Teleflex (NYSE: TFX) today reported fourth-quarter results that beat the consensus forecast on Wall Street, predicting continued growth amid a headwind from last year’s respiratory business divestiture.
The Wayne, Pennsylvania–based critical care and surgical tech company earned $128.1 million, or $2.70 per share, off sales of $761.9 million for the quarter ended Dec. 31, 2021, for a bottom-line gain of 68% on sales growth of 7% compared with Q4 2020.
Adjusted to exclude one-time items, earnings per share were $3.60, 7¢ ahead of The Street, where analysts were looking for EPS of $3.53 on sales of $749.6 million.
“Teleflex delivered solid fourth quarter and 2021 full year results reflecting strong execution, the benefits of our diversified product portfolio, and the dedication of our global team to serving our customers,” CEO Liam Kelly said in a news release.
“For 2022, we believe Teleflex remains well-positioned to drive durable growth and manage the challenges of the current environment. We remain committed to our multi-year strategy to optimize our portfolio for growth, enhance margins, and advance our ESG initiatives.”
Teleflex is predicting 2.3–3.8% revenue growth on a GAAP basis, reflecting an estimate of roughly 1.7% negative impact of foreign exchange rate fluctuations. The company estimates 4.0–5.5% revenue growth on a constant currency basis, including a roughly 1.6% year-over-year headwind from the initial phase of the company’s respiratory divestiture to Medline completed in June 2021.
Company officials expect 2022 adjusted diluted earnings per share in the $13.70–14.30 range. Wall Street analysts on average have been predicting $14.04.
Investors reacted by sending TFX shares up more than 3% to $333.95 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was mostly unchanged.