Differentiated Stapling Technology for Bariatric Surgery
WAYNE, Pa., Sept. 28, 2022 (GLOBE NEWSWIRE) -- Teleflex Incorporated (NYSE: TFX), a leading global provider of medical technologies, today announced that it has completed the previously announced acquisition of Standard Bariatrics, Inc., which has commercialized an innovative powered stapling technology for bariatric surgery.
On August 22, Teleflex announced its entry into a definitive agreement to acquire Standard Bariatrics. Under the terms of the agreement, Teleflex acquired Standard Bariatrics for $170 million at closing, with additional consideration of up to $130 million payable upon the achievement of certain commercial milestones.
For 2022, the transaction is not expected to contribute meaningfully to Teleflex revenue and is expected to be approximately $0.10 dilutive to adjusted earnings per share (excluding non-recurring purchase accounting items and other acquisition and integration related costs).
For 2023, the transaction is expected to contribute between $30 and $35 million of revenue and be approximately $0.10 to $0.15 dilutive to adjusted earnings per share (excluding non-recurring purchase accounting items and other acquisition and integration related costs). The transaction is expected to be accretive to revenue growth and adjusted EPS, thereafter.
The Company will provide an update to its 2022 financial outlook on its third quarter earnings conference call.
About Teleflex Incorporated
Teleflex is a global provider of medical technologies designed to improve the health and quality of people’s lives. We apply purpose driven innovation – a relentless pursuit of identifying unmet clinical needs – to benefit patients and healthcare providers. Our portfolio is diverse, with solutions in the fields of vascular access, interventional cardiology and radiology, anesthesia, emergency medicine, surgical, urology and respiratory care. Teleflex employees worldwide are united in the understanding that what we do every day makes a difference. For more information, please visit teleflex.com.
Teleflex is the home of Arrow®, Deknatel®, LMA®, Pilling®, QuikClot®, Rüsch®, UroLift®, and Weck® – trusted brands united by a common sense of purpose.
This press release contains forward-looking statements, including, but not limited to, statements regarding forecasted financial impacts from the transaction, including with respect to revenue and adjusted earnings per share for 2022, 2023 and thereafter. Actual results could differ materially from those in the forward-looking statements due to, among other things, changes in business relationships with and purchases by or from major customers or suppliers; delays or cancellations in shipments; demand for and market acceptance of new and existing 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; the impact of healthcare reform legislation and proposals to amend 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 geopolitical conflicts between Russia and Ukraine; 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, the Teleflex logo, Arrow, Deknatel, LMA, Pilling, QuikClot, Rüsch, UroLift, and Weck are trademarks or registered trademarks of Teleflex Incorporated or its affiliates, in the U.S. and/or other countries. © 2022 Teleflex Incorporated. All rights reserved.
Vice President, Investor Relations and Strategy Development
John Hsu, CFA
Vice President, Investor Relations