Fri, Feb 28, 1:48 PM (61 days ago)
Teleflex Incorporated (NYSE: TFX) reported a 2.4% increase in net revenues for the fiscal year ended December 31, 2024, totaling $3,047.3 million, driven by price increases and new product sales. However, net income dropped to $69.7 million from $356.3 million in 2023, largely due to a $240 million goodwill impairment charge related to its Interventional Urology North America segment. Operating expenses rose to $995.3 million, influenced by higher costs from recent acquisitions and a new ERP system implementation. The company initiated restructuring plans to optimize operations and reduce costs, projecting annual savings of $12 million to $14 million. Teleflex's financial condition remains stable, with total assets of $7.1 billion and liabilities of $2.8 billion as of December 31, 2024. The company is navigating risks such as regulatory changes, competitive pressures, and macroeconomic conditions, including inflation and supply chain disruptions. Looking ahead, Teleflex plans to separate its Urology, Acute Care, and OEM businesses into a new public entity, expected to be completed by mid-2026, while also acquiring BIOTRONIK's Vascular Intervention business for €760 million.