Teleflex Incorporated is a global provider of medical technology products focused on enhancing clinical benefits, improving patient and provider safety, and reducing total procedural costs **[0000096943-24-000036_tfx-20231231.htm:52]** **[0000096943-24-000132_tfx-20240630.htm:26]** **[0000096943-24-000036_tfx-20231231.htm:4]**. The company primarily designs, develops, manufactures, and supplies single-use medical devices used by hospitals and healthcare providers for diagnostic and therapeutic procedures in critical care and surgical applications **[0000096943-24-000036_tfx-20231231.htm:52]** **[0000096943-24-000132_tfx-20240630.htm:26]** **[0000096943-24-000036_tfx-20231231.htm:4]**. Teleflex's product categories include vascular access, interventional, anesthesia, surgical, interventional urology, respiratory, and urology, with a significant portion of revenue coming from single-use medical devices **[0000096943-24-000097_tfx2024-exhibit101.htm:0]** **[0000096943-24-000036_tfx-20231231.htm:7]**.

1. **Vascular Access** - Provides catheters and intraosseous access systems used in various critical care therapies.
2. **Interventional** - Offers coronary catheters and structural heart support devices crucial for therapeutic procedures.
3. **Anesthesia** - Includes airway management and pain management devices for surgical and critical care settings.
4. **Surgical** - Comprises ligation clips and surgical instruments for various surgical applications.
5. **Interventional Urology** - Features the UroLift System and Barrigel, a rectal spacing product, as key components.
6. **Respiratory** - Supplies devices and systems for respiratory care and management.
7. **Urology** - Provides a range of products for urological procedures and care.
8. **OEM Segment** - Designs and supplies custom components for other medical device manufacturers, with revenue recognized over time due to the custom nature of the products.

3fb14d932efc900a69dea6bab66929e420d260c756f30a8c1c9fff89b03979ee

| Metric (USD Millions) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas              | 458.0  **[0000096943-23-000019_ex991to2-23x20238xkreq4202.htm:0]**  | 411.9  **[TFX_3327989_1]** **[0000096943-23-000049_tfx-20230402.htm:21]** **[0000096943-23-000047_q12023earningspressrelease.htm:0]**  | 424.7  **[TFX_3306664_0]** **[TFX_3385047_1]** **[0000096943-23-000088_exhibit992to8-3x20238xkr.htm:1]** **[0000096943-23-000088_ex991to8-2x20238xkreq22023.htm:0]**  | 428.2  **[0000096943-23-000099_ex991to11-2x20238xkreq3202.htm:0]** **[0000096943-23-000099_exhibit992to11-2x20238xk.htm:1]**  | 450.6  **[0000096943-24-000027_q42023earningsrelease-fina.htm:0]**  | 406.3  **[TFX_3382126_1]** **[0000096943-24-000072_tfx-20240331.htm:28]** **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**  | 426.8  **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:7]** **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:1]** **[0000096943-24-000128_exhibit992to8-1x20248xk.htm:1]**  | 433.3  **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:6]** **[0000096943-24-000148_tfx-20240929.htm:36]** **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:0]**  |
| EMEA                  | 147.8  **[0000096943-23-000019_ex991to2-23x20238xkreq4202.htm:0]**  | 143.3  **[TFX_3327989_1]** **[0000096943-23-000049_tfx-20230402.htm:21]** **[0000096943-23-000047_q12023earningspressrelease.htm:0]**  | 147.8  **[TFX_3306664_0]** **[TFX_3385047_1]** **[0000096943-23-000088_exhibit992to8-3x20238xkr.htm:1]** **[0000096943-23-000088_ex991to8-2x20238xkreq22023.htm:0]**  | 142.7  **[0000096943-23-000099_ex991to11-2x20238xkreq3202.htm:0]** **[0000096943-23-000099_exhibit992to11-2x20238xk.htm:1]**  | 152.4  **[0000096943-24-000027_q42023earningsrelease-fina.htm:0]**  | 159.6  **[TFX_3382126_1]** **[0000096943-24-000072_tfx-20240331.htm:28]** **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**  | 147.1  **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:7]** **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:1]** **[0000096943-24-000128_exhibit992to8-1x20248xk.htm:1]**  | 150.2  **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:6]** **[0000096943-24-000148_tfx-20240929.htm:36]** **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:0]**  |
| Asia                  | 78.5  **[0000096943-23-000019_ex991to2-23x20238xkreq4202.htm:0]**   | 78.7  **[TFX_3327989_1]** **[0000096943-23-000049_tfx-20230402.htm:21]** **[0000096943-23-000047_q12023earningspressrelease.htm:0]**   | 86.7  **[TFX_3306664_0]** **[TFX_3385047_1]** **[0000096943-23-000088_exhibit992to8-3x20238xkr.htm:1]** **[0000096943-23-000088_ex991to8-2x20238xkreq22023.htm:0]**   | 93.2  **[0000096943-23-000099_ex991to11-2x20238xkreq3202.htm:0]** **[0000096943-23-000099_exhibit992to11-2x20238xk.htm:1]**   | 88.3  **[0000096943-24-000027_q42023earningsrelease-fina.htm:0]**   | 84.2  **[TFX_3382126_1]** **[0000096943-24-000072_tfx-20240331.htm:28]** **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**   | 87.0  **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:7]** **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:1]** **[0000096943-24-000128_exhibit992to8-1x20248xk.htm:1]**   | 98.3  **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:6]** **[0000096943-24-000148_tfx-20240929.htm:36]** **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:0]**   |
| OEM                   | 73.7  **[0000096943-23-000019_ex991to2-23x20238xkreq4202.htm:0]**   | 77.0  **[0000096943-23-000049_tfx-20230402.htm:21]** **[0000096943-23-000047_q12023earningspressrelease.htm:0]**        | 84.1  **[0000096943-23-000088_exhibit992to8-3x20238xkr.htm:1]** **[0000096943-23-000088_ex991to8-2x20238xkreq22023.htm:0]**             | 82.3  **[0000096943-23-000099_ex991to11-2x20238xkreq3202.htm:0]** **[0000096943-23-000099_exhibit992to11-2x20238xk.htm:1]**   | 82.6  **[0000096943-24-000027_q42023earningsrelease-fina.htm:0]**   | 87.7  **[0000096943-24-000072_tfx-20240331.htm:28]** **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**        | 88.8  **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:7]** **[0000096943-24-000128_ex991to8-1x2024req22024ear.htm:1]** **[0000096943-24-000128_exhibit992to8-1x20248xk.htm:1]**   | 82.6  **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:6]** **[0000096943-24-000148_tfx-20240929.htm:36]** **[0000096943-24-000146_ex991to10-31x2024req32024e.htm:0]**   |

63dd7d9528fad9c52f24cfd55b382b6d2a0628e4f54f5b1418e0f698d482a056

97485a0e580ff892b13d095f6f1eed7a75512fb96719e6b53a6d98e3d2c5cf2d

08bddd2164fc5e1babca0ad1a89139133ff8d011894c2edf8397c00ffd20aeea

| Metric (USD Million)       | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Vascular Access            | 186.4  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**  | 177.7  **[0000096943-23-000049_tfx-20230402.htm:7]**  | 173.8  **[0000096943-23-000090_tfx-20230702.htm:7]**  | 169.9  **[0000096943-23-000102_tfx-20231001.htm:8]**  | 186.7  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**  | 181.4  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**  | 181.1  **[0000096943-24-000132_tfx-20240630.htm:9]**  | 180.9  **[0000096943-24-000148_tfx-20240929.htm:10]**  |
| Interventional             | 125.1  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**  | 116.9  **[0000096943-23-000049_tfx-20230402.htm:7]**  | 124.8  **[0000096943-23-000090_tfx-20230702.htm:7]**  | 134.1  **[0000096943-23-000102_tfx-20231001.htm:8]**  | 135.6  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**  | 134.7  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**  | 141.2  **[0000096943-24-000132_tfx-20240630.htm:9]**  | 149.9  **[0000096943-24-000148_tfx-20240929.htm:10]**  |
| Anesthesia                 | 99.6  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**   | 93.3  **[0000096943-23-000049_tfx-20230402.htm:7]**   | 100.8  **[0000096943-23-000090_tfx-20230702.htm:7]**  | 97.6  **[0000096943-23-000102_tfx-20231001.htm:8]**   | 98.2  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**   | 96.4  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**   | 102.5  **[0000096943-24-000132_tfx-20240630.htm:9]**   | 101.1  **[0000096943-24-000148_tfx-20240929.htm:10]**   |
| Surgical                   | 110.4  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**  | 99.0  **[0000096943-23-000049_tfx-20230402.htm:7]**   | 106.0  **[0000096943-23-000090_tfx-20230702.htm:7]**  | 112.8  **[0000096943-23-000102_tfx-20231001.htm:8]**  | 109.6  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**  | 105.5  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**  | 111.3  **[0000096943-24-000132_tfx-20240630.htm:9]**   | 111.7  **[0000096943-24-000148_tfx-20240929.htm:10]**   |
| Interventional Urology     | 89.2  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**   | 75.4  **[0000096943-23-000049_tfx-20230402.htm:7]**   | 77.8  **[0000096943-23-000090_tfx-20230702.htm:7]**   | 73.6  **[0000096943-23-000102_tfx-20231001.htm:8]**   | 93.0  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**   | 79.7  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**   | 83.1  **[0000096943-24-000132_tfx-20240630.htm:9]**    | 83.4  **[0000096943-24-000148_tfx-20240929.htm:10]**    |
| OEM                        | 73.7  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**   | 77.0  **[0000096943-23-000049_tfx-20230402.htm:7]**   | 84.1  **[0000096943-23-000090_tfx-20230702.htm:7]**   | 82.3  **[0000096943-23-000102_tfx-20231001.htm:8]**   | 82.6  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**   | 87.7  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**   | 88.8  **[0000096943-24-000132_tfx-20240630.htm:9]**    | 82.6  **[0000096943-24-000148_tfx-20240929.htm:10]**    |
| Other                      | 73.6  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**   | 71.6  **[0000096943-23-000049_tfx-20230402.htm:7]**   | 76.0  **[0000096943-23-000090_tfx-20230702.htm:7]**   | 76.1  **[0000096943-23-000102_tfx-20231001.htm:8]**   | 68.2  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**   | 52.4  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**   | 41.7  **[0000096943-24-000132_tfx-20240630.htm:9]**    | 54.8  **[0000096943-24-000148_tfx-20240929.htm:10]**    |
| **Total Revenue**          | **758.0**  **[0000096943-23-000019_exhibit992to2-23x20238xk.htm:1]**  | **710.9**  **[0000096943-23-000049_tfx-20230402.htm:7]**  | **743.3**  **[0000096943-23-000090_tfx-20230702.htm:7]**  | **746.4**  **[0000096943-23-000102_tfx-20231001.htm:8]**  | **773.9**  **[0000096943-24-000027_q42023earningsrelease-fina.htm:1]**  | **737.8**  **[0000096943-24-000068_ex991to5-2x2024req12024ear.htm:0]**  | **749.7**  **[0000096943-24-000132_tfx-20240630.htm:9]**  | **764.4**  **[0000096943-24-000148_tfx-20240929.htm:10]**  |

53318372828091b35de86c27f11e295c3f61e0662c043c4553577c12ab1ba3b9

1. Given the ongoing challenges with UroLift in the doctor's office setting and the reliance on Palette's Barrigel to achieve your interventional urology guidance, what specific strategies are you implementing to address UroLift's underperformance and stimulate growth in this segment?

2. With your recent share repurchase authorization alongside an active M&A pipeline, how are you balancing capital allocation between returning capital to shareholders and investing in growth opportunities, especially when considering potential dilution from acquisitions like Palette?

3. Regarding the anticipated increase in intra-aortic balloon pump sales due to your competitor's challenges, what measures are you taking to expand manufacturing capacity and secure long-term customer relationships, and how confident are you in the sustainability of this opportunity beyond the short term?

4. As you aim to capture additional market share in the intra-aortic balloon pump market without anticipating significant price increases, how do you plan to maintain or improve margins given existing pricing agreements and potential pricing pressures in a more concentrated market?

5. The reduction in your GAAP earnings per share guidance includes an increase in the restructuring line; can you provide more transparency on the restructuring activities driving this change and elaborate on any underlying factors that investors should be aware of?

92d984d7ab08c72c9e05d7330374ffa243f733cca418d077f195cbba5552d132

b912a0ecb3bada5a785f746e967625d5aec1cbcd2337e6951654fc98ea3d12f2

236787ddf8f15c35a65a7175bda8f4a857b23cedc6558a4d38ecfcb7f197668d

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

8113ef2cdd58e389b1bf13185a8f5879a7ffc6c4fde9820435d0297764cd5d8c

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**:
     - Adjusted constant currency revenue growth: **4.25% to 5.25%**.
     - Reported revenue growth on a GAAP basis: **3.4% to 4.4%**.
     - Excluding the impact of the Italian measure: **3.85% to 4.85%**.
  2. **Gross Margin**: **60.25% to 61%**.
  3. **Operating Margin**: **26.5% to 27%**.
  4. **Earnings Per Share (EPS)**: **$13.80 to $14.20**.
  5. **Net Interest Expense**: Approximately **$81 million**.
  6. **Tax Rate**: Approximately **12%**.
  7. **Foreign Exchange Impact**: Negative impact of approximately **$12 million**.
  8. **Third Quarter Revenue**: **$765 million to $770 million**.
  9. **Palette Life Sciences Revenue**: **$70 million to $72 million**  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**:
     - Reported revenue growth: **3.35% to 4.35%**.
     - Constant currency revenue growth: **3.75% to 4.75%**.
  2. **Second Quarter Revenue**: **$760 million to $765 million**.
  3. **Gross Margin**: **60% to 60.75%**.
  4. **Operating Margin**: **26.25% to 26.75%**.
  5. **Net Interest Expense**: Approximately **$78 million**.
  6. **Tax Rate**: Approximately **12%**.
  7. **Adjusted EPS**: **$13.60 to $13.95**.
  8. **Foreign Exchange Impact**: Negative impact of approximately **$12 million**.
  9. **Interventional Urology Revenue**: Approximately **7.5% growth**  **[TFX_3382126_5]** **[TFX_3382126_2]** **[TFX_3382126_4]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue Growth**:
     - Constant currency revenue growth: **3.75% to 4.75%**.
     - Reported revenue growth: **3.6% to 4.6%**.
  2. **Gross Margin**: **60% to 60.75%**.
  3. **Operating Margin**: **26.25% to 26.75%**.
  4. **Net Interest Expense**: Approximately **$78 million**.
  5. **Tax Rate**: Approximately **12%**.
  6. **Adjusted EPS**: **$13.55 to $13.95**.
  7. **Underlying Adjusted Constant Currency EPS Growth**: Approximately **7% to 10%**.
  8. **First Quarter Revenue**: **$725 million to $730 million**  **[TFX_3374542_4]** **[TFX_3374542_5]** **[TFX_3374542_11]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: N/A
- **Guidance**: The documents do not contain information from the Q3 2024 earnings call for Teleflex, so I cannot provide the guidance metrics from that specific earnings call.

3b2342ff94aee4dd02c97993e5805f5b14ff455d4b6b337fe082dd46528bbba9

| Name            | Position                                                       | Start Date       | Short Bio                                                                                                                                                                                                 |
|-----------------|----------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Liam J. Kelly   | Chairman, President, and Chief Executive Officer               | January 2018     | Liam J. Kelly has been a director of Teleflex since **2018** and has served as Chairman of the Board since **May 2020**. He became the President and CEO in **January 2018**. He previously held various executive roles at Teleflex  **[0000096943-24-000036_tfx-20231231.htm:20]** **[0001193125-24-083481_d496319ddef14a.htm:8]** . |
| Thomas E. Powell| Executive Vice President and Chief Financial Officer           | February 2013    | Thomas E. Powell has been serving as the Executive Vice President and CFO of Teleflex since **February 2013**. He joined Teleflex in August 2011 as Senior Vice President, Global Finance  **[0000096943-24-000036_tfx-20231231.htm:20]** **[0000096943-23-000024_tfx-20221231.htm:20]** .                                              |
| Cameron P. Hicks| Corporate Vice President, Human Resources and Communications   | April 2013       | Cameron P. Hicks has been serving as the Corporate Vice President, Human Resources and Communications at Teleflex since **April 2013**. He previously worked at Harlan Laboratories, Inc.  **[0000096943-24-000036_tfx-20231231.htm:20]** **[0000096943-23-000024_tfx-20221231.htm:20]** .                                              |
| Daniel V. Logue | Corporate Vice President, General Counsel, and Secretary       | January 2021     | Daniel V. Logue has been serving as the Corporate Vice President, General Counsel, and Secretary at Teleflex since **January 2021**. He joined Teleflex in **2004** and has held various legal positions  **[0000096943-24-000036_tfx-20231231.htm:20]** **[0000096943-23-000024_tfx-20221231.htm:20]** .                               |
| Jay White       | Corporate Vice President and President, Global Commercial      | February 2021    | Jay White has been serving as the Corporate Vice President and President, Global Commercial at Teleflex since **February 2021**. He joined Teleflex in March 2005 as the Director of Marketing, North America  **[0000096943-24-000036_tfx-20231231.htm:21]** **[0000096943-23-000024_tfx-20221231.htm:21]** .                         |
| James Winters   | Corporate Vice President, Manufacturing and Supply Chain       | February 2020    | James Winters has been serving as the Corporate Vice President, Manufacturing and Supply Chain at Teleflex since **February 2020**. He previously held roles at the DePuy Synthes division of Johnson & Johnson  **[0000096943-24-000036_tfx-20231231.htm:21]** **[0000096943-23-000024_tfx-20221231.htm:21]** .                       |

bc9cbda11a0085b1ea5afc33b27c6b6aeb795e49bb6fb7e2a73d7d519ae0506d

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | **July 30, 2024**  **[0000096943-24-000148_tfx-20240929.htm:48]** **[0000096943-24-000148_tfx-20240929.htm:20]**  |
| End Date/Duration        | Not specified  **[0000096943-24-000148_tfx-20240929.htm:20]**   |
| Total additional amount  | **$500 million**  **[0000096943-24-000148_tfx-20240929.htm:48]** **[0000096943-24-000148_tfx-20240929.htm:20]**  |
| Remaining authorization amount | **$300 million**  **[0000096943-24-000148_tfx-20240929.htm:48]**  |
| Details                  | Part of strategy to return cash to shareholders and enhance long-term value creation. Not a substitute for M&A but an additional way to return capital.  **[0000096943-24-000132_tfx-20240630.htm:36]** **[TFX_3395669_7]** **[TFX_3395669_4]** **[TFX_3395669_5]**  |

030f47a6f7518dea21d7aa0d91a0d6bc8eec7faa65bbdf0b8e89fbb315c60c24

Americas

EMEA

Asia

- U.S.

- Other Americas

- Germany

- Other Europe

- Europe

- Asia Pacific

- All Other

Total Revenue

190988ff611600b661679884521c913af1f4ad8b1a44546a7e3f787d45a601ff

**Annual guidance for FY 2024:**
- **GAAP revenue growth**: 2.9% to 3.4%  **[TFX_3405058_6]**  (lowered from 3.4% to 4.4%  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** )  
- **Revenue growth excluding the Italian measure**: 3.4% to 3.9%  **[TFX_3405058_6]**  (lowered from 3.85% to 4.85%  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** )  
- **Gross margin**: 60.5% to 61%  **[TFX_3405058_6]**  (raised from 60.25% to 61%  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** )  
- **Operating margin**: 26.75% to 27.0%  **[TFX_3405058_6]**  (raised from 26.5% to 27.0%  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** )  
- **Net interest expense**: $78 million  **[TFX_3405058_6]**  (lowered from $81 million  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** )  
- **Tax rate**: 12% to 12.5%  **[TFX_3405058_6]**  (raised from approximately 12%  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** )  
- **EPS**: $13.90 to $14.20  **[TFX_3405058_6]**  (raised from $13.80 to $14.20  **[TFX_3395669_5]** **[TFX_3395669_6]** **[TFX_3395669_3]** )  

- **Q4 2024 revenue assumption**: $809 million to $824 million  **[TFX_3405058_6]**  (no prior guidance)  
- **2024 cash flow from operations**: Over $500 million  **[TFX_3405058_7]**  (no prior guidance)  
- **2024 free cash flow**: Approximately $400 million  **[TFX_3405058_7]**  (no prior guidance)  
- **2024 average weighted shares**: 47.1 million  **[TFX_3405058_6]**  (no prior guidance)  
- **OEM revenue impact**: A total reduction of $14 million for the full year  **[TFX_3405058_12]**  (no prior guidance)  
- **Interventional Urology revenue impact**: A reduction of $8 million for the full year  **[TFX_3405058_8]**  (no prior guidance)

ed0203e5d2eff1be38cb7f3cf00ee181c6da068a76f68af311521697a5d9e9b9

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP    | 1962  **[0000096943-24-000036_tfx-20231231.htm:96]**    | Present  | Current auditor   |

d409e3ee6238819632b73d22470e7ed74b0618408f81a7628d490db12b561c78

7b3a09632981d15f1183271cd5197e851e3129298293aa5a7e930b29309b69bb

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $764.4 million (+2% YoY)  **[0000096943-24-000148_tfx-20240929.htm:36]** **[0000096943-23-000102_tfx-20231001.htm:8]** **[0000096943-24-000148_tfx-20240929.htm:10]** **[0000096943-23-000102_tfx-20231001.htm:2]**   
- EMEA: $150.2 million (+5% YoY)  **[0000096943-23-000102_tfx-20231001.htm:28]** **[0000096943-24-000148_tfx-20240929.htm:36]**   
- Asia: $98.3 million (+6% YoY)  **[0000096943-23-000102_tfx-20231001.htm:28]** **[0000096943-24-000148_tfx-20240929.htm:36]**   
- Vascular Access: $180.9 million (**+6% YoY**)  **[0000096943-23-000102_tfx-20231001.htm:8]** **[0000096943-24-000148_tfx-20240929.htm:10]**   
- Interventional: $149.9 million (**+12% YoY**)  **[0000096943-23-000102_tfx-20231001.htm:8]** **[0000096943-24-000148_tfx-20240929.htm:10]**   
- Interventional Urology: $83.4 million (**+13% YoY**)  **[0000096943-23-000102_tfx-20231001.htm:8]** **[0000096943-24-000148_tfx-20240929.htm:10]**   
- Other: $54.8 million (**-28% YoY**)  **[0000096943-23-000102_tfx-20231001.htm:8]** **[0000096943-24-000148_tfx-20240929.htm:10]**   
- Operating Income (EBIT): $149.3 million (**-10% YoY**)  **[0000096943-23-000102_tfx-20231001.htm:2]** **[0000096943-24-000148_tfx-20240929.htm:2]** **[0000096943-24-000148_tfx-20240929.htm:3]** **[0000096943-24-000148_tfx-20240929.htm:4]**   
- Net Income: $111.0 million (**-19% YoY**)  **[0000096943-23-000102_tfx-20231001.htm:2]** **[0000096943-24-000148_tfx-20240929.htm:2]** **[0000096943-24-000148_tfx-20240929.htm:3]** **[0000096943-24-000148_tfx-20240929.htm:4]**   
- Diluted EPS: $2.36 (**-19% YoY**)  **[0000096943-23-000102_tfx-20231001.htm:2]** **[0000096943-24-000148_tfx-20240929.htm:2]** **[0000096943-24-000148_tfx-20240929.htm:3]** **[0000096943-24-000148_tfx-20240929.htm:4]**   

78c7ac1370eb00576a862cd6c85621e19da136a2729f3cf109e61c4012e912a0

| Year  | Amount Due (Millions) | Debt Type          | Interest Rate (%) | % of Total Debt                     |
|-------|------------------------|--------------------|-------------------|--------------------------------------|
| 2024  | 96.875                | Current Borrowings | 4.5 **[0000096943-24-000148_tfx-20240929.htm:35]**       | 5.5% = (96.875 / 1,758.421) * 100 **[0000096943-24-000148_tfx-20240929.htm:4]** **[0000096943-24-000148_tfx-20240929.htm:35]** |
| 2027  | N/A                   | 4.625% Senior Notes| 4.625 **[0000096943-24-000148_tfx-20240929.htm:41]**     | N/A                                  |
| 2028  | N/A                   | 4.25% Senior Notes | 4.25 **[0000096943-24-000148_tfx-20240929.htm:41]**      | N/A                                  |

e9372387370aa744530a27acfd15ae9a9e6417546f24da8a0e02315f17081765

- The Vascular Access business underperformed due to the **Endurance catheter recall**, impacting first-quarter results and expected to continue affecting performance until after the second quarter.  **[TFX_3382126_24]** ,  **[TFX_3382126_16]**
- Second-quarter revenue guidance of **$760 million to $765 million**, representing growth of **3.1% to 3.8%**, is below expectations due to **FX headwinds of approximately $6 million** and the phasing of OEM orders, suggesting challenges in achieving growth targets.  **[TFX_3382126_22]**
- Despite a strong first-quarter earnings beat, the company modestly raised the lower end of full-year EPS guidance by only **$0.05**, indicating caution over **inflationary pressures** and **foreign exchange impacts** that may pressure margins and earnings in upcoming quarters.  **[TFX_3382126_9]** ,  **[TFX_3382126_14]**

cdce82abbeeae5c5b0f305fbcee53467a7b941165e69685990e3c4f4f549bdb8

1. **OEM Headwinds**  
   **Q:** Will OEM pressures continue next year?  
   **A:** Liam Kelly stated that the **$14 million** impact from OEM, due to a surprise vertical integration by a major customer, will continue through **Q3 of next year**.  **[TFX_3405058_10]** **[TFX_3405058_12]**  This unexpected event will persistently affect revenues, and they will monitor destocking closely.

2. **Balloon Pump Opportunity**  
   **Q:** What is the outlook for balloon pumps?  
   **A:** Orders exceeding **$10 million** are expected in **Q4**, with the competitor likely out of the market until at least the first half of **2025**.  **[TFX_3405058_13]** **[TFX_3405058_15]**  This presents a significant opportunity primarily in the Americas, which may extend if the competitor remains sidelined.

3. **UroLift Weakness**  
   **Q:** Is UroLift weakness limited to physician offices?  
   **A:** The challenges remain in the office site of service, which faces another **~6%** reimbursement cut in **2025**, marking the final year of such reductions.  **[TFX_3405058_10]**  They anticipate potential stabilization after this period.

4. **Capital Allocation**  
   **Q:** How will you balance buybacks and M&A?  
   **A:** With net leverage at **1.7x** and free cash flow from operations at **$435 million**, up **$63 million**, they are confident they can do both.  **[TFX_3405058_9]**  They have **$300 million** left in the share repurchase plan and are actively pursuing non-EPS dilutive M&A opportunities.

5. **Guidance Unchanged**  
   **Q:** Have underlying assumptions changed?  
   **A:** No changes in underlying assumptions; they will address **2025** guidance in the next earnings call.  **[TFX_3405058_11]** **[TFX_3405058_14]**  The expected impact from balloon pumps in Q4 remains as previously anticipated.

6. **OEM Revenue Impact**  
   **Q:** What's the revenue loss from OEM customer?  
   **A:** The full-year impact is **$14 million**, with **$7 million** in **Q3** and another **$7 million** in **Q4**, mainly due to vertical integration.  **[TFX_3405058_8]** **[TFX_3405058_12]** 

e0de26df51d62f1908e4d10122b06d26f92104fe3d4f34d53b36f5915ca6c2ea

- The Interventional Urology business, particularly UroLift, is facing ongoing challenges in the U.S. office setting, which **"still remains a challenge."**  **[TFX_3363605_7]**
- There is softness in bariatric surgery volumes due to the impact of GLP-1 drugs, and the company **"continue[s] to expect some softness to bariatric surgery volumes."**  **[TFX_3363605_3]**
- The company experienced a revenue impact of around **$5 million** in the quarter due to product recalls, which could potentially recur in the fourth quarter.  **[TFX_3363605_9]**

75c9923748b12d2c3677bc60d44afc48eb96b7c0e66896336817bcf7d747e6a2

1. **Intra-Aortic Balloon Pump Opportunity**  
   **Q:** What's the outlook for intra-aortic balloon pump (IABP) opportunity?  
   **A:** The company is excited about the IABP opportunity, expecting significant contributions starting in **Q4**.  **[TFX_3395669_8]**  They've had a strong market position over the past **2.5 years** and continue to take share.  **[TFX_3395669_8]**  Recent robust quote activity, especially in the U.S., boosts confidence in impacting revenues into the **first half of 2025**.  **[TFX_3395669_8]**  Catheters, which are accretive to margins, will follow the pumps and are expected to drive long-term growth.  **[TFX_3395669_9]** 

2. **Capital Allocation: Share Buyback vs M&A**  
   **Q:** Is the share buyback signaling a shift away from M&A?  
   **A:** Management emphasizes that the **$200 million** accelerated share repurchase (ASR) is **in addition to** ongoing M&A initiatives.  **[TFX_3395669_9]**  With strong free cash flow and leverage moving from **1.6x** to **1.9x**, they remain active in seeking M&A opportunities and reassure that the buyback won't hinder their M&A strategy.  **[TFX_3395669_9]** 

3. **Margin Outlook and Guidance**  
   **Q:** How will IABP affect margins and what's the margin guidance?  
   **A:** The initial pump sales are slightly dilutive to gross margins, but the following catheter sales are accretive, making the overall business margin-neutral.  **[TFX_3395669_9]** **[TFX_3395669_14]**  Despite this, they have updated gross margin guidance with an uplift of **25 basis points** driven by the core business.  **[TFX_3395669_9]** **[TFX_3395669_14]**  They expect stable gross margins in Q3 and Q4, with further operating margin leverage in Q4 due to stronger revenues.  **[TFX_3395669_14]** 

4. **Interventional Urology Update**  
   **Q:** What's the status of the interventional urology business?  
   **A:** The doctor's office segment remains challenged with no change from Q1.  **[TFX_3395669_13]**  However, the Palette Life Sciences acquisition, particularly Barrigel, is outperforming, leading to an updated revenue guidance from **$66–68 million** to **$70–72 million**.  **[TFX_3395669_13]**  They anticipate improvement in the second half as cross-training of sales reps is now complete and they focus on both UroLift and Barrigel.  **[TFX_3395669_13]** **[TFX_3395669_16]** 

5. **M&A Outlook**  
   **Q:** What's the current focus and outlook on M&A activity?  
   **A:** The company remains active in the M&A market, focusing on areas like the cath lab, emergency medicine, and intensive care units.  **[TFX_3395669_17]**  They assert that the ASR does not replace M&A efforts and they have the cash flow to support both.  **[TFX_3395669_17]**  They are seeking assets that add value to both the top line and earnings, with awareness of the impact on EPS.  **[TFX_3395669_17]** **[TFX_3395669_24]** 

6. **ASR Timing and EPS Impact**  
   **Q:** When will the ASR be completed and its impact on EPS growth?  
   **A:** The ASR is expected to be completed in **2 to 3 months**.  **[TFX_3395669_18]**  The benefit to earnings per share from the share repurchase will be more significant in **2025**, due to the timing of weighted average shares calculation.  **[TFX_3395669_12]** **[TFX_3395669_18]** 

7. **EMEA Performance**  
   **Q:** How sustainable is the strong growth in EMEA?  
   **A:** EMEA had a solid quarter, growing **9.8%**.  **[TFX_3395669_25]**  Strong performances were seen in Germany, France, Spain, and Italy, particularly in emergency medicine, interventional urology, and interventional access.  **[TFX_3395669_25]**  While such high growth rates may not persist, they expect EMEA to maintain mid-single-digit growth over the longer term.  **[TFX_3395669_25]** 

8. **Ringer Balloon Catheter Introduction**  
   **Q:** How does the Ringer balloon catheter fit into the portfolio?  
   **A:** The Ringer catheter, indicated for PTCA, complements the existing portfolio without cannibalization.  **[TFX_3395669_15]**  It's entering an approximately **$40 million** market.  **[TFX_3395669_15]**  The product aids interventional cardiologists during accidental vessel punctures, allowing procedures to continue.  **[TFX_3395669_15]**  They are exploring additional indications, potentially expanding into the peripheral market.  **[TFX_3395669_15]** 

9. **GAAP EPS Guidance Reduction**  
   **Q:** Why is there a reduction in GAAP EPS guidance?  
   **A:** The reduction is largely due to an increase in restructuring charges.  **[TFX_3395669_22]**  Management states there's nothing of substance to call out and considers it business as usual.  **[TFX_3395669_22]** 

10. **Consumable Attachment and Pricing in IABP Market**  
    **Q:** Are consumables captive to pumps, and will pricing change with market shifts?  
    **A:** Attachment rates of catheters to pump brands are incredibly high, with customers typically using the catheter from the same brand as the pump.  **[TFX_3395669_21]**  They don't anticipate significant price changes as they convert market share because pricing agreements are already in place with many customers.  **[TFX_3395669_21]** 

b648445868fd06b312190c4c3a99cbfd6ecca3369ccbffe8a9c2ce15a6851dad

b1c5455bfbd8a9c8f0b9b510948502c142e0fa086be9e45bb5649a7a5d41fe38

1. **Growth Guidance and Outlook**  
   **Q:** What accelerates growth profile from here?  
   **A:** Liam highlighted that despite midpoint guidance of **4.25% growth**, underlying organic growth is **4.75% to 5.75%** after adjusting for a 1% headwind from MSA and Palette acquisitions.  **[TFX_3382126_11]**  He expressed bullishness about the company's prospects, pointing to strong performances in OEM, Interventional Access, and Surgical, and double-digit growth in EMEA (**9.7%**) and APAC.  **[TFX_3382126_11]** 

2. **Margin Expansion Opportunities**  
   **Q:** How can margins expand in 2025?  
   **A:** Liam emphasized that margin expansion starts with gross margins, aiming for a **100 basis point expansion** at the midpoint this year.  **[TFX_3382126_20]**  Catalysts include continuous improvement programs, positive pricing, Palette ramping up, and the MSA headwind ending in 2025.  **[TFX_3382126_20]**  He is confident in driving both growth and operating leverage, targeting **10% EPS growth**.  **[TFX_3382126_20]** 

3. **Gross Margin Expectations**  
   **Q:** What pressures gross margin over next quarters?  
   **A:** Tom noted that aside from inflationary pressures and some FX effects, there's nothing necessarily pressuring gross margins.  **[TFX_3382126_9]**  They had a solid start and feel good about achieving the full-year guidance.  **[TFX_3382126_9]** 

4. **Interventional Business Growth**  
   **Q:** Is Interventional growth sustainable and a focus for M&A?  
   **A:** Liam stated that Interventional can maintain growth above Teleflex's average, highlighting products like **MANTA** and upcoming launches like **Wattson**.  **[TFX_3382126_15]**  The cath lab is a key area of focus for M&A, and they've invested heavily in R&D.  **[TFX_3382126_15]** 

5. **M&A Strategy**  
   **Q:** What's your M&A strategy and deal sizes?  
   **A:** Liam said they focus on tuck-in and scale transactions, ranging from tens to hundreds of millions in revenue.  **[TFX_3382126_17]**  They have financial firepower with **1.7x leverage**.  **[TFX_3382126_17]**  Multiples have tempered, indicating a healthy environment for disciplined M&A.  **[TFX_3382126_17]** 

6. **Americas Performance Factors**  
   **Q:** Why was Americas revenue down?  
   **A:** The decline was due to the MSA, which was all booked in the Americas.  **[TFX_3382126_16]**  Excluding MSA, growth would have been around **3.5%**.  **[TFX_3382126_16]**  The Endurance recall also impacted results; both factors will anniversary as the year progresses.  **[TFX_3382126_16]** 

7. **Full-Year Guidance Decision**  
   **Q:** Why not raise full-year guide despite Q1 beat?  
   **A:** Liam mentioned it's only Q1, and some OEM orders were pulled into Q1 from Q2.  **[TFX_3382126_12]**  They updated for FX and will monitor the situation but feel bullish about performance.  **[TFX_3382126_12]** 

8. **Urology Segment Performance**  
   **Q:** Is UroLift performance aligned with plans?  
   **A:** Liam expects Interventional Urology to deliver **7.5% growth** in 2024, including **Palette revenue of $66–$68 million**, offsetting declines in UroLift.  **[TFX_3382126_19]**  UroLift was impacted by declines in office procedures and sales force cross-training, with improvement expected as training completes.  **[TFX_3382126_19]** 

9. **OEM Performance and Outlook**  
   **Q:** Should we expect OEM growth to normalize?  
   **A:** Liam anticipates double-digit OEM growth for the year but expects a slight step back in Q2 due to order phasing.  **[TFX_3382126_7]**  Demand is robust, with strong order banks, especially in **microcatheters** and catheter extrusions.  **[TFX_3382126_7]** 

10. **Palette Growth Drivers**  
    **Q:** What drives Palette's growth?  
    **A:** Growth is mainly from market expansion, not share shift.  **[TFX_3382126_13]**  The product is well-received, and additional reps will be trained and active by Q3.  **[TFX_3382126_13]**  An expanded indications study for **Barrigel** is underway.  **[TFX_3382126_13]** 

11. **Q2 Guidance Explanation**  
    **Q:** What explains lower Q2 guidance?  
    **A:** The **$760–$765 million** guidance is impacted by about **$6 million of FX** and OEM orders pulled into Q1.  **[TFX_3382126_22]**  The MSA was slightly higher in Q2 last year, affecting comparisons.  **[TFX_3382126_22]** 

12. **Vascular Access Performance**  
    **Q:** Comment on Vascular Access performance and outlook.  
    **A:** The **Endurance recall** impacted Vascular Access in Q1; they will anniversary that in Q2.  **[TFX_3382126_24]**  Expect improvement through the year, with solid PICC and CVC growth.  **[TFX_3382126_24]** 

13. **Titan Bariatric Device Growth**  
    **Q:** Outlook for Titan's contribution to growth?  
    **A:** The addition of **buttress**, used by **60% of surgeons**, has been well received.  **[TFX_3382126_21]**  Despite gastric sleeve procedures down **10–15%**, Titan met expectations and will contribute to growth.  **[TFX_3382126_21]** 

14. **Upcoming Clinical Data Impact**  
    **Q:** Impact of upcoming CLEAR trial data?  
    **A:** Liam expects the **CLEAR trial** comparing UroLift to Rezum to aid providers and patients in understanding postoperative experiences.  **[TFX_3382126_18]**  Additional studies on retreatment rates and complications will strengthen their position.  **[TFX_3382126_18]** 

15. **Earnings Guidance Approach**  
    **Q:** Why the conservative earnings guidance?  
    **A:** Tom explained they raised the lower end by **$0.09**, with **$0.04** offset by FX.  **[TFX_3382126_14]**  They feel good about the results and full-year guidance but will monitor the situation.  **[TFX_3382126_14]** 

16. **Urology Training and Integration**  
    **Q:** How is Urology sales force training going?  
    **A:** Training is progressing well; about **40%** trained, to be completed by end of Q2.  **[TFX_3382126_8]**  The organization will be fully integrated by year-end.  **[TFX_3382126_8]**  There was **zero impact** on Palette and some impact on UroLift.  **[TFX_3382126_8]** 

17. **Vascular Business Details**  
    **Q:** Why did Vascular Access come in lighter?  
    **A:** The **Endurance recall** affected Vascular Access in Q1.  **[TFX_3382126_24]**  PICC growth was solid and expected to improve; underlying CVC growth is strong.  **[TFX_3382126_24]**  Improvement is expected as they anniversary the recall.  **[TFX_3382126_24]** 

eaac42925449db2f447d8361daa263570153301519b6ae458c28b7c95a9de40f

- **The company's key growth drivers are facing headwinds, with the OEM business expected to decelerate from previous growth rates of around 18-19% to "low double digits," indicating a slowdown in growth. The Interventional business is also expected to "take a modest step back" due to tough comparisons and the return of competitors to the market.**  **[TFX_3374542_21]** **[TFX_3374542_26]**
- **Margins are under pressure from persistent inflation higher than pre-pandemic levels and foreign exchange headwinds. Despite cost-saving initiatives, these factors are adversely impacting gross margins, and the company acknowledges that achieving operating margin targets by 2025 will be challenging and may take longer than previously anticipated.**  **[TFX_3374542_9]** **[TFX_3374542_27]**
- **Challenges persist with the UroLift system, particularly in the U.S. office setting due to reimbursement changes, leading to modest improvements and cautious growth outlooks. Additionally, international expansion faces hurdles, such as in China where reimbursement does not cover the full cost and patients often pay out-of-pocket, potentially delaying market penetration until 2025.**  **[TFX_3374542_10]** **[TFX_3374542_29]** **[TFX_3374542_25]**

c786dc0fef899150ed46200b044012807d9548f67f39c9a6a971a3e8a1f7916b

- **Teleflex's interventional urology business, specifically the UroLift product in doctor's offices, continues to face challenges with stagnant growth, similar to the first quarter, with no improvement expected in the near term.**  **[TFX_3395669_13]**
- **Revenue from intra-aortic balloon pumps may have lower margins upfront due to capital equipment sales being slightly below the company's gross margins, which could impact overall profitability.**  **[TFX_3395669_19]**
- **The company reduced its GAAP earnings per share guidance due to increased restructuring expenses, which management considers 'business as usual,' potentially signaling ongoing operational challenges.**  **[TFX_3395669_22]**

0891924ace4b4cc30a91f79a0dde2ef2a45915a8eba90e97323c02357fe7a022

1. **Confidence in 2025 LRP**  
   **Q:** Are you confident in achieving the 2025 long-range plan targets?  
   **A:** Management expressed strong confidence in meeting the revenue and gross margin goals of the 2025 long-range plan. They acknowledged that while achieving the operating margin targets will be more challenging due to increased inflation and the impact of acquisitions like Palette, they still see a path to reach those targets, possibly beyond 2025.  **[TFX_3374542_8]** **[TFX_3374542_11]** **[TFX_3374542_14]** **[TFX_3374542_27]** 

2. **2024 EPS Growth and Headwinds**  
   **Q:** How are 2024 headwinds affecting EPS growth and implications for 2025?  
   **A:** The company expects underlying EPS growth of **7% to 10%** in 2024, excluding headwinds from the MSA exit and the Palette acquisition. They anticipate these headwinds will subside, leading to stronger EPS growth in 2025, with contributions from lower interest expense and Palette turning profitable.  **[TFX_3374542_14]** **[TFX_3374542_16]** **[TFX_3374542_17]** 

3. **Gross Margin Guidance**  
   **Q:** What is the gross margin outlook for 2024?  
   **A:** Gross margins are expected to improve in 2024 due to benefits from the Palette acquisition and the MSA exit. However, inflationary pressures and foreign exchange headwinds are offsetting some gains. The company anticipates taking another step up in gross margins but acknowledges challenges in achieving long-term margin goals due to higher-than-expected inflation.  **[TFX_3374542_9]** **[TFX_3374542_11]** **[TFX_3374542_14]** 

4. **M&A Strategy and Dilution**  
   **Q:** How is the company approaching M&A given concerns about P&L dilution?  
   **A:** With leverage at **1.9x**, the company has significant firepower for acquisitions. They are actively seeking attractive assets that fit their portfolio but are conscious of dilution and investor feedback, especially given the dilution from the MSA exit and the Palette acquisition in 2024. Future M&A will consider the impact on dilution to avoid significant near-term P&L effects.  **[TFX_3374542_12]** 

5. **Procedure Volumes**  
   **Q:** How are procedure volumes trending, especially in the U.S.?  
   **A:** Procedure volumes in the acute care hospital setting have returned to pre-pandemic levels and remain solid. The company benefits from this positive environment and expects continued growth supported by a robust pipeline of new product launches in 2024.  **[TFX_3374542_22]** 

6. **Pricing Strategy**  
   **Q:** What are the pricing expectations for 2024?  
   **A:** The company exceeded its pricing goal in 2023, achieving over **50 basis points** of price improvement. For 2024, they aim for another **50 basis points** and are hopeful to at least deliver that amount, marking the third consecutive year of positive pricing contributions.  **[TFX_3374542_14]** 

7. **High-Growth Products**  
   **Q:** How did high-growth products perform and what's the outlook?  
   **A:** High-growth products performed very well in 2023, with standouts like intraosseous devices and the hemostatic portfolio. For 2024, the company expects this segment to grow around **10% to 12%** and continues to invest behind these products due to their strong margin profiles.  **[TFX_3374542_24]** 

8. **China Market Outlook**  
   **Q:** How is VBP affecting China sales and what's the medium-term outlook?  
   **A:** While acknowledging challenges from volume-based procurement (VBP) in China, the company expects growth to continue due to their differentiated products. They have strategies to manage VBP effects and view China as a positive geography for long-term growth.  **[TFX_3374542_23]** 

9. **UroLift Performance and Outlook**  
   **Q:** What is the outlook for UroLift and its synergy with Barrigel?  
   **A:** UroLift saw modest improvement in Q4 over Q3, with expectations of approximately **7.5%** revenue growth for Interventional Urology in 2024. No synergies between Barrigel and UroLift are baked into the guidance, but management is monitoring potential cross-selling opportunities. Internationally, UroLift is performing well in Japan and other markets, with growth anticipated as they expand into China.  **[TFX_3374542_10]** **[TFX_3374542_25]** 

10. **Supply Chain Management**  
    **Q:** What are the plans for vertical integration in the supply chain?  
    **A:** The company plans to bring certain subcomponents in-house to gain better control over the supply chain and improve margins. This initiative stems from lessons learned during the pandemic, emphasizing the benefits of internal control over external dependencies.  **[TFX_3374542_18]** 

11. **Pension Plan Exit**  
    **Q:** What is the $150 million pension charge in 2024 guidance?  
    **A:** The company is exiting one of its fully funded pension plans by offering buyouts to pensioners and arranging annuities for the remainder. This results in a non-cash charge of **$2.85** per share, impacting 2024 guidance but not affecting cash flow.  **[TFX_3374542_19]** 

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- **Strong Growth in EMEA Region**: EMEA revenues increased **9.8%** year-over-year in Q2 2024, driven by strong performance in **Germany, France, Spain, and Italy**. Key growth areas included **emergency medicine, interventional urology, and interventional access**. Management expects continued strong performance, potentially moving into the higher mid-single-digit growth range.  **[TFX_3395669_25]**
- **Gaining Market Share in Intra-Aortic Balloon Pumps (IABP)**: Teleflex is confident in converting strong quote activity into actual conversions in the IABP market, especially in the **United States**, where customers have been advised by the **FDA** to seek alternative suppliers. Despite the pump sales being slightly dilutive to margins, the core business is performing exceptionally well, leading to an uplift in gross margin guidance by **25 basis points**.  **[TFX_3395669_19]** ,  **[TFX_3395669_9]**
- **Successful Launch of Innovative Products and M&A Performance**: The new **Ringer catheter** targets a **$40 million** market with potential for expansion into peripheral indications, with no cannibalization of existing products. Additionally, the acquisition of **Palette** is exceeding expectations, with updated revenue guidance increasing from **$66-68 million to $70-72 million**, driven by the strong performance of **Barrigel**.  **[TFX_3395669_15]** ,  **[TFX_3395669_13]**

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- **Strong growth in the Interventional business with 15% full-year constant currency growth**, driven by a robust pipeline of new products like the **GuideLiner Coast** and upcoming **Ringer**, indicating sustained future performance.  **[TFX_3374542_26]**
- **Expansion of Barrigel indications to other cancers**, with clinical trials being planned, which could significantly **boost future growth** stemming from the Palette acquisition.  **[TFX_3374542_28]**
- **International expansion of UroLift**, particularly in **Japan performing exceptionally well** and growth initiatives in **China**, coupled with **solid procedure volumes returning to pre-pandemic levels** in the acute care hospital, suggests positive momentum.  **[TFX_3374542_29]** **[TFX_3374542_22]** **[TFX_3374542_25]**

73d347decca4b6351cd416aceb58940ad71608843de8e21151e0dcea9305b710

- Teleflex raised its 2023 constant currency revenue guidance to **6.4% to 6.6%**, reflecting strong operational performance in Q3 and confidence in a strong finish to the year.  **[TFX_3363605_5]**
- The company has significant M&A capacity, with pro forma net leverage at **2.1x**, allowing for potential acquisitions up to **$2 billion**, supporting future growth.  **[TFX_3363605_16]**
- Teleflex is achieving better-than-expected price increases, exceeding the **50 basis points** target, which is positive for margins and sustainable through 2024.  **[TFX_3363605_15]**

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- **Consistent Outperformance and Solid Growth:** Teleflex has beaten its internal revenue forecasts for five consecutive quarters, demonstrating solid underlying growth and market momentum. In Q1 2024, they exceeded expectations with an **$11 million** upside.  **[TFX_3382126_12]**
- **Strong Performance in OEM Business:** The OEM segment is experiencing robust demand with a strong order bank and is expected to achieve **double-digit growth** for the entire year. Despite being dilutive to gross margins, the OEM business is **accretive to operating margins** and contributes positively as it grows.  **[TFX_3382126_7]**
- **Robust Growth in Interventional Business with New Product Launches:** The Interventional business is showing strong growth driven by products like **MANTA**, which continues to penetrate the large bore market, and complex catheters like **Guideliner, Trapliner, and Turnpike**. Procedural volumes in cath labs are back to **pre-pandemic levels**, and new products like the **Wattson** are entering the market, enhancing growth prospects.  **[TFX_3382126_10]**

cf7fad9afa2796f39251988fbebd30a9fc7eab536cfcffd2ff1914a4b8b679d6

Teleflex Inc (TFX)

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