Teleflex (TFX) Tops Q3 EPS by 22c, Revenues Beat

Teleflex (NYSE: TFX) reported Q3 EPS of $2.46, $0.22 better than the analyst estimate of $2.24. Revenue for the quarter came in at $628.3 million versus the consensus estimate of $619.4 million.

• Third Quarter Revenues of $628.3 million, down 3.1% versus Prior Year Period on an As-Reported basis; down 4.1% on a Constant Currency basis
• Third Quarter GAAP Diluted EPS from Continuing Operations of $2.46, Compared to $4.85 in the Prior Year Period
• Third Quarter Adjusted Diluted EPS from Continuing Operations of $2.77, down 6.7% Versus Prior Year Period
• Not Reinstating 2020 Financial Guidance due to COVID-19 Pandemic

Liam Kelly, Chairman, President and Chief Executive Officer, said, “Our third quarter results reflect improving trends across many of our global product categories, led by a faster-than-expected recovery within our Interventional Urology business, and continued strength within our Vascular Access product sales. From a regional perspective, we saw particular strength within the Americas, as the pace of recovery in the United States during the third quarter was encouraging."

Mr. Kelly continued, "In addition to the significant sequential improvement in our constant currency revenue performance, we also saw a significant improvement within our adjusted gross and operating margins, as well as our adjusted earnings per share, as compared to the second quarter of the year. And while we are not reinstating full year 2020 financial guidance, we continue to believe that we will see continued sequential improvement during the fourth quarter of the year as compared to our third quarter 2020 results."

Mr. Kelly concluded, "Lastly, I am pleased to announce that during October we signed a definitive agreement to acquire Z-Medica, LLC, a market leader in hemostatic products. We are excited about this acquisition, given Z-Medica's revenue growth, gross and operating margin profile, all of which are above our average, and our expectation that the acquisition will be accretive to our adjusted earnings per share in 2021."

For earnings history and earnings-related data on Teleflex (TFX) click here.

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