Teleflex Reports Fourth Quarter and Full Year 2024 Financial Results

WAYNE, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the fourth quarter ended December 31, 2024. Fourth quarter financial summary Revenues of $795.4 million, up 2.8% compared to the prior year period, up 3.2% on an adjusted constant currency basisGAAP diluted EPS from continuing operations of $(2.95), compared to $0.66 in the prior year periodAdjusted diluted EPS from continuing operations of $3.89, compared to $3.38 in the prior year period Full year 2024 financial summary GAAP revenue of $3,047.3 million, up 2.4% compared to the prior year periodAdjusted revenue of $3,061.1 million, excluding the impact from increases in our reserves related to the Italian payback measure pertaining to prior years, up 2.9% compared to the prior year period, up 3.1% on an adjusted constant currency basis1GAAP diluted EPS from continuing operations of $1.49, compared to $7.56 in the prior year periodAdjusted diluted EPS from continuing operations of $14.01, compared to $13.52 in the prior year period 2025 guidance summary2 GAAP revenue growth guidance range of (0.4)% to 0.7% Adjusted constant currency revenue growth guidance range of 1.0% to 2.0%, which excludes the 2024 impact from increases in our reserves related to the Italian payback measure pertaining to prior years1GAAP EPS from continuing operations guidance range of $8.85 to $9.25Adjusted diluted EPS from continuing operations guidance range of $13.95 to $14.35 "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. Palette Life Sciences revenues exceeded $75 million in 2025, which was above the $73-$75 million guidance. As announced in a separate press release today, 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. This acquisition provides us with a diversified suite of products of coronary and peripheral interventions devices, which complements the Teleflex Interventional business. Also announced today in a separate press release is our intention to separate Teleflex into two publicly traded companies, RemainCo and NewCo. The separation is expected to simplify the operating model, streamline the manufacturing footprint, and increase management focus of each company.” (1) Refer to Notes on Non-GAAP Financial Measures for detail on Italian payback measure.(2) Excludes any impact from the acquisition of substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG announced today. NET REVENUE BY SEGMENTThe following table provides information regarding net revenues in each of the Company's reportable operating segments for the three and twelve months ended December 31, 2024 and the comparable prior year periods on a GAAP, adjusted and adjusted constant currency basis. During the fourth quarter of 2024, we changed our segment presentation to solely focus on geographic location and incorporated the OEM (Original Equipment Manufacturer and Development Services) reporting unit into the Americas segment. We now have three reportable segments: Americas, EMEA (Europe, the Middle East and Africa) and Asia (Asia Pacific). Three Months Ended As reported Adjusted December 31, 2024 December 31, 2023 Reported Revenue Growth December 31, 2024 December 31, 2023 Adjusted Constant Currency Revenue GrowthAmericas$540.8 $533.2 1.4% $540.8 $533.2 1.7%EMEA161.0 152.4 5.7% 161.0 152.4 6.0%Asia93.6 88.3 5.9% 93.6 88.3 7.5%Consolidated$795.4 $773.9 2.8% $795.4 $773.9 3.2% Year Ended As reported Adjusted December 31, 2024 December 31, 2023 Reported Revenue Growth December 31, 2024 December 31, 2023 Adjusted Constant Currency Revenue GrowthAmericas$2,066.3 $2,041.4 1.2% $2,066.3 $2,041.4 1.3%EMEA 618.0 586.2 5.4% 631.8 586.2 7.3%Asia 363.0 346.9 4.7% 363.0 346.9 6.8%Consolidated$3,047.3 $2,974.5 2.4% $3,061.1 $2,974.5 3.1% NET REVENUE BY GLOBAL PRODUCT CATEGORYThe following table provides information regarding net revenues in each of the Company's global product categories for the three and twelve months ended December 31, 2024 and the comparable prior year periods on a GAAP, adjusted and adjusted constant currency basis. Three Months Ended As reported Adjusted December 31, 2024 December 31, 2023 Reported Revenue Growth December 31, 2024 December 31, 2023 Adjusted Constant Currency Revenue GrowthVascular Access$189.3 $186.7 1.4% $189.3 $186.7 1.8%Interventional 160.4 135.6 18.2% 160.4 135.6 18.7%Anesthesia 95.3 98.2 (2.9)% 95.3 98.2 (2.4)%Surgical 121.9 109.6 11.3% 121.9 109.6 12.3%Interventional Urology 84.9 93.0 (8.7)% 84.9 93.0 (8.6)%OEM 85.4 82.6 3.5% 85.4 82.6 3.6%Other 58.2 68.2 (14.7)% 58.2 68.2 (14.3)%Consolidated$795.4 $773.9 2.8% $795.4 $773.9 3.2% Year Ended As reported Adjusted December 31, 2024 December 31, 2023 Reported Revenue Growth December 31, 2024 December 31, 2023 Adjusted Constant Currency Revenue GrowthVascular Access$732.7 $708.0 3.5% $732.7 $708.0 3.7%Interventional 586.0 511.4 14.6% 586.0 511.4 14.8%Anesthesia 395.3 390.0 1.4% 395.3 390.0 1.6%Surgical 450.5 427.4 5.4% 450.5 427.4 6.1%Interventional Urology 331.1 319.8 3.5% 331.1 319.8 3.7%OEM 344.5 326.0 5.7% 344.5 326.0 5.6%Other (1) 207.2 291.9 (29.0)% 221.0 291.9 (24.3)%Consolidated$3,047.3 $2,974.5 2.4% $3,061.1 $2,974.5 3.1% (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 year ended December 31, 2024 totaled $278.0 million compared to $245.5 million for the prior year.Total cash, cash equivalents and restricted cash equivalents at December 31, 2024 were $327.7 million compared to $222.8 million at December 31, 2023.Net accounts receivable at December 31, 2024 were $459.5 million compared to $443.5 million at December 31, 2023.Inventories at December 31, 2024 were $600.1 million compared to $626.2 million at December 31, 2023. 2025 OUTLOOK On a GAAP basis, the Company expects full year 2025 revenue growth of (0.35)% to 0.65%, including our estimate of an approximately 1.80% negative impact of foreign exchange rate fluctuations. On an adjusted constant currency basis, which excludes the 2024 impact from the Italian payback measure pertaining to prior years, the Company expects full year 2025 revenue growth of 1.00% to 2.00% year-over-year. The Company expects full year 2025 GAAP diluted earnings per share from continuing operations of $8.85 to $9.25. The Company expects full year 2025 adjusted diluted earnings per share from continuing operations of $13.95 to $14.35, representing growth of (0.4)% to 2.4% year-over-year. Forecasted 2025 Adjusted Constant Currency Revenue Growth Reconciliation Low HighForecasted 2025 GAAP revenue growth(0.35)% 0.65%Estimated impact of foreign currency exchange rate fluctuations(1.80)% (1.80)%Italian payback measure0.45% 0.45%Forecasted 2025 adjusted constant currency revenue growth1.00% 2.00% Forecasted 2025 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation Low HighForecasted GAAP diluted earnings per share from continuing operations$8.85 $9.25Restructuring, restructuring related and impairment items, net of tax$4.28 $4.28Acquisition, integration and divestiture related items, net of tax$0.19 $0.19ERP Implementation, net of tax$0.47 $0.47MDR, net of tax$0.16 $0.16Forecasted adjusted diluted earnings per share from continuing operations, net of tax$13.95 $14.35 ACCELERATED SHARE REPURCHASEThe Company intends to commence an accelerated share repurchase of $300 million of common stock, effective February 28, 2025, under the share repurchase program previously authorized by the Board of Directors for up to $500 million of the Company’s common stock. This $300 million accelerated share repurchase would complete the existing $500 million share repurchase program. INTERVENTIONAL UROLOGY NON-CASH GOODWILL IMPAIRMENT CHARGEIn connection with preparing the financial statements for the year ended December 31, 2024, we performed our annual impairment test for goodwill and determined that the carrying value of the IU reporting unit exceeded its fair value. Consequently, we recognized an impairment charge of $240 million in the goodwill impairment line in the Consolidated Statements of Income. The charge was primarily driven by updates to our UroLift forecast, done as part of our annual operating plan process, which reflects management's expectations of a prolonged period of subdued revenue growth due to persistent end-market challenges and changes in competitive pressures in the short to mid-term. Moreover, we anticipate that challenges related to a combination of price, mainly within the office site of service, and volume, will likely continue to impact growth rates. CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATIONA webcast of Teleflex's fourth 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 February 27, 2025. An audio replay of the investor call will be available beginning at 11:00 am ET on February 27, 2025, 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 NOTESReferences 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 MEASURESWe 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 year ended December 31, 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 year ended December 31, 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, including those related to goodwill and other assets, 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 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. Reconciliation of Net Revenue (Dollars in millions) Net revenue by segment Three Months Ended December 31, 2024 December 31, 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$540.8 $— $540.8 $533.2 $— $533.2 1.4% (0.3)% —% 1.7% EMEA 161.0 — 161.0 152.4 — 152.4 5.7% (0.3)% —% 6.0% Asia 93.6 — 93.6 88.3 — 88.3 5.9% (1.6)% —% 7.5% Consolidated$795.4 $— $795.4 $773.9 $— $773.9 2.8% (0.4)% —% 3.2% Year Ended December 31, 2024 December 31, 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$2,066.3 $— $2,066.3 $2,041.4 $— $2,041.4 1.2% (0.1)% —% 1.3% EMEA 618.0 (13.8) 631.8 586.2 — 586.2 5.4% 0.4% (2.3)% 7.3% Asia 363.0 — 363.0 346.9 — 346.9 4.7% (2.1)% —% 6.8% Consolidated$3,047.3 ($13.8) $3,061.1 $2,974.5 $— $2,974.5 2.4% (0.3)% (0.4)% 3.1% Net revenue by global product category Three Months Ended December 31, 2024 December 31, 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$189.3 $— $189.3 $186.7 $— $186.7 1.4% (0.4)% —% 1.8% Interventional 160.4 — 160.4 135.6 — 135.6 18.2% (0.5)% —% 18.7% Anesthesia 95.3 — 95.3 98.2 — 98.2 (2.9)% (0.5)% —% (2.4)% Surgical 121.9 — 121.9 109.6 — 109.6 11.3% (1.0)% —% 12.3% Interventional Urology 84.9 — 84.9 93.0 — 93.0 (8.7)% (0.1)% —% (8.6)% OEM 85.4 — 85.4 82.6 — 82.6 3.5% (0.1)% —% 3.6% Other (1) 58.2 — 58.2 68.2 — 68.2 (14.7)% (0.4)% —% (14.3)% Consolidated$795.4 $— $795.4 $773.9 $— $773.9 2.8% (0.4)% —% 3.2% Year Ended December 31, 2024 December 31, 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$732.7 $— $732.7 $708.0 $— $708.0 3.5% (0.2)% —% 3.7% Interventional 586.0 — 586.0 511.4 — 511.4 14.6% (0.2)% —% 14.8% Anesthesia 395.3 — 395.3 390.0 — 390.0 1.4% (0.2)% —% 1.6% Surgical 450.5 — 450.5 427.4 — 427.4 5.4% (0.7)% —% 6.1% Interventional Urology 331.1 — 331.1 319.8 — 319.8 3.5% (0.2)% —% 3.7% OEM 344.5 — 344.5 326.0 — 326.0 5.7% 0.1% —% 5.6% Other (1) 207.2 (13.8) 221.0 291.9 — 291.9 (29.0)% —% (4.7)% (24.3)% Consolidated$3,047.3 ($13.8) $3,061.1 $2,974.5 $— $2,974.5 2.4% (0.3)% (0.4)% 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 December 31, 2024 RevenueGross marginSG&A (1)R&D (1)Operating margin (2)Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operationsGAAP Basis$795.455.3% 32.0% 5.6% (13.9)% $(126.8) $9.9(7.8)% $(2.95) Adjustments Restructuring, restructuring related and impairment items (A) —0.6 (0.2) — 32.4 257.5 1.9 5.48 Acquisition, integration and divestiture related items (B) —— (1.4) — 1.4 11.1 0.6 0.23 Other items (C) —— (0.1) — 0.1 1.0 0.2 0.02 ERP implementation —— (0.4) — 0.4 3.5 0.4 0.07 MDR —— — (0.1) 0.1 1.0 — 0.02 Pension termination costs —0.3 (0.4) (0.1) 0.8 6.5 1.5 0.11 Intangible amortization expense —3.9 (2.4) — 6.1 49.7 5.1 0.96 Tax adjustments —— — — 0.2 — 2.3 (0.05) Adjustments total —4.8 (4.9) (0.2) 41.5 330.3 12.0 6.84 Adjusted basis$795.460.1% 27.1% 5.4% 27.6% $203.5 $21.910.7% $3.89 Three Months Ended December 31, 2023 Gross marginSG&A (1)R&D (1)Operating margin (2)Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operationsGAAP Basis55.7% 39.5% 4.6% 10.7% $60.0 $28.8 48.0% $0.66 Adjustments Restructuring, restructuring related and impairment items (A)0.4 (0.1) — 2.0 15.5 2.6 0.27 Acquisition, integration and divestiture related items (B)0.2 (0.6) — 0.2 1.7 1.3 0.01 ERP implementation— — — — (0.2) (0.1) — MDR— — (0.6) 0.6 4.8 — 0.10 Pension termination costs— (5.9) — 5.9 45.4 10.4 0.74 Legal entity rationalization items— (0.7) — 0.7 5.3 (26.2) 0.67 Intangible amortization expense3.8 (2.4) — 6.2 48.6 4.0 0.94 Tax adjustments— — — — — 0.3 (0.01) Adjustments total4.4 (9.7) (0.6) 15.6 121.1 (7.7) 2.72 Adjusted basis60.1% 29.8% 4.0% 26.3% $181.1 $21.1 11.6% $3.38 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. Year Ended December 31, 2024 RevenueGross marginSG&A (1)R&D (1)Operating margin (2)Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operationsGAAP Basis$3,047.355.9% 37.0% 5.3% 5.0% $75.5$5.37.0% $1.49Adjustments Restructuring, restructuring related and impairment items (A) —0.5 (0.1) — 9.3 282.3 6.1 5.86Acquisition, integration and divestiture related items (B) —0.1 (0.7) — 0.7 22.1 1.0 0.45Other items (C) —(0.4) (0.2) — — 1.0 0.2 0.02Italian payback measure (D) 13.80.5 — — 0.5 13.8 — 0.29ERP implementation —— (0.4) — 0.4 12.7 1.8 0.23MDR —— — (0.4) 0.3 8.7 — 0.18Pension termination costs —0.2 (4.5) — 4.6 139.6 58.4 1.73Intangible amortization expense —3.9 (2.6) — 6.3 197.7 20.4 3.76Tax adjustments —— — — — — 0.2 —Adjustments total 13.84.8 (8.5) (0.4) 22.1 677.9 88.1 12.52Adjusted basis$3,061.160.7% 28.5% 4.9% 27.1% $753.4$93.412.4% $14.01 Year Ended December 31, 2023 Gross marginSG&A (1)R&D (1)Operating margin (2)Income before income taxesIncome tax expenseEffective income tax rateDiluted earnings per share from continuing operationsGAAP Basis55.4% 32.8% 5.2% 17.0% $434.0 $76.4 17.6% $7.56 Adjustments Restructuring, restructuring related and impairment items (A)0.8 (0.1) (0.1) 1.4 43.0 6.7 0.77 Acquisition, integration and divestiture related items (B)0.1 0.5 — (0.6) (17.7) 1.5 (0.41) ERP implementation— (0.1) — 0.1 2.6 0.6 0.04 MDR— — (1.0) 1.0 28.4 — 0.60 Pension termination costs— (1.5) — 1.5 45.5 10.4 0.74 Legal entity rationalization items— (0.2) — 0.2 5.3 (26.2) 0.67 Intangible amortization expense3.2 (2.5) — 5.9 174.0 10.4 3.46 Tax adjustments— — — — — (4.4) 0.09 Adjustments total4.1 (3.9) (1.1) 9.5 281.1 (1.0) 5.96 Adjusted basis59.5% 28.9% 4.1% 26.5% $715.1 $75.4 10.5% $13.52 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 December 31, 2024, pre-tax restructuring charges were $5.5 million; restructuring related charges were $6.3 million; and impairment charges were $245.7 million. For the three months ended December 31, 2023, pre-tax restructuring charges were $11.6 million and restructuring related charges were $3.8 million. For the year ended December 31, 2024, pre-tax restructuring charges were $14.2 million; restructuring related charges were $20.3 million; and impairment charges were $247.8 million. For the year ended December 31, 2023, pre-tax restructuring charges were $15.6 million and restructuring related charges were $27.4 million. (B) Acquisition, integration and divestiture related items – For the three months and year ended December 31, 2024, these charges related to the acquisition of the BIOTRONIK SE & Co. KG Vascular Intervention business and the acquisition of Palette Life Sciences AB. For the three months ended December 31, 2023 these charges primarily related to the acquisition of Palette Life Sciences AB and the divestiture of respiratory assets. For the year ended December 31, 2023 these charges related to a decrease in contingent consideration expense resulting from changes in the estimated fair value of our contingent consideration liabilities, the acquisition of Palette Life Sciences AB, and the divestiture of respiratory assets. (C) Other – For the three months and year ended December 31, 2024, other items included expenses associated with prior year tax matters. (D) 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. ABOUT TELEFLEX INCORPORATEDAs 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 INFORMATIONThis press release contains forward-looking statements, including, but not limited to, our expectation that our acquisition of BIOTRONIK’s Vascular Interventions business will be accretive to growth beginning in 2026; forecasted 2025 GAAP and adjusted constant currency revenue growth and GAAP and adjusted diluted earnings per share; and our estimates of the projected impact of a hypothetical 1% increase in our discount rate estimate used to determine the fair value of the estimated future cash flows of our IU reporting unit. 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. TELEFLEX INCORPORATEDCONSOLIDATED STATEMENTS OF INCOME(Unaudited) Three Months Ended Twelve Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (Dollars and shares in thousands, except per share)Net revenues$795,409 $773,909 $3,047,324 $2,974,489 Cost of goods sold 355,494 342,492 1,344,645 1,327,558 Gross profit 439,915 431,417 1,702,679 1,646,931 Selling, general and administrative expenses 254,553 260,651 995,271 929,867 Research and development expenses 44,553 35,858 161,672 154,351 Pension settlement charge — 45,244 132,732 45,244 Goodwill impairment charge 240,000 — 240,000 — Restructuring and other impairment charges 11,192 11,644 21,991 15,604 Gain on sale of assets and business — (4,448) — (4,448)(Loss) income from continuing operations before interest, loss on extinguishment of debt and taxes (110,383) 82,468 151,013 506,313 Interest expense 18,635 25,791 83,544 85,082 Interest income (2,258) (3,295) (8,009) (12,781)(Loss) income from continuing operations before taxes (126,760) 59,972 75,478 434,012 Taxes on income from continuing operations 9,902 28,789 5,316 76,440 (Loss) income from continuing operations (136,662) 31,183 70,162 357,572 Operating income (loss) from discontinued operations 5 (96) (634) (1,608)(Benefit) taxes on operating loss from discontinued operations (1) (18) (147) (364)Income (loss) from discontinued operations 6 (78) (487) (1,244)Net (loss) income$(136,656) $31,105 $69,675 $356,328 Earnings per share: Basic: (Loss) income from continuing operations$(2.95) $0.66 $1.50 $7.61 Loss from discontinued operations — — (0.01) (0.03)Net income$(2.95) $0.66 $1.49 $7.58 Diluted: (Loss) income from continuing operations$(2.95) $0.66 $1.49 $7.56 Loss from discontinued operations — — (0.01) (0.03)Net income$(2.95) $0.66 $1.48 $7.53 Weighted average common shares outstanding Basic 46,373 47,002 46,837 46,981 Diluted 46,373 47,301 47,094 47,304 TELEFLEX INCORPORATEDCONSOLIDATED BALANCE SHEETS(Unaudited) December 31, 2024 December 31, 2023 (Dollars in thousands)ASSETS Current assets Cash and cash equivalents$290,188 $222,848 Accounts receivable, net 459,495 443,467 Inventories 600,133 626,216 Prepaid expenses and other current assets 117,851 107,471 Prepaid taxes 3,457 7,404 Total current assets 1,471,124 1,407,406 Property, plant and equipment, net 502,852 479,913 Operating lease assets 108,912 123,521 Goodwill 2,632,314 2,914,055 Intangibles assets, net 2,268,714 2,501,960 Deferred tax assets 11,374 6,748 Other assets 102,624 98,943 Total assets$7,097,914 $7,532,546 LIABILITIES AND EQUITY Current liabilities Current borrowings$100,000 $87,500 Accounts payable 141,031 132,247 Accrued expenses 143,167 146,880 Payroll and benefit-related liabilities 151,263 146,535 Accrued interest 5,338 5,583 Income taxes payable 41,318 41,453 Other current liabilities 67,243 46,547 Total current liabilities 649,360 606,745 Long-term borrowings 1,555,871 1,727,572 Deferred tax liabilities 391,066 456,080 Pension and postretirement benefit liabilities 20,185 23,989 Noncurrent liability for uncertain tax positions 1,831 3,370 Noncurrent operating lease liabilities 99,154 111,300 Other liabilities 102,307 162,502 Total liabilities 2,819,774 3,091,558 Commitments and contingencies Shareholders’ equity Common shares, $1 par value Issued: 2024 — 48,096 shares; 2023 — 48,046 shares 48,096 48,046 Additional paid-in capital 781,184 749,712 Retained earnings 4,115,870 4,109,736 Accumulated other comprehensive loss (316,669) (314,405) 4,628,481 4,593,089 Less: Treasury stock, at cost 350,341 152,101 Total shareholders' equity 4,278,140 4,440,988 Total liabilities and shareholders' equity$7,097,914 $7,532,546 TELEFLEX INCORPORATEDCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) Year Ended December 31, 2024 December 31, 2023 (Dollars in thousands)Cash flows from operating activities of continuing operations: Net income$69,675 $356,328 Adjustments to reconcile net income to net cash provided by operating activities: Loss from discontinued operations 487 1,244 Depreciation expense 76,932 68,144 Intangible asset amortization expense 197,669 173,974 Deferred financing costs and debt discount amortization expense 3,415 3,400 Pension settlement charge 132,732 45,244 Fair value step up of acquired inventory sold 1,722 1,536 Changes in contingent consideration 10,027 (27,243)Asset impairments 7,834 — Stock-based compensation 31,348 31,465 Gain on sale of assets and business — (4,448)Goodwill impairment charge 240,000 — Deferred income taxes, net (130,237) (13,046)Payments for contingent consideration — (289)Interest benefit on swaps designated as net investment hedges (17,410) (18,814)Other 15,888 5,960 Changes in operating assets and liabilities, net of effects of acquisitions and disposals: Accounts receivable (27,952) (15,763)Inventories 1,925 (41,068)Prepaid expenses and other assets 43,026 (11,420)Accounts payable, accrued expenses and other liabilities 9,665 (31,258)Income taxes (28,486) (12,263)Net cash provided by operating activities from continuing operations 638,260 511,683 Cash flows from investing activities of continuing operations: Expenditures for property, plant and equipment (126,434) (91,442)Payments for businesses and intangibles acquired, net of cash acquired (120) (603,920)Proceeds from sales of business and assets — 15,000 Net interest proceeds on swaps designated as net investment hedges 27,196 63,134 Proceeds from sales of investments 7,300 7,300 Purchase of investments (7,300) (11,300)Net cash (used in) provided by investing activities from continuing operations (99,358) (621,228)Cash flows from financing activities of continuing operations: Proceeds from new borrowings 130,000 646,000 Reduction in borrowings (291,500) (544,750)Repurchase of common stock (200,000) — Net proceeds from share based compensation plans and the related tax impacts 3,352 5,190 Payments for contingent consideration (236) (4,004)Dividends paid (63,541) (63,896)Net cash (used in) provided by financing activities from continuing operations (421,925) 38,540 Cash flows from discontinued operations: Net cash used in operating activities (2,521) (1,045)Net cash used in discontinued operations (2,521) (1,045)Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents (9,654) 2,864 Net increase in cash, cash equivalents and restricted cash equivalents 104,802 (69,186)Cash, cash equivalents and restricted cash equivalents at the beginning of the period 222,848 292,034 Cash, cash equivalents and restricted cash equivalents at the end of the period$327,650 $222,848 Contacts:Teleflex Incorporated:Lawrence KeuschVice President, Investor Relations and Strategy Development investors.teleflex.com 610-948-2836

Teleflex Reports Fourth Quarter and Full Year 2024 Financial Results

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