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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%.
Revenue by Segment
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%.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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