Teleflex reports better-than-expected Q1 profit on medical devices demand

Teleflex Incorporated announced financial results for the first quarter ended March 31, 2024.

“We are pleased with our solid start to 2024,” said Liam Kelly, Teleflex’s Chairman, President and Chief Executive Officer. “In the quarter, we drove strong execution with constant currency growth and margin expansion year-over-year, executed against our new product launch objectives, and remained on track with our integration of Palette Life Sciences AB. Our first quarter performance, combined with an improving macro-environment, keeps us well-positioned to deliver on our financial guidance for 2024.”

Net revenue by segment
The following table provides information regarding net revenues in each of the Company’s reportable operating segments for the three months ended March 31, 2024 and the comparable prior year period on both a GAAP and constant currency basis.

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 months ended March 31, 2024 and the comparable prior year period on both a GAAP and constant currency basis.

2024 outlook
The Company lowered its full year 2024 revenue growth outlook on a GAAP basis from a range of 3.60% to 4.60% to a range of 3.35% to 4.35%, reflecting our estimate of an approximately 0.40% negative impact of foreign exchange rate fluctuations. On a constant currency basis, the Company maintained its full year 2024 revenue growth outlook of 3.75% to 4.75% year-over-year.

The Company raised its full year 2024 GAAP diluted earnings per share from continuing operations outlook from a range of $5.69 to $6.09 to a range of $6.87 to $7.22, representing a year-over-year decrease of 9.1% to 4.5%. The revised outlook reflects a change in estimate related to the impact of a non-cash pension settlement charge expected to be taken in 2024 in connection with the planned termination of the Teleflex Incorporated Retirement Income Plan. The Company raised the low end of its full year 2024 adjusted diluted earnings per share from continuing operations guidance from a range of $13.55 to $13.95 to a range of $13.60 to $13.95, representing growth of 0.6% to 3.2% year-over-year.

Forecasted 2024 constant currency revenue growth reconciliation

Forecasted 2024 adjusted diluted earnings per share from continuing operations reconciliation

MB Bureau