TFX - Teleflex Incorporated (TFX) Q1 2024 Earnings Call Transcript

2024-05-02 12:37:05 ET

Teleflex Incorporated (TFX)

Q1 2024 Earnings Conference Call

May 02, 2024 8:00 AM ET

Company Participants

Lawrence Keusch – Vice President-Investor Relations and Strategy Development

Liam Kelly – Chairman, President and Chief Executive Officer

Thomas Powell – Executive Vice President and Chief Financial Officer

Conference Call Participants

Patrick Wood - Morgan Stanley

Jayson Bedford - Raymond James

Shagun Singh – RBC Capital Markets

Nathan Treybeck – Wells Fargo

Matthew O’Brien – Piper Sandler

Anthony Petrone – Mizuho Financial Group

Mike Polark – Wolfe Research

Craig Bijou – Bank of America

Kristen Stewart – C.L. King

Presentation

Operator

Please stand by. Good morning, ladies and gentlemen, and welcome to the Teleflex First Quarter 2024 Earnings Conference Call. At this time all participants have been placed in a listen-only mode. At the end of the company’s prepared remarks, we will conduct the question-and-answer session. Please note that this conference call is being recorded and will be available on the company’s website for replay shortly.

And now I will turn the call over to Mr. Lawrence Keusch, Vice President of Investor Relations and Strategy Development.

Lawrence Keusch

Good morning, everyone, and welcome to the Teleflex Incorporated first quarter 2024 earnings conference call. The press release and slides to accompany this call are available on our website at teleflex.com. As a reminder, a replay will be available on our website. Those wishing to access the replay can refer to our press release from this morning for detail. Participating on today’s call are Liam Kelly, Chairman, President and Chief Executive Officer; and Thomas Powell, Executive Vice President and Chief Financial Officer. Liam and Tom will provide prepared remarks, and then we will open the call to Q&A.

Before we begin, I’d like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in the slides posted to the Investor Relations section of the Teleflex website. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncertainties, and actual events or results may differ materially. The factors that could cause actual results or events to differ materially include, but are not limited to, factors referenced in our press release today as well as our filings with the SEC, including our Form 10-K, which can be accessed on our website.

Now I’ll turn the call over to Liam for his remarks.

Liam Kelly

Thank you, Larry, and good morning, everyone. On this morning’s call, we will discuss the first quarter results, review some commercial highlights and provide an update on our financial guidance for 2024. We had a solid start to 2024 as momentum seen through last year continued into the first quarter. For the quarter, Teleflex revenues were $737.8 million, up 3.8% year-over-year on both a GAAP and constant currency basis. First quarter adjusted earnings per share was $3.21, a 3.9% increase year-over-year. During the quarter, utilization for our products trended positively and tracked to our expectations. While we do not expect a revenue benefit from pent-up demand due to the broad exposure of the Teleflex portfolio to critical care procedures, we are seeing utilization back to pre-pandemic levels....

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