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Sep 29, 2024
Teleflex Q3 2024 Earnings Report
Announced third quarter financial results and full year 2024 outlook.
Key Takeaways
Teleflex reported GAAP revenue of $764.4 million, a 2.4% increase compared to the prior year period, and an adjusted diluted EPS of $3.49. The company raised the low end of its full year 2024 adjusted diluted earnings per share from continuing operations guidance from a range of $13.80 to $14.20 to a range of $13.90 to $14.20.
GAAP revenue increased by 2.4% year-over-year, reaching $764.4 million.
Adjusted diluted EPS from continuing operations was $3.49, compared to $3.64 in the prior year period.
The company has augmented their capital allocation strategy with a $500 million share repurchase authorization.
The low end of the 2024 adjusted EPS guidance was raised.
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
The Company lowered its full year 2024 revenue growth outlook on a GAAP basis from a range of 3.40% to 4.40% to a range of 2.90% to 3.40%. On an adjusted constant currency basis, the Company lowered its full year 2024 revenue growth outlook from a range of 4.25% to 5.25% to a range of 3.50% to 4.00% year-over-year. The Company raised its full year 2024 GAAP diluted earnings per share from continuing operations outlook from a range of $6.43 to $6.83 to a range of $6.65 to $6.95, representing a year-over-year change of (12.0)% to (8.1)%. The Company raised the low end of its full year 2024 adjusted diluted earnings per share from continuing operations guidance from a range of $13.80 to $14.20 to a range of $13.90 to $14.20, representing growth of 2.8% to 5.0% year-over-year.
Positive Outlook
- Raising GAAP EPS from continuing operations guidance range to $6.65 to $6.95.
- Raising the low end of adjusted diluted EPS from continuing operations guidance range to $13.90 to $14.20.
- Forecasted 2024 adjusted constant currency revenue growth between 3.50% and 4.00%.
- Cash flow remains strong.
- Net leverage at 1.7x.
Challenges Ahead
- Lowering GAAP revenue growth guidance range to 2.90% to 3.40%.
- Lowering adjusted constant currency revenue growth guidance range to 3.50% to 4.00%.
- Estimate of an approximately 0.15% negative impact of foreign exchange rate fluctuations.
- Italian payback measure with a negative impact of 0.45%.
- GAAP diluted earnings per share from continuing operations outlook from a range of $6.65 to $6.95, representing a year-over-year change of (12.0)% to (8.1)%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income