On this page of StockholderLetter.com we present the latest annual shareholder letter from TELEFLEX INC — ticker symbol TFX. Reading current and past TFX letters to shareholders can bring important insights into the investment thesis.

Financial Highlights From Continuing Operations (Dollars In Millions, Except Per Share Data) Net Revenues Research and Development 2024 2024 $3,047.3 $161.7 2.4% Increase 2021 $2,809.6 2022 $2,791.0 4.7% Increase 2023 $2,974.5 2022 $153.8 2021 $130.8 2023 $154.4 Adjusted Earnings Per Share1 Net Cash Provided by Operating Activities 2024 2024 $14.01 $638.3 3.6% Increase 2021 $13.33 2022 $13.06 24.7% Increase 2023 $13.52 2024 Revenues 20% Europe, Middle East, and Africa 2023 $511.7 2024 Revenues by Geography 68% Americas 2022 $342.8 2021 $652.1 by Product Profile 12% Asia Pacific 25% HighGrowth 68% Durable Core 7% Other A table reconciling adjusted earnings per share to the most directly comparable GAAP measure can be found at the end of this Annual Report. Our high-growth portfolio is spread across several business units, and includes UroLift , MANTA , EZ-IO , Barrigel , and OnControl , as well as hemostatic products, PICCS, and internal stapling. Our durable core portfolio includes Teleflex products outside of the high-growth and other categories. Our other category includes sales of respiratory products as well as urology care products.
Empowering the Future of Healthcare At Teleflex, our purpose is to improve the health and quality of people s lives. We work toward this goal by providing healthcare professionals with innovative medical devices and technologies that can help to improve patient outcomes, reduce costs, and create efficiencies. We support our healthcare innovations by offering in-depth clinical education programs and maintaining a best-in-class global supply chain. Our leadership team leverages these strengths to fulfill our corporate purpose while generating long-term durable growth for our shareholders, employees, and business partners. People From our proven leadership team, to our 14,100 employees around the world, Teleflex is made up of highly dedicated individuals who are committed to improving the health and quality of people s lives. Vision Strategy Our vision is to be the most trusted partner in the global healthcare market to all of our constituents, including vendors, suppliers, customers, and regulators. We seek to generate longterm durable growth by driving revenues, expanding margins and earnings, optimizing our product portfolio, and advancing our corporate social responsibility and inclusivity initiatives. Teleflex has a strong and growing product portfolio that comprises many trusted names in medical technology, including Arrow , Barrigel , Deknatel , LMA , Pilling , R sch , QuikClot , UroLift , and Weck . 1
Dear Shareholders In 2024, we continued to execute our strategy to drive long-term durable growth and to fuel progress across our business. As a result, we are well positioned to deliver value for our customers and the patients they serve. 2024 Highlights: We drove organic growth, increasing our R&D to revenue ratio, and launching new products into high-growth markets. We grew adjusted margins and increased adjusted operating income by leveraging our diversified portfolio and global footprint. We expanded our capital allocation strategy, introducing a share repurchase program to enhance long-term value creation. We leveraged our M&A strength, integrating Palette Life Sciences and its innovative Barrigel product into our business. Liam Kelly congratulates John Deren on his appointment to the role of Executive Vice President and Chief Financial Officer of Teleflex, following the retirement of Thomas Powell, which will be effective April 2, 2025. The force behind our progress is our team of 14,100 employees around the world. Our people truly understand the importance of the work we do, and they demonstrate this by upholding quality in their respective roles every day. We would like to thank each of them for their ongoing commitment to our corporate purpose of improving the health and quality of people s lives. capital to shareholders through dividends. During the year, we augmented this program by authorizing a $500 million share repurchase plan, including a $200 million accelerated share repurchase, which we launched in August 2024. We expect this new initiative to increase shareholder returns, and to create additional long-term value for our shareholders. Creating Shareholder Value Expanding Our Portfolio In 2024, we grew net cash provided by operating activities by 24.7% to $638.3 million. This provides a strong foundation to execute our existing capital allocation strategy and to expand this strategy so we can return additional capital to shareholders. Historically, our capital allocation activities have included developing internal growth opportunities, investing in M&A, paying down debt, and returning 2 Teleflex 2024 Annual Report Teleflex is a highly disciplined acquirer. We have a proven M&A process, along with a strong track record for buying assets that are accretive to growth. Since 2018, we have made a series of strategic tuck-in acquisitions that have brought us differentiated products and technologies in high-growth markets. These include our acquisitions of Essential Medical, Z-Medica, HPC Medical, Standard Bariatrics, and
most recently, Palette Life Sciences, which we completed in late 2023. Palette Life Sciences brought us Barrigel , a Non-Animal Stabilized Hyaluronic Acid (NASHA) spacer designed to decrease radiation side effects to the rectum and improve quality of life in patients with prostate cancer.2 This next-generation technology expanded our opportunity in the Interventional Urology market by approximately $100 million. We are promoting Barrigel in the U.S. through our extensive network of physician call points and our patient outreach program, and it has exceeded our revenue expectations thus far. We are also providing clinical education sessions to train healthcare providers on the safe and effective use of this technology. We are sharply focused on continuing to identify acquisition opportunities that align with our strengths, and support our strategy to generate durable long-term growth. Driving Organic Growth We drive organic growth in several ways, including developing and launching new products, introducing our established portfolios into new markets around the world, and promoting our high-growth products across our businesses. In 2024, these strategies continued to generate strong performance geographically, especially in EMEA. Our business units also performed well. In Vascular Access, our peripheral and central access products generated strong revenue. In Interventional, we executed a limited market release of the Ringer Perfusion Balloon Catheter. We also ramped our production of intra-aortic balloon (IAB) pumps in response to a sudden market disruption, seizing this opportunity to meet customer demand while generating meaningful revenue growth. In Surgical, we drove adoption of our Titan SGS Stapler during the year by executing increased marketing and clinical education programs, backed by favorable clinical data from a real-world study. Building Our CSR Platform Our business revolves around people, making Corporate Social Responsibility (CSR) a true priority across our enterprise. Our CSR activities are 2 supported by our Core Values, which provide the foundation for how we conduct ourselves in every business function, in every part of the world, every day. In 2024, we continued to advance each tenet of our CSR program, delivering on our commitments to ethics and governance, the environment, people, the community, and sustainable healthcare. Our diligence in these areas has been recognized repeatedly. In 2024, Teleflex earned Great Place to Work commendations in Australia, China, India, and Malaysia, and we were named to the Forbes list of Best Places to Work for Engineers. Moving Forward We enter 2025 well-positioned for continued growth. Over the past year, we continued to prove that Teleflex has the strength and discipline to expand our business. We invested in R&D, improved adjusted margins, and delivered steady revenue growth. We also demonstrated exceptional strength in our supply chain function, meeting emerging market needs, delivering outstanding service, and maintaining both reliability and resilience. As we move ahead, we will continue to execute our strategy to drive long-term durable growth across our products, therapy areas, and geographic regions. This will include fueling sustainable revenue growth, expanding margins and earnings, optimizing our product portfolio, and advancing our CSR program. In the process, we will continue to focus on generating the steady, long-term value you our valued shareholders have come to expect. Liam Kelly Chairman, President and Chief Executive Officer Thomas E. Powell Executive Vice President and Chief Financial Officer Mariados NF, Orio PF, Schiffman Z, et al. Hyaluronic acid spacer for hypofractionated prostate radiation therapy: a randomized clinical trial. JAMA Oncol. 2023; e1-e8. 3
 • shareholder letter icon 3/28/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/14/2023 TFX Stockholder Letter
 • stockholder letter icon 4/5/2024 TFX Stockholder Letter
 • stockholder letter icon More "Medical Instruments & Supplies" Category Stockholder Letters
 • Benford's Law Stocks icon TFX Benford's Law Stock Score = 95


TFX Shareholder/Stockholder Letter Transcript:


Financial Highlights
From Continuing Operations (Dollars In Millions, Except Per Share Data)
Net Revenues
Research and Development
2024
2024
$3,047.3
$161.7
2.4% Increase
2021
$2,809.6
2022
$2,791.0
4.7% Increase
2023
$2,974.5
2022
$153.8
2021
$130.8
2023
$154.4
Adjusted Earnings Per Share1
Net Cash Provided by Operating Activities
2024
2024
$14.01
$638.3
3.6% Increase
2021
$13.33
2022
$13.06
24.7% Increase
2023
$13.52
2024
Revenues
20%
Europe,
Middle East,
and Africa
2023
$511.7
2024
Revenues
by Geography
68%
Americas
2022
$342.8
2021
$652.1
by Product Profile
12%
Asia
Pacific
25%
HighGrowth
68%
Durable
Core
7%
Other
    A table reconciling adjusted earnings per share to the most directly comparable GAAP measure can be found at the end of this
Annual Report.
     Our    high-growth    portfolio is spread across several business units, and includes UroLift   , MANTA   , EZ-IO   , Barrigel    , and
OnControl    , as well as hemostatic products, PICCS, and internal stapling.
    Our    durable core    portfolio includes Teleflex products outside of the    high-growth    and    other    categories.
     Our    other    category includes sales of respiratory products as well as urology care products.

Empowering the Future
of Healthcare
At Teleflex, our purpose is to improve the health and quality of people   s lives.
We work toward this goal by providing healthcare professionals with innovative
medical devices and technologies that can help to improve patient outcomes,
reduce costs, and create efficiencies. We support our healthcare innovations
by offering in-depth clinical education programs and maintaining a best-in-class
global supply chain. Our leadership team leverages these strengths to fulfill
our corporate purpose while generating long-term durable growth for our
shareholders, employees, and business partners.
People
From our proven leadership
team, to our 14,100 employees
around the world, Teleflex is
made up of highly dedicated
individuals who are committed
to improving the health and
quality of people   s lives.
Vision
Strategy
Our vision is to be the most
trusted partner in the global
healthcare market to all
of our constituents, including
vendors, suppliers, customers,
and regulators.
We seek to generate longterm durable growth by
driving revenues, expanding
margins and earnings,
optimizing our product
portfolio, and advancing our
corporate social responsibility
and inclusivity initiatives.
Teleflex has a strong and growing product portfolio that comprises many trusted names in medical technology,
including Arrow   , Barrigel  , Deknatel   , LMA   , Pilling   , R  sch   , QuikClot   , UroLift   , and Weck   .
1

Dear Shareholders
In 2024, we continued to execute our strategy to drive long-term
durable growth and to fuel progress across our business. As a result,
we are well positioned to deliver value for our customers and the
patients they serve.
2024 Highlights:
      We drove organic growth, increasing our R&D
to revenue ratio, and launching new products
into high-growth markets.
      We grew adjusted margins and increased
adjusted operating income by leveraging
our diversified portfolio and global footprint.
      We expanded our capital allocation strategy,
introducing a share repurchase program
to enhance long-term value creation.
      We leveraged our M&A strength, integrating
Palette Life Sciences and its innovative Barrigel  
product into our business.
Liam Kelly congratulates John Deren on his appointment to the role of Executive Vice President
and Chief Financial Officer of Teleflex, following the retirement of Thomas Powell, which will
be effective April 2, 2025.
The force behind our progress is our team of 14,100
employees around the world. Our people truly
understand the importance of the work we do, and
they demonstrate this by upholding quality in their
respective roles every day. We would like to thank
each of them for their ongoing commitment to our
corporate purpose of improving the health and
quality of people   s lives.
capital to shareholders through dividends.
During the year, we augmented this program
by authorizing a $500 million share repurchase
plan, including a $200 million accelerated share
repurchase, which we launched in August 2024.
We expect this new initiative to increase
shareholder returns, and to create additional
long-term value for our shareholders.
Creating Shareholder Value
Expanding Our Portfolio
In 2024, we grew net cash provided by operating
activities by 24.7% to $638.3 million. This provides a
strong foundation to execute our existing capital
allocation strategy and to expand this strategy so
we can return additional capital to shareholders.
Historically, our capital allocation activities have
included developing internal growth opportunities,
investing in M&A, paying down debt, and returning
2
Teleflex

2024 Annual Report
Teleflex is a highly disciplined acquirer. We have a
proven M&A process, along with a strong track
record for buying assets that are accretive to growth.
Since 2018, we have made a series of strategic tuck-in
acquisitions that have brought us differentiated
products and technologies in high-growth markets.
These include our acquisitions of Essential Medical,
Z-Medica, HPC Medical, Standard Bariatrics, and

most recently, Palette Life Sciences, which we
completed in late 2023. Palette Life Sciences brought
us Barrigel  , a Non-Animal Stabilized Hyaluronic
Acid (NASHA) spacer designed to decrease radiation
side effects to the rectum and improve quality of life
in patients with prostate cancer.2 This next-generation
technology expanded our opportunity in the
Interventional Urology market by approximately
$100 million. We are promoting Barrigel   in the U.S.
through our extensive network of physician call
points and our patient outreach program, and it has
exceeded our revenue expectations thus far. We
are also providing clinical education sessions to
train healthcare providers on the safe and effective
use of this technology. We are sharply focused
on continuing to identify acquisition opportunities
that align with our strengths, and support our
strategy to generate durable long-term growth.
Driving Organic Growth
We drive organic growth in several ways, including
developing and launching new products, introducing
our established portfolios into new markets around
the world, and promoting our high-growth products
across our businesses. In 2024, these strategies
continued to generate strong performance
geographically, especially in EMEA. Our business
units also performed well. In Vascular Access, our
peripheral and central access products generated
strong revenue. In Interventional, we executed a
limited market release of the Ringer    Perfusion
Balloon Catheter. We also ramped our production
of intra-aortic balloon (IAB) pumps in response to a
sudden market disruption, seizing this opportunity
to meet customer demand while generating
meaningful revenue growth. In Surgical, we drove
adoption of our Titan SGS   Stapler during the year
by executing increased marketing and clinical
education programs, backed by favorable clinical
data from a real-world study.
Building Our CSR Platform
Our business revolves around people, making
Corporate Social Responsibility (CSR) a true priority
across our enterprise. Our CSR activities are
2
supported by our Core Values, which provide the
foundation for how we conduct ourselves in every
business function, in every part of the world, every
day. In 2024, we continued to advance each tenet
of our CSR program, delivering on our commitments
to ethics and governance, the environment, people,
the community, and sustainable healthcare. Our
diligence in these areas has been recognized
repeatedly. In 2024, Teleflex earned Great Place
to Work commendations in Australia, China, India,
and Malaysia, and we were named to the Forbes
list of Best Places to Work for Engineers.
Moving Forward
We enter 2025 well-positioned for continued growth.
Over the past year, we continued to prove that
Teleflex has the strength and discipline to expand
our business. We invested in R&D, improved adjusted
margins, and delivered steady revenue growth.
We also demonstrated exceptional strength in our
supply chain function, meeting emerging market
needs, delivering outstanding service, and
maintaining both reliability and resilience. As we
move ahead, we will continue to execute our strategy
to drive long-term durable growth across our
products, therapy areas, and geographic regions.
This will include fueling sustainable revenue growth,
expanding margins and earnings, optimizing our
product portfolio, and advancing our CSR program.
In the process, we will continue to focus on
generating the steady, long-term value you         our
valued shareholders               have come to expect.
Liam Kelly
Chairman, President and
Chief Executive Officer
Thomas E. Powell
Executive Vice President
and Chief Financial Officer

Mariados
NF, Orio PF, Schiffman Z, et al. Hyaluronic acid spacer for hypofractionated prostate radiation therapy: a randomized
clinical trial. JAMA Oncol. 2023; e1-e8.
3



shareholder letter icon 3/28/2025 Letter Continued (Full PDF)
 

TFX Stockholder/Shareholder Letter (TELEFLEX INC) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.