Teleflex Reports Third Quarter 2009 Results

http://www.businesswire.com/news/home/20091027005278/en

Third Quarter Diluted EPS from Continuing Operations Excluding Special Items of
$0.88 per share, up 13%

Third Quarter GAAP diluted EPS from Continuing Operations of $0.87 per share, up
18%

Third Quarter Cash Flow from Continuing Operations of $103.5 million, up 88%

Expects to Achieve Top End of Previously Announced Full Year 2009 EPS Outlook

Raises Full Year 2009 Cash Flow Outlook
LIMERICK, Pa.--(Business Wire)--
Teleflex Incorporated (NYSE: TFX) today announced financial results for the
Third Quarter ended September 27, 2009.

Third Quarter Financial Highlights

Revenues from continuing operations were $461.5 million compared to $504.0
million in the third quarter of 2008, down 8%. This decline resulted from a
decrease in core revenue of 6% and an unfavorable currency impact of 2%. Core
revenue was down 1% in the Medical Segment and 23% and 16% in the Aerospace and
Commercial Segments, respectively.

Income from continuing operations excluding special items increased 12% to $35.2
million, or $0.88 per diluted share compared to $31.4 million or $0.78 per
diluted share in the prior year quarter. The third quarter of 2009 included a
pre-tax non-cash charge of $3.3 million, $0.05 per diluted share after tax,
related to an impairment of an investment in an affiliate. Income from
continuing operations attributable to common shareholders including special
items increased to $34.7 million or $0.87 per diluted share compared to $29.4
million or $0.74 per diluted share in the prior year quarter. A complete
reconciliation of the results for the comparable periods including the special
items is provided in the table below.

Income from discontinued operations attributable to common shareholders was $3.6
million, or $0.09 per diluted share compared to $12.9 million or $0.32 per
diluted share in the prior year quarter. Net income attributable to common
shareholders in the third quarter of 2009 was $38.3 million and diluted earnings
per share available to common shareholders were $0.96 compared to $42.3 million
and $1.06 per diluted share in the prior year quarter.

Cash flow from continuing operations increased 88% in the third quarter of 2009
to $103.5 million, up from $55.1 million in the prior year quarter.

"During the quarter Teleflex generated double digit adjusted earnings growth,
improved our working capital as evidenced by our strong cash flow performance,
and progressed on our capital structure," said Jeffrey P. Black, chairman and
chief executive officer. Added Black, "We achieved core revenue growth in our
higher-margin, critical care product offerings and continued to expand our
Medical Segment adjusted operating margins." Stated Black, "We also expect the
sequential operating profit improvements reported in our Aerospace and
Commercial businesses to continue in the fourth quarter. In light of these
factors, we now expect our 2009 earnings per share excluding special items to be
at the top end of our previously announced guidance of $3.40 to $3.60 per
diluted share."

Third Quarter Business Segment Commentary

Medical Segment

Medical Segment revenues were $355.9 million for the third quarter, including
core revenue increases in vascular access, urology, anesthesia, respiratory and
cardiac products. These increases were more than offset by declines in surgical
and orthopedic devices sold to medical OEM`s, resulting in an overall core
revenue decline of 1% compared to the prior year quarter. Foreign currency
translation negatively impacted revenues by 2%.

Medical Segment sales by product group were comprised of the following:

Three Months Ended % Increase/ (Decrease)
September 27, September 28, Core Currency Total
2009 2008* Growth Impact Change
(Dollars in millions)
Critical Care $ 231.6 $ 230.4 3 (2 ) 1
Surgical 66.7 75.8 (10 ) (2 ) (12 )
Cardiac Care 16.9 17.3 1 (3 ) (2 )
OEM 37.6 39.4 (4 ) (1 ) (5 )
Other 3.1 4.4 (24 ) (6 ) (30 )
Total net sales $ 355.9 $ 367.3 (1 ) (2 ) (3 )

* Certain reclassifications within product categories have been made to 2008
results to conform with current year presentation.

Adjusted segment operating profit, which excludes the impact of certain
integration costs not qualified for restructuring, increased to $74.5 million
from $73.4 million in the prior year. The improvement resulted from lower
operating expenses, reduced FDA remediation spending, and synergies from the
Arrow integration activities offset by reduced volume and the effect of the
stronger U.S. dollar compared with the prior year quarter. Adjusted segment
operating margins in the quarter improved 90 basis points to 20.9% versus 20.0%
in the prior year quarter. A reconciliation of adjusted segment operating profit
and margins are noted in the table below.

Aerospace Segment

Aerospace Segment revenues declined 26% in the third quarter of 2009 to $45.8
million from $62.1 million in the same period last year. Higher sales of wide
and narrow-body cargo handling systems to OEM`s were more than offset by lower
cargo systems sales for aftermarket conversions, lower cargo spares, components
and repairs sales, and lower demand for cargo containers and actuators due to
the current weakness in the commercial aviation sector, all of which contributed
to the 23% decline in core revenue during the quarter. An unfavorable currency
impact of 3% also contributed to the decline.

Segment operating profit decreased in the third quarter of 2009 to $4.6 million
from $7.3 million in the same period last year. This was principally due to the
lower sales volumes across all product lines noted above, including an
unfavorable mix of lower margin systems sales compared with higher margin spares
and repairs, that was partially offset by cost reduction initiatives. Segment
operating margin for the quarter was 9.9% versus 11.8% in the prior year
quarter.

Commercial Segment

Commercial Segment revenues declined 20% in the third quarter of 2009 to $59.8
million from $74.6 million in the same period last year. Reductions in core
revenue, which accounted for 16% of the decline, were principally a result of a
decrease in sales of rigging and Marine OEM products partially offset by sales
of the modern burner unit to the U.S. military. The impact of the Marine gauge
business divestiture contributed 4% to the decline.

During the third quarter of 2009 operating profit in the Commercial Segment
declined to $4.6 million from $4.9 million in the prior year period, principally
due to the lower sales volumes, which more than offset the impact from the
elimination of approximately $3 million of operating costs compared to the prior
year quarter. Segment operating margin for the quarter improved to 7.8% versus
6.5% in the prior year quarter.

Power Systems Transaction

During the third quarter of 2009, the Company completed the sale of its Power
Systems business for $14.5 million and realized a loss of $3.3 million, net of
tax. During the second quarter, the Company recognized a non-cash goodwill
impairment charge of $25.1 million to adjust the carrying value of these
operations to their estimated fair value. Beginning in the third quarter of
2009, the results of the Company`s Power Systems operations have been classified
as discontinued operations and, as such, have been excluded from the Company`s
results from continuing operations for all periods presented.

Nine Month Results

For the first nine months of 2009, Teleflex revenuesfrom continuing operations
decreased 12% to $1,375.1 million from $1,569.5 million in the first nine months
of 2008. Income from continuing operations excluding special items increased 12%
to $105.1 million or $2.63 per diluted share, compared to $94.0 million or $2.36
per diluted share in the prior year. Income from continuing operations
attributable to common shareholders including special items increased to $93.8
million or $2.35 per diluted share compared to $77.3 million or $1.94 per
diluted share in the prior year.

Income from discontinued operations attributable to common shareholders was
$166.5 million or $4.17 per diluted share compared to $22.9 million or $0.58 per
diluted share in the prior year. 2009 results from discontinued operations
include a gain, net of tax, of approximately $178 million or $4.46 per diluted
share from the sale of Airfoil Technologies International - Singapore Pte. Ltd.
("ATI").

Net income attributable to common shareholders for the first nine months of 2009
was $260.3 million and diluted earnings per share available to common
shareholders were $6.52 compared to $100.2 million and $2.52 per diluted share
in the prior year period, respectively.

Cash flow from continuing operations for the first nine months of 2009 totaled
$178.8 million, excluding a tax payment of approximately $97.5 million related
to the gain on sale of ATI. Excluding tax payments of $90.2 million related to
the divestiture of the automotive and industrial businesses, cash flow from
continuing operations for the first nine months of 2008 was $138.4 million.

Business Outlook for 2009

The Company now expects its full year 2009 income from continuing operations
excluding special items to be at the top end of its previously announced
guidance range of $3.40 to $3.60 per diluted share. Special items for 2009 are
expected to be in the range of $0.30 to $0.35 per diluted share. This compares
to the company`s previous guidance of special items which were expected to be in
the range of $0.37 to $0.42. Core revenue growth in the Medical segment is
expected to be flat for the full year. The Company expects cash flow from
continuing operations for the full year to be approximately $220 to $230
million, exclusive of the tax payment related to the gain on the sale of ATI.
This compares to the company`s previous adjusted cash flow from continuing
operations guidance of $210 to $220 million.

Third Quarter Conference Call Webcast and Additional Information

As previously announced, Teleflex will comment on its third quarter results on a
conference call to be held Tuesday, October 27, 2009, at 9:00 a.m. (ET). The
call will be available live and archived on the company`s website at
www.teleflex.comand accompanying presentations will be posted prior to the call.
An audio replay will be available until November 3, 2009 by calling 888-286-8010
(U.S./Canada) or 617-801-6888 (International), Passcode: 97984342.

Additional Notes

Core growth includes activity of a purchased company beyond the initial twelve
months after the date of acquisition. Core growth excludes the impact of
translating the results of international subsidiaries at different currency
exchange rates from year to year, and the activity of companies that have been
divested within the most recent twelve month period.

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

Segment operating profit includes a segment`s net revenues reduced by its
materials, labor and other product costs along with the segment`s selling,
engineering and administrative expenses and non-controlling interest.
Unallocated corporate expenses, gains or losses on sales of assets,
restructuring and impairment charges, interest income and expense and taxes on
income are excluded from the measure.

Segment commentary excludes the impact of discontinued operations, items
included in restructuring and impairment charges, losses and other charges, and
fair market value adjustments for inventory as disclosed in the condensed
consolidated statements of income.

Notes on Non-GAAP Financial Measures

This press release addresses certain non-GAAP income and cash flow measures. We
use 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 GAAP and should not be relied
upon as a substitute for GAAP financial measures.

This press release includes financial measures which exclude the effect of
charges associated with our restructuring programs and asset impairments,
charges related to the Arrow acquisition, (gain)/loss on sale of assets and
other charges, tax adjustments, and income tax payments related to gains on
business divestitures. Management believes these measures are useful to
investors because they eliminate items that do not reflect Teleflex`s day-to-day
operations. Tables reconciling these non-GAAP measures to the most directly
comparable GAAP measures are set forth below.

Third Quarter Reconciliation of Income from Continuing Operations

Three Months Ended Three Months Ended
Sept. 27, 2009 Sept. 28, 2008
Continuing Operations Continuing Operations
(dollars in thousands, except per share)
Income and diluted earnings per share attributable to common shareholders $ 34,734 $ 0.87 $ 29,431 $ 0.74

Restructuring and impairment charges 1,471 470
Tax benefit (357 ) (152 )
Restructuring and impairment charges, net of tax 1,114 0.03 318 0.01

Losses and other charges (A) 643 2,050
Tax benefit (235 ) (430 )
Losses and other charges, net of tax 408 0.01 1,620 0.04

Tax adjustments (C) (1,093 ) (0.03 ) -- --

Income and diluted earnings per share excluding restructuring and impairment charges, losses and other charges, and tax adjustments $ 35,163 $ 0.88 $ 31,369 $ 0.78

Year to Date Reconciliation of Income from Continuing Operations

Nine Months Ended Nine Months Ended
Sept. 27, 2009 Sept. 28, 2008
Continuing Operations Continuing Operations
(dollars in thousands, except per share)
Income and diluted earnings per share attributable to common shareholders $ 93,812 $ 2.35 $ 77,259 $ 1.94

Restructuring and impairment charges 16,828 11,917
Tax benefit (2,917 ) (3,818 )
Restructuring and impairment charges, net of tax 13,911 0.35 8,099 0.20

Losses and other charges (A) 4,349 5,891
Tax benefit (1,610 ) (1,695 )
Losses and other charges, net of tax 2,739 0.07 4,196 0.11

Fair market value inventory adjustment (B) -- 6,936
Tax benefit -- (2,487 )
Fair market value inventory adjustment, net of tax -- -- 4,449 0.11

Tax adjustments (C) (5,398 ) (0.14 ) -- --

Income and diluted earnings per share excluding restructuring and impairment charges, losses and other charges, fair market value inventory adjustment, and tax adjustments $ 105,064 $ 2.63 $ 94,003 $ 2.36

(A) In 2009, losses and other charges principally relate to loss on sale of
assets and restructuring related costs associated with the Arrow acquisition. In
2008, losses and other charges relate to restructuring related costs associated
with the Arrow acquisition.

(B) The fair market value inventory adjustment reflects the absorption of the
residual Arrow inventory purchase price adjustment from acquisition date.

(C) The tax adjustment benefit represents benefits from the net reduction in
income tax reserves and discrete tax benefits related primarily to the
expiration of the statute of limitations for various uncertain tax positions,
the settlement of tax audits and adjustments to previously filed income tax
returns.

Adjusted Medical Segment Operating Profit and Margins

Three Months Ended Three Months Ended
Sept. 27, 2009 Sept. 28, 2008
(dollars in thousands)
Medical Segment operating profit as reported $ 73,839 $ 71,388
Medical Segment operating margin as reported 20.7% 19.4%

Add: Integration costs not qualified for restructuring 643 2,050

Adjusted Medical Segment operating profit $ 74,482 $ 73,438
Adjusted Medical Segment operating margin 20.9% 20.0%

Nine Months Ended Nine Months Ended
Sept. 27, 2009 Sept. 28, 2008
(dollars in thousands)
Medical Segment operating profit as reported $ 222,607 $ 212,952
Medical Segment operating margin as reported 21.0% 18.9%

Add: Inventory Fair Market Value Adjustment -- 6,936
Add: Integration costs not qualified for restructuring 1,752 5,873

Adjusted Medical Segment operating profit $ 224,359 $ 225,761
Adjusted Medical Segment operating margin 21.2% 20.1%

Year to Date Reconciliation of Cash Flow from Operations

Nine Months Ended Nine Months Ended
Sept. 27, 2009 Sept. 28, 2008
(dollars in thousands)
Cash flow from operations as reported $ 81,221 $ 48,144

Add: Tax payments on gain on sale of ATI business 97,536 --

Add: Tax payments on gain on sale of automotive -- 90,235
and industrial businesses

Adjusted cash flow from operations $ 178,757 $ 138,379

About Teleflex Incorporated

Teleflex is a diversified company with a significant presence in medical
technology and niche businesses serving aerospace and commercial markets,
providing innovative solutions for customers around the world. Teleflex employs
approximately 12,600 people worldwide who focus on providing innovative
solutions for customers. Additional information about Teleflex can be obtained
from the company`s website at www.teleflex.com.

Caution Concerning Forward-looking Information

This press release contains forward-looking statements, including, but not
limited to, statements relating to expectations with respect to continued
improvements in the performance of our Aerospace and Commercial Segments in the
fourth quarter of 2009; our forecast of diluted earnings per share from
continuing operations excluding special items for 2009; expected range of
special items for 2009; expected cash flow from continuing operations for 2009
excluding the effects of a tax payment; and our forecast of Medical Segment
revenue growth for 2009. Actual results could differ materially from those in
these 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; our ability
to realize efficiencies; changes in material costs and surcharges; unanticipated
difficulties in connection with consolidation of manufacturing and
administrative functions; unanticipated difficulties, expenditures and delays in
connection with the integration of Arrow International, including delays in the
implementation of integration programs and adverse customer and shareholder
reaction; unanticipated difficulties, expenditures and delays in complying with
government regulations applicable to our businesses, including unanticipated
costs and difficulties in connection with the resolution of issues related to
the FDA corporate warning letter issued to Arrow; our ability to meet our debt
obligations; changes in general and international economic conditions; and other
factors described in Teleflex's filings with the Securities and Exchange
Commission, including our Annual Report on Form 10K.

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three Months Ended Nine Months Ended
September 27, September 28, September 27, September 28,
2009 2008 2009 2008
(Dollars and shares in thousands, except per share)

Net revenues $ 461,479 $ 504,035 $ 1,375,059 $ 1,569,486
Materials, labor and other product costs 260,925 294,202 780,710 917,802
Gross profit 200,554 209,833 594,349 651,684
Selling, engineering and administrative expenses 126,151 137,527 381,132 432,833
Net loss on sales of businesses and assets - - 2,597 18
Goodwill impairment - - 6,728 -
Restructuring and other impairment charges 4,783 470 13,412 11,917
Income from continuing operations before interest and taxes 69,620 71,836 190,480 206,916
Interest expense 21,074 28,983 68,470 91,433
Interest income (233 ) (492 ) (1,907 ) (1,861 )
Income from continuing operations before taxes 48,779 43,345 123,917 117,344
Taxes on income from continuing operations 13,740 13,718 29,262 39,443
Income from continuing operations 35,039 29,627 94,655 77,901
Operating (loss) income from discontinued operations (including (loss) gain on disposal of ($3,480) and $272,307 for the three and nine month periods in 2009, respectively and (loss) on disposal of ($4,808) for the nine month period in 2008) (4,207 ) 22,302 269,222 47,850
Taxes (benefit) on income from discontinued operations (7,785 ) (17 ) 92,881 (233 )
Income from discontinued operations 3,578 22,319 176,341 48,083
Net income 38,617 51,946 270,996 125,984
Less: Net income attributable to noncontrolling interest 305 196 843 642
Income from discontinued operations attributable to noncontrolling interest - 9,431 9,860 25,137
Net income attributable to common shareholders $ 38,312 $ 42,319 $ 260,293 $ 100,205

Earnings per share available to common shareholders:
Basic:
Income from continuing operations $ 0.87 $ 0.74 $ 2.36 $ 1.95
Income from discontinued operations $ 0.09 $ 0.33 $ 4.19 $ 0.58
Net income $ 0.96 $ 1.07 $ 6.55 $ 2.53

Diluted:
Income from continuing operations $ 0.87 $ 0.74 $ 2.35 $ 1.94
Income from discontinued operations $ 0.09 $ 0.32 $ 4.17 $ 0.58
Net income $ 0.96 $ 1.06 $ 6.52 $ 2.52

Dividends per share $ 0.34 $ 0.34 $ 1.02 $ 1.00

Weighted average common shares outstanding:
Basic 39,724 39,645 39,711 39,553
Diluted 39,932 39,970 39,910 39,837

Amounts attributable to common shareholders:
Income from continuing operations, net of tax $ 34,734 $ 29,431 $ 93,812 $ 77,259
Income from discontinued operations, net of tax 3,578 12,888 166,481 22,946
Net income $ 38,312 $ 42,319 $ 260,293 $ 100,205

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

September 27, December 31,
2009 2008
(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents $ 158,789 $ 107,275
Accounts receivable, net 266,924 311,908
Inventories, net 395,234 424,653
Prepaid expenses and other current assets 20,099 21,373
Income taxes receivable 37,628 17,958
Deferred tax assets 58,609 66,009
Assets held for sale 9,010 8,210
Total current assets 946,293 957,386
Property, plant and equipment, net 327,014 374,292
Goodwill 1,466,829 1,474,123
Intangibles and other assets, net 1,055,329 1,090,852
Investments in affiliates 12,214 28,105
Deferred tax assets - 1,986
Total assets $ 3,807,679 $ 3,926,744

LIABILITIES AND SHAREHOLDERS` EQUITY
Current liabilities
Current borrowings $ 5,956 $ 108,853
Accounts payable 85,834 139,677
Accrued expenses 101,720 125,183
Payroll and benefit-related liabilities 72,544 83,129
Derivative liabilities 18,240 27,370
Accrued interest 19,950 26,888
Income taxes payable 13,341 12,613
Deferred tax liabilities 8,254 2,227
Total current liabilities 325,839 525,940
Long-term borrowings 1,248,584 1,437,538
Deferred tax liabilities 344,197 324,678
Pension and postretirement benefit liabilities 169,868 169,841
Other liabilities 165,628 182,864
Total liabilities 2,254,116 2,640,861
Commitments and contingencies
Total common shareholders` equity 1,549,092 1,246,455
Noncontrolling interest 4,471 39,428
Total equity 1,553,563 1,285,883
Total liabilities and equity $ 3,807,679 $ 3,926,744

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended
September 27, September 28,
2009 2008
(Dollars in thousands)
Cash Flows from Operating Activities of Continuing Operations:
Net income $ 270,996 $ 125,984
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations (176,341 ) (48,083 )
Depreciation expense 42,599 44,065
Amortization expense of intangible assets 32,917 34,255
Amortization expense of deferred financing costs 4,556 3,931
Impairment of long-lived assets 5,788 -
Impairment of goodwill 6,728 -
Stock-based compensation 6,793 6,447
Net loss on sales of businesses and assets 2,597 18
Other 257 16,901
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable 12,491 (7,081 )
Inventories 7,455 (9,838 )
Prepaid expenses and other current assets 2,274 9,104
Accounts payable and accrued expenses (45,493 ) 8,032
Income taxes payable and deferred income taxes (92,396 ) (135,591 )
Net cash provided by operating activities from continuing operations 81,221 48,144

Cash Flows from Financing Activities of Continuing Operations:
Proceeds from long-term borrowings 10,018 77,000
Reduction in long-term borrowings (300,268 ) (185,345 )
(Decrease) increase in notes payable and current borrowings (836 ) 2,386
Proceeds from stock compensation plans 750 7,717
Payments to noncontrolling interest shareholders (702 ) (739 )
Dividends (40,521 ) (39,568 )
Net cash used in financing activities from continuing operations (331,559 ) (138,549 )

Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment (21,485 ) (25,546 )
Proceeds from sales of businesses and assets, net of cash sold 314,513 6,681
Payments for businesses and intangibles acquired, net of cash acquired (1,730 ) (6,083 )
Investments in affiliates - (320 )
Net cash provided by (used in) investing activities from continuing operations 291,298 (25,268 )

Cash Flows from Discontinued Operations:
Net cash provided by operating activities 14,358 44,388
Net cash used in financing activities (11,075 ) (32,340 )
Net cash used in investing activities (1,173 ) (2,746 )
Net cash provided by discontinued operations 2,110 9,302

Effect of exchange rate changes on cash and cash equivalents 8,444 (3,574 )
Net increase (decrease) in cash and cash equivalents 51,514 (109,945 )
Cash and cash equivalents at the beginning of the period 107,275 201,342
Cash and cash equivalents at the end of the period $ 158,789 $ 91,397

TELEFLEX INCORPORATED AND SUBSIDIARIES
SUMMARY OF SEGMENT RESULTS
(Unaudited)

Three Months Ended Nine Months Ended
September 27, September 28, September 27, September 28,
2009 2008 2009 2008

(Dollars in thousands)
Segment data:
Medical $ 355,876 $ 367,327 $ 1,060,346 $ 1,125,719
Aerospace 45,847 62,105 126,537 194,126
Commercial 59,756 74,603 188,176 249,641
Segment net revenues $ 461,479 $ 504,035 $ 1,375,059 $ 1,569,486
Medical $ 73,839 $ 71,388 $ 222,607 $ 212,952
Aerospace 4,554 7,309 8,611 19,894
Commercial 4,649 4,861 11,529 21,376
Segment operating profit(1) 83,042 83,558 242,747 254,222
Less: Corporate expenses 8,944 11,448 30,373 36,013
Net loss on sales of businesses and assets - - 2,597 18
Goodwill impairment - - 6,728 -
Restructuring and other impairment charges 4,783 470 13,412 11,917
Noncontrolling interest (305 ) (196 ) (843 ) (642 )
Income from continuing operations before interest and taxes $ 69,620 $ 71,836 $ 190,480 $ 206,916

(1) Segment operating profit includes a segment`s net revenues reduced by its materials, labor and other product costs along with the segment`s selling, engineering and administrative expenses and non-controlling interest. Unallocated corporate expenses, loss on sales of businesses and assets, goodwill impairment, restructuring and other impairment charges, interest income and expense and taxes on income are excluded from the measure.

Teleflex Incorporated
Jake Elguicze
Senior Director Investor Relations
610-948-2836

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