Teleflex (NYSE: TFX) reported Q2 EPS of $1.93, $0.68 better than the analyst estimate of $1.25. Revenue for the quarter came in at $567 million versus the consensus estimate of $537.89 million.

• Second Quarter Revenues of $567.0 million, down 13.1% versus Prior Year Period; down 12.0% on a Constant Currency Basis
• Second Quarter GAAP Diluted EPS from Continuing Operations of $0.24, Compared to $1.77 in the Prior Year Period
• Second Quarter Adjusted Diluted EPS from Continuing Operations of $1.93, down 27.4% Versus Prior Year Period
• New Workforce Reduction Plan to Further Improve Company Cost Structure Announced
• Not Reinstating 2020 Financial Guidance due to COVID-19 Pandemic

Liam Kelly, President and Chief Executive Officer, said, “We were pleased with our second quarter 2020 performance, which significantly exceeded our internal expectations and reflected improvements in underlying monthly revenue trends for the product categories most impacted by the postponement of non-emergent procedures because of COVID-19, particularly Interventional Urology, Interventional Access, and Surgical. Like our revenue performance, our second quarter 2020 adjusted EPS of $1.93 also significantly exceeded our expectations, reflecting the recovery we saw in procedures, as well as prudent operating expense management."

Mr. Kelly continued, "Despite the challenges caused by the global pandemic, Teleflex remains in a strong financial position, supported by a healthy balance sheet, which includes more than $550 million of cash on hand, and access to additional liquidity under our revolving credit facility. We remain confident in our core business fundamentals, including robust demand for our innovative and critical care products. That said, due to the rapidly evolving environment, continued uncertainties from the impact of the COVID-19 global pandemic, and recent regional outbreaks that are impacting the recovery, we are not reinstating 2020 financial guidance at this time.”

Mr. Kelly concluded, "We remain confident that we will weather the storm given our diversified business model and our continued belief in our ability to generate significant constant currency revenue growth, margin expansion, adjusted earnings per share and free cash flow growth over the long term."

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