The Wayne, Pa.-based surgical and critical care device maker posted profits of $131.15 million, or $2.83 per share on sales of $630.64 million for the three months ended March 29, 2020, for a 220.68% bottom-line gain on a sales drop of 2.8%.
Adjusted to exclude one-time items, earnings per share were $2.83, 48¢ ahead of Wall Street, where analysts were looking for sales of $620.64 million.
“We were pleased with the first quarter 2020 performance for Teleflex, with results that included 4% constant currency revenue growth and $2.72 in adjusted EPS, a 21.4% year-over-year increase,” said Teleflex president & CEO Liam Kelly in a news release. “These results occurred despite a worse-than-expected global impact from COVID-19, including a slowdown in the performance of non-emergent procedures during the last two weeks of March within the United States, and are a testament to the diverse product portfolio that we have created during the past decade. By geography, during the first quarter we saw a negative impact from COVID-19 in the Americas and Asia, while EMEA saw a benefit due to elevated ordering for certain anesthesia, respiratory, and vascular access products.”
Like many other medtech companies, Teleflex withdrew its previously announced 2020 financial guidance due to the effects of the pandemic.
Shares in TFX were down 3.89% to $339.73 in mid-afternoon trading today.