Teleflex (NYSE:TFX) today posted third-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.
The Wayne, Pennsylvania–based maker of critical care and surgical products reported profits of $101.9 million, or $2.16 per share, on sales of $686.8 million for the three months ended Sept. 27. The results represented a bottom-line slide of 48.8% and top-line cut of 1.92% compared with Q3 2021.
Adjusted to exclude one-time items, earnings per share were $3.27, 16¢ ahead of The Street, where analysts were looking for sales of $691.48 million.
More on Teleflex’s Q3 earnings report
“Our third quarter financial results reflect revenue contributions from our high-growth portfolio and durable core,” President and CEO Liam Kelly said in a news release. “We continue to execute on our long-term strategic objectives, deploying capital to purchase Standard Bariatrics. The [$170 million] acquisition of Standard Bariatrics is consistent with our long-standing M&A strategy, including an expectation for revenue and margin accretion over time. During the quarter, we saw stabilization in logistics and distribution, while supply chain challenges have yet to normalize.”
Teleflex reduced its full-year 2022 guidance. It expects GAAP revenue growth between –0.75% and 0.25% and GAAP diluted EPS in the range of $7.74 to $8.14 — down from the previous projection of revenue growth between –0.45% and 0.55% and EPS in the range of $8.04 to $8.44.
TFX shares were slightly up this morning, trading at $208.98 apiece. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up more than 1%.