Teleflex Reports Third Quarter Financial Results and Full Year 2026 Outlook

Maintaining Pro Forma Adjusted Constant Currency Revenue Growth Guidance Range of 3.5% to 4.5%

Increasing 2026 Adjusted Diluted EPS from Continuing Operations Guidance Range to $7.50 to $7.75

Repurchased $350 Million in Common Stock Through Accelerated Share Repurchase and Open-Market Transactions Since July 1, 2026

WAYNE, Pa.–(BUSINESS WIRE)–Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the third quarter ended September 30, 2026.

Third quarter 2026 continuing operations financial summary¹

• Revenue from continuing operations of $567.8 million, up 0.2% compared to the prior year period, and up 3.0% on a pro forma adjusted constant currency basis^1,2
• GAAP diluted EPS from continuing operations of $1.30, compared to $(1.32) in the prior year period
• Adjusted diluted EPS from continuing operations of $2.63, compared to $1.89 in the prior year period

“We are pleased with our third quarter performance, which included margin expansion and robust earnings per share growth, even when excluding IEEPA tariff refunds,” said Jason Weidman, Teleflex’s President and Chief Executive Officer. “Vascular and Surgical continued to deliver solid mid-single-digit growth, and Interventional improved, returning to modest growth. We made notable progress on the Interventional integration and strengthened the business’s leadership with the addition of Jason Fontana as President and General Manager. We also reached an important milestone in simplifying our operating model: we now manage and report as three global business units, Vascular, Interventional and Surgical. Reflecting our third quarter progress, we are raising our full-year adjusted earnings per share guidance.”

Mr. Weidman continued, “We also continued to return capital to shareholders on an accelerated timeline, repurchasing approximately $350 million of common stock between the beginning of the third quarter and the issuance of this release, through the completion of our $250 million accelerated share repurchase program and an additional $100 million in open-market purchases. We remain confident in completing the Acute Care and Interventional Urology divestiture and continue to work toward closing by year-end, subject to completion of the regulatory process. At the same time, we continue to invest in innovation, with programs that have potential to become long-term growth platforms. Freesolve™, our resorbable magnesium scaffold, received FDA Breakthrough Device Designation for PCI, and we see EZPLAZ, the first and only FDA-licensed freeze-dried plasma, as a potential long-term U.S. market opportunity of at least $200 million. Our priorities are clear: strengthening our foundation by delivering our transformation, inclusive of the completion of our Strategic Divestitures and the Vascular Intervention integration, accelerating our organizational effectiveness, and elevating our growth profile within a balanced capital allocation framework. We expect these efforts to deliver a meaningful step-up in adjusted earnings per share in 2027, and provide a solid foundation for sustainable growth over time.”

2026 continuing operations guidance summary¹

• Reducing GAAP revenue growth guidance range to 13.2% to 14.2% due to changes in foreign exchange rates
• Maintaining pro forma adjusted constant currency revenue growth guidance range of 3.5% to 4.5%²
• Increasing GAAP EPS from continuing operations guidance range to $2.84 to $3.09
• Increasing Adjusted diluted EPS from continuing operations guidance range to $7.50 to $7.75
  • Includes an assumption of approximately 20.0% (as compared to approximately 19.0% previously) adjusted operating margin for 2026 inclusive of IEEPA tariff refunds of $16.5 million recognized in the third quarter 2026
  • Excludes expected benefits from transition services and manufacturing services agreements that come into effect upon closing the Acute Care and Interventional Urology Strategic Divestiture
  • Reflects execution of capital allocation strategy including repayment of $700 million Term Loan A-2, reduction of revolving credit facility borrowings, and $600 million of share repurchases, consisting of $250 million of open-market repurchases completed in the second quarter of 2026 and, subsequently through the date of this release, a $250 million accelerated share repurchase and an additional $100 million of open-market repurchases
  • Excludes other potential future repurchases under previously announced $1 billion share repurchase program primarily funded with proceeds from the Strategic Divestitures
  • Excludes incremental debt paydown with net proceeds from the Strategic Divestitures

(1) Continuing operations excludes the Acute Care, Interventional Urology, and OEM businesses that were classified as discontinued operations beginning in the fourth quarter of 2025 as a result of our entry into agreements to divest those businesses, which we refer to as the “Strategic Divestitures”.

(2) Pro forma adjusted constant currency revenue growth includes revenue generated by the acquired Vascular Intervention business in the prior year period, and excludes (a) revenue generated by products previously included within continuing operations that were discontinued at the end of 2025 due to a strategic realignment, (b) the impact of the Italian payback measure, and (c) the impact of foreign exchange.

STRATEGIC DIVESTITURES UPDATE

OEM Divestiture

As previously disclosed, on August 3, 2026, the Company completed the divestiture of its OEM business to Montagu and Kohlberg, for $1.5 billion in cash. The Company received after-tax proceeds of $1.25 billion.

Acute Care and Interventional Urology Divestiture

The Company continues to advance the pending sale of its Acute Care and Interventional Urology businesses to Intersurgical Ltd., and the regulatory review process is progressing. The Company continues to work toward completing the transaction by the end of 2026. Timing remains subject to regulatory approval and other customary closing conditions, and closing may extend into 2027.

CAPITAL ALLOCATION AND BALANCE SHEET ACTIVITY

Debt Reduction

In August 2026, following the completion of the OEM sale, the Company applied a portion of the net cash proceeds to repay its $700 million term loan A-2 and a portion of its outstanding revolving credit facility borrowings.

Share Repurchase

As previously disclosed, on December 9, 2025, the Board of Directors authorized a share repurchase program for up to $1 billion of the Company’s common stock. From July 1, 2026 through the date of this release, the Company has repurchased $350 million of its common stock through an ASR program and open-market purchases. This consisted of 2.7 million shares repurchased at an average price of $128.96 per share. These repurchases (but not any potential future repurchases) have been taken into account in our 2026 Continuing Operations Outlook below.

As of November 5, 2026, the Company had $400 million remaining available under the current authorization.

IEEPA TARIFF REFUNDS

Following the U.S. Supreme Court’s February 20, 2026 decision invalidating tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), the Company submitted refund requests for IEEPA tariffs it had previously paid. During the third quarter of 2026, the Company received approval and payment for substantially all submitted requests, with total refund payments of $39.2 million, including refunds related to products associated with the Strategic Divestiture businesses.

Of the total refund payments, the Company recognized a benefit of $25.3 million within continuing operations, which reduced cost of sales. This benefit includes $16.5 million and $8.8 million related to tariffs recognized in 2026 and 2025, respectively. The refund pertaining to tariffs incurred in 2026 is included in the Company’s non-GAAP financial measures for the third quarter of 2026. Conversely, the refund pertaining to tariffs incurred in 2025 was excluded from the Company’s non-GAAP financial measures for the third quarter of 2026 because it does not represent normal, recurring operating expenses, making it difficult to contribute to a meaningful evaluation of our period-over-period operating performance. The Company anticipates submitting additional refund requests during the fourth quarter under the final phase of the IEEPA tariff refund process.

BOARD OF DIRECTORS UPDATE

Appointment of Veteran Medical Technology Executive Sean M. Salmon

On September 8, 2026, the Company announced the appointment of Sean M. Salmon to its Board of Directors. Mr. Salmon brings more than three decades of global leadership experience in the medical device and pharmaceutical industries, including more than 20 years at Medtronic plc, where he most recently served as Executive Vice President and President of its Cardiovascular Portfolio, a global business with fiscal 2025 revenue of approximately $12.5 billion. Mr. Salmon also serves on the Board’s Growth and Operating Committee, which was established earlier this year to support management’s execution of Teleflex’s strategic transformation. With Mr. Salmon’s appointment, one-third of the Board has been refreshed in 2026.

REPORTABLE SEGMENTS CHANGE

During the third quarter of 2026, we changed our reportable segments from a geographically based presentation to a global (product based) business unit presentation. As a result, we now have the following three reportable segments: Vascular, Interventional, and Surgical. All prior comparative periods presented have been restated to reflect these changes.

NET REVENUE BY SEGMENT

The following tables provide information regarding net revenues in each of the Company’s reportable operating segments for the three and nine months ended September 30, 2026 and the comparable prior year period on both a GAAP and pro forma adjusted constant currency basis.

SEGMENT NET REVENUE BY REGION

The following table provides information regarding net revenues in each of the Company’s reportable operating segments by region for the three and nine months ended September 30, 2026 and the comparable prior year period on a GAAP basis.

OTHER CONTINUING OPERATIONS FINANCIAL HIGHLIGHTS

• Depreciation expense, amortization of intangible assets and deferred financing charges for the nine months ended September 30, 2026 totaled $159.4 million compared to $127.3 million for the prior year period.
• Total cash, cash equivalents and restricted cash equivalents at September 30, 2026 were $444.3 million compared to $402.7 million at December 31, 2025.
• Net accounts receivable at September 30, 2026 were $379.6 million compared to $345.6 million at December 31, 2025.
• Inventories at September 30, 2026 were $384.4 million compared to $404.4 million at December 31, 2025.

2026 CONTINUING OPERATIONS OUTLOOK

On a GAAP basis, the Company reduced its full year 2026 revenue growth from continuing operations outlook to a range of 13.2% to 14.2%. The change in guidance range reflects our updated estimate of an approximately 0.5% positive impact of foreign exchange rate fluctuations versus approximately 0.7% previously. On a pro forma adjusted constant currency basis, the Company maintained its full year 2026 revenue growth from continuing operations outlook range of 3.5% to 4.5%.

The Company increased its full year 2026 GAAP diluted earnings per share from continuing operations outlook to a range of $2.84 to $3.09. The Company increased its full year 2026 adjusted diluted earnings per share from continuing operations outlook to a range of $7.50 to $7.75.

Forecasted 2026 Pro Forma Adjusted Revenue From Continuing Operations Reconciliation

Forecasted 2026 Pro Forma Adjusted Constant Currency Revenue Percent Growth From Continuing Operations Reconciliation

Forecasted 2026 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation

CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION

A webcast of Teleflex’s third quarter 2026 investor conference call can be accessed live from a link on the Company’s website at teleflex.com. The call will begin at 8:00 am ET on November 5, 2026.

An audio replay of the investor call will be available beginning at 11:00 am ET on November 5, 2026, either on the Teleflex website or by telephone. The call can be accessed by dialing 1 833 309 1852 (U.S. and Canada) or 1 929 828 5978 (all other locations). The confirmation code is 893 259 060.

ADDITIONAL NOTES

References in this release to the impact of foreign currency exchange rate fluctuations on adjusted diluted earnings per share include both the impact of translating foreign currencies into U.S. dollars and the impact of foreign currency exchange rate fluctuations on foreign currency denominated transactions.

In the discussion of segment results, “new products” refers to products for which we initiated commercial sales within the past 36 months and “existing products” refers to products we have sold commercially for more than 36 months.

Pro forma adjusted revenue and pro forma adjusted constant currency revenue growth give effect to, among other things, our acquisition of the Vascular Intervention business from BIOTRONIK SE & Co. KG as if it had occurred on January 1, 2025. The pro forma information is presented for informational purposes only and is not necessarily indicative of the historical results that would have occurred under our ownership and management, nor the results that may be obtained in the future.

Certain financial information is presented on a rounded basis, which may cause minor differences. Segment results and commentary exclude the impact of discontinued operations.

NOTES ON NON-GAAP FINANCIAL MEASURES

We report our financial results in accordance with accounting principles generally accepted in the United States, commonly referred to as “GAAP”. In this press release, we provide supplemental information, consisting of the following non-GAAP financial measures: pro forma adjusted revenues, pro forma adjusted constant currency revenue growth, and adjusted diluted earnings per share. These non-GAAP measures are described in more detail below. Management uses these financial measures to assess Teleflex’s financial performance, make operating decisions, allocate financial resources, provide guidance on possible future results, and assist in its evaluation of period-to-period and peer comparisons. The non-GAAP measures may be useful to investors because they provide insight into management’s assessment of our business, and provide supplemental information pertinent to a comparison of period-to-period results of our ongoing operations. The non-GAAP financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Moreover, our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

Pro forma adjusted revenue: This non-GAAP measure is based upon net revenues, adjusted to (i) exclude products discontinued in the year ended December 31, 2025 due to a strategic realignment; (ii) exclude the items described in Italian payback measure; and (iii) give effect to our acquisition of the Vascular Intervention business from BIOTRONIK SE & Co. KG as if it had occurred on January 1, 2025.

Pro forma adjusted constant currency revenue growth: This non-GAAP measure is based upon net revenues, adjusted to exclude, depending on the period presented, the items described in Pro forma adjusted revenue and to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and such changes generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends.

Adjusted diluted earnings per share: This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the items described below. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends.

Restructuring and optimization charges – Restructuring and optimization charges include expenses associated with discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies, integrate acquired businesses and optimize product portfolios through targeted optimization efforts. These charges include qualified restructuring costs (which may include costs associated with employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement), restructuring related (which may include accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of a restructuring program) and product line exit charges.

Impairment charges – Impairment charges, including those related to goodwill, and other assets occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results.

Acquisition, integration and divestiture related items – Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, that are directly related to specific business or asset acquisition transactions. These charges may include, among other things, professional, consulting and other fees; systems integration costs; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; temporary financing costs directly associated with the transaction, such as bridge loan financing fees, ticking fees, and similar charges, and the impact of derivative instruments executed to hedge foreign currency exposure or other risks associated with the purchase price. Divestiture related activities involve specific business or asset sales. Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities.

Separation costs – These are expenses related to the Strategic Divestitures, including activities to prepare the businesses for divestiture and maintain continuity through the separation process. These charges and costs do not represent normal and recurring operating expenses, will be inconsistent in amounts and frequency, and are not expected to recur after the transaction and related transition services agreements and other arrangements negotiated in connection with the Strategic Divestitures have been completed.

Contacts

Teleflex Incorporated:

Lawrence Keusch

Vice President, Investor Relations and Strategy Development

investors.teleflex.com
610-948-2836

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