Teleflex Incorporated (NYSE: TFX) has reported its financial results for the third quarter ended September 29, 2024. The company's GAAP revenue stood at $764.4 million, marking a 2.4% increase compared to the prior year period. On a constant currency basis, the GAAP revenue was up 2.2%.
The GAAP diluted earnings per share (EPS) from continuing operations for the third quarter were $2.36, down from $2.91 in the prior year period. However, the adjusted diluted EPS from continuing operations was $3.49, a decrease from $3.64 in the prior year period.
Looking ahead, Teleflex has made adjustments to its 2024 guidance. The company has lowered its GAAP revenue growth guidance range to 2.90% to 3.40% and its adjusted constant currency revenue growth guidance range to 3.50% to 4.00%. However, it has raised its GAAP EPS from continuing operations guidance range to $6.65 to $6.95 and the low end of adjusted diluted EPS from continuing operations guidance range to $13.90 to $14.20.
In terms of net revenue by segment, the Americas segment saw a 1.2% increase in reported revenue, while the EMEA segment experienced a 5.3% growth. The net revenue for the Asia segment was up by 5.5%, and the OEM segment saw a modest 0.3% growth. Overall, the consolidated net revenue for Teleflex increased by 2.4% to $764.4 million.
Breaking down the net revenue by global product category, the interventional urology category stood out with a significant 13.3% growth in the third quarter, while the other category experienced a substantial decline of 28.0%.
Teleflex also provided other financial highlights, including a total cash, cash equivalents, and restricted cash equivalents of $277.8 million at September 29, 2024, compared to $222.8 million at December 31, 2023. Additionally, the company's net accounts receivable increased to $470.3 million from $443.5 million at the end of the previous year, and its inventories rose to $639.9 million from $626.2 million at the end of 2023.
Looking at the full-year 2024 outlook, Teleflex has lowered its GAAP revenue growth outlook to a range of 2.90% to 3.40% and its adjusted constant currency revenue growth outlook to a range of 3.50% to 4.00%. On the other hand, the company has raised its full-year 2024 GAAP diluted earnings per share from continuing operations outlook to a range of $6.65 to $6.95.
Following these announcements, the company's shares moved -13.4%, and are now trading at a price of $203.64. For the full picture, make sure to review Teleflex's 8-K report.
