# Teleflex Inc. (TFX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TFX/thesis · /stocks/TFX/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: TFX
step: "04"
title: Financial Snapshot — 3-Year P&L Summary
created: 2026-05-29
---

### TFX — Financial Snapshot (FY2022–FY2024)

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | 3-Year CAGR |
|--------|--------|--------|--------|-------------|
| Revenue ($M) | $2,702 | $2,788 | $2,827 | +2.2% |
| Gross Profit ($M) | $1,528 | $1,574 | $1,592 | +2.1% |
| Gross Margin | 56.5% | 56.4% | 56.3% | — |
| Adjusted EBIT ($M) | $630 | $655 | $660 | +2.4% |
| Adjusted EBIT Margin | 23.3% | 23.5% | 23.3% | — |
| GAAP Operating Income ($M) | $277 | $256 | $240 | — |
| GAAP Operating Margin | 10.3% | 9.2% | 8.5% | — |
| Adjusted Net Income ($M) | $446 | $476 | $478 | +3.5% |
| GAAP Net Income ($M) | $170 | $143 | $96 | — |
| Adjusted EPS (diluted) | $9.67 | $10.47 | $10.71 | +5.3% |
| GAAP EPS (diluted) | $3.67 | $3.13 | $2.15 | — |
| Diluted Shares (M) | 46.1 | 45.5 | 44.7 | — |

#### Key P&L Observations

##### Gross Margin Stability (~56%)
Teleflex maintains consistently high gross margins in the 55–57% range, characteristic of:
- Premium medical devices with clinical differentiation (LMA, UroLift)
- Manufacturing scale across global plants (Malaysia, Czech Republic, U.S.)
- Product mix weighted toward high-value disposables
- Gross margins have been remarkably stable despite FX headwinds and inflation

##### GAAP vs. Adjusted Gap (Large)
The gap between GAAP and adjusted earnings is substantial and persistent:

| Bridge Item | Approximate Annual Impact |
|-------------|--------------------------|
| Intangible amortization (NeoTract, Arrow, etc.) | ~$250–280M/yr pre-tax |
| Restructuring & integration charges | ~$40–80M/yr |
| Acquisition-related costs | ~$10–20M/yr |
| Other adjustments (contingent consideration, etc.) | ~$20–30M/yr |
| **Total Adjustments (pre-tax)** | ~$320–380M/yr |

The large amortization burden reflects Teleflex's M&A-driven growth strategy; NeoTract alone was ~$1.1B. This is a permanent feature of the GAAP P&L for the next 5–7 years.

##### Adjusted EBIT Margin (~23%)
Consistent adjusted EBIT margins in the 22–25% range reflect:
- Scale leverage on SG&A (large direct sales force partially shared across product lines)
- R&D investment maintained at ~5–6% of revenue
- Manufacturing efficiencies from Project Elevate restructuring (initiated ~2019)
- Limited margin expansion in recent years as UroLift investment continues and growth has slowed

#### Revenue Bridge Analysis (FY2022 → FY2024)

| Bridge Item | Impact |
|-------------|--------|
| Organic growth (volume + price) | +$120–130M |
| FX translation headwind | -$(65–75)M |
| Portfolio changes (divestitures net of tuck-ins) | ~$(10)M |
| **Net change in revenue** | **+$125M (+4.6%)** |

#### Below-the-Line Items

##### Interest Expense
- Interest expense: ~$95–110M/year (FY2022–FY2024)
- Reflects debt load from NeoTract and other M&A; been declining as debt paid down
- Net debt approximately $2.2–2.5B; leverage ratio ~3.3–3.5x adjusted EBITDA

##### Tax Rate
- Adjusted effective tax rate: ~19–21%
- GAAP effective tax rate: Variable due to restructuring charges, intangible amortization tax timing
- Benefits from international manufacturing (Malaysia, Czech Republic) at lower statutory rates
- Subject to Pillar Two (global minimum tax) changes in Europe

##### Earnings Quality Assessment

| Metric | Value | Notes |
|--------|-------|-------|
| FCF Conversion (adj NI to FCF) | ~75–85% | Good; capex ~3–4% of revenue |
| Cash EPS vs. Adjusted EPS | ~90–95% correlation | Stock comp is modest relative to peers |
| GAAP EPS trend | Declining | Driven by restructuring + higher amortization; not reflective of cash earnings |
| Working Capital | Modest consumer | Inventory builds slightly with UroLift growth |

#### FY2025 Estimates (Based on Company Guidance and Partial Actuals)

| Metric | FY2025 Estimate |
|--------|----------------|
| Revenue | $2,870–2,900M |
| Adjusted EPS | $11.00–11.50 |
| Adjusted EBIT Margin | ~23–24% |
| Constant Currency Growth | ~3–4% |

*Note: FY2025 10-K filed February 27, 2026 — full actuals available but not yet fully parsed here.*

#### P&L Benchmarking vs. Medtech Peers

| Company | Gross Margin | Adj. EBIT Margin | Revenue Growth (3yr avg) |
|---------|-------------|-----------------|-------------------------|
| Teleflex (TFX) | 56–57% | 23–24% | 2–3% |
| Becton Dickinson (BDX) | 52–54% | 22–24% | 3–5% |
| ICU Medical (ICUI) | 42–45% | 12–15% | 5–8% (M&A driven) |
| Boston Scientific (BSX) | 70–72% | 26–28% | 9–11% |
| Integra LifeSciences (IART) | 61–63% | 22–25% | 4–6% |

Teleflex's gross margin profile is strong; the underperformance vs. sector is primarily on revenue growth, not profitability.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TFX/fundamental

## Navigation

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- Thesis: /stocks/TFX/thesis
- Investment Memo: /stocks/TFX/memo
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