Teleflex (NYSE: TFX) shares slipped a bit this morning after the medtech company said it’s lowering its constant-currency sales outlook for this year.
Ahead of its annual investor & analyst day today, Limerick, Pa.-based Teleflex said it now expects to post constant-currency sales growth of 8.0%-8.7% for 2013, down from prior guidance of 8.5%-10.0%.
The news sent TFX shares down 1.6% to $93.16 apiece as of about 10:15 a.m. today.
"The company is heading to a solid finish in 2013 and we have built momentum in executing our strategic initiatives as we look forward to 2014. However, due to lower than expected distributor purchases, primarily in Asia, and delays in concluding negotiations in a distributor-to-direct conversion, we are slightly lowering our 2013 revenue growth expectations," chairman, president & CEO Benson Smith said in prepared remarks. "I am pleased to announce that this dealer negotiation recently concluded positively for Teleflex. As a result of this, as well as the recently completed acquisition of Vidacare, the introduction of new products to the market, and the continued integration of LMA, Teleflex is well-positioned to continue to exceed industry revenue growth rates and expand adjusted operating margin and earnings per share in 2014."
Teleflex also said it’s shooting for adjusted earnings per share of $5.35 to $5.55 on constant-currency sales growth of 7%-9% next year. Adjusted EPS this year are still expected to be between $4.85 and $5.00, according to a press release.