Teleflex
(NYSE: TFX)
shares took a hit today despite fourth-quarter results that came in ahead of the consensus forecast.
Shares of TFX fell 4.6% at $239.36 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.
The Wayne, Pennsylvania-based company posted profits of $31.1 million in the quarter. That amounts to 66¢ per share on sales of $773.9 million for the three months ended Dec. 31, 2023. Teleflex recorded a 60.4% bottom-line slide on sales growth of 2.1%.
Adjusted to exclude one-time items, earnings per share totaled $3.38, landing 12¢ ahead of Wall Street projections. Sales also beat the forecasts as analysts anticipated $768.7 million in revenue.
Teleflex reported significant growth in its OEM (12.1%), Interventional (8.5%) and Interventional Urology (4.3%) segments.
“We demonstrated solid execution during the fourth quarter against a stable to improving macro-environment,” said Liam Kelly, Teleflex chair, president and CEO. “We once again built upon Teleflex’s growth objectives which resulted in 6.5% constant currency revenue growth for 2023. During the year, we expanded our geographic presence, launched new products, and continued to drive efficiencies throughout the business. In addition, we advanced our capital allocation strategy with the close of the Palette Life Sciences AB acquisition in October 2023 and our integration activities are progressing well. As we look into 2024, we remain committed to our corporate strategy for durable growth.”
Teleflex expects 2024 sales growth between 3.6% and 4.6%, with adjusted EPS expected to land between $13.55 and $13.95 over 12 months.