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Jun 27, 2021
Teleflex Q2 2021 Earnings Report
Teleflex reported an increase in revenue and adjusted EPS, driven by solid revenue growth and improved margins, despite challenges from COVID-19 and a respiratory divestiture.
Key Takeaways
Teleflex reported strong second-quarter results with a 25.8% increase in revenue to $713.5 million and adjusted EPS of $3.35, up 73.6% year-over-year. The company is maintaining its constant currency revenue guidance and raising its full-year adjusted earnings per share guidance, despite dilution from the respiratory asset sale.
Reported revenues increased by 25.8% year-over-year, reaching $713.5 million.
GAAP diluted EPS from continuing operations was $1.76, compared to $0.24 in the prior year period.
Adjusted diluted EPS from continuing operations rose to $3.35, a 73.6% increase year-over-year.
The company divested the majority of its respiratory assets on June 28, 2021.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Teleflex maintained its 2021 GAAP revenue growth guidance of 10.50% to 11.75% year-over-year and raised its 2021 GAAP diluted earnings per share from continuing operations to a range of $9.50 to $9.60. The company raised its 2021 adjusted diluted earnings per share from continuing operations to a range of $12.90 to $13.10.
Positive Outlook
- Maintaining 2021 GAAP revenue growth guidance of 10.50% to 11.75% year-over-year.
- Reaffirming 2021 revenue growth guidance of at least 30% year-over-year for the Interventional Urology business.
- Raising 2021 GAAP diluted earnings per share from continuing operations to a range of $9.50 to $9.60.
- Raising 2021 adjusted diluted earnings per share from continuing operations to a range of $12.90 to $13.10.
- Maintaining 2021 constant currency revenue growth guidance range of 8.50% to 9.75% year-over year.
Challenges Ahead
- Includes a $28 to $32 million headwind in the second half of 2021 from the respiratory divestiture.
- GAAP and adjusted earnings per share reflect $0.10 to $0.15 dilution in the second half of 2021 from the respiratory divestiture.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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