WAYNE, PA — Teleflex Incorporated (NYSE: TFX) has reported its financial results for the fourth quarter and full year ended December 31, 2024, alongside key strategic announcements for 2025, including a share repurchase plan, dividend declaration, and significant structural changes to its business.
2024 Financial Performance
For Q4, Teleflex posted revenues of $795.4 million, reflecting a 2.8% increase compared to the prior year period and a 3.2% rise on an adjusted constant currency basis. Adjusted diluted EPS for the quarter climbed to $3.89, up from $3.38 the previous year. However, GAAP diluted EPS from continuing operations recorded a loss of $(2.95), compared to $0.66 in Q4 2023, impacted by a $240 million non-cash goodwill impairment charge related to the Interventional Urology (IU) unit.
For the full year, GAAP revenue rose 2.4% to $3.05 billion, while adjusted revenue—accounting for the impact of the Italian payback measure—reached $3.06 billion, representing a 3.1% increase on an adjusted constant currency basis. Adjusted diluted EPS for the year grew to $14.01, up from $13.52 in 2023, while GAAP diluted EPS dropped to $1.49, reflecting year-end adjustments and the IU goodwill impairment charge.
The impairment, attributed to lingering end-market challenges and competitive pressures affecting the UroLift portfolio, reflects management’s expectation of a slower growth trajectory for the unit in the near term.
2025 Guidance
Looking ahead, Teleflex forecasts full-year 2025 GAAP revenue to grow between (0.4)% and 0.7%, with adjusted constant currency revenue growth expected in the range of 1.0% to 2.0%. GAAP diluted EPS is projected at $8.85 to $9.25, while adjusted diluted EPS is expected to range from $13.95 to $14.35, representing up to 2.4% growth year-over-year.
Strategic Initiatives
Among the key announcements was Teleflex’s plan to acquire BIOTRONIK’s Vascular Intervention business in a €760 million deal. Expected to close by Q3 2025, this acquisition will significantly expand Teleflex’s Interventional portfolio with advanced coronary and peripheral vascular products, such as drug-coated balloons and self-expanding stents.
Additionally, the company unveiled plans to separate into two publicly traded entities—RemainCo and NewCo—by mid-2026. RemainCo will focus on high-growth hospital markets with its Vascular Access, Interventional, and Surgical businesses, while NewCo will revolve around Urology, Acute Care, and OEM segments.
“The benefits of our diversified portfolio were evident as strong performances from Interventional and Surgical helped offset softness in Interventional Urology revenues,” said Liam Kelly, Teleflex’s Chairman, President, and CEO. “We also took an important step forward in our durable growth strategy with the agreement to acquire substantially all of BIOTRONIK’s Vascular Intervention business. Additionally, our separation into two companies is expected to simplify the operating model, streamline the manufacturing footprint, and increase management focus.”
Share Repurchase and Dividend
Teleflex announced plans to initiate a $300 million accelerated share repurchase starting February 28, 2025. This will fulfill the company’s previously authorized $500 million repurchase program.
The Board of Directors also declared a quarterly dividend of $0.34 per share, payable March 17, 2025, to shareholders of record as of March 7, 2025.
Positioning for the Future
With its strategic moves and growth initiatives, Teleflex is steering toward a more focused operational model while driving innovation, enhancing shareholder returns, and solidifying its position in critical healthcare markets. The company anticipates these changes will strengthen its ability to meet the dynamic needs of patients and customers globally.
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