Teleflex Inc (TFX) Reports 8.7% Revenue Growth in Q3 2023
Teleflex Inc (NYSE:TFX) reported Q3 2023 revenues of $746.4 million, up 8.7% compared to the same period last year.
GAAP diluted EPS from continuing operations increased to $2.91, compared to $2.16 in Q3 2022.
The company raised its full-year GAAP EPS guidance to $7.95 to $8.15.
Teleflex Inc (NYSE:TFX) completed the acquisition of Palette Life Sciences AB, strengthening its Interventional Urology business unit.
Teleflex Inc (NYSE:TFX) announced its financial results for the third quarter ended October 1, 2023, on November 2, 2023. The company reported revenues of $746.4 million, representing an 8.7% increase compared to the same period last year. On a constant currency basis, the revenue growth was 7.4%. GAAP diluted EPS from continuing operations rose to $2.91, compared to $2.16 in the prior year period. Adjusted diluted EPS from continuing operations also increased to $3.64, compared to $3.27 in Q3 2022.
Financial Highlights
Teleflex Inc (NYSE:TFX) reported strong performance across its operating segments. The Americas segment reported a 5.7% increase in revenue, while the EMEA and Asia segments reported 11.1% and 13.6% growth, respectively. The OEM segment also saw a significant 15.5% increase in revenue.
The company's global product categories also performed well. The Interventional and Surgical categories reported 23.3% and 21.1% growth, respectively. However, the Interventional Urology category saw a decrease of 6.8% in revenue.
Teleflex Inc (NYSE:TFX) also reported other financial highlights. Depreciation expense, amortization of intangible assets, and deferred financing charges for the nine months ended October 1, 2023, totaled $180.5 million compared to $174.1 million for the prior year period. Cash and cash equivalents at October 1, 2023, were $881.5 million compared to $292.0 million at December 31, 2022.
2023 Outlook
Teleflex Inc (NYSE:TFX) has updated its full-year 2023 outlook. The company has narrowed its GAAP revenue growth guidance to 6.25% to 6.45% and raised its constant currency revenue growth guidance range to 6.4% to 6.6%. The company also raised its GAAP EPS from continuing operations guidance to $7.95 to $8.15 and narrowed its adjusted diluted EPS from continuing operations guidance to $13.30 to $13.50.
Company Commentary
Teleflex's Chairman, President, and Chief Executive Officer, Liam Kelly, commented on the company's performance. He said,
Following a strong first half performance, our third quarter built upon Teleflexs durable growth profile with a 7.4% constant currency revenue increase year-over-year. We witnessed stability in surgical procedures, continued strength in our Asia Pacific market, and healthy increases in our Interventional and OEM businesses."
He also mentioned the acquisition of Palette Life Sciences AB, stating,
We also recently completed our acquisition of Palette Life Sciences AB, which will enable our Interventional Urology business unit to bring urologists, radiation oncologists, and other specialists more innovative technologies that can positively impact patient care."
Explore the complete 8-K earnings release (here) from Teleflex Inc for further details.
This article first appeared on GuruFocus.
