Teleflex (NYSE: TFX) reported Q1 EPS of $2.72, $0.37 better than the analyst estimate of $2.35. Revenue for the quarter came in at $630.6 million versus the consensus estimate of $620.64 million.

• First Quarter 2020 Revenues of $630.6 million, up 2.8% Versus Prior Year Period; up 4.0% on a Constant Currency Basis
• First Quarter 2020 GAAP Diluted EPS from Continuing Operations of $2.78, up 212.4% Versus Prior Year Period
• First Quarter 2020 Adjusted Diluted EPS from Continuing Operations of $2.72, up 21.4% Versus Prior Year Period
• Withdraws Previously Provided 2020 Financial Guidance due to COVID-19 Pandemic

Liam Kelly, President and Chief Executive Officer, said, “We were pleased with the first quarter 2020 performance for Teleflex, with results that included 4% constant currency revenue growth and $2.72 in adjusted EPS, a 21.4% year-over-year increase. These results occurred despite a worse than expected global impact from COVID-19, including a slow-down in the performance of non-emergent procedures during the last two weeks of March within the United States, and are a testament to the diverse product portfolio that we have created during the past decade. By geography, during the first quarter we saw a negative impact from COVID-19 in the Americas and Asia, while EMEA saw a benefit due to elevated ordering for certain anesthesia, respiratory, and vascular access products.”

Mr. Kelly continued, ”As we enter the second year of our three-year long-range plan, and despite the challenges caused by the global pandemic, Teleflex remains in a strong financial position, supported by a healthy balance sheet, which includes over $400 million of cash on hand, and access to additional liquidity under our revolving credit facility. We continue to remain confident in underlying business fundamentals, including robust demand for our innovative and critical care products. That said, due to the rapidly evolving environment and continued uncertainties from the impact of the COVID-19 global pandemic, we are withdrawing our previously announced 2020 financial guidance, as at this time, Teleflex cannot accurately predict the specific extent or duration of the impact of the COVID-19 outbreak on its financial and operating results.”

Mr. Kelly concluded, "While we are disappointed in the necessity of retracting our prior 2020 financial guidance, we remain confident in our ability to generate significant constant currency revenue growth, margin expansion, and adjusted earnings per share and free-cash flow growth over the long term."

WITHDRAWING 2020 OUTLOOK

As a result of the ongoing uncertainty regarding both the scope and duration of the COVID-19 global pandemic, Teleflex is withdrawing its previously issued 2020 financial guidance (on February 20). Since February 20, the impact of COVID-19 has rapidly expanded globally across Asia, Europe and the United States. Due to the anticipation for a surge in demand for capacity to treat those affected with COVID-19, medical authorities globally (including the U.S. Surgeon General, the American College of Surgeons, the American Hospital Association, the Center for Medicaid and Medicare Services, and the U.K. National Health Service) have advised the deferral of elective medical procedures. As a result, the Company anticipates material disruption caused by the evolving COVID-19 pandemic and macroeconomic environment. In addition, given the ongoing uncertainty of the scope and duration of the pandemic, the Company is currently unable to estimate the magnitude or duration of specific impacts on its business. Given a high-degree of uncertainty around the potential negative financial impact from COVID-19, Teleflex will not update 2020 guidance until the impact of COVID-19 becomes sufficiently clear.

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