Teleflex Incorporated · NYSE:TFX
Teleflex — Q1 2024 Earnings Presentation
23 slides from Teleflex's earnings presentation, May 2, 2024
Slide 1: Teleflex Incorporated Q1 2024 Earnings Conference Call
Teleflex Incorporated Q1 2024 Earnings Conference Call 5/2/2024
Slide 2: Conference Call Logistics
Conference Call Logistics The release, accompanying slides, and replay webcast are available online at www.teleflex.com (click on Investors) An audio replay of the call will be available beginning at 11:00 am Eastern Time on May 2, 2024 either on the Teleflex website or by telephone. The call can be
Slide 3: Today's Speakers
Today’s Speakers Liam Kelly Thomas Powell Lawrence Keusch Chairman, Executive VP VP, Investor President and CEO and CFO Relations and Strategy Development TELEFLEX EARNINGS CONFERENCE CALL 5/2/2024
Slide 4: Note on Forward-Looking Statements and Non-GAAP Financial Measures
Note on Forward-Looking Statements This presentation contains forward-looking statements, including, but not limited to our expectation that our Wattson™ Temporary Pacing Guidewire will complement our structural heart portfolio; our expectation that our synthetic buttressing material will enable us
Slide 5: Executive Overview
Executive Overview Liam Kelly Chairman, President and CEO
Slide 6: Q1 Performance Summary
Q1'24 Highlights Q1 ◦ Q1'24 constant currency revenue grew 3.8% year-over-year Performance ◦ Q1'24 adjusted gross margin of 61.1% and adjusted operating margin of 26.6% Summary ◦ Q1'24 adjusted EPS of $3.21, a 3.9% increase year-over-year 2024 Financial ◦ Maintained constant currency revenue growth
Slide 7: Q1'24 Segment Revenue Review
Q1'24 Segment Revenue Review Three Months Ended % Increase/ Decrease Reported Constant Currency Dollars in Millions March 31, 2024 April 2, 2023 Currency Impact Revenue Growth Growth Americas $406.3 $411.9 (1.4)% 0.1% (1.5)% EMEA $159.6 $143.3 11.4% 1.7% 9.7% Asia $84.2 $78.7 7.0% (4.2)% 11.2% OEM $
Slide 8: Q1'24 Global Product Category Revenue Review
Q1'24 Global Product Category Revenue Review Three Months Ended % Increase/ Decrease Reported Constant Currency Dollars in Millions March 31, 2024 April 2, 2023 Currency Impact Revenue Growth Growth Vascular Access $181.4 $177.7 2.1% 0.1% 2.0% Interventional $134.7 $116.9 15.2% (0.2)% 15.4% Anesthes
Slide 9: Clinical and Commercial Updates
Clinical and Commercial Updates Interventional Access Launch – Initiated a limited market release of the Wattson™ Temporary Pacing Guidewire ("TPG") – Wattson™ TPG will complement our expanding structural heart portfolio, which already includes the MANTA™ large-bore closure device and the Langston™
Slide 10: Financial Overview
Financial Overview Thomas Powell Executive VP and CFO
Slide 11: Q1'24 Financial Review
Q1'24 Financial Review ◦ Revenue increased 3.8% year-over-year on a GAAP basis Global revenue growth ◦ Revenue increased 3.8% year-over-year on a constant currency basis ◦ GAAP gross margin of 56.4% vs. 55.1% in the prior year period Gross margin ◦ Adjusted gross margin of 61.1%, up 170 bps year-ove
Slide 12: 2024 Financial Guidance Summary
2024 Financial Guidance Summary 2024 Guidance Low High GAAP Revenue Growth 3.35% 4.35% Impact of Foreign Exchange Rate Fluctuations (0.40)% (0.40)% Constant Currency Revenue Growth 3.75% 4.75% Adjusted Gross Margin 60.00% 60.75% Adjusted Operating Margin 26.25% 26.75% Adjusted EPS $13.60 $13.95 Adju
Slide 13: Key Takeaways
Key Takeaways We started 2024 with a We are well-positioned We will continue to focus solid performance. Our to deliver on our on our strategy to drive diversified portfolio and financial guidance for durable growth. We are global business units 2024. We remain progressing well with the performed we
Slide 14: Thank You!
Thank You! 14 TELEFLEX EARNINGS CONFERENCE CALL 5/2/2024
Slide 15: Appendices
Appendices Empowering the future of healthcare
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures The presentation to which these appendices are attached and the following appendices include, among other things, tables reconciling the following applicable non- GAAP financial measures to the most comparable GAAP financial measure: Constant currency revenue growth. This
Slide 17: Non-GAAP Adjustments
Non-GAAP Adjustments The following is an explanation of certain of the adjustments that are applied with respect to one or more of the non-GAAP financial measures that appear in the presentation to which these appendices are attached: Restructuring, restructuring related and impairment items - Restr
Slide 18: Non-GAAP Adjustments
Non-GAAP Adjustments European medical device regulation - The European Union (“EU”) has adopted the EU Medical Device Regulation (“MDR”), which replaces the existing Medical Devices Directive (“MDD”) and imposes more stringent requirements for the marketing and sale of medical devices in the EU, inc
Slide 19: Appendix A1 – Reconciliation of Consolidated Statement of Income Items
Appendix A1 – Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data) Three Months Ended March 31, 2024 Selling, general and Research and Operating Income Income tax Effective Diluted earnings per share Gross margin administrative development expenses ma
Slide 20: Appendix A2 – Reconciliation of Consolidated Statement of Income Items
Appendix A2 – Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data) Three Months Ended April 2, 2023 Selling, general and Research and Diluted earnings Gross administrative development Operating margin Income before Income tax Effective per share from
Slide 21: Appendix A Tickmarks
A. Restructuring, restructuring related and impairment items – For the three months ended March 31, 2024, pre-tax restructuring charges were $0.5 million, restructuring related charges were $3.2 million, and pre-tax impairment charges were $2.1 million. For the Appendix A three months ended April 2,
Slide 22: Appendix B - 2024 Adj. Gross and Operating Margin Guidance Reconciliation
Appendix B - 2024 Adj. Gross and Operating Margin Guidance Reconciliation Low High Forecasted GAAP Gross Margin 55.53% 56.28% Estimated restructuring, restructuring related and impairment items 0.27% 0.27% Estimated acquisition, integration and divestiture related items 0.06% 0.06% ERP Implementatio
Slide 23: Appendix C - Reconciliation of 2024 Adjusted Earnings Per Share Guidance
Appendix C - Reconciliation of 2024 Adjusted Earnings Per Share Guidance Low High Forecasted GAAP Diluted Earnings Per Share from continuing operations $6.87 $7.22 Estimated restructuring, restructuring related and impairment items, net of tax $0.24 $0.24 Estimated acquisition, integration and dives