Teleflex tops forecasts with Q3 results

Teleflex (NYSE:TFX) today reported third-quarter sales and earnings that topped the consensus outlook on Wall Street and raised its forecast for the rest of the year. The Wayne, Pa.-based medical device company posted profits of $77.0 million, or $1.65 per share, on sales of $534.7 million for the three months ended Oct. 1, for a bottom-line gain of 16.1% on sales growth of 17.4% compared with Q3 2016. Adjusted to exclude one-time items, earnings per share were $2.12, 12¢ ahead of The Street, where analysts were looking for sales of $523.1 million. “Building upon our performance in the first half of the year, during the third quarter of 2017 Teleflex executed well, delivering 17.4% GAAP and 15.4% constant-currency revenue growth, significant operating margin expansion, and GAAP and adjusted earnings per share that respectively increased 21.4% and 17.8% over the prior-year period,” chairman & CEO Benson Smith said in prepared remarks. “In addition, despite having to deal with certain weather-related delays during the third quarter, Teleflex saw an acceleration in its organic revenue growth rate from the levels achieved earlier this year, thanks in part to progress made in our distributor-to-direct conversion in Asia. “Finally, on the first day of the fourth quarter we completed the acquisition of NeoTract. This acquisition, coupled with revenue- and non-revenue-dependent opportunities within our base business, positions Teleflex to succeed for sev...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat Teleflex Source Type: news