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Teleflex Tops Q2 Earnings Estimates, Raises 2024 Outlook
Teleflex Incorporated (NYSE: TFX) posted adjusted earnings per share from continuing operations of $3.42 in the second quarter of 2024, up 0.3% from the year-ago quarter's figure. The metric topped the Zacks Consensus Estimate by 2.7%.
GAAP EPS came in at $1.69 in the second quarter compared with $2.35 during the same period last year.
Revenues in Detail
Net revenues in the second quarter rose 0.9% year over year (up 3.4% at constant exchange rate or CER) to $749.7 million. However, the metric missed the Zacks Consensus Estimate by 1.8%.
Segmental Details
Americas' net revenues of $426.8 million increased 0.5% from the year-ago period's levels (up 0.6% at CER). This compares with our model's projection of $436.2 million for the second quarter. In the prior year, MSA revenues were booked in the Americas, which resulted in a tough year-over-year comparison. Management stated that the impact of the MSA termination in the second quarter was similar to the first quarter.
EMEA's (Europe, the Middle East and Africa) net revenues of $147.1 million fell 0.5% year over year (up 9.8% at CER). Our model projected revenues to be $158.7 million in the second quarter. The growth was driven by a targeted strategy to increase the geographic availability of Teleflex products and improve utilization in Europe.
Revenues from Asia (Asia Pacific) rose 0.4% to $83.7 million (up 4% at CER). Our model's projection was $83.7 million. Revenue growth was broad-based across the region, with double-digit increases in China, India and Southeast Asia.
OEM (Original Equipment Manufacturer and Development Services) revenues were $84.9 million, an increase of 0.9% year over year (up 3.4% at CER).
Product Revenues in Detail
In the second quarter, the Vascular Access segment recorded net revenues of $181.1 million, up 4.8% year over year at CER. This compares with our model's projection of $184.4 million for the second quarter.
The Interventional business registered net revenues of $141.2 million, up 13.8% at CER from the same period last year. This compares with our model's projection of $139.9 million for the second quarter.
Within the Anesthesia segment, net ...