8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) February 25, 2021

TELEFLEX INCORPORATED

(Exact name of Registrant as Specified in Its Charter)

Delaware	1-5353	23-1147939
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

550 E. Swedesford Rd., Suite 400	Wayne,	PA		19087
(Address of Principal Executive Offices)				(Zip Code)
Registrant’s Telephone Number, Including Area Code		(610)	225-6800

Not applicable

(Former Name or Former Address, If Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
	Common Stock, par value $1 per share	TFX	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

f an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 25, 2021, Teleflex Incorporated (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the quarter and year ended December 31, 2020. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report.

In addition to the financial information included in the Press Release that has been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), the Press Release includes certain non-GAAP financial measures. These measures include constant currency revenue growth and adjusted diluted earnings per share. Constant currency revenue growth is based upon net revenues, adjusted to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of fluctuations that do not reflect our underlying performance or business trends. Adjusted diluted earnings per share is based upon diluted earnings per share available to common stockholders, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the impact (net of tax) of (i) restructuring, restructuring related and impairment items; (ii) acquisition, integration and divestiture related items; (iii) other items identified in note (C) to each of the reconciliation tables set forth in the Press Release; (iv) certain expenditures associated with the registration of medical devices under the European Union Medical Device Regulation; (v) intangible amortization expense; and (vi) tax adjustments. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends.

Management uses these non-GAAP financial measures to assess the Company's financial performance, make operating decisions, allocate financial resources, provide guidance on possible future results, and assist in its evaluation of period-to-period and peer comparisons. The non-GAAP measures may be useful to investors because they provide insight into management’s assessment of our business, and provide supplemental information pertinent to a comparison of period-to-period results of our ongoing operations. The non-GAAP financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Moreover, our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

The information furnished pursuant to Item 2.02 of this Current Report, including Exhibit 99.1 hereto, shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.

Item 7.01. Regulation FD Disclosure.

In connection with the conference call to be held by the Company on February 25, 2021 to discuss its financial results for the quarter and year ended December 31, 2020, the Company plans to reference a slide presentation, which will be made available in advance of the call through the Company’s website. A copy of the slide presentation is furnished as Exhibit 99.2 to this Current Report.

The information furnished pursuant to Item 7.01 of this Current Report, including Exhibit 99.2, shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

        99.1    Earnings Press Release, dated February 25, 2021

        99.2    Earnings Conference Call Slide Presentation

        104    The Cover Page from this Current Report on Form 8-K, formatted in Inline XBRL

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.    

Date: February 25, 2021 TELEFLEX INCORPORATED

By: /s/ Thomas E. Powell Name: Thomas E. Powell Title: Executive Vice President and             Chief Financial Officer

        EXHIBIT INDEX

Exhibit No.	Description
99.1	Earnings Press Release, dated February 25, 2021
99.2	Earnings Conference Call Slide Presentation

EX-99.1

Exhibit 99.1

Jake Elguicze  Treasurer and Vice President of Investor Relations   610-948-2836

FOR IMMEDIATE RELEASE February 25, 2021

TELEFLEX REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS; PROVIDES 2021 GUIDANCE

Fourth quarter 2020 revenues of $711.2 million, up 4.4% versus prior year period on an as-reported basis; up 2.3% on a constant currency basis

Fourth quarter 2020 GAAP diluted EPS from continuing operations of $1.62, compared to $2.28 in the prior year period

Fourth quarter 2020 adjusted diluted EPS from continuing operations of $3.25, down 0.9% versus prior year period

Full year 2020 revenues of $2.537 billion, down 2.2% versus prior year period on an as-reported basis; down 2.4% on a constant currency basis

Full year 2020 GAAP diluted EPS from continuing operations of $7.10, compared to $9.81 in the prior year period

Full year 2020 adjusted diluted EPS from continuing operations of $10.67, down 4.3% versus prior year period

2021 guidance range for GAAP revenue growth of between 10.0% and 11.5%

2021 guidance range for constant currency revenue growth of between 8.0% and 9.5%

2021 guidance range for GAAP diluted EPS from continuing operations of between $8.15 and $8.25

2021 guidance range for adjusted diluted EPS from continuing operations of between $12.50 and $12.70

Wayne, PA -- Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2020.

Fourth quarter 2020 net revenues were $711.2 million, an increase of 4.4% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 2.3% over the year ago period. The Company estimates that COVID-19 had a net negative impact to fourth quarter 2020 revenue of approximately $61 million, or 9%.

Fourth quarter 2020 GAAP earnings per share from continuing operations decreased 28.9% to $1.62, compared to $2.28 in the prior year period. Fourth quarter 2020 adjusted diluted earnings per share from continuing operations decreased 0.9% to $3.25, compared to $3.28 in the prior year period.

Full year 2020 net revenues were $2.537 billion, a decrease of 2.2% compared to the prior year. Excluding the impact of foreign currency exchange rate fluctuations, full year 2020 net revenues decreased 2.4% over the prior year. The Company estimates that COVID-19 had a net negative impact to full year 2020 revenue of approximately $281 million, or 11%.

Full year 2020 GAAP earnings per share from continuing operations decreased 27.6% to $7.10, compared to $9.81 in the prior year. Full year 2020 adjusted diluted earnings per share from continuing operations decreased 4.3% to $10.67, compared to $11.15 in the prior year.

Liam Kelly, Chairman, President and Chief Executive Officer, said, “Due to the COVID-19 pandemic, 2020 was a difficult year for Teleflex. However, during the fourth quarter our business performed better than we expected, as trends continued to improve across many of our product categories and geographies."

Mr. Kelly continued, "In addition to the significant sequential improvement in our constant currency revenue performance that we experienced in the fourth quarter, I am also very pleased to see the continued sequential improvement that occurred in both our adjusted gross and adjusted operating margins, as we believe this positions us well to achieve our longer-term financial objectives."

Mr. Kelly concluded, "As we look forward to 2021, despite the ongoing COVID-19 pandemic, we remain confident in our diversified product portfolio and in our ability to deliver robust revenue growth, margin expansion and adjusted earnings growth, all while investing in our business to sustain our revenue growth and profitability profile over the long-term."

NET REVENUE BY SEGMENT

The following tables and commentary provide information regarding net revenues in each of the Company's reportable operating segments for the three and twelve months ended December 31, 2019 and December 31, 2020 on both a GAAP and constant currency basis. The discussion below the tables of the principal factors behind changes in net revenues for the three months ended December 31, 2020 as compared to the prior year period applies to both GAAP revenue and constant currency revenue, although GAAP revenue also was affected by foreign currency exchange rate fluctuations, as indicated in the "Currency Impact" column of the table.

	Three Months Ended						% Increase / (Decrease)
	December 31, 2020		December 31, 2019				Total Sales Growth		Currency Impact		Constant Currency Revenue Growth
Americas	$	419.5	$		400.0		4.9%		(0.1)%		5.0%
EMEA		161.4			145.9		10.6%		6.5%		4.1%
Asia		78.6			80.5		(2.3)%		4.9%		(7.2)%
OEM		51.7			54.6		(5.5)%		1.4%		(6.9)%
Total	$	711.2	$		681.0		4.4%		2.1%		2.3%
	Twelve Months Ended							% Increase / (Decrease)
	December 31, 2020			December 31, 2019				Total Sales Growth		Currency Impact		Constant Currency Revenue Growth
Americas	$	1,465.0		$		1,492.3		(1.8)%		(0.2)%		(1.6)%
EMEA		584.9				588.1		(0.5)%		1.1%		(1.6)%
Asia		267.0				294.3		(9.3)%		0.3%		(9.6)%
OEM		220.3				220.7		(0.2)%		0.4%		(0.6)%
Total	$	2,537.2		$		2,595.4		(2.2)%		0.2%		(2.4)%

Americas fourth quarter 2020 net revenues were $419.5 million, an increase of 4.9% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 5.0% compared to the prior year period. The increase in constant currency revenue was primarily attributable to increased sales volumes of existing and new products, partially offset by a net decrease in sales volumes of existing products caused by the COVID-19 pandemic. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $29 million, or 7%.

EMEA fourth quarter 2020 net revenues were $161.4 million, an increase of 10.6% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 4.1% compared to the prior year period. The increase in constant currency revenue was primarily attributable to increased sales volumes of existing products, partially offset by a net decrease in sales volumes of existing products caused by the COVID-19 pandemic. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $1 million, or 1%.

Asia fourth quarter 2020 net revenues were $78.6 million, a decrease of 2.3% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased

7.2% compared to the prior year period. The decrease in constant currency revenue was primarily attributable to a net decrease in sales volumes of existing products caused by the COVID-19 pandemic. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $10 million, or 12%.

OEM fourth quarter 2020 net revenues were $51.7 million, a decrease of 5.5% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 6.9% compared to the prior year period. The decrease in constant currency revenue was primarily attributable to a decrease in sales volumes of existing products caused by the COVID-19 pandemic, partially offset by net revenues generated by the acquisition of IWG High Performance Conductors, Inc. (HPC). We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $21 million, or 38%.

NET REVENUE BY GLOBAL PRODUCT CATEGORY

The following tables and commentary provide information regarding net revenues in each of the Company's global product categories for the three months and twelve months ended December 31, 2019 and December 31, 2020 on both a GAAP and constant currency basis.

	Three Months Ended				% Increase / (Decrease)
	December 31, 2020		December 31, 2019		Total Revenue Growth		Currency Impact		Constant Currency Revenue Growth
Vascular Access	$	182.5	$	154.6	18.0	%	2.0	%	16.0	%
Interventional		106.7		112.7	(5.3)	%	1.6	%	(6.9)	%
Anesthesia		86.1		85.3	0.9	%	3.0	%	(2.1)	%
Surgical		92.3		95.2	(3.0)	%	2.7	%	(5.7)	%
Interventional Urology		93.9		89.1	5.4	%	0.1	%	5.3	%
OEM		51.7		54.6	(5.5)	%	1.4	%	(6.9)	%
Other		98.1		89.4	9.8	%	3.7	%	6.1	%
Total	$	711.2	$	681.0	4.4	%	2.1	%	2.3	%

	Twelve Months Ended				% Increase / (Decrease)
	December 31, 2020		December 31, 2019		Total Revenue Growth		Currency Impact		Constant Currency Revenue Growth
Vascular Access	$	657.7	$	600.9	9.5	%	0.1	%	9.4	%
Interventional		382.4		427.6	(10.6)	%	0.1	%	(10.7)	%
Anesthesia		302.3		338.4	(10.7)	%	0.2	%	(10.9)	%
Surgical		317.2		370.1	(14.3)	%	0.2	%	(14.5)	%
Interventional Urology		290.0		290.4	(0.1)	%	0.1	%	(0.2)	%
OEM		220.3		220.7	(0.2)	%	0.4	%	(0.6)	%
Other		367.3		347.3	5.8	%	0.5	%	5.3	%
Total	$	2,537.2	$	2,595.4	(2.2)	%	0.2	%	(2.4)	%

Fourth quarter 2020 net revenues from sales of Vascular Access products were $182.5 million, an increase of 18.0% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 16.0% compared to the prior year period. We estimate that COVID-19 had a net positive impact to fourth quarter 2020 revenue of approximately $7 million, or 5%.

Fourth quarter 2020 net revenues from sales of Interventional products were $106.7 million, a decrease of 5.3% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 6.9% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $14 million, or 12%.

Fourth quarter 2020 net revenues from sales of Anesthesia products were $86.1 million, an increase of 0.9% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 2.1% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $1 million, or 1%.

Fourth quarter 2020 net revenues from sales of Surgical products were $92.3 million, a decrease of 3.0% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 5.7% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $9 million, or 9%.

Fourth quarter 2020 net revenues from sales of Interventional Urology products were $93.9 million, an increase of 5.4% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 5.3% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $25 million, or 28%.

Fourth quarter 2020 net revenues from sales of OEM products were $51.7 million, a decrease of 5.5% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues decreased 6.9% compared to the prior year period. We estimate that COVID-19 had a negative impact to fourth quarter 2020 revenue of approximately $21 million, or 38%.

Fourth quarter 2020 net revenues from sales of other products were $98.1 million, an increase of 9.8% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, fourth quarter 2020 net revenues increased 6.1% compared to the prior year period. We estimate that COVID-19 had a positive impact to fourth quarter 2020 revenue of approximately $1 million, or 1%.

OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE METRICS

Depreciation expense, amortization of intangible assets and deferred financing charges for the year ended December 31, 2020 totaled $231.7 million compared to $218.4 million for the prior year.

Cash and cash equivalents at December 31, 2020 were $375.9 million compared to $301.1 million at December 31, 2019.

Net accounts receivable at December 31, 2020 were $395.1 million compared to $418.7 million at December 31, 2019.

Net inventories at December 31, 2020 were $513.2 million compared to $476.6 million at December 31, 2019.

Net cash provided by operating activities from continuing operations was $437.1 million during 2020, as compared to $437.1 million during 2019. In 2020, the cash flow from operations reflect an increase in contingent consideration payments and tax payments that were mainly offset by favorable changes in other working capital. The favorable changes in other working capital were driven mainly by higher accounts receivable collections.

2021 OUTLOOK

On a GAAP basis, full year 2021 revenues are expected to increase between 10.0% and 11.5% over 2020, reflecting our estimate of an approximately 2% favorable impact of foreign currency exchange rate fluctuations. On a constant currency basis, the Company estimates that revenues for full year 2021 will increase between 8.0% and 9.5% over 2020.

The Company expects full year 2021 GAAP diluted earnings per share from continuing operations to be between $8.15 and $8.25. The Company expects adjusted diluted earnings per share from continuing operations to be between $12.50 and $12.70 for full year 2021, representing an increase of between 17.2% and 19.0% over 2020.

Forecasted 2021 Constant Currency Revenue Growth Reconciliation

	Low		High
Forecasted 2021 GAAP revenue growth	10.0	%	11.5	%
Estimated impact of foreign currency exchange rate fluctuations	2.0	%	2.0	%
Forecasted 2021 constant currency revenue growth	8.0	%	9.5	%

Forecasted 2021 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation

	Low		High
Forecasted GAAP diluted earnings per share from continuing operations	$	8.15	$	8.25
Restructuring, restructuring related and impairment items, net of tax	$	0.60	$	0.61
Acquisition, integration and divestiture related items, net of tax	$	0.13	$	0.14
Other items, net of tax	$	0.17	$	0.19
MDR	$	0.48	$	0.50
Intangible amortization expense, net of tax	$	2.97	$	3.01
Forecasted adjusted diluted earnings per share from continuing operations	$	12.50	$	12.70

CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION

As previously announced, Teleflex will comment on its financial results on a conference call to be held today at 8:00 a.m. (ET). The call will be available live and archived on the Company’s website at www.teleflex.comand the accompanying presentation will be posted prior to the call. An audio replay will be available until March 2, 2021 at 11:00am (ET), by calling 855-859-2056 (U.S./Canada) or 404-537-3406 (International), Passcode: 8789956.

ADDITIONAL NOTES

References in this release to the impact of foreign currency exchange rate fluctuations on adjusted diluted earnings per share include both the impact of translating foreign currencies into U.S. dollars and the impact of foreign currency exchange rate fluctuations on foreign currency denominated transactions.

In the discussion of segment results, "new products" refers to products for which we initiated commercial sales within the past 36 months and "existing products" refers to products we have sold commercially for more than 36 months.

Certain financial information is presented on a rounded basis, which may cause minor differences.

Segment results and commentary exclude the impact of discontinued operations.

NOTES ON NON-GAAP FINANCIAL MEASURES

We report our financial results in accordance with accounting principles generally accepted in the United States, commonly referred to as “GAAP.” In this press release, we provide supplemental information, consisting of the following non-GAAP financial measures: constant currency revenue growth and adjusted diluted earnings per share. These non-GAAP measures are described in more detail below. Management uses these financial measures to assess Teleflex’s financial performance, make operating decisions, allocate financial resources, provide guidance on possible future results, and assist in its evaluation of period-to-period and peer comparisons. The non-GAAP measures may be useful to investors because they provide insight into management’s assessment of our business, and provide supplemental information pertinent to a comparison of period-to-period results of our ongoing operations. The non-GAAP financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Moreover, our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

Tables reconciling changes in historical constant currency net revenues to historical GAAP net revenues are set forth above under “Net Revenue by Segment" and "Net Revenue by Global Product Category". Tables reconciling historical adjusted diluted earnings per share from continuing operations to historical GAAP diluted earnings per share from continuing operations are set forth below.

Constant currency revenue growth: This non-GAAP measure is based upon net revenues, adjusted to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and such changes generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends.

Adjusted diluted earnings per share: This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the items described below. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends.

Restructuring, restructuring related and impairment items -Restructuring programs involve discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies and integrate acquired businesses. Depending on the specific restructuring program involved, our restructuring charges may include employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement and other exit costs associated with the restructuring program.  Restructuring related charges are directly related to our restructuring programs and consist of facility consolidation costs, including accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of the restructuring program. Impairment charges occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results.

Acquisition, integration and divestiture related items - Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, that are directly related to specific business or asset acquisition transactions.  These charges may include, among other things, professional, consulting and other fees; systems integration costs; legal entity restructuring expense; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; and bridge loan facility and backstop financing fees in connection with loan facilities that ultimately were not utilized. Divestiture related activities involve specific business or asset sales.  Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities.

Other items -These are discrete items that occur sporadically and can affect period-to-period comparisons. See footnote C to the reconciliation tables set forth below.

European medical device regulation - The European Union (“EU”) has adopted the EU Medical Device Regulation (“MDR”), which replaces the existing Medical Devices Directive (“MDD”) and imposes more stringent requirements for the marketing and sale of medical devices in the EU, including requirements affecting clinical evaluations, quality systems and post-market surveillance.  Manufacturers of currently marketed medical devices will have until May 2021 to meet the MDR requirements, although certain devices that previously satisfied MDD requirements can continue to be marketed in the EU until May 2024, subject to certain limitations.  Significantly, the MDR will require the re-registration of previously approved medical devices.  As a result, Teleflex will incur expenditures in connection

with the new registration of medical devices that previously had been registered under the MDD. Therefore, these expenditures are not considered to be ordinary course expenditures in connection with regulatory matters (in contrast, no adjustment has been made to exclude expenditures related to the registration of medical devices that were not registered previously under the MDD).

Intangible amortization expense -Certain intangible assets, including customer relationships, intellectual property, distribution rights, trade names and non-competition agreements, initially are recorded at historical cost and then amortized over their respective estimated useful lives. The amount of such amortization can vary from period to period as a result of, among other things, business or asset acquisitions or dispositions.

Tax adjustments -These adjustments represent the impact of the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law or certain other discrete changes affecting our deferred tax liability.

RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS

Dollars in millions, except per share amounts

Quarter Ended - December 31, 2020
	Cost of goods sold		Selling, general and administrative expenses		Research and development expenses		Restructuring and impairment charges		Income taxes		Income (loss) from continuing operations		Diluted earnings per share from continuing operations
GAAP Basis	$	327.6	$	232.9	$	33.8	$	21.8	($0.0)		$	76.6	$	1.62
Adjustments
Restructuring, restructuring related and impairment items (A)	7.1		0.4		—		21.8		1.8		27.5		$	0.58
Acquisition, integration and divestiture related items (B)	0.3		20.4		—		—		0.5		20.2		$	0.43
Other items (C)	—		0.6		—		—		0.1		0.5		$	0.01
MDR (D)	—		—		3.8		—		(0.0)		3.9		$	0.08
Intangible amortization expense (E)	21.2		18.7		0.1		—		5.5		34.6		$	0.73
Tax adjustments	—		—		—		—		9.5		(9.5)		$	(0.20)
Adjusted basis	$	299.0	$	192.9	$	29.8	$	—	$	17.3	$	153.7	$	3.25

RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS

Dollars in millions, except per share amounts

Quarter Ended - December 31, 2019
	Cost of goods sold		Selling, general and administrative expenses		Research and development expenses		Restructuring and impairment charges		(Gain)/Loss on sale of business and assets		Loss on extinguishment of debt		Income taxes		Income (loss) from continuing operations		Diluted earnings per share from continuing operations
GAAP Basis	$	303.2	$	220.1	$	31.1	$	1.9	$	(2.2)	$	8.8	$	(6.5)	$	107.8	$	2.28
Adjustments
Restructuring, restructuring related and impairment items (A)	5.0		0.3		(0.0)		1.9		—		—		1.1		6.1		$	0.13
Acquisition, integration and divestiture related items (B)	—		13.5		—		—		(2.2)		—		(0.9)		12.1		$	0.26
Other items (C)	—		0.3		—		—		—		8.8		2.1		7.0		$	0.15
MDR (D)	—		—		1.6		—		—		—		—		1.6		$	0.03
Intangible amortization expense (E)	20.5		16.7		0.1		—		—		—		5.0		32.3		$	0.68
Tax adjustments	—		—		—		—		—		—		12.1		(12.1)		$	(0.26)
Adjusted basis	$	277.7	$	189.3	$	29.5	$	—	$	—	—		$	12.9	$	154.7	$	3.28

(A)Restructuring, restructuring related and impairment items -For the three months ended December 31, 2020, pre-tax restructuring charges were $0.4 million; pre-tax restructuring related charges were $7.5 million; and pre-tax impairment charges were $21.4 million. For the three months ended December 31, 2019, pre-tax restructuring charges were $1.8 million; pre-tax restructuring related charges were $5.3 million; and pre-tax impairment charges were $0.1 million.

(B)Acquisition, integration and divestiture related items -For the three months ended December 31, 2020, these charges primarily related to contingent consideration liabilities; reversal of previously recognized income related to a distributor conversion in Japan; and charges primarily related to our acquisition of Z-Medica, LLC. For the three months ended December 31, 2019, these charges primarily related to contingent consideration liabilities; and our acquisition of IWG High Performance Conductors, Inc., partially offset by the gain on sale of an asset. There were no divestiture related activities for the three months ended December 31, 2020 and December 31, 2019.

(C)Other items - For the three months ended December 31, 2020, other items included expenses associated with a franchise tax audit. For the three months ended December 31, 2019, other items included debt modification costs and product relabeling costs.

(D)MDR - These costs were associated with our efforts to comply with the European Medical Device Regulation.

(E)Intangible amortization expense - For the three months ended December 31, 2020, intangible asset amortization expense of $21.2 million is included in cost of goods sold. For the three months ended

December 31, 2019, we reclassified intangible asset amortization expense of $20.5 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability.

RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS

Dollars in millions, except per share amounts

Year Ended - December 31, 2020
	Cost of goods sold		Selling, general and administrative expenses		Research and development expenses		Restructuring and impairment charges		Income taxes		Income (loss) from continuing operations		Diluted earnings per share from continuing operations
GAAP Basis	$	1,212.3	$	743.6	$	119.7	$	38.5	$	21.9	$	335.8	$	7.10
Adjustments
Restructuring, restructuring related and impairment items (A)	25.9		0.9		—		38.5		3.0		62.3		$	1.32
Acquisition, integration and divestiture related items (B)	3.6		(30.4)		—		—		1.2		(28.0)		$	(0.59)
Other items (C)	—		1.1		—		—		0.3		0.8		$	0.02
MDR (D)	—		—		11.3		—		0.0		11.3		$	0.24
Intangible amortization expense (E)	84.4		73.8		0.4		—		24.4		134.3		$	2.84
Tax adjustments	—		—		—		—		12.0		(12.0)		$	(0.25)
Adjusted basis	$	1,098.4	$	698.2	$	108.0	$	—	$	62.7	$	504.5	$	10.67

RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS

Dollars in millions, except per share amounts

Year Ended - December 31, 2019
	Cost of goods sold		Selling, general and administrative expenses		Research and development expenses		Restructuring and impairment charges		(Gain)/Loss on sale of business and assets		Loss on extinguishment of debt		Income taxes		Income (loss) from continuing operations		Diluted earnings per share from continuing operations
GAAP Basis	$	1,186.4	$	851.8	$	113.9	$	22.2	$	(6.1)	$	8.8	$	(122.1)	$	462.0	$	9.81
Adjustments
Restructuring, restructuring related and impairment items (A)	15.9		0.4		0.0		22.2		—		—		5.1		33.4		$	0.71
Acquisition, integration and divestiture related items (B)	0.1		55.3		—		—		(6.1)		—		(2.8)		52.1		$	1.11
Other items (C)	—		1.8		—		—		—		8.8		2.5		8.2		$	0.17
MDR (D)	—		—		3.2		—		—		—		—		3.2		$	0.07
Intangible amortization expense (E)	82.6		66.9		0.4		—		—		—		28.1		121.9		$	2.59
Tax adjustments	—		—		—		—		—		—		155.8		(155.8)		$	(3.31)
Adjusted basis	$	1,087.8	$	727.3	$	110.2	$	—	$	—	—		$	66.5	$	525.0	$	11.15

(A)Restructuring, restructuring related and impairment items -For the twelve months ended December 31, 2020, pre-tax restructuring charges were $17.1 million; pre-tax restructuring related charges were $26.7 million; and pre-tax impairment charges were $21.4 million. For the twelve months ended December 31, 2019, pre-tax restructuring charges $15.2 million; pre-tax restructuring related charges were $16.3 million; and pre-tax impairment charges were $7.0 million.

(B)Acquisition, integration and divestiture related items -For the twelve months ended December 31, 2020, these items primarily related to the reversal of contingent consideration liabilities, partially offset by charges primarily related to our acquisitions of IWG High Performance Conductors, Inc. and Z-Medica, LLC, and the reversal of previously recognized income related to a distributor conversion in Japan. For the twelve months ended December 31, 2019, these charges primarily related to contingent consideration liabilities and our acquisitions of IWG High Performance Conductors, Inc. and Essential Medical, Inc., partially offset by the gain on sale of a business and another asset. There were no divestiture related activities for the twelve months ended December 31, 2020 and December 31, 2019.

(C)Other items - For the twelve months ended December 31, 2020, other items included expenses associated with a franchise tax audit and prior year tax matters. For the twelve months ended December 31, 2019, other items included debt modification costs, expenses associated with a franchise tax audit, and product relabeling costs, somewhat offset by a credit associated with an insurance settlement.

(D)MDR - These costs were associated with our efforts to comply with the European Medical Device Regulation.

(E)Intangible amortization expense - For the year ended December 31, 2020, intangible asset amortization expense of $84.4 million is included within cost of goods sold. For the year ended December 31, 2019, we reclassified intangible asset amortization expense of $82.6 million, respectively, from selling, general and administrative expenses to cost of goods sold for comparability.

ABOUT TELEFLEX INCORPORATED

Teleflex is a global provider of medical technologies designed to improve the health and quality of people’s lives. We apply purpose driven innovation - a relentless pursuit of identifying unmet clinical needs - to benefit patients and healthcare providers. Our portfolio is diverse, with solutions in the fields of vascular access, interventional cardiology and radiology, anesthesia, emergency medicine, surgical, urology and respiratory care. Teleflex employees worldwide are united in the understanding that what we do every day makes a difference. For more information, please visit teleflex.com.

Teleflex is the home of Arrow®, Deknatel®, Hudson RCI®, LMA®, Pilling®, Rusch®, UroLift®, and Weck® - trusted brands united by a common sense of purpose.

CAUTION CONCERNING FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements, including, but not limited to, statements regarding our confidence in our diversified product portfolio and in our ability to deliver robust revenue growth, margin expansion and adjusted earnings growth, all while investing in our business to sustain our revenue growth and profitability profile over the long-term; forecasted 2021 GAAP and constant currency revenue growth and GAAP and adjusted diluted earnings per share; and our estimates regarding the projected impact of foreign currency exchange rate fluctuations on our 2020 financial results. Actual results could differ materially from those in the forward-looking statements due to, among other things, the adverse economic conditions associated with the COVID-19 global health pandemic and the associated financial crisis, stay-at-home and other orders, which may significantly reduce customer spending and which may have a negative impact on the Company’s business, changes in business relationships with and purchases by or from major customers or suppliers; delays or cancellations in shipments; demand for and market acceptance of new and existing products; our inability to provide products to our customers, which may be due to, among other things, events that impact key distributors, suppliers and third-party vendors that sterilize our products; our inability to integrate acquired businesses into our operations, realize planned synergies and operate such businesses profitably in accordance with our expectations; the inability of acquired businesses to generate revenues in accordance with our expectations; our inability to effectively execute our restructuring plans and programs; our inability to realize anticipated savings from restructuring plans and programs; the impact of healthcare reform legislation and proposals to amend, replace or repeal the legislation; changes in Medicare, Medicaid and third party coverage and reimbursements; the impact of enacted tax legislation and related regulations; competitive market conditions and resulting effects on revenues and pricing; increases in raw material costs that cannot be recovered in product pricing; global economic factors, including currency exchange rates, interest rates, trade disputes, sovereign debt issues and the impact of the United Kingdom's departure from the European Union, commonly known as "Brexit"; public health epidemics; difficulties in entering new markets; general economic conditions; and other factors described or incorporated in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K. We expressly disclaim any obligation to update forward-looking statements, except as otherwise specifically stated by us or as required by law or regulation.

TELEFLEX INCORPORATED

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended				Twelve Months Ended
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
	(Dollars and shares in thousands, except per share)
Net revenues	$	711,179	$	680,952	$	2,537,156	$	2,595,362
Cost of goods sold	327,625		303,230		1,212,282		1,186,357
Gross profit	383,554		377,722		1,324,874		1,409,005
Selling, general and administrative expenses	232,906		220,054		743,568		851,766
Research and development expenses	33,769		31,128		119,747		113,857
Restructuring and impairment charges	21,799		1,857		38,491		22,205
Gain on sale of assets	—		(2,249)		—		(6,077)
Income from continuing operations before interest, loss on extinguishment of debt and taxes	95,080		126,932		423,068		427,254
Interest expense	18,721		17,275		66,494		80,270
Interest income	(202)		(460)		(1,158)		(1,741)
Loss on extinguishment of debt	—		8,822		—		8,822
Income from continuing operations before taxes	76,561		101,295		357,732		339,903
Taxes (benefit) on income from continuing operations	(40)		(6,511)		21,931		(122,078)
Income from continuing operations	76,601		107,806		335,801		461,981
(Loss) income from discontinued operations	(610)		463		(621)		(828)
(Benefit) taxes on (loss) income from discontinued operations	(140)		4		(144)		(313)
(Loss) income on discontinued operations	(470)		459		(477)		(515)
Net income	$	76,131	$	108,265	$	335,324	$	461,466
Earnings per share:
Basic:
Income from continuing operations	$	1.64	$	2.33	$	7.22	$	10.00
(Loss) income on discontinued operations	(0.01)		0.01		(0.01)		(0.01)
Net income	$	1.63	$	2.34	$	7.21	$	9.99
Diluted:
Income from continuing operations	$	1.62	$	2.28	$	7.10	$	9.81
(Loss) income on discontinued operations	(0.01)		0.01		(0.01)		(0.01)
Net income	$	1.61	$	2.29	$	7.09	$	9.80
Weighted average shares outstanding:
Basic	46,599		46,333		46,488		46,200
Diluted	47,343		47,207		47,287		47,090

TELEFLEX INCORPORATED

CONSOLIDATED BALANCE SHEETS

	December 31,
	2020		2019
	(Dollars and shares in thousands, except per share)
ASSETS
Current assets
Cash and cash equivalents	$	375,880	$	301,083
Accounts receivable, net	395,071		418,673
Inventories	513,196		476,557
Prepaid expenses and other current assets	115,436		97,943
Prepaid taxes	22,842		12,076
Total current assets	1,422,425		1,306,332
Property, plant and equipment, net	473,912		430,719
Operating lease assets	100,635		113,160
Goodwill	2,585,966		2,245,305
Intangibles assets, net	2,519,746		2,156,285
Deferred tax assets	8,073		5,572
Other assets	41,802		52,447
Total assets	$	7,152,559	$	6,309,820
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	100,500	$	50,000
Accounts payable	102,520		102,916
Accrued expenses	136,276		100,466
Current portion of contingent consideration	20,543		148,090
Payroll and benefit-related liabilities	122,366		115,981
Accrued interest	7,135		5,514
Income taxes payable	17,361		6,692
Other current liabilities	33,326		33,396
Total current liabilities	540,027		563,055
Long-term borrowings	2,377,888		1,858,943
Deferred tax liabilities	484,678		439,558
Pension and postretirement benefit liabilities	74,499		82,719
Noncurrent liability for uncertain tax positions	10,127		10,294
Noncurrent contingent consideration	16,090		71,818
Noncurrent operating lease liabilities	86,097		101,372
Other liabilities	226,696		202,741
Total liabilities	3,816,102		3,330,500
Commitments and contingencies
Shareholders’ equity
Common shares, $1 par value Issued: 2020 — 47,812 shares; 2019 — 47,536 shares	47,812		47,536
Additional paid-in capital	652,305		616,980
Retained earnings	3,096,228		2,824,916
Accumulated other comprehensive loss	(297,298)		(344,392)
	3,499,047		3,145,040
Less: Treasury stock, at cost	162,590		165,720
Total shareholders' equity	3,336,457		2,979,320
Total liabilities and shareholders' equity	$	7,152,559	$	6,309,820

TELEFLEX INCORPORATED

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended December 31,
	2020		2019
	(Dollars in thousands)
Cash flows from operating activities of continuing operations:
Net income	$	335,324	$	461,466
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (Income) from discontinued operations	477		515
Depreciation expense	68,567		64,088
Intangible asset amortization expense	158,685		149,974
Deferred financing costs and debt discount amortization expense	4,430		4,307
Loss on extinguishment of debt	—		8,822
Fair value step up of acquired inventory sold	1,707		—
Changes in contingent consideration	(38,164)		53,915
Asset impairments	21,388		6,966
Stock-based compensation	20,739		26,940
Net gain on sales of businesses and assets	—		(6,077)
Deferred income taxes, net	(32,675)		(168,594)
Payments for contingent consideration	(79,801)		(26,092)
Interest benefit on swaps designated as net investment hedges	(19,178)		(18,866)
Other	(26,636)		(5,800)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	44,748		(59,793)
Inventories	(5,497)		(53,170)
Prepaid expenses and other current assets	(4,323)		(31,023)
Accounts payable, accrued expenses and other liabilities	646		36,021
Income taxes receivable and payable, net	(13,294)		(6,531)
Net cash provided by operating activities from continuing operations	437,143		437,068
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(90,694)		(102,695)
Payments for businesses and intangibles acquired, net of cash acquired	(767,830)		(3,462)
Proceeds from sales of businesses and assets	1,400		14,345
Net interest proceeds on swaps designated as net investment hedges	19,341		18,331
Net cash used in investing activities from continuing operations	(837,783)		(73,481)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	1,513,807		275,000
Reduction in borrowings	(938,807)		(528,500)
Debt extinguishment, issuance and amendment fees	(8,440)		(11,635)
Proceeds from share based compensation plans and the related tax impacts	18,994		21,206
Payments for contingent consideration	(67,170)		(112,079)
Dividends	(63,221)		(62,828)
Net cash provided by (used in) financing activities from continuing operations	455,163		(418,836)
Cash flows from discontinued operations:
Net cash (used in) provided by operating activities	(737)		2,457
Net cash (used in) provided by discontinued operations	(737)		2,457
Effect of exchange rate changes on cash and cash equivalents	21,011		(3,286)
Net increase (decrease) in cash and cash equivalents	74,797		(56,078)
Cash and cash equivalents at the beginning of the year	301,083		357,161
Cash and cash equivalents at the end of the year	$	375,880	$	301,083

EX-99.2

1 Teleflex Incorporated Fourth Quarter 2020 Earnings Conference Call

2 The release, accompanying slides, and replay webcast are available online at www.teleflex.com (click on “Investors”) Telephone replay is available by dialing (855) 859-2056 or for international calls, (404) 537-3406, pass code number 8789956 Conference Call Logistics

3 Today’s Speakers Liam Kelly Chairman, President and CEO Jake Elguicze Treasurer and VP, Investor Relations Thomas Powell Executive VP and CFO

4 This presentation contains forward-looking statements, including, but not limited to, the UroLift® 2 System remaining on track for commercialization in Japan and our related expectation with respect to reimbursement occurring in 2021; our estimates with respect to the total addressable market for our freeze dried plasma candidate; our expectation that our acquisition of Z-Medica, LLC will be immediately accretive to our normalized revenue growth, gross margin and operating margin profile; our assumptions with respect to our 2021 financial guidance, including that global resurgences of COVID-19 will cause disruptions to continue during the first half of 2021 with marked improvement throughout the remainder of the year, that our growth in the second quarter of 2021 will be driven, in part, by relatively easy year-over-year comparisons, that health care systems will be better equipped to deal with surges in COVID-19 cases that may occur in 2021, our expectation that there will be no major systemic shutdown of elective procedures in 2021 due to COVID-19, our assumptions with respect to the euro to U.S. dollar exchange rate for 2021 and our adjusted weighted average shares for 2021; our forecasted 2021 GAAP and constant currency revenue growth, GAAP and adjusted gross and operating margins and GAAP and adjusted earnings per share and, in each case, the factors expected to impact those forecasted results; our expectation that Z-Medica will improve our weighted average market growth rate and margin profile; our expectation that interventional urology, interventional access and surgical procedures will continue to recover in the second half of 2021; our belief that we remain on track to generate significant margin expansion consistent with prior financial targets; estimated annual pre-tax saving we expect to realize in connection with the restructuring program we commenced in the second quarter of 2020 (the “2020 restructuring program”) and our other ongoing restructuring programs and a similar initiative within our OEM segment (the “OEM initiative”); our expectations with respect to when we will begin to realize savings from the 2020 restructuring program, our other ongoing restructuring programs and the OEM initiative and when those programs will be substantially completed; and other matters which inherently involve risks and uncertainties which could cause actual results to differ from those projected or implied in the forward– looking statements. These risks and uncertainties are addressed in our SEC filings, including our most recent Form 10-K. We expressly disclaim any obligation to update forward-looking statements, except as otherwise specifically stated by us or as required by law or regulation. Note on Non-GAAP Financial Measures This presentation refers to certain non-GAAP financial measures, including, but not limited to, constant currency revenue growth, adjusted diluted earnings per share, adjusted gross and operating margins and adjusted tax rate. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Tables reconciling these non-GAAP financial measures to the most comparable GAAP financial measures are contained within this presentation and the appendices at the end of this presentation. Additional Notes This document contains certain highlights with respect to our fourth quarter 2020 performance and developments and does not purport to be a complete summary thereof. Accordingly, we encourage you to read our Earnings Release for the quarter ended December 31, 2020 located in the investor section of our website at www.teleflex.com and our Quarterly Report on Form 10-Q for the quarter ended December 31, 2020 to be filed with the Securities and Exchange Commission. Unless otherwise noted, the following slides reflect continuing operations. Note on Forward-Looking Statements

5 Executive Overview Liam Kelly Chairman, President and CEO

6 Q4 2020 Highlights Business Performance Estimated COVID-19 Impact Q4 Summary Business Performance Estimated COVID-19 Impact • Sequential improvement in Q4'20 constant currency revenue, adjusted gross and operating margin, and adjusted EPS, as compared to Q2’20 and Q3’20 • Q4’20 revenue and adjusted earnings per share were significantly better than internal expectations • Closed on agreement to acquire Z-Medica, LLC • Constant currency revenue increased 2.3% versus Q4’19 despite estimated net negative COVID impact of ~9% • Adverse revenue impact of ~$69 million across several global product categories, minimally offset by increased demand of approximately $8 million within Vascular Access and All Other product categories • Improving revenue dollar trends for Interventional Urology, Interventional Access and Surgical product categories compared to Q2'20 and Q3'20

7 Q4'20 and FY 2020 Financial Results • Q4’20 Adjusted gross margin of 58.0%, down 120 bps versus 59.2% in prior year period • Q4’20 Adjusted operating margin of 26.6%, down 50 bps versus 27.1% in prior year period • Q4’20 Adjusted EPS of $3.25, down 0.9% versus $3.28 in the prior year period Adjusted Margin and Adjusted EPS Highlights Revenue Highlights Global Product Revenue Drivers1 1. All global product family revenue growth provided is on a constant currency basis 2. Includes revenues generated from sales of the Company’s respiratory and urology products (other than interventional urology products) Note: Tables reconciling non-GAAP financial measures to the most comparable GAAP financial measures are included within this presentation and the appendices to this presentation. • Q4'20 as reported revenue increased 4.4% versus Q4'19 • Q4'20 constant currency revenue increased 2.3% versus Q4'19 • COVID-19 had an estimated net negative impact of approximately $61 million, or ~9% on Q4'20 revenue • FY20 constant currency revenue decreased 2.4% vs. FY19 • COVID-19 had an estimated net negative impact of ~$281 million or ~11% on FY20 revenue growth • Q4’20 Vascular Access revenue of $182.5 million, up 16.0% vs Q4'19, driven by sales of PICCs, CVCs and EZ-IO; includes estimated positive impact from COVID-19 of ~5% • Q4’20 Interventional Urology revenue of $93.9 million, up 5.3% vs Q4'19; includes an estimated negative impact from COVID-19 of ~28% • Q4’20 Other2 revenue of $98.1 million, up 6.1% vs Q4'19, led by higher respiratory product volumes; includes estimated positive impact from COVID-19 of ~1%

8 Dollars in Millions Q4'20 Revenue Q4'19 Revenue Reported Revenue Growth Currency Impact Constant Currency Growth Estimated COVID-19 Impact Americas $419.5 $400.0 4.9% (0.1)% 5.0% (~7%) EMEA $161.4 $145.9 10.6% 6.5% 4.1% (~1%) Asia $78.6 $80.5 (2.3)% 4.9% (7.2)% (~12%) OEM $51.7 $54.6 (5.5)% 1.4% (6.9)% (~38%) TOTAL $711.2 $681.0 4.4% 2.1% 2.3% (~9%) Q4'20 Segment Revenue Review

9 • 1. Includes revenues generated from sales of the Company’s respiratory and urology products (other than interventional urology products). Dollars in Millions Q4'20 Revenue Q4'19 Revenue Reported Revenue Growth Currency Impact Constant Currency Growth Estimated COVID-19 Impact Vascular Access $182.5 $154.6 18.0% 2.0% 16.0% ~5% Interventional $106.7 $112.7 (5.3)% 1.6% (6.9)% (~12%) Anesthesia $86.1 $85.3 0.9% 3.0% (2.1)% (~1%) Surgical $92.3 $95.2 (3.0)% 2.7% (5.7)% (~9%) Interventional Urology $93.9 $89.1 5.4% 0.1% 5.3% (~28%) OEM $51.7 $54.6 (5.5)% 1.4% (6.9)% (~38%) Other1 $98.1 $89.4 9.8% 3.7% 6.1% ~1% TOTAL $711.2 $681.0 4.4% 2.1% 2.3% (~9%) Q4'20 Global Product Category Revenue Review

10 Interventional Urology - UroLift® System KEY TAKEAWAYS UroLift® 2 System Successful Pilot National DTC Campaign ◦ Doubled brand awareness for targeted men w/ BPH (from 5% to 10%) ◦ 100%+ increase in website traffic ◦ ROI exceeded internal expectations UroLift® 2 System Commercial Progress ◦ Market Acceptance Test completed, with 100+ procedures/20 urologists ◦ Controlled U.S. commercialization initiated ◦ Japan commercialization remains on track, with reimbursement still expected in 2021 Clinical and Commercial Updates

11 Interventional Urology - UroLift® System KEY TAKEAWAYS Comparative analysis1 of PUL vs. Medical Therapy Published ◦ Comparative analysis of sexual function outcomes from PUL studies and the Medical Therapy of Prostatic Symptoms (MTOPS) trial ◦ Indirect comparison reveals that PUL is superior to BPH medical therapy in preserving erectile and ejaculatory function and sexual satisfaction ◦ Challenges the idea that medical therapy is the most conservative treatment option for BPH ◦ Demonstrates that UroLift has unique benefits and can help with counseling patients considering BPH options Clinical and Commercial Updates 1 = Roehrborn et al. Prostatic Urethral Lift Versus Medical Therapy: Examining the Impact on Sexual Function in Men with Benign Prostatic Hyperplasia, European Urology Focus, 2021, https://doi.org/10.1016/j.euf.2020.12.013 UroLift® System Permanent Implant UroLift® System Delivery Device

12 KEY TAKEAWAYS CTO-PCI IDE Study ◦ Completed patient enrollment of a prospective, single-arm IDE study ◦ Enrolled 150 patients across 13 investigational sites in the US to evaluate the performance of Teleflex coronary guidewires and specialty catheters in Chronic Total Occlusion (CTO) percutaneous coronary intervention (PCI) procedures ◦ Study devices included GuideLiner® V3 catheter, TrapLiner® catheter, Turnpike® catheter, and a series of five coronary guidewires (Spectre™ Guidewire, R350™ Guidewire, Raider™ Guidewire, Warrior™ Guidewire and Bandit™ Guidewire) ◦ Each study device is currently commercially available in the US under a more general indication. These products are investigational devices for clinical evaluation as used in the CTO-PCI study. Clinical and Commercial Updates Interventional - CTO-PCI Study

13 Anesthesia – Freeze Dried Plasma KEY TAKEAWAYS Biologics License Application (BLA) was submitted to the FDA during Q1’21 ◦ Submission is eligible for priority review and accelerated approval ◦ The company remains confident in $100M+ U.S. TAM ◦ Product is being developed under a Cooperative Research and Development Agreement (CRADA) with the U.S. Army Medical Materiel Development Activity (USAMMDA) Freeze Dried Plasma (Packaged with components necessary for reconstitution) Clinical and Commercial Updates Teleflex’s freeze dried plasma candidate is an investigational new drug and has not yet been approved by the FDA. The product labeling shown is representative and not intended to be used for education or identification purposes.

14 Acquires Z-Medica, LLC Market Leader in hemostatic products ◦ Provides three highly complementary, differentiated capability platforms, including: ▪ QuikClot® hemostatic devices contain kaolin, proven to accelerate natural clotting cascade and stop bleeding fast ▪ QuikClot® Control+, the first and only hemostatic dressing indicated for temporary control of internal organ bleeding for patients displaying severe bleeding ▪ QuikClot Combat Gauze® the hemostatic dressing of choice on the battlefield for compressible (external) hemorrhage in certain situations ◦ Leverages hospital, EMS, and military call points with differentiated products that complement EZ-IO® Portfolio and Freeze Dried Plasma1 ◦ Acquisition is expected to be immediately accretive to Teleflex’s normalized revenue growth, gross margin, and operating margin profile KEY TAKEAWAYS KEY PRODUCT END MARKETS Acquisition Update . 1 =Teleflex’s Freeze Dried Plasma candidate is an investigational new drug and has not yet been approved by the FDA

15 Financial Overview Thomas Powell Executive VP and CFO

16 Note: See appendices for reconciliations of non-GAAP information • GAAP gross margin of 53.9%, down 160 bps vs. prior year period • Adjusted gross margin of 58.0%, down 120 bps vs. prior year period • GAAP operating margin of 13.4%, down 520 bps vs. prior year period • Adjusted operating margin of 26.6%, down 50 bps vs. prior year period Gross margin performance Operating margin performance Global revenue generation of $711.2 million • GAAP tax rate of (0.1)%, compared to (6.4)% in prior year period • Adjusted tax rate of 10.1%, up 240 bps vs. prior year period Effective tax rate • GAAP EPS of $1.62 vs. $2.28 in prior year period • Adjusted EPS of $3.25, down 0.9% vs. prior year period Earnings per share Q4'20 Financial Review • Revenue increased 4.4% vs. prior year period on an as-reported basis • Revenue increased 2.3% vs. prior year period on a constant currency basis

17 Outlook Includes: • Due to COVID-19 resurgences globally, we expect disruption to continue during 1H, and expect marked improvement moving throughout 2021 • Q2 growth should be partly driven by relatively easy year-over-year comparisons • Health care systems are better equipped to deal with surges, thus, we do not expect any major systemic shutdown of elective procedures • Euro to U.S. Dollar exchange rate assumed to be approximately 1.21 for full year 2021 • Adjusted weighted average shares expected to be approximately 47.7 million for full year 2021 Outlook Excludes: • Any potential benefit from a substantial surge in COVID-related buying • Material regulatory, healthcare, or U.S. tax reforms • Future M&A opportunities 2021 Shipping days differentials: • Q1’21 vs. Q1’20: 2 less days • Q4’21 vs. Q4’20: 1 additional day • FY’21 vs. FY’20: 1 less day • FY'21 vs. FY'19: same number of days Key Assumptions for 2021 Financial Guidance

18 2021 Revenue Guidance 2021 constant currency revenue growth drivers include continued expected recovery in Interventional Urology, Interventional, and Surgical products; as well as contribution from Z-Medica acquisition

19 2021 Adjusted Gross Margin Guidance 2021 Adj. Gross Margin Drivers Gross margin expansion in 2021 as compared to 2020 expected to be driven by: • Higher margin Interventional Urology, Interventional Access, and Surgical product mix • Manufacturing productivity improvement programs • Benefits from previously announced restructuring plans • Z-Medica acquisition Near-term gross margin expansion offset by: • Inflation Note: See appendices for reconciliations of non-GAAP information 58.1% 56.7% 58.0% to 59.0% 50% 52% 54% 56% 58% 60% 2019 2020 2021E +130 bps to +230 bps -140 bps

20 2021 Adjusted Operating Margin Guidance 2021 Adj. Operating Margin Drivers Operating margin expansion in 2021 as compared to 2020 expected to be driven by: • Gross margin expansion • Z-Medica acquisition Near-term operating margin expansion offset by: • Normalization of operating expenses • Bonus and stock compensation • Commissions and headcount • Investments into UroLift and Manta Note: See appendices for reconciliations of non-GAAP information 25.8% 24.9% 26.0% to 27.0% 20% 22% 24% 26% 28% 2019 2020 2021E -90 bps +110 bps to +210 bps

21 2021 Adjusted EPS Guidance Note: See appendices for reconciliations of non-GAAP information 2021 adjusted EPS growth is expected to be between 17.2% and 19.0% Operations $1.58 $1.66 Foreign currency exchange rates $0.35 $0.35 Z-Medica $0.21 $0.26 Interest Expense $0.17 $0.19 Weighted average shares ($0.10) ($0.10) Taxes ($0.38) ($0.33) 2021 Adjusted Earnings per Share $12.50 $12.70 2021 Guidance Low High 2020 Adjusted Earnings per Share $10.67 $10.67

22 Key Takeaways ◦ Teleflex delivered solid underlying performance in the fourth quarter, and fiscal year, 2020 ◦ Deployed capital for an exciting hemostat acquisition which is expected to improve company's weighted average market growth rate and margin profile ◦ Expect more normalized growth in 2H of 2021 as interventional urology, interventional access, and surgical procedures continue to recover ◦ Remain on the path to generate significant margin expansion consistent with prior financial targets

23 THANK YOU

24 Appendices

25 Non-GAAP Financial Measures The presentation to which these appendices are attached and the following appendices include, among other things, tables reconciling the following applicable non-GAAP financial measures to the most comparable GAAP financial measure: • Constant currency revenue growth. This non-GAAP measure is based upon net revenues, adjusted to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends. • Adjusted diluted earnings per share. This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the impact of (i) restructuring, restructuring related and impairment items; (ii) acquisition, integration and divestiture related items; (iii) “other items” identified in note (C) to the reconciliation tables appearing in Appendix A; (iv) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (v) intangible amortization expense; and (vi) tax adjustments. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends. • Adjusted gross profit and margin. These measures exclude, depending on the period presented, the impact of (i) restructuring, restructuring related and impairment items, (ii) acquisition, integration and divestiture related items and (iii) “other items” identified in note (C) to the reconciliation tables appearing in Appendix A. • Adjusted operating profit and margin. These measures exclude, depending on the period presented, the impact of (i) restructuring, restructuring related and impairment items; (ii) acquisitions, integration and divestiture related items; (iii) “other items” identified in note (C) to the reconciliation tables appearing in Appendix A; (iv) intangible amortization expense; and (v) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation. • Adjusted tax rate. This measure is the percentage of the Company’s adjusted taxes on income from continuing operations to its adjusted income from continuing operations before taxes. Adjusted taxes on income from continuing operations excludes, depending on the period presented, the impact of tax benefits or costs associated with (i) restructuring, restructuring related and impairment items; (ii) acquisition, integration and divestiture related items; (iii) “other items” identified in note (A) to the reconciliation tables appearing in Appendix A; (iv) certain costs associated with the registration of medical devices under the European Union Medical Device Regulation; (v) intangible amortization expense; and (vi) tax adjustments.

26 The following is an explanation of certain of the adjustments that are applied with respect to one or more of the non-GAAP financial measures that appear in the presentation to which these appendices are attached: Restructuring, restructuring related and impairment items - Restructuring programs involve discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies and integrate acquired businesses. Depending on the specific restructuring program involved, our restructuring charges may include employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement and other exit costs associated with the restructuring program. Restructuring related charges are directly related to our restructuring programs and consist of facility consolidation costs, including accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of the restructuring program. Impairment charges occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results. Acquisition, integration and divestiture related items - Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, that are directly related to specific business or asset acquisition transactions. These charges may include, among other things, professional, consulting and other fees; systems integration costs; legal entity restructuring expense; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; and bridge loan facility and backstop financing fees in connection with loan facilities that ultimately were not utilized. Divestiture related activities involve specific business or asset sales. Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities. Other items - These are discrete items that occur sporadically and can affect period-to-period comparisons. See footnote C to the reconciliation tables set forth below. European medical device regulation - The European Union (“EU”) has adopted the EU Medical Device Regulation (“MDR”), which replaces the existing Medical Devices Directive (“MDD”) and imposes more stringent requirements for the marketing and sale of medical devices in the EU, including requirements affecting clinical evaluations, quality systems and post-market surveillance. Manufacturers of currently marketed medical devices will have until May 2020 to meet the MDR requirements, although certain devices that previously satisfied MDD requirements can continue to be placed on the EU market until May 2024, subject to certain limitations. Significantly, the MDR will require the re-registration of previously approved medical devices. As a result, Teleflex will incur expenditures in connection with the new registration of medical devices that previously had been registered under the MDD. Therefore, these expenditures are not considered to be ordinary course expenditures in connection with regulatory matters (in contrast, no adjustment has been made to exclude expenditures related to the registration of medical devices that were not registered previously under the MDD). Intangible amortization expense - Certain intangible assets, including customer relationships, intellectual property, distribution rights, trade names and non- competition agreements, initially are recorded at historical cost and then amortized over their respective estimated useful lives. The amount of such amortization can vary from period to period as a result of, among other things, business or asset acquisitions or dispositions. Tax adjustments - These adjustments represent the impact of the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law or certain other discrete changes affecting our deferred tax liability. Non-GAAP Adjustments

27 See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. Appendix A – Reconciliation of Adjusted Gross and Operating Margin, Income Tax and EPS (Dollars in millions, except per share data) Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Gross Margin Operating Margin Income Before Income Taxes Income Tax Expense Income Tax Rate Diluted Earnings Per Share Gross Margin Operating Margin Income Before Income Taxes Income Tax Expense Income Tax Rate Diluted Earnings Per Share GAAP Basis 53.9 % 13.4 % $ 76.6 $ 0.0 (0.0) % $ 1.62 GAAP Basis 55.5 % 18.6 % $ 101.3 $ (6.5) (6.4)% $ 2.28 Adjustments Adjustments Restructuring, restructuring related and impairment items (A) 1.0 % 4.1 % 29.3 1.8 0.58 Restructuring, restructuring related and impairment items (A) 0.7 % 1.0 % 7.1 1.1 0.13 Acquisition, integration and divestiture related items (B) — % 2.9 % 20.7 0.5 0.43 Acquisition, integration and divestiture related items (B) — % 1.6 % 11.2 (0.9) 0.26 Other items (C) — % 0.1 % 0.6 0.1 0.01 Other items (C) — % — % 0.3 2.1 0.15 MDR (D) — % 0.5 % 3.8 — 0.08 MDR (D) — % 0.2 % 1.6 — 0.03 Intangible amortization expense (E) 3.0 % 5.6 % 40.0 5.5 0.73 Intangible amortization expense (E) 3.0 % 5.5 % 37.3 5.0 0.68 Tax adjustments — % — % — 9.5 (0.20) Tax adjustments — % — % 12.1 (0.26) Adjustments total 4.0 % 13.3 % 94.4 17.4 1.63 Adjustments total 3.7 % 8.4 % 57.5 19.4 0.99 Adjusted basis 58.0 % 26.6 % $ 171.0 $ 17.3 10.1 % $ 3.25 Adjusted basis 59.2 % 27.1 % $ 167.6 $ 12.9 7.7 % $ 3.28 Year Ended December 31, 2020 Year Ended December 31, 2019 Gross Margin Operating Margin Income Before Income Taxes Income Tax Expense Income Tax Rate Diluted Earnings Per Share Gross Margin Operating Margin Income Before Income Taxes Income Tax Expense Income Tax Rate Diluted Earnings Per Share GAAP Basis 52.2 % 16.7 % $ 357.7 $ 21.9 6.1 % $ 7.10 GAAP Basis 54.3 % 16.5 % $ 339.9 $ (122.1) (35.9)% $ 9.81 Adjustments Adjustments Restructuring, restructuring related and impairment items (A) 1.0 % 2.6 % 65.2 3.0 1.32 Restructuring, restructuring related and impairment items (A) 0.6 % 1.5 % 38.5 5.1 0.71 Acquisition, integration and divestiture related items (B) 0.1 % (1.1)% (26.8) 1.2 (0.59) Acquisition, integration and divestiture related items (B) — % 1.9 % 49.3 (2.8) 1.11 Other items (C) — % — % 1.1 0.3 0.02 Other items (C) — % 0.1 % 10.6 2.5 0.17 MDR (D) — % 0.4 % 11.3 — 0.24 MDR (D) — % 0.1 % 3.2 — 0.07 Intangible amortization expense (E) 3.3 % 6.3 % 158.7 24.4 2.84 Intangible amortization expense (E) 3.2 % 5.8 % 150.0 28.1 2.59 Tax adjustments — % — % — 12.0 (0.25) Tax adjustments — % — % — 155.8 (3.31) Adjustments total 4.5 % 8.3 % 209.5 40.8 3.58 Adjustments total 3.8 % 9.4 % 251.6 188.6 1.33 Adjusted basis 56.7 % 24.9 % $ 567.2 $ 62.7 11.1 % $ 10.67 Adjusted basis 58.1 % 25.8 % $ 591.5 $ 66.5 11.2 % $ 11.15

28 Appendix A tickmarks See slide titled Non-GAAP Adjustments included at the beginning of the appendices to this presentation for Non-GAAP definitions. A. Restructuring, restructuring related and impairment items – For the three months ended December 31, 2020, pre-tax restructuring charges were $0.4 million, pre-tax restructuring related charges were $7.5 million, and pre-tax impairment charges were $21.4 million . For the three months ended December 31, 2019, pre-tax restructuring charges were $1.8 million, pre-tax restructuring related charges were $5.3 million, and pre-tax impairment charges were $0.1 million. For the year ended December 31, 2020, pre-tax restructuring charges were $17.1 million, pre-tax restructuring related charges were $26.7 million, and pre-tax impairment charges were $21.4 million. For the year ended December 31, 2019, pre-tax restructuring charges were $15.2 million, pre-tax restructuring related charges were $16.3 million, and pre-tax impairment charges were $7.0 million. B. Acquisition, integration and divestiture related items – For the three months ended December 31, 2020, these charges primarily related to contingent consideration liabilities; reversal of previously recognized income related to a distributor conversion in Japan; and charges primarily related to our acquisition of Z-Medica, LLC. For the three months ended December 31, 2019 , these charges primarily related to contingent consideration liabilities; our acquisition of IWG High Performance Conductors, Inc.; partially offset by the gain on sale of an asset. There were no divestiture related activities for the three months ended December 31, 2020 and December 31, 2019. For the year ended December 31, 2020, these items primarily related to the reversal of contingent consideration liabilities, partially offset by charges primarily related to our acquisitions of IWG High Performance Conductors, Inc. and Z-Medica, LLC. and the reversal of previously recognized income related to a distributor conversion in Japan. For the year ended December 31, 2019, these charges primarily related to contingent consideration liabilities and our acquisitions of IWG High Performance Conductors, Inc. and Essential Medical, Inc., partially offset by the gain on sale of a business and another asset. There were no divestiture related activities for the twelve months ended December 31, 2020 and December 31, 2019. C. Other items – For the three months ended December 31, 2020, other items included expenses associated with a franchise audit. For the three months ended December 31, 2019, other items included debt modification costs and product relabeling costs. For the year ended December 31, 2020, other items included expenses associated with a franchise tax audit and prior year tax matters. For the year ended December 31, 2019, other items primarily included debt modification costs, expenses associated with a franchise tax audit, and product relabeling costs, somewhat offset by a credit associated with an insurance settlement. D. MDR – These costs were associated with our efforts to comply with the European Medical Device Regulation (MDR). E. Intangible amortization expense – For the three months ended December 31, 2020, intangible asset amortization expense of $21.2 million is included in cost of goods sold. For the three months ended December 31, 2019, we reclassified intangible asset amortization expense of $20.5 million from selling, general and administrative expenses to cost of goods sold. For the year ended December 31, 2020 intangible asset amortization expense of $84.4 million is included in cost of goods sold. For the year ended December 31, 2019, we reclassified intangible asset amortization expense of $82.6 million from selling, general and administrative expenses to cost of goods sold.

29 Appendix B – Restructuring and Similar Cost Savings Initiatives Summary Dollars in Millions Estimated Total Actual results through December 31, 2020 Estimated remaining Restructuring charges $95 - $109 $89 $6 - $20 Restructuring charges - 2020 Workforce reduction plan 9 9 — Restructuring related charges1 116 - 142 74 42 - 68 Total charges $220 - $260 $172 $48 - $88 OEM initiative annual pre-tax savings2 $6 - $7 2 $4 - $5 Pre-tax savings – 2020 Workforce reduction plan 3 12 3 9 Pre-tax savings – ongoing restructuring plans4 68 - 78 32 36 - 46 Total annual pre-tax savings $86 - $97 $37 $49 - $60 During the second quarter of 2020, we committed to a workforce reduction (the "2020 Workforce reduction plan") designed to improve profitability and reduce cost primarily by streamlining certain sales and marketing functions in our EMEA segment and certain manufacturing operations in our OEM segment. The workforce reduction was initiated to further align the business with our high growth strategic objectives. The plan was substantially completed by the end of 2020 and we expect future restructuring charges associated with the program, if any, to be nominal. We will achieve annual pre-tax savings of $12 million as a result of this program. We have ongoing restructuring programs primarily related to the consolidation of our manufacturing operations (referred to as our 2019, 2018 and 2014 Footprint realignment plans). We also have similar ongoing activities to relocate certain manufacturing operations within our OEM segment (the "OEM initiative") that do not meet the criteria for a restructuring program under applicable accounting guidance; nevertheless, the activities should result in cost savings (we expect only minimal costs to be incurred in connection with the OEM initiative). With respect to our currently ongoing restructuring programs and the OEM initiative, the table below summarizes charges incurred or estimated to be incurred and estimated annual pre-tax savings to be realized as follows: (1) with respect to charges (a) the estimated total charges that will have been incurred once the restructuring programs and OEM initiative are completed; (b) the charges incurred through December 31, 2020; and (c) the estimated charges to be incurred from January 1, 2021 through the last anticipated completion date of the restructuring programs and OEM initiative, and (2) with respect to estimated annual pre-tax savings (a) the estimated total annual pre-tax savings to be realized once the restructuring programs and OEM initiative are completed; (b) the estimated annual pre-tax savings realized based on the progress of the restructuring programs and OEM initiative through December 31, 2020; and (c) the estimated additional annual pre-tax savings to be realized from January 1, 2021 through the last anticipated completion date of the restructuring programs and the OEM initiative. Estimated charges and pre-tax savings are subject to change based on, among other things, the nature and timing of restructuring activities and similar activities, changes in the scope of restructuring programs and the OEM initiative, unanticipated expenditures and other developments, the effect of additional acquisitions or dispositions and other factors that were not reflected in the assumptions made by management in previously estimating restructuring and restructuring related charges and estimated pre-tax savings. Moreover, estimated pre-tax savings constituting efficiencies with respect to increased costs that otherwise would have resulted from business acquisitions involve, among other things, assumptions regarding the cost structure and integration of businesses that previously were not administered by our management, which are subject to a particularly high degree of risk and uncertainty. It is likely that estimates of charges and pre-tax savings will change from time to time, and the table below may reflect changes from amounts previously estimated. In addition, the table below reflects the estimated charges and pre-tax savings related to our ongoing programs in addition to our 2020 workforce reduction plan. Additional details, including estimated charges expected to be incurred in connection with our restructuring programs and the anticipated completion dates, are described in Note 5 to the consolidated financial statements included in our Annual Report on Form 10-K. Pre-tax savings may be realized during, and subsequent to, the completion of the restructuring programs. Pre-tax savings can also be affected by increases or decreases in sales volumes generated by the businesses impacted by the consolidation of manufacturing operations; such variations in revenues can increase or decrease pre-tax savings generated by the consolidation of manufacturing operations. For example, an increase in sales volumes generated by the impacted businesses, although likely to increase manufacturing costs, may generate additional savings with respect to costs that otherwise would have been incurred if the manufacturing operations were not consolidated.

30 (1) Represents charges that are directly related to restructuring programs and principally constitute costs to transfer manufacturing operations to existing lower-cost locations, project management costs and accelerated depreciation, as well as a charge that is expected to be imposed by a taxing authority as a result of our exit from facilities in the authority's jurisdiction. Most of these charges (other than the tax charge) are expected to be recognized as cost of goods sold. (2) We expect the OEM initiative will be completed by the end of 2027. (3) Most of the pre-tax savings are expected to result in reductions to selling, general and administrative expenses. (4) Substantially all of the pre-tax savings are expected to result in reductions to cost of goods sold. Appendix B – Footnotes

31 Appendix C – December 31, 2020 Year-to-Date GPO and IDN Review Group Purchasing Organization Update IDN Update Q1’20 Q2’20 Q3’20 Q4'20 Renewed agreements 2 8 8 6 New agreements 1 0 4 6 Existing agreements lost 0 0 1 0 Q1’20 Q2’20 Q3’20 Q4'20 Renewed agreements 6 2 11 6 New agreements 7 6 4 10 Existing agreements lost 1 0 2 1

32 Appendix D - 2021 Adj. Gross and Operating Margin Guidance Reconciliation 2021 Guidance Low High Forecasted GAAP Gross Margin 53.85% 55.00% Estimated restructuring, restructuring related and impairment items 0.90% 0.85% Estimated acquisition, integration, and divestiture related items 0.15% 0.10% Estimated other items - - Estimated intangible amortization expense 3.10% 3.05% Forecasted Adjusted Gross Margin 58.00% 59.00% 2021 Guidance Low High Forecasted GAAP Operating Margin 17.65% 18.85% Estimated restructuring, restructuring related and impairment items 1.15% 1.10% Estimated acquisition, integration, and divestiture related items 0.30% 0.25% Estimated other items - - Estimated MDR 0.85% 0.80% Estimated intangible amortization expense 6.05% 6.00% Forecasted Adjusted Operating Margin 26.00% 27.00%

33 Appendix E – Reconciliation of 2021 Adjusted Earnings Per Share Guidance 2021 Guidance Low High Forecasted GAAP Diluted Earnings Per Share from continuing operations $8.15 $8.25 Estimated restructuring, restructuring related and impairment items, net of tax $0.60 $0.61 Estimated acquisition, integration, and divestiture related items, net of tax $0.13 $0.14 Estimated other items, net of tax $0.17 $0.19 Estimated MDR, net of tax $0.48 $0.50 Estimated intangible amortization expense, net of tax $2.97 $3.01 Forecasted Adjusted Diluted Earnings Per Share from continuing operations $12.50 $12.70

34 Dollars in Millions FY’20 FY’19 Reported Revenue Growth Currency Impact Constant Currency Growth Estimated COVID-19 Impact Americas $1,465.0 $1,492.3 (1.8)% (0.2)% (1.6)% (~11%) EMEA $584.9 $588.1 (0.5)% 1.1% (1.6)% (~2%) Asia $267.0 $294.3 (9.3)% 0.3% (9.6)% (~16%) OEM $220.3 $220.7 (0.2)% 0.4% (0.6)% (~26%) TOTAL $2,537.2 $2,595.4 (2.2)% 0.2% (2.4)% (~11%) Appendix F – FY20 Segment Revenue Review

35 1. Includes revenues generated from sales of the Company’s Respiratory and Urology products (other than Interventional Urology products). Dollars in Millions FY’20 FY’19 Reported Revenue Growth Currency Impact Constant Currency Growth Estimated COVID-19 Impact Vascular Access $657.7 $600.9 9.5% 0.1% 9.4% ~3% Interventional $382.4 $427.6 (10.6)% 0.1% (10.7)% (~14%) Anesthesia $302.3 $338.4 (10.7)% 0.2% (10.9)% (~8%) Surgical $317.2 $370.1 (14.3)% 0.2% (14.5)% (~15%) Interventional Urology $290.0 $290.4 (0.1)% 0.1% (0.2)% (~40%) OEM $220.3 $220.7 (0.2)% 0.4% (0.6)% (~26%) Other1 $367.3 $347.3 5.8% 0.5% 5.3% ~4% TOTAL $2,537.2 $2,595.4 (2.2)% 0.2% (2.4)% (~11%) Appendix G – FY20 Global Product Category Revenue Review

36 Note: See appendices for reconciliations of non-GAAP information ◦ GAAP gross margin of 52.2%, down 210 bps vs. prior year period ◦ Adjusted gross margin of 56.7%, down 140 bps vs. prior year period ◦ Decreased 2.2% vs. prior year period on an as-reported basis ◦ Decreased 2.4% vs. prior year period on a constant currency basis ◦ GAAP operating margin of 16.7%, up 20 bps vs. prior year period ◦ Adjusted operating margin of 24.9%, down 90 bps vs. prior year period Gross margin performance Operating margin performance Global revenue generation of $2.537 billion ◦ GAAP tax rate of 6.1% vs. (35.9)% in prior year period ◦ Adjusted tax rate of 11.1% vs. 11.2% in prior year period Effective tax rate ◦ GAAP EPS of $7.10 vs. $9.81 in prior year period ◦ Adjusted EPS of $10.67, down (4.3)% vs. prior year period Earnings per share Appendix H – FY20 Financial Review

XML

8-K Cover Page	Feb. 25, 2021
Cover [Abstract]
Document Type	8-K
Entity Registrant Name	TELEFLEX INCORPORATED
Document Period End Date	Feb. 25, 2021
Entity Incorporation, State or Country Code	DE
Entity File Number	1-5353
Entity Tax Identification Number	23-1147939
Entity Address, Address Line One	550 E. Swedesford Rd., Suite 400
Entity Address, City or Town	Wayne,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	(610)
Local Phone Number	225-6800
Title of 12(b) Security	Common Stock, par value $1 per share
Trading Symbol	TFX
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000096943
Amendment Flag	false