Teleflex shares (NYSE:TFX) took a hit this morning after the medical device maker missed Wall Street’s profit expectations, despite raising both its top and bottom lines.
The Limerick, Pa.-based company reported profits of $167.8 million, or $1.02 per diluted share, on sales of $411.7 million during the 3 months ended Dec. 31, 2011. That’s a bottom-line gain of 107% and a top-line addition of 6.6%, compared with profits of $81.1 million, or 33 cents diluted EPS, on sales of $386.3 million for Q4 2010.
For the full year, Teleflex posted profits of $323.3 million, or $2.96 diluted EPS, on sales of $1.53 billion, up 60.8% and 6.7%, respectively, compared with profits of $201.1 million, or $2.21 diluted EPS, on sales of $1.43 billion during 2010.
Adjusted for 1-time items, EPS reached $1.07, well shy of the $1.19 analysts were expecting. Full-year adjusted EPS were $3.93, also far from The Street’s $4.09 call.
“Our solid 4th-quarter performance capped off a very successful year for Teleflex,” chairman, president & CEO Benson Smith said in prepared remarks. “Strong revenue growth was driven by our sales organization’s outstanding execution in all geographic regions, as well as improved customer service levels. Growth from all product categories and improved pricing trends in key markets contributed to the revenue gains. At the same time, we continued to make investments in sales and marketing, and research and development to support our longer-term growth objectives. We believe that during the course of 2011 we have created a platform that allows for sustainable and profitable growth in the future.”
Teleflex said it expects sales to grow between 4% and 6% this year, with EPS of $3.18 to $3.38. Adjusted EPS are forecast to be between $4.25 and $4.45; analysts’ consensus forecast puts adjusted EPS at $4.40.
TFX shares were down 4.7% to $59.40 as of about 11:30 this morning.
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