Date of Report (Date of Earliest Event Reported) |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s Telephone Number, Including Area Code |
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 | ||||||||||||
Date: May 4, 2023 | TELEFLEX INCORPORATED By: /s/ Thomas E. Powell Name: Thomas E. Powell Title: Executive Vice President and Chief Financial Officer |
FOR IMMEDIATE RELEASE | May 4, 2023 |
Three Months Ended | % Increase / (Decrease) | ||||||||||||||||||||||||||||
April 2, 2023 | March 27, 2022 | Reported Revenue Growth | Currency Impact | Constant Currency Revenue Growth | |||||||||||||||||||||||||
Americas | $411.9 | $378.0 | 9.0% | (0.2)% | 9.2% | ||||||||||||||||||||||||
EMEA | 143.3 | 136.9 | 4.7% | (5.8)% | 10.5% | ||||||||||||||||||||||||
Asia | 78.7 | 69.2 | 13.8% | (9.0)% | 22.8% | ||||||||||||||||||||||||
OEM | 77.0 | 57.6 | 33.5% | (1.0)% | 34.5% | ||||||||||||||||||||||||
Consolidated | $710.9 | $641.7 | 10.8% | (2.4)% | 13.2% |
Three Months Ended | % Increase / (Decrease) | ||||||||||||||||||||||||||||
April 2, 2023 | March 27, 2022 | Reported Revenue Growth | Currency Impact | Constant Currency Revenue Growth | |||||||||||||||||||||||||
Vascular Access | $177.7 | $166.1 | 6.9% | (2.3)% | 9.2% | ||||||||||||||||||||||||
Interventional | 116.9 | 96.9 | 20.7% | (2.6)% | 23.3% | ||||||||||||||||||||||||
Anesthesia | 93.3 | 86.9 | 7.3% | (2.6)% | 9.9% | ||||||||||||||||||||||||
Surgical | 99.0 | 89.7 | 10.4% | (3.9)% | 14.3% | ||||||||||||||||||||||||
Interventional Urology | 75.4 | 74.9 | 0.6% | (0.3)% | 0.9% | ||||||||||||||||||||||||
OEM | 77.0 | 57.7 | 33.5% | (1.0)% | 34.5% | ||||||||||||||||||||||||
Other | 71.6 | 69.5 | 3.1% | (3.3)% | 6.4% | ||||||||||||||||||||||||
Consolidated | $710.9 | $641.7 | 10.8% | (2.4)% | 13.2% |
Low | High | ||||||||||
Forecasted 2023 GAAP revenue growth | 4.65% | 5.90% | |||||||||
Estimated impact of foreign currency exchange rate fluctuations | (0.35)% | (0.35)% | |||||||||
Forecasted 2023 constant currency revenue growth | 5.00% | 6.25% |
Low | High | ||||||||||
Forecasted GAAP diluted earnings per share from continuing operations | $8.14 | $8.74 | |||||||||
Restructuring, restructuring related and impairment items, net of tax | $0.60 | $0.60 | |||||||||
Acquisition, integration and divestiture related items, net of tax | $0.19 | $0.19 | |||||||||
Other items, net of tax | $0.10 | $0.10 | |||||||||
ERP Implementation | $0.05 | $0.05 | |||||||||
MDR | $0.61 | $0.61 | |||||||||
Intangible amortization expense, net of tax | $3.31 | $3.31 | |||||||||
Forecasted adjusted diluted earnings per share from continuing operations | $13.00 | $13.60 |
Three Months Ended April 2, 2023 | ||||||||||||||||||||||||||
Gross margin | Selling, general and administrative expenses (1) | Research and development expenses (1) | Operating margin (2) | Income before income taxes | Income tax expense | Effective income tax rate | Diluted earnings per share from continuing operations | |||||||||||||||||||
GAAP Basis | 55.1% | 32.7% | 5.8% | 16.2% | $97.5 | $20.2 | 20.7% | $1.63 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Restructuring, restructuring related and impairment items (A) | 1.2 | — | (0.2) | 1.7 | 12.0 | 1.8 | 0.22 | |||||||||||||||||||
Acquisition, integration and divestiture related items (B) | — | (0.4) | — | 0.4 | 3.1 | 0.1 | 0.06 | |||||||||||||||||||
Other items | — | — | — | — | — | — | 0.00 | |||||||||||||||||||
ERP implementation | — | (0.2) | — | 0.2 | 1.2 | 0.3 | 0.02 | |||||||||||||||||||
MDR | — | — | (1.4) | 1.5 | 10.3 | — | 0.22 | |||||||||||||||||||
Intangible amortization expense | 3.1 | (2.6) | — | 5.8 | 41.6 | 2.0 | 0.84 | |||||||||||||||||||
Tax adjustments | — | — | — | — | — | (4.8) | 0.10 | |||||||||||||||||||
Adjustments total | 4.3 | (3.2) | (1.6) | 9.6 | 68.2 | (0.6) | 1.46 | |||||||||||||||||||
Adjusted basis | 59.4% | 29.5% | 4.2% | 25.8% | $165.7 | $19.6 | 11.8% | $3.09 |
Three Months Ended March 27, 2022 | ||||||||||||||||||||||||||
Gross margin | Selling, general and administrative expenses (1) | Research and development expenses (1) | Operating margin (2) | Income before income taxes | Income tax expense | Effective income tax rate | Diluted earnings per share from continuing operations | |||||||||||||||||||
GAAP Basis | 54.0% | 31.8% | 5.7% | 16.1% | $93.3 | $16.0 | 17.1% | $1.63 | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||
Restructuring, restructuring related and impairment items (A) | 1.0 | — | — | 1.4 | 8.8 | 1.1 | 0.16 | |||||||||||||||||||
Acquisition, integration and divestiture related items (B) | — | — | — | — | 0.2 | (0.1) | 0.01 | |||||||||||||||||||
Other items | — | — | — | — | — | — | 0.00 | |||||||||||||||||||
ERP Implementation | — | — | — | — | — | — | 0.00 | |||||||||||||||||||
MDR | — | — | (1.9) | 1.9 | 12.1 | — | 0.25 | |||||||||||||||||||
Intangible amortization expense | 3.4 | (3.0) | — | 6.3 | 40.6 | 1.4 | 0.83 | |||||||||||||||||||
Tax adjustments | — | — | — | — | — | — | — | |||||||||||||||||||
Adjustments total | 4.4 | (3.0) | (1.9) | 9.6 | 61.7 | 2.4 | 1.25 | |||||||||||||||||||
Adjusted basis | 58.4% | 28.8% | 3.8% | 25.7% | $155.0 | $18.4 | 11.9% | $2.88 |
Three Months Ended | |||||||||||
April 2, 2023 | March 27, 2022 | ||||||||||
Net revenues | $ | 710,932 | $ | 641,715 | |||||||
Cost of goods sold | 319,552 | 295,482 | |||||||||
Gross profit | 391,380 | 346,233 | |||||||||
Selling, general and administrative expenses | 232,716 | 203,932 | |||||||||
Research and development expenses | 41,469 | 36,360 | |||||||||
Restructuring and impairment charges | 2,221 | 2,405 | |||||||||
Income from continuing operations before interest and taxes | 114,974 | 103,536 | |||||||||
Interest expense | 18,337 | 10,418 | |||||||||
Interest income | (843) | (222) | |||||||||
Income from continuing operations before taxes | 97,480 | 93,340 | |||||||||
Taxes on income from continuing operations | 20,184 | 15,973 | |||||||||
Income from continuing operations | 77,296 | 77,367 | |||||||||
Operating loss from discontinued operations | (711) | (294) | |||||||||
Tax benefit on operating loss from discontinued operations | (163) | (68) | |||||||||
Loss from discontinued operations | (548) | (226) | |||||||||
Net income | $ | 76,748 | $ | 77,141 | |||||||
Earnings per share: | |||||||||||
Basic: | |||||||||||
Income from continuing operations | $ | 1.65 | $ | 1.65 | |||||||
Loss from discontinued operations | (0.02) | — | |||||||||
Net income | $ | 1.63 | $ | 1.65 | |||||||
Diluted: | |||||||||||
Income from continuing operations | $ | 1.63 | $ | 1.63 | |||||||
Loss from discontinued operations | (0.01) | — | |||||||||
Net income | $ | 1.62 | $ | 1.63 | |||||||
Weighted average common shares outstanding | |||||||||||
Basic | 46,949 | 46,876 | |||||||||
Diluted | 47,285 | 47,402 |
April 2, 2023 | December 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 264,138 | $ | 292,034 | |||||||
Accounts receivable, net | 410,020 | 408,834 | |||||||||
Inventories | 614,106 | 578,507 | |||||||||
Prepaid expenses and other current assets | 134,948 | 125,084 | |||||||||
Prepaid taxes | 4,842 | 6,524 | |||||||||
Total current assets | 1,428,054 | 1,410,983 | |||||||||
Property, plant and equipment, net | 458,861 | 447,205 | |||||||||
Operating lease assets | 126,773 | 131,211 | |||||||||
Goodwill | 2,547,840 | 2,536,730 | |||||||||
Intangible assets, net | 2,269,535 | 2,306,165 | |||||||||
Deferred tax assets | 6,479 | 6,402 | |||||||||
Other assets | 80,380 | 89,367 | |||||||||
Total assets | $ | 6,917,922 | $ | 6,928,063 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Current borrowings | $ | 87,500 | $ | 87,500 | |||||||
Accounts payable | 136,239 | 126,807 | |||||||||
Accrued expenses | 123,451 | 140,644 | |||||||||
Payroll and benefit-related liabilities | 102,081 | 133,092 | |||||||||
Accrued interest | 16,862 | 5,332 | |||||||||
Income taxes payable | 30,176 | 24,736 | |||||||||
Other current liabilities | 79,403 | 63,381 | |||||||||
Total current liabilities | 575,712 | 581,492 | |||||||||
Long-term borrowings | 1,549,474 | 1,624,023 | |||||||||
Deferred tax liabilities | 388,185 | 388,886 | |||||||||
Pension and postretirement benefit liabilities | 30,924 | 31,394 | |||||||||
Noncurrent liability for uncertain tax positions | 6,464 | 5,805 | |||||||||
Noncurrent operating lease liabilities | 115,838 | 120,437 | |||||||||
Other liabilities | 141,072 | 154,058 | |||||||||
Total liabilities | 2,807,669 | 2,906,095 | |||||||||
Commitments and contingencies | |||||||||||
Total shareholders' equity | 4,110,253 | 4,021,968 | |||||||||
Total liabilities and shareholders' equity | $ | 6,917,922 | $ | 6,928,063 |
Three Months Ended | |||||||||||
April 2, 2023 | March 27, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities of continuing operations: | |||||||||||
Net income | $ | 76,748 | $ | 77,141 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Loss from discontinued operations | 548 | 226 | |||||||||
Depreciation expense | 18,287 | 17,317 | |||||||||
Intangible asset amortization expense | 41,540 | 40,597 | |||||||||
Deferred financing costs and debt discount amortization expense | 846 | 1,048 | |||||||||
Changes in contingent consideration | 2,447 | (30) | |||||||||
Assets impairment charges | — | 1,497 | |||||||||
Stock-based compensation | 7,015 | 5,302 | |||||||||
Deferred income taxes, net | 2,092 | 409 | |||||||||
Interest benefit on swaps designated as net investment hedges | (5,108) | (4,848) | |||||||||
Other | (427) | (2,093) | |||||||||
Changes in assets and liabilities, net of effects of acquisitions and disposals: | |||||||||||
Accounts receivable | 1,339 | (27,805) | |||||||||
Inventories | (30,099) | (19,852) | |||||||||
Prepaid expenses and other assets | 2,752 | 4,830 | |||||||||
Accounts payable, accrued expenses and other liabilities | (40,856) | (36,978) | |||||||||
Income taxes receivable and payable, net | 7,225 | 5,341 | |||||||||
Net cash provided by operating activities from continuing operations | 84,349 | 62,102 | |||||||||
Cash flows from investing activities of continuing operations: | |||||||||||
Expenditures for property, plant and equipment | (21,835) | (13,078) | |||||||||
Proceeds from sale of business and assets | — | 262 | |||||||||
Payments for businesses and intangibles acquired, net of cash acquired | (64) | — | |||||||||
Net cash used in investing activities from continuing operations | (21,899) | (12,816) | |||||||||
Cash flows from financing activities of continuing operations: | |||||||||||
Reduction in borrowings | (75,125) | — | |||||||||
Net payments from share based compensation plans and related tax impacts | (2,433) | (4,941) | |||||||||
Payments for contingent consideration | (64) | (73) | |||||||||
Dividends paid | (15,969) | (15,946) | |||||||||
Net cash used in financing activities from continuing operations | (93,591) | (20,960) | |||||||||
Cash flows from discontinued operations: | |||||||||||
Net cash used in operating activities | (285) | (119) | |||||||||
Net cash used in discontinued operations | (285) | (119) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 3,530 | (6,635) | |||||||||
Net (decrease) increase in cash and cash equivalents | (27,896) | 21,572 | |||||||||
Cash and cash equivalents at the beginning of the period | 292,034 | 445,084 | |||||||||
Cash and cash equivalents at the end of the period | $ | 264,138 | $ | 466,656 |
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