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Jun 30, 2024
Teleflex Q2 2024 Earnings Report
Teleflex's financial performance remained consistent with its strategic focus, driven by strong Barrigel revenue and Palette Life Sciences AB integration.
Key Takeaways
Teleflex reported a 0.9% increase in GAAP revenue to $749.7 million and an adjusted revenue increase of 2.7% to $763.5 million for Q2 2024. The company is raising its revenue and adjusted EPS guidance for the full year, alongside announcing a $500 million share repurchase program.
GAAP revenue reached $749.7 million, a 0.9% increase year-over-year.
Adjusted revenue was $763.5 million, up 2.7% year-over-year, or 3.4% on a constant currency basis.
GAAP diluted EPS from continuing operations was $1.69, compared to $2.35 in the prior year period.
Adjusted diluted EPS from continuing operations was $3.42, compared to $3.41 in the prior year period.
Teleflex
Teleflex
Teleflex Revenue by Segment
Teleflex Revenue by Geographic Location
Revenue by Segment
Americas Segment Revenue
CapyFin.comEMEA Segment Revenue
CapyFin.comAsia Segment Revenue
CapyFin.comRevenue by Geographic Location
Vascular Access Revenue
CapyFin.comInterventional Revenue
CapyFin.comAnesthesia Revenue
CapyFin.comSurgical Revenue
CapyFin.comInterventional Urology Revenue
CapyFin.comOEM Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Teleflex is raising its full year 2024 revenue growth outlook on an adjusted constant currency basis to a range of 4.25% to 5.25% year-over-year. The company is also raising its full year 2024 adjusted diluted earnings per share from continuing operations guidance to a range of $13.80 to $14.20.
Positive Outlook
- Raising GAAP revenue growth guidance range to 3.40% to 4.40%.
- Raising adjusted constant currency revenue growth guidance range to 4.25% to 5.25%.
- Raising adjusted diluted EPS from continuing operations guidance range to $13.80 to $14.20.
- Board of Directors has authorized a share repurchase program for up to $500 million of our common stock, inclusive of a $200 million accelerated share repurchase.
- The Teleflex Board of Directors and Management remain confident in the company’s long-term growth profile and ability to create significant shareholder value.
Challenges Ahead
- Lowering GAAP EPS from continuing operations guidance range to $6.43 to $6.83.
- Estimated impact of foreign currency exchange rate fluctuations (0.40)%.
- Italian payback measure (0.45)%.
- Actual results could differ materially from those in the forward-looking statements due to delays or cancellations in shipments.
- The share repurchase program does not require the Company to repurchase shares of its Common Stock and it may be discontinued, suspended or amended at any time, without prior notice.
Revenue & Expenses
Visualization of income flow from segment revenue to net income