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Home » Teleflex lowers guidance on mixed bag Q2 results

Teleflex lowers guidance on mixed bag Q2 results

July 28, 2022 By Danielle Kirsh

TeleflexTeleflex (NYSE:TFX) posted second-quarter results today that missed the revenue consensus on Wall Street and cut its outlook for the rest of the year.

Shares in TFX were down 10.40% to $238.80 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.1%.

The Wayne, Pennsylvania-based company reported profits of $105.5 million, or $2.23 per share, on sales of $704.5 million for the three months ended June 26, for a bottom-line growth of 26.7% on sales loss of 1.26% compared with Q2 2021.

Adjusted to exclude one-time items, earnings per share were $3.39, 85¢ ahead of The Street, where analysts were looking for sales of $719.5 million.

Teleflex is lowering its GAAP EPS for the fiscal year and is reducing in revenue growth guidance to a range of 3.25% to 4.25%. It also expects a year-over-year headwind from the initial phase of its respiratory divestiture completed on June 28.

Truist analysts pointed to slow growth of Teleflex’s UroLift system, missing by about $14M. Despite the miss, the analysts said Q2 margins outperformed.

“Our second quarter results showed the resilience of our diverse portfolio of growth drivers and medically-necessary products,” President and CEO Liam Kelly said in a news release. “Nonetheless, we did not see the expected operating environment recovery in our Interventional Urology business during the second quarter. Despite the near-term challenges, we remain committed to our multi-year strategy to drive growth in our high-growth portfolio and durable core, enhance margins, and advance our ESG initiatives.”

Filed Under: Business/Financial News, Cardiovascular, MassDevice Earnings Roundup, News Well, Structural Heart, Wall Street Beat Tagged With: Teleflex

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About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Design & Outsourcing, MassDevice, and Medical Tubing + Extrusion, and the founder of Women in Medtech and lead editor for Big 100. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at [email protected].

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