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1. Company Snapshot

1.a. Company Description

Teleflex Incorporated designs, develops, manufactures, and supplies single-use medical devices for common diagnostic and therapeutic procedures in critical care and surgical applications worldwide.It provides vascular access products that comprise Arrow branded catheters, catheter navigation and tip positioning systems, and intraosseous access systems for the administration of intravenous therapies, the measurement of blood pressure, and the withdrawal of blood samples through a single puncture site.The company also offers interventional products, which consists of various coronary catheters, structural heart therapies, and peripheral intervention and cardiac assist products that are used by interventional cardiologists and radiologists, and vascular surgeons; and Arrow branded catheters, Guideline and Trapliner catheters, the Manta Vascular Closure, and Arrow Oncontrol devices.


It provides anesthesia products, such as airway and pain management products to support hospital, emergency medicine, and military channels; and surgical products, including metal and polymer ligation clips, and fascial closure surgical systems that are used in laparoscopic surgical procedures, percutaneous surgical systems, and other surgical instruments.The company also offers interventional urology products comprising the UroLift System, an invasive technology for treating lower urinary tract symptoms due to benign prostatic hyperplasia; and respiratory products, including oxygen and aerosol therapies, spirometry, and ventilation management products for use in various care settings.It provides urology products, such as catheters, urine collectors, and catheterization accessories and products for operative endourology; and bladder management services.


The company serves hospitals and healthcare providers, medical device manufacturers, and home care markets.The company was incorporated in 1943 and is headquartered in Wayne, Pennsylvania.

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1.b. Last Insights on TFX

Teleflex Incorporated's recent performance was negatively impacted by cautious investor sentiment ahead of its Q3 2025 earnings release. Despite reporting better-than-expected earnings of $3.67 per share, some analysts cut their forecasts following the results. The company's revenue and key metrics were closely watched, with comparisons to Wall Street estimates and year-ago values. A quarterly dividend of $0.34 per share was declared, but no significant share buyback activity was reported. Investor positioning changes were noted, with Teacher Retirement System of Texas increasing its stake, while Bessemer Group Inc. reduced its position.

1.c. Company Highlights

2. Teleflex's Q3 2025 Earnings: A Closer Look

Teleflex reported revenues of $913 million for Q3 2025, a 19.4% year-over-year increase on a GAAP basis. Adjusted revenues were $892.9 million, up 16.8% year-over-year on a reported basis and 15.3% on an adjusted constant currency basis. The company's adjusted gross margin was 57.3%, a 350 basis point decrease year-over-year, primarily due to tariffs, foreign exchange rates, and increased logistics and distribution costs. Adjusted operating margin was 23.3%, a 400 basis point decrease due to gross margin pressure and higher operating expenses. Earnings per share (EPS) came in at $3.67, beating estimates of $3.38.

Publication Date: Nov -13

📋 Highlights
  • Revenue Growth Accelerated:: Q3 revenue hit $913M (+19.4% YoY GAAP) and $892.9M adjusted (+16.8% YoY), driven by Vascular Intervention acquisition and strong Surgical/Interventional segments.
  • Vascular Intervention Outperforms:: EMEA revenue surged 34.4% (+$214.1M), Asia up 25.3% (+$122.9M), both fueled by the Vascular Intervention business acquired in 2024.
  • Margin Pressures Persist:: Adjusted gross margin fell 350 bps to 57.3% due to tariffs, logistics costs, and FX; operating margin dropped 400 bps to 23.3%.
  • NewCo Sale Progress:: Active pursuit of NewCo sale prioritized over spin-off, with progress in due diligence; RemainCo/Teleflex to focus on value unlocking via separation.
  • 2025 Guidance Revised:: Adjusted revenue growth now 8–8.5% (vs. prior 8.5–9.5%), constant currency growth forecast at 6.9–7.4%, reflecting Q4 FX headwinds and margin challenges.

Segment Performance

The company's Vascular Access revenue increased 4.3% year-over-year to $191 million, driven by its broad Vascular Access portfolio. Interventional revenue was $266.4 million, an increase of 76.4%, driven by growth drivers such as intra-aortic balloon pump catheters and OnControl. The Vascular Intervention business performed well, achieving year-over-year reported revenue growth of 6.9%. As Liam Kelly noted, "We've made significant progress in executing our strategy."

Guidance and Outlook

Teleflex expects total adjusted constant currency growth for 2025 to be in the range of 6.9% to 7.4%, reflecting the performance in the first three quarters of the year and its updated view for Q4 2025. The company expects adjusted revenue growth to be in the range of 8% to 8.5% versus its prior guidance of 8.5% to 9.5%. Analysts estimate next year's revenue growth at 10.4%.

Valuation

With a P/E Ratio of -15.04 and an EV/EBITDA of 18.95, the market appears to be pricing in some level of risk. However, the company's ROE is -7.98%, indicating potential underlying issues. The Free Cash Flow Yield is 7.29%, which could be an attractive metric for income investors. The market seems to be expecting a turnaround, and the upcoming separation into two independent companies could be a catalyst for this.

Strategic Developments

The company is actively advancing the process for a potential sale of NewCo, prioritizing this over a spin-off, as it believes this will maximize shareholder value. The integration of the BIOTRONIK VI business is going well, with employee retention being "rock-solid" and no loss of senior leadership. The cath lab business is expected to continue growing, driven by a robust portfolio and stable procedure volumes.

3. NewsRoom

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Teleflex Incorporated (TFX) Presents at Jefferies London Healthcare Conference 2025 Transcript

Nov -18

Source: seekingalpha.com

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Don't Overlook Teleflex (TFX) International Revenue Trends While Assessing the Stock

Nov -17

Source: zacks.com

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Teleflex Incorporated (NYSE:TFX) Receives Consensus Rating of “Reduce” from Analysts

Nov -15

Source: defenseworld.net

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Teleflex Incorporated (TFX) Discusses Strategic Rationale and Portfolio Overview of Acquired Vascular Intervention Business Transcript

Nov -14

Source: seekingalpha.com

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Teleflex to Present at the Jefferies Global Healthcare Conference in London

Nov -14

Source: globenewswire.com

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TFX Stock Falls Despite Q3 Earnings and Revenue Beat, '25 View Down

Nov -13

Source: zacks.com

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These Analysts Cut Their Forecasts On Teleflex Following Q3 Results

Nov -07

Source: benzinga.com

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Teleflex Incorporated (TFX) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.61%)

6. Segments

Americas

Expected Growth: 4.5%

Teleflex Incorporated's 4.5% growth in Americas is driven by increasing demand for its medical technologies, particularly in the vascular access and anesthesia segments. Strong sales of its Arrow PICC and EZ-IO products, as well as growth in its OEM business, contribute to this growth. Additionally, the company's strategic acquisitions and investments in emerging markets also support its expansion in the region.

EMEA

Expected Growth: 4.8%

EMEA growth of 4.8% at Teleflex Incorporated is driven by increasing demand for vascular access and anesthesia products, expansion in emerging markets, and strategic acquisitions. Additionally, a growing focus on patient safety and infection prevention, as well as an aging population, contribute to the region's growth.

Asia

Expected Growth: 5.2%

Teleflex Incorporated's 5.2% growth in Asia is driven by increasing demand for medical devices, particularly in China and India, fueled by a growing middle class, government investments in healthcare infrastructure, and an aging population. Additionally, the company's strategic expansion into emerging markets and partnerships with local distributors have contributed to its growth in the region.

Original Equipment Manufacturer and Development Services

Expected Growth: 4.2%

Teleflex Incorporated's Original Equipment Manufacturer and Development Services segment growth of 4.2% is driven by increasing demand for medical devices, strategic partnerships, and expansion into emerging markets. Additionally, investments in research and development, and a focus on innovative product offerings have contributed to this growth.

7. Detailed Products

Vascular Access

Teleflex offers a range of vascular access products, including arterial and central venous catheters, guidewires, and introducers, designed to facilitate minimally invasive procedures and improve patient outcomes.

Anesthesia

Teleflex provides a comprehensive range of anesthesia products, including laryngoscopes, anesthesia masks, and breathing circuits, designed to support safe and effective anesthesia delivery.

Respiratory

Teleflex offers a range of respiratory products, including oxygen therapy devices, ventilators, and respiratory care accessories, designed to support patient respiratory care.

Surgical

Teleflex provides a range of surgical products, including surgical instruments, sutures, and staplers, designed to support minimally invasive and open surgical procedures.

Interventional

Teleflex offers a range of interventional products, including guidewires, catheters, and angioplasty balloons, designed to support minimally invasive interventional procedures.

Urology

Teleflex provides a range of urology products, including urological instruments, catheters, and stents, designed to support urological procedures and patient care.

8. Teleflex Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Teleflex Incorporated operates in the medical technology industry, where substitutes are limited. However, the company faces competition from alternative medical devices and procedures, which can substitute its products.

Bargaining Power Of Customers

Teleflex Incorporated sells its products to hospitals, clinics, and medical professionals, who have limited bargaining power due to the specialized nature of the products.

Bargaining Power Of Suppliers

Teleflex Incorporated relies on a diverse supplier base, which reduces the bargaining power of individual suppliers. However, the company may face supply chain disruptions and price increases from key suppliers.

Threat Of New Entrants

The medical technology industry has high barriers to entry, including regulatory hurdles, significant research and development investments, and established distribution networks, making it difficult for new entrants to compete with Teleflex Incorporated.

Intensity Of Rivalry

The medical technology industry is highly competitive, with established players competing for market share. Teleflex Incorporated faces intense competition from companies such as Medtronic, Stryker, and Johnson & Johnson.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.25%
Debt Cost 5.36%
Equity Weight 69.75%
Equity Cost 9.53%
WACC 8.27%
Leverage 43.38%

11. Quality Control: Teleflex Incorporated passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.6/10

Value: 4.7

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Quality: 5.4

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

120.53$

Current Price

120.53$

Potential

-0.00%

Expected Cash-Flows