7.22, representing a year-over-year decrease of 9.1% to 4.5%.

Positive Outlook

  • Reiterating constant currency revenue growth guidance range of 3.75% to 4.75%.
  • Raising GAAP EPS from continuing operations guidance range to $6.87 to $7.22.
  • Raising the low end of adjusted diluted EPS from continuing operations guidance range to $13.60 to $13.95.
  • The revised outlook reflects a change in estimate related to the impact of a non-cash pension settlement charge expected to be taken in 2024.
  • Maintaining full year 2024 revenue growth outlook of 3.75% to 4.75% year-over-year on a constant currency basis.

Challenges Ahead

  • Lowering GAAP revenue growth guidance range to 3.35% to 4.35%.
  • GAAP diluted earnings per share from continuing operations outlook represents a year-over-year decrease of 9.1% to 4.5%.
  • Estimate of an approximately 0.40% negative impact of foreign exchange rate fluctuations.
  • Pension termination and related charges.
  • ERP Implementation costs.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Teleflex