0000096943false00000969432024-10-312024-10-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) October 31, 2024

TELEFLEX INCORPORATED
(Exact name of Registrant as Specified in Its Charter)
Delaware1-535323-1147939
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission File Number)
(IRS Employer
Identification No.)
550 E. Swedesford Rd., Suite 400Wayne,PA19087
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code(610)225-6800
Not applicable
(Former Name or Former Address, If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per shareTFXNew York Stock Exchange


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.
On October 31, 2024, Teleflex Incorporated (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the quarter ended September 29, 2024. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report.
In addition to the financial information included in the Press Release that has been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), the Press Release includes certain non-GAAP financial measures. These measures include adjusted revenue growth, adjusted constant currency revenue growth and adjusted diluted earnings per share. Adjusted revenue is based upon net revenues, adjusted to exclude the impact of an increase in reserves for prior years. The reserve, which relates to legislation that requires suppliers of medical devices to the Italian National Healthcare System to make payments to the Italian government if medical device expenditures in a given year exceed regional expenditure ceilings established for that year, was increased as a result of a recent ruling from the Italian courts. The amounts related to the prior years do not represent normal adjustments to revenue, are not expected to recur in future periods and are not recurring in nature, making it difficult to contribute to a meaningful evaluation of our operating performance. Adjusted constant currency revenue growth is based upon net revenues, adjusted to eliminate the impacts related to the Italian payback measure referred to above and of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and generally are outside of the control of our management. We believe that these measures facilitate a comparison of our operating performance exclusive of fluctuations that do not reflect our underlying performance or business trends. Adjusted diluted earnings per share is based upon diluted earnings per share available to common stockholders, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the impact (net of tax) of (i) restructuring, restructuring related and impairment items; (ii) acquisition, integration and divestiture related items; (iii) other items identified in the reconciliation tables set forth in the Press Release, as applicable; (iv) costs incurred in connection with our implementation of a new global enterprise resource planning system and related information technology transition costs; (v) the impact from increases in our reserves related to the Italian payback measure pertaining to prior years as described in adjusted revenue; (vi) pension termination and related charges; (vii) certain expenditures associated with the registration of medical devices under the European Union Medical Device Regulation; (viii) intangible amortization expense; (ix) direct and incremental costs and discrete changes affecting our deferred tax liability within income tax expenses incurred in connection with legal entity rationalizations; and (x) tax adjustments. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends.

Management uses these non-GAAP financial measures to assess the Company's financial performance, make operating decisions, allocate financial resources, provide guidance on possible future results, and assist in its evaluation of period-to-period and peer comparisons. The non-GAAP measures may be useful to investors because they provide insight into management’s assessment of our business, and provide supplemental information pertinent to a comparison of period-to-period results of our ongoing operations. The non-GAAP financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Moreover, our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

The information furnished pursuant to Item 2.02 of this Current Report, including Exhibit 99.1 hereto, shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.
Item 7.01. Regulation FD Disclosure.
In connection with the conference call to be held by the Company on October 31, 2024 to discuss its financial results for the quarter ended September 29, 2024, the Company plans to reference a slide presentation, which will be made available in advance of the call through the Company’s website. A copy of the slide presentation is furnished as Exhibit 99.2 to this Current Report.


The information furnished pursuant to Item 7.01 of this Current Report, including Exhibit 99.2, shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
        104    The Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL




Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.    
Date: October 31, 2024
TELEFLEX INCORPORATED


By: /s/ Daniel V. Logue
Name: Daniel V. Logue
Title: Corporate Vice President, General
            Counsel & Secretary

        

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Exhibit 99.1

FOR IMMEDIATE RELEASEOctober 31, 2024

Teleflex Reports Third Quarter Financial Results and Full Year 2024 Outlook

Wayne, PA -- Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the third quarter ended September 29, 2024.

Third quarter financial summary
•GAAP revenue of $764.4 million, up 2.4% compared to the prior year period, up 2.2% on a constant currency basis

•GAAP diluted EPS from continuing operations of $2.36, compared to $2.91 in the prior year period

•Adjusted diluted EPS from continuing operations of $3.49, compared to $3.64 in the prior year period

2024 guidance summary
•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%

•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


"In the third quarter, we delivered year-over-year margin expansion and continued adjusted operating income growth" said Liam Kelly, Teleflex's Chairman, President and Chief Executive Officer. "The benefits of our diversified portfolio were evident as strong performances from Interventional and Vascular Access helped offset unexpected softness in OEM revenues. Healthy revenue momentum for Barrigel continued while our integration of Palette Life Sciences AB remained on schedule. Cash flow remains strong, and we have augmented our disciplined capital allocation strategy with a $500 million share repurchase authorization, including a $200 million accelerated share program in the third quarter. With net leverage at 1.7x, we continue to have considerable balance sheet flexibility to execute on our M&A strategy. Finally, we have raised the low end of our 2024 adjusted EPS guidance.”
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NET REVENUE BY SEGMENT
The following table provides information regarding net revenues in each of the Company's reportable operating segments for the three and nine months ended September 29, 2024 and the comparable prior year periods on a GAAP, adjusted and adjusted constant currency basis.
Three Months Ended
As reportedAdjusted
September 29, 2024October 1, 2023Reported Revenue GrowthSeptember 29, 2024October 1, 2023Adjusted Constant Currency Revenue Growth
Americas$433.3$428.21.2%$433.3$428.21.5%
EMEA150.2142.75.3%150.2142.73.9%
Asia98.393.25.5%98.393.25.0%
OEM82.682.30.3%82.682.30.1%
Consolidated$764.4$746.42.4%$764.4$746.42.2%
Nine Months Ended
As reportedAdjusted
September 29, 2024October 1, 2023Reported Revenue GrowthSeptember 29, 2024October 1, 2023Adjusted Constant Currency Revenue Growth
Americas$1,266.4$1,264.70.1%$1,266.4$1,264.70.2%
EMEA456.9433.95.3%470.7433.97.8%
Asia269.5258.64.2%269.5258.66.5%
OEM259.1243.46.4%259.1243.46.3%
Consolidated$2,251.9$2,200.62.3%$2,265.7$2,200.63.1%
NET REVENUE BY GLOBAL PRODUCT CATEGORY
The following table provides information regarding net revenues in each of the Company's global product categories for the three and nine months ended September 29, 2024 and the comparable prior year periods on a GAAP, adjusted and adjusted constant currency basis.
Three Months Ended
As reportedAdjusted
September 29, 2024October 1, 2023Reported Revenue GrowthSeptember 29, 2024October 1, 2023Adjusted Constant Currency Revenue Growth
Vascular Access$180.9$169.96.5%$180.9$169.96.3%
Interventional149.9134.111.8%149.9134.111.4%
Anesthesia101.197.63.6%101.197.63.4%
Surgical111.7112.8(0.9)%111.7112.8(1.0)%
Interventional Urology83.473.613.3%83.473.613.3%
OEM82.682.30.3%82.682.30.1%
Other54.876.1(28.0)%54.876.1(28.3)%
Consolidated$764.4$746.42.4%$764.4$746.42.2%

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Nine Months Ended
As reportedAdjusted
September 29, 2024October 1, 2023Reported Revenue GrowthSeptember 29, 2024October 1, 2023Adjusted Constant Currency Revenue Growth
Vascular Access$543.3$521.34.2%$543.3$521.34.3%
Interventional425.7375.813.3%425.7375.813.4%
Anesthesia300.0291.82.8%300.0291.82.9%
Surgical328.6317.83.4%328.6317.84.0%
Interventional Urology246.2226.88.6%246.2226.88.8%
OEM259.1243.46.4%259.1243.46.3%
Other (1)149.0223.7(33.4)%162.8223.7(27.3)%
Consolidated$2,251.9$2,200.62.3%$2,265.7$2,200.63.1%
(1) In 2024, amounts reflect the impact from increases in our reserves related to the Italian payback measure pertaining to prior years.


OTHER FINANCIAL HIGHLIGHTS
•Depreciation expense, amortization of intangible assets and deferred financing charges for the nine months ended September 29, 2024 totaled $205.4 million compared to $180.5 million for the prior year period.
•Total cash, cash equivalents and restricted cash equivalents at September 29, 2024 were $277.8 million compared to $222.8 million at December 31, 2023.
•Net accounts receivable at September 29, 2024 were $470.3 million compared to $443.5 million at December 31, 2023.
•Inventories at September 29, 2024 were $639.9 million compared to $626.2 million at December 31, 2023.

2024 OUTLOOK
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%, including our estimate of an approximately 0.15% negative impact of foreign exchange rate fluctuations. 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.

Forecasted 2024 Adjusted Constant Currency Revenue Growth Reconciliation
LowHigh
Forecasted 2024 GAAP revenue growth
2.90%3.40%
Estimated impact of foreign currency exchange rate fluctuations(0.15)%(0.15)%
Italian payback measure(0.45)%(0.45)%
Forecasted 2024 adjusted constant currency revenue growth
3.50%4.00%


Forecasted 2024 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation
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LowHigh
Forecasted GAAP diluted earnings per share from continuing operations$6.65$6.95
Restructuring, restructuring related and impairment items, net of tax$0.60$0.60
Acquisition, integration and divestiture related items, net of tax$0.30$0.30
Pension termination and related charges, net of tax$1.70$1.70
ERP Implementation, net of tax$0.32$0.32
MDR, net of tax$0.18$0.18
Italian payback measure, net of tax$0.29$0.29
Intangible amortization expense, net of tax$3.81$3.81
Tax adjustments$0.05$0.05
Forecasted adjusted diluted earnings per share from continuing operations, net of tax$13.90$14.20


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CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION
A webcast of Teleflex's third quarter 2024 investor conference call can be accessed live from a link on the Company's website at teleflex.com. The call will begin at 8:00 am ET on October 31, 2024.

An audio replay of the investor call will be available beginning at 11:00 am ET on October 31, 2024, either on the Teleflex website or by telephone. The call can be accessed by dialing 1 800 770 2030 (U.S. and Canada) or 1 609 800 9909 (all other locations). The confirmation code is 69028.

ADDITIONAL NOTES
References in this release to the impact of foreign currency exchange rate fluctuations on adjusted diluted earnings per share include both the impact of translating foreign currencies into U.S. dollars and the impact of foreign currency exchange rate fluctuations on foreign currency denominated transactions.

In the discussion of segment results, "new products" refers to products for which we initiated commercial sales within the past 36 months and "existing products" refers to products we have sold commercially for more than 36 months.

Certain financial information is presented on a rounded basis, which may cause minor differences. Segment results and commentary exclude the impact of discontinued operations.

NOTES ON NON-GAAP FINANCIAL MEASURES
We report our financial results in accordance with accounting principles generally accepted in the United States, commonly referred to as “GAAP”. In this press release, we provide supplemental information, consisting of the following non-GAAP financial measures: adjusted revenue, adjusted constant currency revenue growth and adjusted diluted earnings per share. These non-GAAP measures are described in more detail below. Management uses these financial measures to assess Teleflex’s financial performance, make operating decisions, allocate financial resources, provide guidance on possible future results, and assist in its evaluation of period-to-period and peer comparisons. The non-GAAP measures may be useful to investors because they provide insight into management’s assessment of our business, and provide supplemental information pertinent to a comparison of period-to-period results of our ongoing operations. The non-GAAP financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Moreover, our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

Tables reconciling changes in historical adjusted constant currency net revenues and adjusted net revenues to historical GAAP net revenues and historical adjusted diluted earnings per share from continuing operations to historical GAAP diluted earnings per share from continuing operations are set forth below.

Adjusted revenue: This non-GAAP measure is based upon net revenues, adjusted to exclude the impact in the nine months ended September 29, 2024 of an increase in our reserves, and corresponding reduction to revenue within our EMEA segment, for prior years. The reserve relates to the Italian payback measure, a law that requires suppliers of
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medical devices to the Italian National Healthcare System to make payments to the Italian government if medical device expenditures in a given year exceed regional expenditure ceilings established for that year. As a result of a recent ruling from the Italian courts, we recognized an increase in our reserves during the nine months ended September 29, 2024, of which $13.8 million related to prior years. The prior year amounts do not represent normal adjustments to revenue, are not expected to recur in future periods and are not recurring in nature, making it difficult to contribute to a meaningful evaluation of our operating performance. Accordingly, management has excluded the $13.8 million prior year amount as it is not indicative of our underlying core performance or business trends.

Adjusted constant currency revenue growth: This non-GAAP measure is based upon net revenues, adjusted to exclude, depending on the period presented, the items described in Adjusted revenue and to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and such changes generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends.

Adjusted diluted earnings per share: This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the items described below. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends.

Restructuring, restructuring related and impairment items - Restructuring programs involve discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies and integrate acquired businesses. Depending on the specific restructuring program involved, our restructuring charges may include employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement and other exit costs associated with the restructuring program. Restructuring related charges are directly related to our restructuring programs and consist of facility consolidation costs, including accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of the restructuring program. Impairment charges occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results.

Acquisition, integration and divestiture related items - Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, that are directly related to specific business or asset acquisition transactions. These charges may include, among other things, professional, consulting and other fees; systems integration costs; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; and bridge loan facility and backstop financing fees in connection with loan facilities that ultimately were not utilized. Divestiture related activities involve specific business or asset sales. Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements
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and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities.

Italian payback measure - These adjustments represent the exclusion of the impact from increases in our reserves related to the Italian payback measure pertaining to prior years as described in Adjusted revenue.

Pension termination and related charges - These adjustments represent charges associated with the planned termination of the Teleflex Incorporated Retirement Income Plan, a frozen U.S. defined benefit pension plan, and related direct incremental expenses including certain charges stemming from the liquidation of surplus plan assets. These charges and costs do not represent normal and recurring operating expenses, will be inconsistent in amounts and frequency, and are not expected to recur once the plan termination process has been completed. Accordingly, management has excluded these amounts to facilitate an evaluation of our current operating performance and a comparison to our past operating performance.

European medical device regulation - The European Union (“EU”) has adopted the EU Medical Device Regulation (“MDR”), which replaces the existing Medical Devices Directive (“MDD”) and imposes more stringent requirements for the marketing and sale of medical devices in the EU, including requirements affecting clinical evaluations, quality systems and post-market surveillance. The MDR requirements became effective in May 2021, although certain devices that previously satisfied MDD requirements can continue to be marketed in the EU until December 2027 for highest-risk devices and December 2028 for lower-risk devices, subject to certain limitations. Significantly, the MDR will require the re-registration of previously approved medical devices. As a result, Teleflex will incur expenditures in connection with the new registration of medical devices that previously had been registered under the MDD. Therefore, these expenditures are not considered to be ordinary course expenditures in connection with regulatory matters (in contrast, no adjustment has been made to exclude expenditures related to the registration of medical devices that were not registered previously under the MDD).

Intangible amortization expense - Certain intangible assets, including customer relationships, intellectual property, distribution rights, trade names and non-competition agreements, initially are recorded at historical cost and then amortized over their respective estimated useful lives. The amount of such amortization can vary from period to period as a result of, among other things, business or asset acquisitions or dispositions.

ERP implementation - These adjustments represent direct and incremental costs incurred in connection with our implementation of a new global enterprise resource planning ("ERP") solution and related IT transition costs. An implementation of this scale is a significant undertaking and will require substantial time and attention of management and key employees. The associated costs do not represent normal and recurring operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance.

Tax adjustments - These adjustments represent the impact of the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law or certain other discrete changes affecting our deferred tax liability.

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Reconciliation of Net Revenue (Dollars in millions)
Net revenue by segment
Three Months Ended% Increase / (Decrease)
September 29, 2024October 1, 2023
Reported revenueAdjustmentAdjusted RevenueReported revenueAdjustmentAdjusted RevenueReported Revenue GrowthCurrency ImpactAdjustment impactAdjusted Constant Currency Revenue Growth
Americas$433.3$—$433.3$428.2$—$428.21.2%(0.3)%—%1.5%
EMEA150.2—150.2142.7—142.75.3%1.4%—%3.9%
Asia98.3—98.393.2—93.25.5%0.5%—%5.0%
OEM82.6—82.682.3—82.30.3%0.2%—%0.1%
Consolidated$764.4$—$764.4$746.4$—$746.42.4%0.2%—%2.2%

Nine Months Ended% Increase / (Decrease)
September 29, 2024October 1, 2023
Reported revenueAdjustmentAdjusted RevenueReported revenueAdjustmentAdjusted RevenueReported Revenue GrowthCurrency ImpactAdjustment impactAdjusted Constant Currency Revenue Growth
Americas$1,266.4$—$1,266.4$1,264.7$—$1,264.70.1%(0.1)%—%0.2%
EMEA456.9(13.8)470.7433.9—433.95.3%0.7%(3.2)%7.8%
Asia269.5—269.5258.6—258.64.2%(2.3)%—%6.5%
OEM259.1—259.1243.4—243.46.4%0.1%—%6.3%
Consolidated$2,251.9($13.8)$2,265.7$2,200.6$—$2,200.62.3%(0.2)%(0.6)%3.1%
Net revenue by global product category
Three Months Ended% Increase / (Decrease)
September 29, 2024October 1, 2023
Reported revenueAdjustmentAdjusted RevenueReported revenueAdjustmentAdjusted RevenueReported Revenue GrowthCurrency ImpactAdjustment impactAdjusted Constant Currency Revenue Growth
Vascular Access$180.9$—$180.9$169.9$—$169.96.5%0.2%—%6.3%
Interventional149.9—149.9134.1—134.111.8%0.4%—%11.4%
Anesthesia101.1—101.197.6—97.63.6%0.2%—%3.4%
Surgical111.7—111.7112.8—112.8(0.9)%0.1%—%(1.0)%
Interventional Urology83.4—83.473.6—73.613.3%—%—%13.3%
OEM82.6—82.682.3—82.30.3%0.2%—%0.1%
Other (1)54.8—54.876.1—76.1(28.0)%0.3%—%(28.3)%
Consolidated$764.4$—$764.4$746.4$—$746.42.4%0.2%—%2.2%

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Nine Months Ended% Increase / (Decrease)
September 29, 2024October 1, 2023
Reported revenueAdjustmentAdjusted RevenueReported revenueAdjustmentAdjusted RevenueReported Revenue GrowthCurrency ImpactAdjustment impactAdjusted Constant Currency Revenue Growth
Vascular Access$543.3$—$543.3$521.3$—$521.34.2%(0.1)%—%4.3%
Interventional425.7—425.7375.8—375.813.3%(0.1)%—%13.4%
Anesthesia300.0—300.0291.8—291.82.8%(0.1)%—%2.9%
Surgical328.6—328.6317.8—317.83.4%(0.6)%—%4.0%
Interventional Urology246.2—246.2226.8—226.88.6%(0.2)%—%8.8%
OEM259.1—259.1243.4—243.46.4%0.1%—%6.3%
Other (1)149.0(13.8)162.8223.7—223.7(33.4)%—%(6.1)%(27.3)%
Consolidated$2,251.9($13.8)$2,265.7$2,200.6$—$2,200.62.3%(0.2)%(0.6)%3.1%
(1) In 2024, amounts reflect the impact from increases in our reserves related to the Italian payback measure pertaining to prior years.

Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data)
Three Months Ended September 29, 2024
RevenueGross margin
SG&A (1)
R&D (1)
Operating margin (2)
Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operations
GAAP Basis$764.456.3%31.6%5.1%19.5%$130.6$19.615.0%$2.36
Adjustments
Restructuring, restructuring related and impairment items (A)—0.7(0.1)—0.96.81.20.12
Acquisition, integration and divestiture related items (B)——(0.3)—0.32.0—0.04
ERP implementation——(0.8)—0.86.11.00.11
MDR ———(0.2)0.21.3—0.03
Pension termination costs—0.7—(0.7)(5.4)(1.3)(0.09)
Intangible amortization expense —3.8(2.5)—6.348.35.20.92
Adjustments total—4.5(3.0)(0.2)7.859.16.11.13
Adjusted basis$764.460.8%28.6%4.9%27.3%$189.7$25.713.6%$3.49


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Three Months Ended October 1, 2023
Gross margin
SG&A (1)
R&D (1)
Operating margin (2)
Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operations
GAAP Basis55.8%28.6%5.0%22.1%$149.6$11.98.0%$2.91
Adjustments
Restructuring, restructuring related and impairment items (A)0.5——0.64.70.70.08
Acquisition, integration and divestiture related items (B)—2.0—(2.0)(14.8)0.2(0.32)
ERP implementation————0.30.1—
MDR ——(0.8)0.85.7—0.12
Intangible amortization expense 3.1(2.6)—5.741.62.10.85
Tax adjustments———————
Adjustments total3.6(0.6)(0.8)5.137.53.10.73
Adjusted basis59.4%28.0%4.2%27.2%$187.1$15.08.0%$3.64


Notes: (1) Selling, general and administrative expenses and research and development expenses are shown as a percentage of as reported and adjusted revenues.
(2) Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of as reported and adjusted revenues.

Totals may not sum due to rounding.

Nine Months Ended September 29, 2024
RevenueGross margin
SG&A (1)
R&D (1)
Operating margin (2)
Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operations
GAAP Basis$2,251.956.1%38.8%5.2%11.6%$202.2$(4.6)(2.3)%$4.38
Adjustments
Restructuring, restructuring related and impairment items (A)—0.5(0.1)—1.124.84.30.44
Acquisition, integration and divestiture related items (B)—0.1(0.4)—0.511.00.50.22
Italian payback measure (C)13.80.2(0.2)—0.613.8—0.29
ERP implementation——(0.4)—0.49.21.40.17
MDR ———(0.4)0.37.6—0.16
Pension termination costs——(5.9)—5.9133.256.91.61
Intangible amortization expense —4.0(2.6)—6.5148.015.22.81
Tax adjustments——————(2.1)0.04
Adjustments total13.84.8(9.6)(0.4)15.3347.676.25.74
Adjusted basis$2,265.760.9%29.2%4.8%26.9%$549.8$71.613.0%$10.12


10

Nine Months Ended October 1, 2023
Gross margin
SG&A (1)
R&D (1)
Operating margin (2)
Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operations
GAAP Basis55.2%30.4%5.4%19.3%$374.0$47.712.7%$6.90
Adjustments
Restructuring, restructuring related and impairment items (A)0.9—(0.1)1.327.54.20.49
Acquisition, integration and divestiture related items (B)—0.9—(0.9)(19.3)0.3(0.41)
ERP implementation—(0.1)—0.12.80.70.05
MDR ——(1.1)1.123.6—0.50
Intangible amortization expense 3.2(2.6)—5.6125.36.22.51
Tax adjustments—————(4.8)0.10
Adjustments total4.1(1.8)(1.2)7.2159.96.63.24
Adjusted basis59.3%28.6%4.2%26.5%$533.9$54.310.2%$10.14

Notes: (1) Selling, general and administrative expenses and research and development expenses are shown as a percentage of as reported and adjusted revenues.
(2) Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of as reported and adjusted revenues.

Totals may not sum due to rounding.


Tickmarks to Reconciliation Tables
(A)Restructuring, restructuring related and impairment items – For the three months ended September 29, 2024, pre-tax restructuring charges were $0.3 million and restructuring related charges were $6.5 million. For the three months ended October 1, 2023, pre-tax restructuring charges were $0.2 million and restructuring related charges were $4.5 million. For the nine months ended September 29, 2024, pre-tax restructuring charges were $8.7 million; restructuring related charges were $14.0 million; and impairment charges were $2.1 million. For the nine months ended October 1, 2023, pre-tax restructuring charges were $4.0 million and restructuring related charges were $23.6 million.
(B)Acquisition, integration and divestiture related items – For the three and nine months ended September 29, 2024 and October 1, 2023, these charges related to changes in the estimated fair value of our contingent consideration liabilities and the acquisition of Palette Life Sciences AB.

(C)Italian payback measure – Adjustment reflects the impact of an increase in reserves for prior years related to the Italian payback measure and its impact on the adjusted basis for each Non-GAAP financial measure presented within the table.
11

ABOUT TELEFLEX INCORPORATED
As a global provider of medical technologies, Teleflex is driven by our purpose to improve the health and quality of people’s lives. Through our vision to become the most trusted partner in healthcare, we offer a diverse portfolio with solutions in the therapy areas of anesthesia, emergency medicine, interventional cardiology and radiology, surgical, vascular access, and urology. We believe that the potential of great people, purpose driven innovation, and world-class products can shape the future direction of healthcare.

Teleflex is the home of Arrow™, Barrigel™, Deknatel™, LMA™, Pilling™, QuikClot™ Rüsch™, UroLift™ and Weck™ – trusted brands united by a common sense of purpose.

At Teleflex, we are empowering the future of healthcare. For more information, please visit teleflex.com.

CAUTION CONCERNING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements, including, but not limited to, our ability to execute on our M&A strategy; forecasted 2024 GAAP and adjusted constant currency revenue growth and GAAP and adjusted diluted earnings per share; and our estimates regarding the projected impact of foreign currency exchange rate fluctuations on our 2024 financial results. Actual results could differ materially from those in the forward-looking statements due to, among other things, delays or cancellations in shipments; demand for and market acceptance of new and existing products; our inability to provide products to our customers, which may be due to, among other things, events that impact key distributors, suppliers and third-party vendors that sterilize our products; our inability to integrate acquired businesses into our operations, realize planned synergies and operate such businesses profitably in accordance with our expectations; the inability of acquired businesses to generate revenues in accordance with our expectations; our inability to effectively execute our restructuring plans and programs; our inability to realize anticipated savings from restructuring plans and programs; the impact of healthcare reform legislation and proposals to amend, replace or repeal the legislation; changes in Medicare, Medicaid and third party coverage and reimbursements; the impact of enacted tax legislation and related regulations; competitive market conditions and resulting effects on revenues and pricing; increases in raw material costs that cannot be recovered in product pricing; global economic factors, including currency exchange rates, interest rates, trade disputes, sovereign debt issues and international conflicts and hostilities, such as the ongoing conflicts in the Ukraine and the Middle East; public health epidemics; difficulties in entering new markets; general economic conditions; and other factors described or incorporated in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K. We expressly disclaim any obligation to update forward-looking statements, except as otherwise specifically stated by us or as required by law or regulation.
12

TELEFLEX INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
 (Dollars and shares in thousands, except per share)
Net revenues$764,375 $746,389 $2,251,915 $2,200,580 
Cost of goods sold334,203 330,078 989,151 985,066 
Gross profit430,172 0416,311 1,262,764 1,215,514 
Selling, general and administrative expenses247,257 213,194 740,718 669,216 
Research and development expenses38,726 37,576 117,119 118,493 
Pension settlement charge(5,407)— 132,732 — 
Restructuring and impairment charges285 231 10,799 3,960 
Income from continuing operations before interest and taxes149,311 165,310 261,396 423,845 
Interest expense21,058 23,192 64,909 59,291 
Interest income(2,298)(7,487)(5,751)(9,486)
Income from continuing operations before taxes130,551 149,605 202,238 374,040 
Taxes (benefit) on income from continuing operations19,633 11,935 (4,586)47,651 
Income from continuing operations110,918 137,670 206,824 326,389 
Operating income (loss) from discontinued operations112 (687)(639)(1,512)
Taxes (benefit) on operating loss from discontinued operations26 (157)(146)(346)
Income (loss) from discontinued operations86 (530)(493)(1,166)
Net income$111,004 $137,140 $206,331 $325,223 
Earnings per share:
Basic:
Income from continuing operations$2.37 $2.93 $4.40 $6.95 
Income (loss) from discontinued operations0.01 (0.01)(0.01)(0.03)
Net income $2.38 $2.92 $4.39 $6.92 
Diluted:
Income from continuing operations$2.36 $2.91 $4.38 $6.90 
Loss from discontinued operations— (0.01)(0.01)(0.02)
Net income$2.36 $2.90 $4.37 $6.88 
Weighted average common shares outstanding
Basic46,724 46,992 46,995 46,974 
Diluted47,012 47,299 47,256 47,304 






13

TELEFLEX INCORPORATED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 29, 2024December 31, 2023
(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents$243,235 $222,848 
Accounts receivable, net470,257 443,467 
Inventories639,938 626,216 
Prepaid expenses and other current assets116,928 107,471 
Prepaid taxes28,945 7,404 
Total current assets1,499,303 1,407,406 
Property, plant and equipment, net512,224 479,913 
Operating lease assets112,895 123,521 
Goodwill2,918,562 2,914,055 
Intangible assets, net2,325,105 2,501,960 
Deferred tax assets6,779 6,748 
Other assets111,423 98,943 
Total assets$7,486,291 $7,532,546 
LIABILITIES AND EQUITY
Current liabilities
Current borrowings$96,875 $87,500 
Accounts payable119,255 132,247 
Accrued expenses157,782 146,880 
Payroll and benefit-related liabilities142,619 146,535 
Accrued interest16,657 5,583 
Income taxes payable18,681 41,453 
Other current liabilities66,884 46,547 
Total current liabilities618,753 606,745 
Long-term borrowings1,661,546 1,727,572 
Deferred tax liabilities445,841 456,080 
Pension and postretirement benefit liabilities23,548 23,989 
Noncurrent liability for uncertain tax positions3,369 3,370 
Noncurrent operating lease liabilities102,938 111,300 
Other liabilities148,579 162,502 
Total liabilities3,004,574 3,091,558 
Commitments and contingencies
Total shareholders' equity4,481,717 4,440,988 
Total liabilities and shareholders' equity$7,486,291 $7,532,546 

14

TELEFLEX INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September 29, 2024October 1, 2023
(Dollars in thousands)
Cash flows from operating activities of continuing operations:
Net income$206,331 $325,223 
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations493 1,166 
Depreciation expense54,826 52,687 
Intangible asset amortization expense147,983 125,230 
Deferred financing costs and debt discount amortization expense2,562 2,547 
Pension settlement charge132,732 — 
Fair value step up of acquired inventory sold1,722 — 
Changes in contingent consideration7,446 (24,482)
Assets impairment charge2,110 — 
Stock-based compensation23,727 22,135 
Deferred income taxes, net(60,648)2,076 
Payments for contingent consideration— (289)
Interest benefit on swaps designated as net investment hedges(12,031)(15,459)
Other1,970 4,743 
Changes in assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable(25,294)(18,313)
Inventories(11,635)(50,702)
Prepaid expenses and other assets40,446 7,487 
Accounts payable, accrued expenses and other liabilities(1,623)(16,674)
Income taxes receivable and payable, net(75,493)(45,014)
   Net cash provided by operating activities from continuing operations435,624 372,361 
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment(94,412)(63,768)
Payments for businesses and intangibles acquired, net of cash acquired(120)(205)
Net proceeds on swaps designated as net investment hedges18,262 10,275 
Proceeds from sales of investments7,300 7,300 
Purchase of investments(7,300)(11,300)
Net cash used in investing activities from continuing operations(76,270)(57,698)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings130,000 646,000 
Reduction in borrowings(188,375)(321,625)
Repurchase of common stock(200,000)— 
Net proceeds from share based compensation plans and related tax impacts3,555 534 
Payments for contingent consideration(182)(949)
Dividends paid(47,808)(47,919)
Net cash (used in) provided by financing activities from continuing operations(302,810)276,041 
Cash flows from discontinued operations:
Net cash used in operating activities(2,355)(579)
Net cash used in discontinued operations(2,355)(579)
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents728 (660)
Net increase in cash, cash equivalents and restricted cash equivalents54,917 589,465 
Cash, cash equivalents and restricted cash equivalents at the beginning of the period222,848 292,034 
Cash, cash equivalents and restricted cash equivalents at the end of the period$277,765 $881,499 
15

Contacts:
Teleflex Incorporated:
Lawrence Keusch
Vice President, Investor Relations and Strategy Development

investors.teleflex.com
610-948-2836
16
Third Quarter 2024 Earnings Conference Call 10/31/2024 Teleflex Incorporated Exhibit 99.2

 
The release, accompanying slides, and replay webcast are available online at www.teleflex.com (click on Investors) An audio replay of the call will be available beginning at 11:00 am Eastern Time on October 31, 2024 and can be accessed on the Teleflex website or by telephone. The call can be accessed by dialing 1 800 770 2030 (U.S.) or 1 609 800 9909 (all other locations). The confirmation code is 69028. Conference Call Logistics

 
Today’s Speakers TELEFLEX EARNINGS CONFERENCE CALL 10/31/2024 Lawrence Keusch VP, Investor Relations and Strategy Development Liam Kelly Chairman, President and CEO Thomas Powell Executive VP and CFO

 
This presentation contains forward-looking statements, including, but not limited to, our expectation that we will continue to focus on our strategy to drive durable growth and that we will continue to invest in organic and inorganic growth drivers; our forecasted 2024: GAAP, adjusted revenue and adjusted constant currency growth, GAAP and adjusted gross and operating margins and GAAP and adjusted earnings per share and, in each case, our estimates with respect to the items expected to impact those forecasted results; and other matters which inherently involve risks and uncertainties which could cause actual results to differ from those projected or implied in the forward–looking statements. These risks and uncertainties are addressed in our SEC filings, including our most recent Form 10-K. We expressly disclaim any obligation to update forward-looking statements, except as otherwise specifically stated by us or as required by law or regulation. Note on Forward-Looking Statements TELEFLEX EARNINGS CONFERENCE CALL 10/31/20244 Note on Non-GAAP Financial Measures This presentation refers to certain non-GAAP financial measures, including, but not limited to, adjusted revenue, adjusted constant currency revenue growth, adjusted diluted earnings per share, adjusted gross and operating margins and adjusted tax rate. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Tables reconciling these non-GAAP financial measures to the most comparable GAAP financial measures are contained within this presentation and the appendices at the end of this presentation. Additional Notes This document contains certain highlights with respect to our third quarter 2024 and developments and does not purport to be a complete summary thereof. Accordingly, we encourage you to read our Earnings Release for the quarter ended September 29, 2024 located in the investor section of our website at www.teleflex.com and our Quarterly Report on Form 10-Q for the quarter ended September 29, 2024 to be filed with the Securities and Exchange Commission. Unless otherwise noted, the following slides reflect continuing operations.

 
Liam Kelly Chairman, President and CEO Executive Overview

 
Q3 Performance Summary ◦ Lowering adjusted constant currency revenue growth guidance range to 3.50% to 4.00%, compared to the prior range of 4.25% to 5.25% ◦ Increased low end of the range for adjusted diluted EPS from continuing operations guidance to $13.90 to $14.20, compared to the prior range of $13.80 to $14.20 ◦ Q3'24 adjusted constant currency revenue grew 2.2% year- over-year ◦ Q3'24 adjusted gross margin of 60.8% and adjusted operating margin of 27.3% ◦ Q3'24 adjusted EPS of $3.49, a 4.1% decrease year-over-year Q3'24 Highlights 2024 Financial Guidance Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information. TELEFLEX EARNINGS CONFERENCE CALL 10/31/2024

 
Q3'24 Segment Revenue Review TELEFLEX EARNINGS CONFERENCE CALL 10/31/20247 Three Months Ended September 29, 2024 As reported Adjusted Dollars in Millions September 29, 2024 October 1, 2023 Reported Revenue Growth September 29, 2024 October 1, 2023 Adjusted Constant Currency Revenue Growth Americas $433.3 $428.2 1.2% $433.3 $428.2 1.5% EMEA 150.2 142.7 5.3% 150.2 142.7 3.9% Asia 98.3 93.2 5.5% 98.3 93.2 5.0% OEM 82.6 82.3 0.3% 82.6 82.3 0.1% Consolidated $764.4 $746.4 2.4% $764.4 $746.4 2.2% Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information.

 
Q3'24 Global Product Category Revenue Review TELEFLEX EARNINGS CONFERENCE CALL 10/31/20248 (1) Includes revenues generated from sales of our respiratory and urology products (other than interventional urology products) and sales pursuant to the manufacturing and supply transition agreement related to our Respiratory business divestiture. Three Months Ended September 29, 2024 As reported Adjusted Dollars in Millions September 29, 2024 October 1, 2023 Reported Revenue Growth September 29, 2024 October 1, 2023 Adjusted Constant Currency Revenue Growth Vascular Access $180.9 $169.9 6.5% $180.9 $169.9 6.3% Interventional 149.9 134.1 11.8% 149.9 134.1 11.4% Anesthesia 101.1 97.6 3.6% 101.1 97.6 3.4% Surgical 111.7 112.8 (0.9)% 111.7 112.8 (1.0)% Interventional Urology 83.4 73.6 13.3% 83.4 73.6 13.3% OEM 82.6 82.3 0.3% 82.6 82.3 0.1% Other(1) 54.8 76.1 (28.0)% 54.8 76.1 (28.3)% Consolidated $764.4 $746.4 2.4% $764.4 $746.4 2.2% Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information.

 
CAUTION: Federal (USA) law restricts this device to sale or use by or on the order of a physician. Refer to the Instructions for Use for a complete listing of the indications, contraindications, warnings, and precautions. Information in this document is not a substitute for the product Instructions for Use. Not all products may be available in all countries. Dr. Schram and Dr. Foote, two of the authors of the study, are paid consultants of Teleflex Incorporated. 1. Fritz, G.D., Sharrak, A., Aubrey, J., Topalli, X., Vrana, A., Opalikihn, A., Zambito, G.M., Martin, T.D., Foote, J.A., Smith, J.R., & Schram, J.L. (2024). Perioperative outcomes using single-fire stapler. Obesity Surgery(2024). https://doi.org/10.1007/s11695-024-07357-4 2. 510(k) No. K210278. The Titan SGS linear cutter is intended for longitudinal transection and resection of gastric tissue for sleeve gastrectomy pouch creation. 2021. Expanding Titan SGS Stapler Clinical Foundation – In August, Teleflex announced the publication of a retrospective study that compared perioperative outcomes of the Titan SGS Stapler with multi-fire surgical staplers at a single site (783 propensity matched patients).1 The study showed that the use of the Titan SGS Stapler’s simplified and efficient stapling process was associated with the following statistically significant findings: – The Titan SGS Stapler continues to be the first and only single-fire, surgical stapler designed and indicated for sleeve gastrectomy pouch creation and the only surgical stapler cleared by the FDA for this specific indication2 Clinical and Commercial Updates TELEFLEX EARNINGS CONFERENCE CALL 10/31/20249 – There were fewer 30-day readmissions, especially those related to nausea and vomiting, in the Titan SGS Stapler cohort (13, 1.7%) compared with the multi-fire cohort (35, 4.5%) (p<0.01)1 – The median operative time for the Titan SGS Stapler was 8 minutes less than multi-fire staplers (p<0.01)1 – In addition, patients were more likely to be discharged within 24 hours after surgery in the Titan SGS Stapler cohort (702, 89.6%) as compared to multi-fire staplers (509, 65.0%)1

 
CAUTION: Federal (USA) law restricts this device to sale or use by or on the order of a physician. Refer to the Instructions for Use for a complete listing of the indications, contraindications, warnings, and precautions. Information in this document is not a substitute for the product Instructions for Use. Not all products may be available in all countries. First Patient Enrolled in Teleflex's Barrigel Rectal Spacer Trial for Post Radical Prostatectomy Radiation Therapy – The trial will study Barrigel rectal spacer in patients undergoing hypofractionated post-prostatectomy radiation regimen across U.S. sites and one site in Australia – Study endpoints are to demonstrate Barrigel rectal spacer as a safe and effective option that reduces prostate radiation side effects for this patient population Clinical and Commercial Updates TELEFLEX EARNINGS CONFERENCE CALL 10/31/202410

 
Thomas Powell Executive VP and CFO Financial Overview

 
Q3'24 Financial Review TELEFLEX EARNINGS CONFERENCE CALL 10/31/202412 Gross margin Operating margin Effective tax rate Earnings per share Note: See appendices for reconciliations of non-GAAP financial information. ◦ GAAP gross margin of 56.3% vs. 55.8% in the prior year period ◦ Adjusted gross margin of 60.8%, up 140 bps year-over-year ◦ GAAP operating margin of 19.5% vs. 22.1% in prior year period ◦ Adjusted operating margin of 27.3%, up 10 bps year-over-year ◦ GAAP tax rate of 15.0% vs. 8.0% in prior year period ◦ Adjusted tax rate of 13.6% vs. 8.0% in prior year period ◦ GAAP EPS of $2.36 vs. $2.91 in prior year period ◦ Adjusted EPS of $3.49, down 4.1% year-over-year Global revenue growth ◦ Revenue increased 2.4% year-over-year on a GAAP basis ◦ Adjusted revenue increased 2.2% year-over-year on a constant currency basis

 
2024 Financial Guidance Summary TELEFLEX EARNINGS CONFERENCE CALL 10/31/202413 2024 Guidance Low High GAAP Revenue Growth 2.90% 3.40% Impact of Foreign Exchange Rate Fluctuations (0.15)% (0.15)% Impact of Italian Payback Measure (0.45)% (0.45)% Adjusted Constant Currency Revenue Growth 3.50% 4.00% Adjusted Gross Margin 60.50% 61.00% Adjusted Operating Margin 26.75% 27.00% Adjusted EPS $13.90 $14.20 Adjusted EPS % Growth 2.8% 5.0% Note: See appendices for reconciliations of non-GAAP financial information.

 
TELEFLEX EARNINGS CONFERENCE CALL 10/31/202414 Key Takeaways Our diversified portfolio and global footprint drove durable growth in the third quarter. Our execution remains strong, we are launching new products, and our margins remain healthy. The solid third quarter results and IABP opportunity in the fourth quarter have allowed us to increase the low end of our margins and EPS for 2024. We will continue to focus on our strategy to drive durable growth. We will continue to invest in organic and inorganic growth drivers. Our capital allocation strategy now incorporates share repurchase.

 
TELEFLEX EARNINGS CONFERENCE CALL 10/31/202415 Thank You!

 
Appendices

 
The presentation to which these appendices are attached and the following appendices include, among other things, tables reconciling the following applicable non-GAAP financial measures to the most comparable GAAP financial measure: Adjusted revenue. This non-GAAP measure is based upon net revenues, adjusted to exclude the impact in the nine months ended September 29, 2024 of an increase in our reserves, and corresponding reduction to revenue within our EMEA segment, for prior years. The reserve relates to the Italian payback measure, a law that requires suppliers of medical devices to the Italian National Healthcare System to make payments to the Italian government if medical device expenditures in a given year exceed regional expenditure ceilings established for that year. As a result of a recent ruling from the Italian courts, we recognized an increase in our reserves during the nine months ended September 29, 2024, of which $13.8 million related to prior years. The prior year amounts do not represent normal adjustments to revenue, are not expected to recur in future periods and are not recurring in nature, making it difficult to contribute to a meaningful evaluation of our operating performance. Accordingly, management has excluded the $13.8 million prior year amount as it is not indicative of our underlying core performance or business trends. Adjusted constant currency revenue growth. This non-GAAP measure is based upon net revenues, adjusted to exclude, depending on the period presented, the items described i n Adjusted revenue and to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and such changes generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends. Adjusted diluted earnings per share. This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the impact of (i) restructuring, restructuring related and impairment items; (ii) acquisition, integration and divestiture related items; (iii) Italian payback measure; (iv) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (v) pension termination and related charges; (vi) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (vii) intangible amortization expense; and (viii) tax adjustments. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends. Adjusted gross profit and margin. These measures exclude, depending on the period presented, the impacts of (i) restructuring, restructuring related and impairment items, (ii) acquisition, integration and divestiture related items and (iii) Italian payback measure. Adjusted operating profit and margin. These measures exclude, depending on the period presented, the impact of (i) restructuring, restructuring related and impairment items; (ii) acquisitions, integration and divestiture related items; (iii) Italian payback measure; (iv) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (v) pension termination and related charges; (vi) intangible amortization expense; and (vii) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation. Adjusted tax rate. This measure is the percentage of the Company’s adjusted taxes on income from continuing operations to its adjusted income from continuing operations before taxes. Adjusted taxes on income from continuing operations excludes, depending on the period presented, the impact of tax benefits or costs associated with (i) restructuring, restructuring related and impairment items; (ii) acquisition, integration and divestiture related items; (iii) Italian payback measure; (iv) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (v) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (vi) intangible amortization expense; and (vii) tax adjustments. Non-GAAP Financial Measures TELEFLEX EARNINGS CONFERENCE CALL 10/31/202417

 
The following is an explanation of certain of the adjustments that are applied with respect to one or more of the non-GAAP financial measures that appear in the presentation to which these appendices are attached: Restructuring, restructuring related and impairment items - Restructuring programs involve discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies and integrate acquired businesses. Depending on the specific restructuring program involved, our restructuring charges may include employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement and other exit costs associated with the restructuring program. Restructuring related charges are directly related to our restructuring programs and consist of facility consolidation costs, including accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of the restructuring program. Impairment charges occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results. Acquisition, integration and divestiture related items - Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, tha t are directly related to specific business or asset acquisition transactions. These charges may include, among other things, professional, consulting and other fees; systems integration costs; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; and bridge loan facility and backstop financing fees in connection with loan facilities that ultimately were not utilized. Divestiture related activities involve specific business or asset sales. Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities. Italian payback measure - These adjustments represent the exclusion of the impact from increases in our reserves related to the Italian payback measure pertaining to prior years as described in Adjusted revenue. Other items - These are discrete items that occur sporadically and can affect period-to-period comparisons. Pension termination and related charges - These adjustments represent charges associated with the planned termination of the Teleflex Incorporated Retirement Income Plan, a frozen U.S. defined benefit pension plan, and related direct incremental expenses including certain charges stemming from the liquidation of surplus plan assets. These charges and costs do not represent normal and recurring operating expenses, will be inconsistent in amounts and frequency, and are not expected to recur once the plan termination process has been completed. Accordingly, management has excluded these amounts to facilitate an evaluation of our current operating performance and a comparison to our past operating performance. Non-GAAP Adjustments TELEFLEX EARNINGS CONFERENCE CALL 10/31/202418

 
European medical device regulation - The European Union (“EU”) has adopted the EU Medical Device Regulation (“MDR”), which replaces the existing Medical Devices D irective (“MDD”) and imposes more stringent requirements for the marketing and sale of medical devices in the EU, including requirements affecting clinical evaluations, quality systems and post- market surveillance. The MDR requirements became effective in May 2021, although certain devices that previously satisfied MDD requirements can continue to be marketed in the EU until December 2027 for highest-risk devices and December 2028 for lower-risk devices, subject to certain limitations. Significantly, the MDR will require the re-registration of previously approved medical devices. As a result, Teleflex will incur expenditures in connection with the new registration of medical devices that previously had been registered under the MDD. Therefore, these expenditures are not considered to be ordinary course expenditures in connection with regulatory matters (in contrast, no adjustment has been made to exclude expenditures related to the registration of medical devices that were not registered previously under the MDD). Intangible amortization expense - Certain intangible assets, including customer relationships, intellectual property, distribution rights, trade names and non-competition agreements, initially are recorded at historical cost and then amortized over their respective estimated useful lives. The amount of such amortization can vary from period to period as a result of, among other things, business or asset acquisitions or dispositions. ERP implementation - These adjustments represent direct and incremental costs incurred in connection with our implementation of a new global enterprise resource planning ("ERP") solution and related IT transition costs. An implementation of this scale is a significant undertaking and will require substantial time and attention of management and key employees. The associated costs do not represent normal and recurring operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance. Tax adjustments - These adjustments represent the impact of the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law or certain other discrete changes affecting our deferred tax liability. Non-GAAP Adjustments TELEFLEX EARNINGS CONFERENCE CALL 10/31/202419

 
Three Months Ended September 29, 2024 September 29, 2024 October 1, 2023 % Increase / (Decrease) Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Growth Currency Impact Adjustment Impact Adjusted Constant Currency Revenue Growth Americas $433.3 $— $433.3 $428.2 $— $428.2 1.2% (0.3)% —% 1.5% EMEA 150.2 — 150.2 142.7 — 142.7 5.3% 1.4% —% 3.9% Asia 98.3 — 98.3 93.2 — 93.2 5.5% 0.5% —% 5.0% OEM 82.6 — 82.6 82.3 — 82.3 0.3% 0.2% —% 0.1% Consolidated $764.4 $— $764.4 $746.4 $— $746.4 2.4% 0.2% —% 2.2% TELEFLEX EARNINGS CONFERENCE CALL 10/31/202420 Appendix A1 - Q3'24 Segment Reconciliation of Net Revenue (Dollars in millions)

 
Nine Months Ended September 29, 2024 September 29, 2024 October 1, 2023 % Increase / (Decrease) Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Growth Currency Impact Adjustment Impact Adjusted Constant Currency Revenue Growth Americas $1,266.4 $— $1,266.4 $1,264.7 $— $1,264.7 0.1% (0.1)% —% 0.2% EMEA 456.9 (13.8) 470.7 433.9 — 433.9 5.3% 0.7% (3.2)% 7.8% Asia 269.5 — 269.5 258.6 — 258.6 4.2% (2.3)% —% 6.5% OEM 259.1 — 259.1 243.4 — 243.4 6.4% 0.1% —% 6.3% Consolidated $2,251.9 $(13.8) $2,265.7 $2,200.6 $— $2,200.6 2.3% (0.2)% (0.6)% 3.1% TELEFLEX EARNINGS CONFERENCE CALL 10/31/202421 Appendix A2 - 2024 Segment Reconciliation of Net Revenue (Dollars in millions)

 
Three Months Ended September 29, 2024 September 29, 2024 October 1, 2023 % Increase / (Decrease) Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Growth Currency Impact Adjustment Impact Adjusted Constant Currency Revenue Growth Vascular Access $180.9 $— $180.9 $169.9 $— $169.9 6.5% 0.2% —% 6.3% Interventional 149.9 — 149.9 134.1 — 134.1 11.8% 0.4% —% 11.4% Anesthesia 101.1 — 101.1 97.6 — 97.6 3.6% 0.2% —% 3.4% Surgical 111.7 — 111.7 112.8 — 112.8 (0.9)% 0.1% —% (1.0)% Interventional Urology 83.4 — 83.4 73.6 — 73.6 13.3% —% —% 13.3% OEM 82.6 — 82.6 82.3 — 82.3 0.3% 0.2% —% 0.1% Other(1) 54.8 — 54.8 76.1 — 76.1 (28.0)% 0.3% —% (28.3)% Consolidated $764.4 $— $764.4 $746.4 $— $746.4 2.4% 0.2% —% 2.2% TELEFLEX EARNINGS CONFERENCE CALL 10/31/202422 Appendix A3 - Q3'24 Global Product Category Reconciliation of Net Revenue (Dollars in millions) (1) Includes revenues generated from sales of our respiratory and urology products (other than interventional urology products) and sales pursuant to the manufacturing and supply transition agreement related to our Respiratory business divestiture.

 
Nine Months Ended September 29, 2024 September 29, 2024 October 1, 2023 % Increase / (Decrease) Reported Revenue Adjustment Adjusted Revenue Reported Revenue Adjustment Adjusted Revenue Reported Revenue Growth Currency Impact Adjustment Impact Adjusted Constant Currency Revenue Growth Vascular Access $543.3 $— $543.3 $521.3 $— $521.3 4.2% (0.1)% —% 4.3% Interventional 425.7 — 425.7 375.8 — 375.8 13.3% (0.1)% —% 13.4% Anesthesia 300.0 — 300.0 291.8 — 291.8 2.8% (0.1)% —% 2.9% Surgical 328.6 — 328.6 317.8 — 317.8 3.4% (0.6)% —% 4.0% Interventional Urology 246.2 — 246.2 226.8 — 226.8 8.6% (0.2)% —% 8.8% OEM 259.1 — 259.1 243.4 — 243.4 6.4% 0.1% —% 6.3% Other(1) 149.0 (13.8) 162.8 223.7 — 223.7 (33.4)% —% (6.1)% (27.3)% Consolidated $2,251.9 $(13.8) $2,265.7 $2,200.6 $— $2,200.6 2.3% (0.2)% (0.6)% 3.1% TELEFLEX EARNINGS CONFERENCE CALL 10/31/202423 Appendix A4 - 2024 Global Product Category Reconciliation of Net Revenue (Dollars in millions) (1) Includes revenues generated from sales of our respiratory and urology products (other than interventional urology products) and sales pursuant to the manufacturing and supply transition agreement related to our Respiratory business divestiture. In 2024, amounts reflect the impact from increases in our reserves related to the Italian payback measure pertaining to prior years. Refer to Non-GAAP Financial Measures for detail on Italian payback measure.

 
Appendix B1 – Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data) TELEFLEX EARNINGS CONFERENCE CALL 10/31/202424 Three Months Ended September 29, 2024 Revenue Gross margin SG&A (1) R&D (1) Operating margin (2) Income before income taxes Income tax expense Effective income tax rate Diluted earnings per share from continuing operations GAAP Basis $764.4 56.3% 31.6% 5.1% 19.5% $130.6 $19.6 15.0% $2.36 Adjustments Restructuring, restructuring related and impairment items (A) — 0.7 (0.1) — 0.9 6.8 1.2 0.12 Acquisition, integration and divestiture related items (B) — — (0.3) — 0.3 2.0 — 0.04 ERP implementation — — (0.8) — 0.8 6.1 1.0 0.11 MDR — — — (0.2) 0.2 1.3 — 0.03 Pension termination costs — 0.7 — (0.7) (5.4) (1.3) (0.09) Intangible amortization expense — 3.8 (2.5) — 6.3 48.3 5.2 0.92 Adjustments total — 4.5 (3.0) (0.2) 7.8 59.1 6.1 1.13 Adjusted basis $764.4 60.8% 28.6% 4.9% 27.3% $189.7 $25.7 13.6% $3.49 Notes: (1) Selling, general and administrative expenses and research and development expenses are shown as a percentage of as reported and adjusted revenues. (2) Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of as reported and adjusted revenues. See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Totals may not sum due to rounding.

 
Three Months Ended October 1, 2023 Gross margin Selling, general and administrative expenses (1) Research and development expenses (1) Operating margin (2) Income before income taxes Income tax expense Effective income tax rate Diluted earnings per share from continuing operations GAAP Basis 55.8% 28.6% 5.0% 22.1% $149.6 $11.9 8.0% $2.91 Adjustments Restructuring, restructuring related and impairment items (A) 0.5 — — 0.6 4.7 0.7 0.08 Acquisition, integration and divestiture related items (B) — 2.0 — (2.0) (14.8) 0.2 (0.32) ERP implementation — — — — 0.3 0.1 — MDR — — (0.8) 0.8 5.7 — 0.12 Intangible amortization expense 3.1 (2.6) — 5.7 41.6 2.1 0.85 Tax adjustments — — — — — — — Adjustments total 3.6 (0.6) (0.8) 5.1 37.5 3.1 0.73 Adjusted basis 59.4% 28.0% 4.2% 27.2% $187.1 $15.0 8.0% $3.64 TELEFLEX EARNINGS CONFERENCE CALL 10/31/202425 Notes: (1) Selling, general and administrative expenses and research and development expenses are shown as a percentage of net revenues. (2) Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of net revenues. See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Totals may not sum due to rounding. Appendix B2 – Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data)

 
Appendix B3 – Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data) TELEFLEX EARNINGS CONFERENCE CALL 10/31/202426 Nine Months Ended September 29, 2024 Revenue Gross margin SG&A (1) R&D (1) Operating margin (2) Income before income taxes Income tax expense Effective income tax rate Diluted earnings per share from continuing operations GAAP Basis $2,251.9 56.1% 38.8% 5.2% 11.6% $202.2 $(4.6) (2.3)% $4.38 Adjustments Restructuring, restructuring related and impairment items (A) — 0.5 (0.1) — 1.1 24.8 4.3 0.44 Acquisition, integration and divestiture related items (B) — 0.1 (0.4) — 0.5 11.0 0.5 0.22 Italian payback measure (C) 13.8 0.2 (0.2) — 0.6 13.8 — 0.29 ERP implementation — — (0.4) — 0.4 9.2 1.4 0.17 MDR — — — (0.4) 0.3 7.6 — 0.16 Pension termination costs — — (5.9) — 5.9 133.2 56.9 1.61 Intangible amortization expense — 4.0 (2.6) — 6.5 148.0 15.2 2.81 Tax adjustments — — — — — — (2.1) 0.04 Adjustments total 13.8 4.8 (9.6) (0.4) 15.3 347.6 76.2 5.74 Adjusted basis $2,265.7 60.9% 29.2% 4.8% 26.9% $549.8 $71.6 13.0% $10.12 Notes: (1) Selling, general and administrative expenses and research and development expenses are shown as a percentage of as reported and adjusted revenues. (2) Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of as reported and adjusted revenues. See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Totals may not sum due to rounding.

 
Nine Months Ended October 1, 2023 Gross margin Selling, general and administrative expenses (1) Research and development expenses (1) Operating margin (2) Income before income taxes Income tax expense Effective income tax rate Diluted earnings per share from continuing operations GAAP Basis 55.2% 30.4% 5.4% 19.3% $374.0 $47.7 12.7% $6.90 Adjustments Restructuring, restructuring related and impairment items (A) 0.9 — (0.1) 1.3 27.5 4.2 0.49 Acquisition, integration and divestiture related items (B) — 0.9 — (0.9) (19.3) 0.3 (0.41) ERP implementation — (0.1) — 0.1 2.8 0.7 0.05 MDR — — (1.1) 1.1 23.6 — 0.50 Intangible amortization expense 3.2 (2.6) — 5.6 125.3 6.2 2.51 Tax adjustments — — — — — (4.8) 0.10 Adjustments total 4.1 (1.8) (1.2) 7.2 159.9 6.6 3.24 Adjusted basis 59.3% 28.6% 4.2% 26.5% $533.9 $54.3 10.2% $10.14 TELEFLEX EARNINGS CONFERENCE CALL 10/31/202427 Notes: (1) Selling, general and administrative expenses and research and development expenses are shown as a percentage of net revenues. (2) Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of net revenues. See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Totals may not sum due to rounding. Appendix B4 – Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data)

 
TELEFLEX EARNINGS CONFERENCE CALL 10/31/202428 A. Restructuring, restructuring related and impairment items – For the three months ended September 29, 2024, pre-tax restructuring charges were $0.3 million and restructuring related charges were $6.5 million. For the three months ended October 1, 2023, pre-tax restructuring charges were $0.2 million and restructuring related charges were $4.5 million. For the nine months ended September 29, 2024, pre-tax restructuring charges were $8.7 million; restructuring related charges were $14.0 million; and impairment charges were $2.1 million. For the nine months ended October 1, 2023, pre-tax restructuring charges were $4.0 million and restructuring related charges were $23.6 million. B. Acquisition, integration and divestiture related items – For the three and nine months ended September 29, 2024 and October 1, 2023, these charges related to changes in the estimated fair value of our contingent consideration liabilities and the acquisition of Palette Life Sciences AB. C. Italian payback measure – Adjustment reflects the impact of an increase in reserves for prior years related to the Italian payback measure and its impact on the adjusted basis for each Non-GAAP financial measure presented within the table. Appendix B Tickmarks

 
Appendix C - 2024 Adj. Gross and Operating Margin Guidance Reconciliation TELEFLEX EARNINGS CONFERENCE CALL 10/31/202429 Low High Forecasted GAAP Gross Margin 55.76% 56.26% Estimated restructuring, restructuring related and impairment items 0.60% 0.60% Estimated acquisition, integration and divestiture related items 0.06% 0.06% ERP implementation —% —% Italian payback measure 0.20% 0.20% Estimated intangible amortization expense 3.89% 3.89% Forecasted Adjusted Gross Margin 60.50% 61.00% Low High Forecasted GAAP Operating Margin 12.92% 13.17% Estimated restructuring, restructuring related and impairment items 1.12% 1.12% Estimated acquisition, integration and divestiture related items 0.49% 0.49% Estimated other items 0.01% 0.01% Pension termination and related charges 4.48% 4.48% Estimated ERP implementation 0.61% 0.61% Estimated MDR 0.28% 0.28% Italian payback measure 0.39% 0.39% Estimated intangible amortization expense 6.47% 6.47% Forecasted Adjusted Operating Margin 26.75% 27.00%

 
Appendix D - Reconciliation of 2024 Adjusted Earnings Per Share Guidance TELEFLEX EARNINGS CONFERENCE CALL 10/31/202430 Low High Forecasted GAAP Diluted Earnings Per Share from continuing operations $6.65 $6.95 Estimated restructuring, restructuring related and impairment items, net of tax $0.60 $0.60 Estimated acquisition, integration and divestiture related items, net of tax $0.30 $0.30 Pension termination and related charges, net of tax $1.70 $1.70 Estimated ERP implementation, net of tax $0.32 $0.32 Estimated MDR, net of tax $0.18 $0.18 Italian payback measure, net of tax $0.29 $0.29 Estimated intangible amortization expense, net of tax $3.81 $3.81 Tax adjustments $0.05 $0.05 Forecasted Adjusted Diluted Earnings Per Share from continuing operations, net of tax $13.90 $14.20

 
2024 Financial Review - Nine Months Ended September 29, 2024 TELEFLEX EARNINGS CONFERENCE CALL 10/31/202431 Gross margin Operating margin Effective tax rate Earnings per share ◦ GAAP gross margin of 56.1% vs. 55.2% in the prior year period ◦ Adjusted gross margin of 60.9%, up 160 bps year-over-year ◦ GAAP operating margin of 11.6% vs. 19.3% in prior year period ◦ Adjusted operating margin of 26.9%, up 40 bps year-over-year ◦ GAAP tax rate of (2.3)% vs. 12.7% in prior year period ◦ Adjusted tax rate of 13.0% vs. 10.2% in prior year period ◦ GAAP EPS of $4.38 vs. $6.90 in prior year period ◦ Adjusted EPS of $10.12, down 0.2% year-over-year Global revenue growth ◦ Revenue increased 2.3% year-over-year on a GAAP basis ◦ Adjusted revenue increased 3.0% year-over-year ◦ Adjusted revenue increased 3.1% year-over-year on a constant currency basis Note: See appendices for reconciliations of non-GAAP financial information.

 
v3.24.3
8-K Cover Page
Oct. 31, 2024
Cover [Abstract]  
Document Type 8-K
Entity Registrant Name TELEFLEX INCORPORATED
Document Period End Date Oct. 31, 2024
Entity Incorporation, State or Country Code DE
Entity File Number 1-5353
Entity Tax Identification Number 23-1147939
Entity Address, Address Line One 550 E. Swedesford Rd., Suite 400
Entity Address, City or Town Wayne,
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19087
City Area Code (610)
Local Phone Number 225-6800
Title of 12(b) Security Common Stock, par value $1 per share
Trading Symbol TFX
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000096943
Amendment Flag false
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