Teleflex Incorporated — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue from continuing operations for the third quarter ended September 30, 2026, was $567.8 million, representing a 0.2% year-over-year increase and a 3.0% increase on a pro forma adjusted constant currency basis.
• GAAP diluted earnings per share (EPS) from continuing operations was $1.30, compared to a loss of $(1.32) in the prior year period.
• Adjusted diluted EPS from continuing operations was $2.63, compared to $1.89 in the prior year period.
• For the nine months ended September 30, 2026, GAAP diluted EPS from continuing operations was $2.11, compared to $1.38 in the prior year period.
• Adjusted diluted EPS from continuing operations for the nine months ended September 30, 2026, was $5.73, compared to $5.06 in the prior year period.
• Total cash, cash equivalents, and restricted cash equivalents were $444.3 million as of September 30, 2026, compared to $402.7 million at December 31, 2025.
• Net accounts receivable were $379.6 million as of September 30, 2026, compared to $345.6 million at December 31, 2025.
• Inventories were $384.4 million as of September 30, 2026, compared to $404.4 million at December 31, 2025.
• Depreciation, amortization of intangible assets, and deferred financing charges totaled $159.4 million for the nine months ended September 30, 2026, compared to $127.3 million in the prior year period.

Guidance and Future Outlook:

• The Company reduced its full-year 2026 GAAP revenue growth guidance range from continuing operations to 13.2% to 14.2%, citing a revised estimate of foreign exchange impact.
• The Company maintained its full-year 2026 pro forma adjusted constant currency revenue growth guidance range at 3.5% to 4.5%.
• The Company increased its full-year 2026 GAAP diluted EPS from continuing operations guidance range to $2.84 to $3.09.
• The Company increased its full-year 2026 adjusted diluted EPS from continuing operations guidance range to $7.50 to $7.75.
• The 2026 adjusted EPS guidance assumes an adjusted operating margin of approximately 20.0% inclusive of $16.5 million in IEEPA tariff refunds recognized in Q3 2026.
• Management expects a meaningful step-up in adjusted earnings per share in 2027 following the completion of strategic divestitures and the Vascular Intervention integration.
• The Company anticipates completing the Acute Care and Interventional Urology divestiture by year-end 2026, subject to regulatory approval, though closing may extend into 2027.

Business Segments and Product Lines:

• The Company reorganized its reportable segments from a geographic basis to three global product-based business units: Vascular, Interventional, and Surgical.
• Vascular segment revenue was $243.5 million for the quarter, up 4.7% reported and 4.6% on a pro forma adjusted constant currency basis.
• Interventional segment revenue was $210.3 million for the quarter, down 2.6% reported but up 0.2% on a pro forma adjusted constant currency basis; the segment returned to modest growth.
• Surgical segment revenue was $114.0 million for the quarter, up 4.2% reported and 5.1% on a pro forma adjusted constant currency basis.
• Freesolve™, a resorbable magnesium scaffold, received FDA Breakthrough Device Designation for percutaneous coronary intervention (PCI).
• EZPLAZ, the first and only FDA-licensed freeze-dried plasma, is viewed as a potential long-term U.S. market opportunity of at least $200 million.
• Jason Fontana was appointed President and General Manager of the Interventional business to strengthen leadership following integration progress.

Market and Competitive Landscape:

• The Company operates in the medical technology sector with a portfolio covering anesthesia, emergency medicine, interventional cardiology and radiology, surgical, vascular access, and urology.
• The Company completed the divestiture of its OEM business to Montagu and Kohlberg on August 3, 2026, for $1.5 billion in cash, receiving $1.25 billion in after-tax proceeds.
• The Company is advancing the sale of its Acute Care and Interventional Urology businesses to Intersurgical Ltd., with regulatory review progressing.

Risks and Challenges:

• The timing of the Acute Care and Interventional Urology divestiture is subject to regulatory approval and other customary closing conditions, with potential extension into 2027.
• Future results are subject to risks including unanticipated difficulties in integration programs, disruption from strategic divestitures, and the impact of healthcare reform legislation.
• The Company faces risks related to raw material costs, global economic factors, currency exchange rates, trade disputes, and international conflicts.
• Compliance with the European Union Medical Device Regulation (MDR) requires re-registration of previously approved devices, incurring expenditures not considered ordinary course.

Management Commentary and Tone:

• CEO Jason Weidman expressed pleasure with the third quarter performance, highlighting margin expansion and robust earnings growth even excluding IEEPA tariff refunds.
• Management noted solid mid-single-digit growth in Vascular and Surgical, and an improvement in Interventional returning to modest growth.
• Management emphasized priorities including strengthening the foundation through transformation, accelerating organizational effectiveness, and elevating the growth profile within a balanced capital allocation framework.
• The tone reflects confidence in completing the transformation, including the Vascular Intervention integration and strategic divestitures, to deliver sustainable growth.

Other Key Points:

• The Company repurchased $350 million of common stock between July 1, 2026, and the release date, consisting of 2.7 million shares at an average price of $128.96 per share.
• The repurchases included the completion of a $250 million accelerated share repurchase (ASR) program and $100 million in open-market purchases.
• As of November 5, 2026, $400 million remained available under the $1 billion share repurchase program authorized on December 9, 2025.
• The Company received total IEEPA tariff refund payments of $39.2 million in Q3 2026, recognizing a $25.3 million benefit within continuing operations.
• In August 2026, the Company repaid its $700 million Term Loan A-2 and reduced revolving credit facility borrowings using proceeds from the OEM sale.
• Sean M. Salmon was appointed to the Board of Directors on September 8, 2026, bringing over 20 years of experience at Medtronic plc.
• The 2026 adjusted EPS guidance reflects execution of capital allocation including $600 million of share repurchases and repayment of $700 million in debt.
• The 2026 adjusted EPS guidance excludes expected benefits from transition services and manufacturing services agreements associated with the pending Strategic Divestitures.