Teleflex (NYSE: TFX) today reported third-quarter results that beat the consensus forecast on Wall Street but lowered its full-year revenue guidance as the COVID-19 pandemic affects sales across product lines.
The Wayne, Pennsylvania–based critical care and surgical tech company reported profits of $199.2 million, or $4.20 per share, on sales of $700.3 million for the three months ended September 26, 2021, nearly doubling the bottom line on sales growth of 11.5% compared with Q2 2020.
Adjusted to exclude one-time items, earnings per share were $3.51, 48¢ ahead of The Street, where analysts were looking EPS of $3.03 on sales of $698.26 million.
“Teleflex delivered solid third-quarter results reflecting the benefits of our diversified product portfolio and disciplined operating execution, despite varying levels of headwinds associated with COVID-19 infections across our product lines and geographic segments,” CEO Liam Kelly said in a news release.
The company’s UroLift system for treating prostate gland enlargement saw a more significant than expected impact from COVID-19, including regional pauses in elective surgical procedures and business-related disruptions associated with the pandemic.
Teleflex is reducing its 2021 GAAP revenue growth guidance to 10–11% year-over-year from a previous 10.50–11.75%. Meanwhile, the company raised its 2021 GAAP diluted earnings per share projection to $9.86 to $10.06 from a previous $9.50 to $9.60 — and 2021 adjusted diluted earnings per share to $13.15 to $13.35 from an earlier $12.90 to $13.10.
“Our revised outlook does not assume a full recovery in elective surgical procedures due to the ongoing impact of the COVID-19 pandemic,” Kelly said.
Investors reacted by sending TFX shares down more than –3.4% to $353.79 by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.