Teleflex Reports Fourth Quarter and Full Year 2012 Results

Thu Feb 21, 2013 7:00am EST

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Fourth Quarter Revenues Rise 4.0% to $419.0 million; up 5.1% on Constant
Currency Basis

Fourth Quarter GAAP Diluted EPS of $0.72; Adjusted Diluted EPS of $1.14

Reaffirms 2013 Guidance Ranges for Constant Currency Revenue Growth of 11% to
13% and Adjusted Diluted EPS of $4.70 to $4.90
LIMERICK, Pa.--(Business Wire)--
Teleflex Incorporated (NYSE: TFX) today announced financial results for the
fourth quarter and full year ended December 31, 2012. 

Fourth quarter 2012 net revenues were $419.0 million, an increase of 4.0% over
the prior year period. Excluding the impact of foreign currency fluctuations,
fourth quarter 2012 net revenues increased 5.1% over the prior year period. 

Fourth quarter 2012 GAAP diluted earnings per share from continuing operations
were $0.72, as compared to $1.01 in the prior year period. Fourth quarter 2012
adjusted diluted earnings per share from continuing operations were $1.14, as
compared to $1.05 in the prior year period, an increase of 8.6%. 

"Teleflex`s fourth quarter operating and financial performance capped off an
extremely successful year on many fronts," said Benson Smith, Chairman,
President and CEO. "Our higher than anticipated adjusted earnings growth
reflects a better than expected contribution from LMA, as well as the operating
leverage in the business as we grow revenue and expand our margins through
higher sales volume, new product introductions and the continued implementation
of our pricing strategy." 

Added Mr. Smith, "Our goals in 2013 are to build upon our solid operating
platform, capture additional share in the markets we serve, and generate revenue
growth above the industry average. We believe the actions we have taken over the
past two years to invest in innovative technologies, rationalize our cost base,
and prudently invest our capital, position us to generate significantly higher
revenue growth and increased profitability for our shareholders." 

FOURTH QUARTER NET REVENUE BY PRODUCT GROUP AND SEGMENT

Product Group Revenues

Critical Care fourth quarter 2012 net revenues were $286.1 million, an increase
of 6.8% compared to the prior year period. Excluding the impact of foreign
currency fluctuations, fourth quarter 2012 net revenues increased 8.1% compared
to the prior year period. The increase in constant currency revenue growth was
due to higher sales of anesthesia, vascular access and urology products. The
growth in sales of anesthesia products was primarily due to the contribution
from the LMA International N.V. ("LMA") acquisition. Constant currency sales
growth was partially offset by a decline in sales of respiratory products and
the impact of fewer shipping days in the quarter as compared to the fourth
quarter of 2011. 

Surgical Care fourth quarter 2012 net revenues were $76.3 million, an increase
of 4.0% compared to the prior year period. Excluding the impact of foreign
currency fluctuations, fourth quarter 2012 net revenues increased 4.8% compared
to the prior year period. The increase in constant currency revenue growth was
due to higher sales of ligation, endo-fascial, closure and general surgical
instrument products, partially offset by a decline in sales of chest drainage
products and the impact of fewer shipping days in the quarter as compared to the
fourth quarter of 2011. 

Cardiac Care fourth quarter 2012 net revenues were $20.9 million, a decrease of
5.3% compared to the prior year period. Excluding the impact of foreign currency
fluctuations, fourth quarter 2012 net revenues decreased 3.3% compared to the
prior year period. The decrease in constant currency revenue growth was due to a
decline in sales of intra-aortic balloon pumps, partially offset by higher sales
of intra-aortic balloon catheters. 

OEM and Development Services ("OEM") fourth quarter 2012 net revenues were $35.7
million, a decrease of 8.1% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, fourth quarter 2012 net revenues
decreased 7.4% compared to the prior year period. The decrease in revenue was
primarily due to the impact of fewer shipping days in the quarter as compared to
the fourth quarter of 2011.

                                                                                                                     
                  Three Months Ended                            % Increase/ (Decrease)                               
                  December 31,              December 31,        Constant        Foreign               Total          
                  2012                      2011                Currency        Currency              Change         
                           (Dollars in millions)                                                                     
 Critical Care    $        286.1            $        267.9      8.1%            (1.3%     )           6.8%           
 Surgical Care             76.3                      73.5       4.8%            (0.8%     )           4.0%           
 Cardiac Care              20.9                      22.0       (3.3%     )     (2.0%     )           (5.3%    )     
 OEM                       35.7                      38.8       (7.4%     )     (0.7%     )           (8.1%    )     
 Other                     -                         0.8        (99.7%    )     (0.3%     )           (100.0%  )     
 Total            $        419.0            $        403.0      5.1%            (1.1%     )           4.0%           
                                                                                                                     


Segment Revenues

Americas fourth quarter 2012 net revenues were $200.1 million, an increase of
8.4% compared to the prior year period. Excluding the impact of foreign currency
fluctuations, fourth quarter 2012 net revenues increased 8.1% compared to the
prior year period. The increase in constant currency revenue growth was due to
incremental sales from our acquisition of LMA, new product introductions and
price increases, partially offset by the impact of fewer shipping days in the
quarter as compared to the fourth quarter of 2011. 

EMEA fourth quarter 2012 net revenues were $132.7 million, a decrease of 1.6%
compared to the prior year period. Excluding the impact of foreign currency
fluctuations, fourth quarter 2012 net revenues increased 2.3% compared to the
prior year period. The increase in constant currency revenue growth was due to
LMA product sales, new product introductions and price increases, partially
offset by the impact of fewer shipping days in the quarter as compared to the
fourth quarter of 2011. 

Asia fourth quarter 2012 net revenues were $50.5 million, an increase of 13.2%
compared to the prior year period. Excluding the impact of foreign currency
fluctuations, fourth quarter 2012 net revenues increased 12.4% compared to the
prior year period. The increase in constant currency revenue growth was due to
LMA product sales and price increases.

                                                                                                              
             Three Months Ended                            % Increase/ (Decrease)                             
             December 31,              December 31,        Constant        Foreign               Total        
             2012                      2011                Currency        Currency              Change       
                      (Dollars in millions)                                                                   
 Americas    $        200.1            $        184.6      8.1%            0.3%                  8.4%         
 EMEA                 132.7                     135.0      2.3%            (3.9%     )           (1.6%  )     
 Asia                 50.5                      44.6       12.4%           0.8%                  13.2%        
 OEM                  35.7                      38.8       (7.4%     )     (0.7%     )           (8.1%  )     
 Total       $        419.0            $        403.0      5.1%            (1.1%     )           4.0%         
                                                                                                              


FULL YEAR RESULTS

Net revenues for the full year 2012 were $1.551 billion, an increase of 3.9%
compared to the prior year period. Excluding the impact of foreign currency
fluctuations, net revenues for 2012 increased 6.8% compared to 2011. 

GAAP loss per share from continuing operations was ($4.47) for the full year
2012, as compared to diluted earnings per share of $2.90 in the prior year
period. The financial results for 2012 reflect a goodwill impairment charge of
$315.1 million, net of tax, or $7.71 per share, incurred in the first quarter of
2012. 

Adjusted diluted earnings per share from continuing operations for the twelve
months of 2012 was $4.40, an increase of 14.9% over the prior year period. This
increase reflects additional sales volume and the introduction of new products
to the marketplace, improved pricing, gross profit expansion, and reduced tax
expense. The improvement in profitability was partially offset by investment in
sales, marketing and research and development. 

OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE METRICS

Depreciation expense and amortization of intangible assets and deferred
financing costs for the twelve months of 2012 were $94.9 million compared to
$96.5 million for the prior year period. 

Cash and cash equivalents at December 31, 2012 were $337.0 million compared to
$584.1 million at December 31, 2011. The decrease in cash and cash equivalents
is largely attributable to the acquisition of LMA which was completed on October
23, 2012. 

Net accounts receivable at December 31, 2012 were $298.0 million compared to
$286.2 million at December 31, 2011. 

Net inventories at December 31, 2012 were $323.3 million compared to $298.8
million at December 31, 2011. 

Net debt obligations at December 31, 2012 were $692.7 million compared to $445.9
million at December 31, 2011. 

2013 OUTLOOK

The Company`s financial estimates for 2013 are as follows: 

Constant currency revenue growth between 11% and 13% for full year 2013. 

Adjusted diluted earnings per share in the range of $4.70 to $4.90.

                                                                                     
 2013 OUTLOOK EARNINGS PER SHARE RECONCILIATION                                      
                                                                                     
                                                                   Low        High   
                                                                                     
 Diluted earnings per share                                        $3.20      $3.40  
                                                                                     
 Restructuring and impairment charges, net of tax                  $0.51      $0.51  
                                                                                     
 Intangible amortization expense, net of tax                       $0.82      $0.82  
                                                                                     
 Amortization of debt discount on convertible notes, net of tax    $0.17      $0.17  
                                                                                     
 Adjusted diluted earnings per share                               $4.70      $4.90  
                                                                                     


CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION

As previously announced, Teleflex will comment on its financial results on a
conference call to be held today at 8:00 a.m. (ET). The call will be available
live and archived on the company`s website at www.teleflex.comand the
accompanying presentation will be posted prior to the call. An audio replay will
be available until February 26, 2013, 11:59pm (ET), by calling 888-286-8010
(U.S./Canada) or 617-801-6888 (International), Passcode: 10277897. 

ADDITIONAL NOTES

Constant currency revenue and growth exclude the impact of translating the
results of international subsidiaries at different currency exchange rates from
period to period. 

Certain financial information is presented on a rounded basis, which may cause
minor differences. 

Product group results and commentary exclude the impact of discontinued
operations, items included in restructuring and impairment charges, and losses
and other charges set forth in the condensed consolidated statements of income. 

NOTES ON NON-GAAP FINANCIAL MEASURES

This press release includes certain non-GAAP financial measures. These measures
include (i) adjusted diluted earnings per share, which excludes, depending on
the period presented, the effect of charges associated with a goodwill
impairment, our restructuring programs and asset impairments, losses and other
charges related to acquisition costs, gain/loss on sale of businesses and
assets, loss on extinguishment of debt in connection with refinancing
transactions, costs associated with severance payments and benefits to be
provided to our former chief executive officer, charges relating to a stock
keeping unit reduction program, charges associated with the amortization of
additional interest expense related to an interest rate swap terminated in 2011,
intangible amortization expense, the amortization of debt discount on
convertible notes and certain tax adjustments relating to the resolution of
various tax matters relating to prior years; and (ii) constant currency revenue
and growth, which exclude the impact of translating the results of international
subsidiaries at different currency exchange rates from period to period.
Consistent with past practice, adjusted diluted earnings per share has not been
adjusted to exclude the benefit resulting from the forfeiture of equity awards.
Management believes these measures are useful to investors because they
eliminate items that do not reflect Teleflex`s day-to-day operations. In
addition, management uses these financial measures for internal managerial
purposes, when publicly providing guidance on possible future results, and to
assist in our evaluation of period-to-period comparisons. These financial
measures are presented in addition to results presented in accordance with
generally accepted accounting principles ("GAAP") and should not be relied upon
as a substitute for GAAP financial measures. Tables reconciling these non-GAAP
measures to the most directly comparable GAAP measures are set forth below. This
press release also includes forecasted constant currency revenue growth, which
is also a non-GAAP measure. A reconciliation of forecasted constant currency
revenue growth to GAAP forecasted growth has not been provided as management is
unable to forecast trends in foreign currency exchange rates.

                                                                                                                                                                                                                      
 RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS                                                                                                                                                             
 Dollars in millions, except per share amounts                                                                                                                                                                        
                                                                                                                                                                                                                      
 Quarter Ended                                                                                                                                                                                                        
 December 31, 2012                                                                                                                                                                   Net Income                       
                                                                                                                                                                                     (loss)                           
                                                                                                                                                                                     attributable to    Diluted       
                                                                                                                                                                                     common             Earnings per  
                                                                           Selling, general                  Restructuring    Gain/(loss)                                            shareholders       share         
                                                       Materials, labor    and                               and other        on sales of                Loss on                     from               available to  
                                                       and other           administrative      Goodwill      impairment       businesses     Interest    extinguishment    Income    continuing         common        
                                                       product costs       expenses            impairment    charges          and assets     expense     of debt           taxes     operations         shareholders  
                                                                                                                                                                                                                      
 GAAP Basis                                            $219.9              $121.5              -             $3.0             -              $14.6       -                 $13.5     $30.4              $0.72         
                                                                                                                                                                                                                      
 Adjustments                                                                                                                                                                                                          
                                                                                                                                                                                                                      
 Goodwill impairment                                   -                   -                   -             -                -              -           -                 -         -                  -             
                                                                                                                                                                                                                      
 Restructuring and other impairment charges            -                   -                   -             3.0              -              -           -                 0.6       2.3                $0.06         
                                                                                                                                                                                                                      
 Losses and other charges (A)                          0.5                 3.4                 -             -                -              -           -                 (1.9)     5.7                $0.13         
                                                                                                                                                                                                                      
 Early termination of interest rate swap (B)           -                   -                   -             -                -              -           -                 -         -                  -             
                                                                                                                                                                                                                      
 Amortization of debt discount on convertible notes    -                   -                   -             -                -              2.7         -                 1.0       1.7                $0.04         
                                                                                                                                                                                                                      
 Intangible amortization expense                       -                   12.0                -             -                -              -           -                 4.2       7.8                $0.19         
                                                                                                                                                                                                                      
 Tax adjustment (C)                                    -                   -                   -             -                -              -           -                 -         -                  -             
                                                                                                                                                                                                                      
 Adjusted basis                                        $219.4              $106.1              -             -                -              $11.9       -                 $17.4     $47.9              $1.14         
                                                                                                                                                                                                                      
                                                                                                                                                                                                                      
 Quarter Ended                                                                                                                                                                                                        
 December 31, 2011                                                                                                                                                                   Net Income                       
                                                                                                                                                                                     (loss)                           
                                                                                                                                                                                     attributable to    Diluted       
                                                                                                                                                                                     common             Earnings per  
                                                                           Selling, general                  Restructuring    Gain/(loss)                                            shareholders       share         
                                                       Materials, labor    and                               and other        on sales of                Loss on                     from               available to  
                                                       and other           administrative      Goodwill      impairment       businesses     Interest    extinguishment    Income    continuing         common        
                                                       product costs       expenses            impairment    charges          and assets     expense     of debt           taxes     operations         shareholders  
                                                                                                                                                                                                                      
 GAAP Basis                                            $213.3              $110.8              -             $2.4             ($0.6)         $19.2       -                 $2.6      $41.6              $1.01         
                                                                                                                                                                                                                      
 Adjustments                                                                                                                                                                                                          
                                                                                                                                                                                                                      
 Goodwill impairment                                   -                   -                   -             -                -              -           -                 -         -                  -             
                                                                                                                                                                                                                      
 Restructuring and other impairment charges            -                   -                   -             3.0              -              -           -                 1.1       1.8                $0.05         
                                                                                                                                                                                                                      
 Losses and other charges (A)                          2.0                 -                   -             -                0.6            -           -                 0.8       1.8                $0.04         
                                                                                                                                                                                                                      
 Early termination of interest rate swap (B)           -                   -                   -             -                -              (11.1)      -                 (4.0)     (7.0)              ($0.17)       
                                                                                                                                                                                                                      
 Amortization of debt discount on convertible notes    -                   -                   -             -                -              2.5         -                 0.9       1.6                $0.04         
                                                                                                                                                                                                                      
 Intangible amortization expense                       -                   10.5                -             -                -              -           -                 3.9       6.6                $0.16         
                                                                                                                                                                                                                      
 Tax adjustment (C)                                    -                   -                   -             -                -              -           -                 3.3       (3.3)              ($0.08)       
                                                                                                                                                                                                                      
 Adjusted basis                                        $211.3              $100.2              -             ($0.6)           -              $27.8       -                 $8.7      $43.0              $1.05         
                                                                                                                                                                                                                      


(A) In 2012, losses and other charges include approximately $5.7 million, net of
tax, or $0.13 per share, related to acquisition costs. In 2011, losses and other
charges include approximately $0.4 million, net of tax, or $0.01 per share,
related to loss on sale of business and assets; and $1.3 million, net of tax, or
$0.03 per share, related to a stock keeping unit ("SKU") rationalization to
eliminate SKU`s based on low sales volume or insufficient margins to help
improve future profitability. 

(B) In 2011, the Company terminated an interest rate swap that, at the date of
termination, had a notional amount of $350 million. The interest rate swap was
designated as a cash flow hedge against the term loan under our senior credit
facility. At the date of termination, the interest rate swap was in a liability
position resulting in a cash payment by the Company of approximately $14.8
million, which included $3.1 million of accrued interest. In accordance with
GAAP, the Company amortized this amount as additional interest expense over the
remainder of the original term of the interest rate swap, which expired in
September 2012. In the fourth quarter of 2011, the net of tax impact was
approximately $7.0 million, or $0.17 per share. 

(C) The tax adjustment represents a net benefit resulting from (i) the
resolution (including the expiration of statutes of limitations) of various
prior years` U.S. federal, state and foreign tax matters, and (ii) the filing of
amended prior years` tax returns.

                                                                                                                                                                                                                      
 RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS                                                                                                                                                             
 Dollars in millions, except per share amounts                                                                                                                                                                        
                                                                                                                                                                                                                      
 Full Year Ended                                                                                                                                                                                                      
 December 31, 2012                                                                                                                                                                   Net Income                       
                                                                                                                                                                                     (loss)                           
                                                                                                                                                                                     attributable to    Diluted       
                                                                                                                                                                                     common             Earnings per  
                                                                           Selling, general                  Restructuring    Gain/(loss)                                            shareholders       share         
                                                       Materials, labor    and                               and other        on sales of                Loss on                     from               available to  
                                                       and other           administrative      Goodwill      impairment       businesses     Interest    extinguishment    Income    continuing         common        
                                                       product costs       expenses            impairment    charges          and assets     expense     of debt           taxes     operations         shareholders  
                                                                                                                                                                                                                      
 GAAP Basis                                            $802.8              $454.5              $332.1        $3.0             $0.3           $69.6       -                 $16.4     ($182.7)           ($4.47)       
                                                                                                                                                                                                                      
 Adjustments                                                                                                                                                                                                          
                                                                                                                                                                                                                      
 Goodwill impairment                                   -                   -                   332.1         -                -              -           -                 17.0      315.1              $7.71         
                                                                                                                                                                                                                      
 Restructuring and other impairment charges            -                   -                   -             3.0              -              -           -                 0.6       2.5                $0.06         
                                                                                                                                                                                                                      
 Losses and other charges (A)                          0.5                 13.8                -             -                (0.3)          -           -                 (0.1)     14.1               $0.34         
                                                                                                                                                                                                                      
 Early termination of interest rate swap (B)           -                   -                   -             -                -              11.1        -                 4.0       7.0                $0.17         
                                                                                                                                                                                                                      
 Amortization of debt discount on convertible notes    -                   -                   -             -                -              10.5        -                 3.8       6.7                $0.16         
                                                                                                                                                                                                                      
 Intangible amortization expense                       -                   44.3                -             -                -              -           -                 16.0      28.3               $0.69         
                                                                                                                                                                                                                      
 Tax adjustment (C)                                    -                   -                   -             -                -              -           -                 9.0       (9.0)              ($0.22)       
                                                                                                                                                                                                                      
 Anti-dilutive effect of EPS (D)                       -                   -                   -             -                -              -           -                 -         -                  ($0.06)       
                                                                                                                                                                                                                      
 Adjusted basis                                        $802.3              $396.4              -             -                -              $48.0       -                 $66.6     $182.0             $4.40         
                                                                                                                                                                                                                      
                                                                                                                                                                                                                      
 Full Year Ended                                                                                                                                                                     Net Income                       
 December 31, 2011                                                                                                                                                                   (loss)                           
                                                                                                                                                                                     attributable to    Diluted       
                                                                                                                                                                                     common             Earnings per  
                                                                           Selling, general                  Restructuring    Gain/(loss)                                            shareholders       share         
                                                       Materials, labor    and                               and other        on sales of                Loss on                     from               available to  
                                                       and other           administrative      Goodwill      impairment       businesses     Interest    extinguishment    Income    continuing         common        
                                                       product costs       expenses            impairment    charges          and assets     expense     of debt           taxes     operations         shareholders  
                                                                                                                                                                                                                      
 GAAP Basis                                            $783.8              $423.9              -             $6.0             ($0.6)         $70.3       $15.4             $25.8     $118.3             $2.90         
                                                                                                                                                                                                                      
 Adjustments                                                                                                                                                                                                          
                                                                                                                                                                                                                      
 Goodwill impairment                                   -                   -                   -             -                -              -           -                 -         -                  -             
                                                                                                                                                                                                                      
 Restructuring and other impairment charges            -                   -                   -             3.7              -              -           -                 1.4       2.3                $0.06         
                                                                                                                                                                                                                      
 Losses and other charges (A)                          2.0                 5.5                 -             -                0.6            -           15.4              8.4       15.1               $0.37         
                                                                                                                                                                                                                      
 Early termination of interest rate swap (B)           -                   -                   -             -                -              (11.1)      -                 (4.0)     (7.0)              ($0.17)       
                                                                                                                                                                                                                      
 Amortization of debt discount on convertible notes    -                   -                   -             -                -              9.7         -                 3.5       6.2                $0.15         
                                                                                                                                                                                                                      
 Intangible amortization expense                       -                   42.6                -             -                -              -           -                 15.6      27.0               $0.66         
                                                                                                                                                                                                                      
 Tax adjustment (C)                                    -                   -                   -             -                -              -           -                 5.5       (5.5)              ($0.13)       
                                                                                                                                                                                                                      
 Anti-dilutive effect of EPS (D)                       -                   -                   -             -                -              -           -                 -         -                  -             
                                                                                                                                                                                                                      
 Adjusted basis                                        $781.8              $375.8              -             $2.3             -              $71.7       -                 $56.2     $156.3             $3.83         
                                                                                                                                                                                                                      


(A) In 2012, losses and other charges include approximately $14.4 million, net
of tax, or $0.35 per share, related to acquisition costs; and ($0.3) million,
net of tax, or ($0.01) per share related to a gain on sale of businesses and
assets. In 2011, losses and other charges include approximately $9.8 million,
net of tax, or $0.24 per share, related to loss on extinguishment of debt; $3.5
million, net of tax, or $0.09 per share, in charges related to severance
payments and benefits provided to our former chief executive officer; $0.4
million, net of tax, or $0.01 per share, related to a loss on sale of businesses
and assets; and $1.3 million, net of tax, or $0.03 per share, related to a stock
keeping unit ("SKU") rationalization to eliminate SKU`s based on low sales
volume or insufficient margins to help improve future profitability. 

(B) In 2011, the Company terminated an interest rate swap that, at the date of
termination, had a notional amount of $350 million. The interest rate swap was
designated as a cash flow hedge against the term loan under our senior credit
facility. At the date of termination, the interest rate swap was in a liability
position resulting in a cash payment by the Company of approximately $14.8
million, which included $3.1 million of accrued interest. In accordance with
GAAP, the Company amortized this amount as additional interest expense over the
remainder of the original term of the interest rate swap, which expired in
September 2012. During 2012, the non-cash, net of tax impact was approximately
$7.0 million, or $0.17 per share. 

(C) The tax adjustment represents a net benefit resulting from (i) the
resolution (including the expiration of statutes of limitations) of various
prior years` U.S. federal, state and foreign tax matters, and (ii) the filing of
amended prior years` tax returns. 

(D) The Company has presented results using basic weighted average shares with
the impact of dilution on adjusted income, separately. Under applicable
accounting guidance, if a company has a net loss from continuing operations, no
common shares that potentially may be issued are included in the computation of
diluted per-share amounts because such inclusion would result in an
anti-dilutive per share amount.

                                                                                                                                    
 RECONCILIATION OF NET DEBT OBLIGATIONS                                                                                             
                                                                                 December 31, 2012            December 31, 2011     
                                                                                 (Dollars in thousands)                             
 Note payable and current portion of long-term borrowings                        $          4,700             $          4,986      
                                                                                                                                    
 Long term borrowings                                                                       965,280                      954,809    
                                                                                                                                    
 Unamortized debt discount                                                                  59,720                       70,191     
                                                                                                                                    
 Total debt obligations                                                                     1,029,700                    1,029,986  
                                                                                                                                    
 Less: cash and cash equivalents                                                            337,039                      584,088    
                                                                                                                                    
 Net debt obligations                                                            $          692,661           $          445,898    
                                                                                                                                    


ABOUT TELEFLEX INCORPORATED

Teleflex is a leading global provider of specialty medical devices for a range
of procedures in critical care and surgery. Our mission is to provide solutions
that enable healthcare providers to improve outcomes and enhance patient and
provider safety. Headquartered in Limerick, PA, Teleflex employs approximately
11,600 people worldwide and serves healthcare providers in more than 140
countries. For additional information about Teleflex please refer to
www.teleflex.com. 

CAUTION CONCERNING FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements, including, but not
limited to, forecasted 2013 constant currency revenue growth and adjusted
earnings per share. Actual results could differ materially from those in the
forward-looking statements due to, among other things, conditions in the end
markets we serve, customer reaction to new products and programs, our ability to
achieve sales growth, price increases or cost reductions; changes in the
reimbursement practices of third party payors; our ability to realize
efficiencies and to execute on our strategic initiatives; changes in material
costs and surcharges; market acceptance and unanticipated difficulties in
connection with the introduction of new products and product line extensions;
product recalls; unanticipated difficulties in connection with the consolidation
of manufacturing and administrative functions; unanticipated difficulties,
expenditures and delays in complying with government regulations applicable to
our businesses; the impact of government healthcare reform legislation; our
ability to meet our debt obligations; changes in general and international
economic conditions; and other factors described or incorporated in our filings
with the Securities and Exchange Commission, including our Annual Report on Form
10-K for the year ended December 31, 2012.

                                                                                                                                                                                          
 TELEFLEX INCORPORATED AND SUBSIDIARIES                                                                                                                                                   
 CONSOLIDATED STATEMENTS OF INCOME                                                                                                                                                        
                                                                                                                                                                                          
                                                                                                                                 Three Months Ended                                       
                                                                                                                                 December 31,                    December 31,             
                                                                                                                                 2012                            2011                     
                                                                                                                                 (Dollars and shares in thousands,                        
                                                                                                                                 except per share)                                        
                                                                                                                                                                                          
 Net revenues                                                                                                                    $        419,056                $        403,038         
 Cost of goods sold                                                                                                                       219,876                         213,288         
 Gross profit                                                                                                                             199,180                         189,750         
 Selling, general and administrative expenses                                                                                             121,524                         110,779         
 Research and development expenses                                                                                                        16,263                          12,910          
 Restructuring and other impairment charges                                                                                               2,953                           2,407           
 Net loss on sales of businesses and assets                                                                                               -                               582             
 Income from continuing operations before interest, loss on extinguishments of debt and taxes                                             58,440                          63,072          
 Interest expense                                                                                                                         14,621                          19,209          
 Interest income                                                                                                                          (247     )                      (584     )      
 Income from continuing operations before taxes                                                                                           44,066                          44,447          
 Taxes on income from continuing operations                                                                                               13,452                          2,644           
 Income from continuing operations                                                                                                        30,614                          41,803          
 Operating income (loss) from discontinued operations (including gain (loss) on disposal of $(21) and $218,365, respectively)             (1,256   )                      216,978         
 Taxes (benefit) on income (loss) from discontinued operations                                                                            (219     )                      90,560          
 Income (loss) from discontinued operations                                                                                               (1,037   )                      126,418         
 Net income                                                                                                                               29,577                          168,221         
 Less: Income from continuing operations attributable to noncontrolling interest                                                          254                             251             
 Income from discontinued operations attributable to noncontrolling interest                                                              -                               174             
 Net income attributable to common shareholders                                                                                  $        29,323                 $        167,796         
                                                                                                                                                                                          
 Earnings per share available to common shareholders:                                                                                                                                     
 Basic:                                                                                                                                                                                   
 Income from continuing operations                                                                                               $        0.74                   $        1.02            
 Income (loss) from discontinued operations                                                                                               (0.02    )                      3.10            
 Net income                                                                                                                      $        0.72                   $        4.12            
                                                                                                                                                                                          
 Diluted:                                                                                                                                                                                 
 Income from continuing operations                                                                                               $        0.72                   $        1.01            
 Income (loss) from discontinued operations                                                                                               (0.02    )                      3.09            
 Net income                                                                                                                      $        0.70                   $        4.10            
                                                                                                                                                                                          
 Dividends per common share                                                                                                      $        0.34                   $        0.34            
                                                                                                                                                                                          
 Weighted average common shares outstanding:                                                                                                                                              
 Basic                                                                                                                                    40,945                          40,727          
 Diluted                                                                                                                                  42,007                          40,965          
                                                                                                                                                                                          
 Amounts attributable to common shareholders:                                                                                                                                             
 Income from continuing operations, net of tax                                                                                   $        30,360                 $        41,552          
 Income (loss) from discontinued operations, net of tax                                                                                   (1,037   )                      126,244         
 Net income                                                                                                                      $        29,323                 $        167,796         
                                                                                                                                                                                          


                                                                                                                                                                                       
 TELEFLEX INCORPORATED AND SUBSIDIARIES                                                                                                                                                
 CONSOLIDATED STATEMENTS OF INCOME (LOSS)                                                                                                                                              
                                                                                                                                                                                       
                                                                                                                            Twelve Months Ended                                        
                                                                                                                            December 31,                        December 31,           
                                                                                                                            2012                                2011                   
                                                                                                                            (Dollars and shares in thousands,                          
                                                                                                                            except per share)                                          
                                                                                                                                                                                       
 Net revenues                                                                                                               $        1,551,009                  $        1,492,528     
 Cost of goods sold                                                                                                                  802,784                             783,750       
 Gross profit                                                                                                                        748,225                             708,778       
 Selling, general and administrative expenses                                                                                        454,489                             423,909       
 Research and development expenses                                                                                                   56,278                              48,712        
 Goodwill impairment                                                                                                                 332,128                             -             
 Restructuring and other impairment charges                                                                                          3,037                               6,005         
 Net (gain) loss on sales of businesses and assets                                                                                   (332       )                        582           
 Income (loss) from continuing operations before interest, loss on extinguishments of debt and taxes                                 (97,375    )                        229,570       
 Interest expense                                                                                                                    69,565                              70,317        
 Interest income                                                                                                                     (1,571     )                        (1,260     )  
 Loss on extinguishments of debt                                                                                                     -                                   15,413        
 Income (loss) from continuing operations before taxes                                                                               (165,369   )                        145,100       
 Taxes on income (loss) from continuing operations                                                                                   16,413                              25,778        
 Income (loss) from continuing operations                                                                                            (181,782   )                        119,322       
 Operating income (loss) from discontinued operations (including gain on disposal of $2,205 and $270,630, respectively)              (9,207     )                        292,683       
 Taxes (benefit) on income (loss) from discontinued operations                                                                       (1,887     )                        87,038        
 Income (loss) from discontinued operations                                                                                          (7,320     )                        205,645       
 Net income (loss)                                                                                                                   (189,102   )                        324,967       
 Less: Income from continuing operations attributable to noncontrolling interest                                                     955                                 1,021         
 Income from discontinued operations attributable to noncontrolling interest                                                         -                                   617           
 Net income (loss) attributable to common shareholders                                                                      $        (190,057   )               $        323,329       
                                                                                                                                                                                       
 Earnings per share available to common shareholders:                                                                                                                                  
 Basic:                                                                                                                                                                                
 Income (loss) from continuing operations                                                                                   $        (4.47      )               $        2.92          
 Income (loss) from discontinued operations                                                                                          (0.18      )                        5.06          
 Net income (loss)                                                                                                          $        (4.65      )               $        7.98          
                                                                                                                                                                                       
 Diluted:                                                                                                                                                                              
 Income (loss) from continuing operations                                                                                   $        (4.47      )               $        2.90          
 Income (loss) from discontinued operations                                                                                          (0.18      )                        5.02          
 Net income (loss)                                                                                                          $        (4.65      )               $        7.92          
                                                                                                                                                                                       
 Dividends per common share                                                                                                 $        1.36                       $        1.36          
                                                                                                                                                                                       
 Weighted average common shares outstanding:                                                                                                                                           
 Basic                                                                                                                               40,859                              40,501        
 Diluted                                                                                                                             40,859                              40,801        
                                                                                                                                                                                       
 Amounts attributable to common shareholders:                                                                                                                                          
 Income (loss) from continuing operations, net of tax                                                                       $        (182,737   )               $        118,301       
 Income (loss) from discontinued operations, net of tax                                                                              (7,320     )                        205,028       
 Net income (loss)                                                                                                          $        (190,057   )               $        323,329       
                                                                                                                                                                                       


                                                                                                                                       
 TELEFLEX INCORPORATED AND SUBSIDIARIES                                                                                                
 CONSOLIDATED BALANCE SHEETS                                                                                                           
                                                                                                                                       
                                                                                   December 31,                    December 31,        
                                                                                   2012                            2011                
                                                                                   (Dollars in thousands)                              
 ASSETS                                                                                                                                
 Current assets                                                                                                                        
 Cash and cash equivalents                                                         $        337,039                $        584,088    
 Accounts receivable, net                                                                   297,976                         286,226    
 Inventories, net                                                                           323,347                         298,775    
 Prepaid expenses and other current assets                                                  28,712                          33,405     
 Prepaid taxes                                                                              27,160                          28,846     
 Deferred tax assets                                                                        46,882                          41,014     
 Assets held for sale                                                                       7,963                           7,902      
 Total current assets                                                                       1,069,079                       1,280,256  
 Property, plant and equipment, net                                                         297,945                         251,912    
 Goodwill                                                                                   1,249,456                       1,438,542  
 Intangible assets, net                                                                     1,058,792                       879,787    
 Investments in affiliates                                                                  2,066                           2,008      
 Deferred tax assets                                                                        296                             278        
 Other assets                                                                               61,863                          71,320     
 Total assets                                                                      $        3,739,497              $        3,924,103  
                                                                                                                                       
 LIABILITIES AND EQUITY                                                                                                                
 Current liabilities                                                                                                                   
 Notes payable                                                                     $        4,700                  $        4,986      
 Accounts payable                                                                           75,165                          67,092     
 Accrued expenses                                                                           65,064                          74,207     
 Current portion of contingent consideration                                                23,693                          3,953      
 Payroll and benefit-related liabilities                                                    74,586                          64,386     
 Derivative liabilities                                                                     598                             633        
 Accrued interest                                                                           9,418                           10,960     
 Income taxes payable                                                                       15,573                          21,084     
 Current liability for uncertain tax positions                                              4,684                           22,656     
 Deferred tax liabilities                                                                   924                             1,050      
 Total current liabilities                                                                  274,405                         271,007    
 Long-term borrowings                                                                       965,280                         954,809    
 Deferred tax liabilities                                                                   419,266                         420,833    
 Pension and postretirement benefit liabilities                                             170,946                         194,984    
 Noncurrent liability for uncertain tax positions                                           68,292                          61,688     
 Other liabilities                                                                          59,771                          37,999     
 Total liabilities                                                                          1,957,960                       1,941,320  
 Commitments and contingencies                                                                                                         
 Common Shareholders` equity                                                                                                           
 Common shares, $1 par value Issued: 2012 - 43,102 shares; 2011 - 42,923 shares             43,102                          42,923     
 Additional paid-in capital                                                                 394,384                         380,965    
 Retained earnings                                                                          1,601,460                       1,847,106  
 Accumulated other comprehensive income (loss)                                              (132,048   )                    (159,353)  
                                                                                            1,906,898                       2,111,641  
 Less: Treasury stock, at cost                                                              127,948                         131,053    
 Total common shareholders` equity                                                          1,778,950                       1,980,588  
 Noncontrolling interest                                                                    2,587                           2,195      
 Total equity                                                                               1,781,537                       1,982,783  
 Total liabilities and equity                                                      $        3,739,497              $        3,924,103  
                                                                                                                                       


                                                                                                                                              
 TELEFLEX INCORPORATED AND SUBSIDIARIES                                                                                                       
 CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                        
                                                                                                                                              
                                                                                      Twelve Months Ended                                     
                                                                                      December 31,                   December 31,             
                                                                                      2012                           2011                     
                                                                                      (Dollars in thousands)                                  
 Cash Flows from Operating Activities of Continuing Operations:                                                                               
 Net income (loss)                                                                    $        (189,102  )           $        324,967         
 Adjustments to reconcile net income to net cash provided by operating activities:                                                            
 Loss (income) from discontinued operations                                                    7,320                          (205,645  )     
 Depreciation expense                                                                          36,204                         40,336          
 Amortization expense of intangible assets                                                     44,264                         42,634          
 Amortization expense of deferred financing costs and debt discount                            14,416                         13,526          
 Loss on extinguishments of debt                                                               -                              15,413          
 Interest rate swap buyout                                                                     -                              (11,695   )     
 Stock-based compensation                                                                      8,623                          4,532           
 Net (gain) loss on sales of businesses and assets                                             (332      )                    582             
 Impairment of investments in affiliates                                                       -                              2,499           
 Goodwill impairment                                                                           332,128                        -               
 Deferred income taxes, net                                                                    (39,178   )                    (14,067   )     
 Other                                                                                         (3,468    )                    (2,447    )     
 Changes in operating assets and liabilities, net of effects of acquisitions and                                                              
 disposals:                                                                                                                                   
 Accounts receivable                                                                           (2,932    )                    (43,561   )     
 Inventories                                                                                   (1,970    )                    (33,819   )     
 Prepaid expenses and other current assets                                                     9,595                          (8,473    )     
 Accounts payable and accrued expenses                                                         (1,457    )                    (1,616    )     
 Income taxes receivable and payable, net                                                      (20,258   )                    (28,809   )     
 Net cash provided by operating activities from continuing operations                          193,853                        94,357          
 Cash Flows from Investing Activities of Continuing Operations:                                                                               
 Expenditures for property, plant and equipment                                                (65,394   )                    (44,582   )     
 Payments for businesses and intangibles acquired, net of cash acquired                        (387,040  )                    (30,570   )     
 Proceeds from sales of businesses and assets, net of cash sold                                66,660                         376,025         
 Investments in affiliates                                                                     (80       )                    (150      )     
 Net cash (used in) provided by investing activities from continuing operations                (385,854  )                    300,723         
 Cash Flows from Financing Activities of Continuing Operations:                                                                               
 Proceeds from long-term borrowings                                                            -                              515,000         
 Repayment of long-term borrowings                                                             -                              (455,800  )     
 Debt and equity issuance and amendment fees                                                   -                              (18,518   )     
 Decrease in notes payable and current borrowings                                              (706      )                    (24,714   )     
 Proceeds from stock compensation plans                                                        9,003                          34,009          
 Dividends                                                                                     (55,589   )                    (55,136   )     
 Net cash used in financing activities from continuing operations                              (47,292   )                    (5,159    )     
 Cash Flows from Discontinued Operations:                                                                                                     
 Net cash (used in) provided by operating activities                                           (7,799    )                    121             
 Net cash used in investing activities                                                         (2,351    )                    (2,875    )     
 Net cash used in discontinued operations                                                      (10,150   )                    (2,754    )     
 Effect of exchange rate changes on cash and cash equivalents                                  2,394                          (11,531   )     
 Net (decrease) increase in cash and cash equivalents                                          (247,049  )                    375,636         
 Cash and cash equivalents at the beginning of the period                                      584,088                        208,452         
 Cash and cash equivalents at the end of the period                                   $        337,039               $        584,088         
                                                                                                                                              


Teleflex Incorporated
Jake Elguicze
Treasurer and Vice President of Investor Relations
610-948-2836 

Copyright Business Wire 2013

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