WAYNE, PA — Teleflex Incorporated (NYSE: TFX), a global provider of medical technologies designed to improve the health and quality of people’s lives, today disclosed its financial achievements for the first quarter ended March 31, 2024, alongside updated guidance for the full year.
In the first quarter, Teleflex reported revenues of $737.8 million, marking a 3.8% increase from the previous year, consistent across both reported and constant currency bases. However, the company saw a stark decrease in GAAP diluted earnings per share (EPS) from continuing operations, dropping to $0.33 from $1.63 in the prior year period. Despite this, adjusted diluted EPS from continuing operations rose slightly from $3.09 to $3.21, indicating resilience in operational performance.
Anticipating the year ahead, Teleflex has made several adjustments to its financial outlook. The company now forecasts GAAP revenue growth to be between 3.35% and 4.35%, a slight reduction from its earlier projection. This revision accounts for an estimated 0.40% adverse impact from foreign exchange rate fluctuations. Conversely, it maintained its constant currency revenue growth expectations and optimistically raised its GAAP EPS from continuing operations guidance to a range of $6.87 to $7.22. Additionally, the lower end of its adjusted EPS guidance has been increased, reflecting anticipated growth of up to 3.2%.
Liam Kelly, Chairman, President, and CEO of Teleflex, expressed satisfaction with the quarter’s outcomes, attributing success to strategic execution in product launches and ongoing integration efforts with Palette Life Sciences AB. Kelly noted, “Our first quarter performance, combined with an improving macro-environment, keeps us well-positioned to deliver on our financial guidance for 2024.”
Other notable financial specifics for the quarter included an increase in depreciation expenses and amortization of intangible assets to $66.9 million from $60.7 million in the previous year. The company also reported a modest growth in cash and cash equivalents, net accounts receivable, and inventories, signaling steady operational momentum.
The revised financial outlook for 2024, particularly the raise in GAAP EPS guidance, reflects Teleflex’s strategic adjustments in anticipation of specific challenges such as a non-cash pension settlement charge related to the termination of the Teleflex Incorporated Retirement Income Plan. Despite these changes, the guidance adjustment and solid Q1 performance signal confidence in the company’s strategic direction and its ability to adapt to evolving market conditions.
Teleflex’s announcement comes at a time when the healthcare industry is navigating a complex landscape of economic pressures, including fluctuating exchange rates and varying global demand. The company’s ability to maintain growth projections amidst these challenges speaks to its strategic planning and the inherent strength of its product portfolio.
Investors and industry observers will be closely monitoring Teleflex’s progress throughout 2024, as its financial performance and strategic initiatives could offer insights into broader trends within the medical technology sector.
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