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TFX - Teleflex Incorporated
$244.69
3.88(1.61%)5:26:20 PM 3/23/2023
Teleflex Incorporated, headquartered in Wayne, Pennsylvania, is an American provider of specialty medical devices for a range of procedures in critical care and surgery. Teleflex has annual revenues of $2.4 billion, operations in 40 countries, and more than 12,000 employees. By 2011, the company had substantially realigned to focus on its current business as a medical-device manufacturer, having undergone several years of active acquisitions and divestitures. Teleflex has been associated with Irish corporate tax avoidance tools. Teleflex's current chief executive officer is Liam J. Kelly, who took over from Benson F. Smith at the start of 2018; Kelly is also the company's president and former chief operating officer. Teleflex was founded in 1943. Over time the business expanded into a conglomerate operating in multiple markets, often through acquisitions, such as:

Financials

Quarterly financials
(USD)Dec 2022Q/Q
Revenue758MM+10%
Gross Profit422.1MM+13%
Cost Of Revenue335.9MM+7%
Operating Income128.6MM-3%
Operating Expenses293.5MM-
Net Income78.6MM-23%
R&D42.8MM+13%
G&A233.4MM+11%
Interest Expense19.1MM+42%

Revenue Breakdowns

The above Revenue Breakdowns and below Management Discussion contents are extracted from this specific SEC Edgar 10-K/10-Q filling. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management DIscussion and Risk Factors in 10-K/10-Q filling

Positive
1.
We are focused on achieving consistent, sustainable and profitable growth by increasing our market share and improving our operating efficiencies.
2.
Our distributor to direct sales conversions are designed to facilitate improved product pricing and more direct access to the end users of our products within the sales channel.
3.
Based on our evaluation, we may seek to optimize utilization of our facilities through restructuring initiatives designed to further reduce our cost base and enhance our competitive position.
4.
OEMOEM net revenues for the year ended December 31, 2022 increased $26.9 million, or 11.0% compared to the prior year which was primarily attributable to a $21.7 million increase in sales volumes of existing products and price increases, partially offset by unfavorable fluctuations in foreign currency exchange rates.
5.
OEM operating profit for the year ended December 31, 2022 increased $9.2 million, or 16.3%, compared to the prior year, which was primarily attributable to an increase in gross profit resulting from higher sales volume, partially offset by an increase in general and administrative expenses.
6.
Americas operating profit for the year ended December 31, 2022 increased $27.8 million, or 6.6%, compared to the prior year, which was primarily attributable to lower performance related employee-benefit expenses, a decrease in contingent consideration expense and lower general and administrative expenses.
7.
AsiaAsia net revenues for the year ended December 31, 2022 increased $8.5 million, or 2.9%, compared to the prior year, which was primarily attributable to a $30.1 million increase in sales volumes of existing products, partially offset by $23.7 million of unfavorable fluctuations in foreign currency exchange rates.
8.
Restructuring and impairment charges2022 Restructuring planOn November 15, 2022, we initiated a strategic restructuring plan designed to improve operating performance and position the organization to deliver long-term durable growth by creating efficiencies that align with our high growth strategic objectives (the “2022 restructuring plan”).
9.
Additionally, we expect to incur approximately $2 million in aggregate capital expenditures under the plan, most of which is expected to be incurred during 2023.We currently expect to begin realizing plan-related savings in 2023 and expect to achieve annual pre-tax savings of $21 million to $23 million once the plan is fully implemented.
Negative
1.
Moreover, pandemic related measures, as well as staffing shortages at healthcare facilities stemming from the pandemic, have and 31continue to result in varying levels of reduced demand within certain of our segments and product lines due to lower elective procedure volumes compared to pre-pandemic levels.
2.
AmericasAmericas net revenues for the year ended December 31, 2022 decreased $5.6 million, or 0.3%, compared to the prior year, which was primarily attributable to a $192.9 million decrease in sales volume of existing products and, to a lesser extent, a net decrease in sales volumes attributed to the Respiratory business divestiture.
3.
Comparison of 2022 and 2021Revenues20222021Net Revenues$2,791.0 $2,809.6 Net revenues for the year ended December 31, 2022 decreased by $18.6 million, or 0.7%, compared to the prior year, primarily due to a $124.5 million decrease in sales volumes of existing products, $97.0 million of unfavorable fluctuations in foreign currency exchange rates and, to a lesser extent, a net decrease in sales volumes attributed to the Respiratory business divestiture.
4.
While we believe our assumed growth rates of sales and cash flows are reasonable, the possibility remains that the revenue growth of a reporting unit may not be as high as expected, and, as a result, the estimated fair value of that reporting unit may decline.
5.
Constraints on the supply of specific raw materials used to manufacture our products have and continue to impact delivery times and have resulted in an increased level of backorders.
6.
In this regard, if our strategy and new products are not successful and we do not achieve anticipated core revenue growth in the future with respect to a reporting unit, the goodwill in the reporting unit may become impaired and, in such case, we may incur material impairment charges.
7.
Gross profit 20222021Gross profit$1,531.1 $1,549.6 Percentage of revenues54.9 %55.2 %For the year ended December 31, 2022, gross margin decreased 30 basis points, or 0.5%, compared to the prior year period primarily due to continued cost inflation from macro-economic factors, specifically, logistics and distribution, raw materials and labor costs, partially offset by price increases and favorable fluctuations in foreign currency exchange rates.
8.
Consequently, we have experienced increased levels of overall cost inflation and challenges within our supply chain.
9.
EMEAEMEA net revenues for the year ended December 31, 2022 decreased $48.4 million, or 8.0%, compared to the prior year, which was primarily attributable to $63.9 million of unfavorable fluctuations in foreign currency exchange rates, partially offset by an increase in sales volumes of existing products.
10.
EMEA operating profit for the year ended December 31, 2022 decreased $52.4 million, or 55.2%, compared to the prior year, which was primarily attributable to unfavorable fluctuations in foreign currency exchange rates and an increase in EU MDR costs within research and development.35In 2015, the Italian parliament enacted legislation that, among other things, imposed a “payback” measure on medical device companies that supply goods and services to the Italian National Healthcare System.
11.
Changes in assumptions underlying the Income Approach could cause a reporting unit's carrying value to exceed its fair value.
12.
Moreover, changes in revenue and EBITDA multiples in actual transactions from those historically present could result in an assessment that a reporting unit’s carrying value exceeds its fair value, in which case we also may incur material impairment charges.
13.
Economic factors impacting our businessThe residual effects from the COVID-19 pandemic continue to impact global economic conditions, which have affected our financial results and global operations, as well as our contractors, suppliers, customers and other business partners.
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