
Third Quarter 2026 Earnings Conference Call
11/5/2026
Conference Call LogisticsThe release, accompanying slides, and replay webcast are available online at https://www.teleflex.com (click on Investors)
An audio replay of the call will be available beginning at 11:00 am Eastern Time on November 5, 2026 either on the Teleflex website or by telephone.
The call can be accessed by dialing
1 833 309 1852 (U.S. and Canada) or 1 929 828
5978
(all other locations).
The confirmation code is 893 259 060.
Today's Speakers Jason WeidmanPresident and CEO
John DerenExecutive VP and CFO
Lawrence KeuschVP, Investor Relations and Strategy Development
TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026
Note on Forward-Looking StatementsThis presentation contains forward-looking statements, including, but not limited to, our forecasted 2026: GAAP, pro forma adjusted revenue and pro forma adjusted constant currency revenue growth, GAAP and adjusted operating margin and GAAP and adjusted earnings per share and, in each case, our estimates with respect to the items expected to impact those forecasted results; statements regarding our planned uses of the net proceeds from the closing of the sale of our OEM business (the "OEM Strategic Divestiture"), including, without limitation, with respect to the paydown of debt and the repurchase of shares of our outstanding common stock; statements regarding our expectations with respect to the timing for closing of the sales of our Acute Care and Interventional Urology businesses (which, together with the OEM Strategic Divestiture, we refer to as the "Strategic Divestitures"); statements regarding projected costs, savings and timing with respect to restructuring activities related to the Strategic Divestitures; our expectation that the transition services and manufacturing services agreements to be entered into in connection with the Strategic Divestitures will offset stranded costs on an annualized basis; statements regarding EZPLAZ; statements regarding our BIOMAG-II and BIOMAG-III trials and our BIOMAG-LL clinical study; our expectation that our financial profile will be meaningfully stronger starting in 2027; and other matters which inherently involve risks and uncertainties which could cause actual results to differ from those projected or implied in the forward-looking statements. Any forward-looking statements contained herein are based on our management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or company actions to differ materially from what is expressed or implied by these statements. These risks and uncertainties are identified and described in more detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K. We expressly disclaim any obligation to update these forward-looking statements, except as otherwise explicitly stated by us or as required by law or regulation. You should not place undue reliance on these statements or the scientific data presented.
Note on Non-GAAP Financial MeasuresThis presentation refers to certain non-GAAP financial measures, including, but not limited to, pro forma adjusted revenue, pro forma adjusted constant currency revenue growth, adjusted diluted earnings per share, adjusted gross and operating margins, adjusted selling, general and administrative expenses, adjusted research and development expenses, adjusted income before taxes, adjusted income tax expense and adjusted tax rate. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Tables reconciling these non-GAAP financial measures to the most comparable GAAP financial measures are contained within this presentation and the appendices at the end of this presentation.
Additional NotesThis document contains certain highlights with respect to our third quarter 2026 results and developments and does not purport to be a complete summary thereof. Accordingly, we encourage you to read our Earnings Release for the quarter ended September 30, 2026 located in the investor section of our website at https://www.teleflex.com and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 to be filed with the Securities and Exchange Commission.
Unless otherwise noted, the following slides reflect continuing operations.
Executive OverviewJason Weidman President and CEO
Q3'26 Highlights Q3 Performance SummaryQ3'26 pro forma adjusted constant currency revenue grew 3.0%
year-over-year
Q3'26 adjusted gross margin of 66.8% and adjusted operating margin of 25.0%
Q3'26 adjusted EPS of $2.63, a 39.2% increase year-over-year
OEM Divestiture Update
Closed the OEM Strategic Divestiture for $1.5 billion in proceeds ($1.25 billion after-tax)
OEM Strategic Divestiture generates the majority of our expected
and
proceeds from the Strategic Divestitures - funded debt paydown
share repurchase
Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information.
TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026
Innovation UpdatesEZPLAZTM: Building a Long-Term Growth Driver
Q3 2026 UPDATE
EZPLAZTM
Freeze Dried Plasma
At Least $200 Million
potential long-term U.S. market opportunity and a meaningful growth driver for Teleflex
First and only FDA-licensed freeze dried plasma; approved in late July; customer interest has been high
Stored at room temperature and ready to reconstitute in minutes - makes plasma available on the battlefield, in air and road ambulances, and in trauma centers without waiting to thaw1,2
Flexible bag is a meaningful differentiator vs. glass-container formats expected from future entrants; first-mover advantage positions EZPLAZ to set the standard
Initial priority is the U.S. government and military, expected to account for the majority of current manufacturing capacity; Department of War discussions continue to progress
EXPECTED REVENUE PROFILE
2026
Immaterial revenue
2027
Revenue contributor
Beyond 2027
Modest ramp over the first several years as the market is built and supply scales
Pusateri AE, Given MB, Schreiber MA, et al. Dried plasma: state of the science and recent developments. Transfusion. 2016;56 Suppl 2:S128-S139. doi:10.1111/ trf.13580
Hervig T, Doughty H, Ness P, et al. Prehospital use of plasma: the blood bankers' perspective. Shock. 2014;41 Suppl 1:39-43. doi:10.1097/SHK.0000000000000144
Rx Only
See appendices to this presentation for EZPLAZ™ Freeze Dried Plasma Indications and Important Safety Information.
Innovation UpdatesDifferentiated
Freesolve combines temporary scaffolding with drug delivery to target rapidly growing interventional trend to "leave nothing behind"
Late-2027
BIOMAG-II: first randomized clinical data readout expected
FreesolveTM Resorbable Magnesium Scaffold (RMS) Breakthrough Device Designation Received
Received FDA Breakthrough Device Designation (BDD) for FreesolveTM RMS in percutaneous coronary intervention (PCI), building on the 2024 BDD for below-the-knee (BTK) treatment of chronic limb-ischemia
BIOMAGTM-II: enrollment completed ahead of schedule; one-year data vs. XIENCETM Drug-Eluting Stent (DES) expected in late 2027
BIOMAGTM-III: U.S. pivotal trial underway to support a future Premarket Approval (PMA) submission
BIOMAGTM-LL Clinical Study Enrollment Completed
Completed enrollment of 102 patients across 14 European centers evaluating 35 mm and 40 mm FreesolveTM RMS lengths in de novo coronary lesions up to 38 mm
Primary endpoint is 12-month target lesion failure (TLF)*
Study will help determine whether longer scaffold lengths may enable treatment of long lesions with fewer implants, potentially simplifying procedures and reducing scaffold overlap
35 mm and 40 mm lengths are also included in the ongoing BIOMAGTM-III pivotal clinical trial
*Target lesion failure (TLF) is a composite clinical endpoint commonly used to assess the safety and effectiveness of coronary interventional devices.
CAUTION-Investigational device. Limited by the United States law to investigational use.
FreesolveTM RMS is not for sale in the United States and is commercially available in CE-mark accepting countries only. Indications for Use may vary by geographic location.
Q3'26 Segment Commentary of Continuing OperationsSales ($M) Commentary
Vascular
$243.5
Reported rev. growth: 4.7% Pro forma adj. const. curr. rev. growth: 4.6%
In Q3'26, growth was primarily driven by our intraosseous portfolio, hemostatic products, and peripheral access products
As expected, saw some distributor inventory destocking associated with normalization following the lidocaine recall earlier in the year
Interventional
$210.3
Reported rev. growth: (2.6)% Pro forma adj. const. curr. rev. growth: 0.2%
Surgical
$114.0
Reported rev. growth: 4.2% Pro forma adj. const. curr. rev. growth: 5.1%
While several categories including complex catheters, hemostatic products, right heart catheters, and OnControl outperformed, growth was impacted by the ongoing integration and restructuring activities associated with the VI acquisition
Made good progress in Q3'26 on the mitigation actions addressing the temporary integration dynamics previously communicated; new leadership in place
Q3'26 growth was primarily driven by strong performances in ligation clips and skin stapling
As expected, growth remained strong but moderated from the first half due to the challenging comparison from the acceleration of our new instrument portfolio in mid-2025
Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information. Pro forma adjusted constant currency revenue growth is as compared to the prior year period.
Q3'26 Revenue Review By SegmentReported Revenue | September 30, 2026 Adjustment | Pro Forma Adjusted Revenue | Reported Revenue | September 28, 2025 Adjustment | Pro Forma Adjusted Revenue | Reported Revenue Growth | % Increase / (Decrease) Currency Impact Adjustment Impact | Pro Forma Adjusted Constant Currency Revenue Growth | ||
Vascular | $243.5 | $- | $243.5 | $232.5 | $- | $232.5 | 4.7% | 0.1% | -% | 4.6% |
Interventional1 | 210.3 | - | 210.3 | 215.9 | (5.0) | 210.9 | (2.6)% | (0.5)% | (2.3)% | 0.2% |
Surgical2 | 114.0 | - | 114.0 | 109.5 | (0.7) | 108.8 | 4.2% | (0.3)% | (0.6)% | 5.1% |
Segment Net Revenues1 | 567.8 | - | 567.8 | 557.9 | (5.7) | 552.2 | 1.8% | (0.2)% | (1.0)% | 3.0% |
Other3 | - | - | - | 9.0 | (9.0) | - | (100.0)% | -% | (100.0)% | -% |
Consolidated Net Revenues1 | $567.8 | $- | $567.8 | $566.9 | $(14.7) | $552.2 | 0.2% | (0.2)% | (2.6)% | 3.0% |
Three Months Ended September 30, 2026
Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information.
Adjustments are inclusive of Vascular Intervention pro forma and discontinued product adjustments
Adjustments are inclusive of discontinued product adjustments
In 2025, amounts reflect the impact from decreases in our reserves related to the Italian payback measure pertaining to prior years.
Financial OverviewJohn Deren
Executive VP and CFO
Q3'26 Financial Review of Continuing OperationsAdjusted GAAP
2025 62.3%
450
bps
2026 66.8%
2025 32.7%
2026 34.3%
2025 7.6%
2026 7.5%
2025 22.0%
300
bps
2026 25.0%
2025 $1.89
2026 $2.63
2025 51.5%
2026 65.0%
2025 36.6%
2026 38.9%
2025 7.8%
2026 7.6%
Gross Margin
The year-over-year adjusted gross margin increase was primarily driven by the following:
a 290 bps benefit from a refund related to 2026 IEEPA tariff payments
and foreign currency fluctuations, partially offset by an increase in quality remediation charges
SG&A Expense
(% of Sales)
The year-over-year adjusted SG&A expense % of sales increase was driven by the following:
operating expenses associated with business and employee investments
R&D Expense
(% of Sales)
Year-over-year adjusted R&D expense % of sales was flat
Operating Margin
2025 (11.0)%
2026 18.6%
The year-over-year adjusted operating margin increase was driven by the following:
year-over-year gross margin increase
partially offset by business investments and higher incentive compensation (stronger performance in 2026 and lower prior year accrual)
Earnings per Share
2025
2026
The year-over-year adjusted earnings per share increase was driven by the following:
-$1.32
$1.30
higher sales volume, lower interest expense and shares outstanding, and tariff refunds
Note: See appendices for reconciliations of non-GAAP financial information.
Capital Allocation Strategy UpdateCapital return commitment
$1 billion share repurchase authorization and $800 million reduction in debt
Near-term capital return to shareholders to be primarily funded by after-tax proceeds from the Strategic Divestitures
Share repurchases
From July 1, 2026 through the date of this presentation, the Company has repurchased $350 million of its common stock through an ASR program ($250 million) and open market purchases ($100 million)
This consisted of 2.7 million shares repurchased at an average price of $128.96 per share
As of November 5, 2026, the Company had $400 million remaining available under the current authorization
TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026 13
2026 Financial GuidanceRevenue
Maintaining 2026 pro forma adjusted constant currency revenue growth range of 3.5% to 4.5% year-over-year
Reducing 2026 GAAP revenue from continuing operations growth range to 13.2% to 14.2% year-over-year due to changes in foreign currency exchange rates
Earnings Per Share
Increasing 2026 Adjusted diluted EPS from continuing operations range to $7.50 to $7.75
Increasing 2026 GAAP EPS from continuing operations range to $2.84 to $3.09
Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information. TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026 14
2026 Guidance Considerations3.5% to 4.5% pro forma adjusted constant currency revenue growth for 2026
Pro Forma Adj. CC Revenue Growth
Excludes foreign exchange, Italian payback measure, and discontinued products
Includes Vascular Intervention revenue for the first half of 2025
Adjusted Earnings Per Share
2026 adjusted EPS from continuing operations in the range of $7.50 to $7.75
Assumes:
~20.0% adjusted operating margin inclusive of IEEPA tariff refunds of $16.5M recognized in the third quarter 2026
~11.5% adjusted tax rate
$85M of net interest expense
42.5 million shares outstanding for 2026
Reflects execution of capital allocation strategy, including pay off of $700 million Term Loan A-2, pay down of a portion of the revolving credit facility, and $600 million of share repurchases
Excludes transition services (TS) and manufacturing services (MS) benefits from the Acute Care & Interventional Urology Strategic Divestiture
Excludes future repurchases under the $1B buyback program funded by Strategic Divestitures proceeds, of which $400 million is remaining
Excludes incremental debt paydown with net proceeds from the Strategic Divestitures
Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information.
TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026 15
2026 Financial Guidance - Future OpportunitiesAdjusted Operating Margin
TS/MS agreements expected to offset stranded costs on an annualized basis following close of AC/IU Strategic Divestiture
Previously announced restructuring programs to result in ~$50 million of pre-tax savings on an annualized basis upon completion in mid-2028, which will contribute to mitigating stranded costs
Debt Paydown
Intent to pay down ~$800M in debt (paid off $700 million of debt associated with the Vascular Intervention acquisition), with net proceeds from the Strategic Divestitures
Share Repurchase
Remaining $400 million authorization under previously announced share repurchase program to be funded with net proceeds from the Strategic Divestitures
Working on additional cost savings to further mitigate stranded costs
TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026 16
2026 Financial Guidance of Continuing Operations Summary2026 Guidance | Low | High |
GAAP Revenue Growth | 13.2% | 14.2% |
Impact of Vascular Intervention Pro Forma | 10.0% 10.0% | |
Impact of Discontinued Product | (0.7)% | (0.7)% |
Impact of Italian Payback Measure | (0.5)% (0.5)% | |
Base Year Adjustment (GAAP Versus Pro Forma Adjusted) | 0.4% | 0.4% |
Impact of Foreign Exchange Rate Fluctuations | 0.5% 0.5% | |
Pro Forma Adjusted Constant Currency Revenue Growth | 3.5% | 4.5% |
Adjusted Operating Margin | ~20.0% | |
Adjusted EPS | $7.50 | $7.75 |
Adjusted EPS % Growth | 7.4% | 11.0% |
Note: See appendices for reconciliations of non-GAAP financial information.
Forecasted 2026 Pro Forma Adjusted Revenue From Continuing Operations Reconciliation2026 Guidance | 2025 | 2026 Guidance | |
Low | High | ||
GAAP revenue | $1,992.7 $2,256 | $2,276 | |
Vascular Intervention pro forma adjustment | 199.0 - | - | |
Discontinued product adjustment | (14.3) - | - | |
Italian payback measure adjustment | (9.0) - | - | |
Pro forma adjusted revenue | $2,168.4 $2,256 | $2,276 | |
Note: See appendices for reconciliations of non-GAAP financial information.
Key TakeawaysStrong Q3 Performance; Raising FY26 Adjusted EPS Guidance
Expanded adj. margins; grew adj. EPS
Vascular & Surgical solid; Interventional moving in the right direction
Maintaining FY26 revenue growth outlook
Meaningful Progress on Our Transformation
Interventional integration advancing with new leadership in place
Confident in completing the AC/IU divestiture
Advancing longer-term growth with EZPLAZ and Freesolve
Clear Path to a Meaningful Step-Up in 2027+
Priorities: strengthen foundation, accelerate organizational effectiveness, elevate growth profile
Planned completion of $1B buyback after AC/IU close
2027 step-up in adj. op. margin & EPS; sustainable growth beyond
19 TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026
Thank You!
20 TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026
Appendices Non-GAAP Financial MeasuresThe 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:
Pro forma adjusted revenue. This non-GAAP measure is based upon net revenues, adjusted to (i) exclude products discontinued in the year ended December 31, 2025 due to a strategic realignment; (ii) exclude the items described in Italian payback measure; and (iii) give effect to our acquisition of the Vascular Intervention business from BIOTRONIK SE & Co. KG as if it had occurred on January 1, 2025.
Pro forma adjusted constant currency revenue growth. This non-GAAP measure is based upon net revenues, adjusted to exclude, depending on the period presented, the items described in Pro forma adjusted revenue and to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and such changes generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends.
Note: Pro forma adjusted revenue and pro forma adjusted constant currency revenue growth give effect to, among other things, our acquisition of the Vascular Intervention business from BIOTRONIK SE & Co. KG as if it had occurred on January 1, 2025. The pro forma information is presented for informational purposes only and is not necessarily indicative of the historical results that would have occurred under our ownership and management, nor the results that may be obtained in the future.
Non-GAAP Financial MeasuresAdjusted diluted earnings per share. This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the impact of (i) restructuring and optimization charges; (ii) impairment charges; (iii) acquisition, integration and divestiture related items; (iv) separation costs; (v) Italian payback measure; (vi) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (vii) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (viii) intangible amortization expense; (ix) other items; and (x) tax adjustments. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends.
Adjusted gross profit and margin. These measures exclude, depending on the period presented, the impacts of (i) restructuring and optimization charges; (ii) acquisition, integration and divestiture related items; (iii) Italian payback measure; (iv) other items; and (v) intangible amortization expense.
Adjusted operating profit and margin. These measures exclude, depending on the period presented, the impact of (i) restructuring and optimization charges; (ii) impairment charges; (iii) acquisition, integration and divestiture related items; (iv) separation costs; (v) Italian payback measure; (vi) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (vii) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (viii) intangible amortization expense; and (ix) other items.
Adjusted selling, general and administrative expenses. This measure excludes, depending on the period presented, the impact of (i) restructuring and optimization charges; (ii) acquisition, integration and divestiture related items; (iii) Italian payback measure; (iv) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (v) intangible amortization expense; and (vi) other items.
Adjusted research and development expenses. This measure excludes the impact of certain costs associated with the registration of medical devices under the European Union Medical Device Regulation.
Adjusted income before taxes. This measure excludes, depending on the period presented, the impact of (i) restructuring and optimization charges; (ii) impairment charges; (iii) acquisition, integration and divestiture related items; (iv) separation costs; (v) Italian payback measure; (vi) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (vii) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (viii) intangible amortization expense; and (ix) other items.
Adjusted income tax expense. This measure excludes, depending on the period presented, the impact of (i) restructuring and optimization charges; (ii) impairment charges; (iii) acquisition, integration and divestiture related items; (iv) Italian payback measure; (v) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (vi) intangible amortization expense; (vii) tax adjustments; and (viii) other items.
Adjusted tax rate. This measure is the percentage of the Company's adjusted taxes on income from continuing operations to its adjusted income from continuing operations before taxes. Adjusted taxes on income from continuing operations excludes, depending on the period presented, the impact of tax benefits or costs associated with (i) restructuring and optimization charges;
(ii) impairment charges; (iii) acquisition, integration and divestiture related items; (iv) separation costs; (v) Italian payback measure; (vi) costs incurred in connection with our implementation of a new global ERP solution and related IT transition costs; (vii) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (viii) intangible amortization expense; and (ix) tax adjustments.
Non-GAAP AdjustmentsThe 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 and optimization charges - Restructuring and optimization charges include expenses associated with discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies, integrate acquired businesses and optimize product portfolios through targeted optimization efforts. These charges include qualified restructuring costs (which may include costs associated with employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement), restructuring related expenses (which may include accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of a restructuring program) and product line exit charges.
Impairment charges - Impairment charges, including those related to goodwill, and other assets occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results.
Acquisition, integration and divestiture related items - Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, that are directly related to specific business or asset acquisition transactions. These charges may include, among other things, professional, consulting and other fees; systems integration costs; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; temporary financing costs directly associated with the transaction, such as bridge loan financing fees, ticking fees, and similar charges, and the impact of derivative instruments executed to hedge foreign currency exposure or other risks associated with the purchase price. Divestiture related activities involve specific business or asset sales. Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities.
Separation costs - These are expenses related to the Strategic Divestitures, including activities to prepare the businesses for divestiture and maintain continuity through the separation process. These charges and costs do not represent normal and recurring operating expenses, will be inconsistent in amounts and frequency, and are not expected to recur after the transaction and related transition services agreements and other arrangements negotiated in connection with the Strategic Divestitures have been completed.
Non-GAAP AdjustmentsItalian payback measure - The Italian payback measure is a law that requires suppliers of medical devices to the Italian National Healthcare System to make payments to the Italian government if medical device expenditures in a given year exceed regional expenditure ceilings established for that year. As a result of a ruling from the Italian courts, we recognized a decrease in our reserves during the year ended December 31, 2024, of which $13.8 million related to prior years when including discontinued operations and $6.2 million on a continuing operations basis. In August 2025, the Italian Parliament enacted a modification to the previously enacted legislation that reduced the payment amounts due from the affected companies, including Teleflex, to approximately 25% of the amounts originally invoiced for the years 2015 through 2018. As a result of the modification in the legislation, along with an adjustment to our calculation of the reserves related to years 2019 through 2025, we recognized a $23.7 million decrease in our reserve (and corresponding increase to revenue for the year ended December 31, 2025), of which $20.1 million pertains to prior periods when including discontinued operations and $9.0 million on a continuing operations basis. The amounts do not represent normal adjustments to revenue and are nonrecurring in nature, making it difficult to contribute to a meaningful evaluation of our period over period operating performance.
Other - These are discrete items that occur sporadically and can affect period-to-period comparisons. The benefit from IEEPA tariff refunds received in 2026 related to tariffs incurred in 2025 were excluded from the Company's non-GAAP financial measures for the third quarter of 2026 because it does not represent normal, recurring operating expenses, making it difficult to contribute to a meaningful evaluation of our period-over-period operating performance.
MDR - 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, including requirements affecting clinical evaluations, quality systems and post-market surveillance. The MDR requirements became effective in May 2021, although certain devices that previously satisfied MDD requirements can continue to be marketed in the EU until December 2027 for highest-risk devices and December 2028 for lower-risk devices, subject to certain limitations. Significantly, the MDR will require the re-registration of previously approved medical devices. As a result, Teleflex will incur expenditures in connection with the new registration of medical devices that previously had been registered under the MDD. Therefore, these expenditures are not considered to be ordinary course expenditures in connection with regulatory matters (in contrast, no adjustment has been made to exclude expenditures related to the registration of medical devices that were not registered previously under the MDD).
Intangible amortization expense - Certain intangible assets, including customer relationships, intellectual property, distribution rights, trade names and non-competition agreements, initially are recorded at historical cost and then amortized over their respective estimated useful lives. The amount of such amortization can vary from period to period as a result of, among other things, business or asset acquisitions or dispositions.
Non-GAAP AdjustmentsERP implementation - These adjustments represent direct and incremental costs incurred in connection with our implementation of a new global enterprise resource planning ("ERP") solution and related IT transition costs. An implementation of this scale is a significant undertaking and will require substantial time and attention of management and key employees. The associated costs do not represent normal and recurring operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance.
Tax adjustments - These adjustments represent the impact of the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law or certain other discrete changes affecting our deferred tax liability.
Appendix A1 - 2026 Revenue Review By SegmentReported Revenue | September 30, 2026 Adjustment | Pro Forma Adjusted Revenue | Reported Revenue | September 28, 2025 Adjustment | Pro Forma Adjusted Revenue | Reported Revenue Growth | % Increase / (Decrease) Currency Impact Adjustment Impact | Pro Forma Adjusted Constant Currency Revenue Growth | ||
Vascular | $726.6 | $- | $726.6 | $677.6 | $- | $677.6 | 7.2% | 1.4% | -% | 5.8% |
Interventional1 | 626.8 | - | 626.8 | 430.0 | 188.2 | 618.2 | 45.8% | 0.7% | 44.4% | 0.7% |
Surgical2 | 333.0 | - | 333.0 | 307.1 | (1.5) | 305.6 | 8.4% | 1.0% | (0.6)% | 8.0% |
Segment Net Revenues1 | 1,686.4 | - | 1,686.4 | 1,414.7 | 186.7 | 1,601.4 | 19.2% | 1.0% | 14.0% | 4.2% |
Other3 | - | - | - | 9.0 | (9.0) | - | (100.0)% | -% | (100.0)% | -% |
Consolidated Net Revenues1 | $1,686.4 | $- | $1,686.4 | $1,423.7 | $177.7 | $1,601.4 | 18.5% | 1.0% | 13.3% | 4.2% |
Nine Months Ended September 30, 2026
Note: See tables appearing in this presentation and the appendices hereto for reconciliations of non-GAAP financial information.
Adjustments are inclusive of Vascular Intervention pro forma and discontinued product adjustments
Adjustments are inclusive of discontinued product adjustments
In 2025, amounts reflect the impact from decreases in our reserves related to the Italian payback measure pertaining to prior years.
Appendix A2 - Segment Revenue Review by RegionAppendix B1 - Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data)Three Months Ended
Nine Months Ended
September 30,
September 28,
September 30,
September 28,
2026
2025
2026
2025
Reported Revenue
Vascular
North America
$155.6
$151.9
$469.1
$444.2
Rest of World
87.9
80.6
257.5
233.4
Total
243.5
232.5
726.6
677.6
Interventional
North America
104.1
105.7
302.5
266.5
Rest of World
106.2
110.2
324.3
163.5
Total
210.3
215.9
626.8
430.0
Surgical
North America
64.8
63.9
191.1
179.6
Rest of World
49.2
45.6
141.9
127.5
Total
114.0
109.5
333.0
307.1
Segment Net Revenues
North America
324.5
321.5
962.7
890.3
Rest of World
243.3
236.4
723.7
524.4
Total
$567.8
$557.9
$1,686.4
$1,414.7
Three Months Ended September 30, 2026
Revenue
Gross margin
SG&A (1)
R&D (1)
Operating margin (2)
Income before income taxes
Income tax expense
Effective income tax rate
Diluted earnings per share from continuing operations
GAAP Basis - Continuing Operations
$567.8
65.0%
38.9%
7.6%
18.6%
$83.1
$28.8
34.7%
$1.30
Adjustments
Restructuring and optimization charges (A) - 0.1 (0.5) - 0.5 3.7 0.7 0.09
Acquisition, integration and divestiture
Other items (C) - (1.5) - - (1.5) (5.3) (0.4) (0.12)
related items (B)
- - (0.7) - 0.7 4.3 0.9 0.08
MDR - - - (0.1) 0.1 0.1 - -
ERP implementation - - (0.6) - 0.6 3.3 0.5 0.07
Tax adjustments - - - - - - (21.3) 0.51
Intangible amortization expense - 3.2 (2.8) - 6.0 33.9 4.5 0.70
Adjustments total - 1.8 (4.6) (0.1) 6.4 40.0 (15.1) 1.33
Adjusted basis $567.8 66.8% 34.3% 7.5% 25.0% $123.1 $13.7 11.1% $2.63
Notes:
Selling, general and administrative expenses and research and development expenses are shown as a percentage of net revenue.
Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of net revenue.
See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Totals may not sum due to rounding.
Appendix B2 - Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data)Revenue
Gross margin
SG&A (1)
R&D (1)
Operating margin (2)
(Loss) Income before income taxes
Income tax expense
Effective income tax rate
Diluted (loss) earnings per share from continuing operations
GAAP Basis - Continuing Operations
$566.9
51.5%
36.6%
7.8%
(11.0)%
$(92.4)
$(34.0)
36.8%
$(1.32)
Adjustments
Restructuring and optimization charges (A)
-
0.6
-
-
0.9
4.8
0.8
0.08
Impairment charges
-
-
-
-
17.6
100.0
22.9
1.74
Acquisition, integration and divestiture related items (B)
-
7.4
(1.1)
(0.1)
8.6
48.7
9.4
0.88
Separation costs
-
-
-
-
0.2
1.3
0.1
0.03
Italian payback measure
(9.0)
(0.6)
0.5
0.1
(1.2)
(9.0)
(0.9)
(0.18)
ERP implementation
-
-
(0.6)
-
0.6
3.6
0.6
0.07
MDR
-
-
-
(0.2)
0.2
1.3
-
0.03
Intangible amortization expense
-
3.4
(2.7)
-
6.1
34.3
4.7
0.67
Tax adjustments
-
-
-
-
-
-
5.0
(0.11)
Adjustments total
(9.0)
10.8
(3.9)
(0.2)
33.0
185.0
42.6
3.21
Adjusted basis
$557.9
62.3%
32.7%
7.6%
22.0%
$92.6
$8.6
9.3%
$1.89
Three Months Ended September 28, 2025
Notes:
Selling, general and administrative expenses and research and development expenses are shown as a percentage of net revenue.
Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of net revenue.
See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Totals may not sum due to rounding.
Appendix B3 - Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data)Nine Months Ended September 30, 2026
Revenue | Gross margin | SG&A (1) | R&D (1) | Operating margin (2) | Income before income taxes | Income tax expense | Effective income tax rate | Diluted earnings per share from continuing operations | |
GAAP Basis - Continuing Operations | $1,686.4 | 59.8% | 39.2% | 7.9% | 11.8% | $124.4 | $33.2 | 26.7% | $2.11 |
Restructuring and optimization charges (A) - | 0.4 | (1.1) | - | 2.4 | 42.5 | 6.9 | 0.83 | |
Acquisition, integration and divestiture - | 0.5 | (1.1) | - | 1.6 | 27.2 | 5.9 | 0.49 | |
Other items (C) - | (0.5) | 1.2 | - | (1.7) | (24.5) | (4.4) | (0.47) | |
ERP implementation - | - | (0.7) | - | 0.7 | 11.3 | 1.8 | 0.22 | |
MDR - | - | - | (0.1) | 0.1 | 0.9 | - | 0.02 | |
Intangible amortization expense - | 3.1 | (2.9) | - | 6.0 | 101.8 | 13.7 | 2.04 | |
Tax adjustments - | - | - | - | - | - | (21.2) | 0.49 | |
Adjustments total | 3.5 | (4.6) | (0.1) | 9.1 | 159.2 | 2.7 | 3.62 | |
Adjusted basis $1,686.4 | 63.3% | 34.6% | 7.8% | 20.9% | $283.6 | $35.9 | 12.7% | $5.73 |
Adjustments
related items (B)
Notes:
Selling, general and administrative expenses and research and development expenses are shown as a percentage of net revenue.
Operating margin defined as Income from continuing operations before interest, loss on extinguishment of debt and taxes as a percentage of net revenue.
See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Totals may not sum due to rounding.
Appendix B4 - Reconciliation of Consolidated Statement of Income Items (Dollars in millions, except per share data)Revenue
Gross margin
SG&A (1)
R&D (1)
Operating margin (2)
Income before income taxes
Income tax expense
Effective income tax rate
Diluted earnings per share from continuing operations
GAAP Basis - Continuing Operations
$1,423.7
57.1%
35.0%
6.7%
7.3%
$37.0
$(25.1)
(67.9)%
$1.38
Adjustments
Restructuring and optimization charges (A)
-
1.0
-
-
1.3
18.4
3.1
0.35
Impairment charges
-
-
-
-
7.6
108.1
24.7
1.86
Acquisition, integration and divestiture related items (B)
-
3.0
2.8
-
0.3
2.6
12.2
(0.21)
Separation costs
-
-
-
-
0.2
2.6
0.1
0.06
Italian payback measure
(9.0)
(0.2)
0.1
-
(0.6)
(8.9)
(0.9)
(0.18)
ERP implementation
-
-
(0.9)
-
0.9
13.3
2.1
0.25
MDR
-
-
-
(0.2)
0.2
2.9
0.1
0.06
Intangible amortization expense
-
3.2
(2.7)
-
6.0
85.0
10.8
1.65
Tax adjustments
-
-
-
-
-
-
7.1
(0.16)
Adjustments total
(9.0)
7.0
(0.7)
(0.2)
15.9
224.0
59.3
3.68
Adjusted basis
$1,414.7
64.1%
34.3%
6.5%
23.2%
$261.0
$34.2
13.1%
$5.06
Nine Months Ended September 28, 2025
Notes:
Selling, general and administrative expenses and research and development expenses are shown as a percentage of net revenue.
Appendix B Tickmarks
Restructuring and optimization charges - For the three months ended September 30, 2026, a pre-tax restructuring benefit of $0.3 million was offset by restructuring related charges of $4.0 million. For the three months ended September 28, 2025, pre-tax restructuring charges were $1.6 million and restructuring related charges were $3.3 million. For the nine months ended September 30, 2026, pre-tax restructuring charges were $16.7 million and restructuring related charges were $25.9 million. For the nine months ended September 28, 2025, pre-tax restructuring charges were $4.3 million, restructuring related charges were $11.5 million, and product optimization charges were $2.6 million.
Acquisition, integration and divestiture related items - For the three and nine months ended September 30, 2026, these charges primarily related to the acquisition of the Vascular Intervention business of BIOTRONIK SE & Co. KG. For the three months ended September 30, 2026 these charges included acquisition and integration costs of $4.2 million. For the nine months ended September 30, 2026 these charges included acquisition and integration costs of $20.9 million and inventory step up costs of $8.0 million. For the three and nine months ended September 28, 2025, these charges primarily related to the acquisition of the Vascular Intervention business of BIOTRONIK SE & Co. KG and changes in the estimated fair value of our contingent consideration liabilities. For the three months ended September 28, 2025 the charges included inventory step-up costs of $42.1 million and integration and acquisition costs of $4.4 million. For the nine months ended September 28, 2025 the charges included inventory step-up costs of $42.1 million and acquisition and integration costs of $26.5 million, which were offset by a benefit of $82.2 million related to non-designated foreign currency forward contracts.
Other - For the three months ended September 30, 2026, other items included a benefit from IEEPA tariff refunds of $8.8 million partially offset by legal and advisory fees incurred in response to an activist investor campaign of $0.1 million and a loss on extinguishment of debt of $3.4 million. For the nine months ended September 30, 2026, other items included a benefit from a litigation settlement of
$25.0 million and IEEPA tariff refunds of $8.8 million partially offset by legal and advisory fees incurred in response to an activist investor campaign of $3.7 million, a loss on extinguishment of debt of $4.5 million, and charges incurred in connection with the credit agreement refinancing of $1.0 million.
33 TELEFLEX EARNINGS CONFERENCE CALL 11/5/2026
Appendix C - 2026 Adj. Operating Margin Guidance ReconciliationForecasted GAAP Operating Margin | 11.0% |
Estimated restructuring and optimization items | 2.1% |
Estimated acquisition, integration and divestiture related items | 1.4% |
Estimated other items | (1.3)% |
Estimated ERP implementation | 0.7% |
Estimated intangible amortization expense | 6.1% |
Forecasted Adjusted Operating Margin | ~20.0% |
Low | High | |
Forecasted GAAP Diluted Earnings Per Share from continuing operations | $2.84 | $3.09 |
Restructuring and optimization items, net of tax | $0.93 | $0.93 |
Acquisition, integration and divestiture related items, net of tax | $0.58 | $0.58 |
Other items, net of tax | $(0.46) | $(0.46) |
ERP implementation, net of tax | $0.31 | $0.31 |
MDR, net of tax | $0.02 | $0.02 |
Intangible amortization expense, net of tax | $2.78 | $2.78 |
Tax adjustments | $0.50 | $0.50 |
Forecasted Adjusted Diluted Earnings Per Share from continuing operations, net of tax | $7.50 | $7.75 |
Global revenue growth
Pro forma adjusted revenue increased 4.2% year-over-year on a constant currency basis
Revenue increased 18.5% year-over-year on a GAAP basis
Gross margin
Adjusted gross margin of 63.3%, down 80 bps year-over-year
GAAP gross margin of 59.8% vs. 57.1% in the prior year period
Operating margin
Adjusted operating margin of 20.9%, down 230 bps year-over-year
GAAP operating margin of 11.8% vs. 7.3% in prior year period
Effective tax rate
Adjusted tax rate of 12.7% vs. 13.1% in prior year period
GAAP tax rate of 26.7% vs. (67.9)% in prior year period
Earnings per share
Adjusted EPS of $5.73, up 13.2% year-over-year
GAAP EPS of $2.11 vs. $1.38 in prior year period
Note: See appendices for reconciliations of non-GAAP financial information.
Rx Only
INDICATIONS AND IMPORTANT SAFETY INFORMATION FOR EZPLAZ™ FREEZE DRIED PLASMA
INDICATIONS
EZPLAZ™ Freeze Dried Plasma (FDP) is indicated for transfusion in adults when plasma is required and other plasma products are not available. Indications include:
Management of preoperative or bleeding patients who require replacement of multiple plasma coagulation factors [e.g., liver disease, disseminated intravascular coagulation (DIC)]
Patients undergoing massive transfusion who have clinically significant coagulation deficiencies
Patients taking warfarin who are bleeding or need to undergo an invasive procedure before vitamin K could reverse the warfarin effect or who need only transient reversal of warfarin effect IMPORTANT SAFETY INFORMATION
CONTRAINDICATIONS
Do not use EZPLAZ™ FDP:
In patients with history of hypersensitivity to fresh frozen plasma (FFP), liquid plasma or to plasma-derived products including any plasma proteins
In patients with IgA deficiency
WARNINGS AND PRECAUTIONS
As with other licensed blood products, EZPLAZ™ FDP may cause adverse events known to be associated with transfusion of blood products. For a complete list and further details not provided below, please refer to the Circular of Information.
Hemolytic Transfusion Reactions
Hemolytic transfusion reactions can occur with ABO blood group mismatches. EZPLAZ™ FDP is provided in blood group type AB or type A low titer Anti-B (< 1:200 by saline tube method).
Transfusion-Related Acute Lung Injury (TRALI)
To mitigate the risk of TRALI, EZPLAZ™ FDP is manufactured from FFP donated by male only donors.
Infection Risk from Human Plasma
Because EZPLAZ™ FDP is made from human plasma, it may carry a risk of transmitting infectious agents, e.g., viruses, bacteria, and theoretically the variant Creutzfeldt-Jakob disease (vCJD) agent.
Hypersensitivity Reaction
Hypersensitivity reactions, including anaphylaxis, may occur. Discontinue the transfusion if signs or symptoms of hypersensitivity occur and treat appropriately.
Specific Therapies
EZPLAZ™ FDP may be less effective in correcting certain coagulopathies when therapies targeting specific coagulation factor deficiencies or anticoagulant effects are available. In such situations, clinicians should consider the use of targeted therapies, when clinically appropriate, including vitamin K for urgent vitamin K antagonist reversal, fibrinogen-containing products for hypofibrinogenemia, specific coagulation factor concentrates, or specific reversal agents for non-vitamin K antagonist anticoagulants. Selection of therapy should be based on the patient's clinical condition, urgency of correction, and availability of alternative treatments.
Volume Expansion
EZPLAZ™ FDP is not intended for routine volume expansion. When administered in the absence of a documented coagulation factor deficiency or plasma protein deficiency, the expected clinical benefit may be limited, and alternative volume expanders are generally more appropriate. Clinicians should consider alternative therapies based on the patient's clinical needs.
Elevated INR
Transfusion of EZPLAZ™ FDP may not result in meaningful correction of a minimally elevated international normalized ratio (INR), such as values between 1.5 and 1.7. In these situations, the likelihood of achieving clinically significant hemostatic benefit may be low, and alternative management strategies should be considered based on the patient's overall clinical condition.
ADVERSE REACTIONS
To report SUSPECTED ADVERSE REACTIONS, contact Teleflex at 1-866-246-6990 and FDA at 1-800-FDA-1088 or https://www.fda.gov/medwatch.
For additional Safety Information, please see Full Prescribing Information at https://www.teleflex.com/EZPLAZPI.

