The Wayne, Pa.–based medtech company also announced that it plans to pay $500 million upfront to acquire Z-Medica and its QuikClot, Combat Gauze and QuikClot Control kaolin-impregnated gauzes for bleeding control.
“We are excited about this acquisition, given Z-Medica’s revenue growth, gross and operating margin profile, all of which are above our average,” Kelly said. The deal includes an additional future milestones payment of up to $25 million and is expected to close by the end of the year, pending customary closing conditions.
Teleflex reported profits of $116.6 million, or $2.46 per share, on sales of $628.3 million for the three months ended Sept. 27, 2020, cutting the bottom line –49.3% and the top line –3.1% compared with Q3 2019.
Adjusted to exclude one-time items, earnings per share were $2.77, 53¢ ahead of The Street, where analysts were looking EPS of $2.24 on sales of $619.3 million.
“While we are not reinstating full-year 2020 financial guidance, we continue to believe that we will see continued sequential improvement during the fourth quarter of the year as compared to our third quarter 2020 results,” Kelly said.
Investors reacted by sending TFX shares down up 0.26% to $335.91 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.4%.