Q1 2024 Teleflex Inc Earnings Call Transcript
Key Points
- Teleflex Inc (TFX) reported a solid start to 2024 with revenues of $737.8 million, up 3.8% year-over-year on a constant currency basis.
- Adjusted earnings per share for the first quarter was $3.21, marking a 3.9% increase year-over-year.
- Positive trends in raw material inflation and freight expenses were observed, aligning with the company's expectations for the year.
- EMEA and Asia regions showed strong revenue growth, with increases of 9.7% and 11.2% respectively, driven by solid performance across most product families.
- The integration of Palette Life Sciences is progressing well, meeting targeted milestones and contributing positively to the company's growth.
- Americas revenues decreased by 1.5% year-over-year, primarily due to the impact of prior year MSA revenues booked in this region.
- The company continues to face challenges in the office side of service for UroLift, impacting growth in the Interventional Urology segment.
- Teleflex Inc (TFX) anticipates a total inflation rate somewhat higher in 2024 compared to 2023, partly due to inventory capitalized in 2023 affecting the income statement this year.
- First quarter other revenue declined by 27.1% year-over-year, mainly due to the planned exit of the MSA by Medline in December 2023.
- The company issued a voluntary recall of QuickFlash radial artery and radial artery arterial line catheterization kits, and a field advisory notice for Arrow FiberOptix and UltraFLEX intra-aortic balloon catheter kits, although the financial impact is expected to be immaterial.
Good morning, ladies and gentlemen, and welcome to the Teleflex First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded and will be available on the company's website for replay shortly.
And now I will turn the call over to Mr. Lawrence Keusch, Vice President of Investor Relations and Strategy Development.
Good morning, everyone, and welcome to the Teleflex Inc. First Quarter 2024 Earnings Conference Call. The press release and slides to accompany this call are available on our website at teleflex.com.
As a reminder, a replay will be available on our website. Those wishing to access the replay can refer to our press release from this morning for detail. Participating on today's call are Liam Kelly, Chairman, President and Chief Executive Officer; and Thomas Powell, Executive Vice President and Chief Financial Officer. Liam and Tom will provide prepared remarks, and then we will open the call
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