WAYNE, Pa. - Teleflex Incorporated (NYSE: NYSE:TFX), a global provider of medical technologies, reported fourth-quarter earnings that surpassed analyst expectations. The company posted adjusted EPS of $3.38, which was $0.12 higher than the consensus estimate of $3.26. Revenue for the quarter was also higher, coming in at $773.9 million against the expected $768.72 million.
Despite the earnings beat, Teleflex's stock experienced a downward movement, indicating a potentially cautious response from investors. The company's guidance for the fiscal year 2024 may have contributed to the market's reaction. Teleflex provided GAAP revenue growth guidance ranging from 3.60% to 4.60% and constant currency revenue growth guidance of 3.75% to 4.75%. For adjusted EPS, the company forecasts a range of $13.55 to $13.95, with the midpoint falling slightly below the analyst consensus of $13.84.
The fourth quarter's revenue saw a 2.1% increase compared to the same period last year, despite having five fewer shipping days. On a constant currency basis, the growth was a modest 0.7%. For the full year 2023, Teleflex reported a revenue increase of 6.6% year-over-year, or 6.5% on a constant currency basis.
Liam Kelly, Teleflex's Chairman, President, and CEO, commented on the quarter's performance, stating, "We demonstrated solid execution during the fourth quarter against a stable to improving macro-environment." He highlighted the company's growth objectives, geographic expansion, product launches, and the acquisition of Palette Life Sciences AB as key factors in their 2023 performance.
Looking ahead, Teleflex expects the full-year 2024 GAAP diluted earnings per share from continuing operations to range between $5.69 and $6.09, representing a decrease from the previous year. However, the company anticipates growth in adjusted diluted earnings per share from continuing operations, projecting an increase of 0.2% to 3.2% year-over-year.
Teleflex's financial health appears stable, with cash and cash equivalents totaling $222.8 million at the end of December 2023, albeit lower than the $292.0 million reported at the end of December 2022. The company's net accounts receivable and inventories also saw an increase compared to the previous year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.