Limerick, Pa.-based Teleflex said it inked deals to buy the EZ-Blocker pulmonary catheter technology and Axiom Technology Partners, which makes the EFx line of laparoscopic fascial closure devices.
TFX also reported losses of $283.7 million, or $6.96 per share, on sales of $387.8 million, for the 3 months ended April 1. But excluding some $332.1 million in non-cash impairment charges, adjusted earnings per share were $1.01, 4¢ above consensus expectations on The Street.
Teleflex said the impairment charges stem from its moves last year to ditch its non-med-tech assets to become a pure-play medical device maker. Goodwill impairment tests after the moves were complete showed that some of its units were "impaired," according to a press release.
"As a result of these tests, we determined that three of the reporting units in the North America operating segment were impaired, and we recorded goodwill impairment charges of $220 million in the Vascular reporting unit, $107 million in the Anesthesia/Respiratory reporting unit and $5 million in the Cardiac reporting unit in the first quarter of 2012," according to the release.
" The non-cash impairment charge is not the result of the company’s current performance and is not reflective of the company’s longer-term opportunities," chairman, president & CEO Benson Smith said in prepared remarks. "We are reaffirming our previously announced 2012 constant currency revenue growth and adjusted earnings per share ranges, and we remain very optimistic about our growth strategy, business and cash flows."
Teleflex said it expects to post constant-currency sales growth of 4% to 6% this year, with adjusted EPS of between $4.25 to $4.45.
Altogether the news sent TFX shares up 2.5% to $64.26 as of about 2:20 p.m. today.
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