On February 27, 2025, Teleflex Inc (TFX, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year ending December 31, 2024. Teleflex, a Wayne, Pennsylvania-based manufacturer of hospital supplies and medical devices, operates across seven segments, with a significant portion of its revenue generated in the U.S.
Teleflex Inc (TFX, Financial) reported fourth-quarter revenues of $795.4 million, marking a 2.8% increase from the previous year, and a 3.2% rise on an adjusted constant currency basis. However, the company faced a GAAP diluted EPS from continuing operations of $(2.95), a significant drop from $0.66 in the prior year period. Despite this, the adjusted diluted EPS from continuing operations was $3.89, surpassing the analyst estimate of $2.95 and improving from $3.38 in the previous year.
The company encountered challenges, particularly in its Interventional Urology segment, which saw an 8.7% decline in revenue. This was attributed to persistent end-market challenges and competitive pressures. The company also recognized a $240 million non-cash goodwill impairment charge related to this segment, reflecting management's expectations of subdued revenue growth.
Teleflex's diversified portfolio demonstrated resilience, with strong performances in the Interventional and Surgical segments, which helped offset the challenges in Interventional Urology. The Interventional segment, in particular, saw an 18.2% increase in revenue, highlighting the firm's strategic focus on expanding its product offerings in coronary and peripheral interventions.
These achievements are crucial for Teleflex as a medical devices company, as they underscore the importance of a diversified product portfolio in navigating market challenges and sustaining growth.
For the full year 2024, Teleflex reported GAAP revenue of $3,047.3 million, a 2.4% increase from the prior year, with adjusted revenue reaching $3,061.1 million. The adjusted diluted EPS for the year was $14.01, up from $13.52 in 2023. The company's cash position improved, with total cash and equivalents rising to $327.7 million from $222.8 million at the end of 2023.
| Segment | Q4 2024 Revenue ($ million) | Q4 2023 Revenue ($ million) | Reported Revenue Growth |
|---|---|---|---|
| Americas | 540.8 | 533.2 | 1.4% |
| EMEA | 161.0 | 152.4 | 5.7% |
| Asia | 93.6 | 88.3 | 5.9% |
Teleflex's performance in 2024 highlights the company's ability to leverage its diversified portfolio to mitigate challenges in specific segments. The acquisition of BIOTRONIK's Vascular Intervention business is expected to further strengthen its Interventional segment, providing a broader suite of products.
Looking ahead, Teleflex has provided a 2025 guidance with a GAAP revenue growth range of (0.4)% to 0.7% and an adjusted EPS range of $13.95 to $14.35. The company also announced an accelerated share repurchase program, reflecting confidence in its long-term growth strategy.
In the fourth quarter, we delivered strong double-digit adjusted earnings per share 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 Surgical helped offset softness in Interventional Urology revenues."
Overall, Teleflex Inc (TFX, Financial) continues to navigate industry challenges with strategic acquisitions and a focus on expanding its product offerings, positioning itself for sustained growth in the medical devices sector.
Explore the complete 8-K earnings release (here) from Teleflex Inc for further details.
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