Teleflex Incorporated (NYSE: TFX) has reported its financial results for the fourth quarter and full year 2024. In the fourth quarter, the company posted revenues of $795.4 million, marking a 2.8% increase compared to the prior year period, and a 3.2% increase on an adjusted constant currency basis. GAAP diluted EPS from continuing operations for the quarter was $(2.95), down from $0.66 in the prior year period. However, adjusted diluted EPS from continuing operations stood at $3.89, up from $3.38 in the prior year period.
For the full year 2024, Teleflex reported GAAP revenue of $3,047.3 million, reflecting a 2.4% increase compared to the prior year period. Adjusted revenue, excluding the impact from increases in reserves related to the Italian payback measure, was $3,061.1 million, up 2.9% compared to the prior year period, and up 3.1% on an adjusted constant currency basis. GAAP diluted EPS from continuing operations for the full year was $1.49, down from $7.56 in the prior year period, while adjusted diluted EPS from continuing operations was $14.01, up from $13.52 in the prior year period.
Looking ahead to 2025, the company provided guidance, including a GAAP revenue growth guidance range of (0.4)% to 0.7%, and an adjusted constant currency revenue growth guidance range of 1.0% to 2.0%. Additionally, the company expects GAAP EPS from continuing operations in the range of $8.85 to $9.25 and adjusted diluted EPS from continuing operations in the range of $13.95 to $14.35.
The company saw changes in net revenue by segment, with the Americas segment reporting revenues of $540.8 million in the fourth quarter, up 1.4% compared to the prior year period on a reported basis, and up 1.7% on an adjusted constant currency basis. In the EMEA segment, revenues were $161.0 million, up 5.7% reported and 6.0% on an adjusted constant currency basis. The Asia segment reported revenues of $93.6 million, up 5.9% reported and 7.5% on an adjusted constant currency basis.
In terms of net revenue by global product category, the interventional product category saw significant growth, with revenues of $160.4 million in the fourth quarter, up 18.2% reported and 18.7% on an adjusted constant currency basis.
Teleflex also provided other financial highlights, including total cash, cash equivalents, and restricted cash equivalents at December 31, 2024, which amounted to $327.7 million, up from $222.8 million at December 31, 2023.
The company's outlook for 2025 includes an accelerated share repurchase of $300 million of common stock, as well as a non-cash goodwill impairment charge of $240 million in the interventional urology reporting unit.
Teleflex's Chairman, President, and CEO, Liam Kelly, commented, "In the fourth quarter, we delivered strong double-digit adjusted earnings per share growth. The benefits of our diversified portfolio were evident as strong performances from interventional and surgical helped offset softness in interventional urology revenues."
The company also announced its intention to separate into two publicly traded companies, RemainCo and NewCo, with the separation expected to simplify the operating model and increase management focus of each company. The market has reacted to these announcements by moving the company's shares -21.3% to a price of $139.78. For the full picture, make sure to review Teleflex's 8-K report.
