Teleflex (NYSE:TFX) today posted Street-beating second-quarter financial results and increased its guidance for the full year.
The Wayne, Pa.–based critical care and surgical tech company posted profits of $83.2 million, or $1.76 per share, on sales of $713.5 million for the three months ended June 27, 2021, increasing its bottom-line by more than six times year-over-year on sales growth of 25.8%.
Adjusted to exclude one-time items, earnings per share were $3.35, 48¢ ahead of Wall Street, where analysts were looking for sales of $685.9 million.
“Although we continue to see varying levels of recovery across our product lines and geographic segments from challenges due to COVID-19, our second-quarter results showed continued positive business momentum,” Teleflex chairman, president & CEO Liam Kelly said in a news release. “Based on the strength of our first-half results and our outlook for the remainder of the year, we are maintaining our 2021 constant currency revenue guidance range and raising the full-year adjusted earnings per share guidance range, despite dilution in the second half from the respiratory asset sale, which we did not factor into the previously issued range.”
Teleflex said it now expects to log adjusted EPS of between $12.90 and $13.10, compared with a range of $12.65 to $12.85 previously. The company remained steadfast in its projection of revenue growth of 10.5% to 11.75%, inclusive of a $28 million to $32 million headwind in the second half of 2021 as a result of the divestiture of its respiratory business to Medline.
TFX shares were down –1.2% to 394.56 apiece in late morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.