olivLaw · US equity research
Teleflex Incorporated TFX
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Teleflex is a global maker of single-use medical devices used mainly in critical care, vascular and surgical procedures. The company is in strategic transformation: it sold its OEM business and awaits the closing of the Acute Care and Interventional Urology sale, while integrating the BIOTRONIK Vascular Intervention acquisition and lowering its 2026 revenue guidance. Revenue from continuing operations was 1992.7 million USD in fiscal 2025.
At the close of 04 Nov 2026, Teleflex Incorporated (TFX) stock was 149.87 USD (+7.09% on the day), with market capitalisation 6.4 bn USD, dividend yield 0.91%, beta 0.76, 52-week range 100.34–149.87 USD. Latest reported quarter (Q2 2026): revenue of 570.3 m USD (+28.9% YoY), net income of 99.7 m USD (−18.7% YoY), diluted EPS 2.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 78.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 119.30 – 147.89
- above the upper band · %B 1.07 · band width 21.4%
- SMA 50 / 200
- 131.60 / 125.77
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.16 / 2.65
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.7% | −1.1% | +20.8 pp | — |
| 3 months | +9.6% | −0.5% | +10.0 pp | — |
| 6 months | +21.6% | +4.4% | +17.2 pp | — |
| Year to date | +22.8% | +12.3% | +10.5 pp | — |
| 1 year | +20.5% | +13.5% | +6.9 pp | −7.2% |
| 3 years | −29.0% | +76.4% | −105.4 pp | −14.1% |
| 5 years | −57.6% | +63.7% | −121.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 426.2 m | 442.0 m | 414.3 m | 442.5 m | 566.9 m | 569.0 m | 548.3 m | 570.3 m |
| Cost of revenue | 334.2 m | -327.0 m | 158.8 m | 176.7 m | 461.4 m | -250.5 m | 240.8 m | 238.6 m |
| Gross profit | 260.3 m | 268.8 m | 255.4 m | 265.8 m | 292.0 m | 307.4 m | 307.4 m | 331.7 m |
| Research & development | 38.7 m | -8.1 m | 25.3 m | 26.5 m | 57.2 m | 12.6 m | 44.4 m | 45.1 m |
| SG&A | 247.3 m | -66.2 m | 152.9 m | 137.5 m | 281.8 m | 614.0 k | 226.0 m | 213.5 m |
| Operating income | 72.0 m | 52.4 m | 75.8 m | 91.1 m | -62.4 m | 13.9 m | 20.2 m | 72.8 m |
| Depreciation & amortisation | 68.6 m | -41.3 m | 38.6 m | 36.9 m | 77.9 m | -33.2 m | 53.7 m | 49.8 m |
| Interest expense | 21.1 m | 18.6 m | 18.5 m | 21.7 m | 31.8 m | 28.1 m | 25.7 m | 28.0 m |
| Pre-tax income | 130.6 m | -175.9 m | 58.8 m | 70.7 m | -438.6 m | 218.9 m | -3.8 m | 45.1 m |
| Income tax | 19.6 m | -26.3 m | 6.4 m | 2.5 m | -29.7 m | -30.8 m | 1.0 m | 3.4 m |
| Net income | 111.0 m | -136.7 m | 95.0 m | 122.6 m | -408.9 m | -714.3 m | -8.2 m | 99.7 m |
| Diluted EPS | 2.36 | -2.93 | 2.07 | 2.77 | -9.24 | -16.15 | -0.18 | 2.28 |
| Capex | 21.2 m ≈ | -4.0 m | 24.1 m | 27.8 m ≈ | 42.7 m ≈ | 651.0 k | 18.8 m | 14.0 m ≈ |
| Dividends paid | 15.8 m ≈ | 15.7 m | 15.2 m | 15.0 m ≈ | 15.0 m ≈ | 15.0 m | 15.1 m | 14.8 m ≈ |
| Share repurchases | 200.0 m ≈ | 0 | 300.0 m | 0 ≈ | 0 ≈ | 0 | 0 | 250.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.6 bn | 2.5 bn | 2.8 bn | 2.8 bn | 1.7 bn | 1.7 bn | 2.0 bn |
| Revenue YoY | +14.1% | +6.0% | −2.2% | +10.7% | −0.7% | — | −0.8% | +17.2% |
| Net income | 200.8 m | 461.5 m | 335.3 m | 485.4 m | 363.1 m | 356.3 m | 69.7 m | -905.6 m |
| Net income YoY | +31.6% | +129.8% | −27.3% | +44.7% | −25.2% | — | −80.4% | −1,399.8% |
| Diluted EPS | 4.29 | 9.80 | 7.09 | 10.23 | 7.68 | 7.53 | 1.48 | -20.25 |
| Diluted EPS YoY | +31.2% | +128.4% | −27.7% | +44.3% | −24.9% | — | −80.3% | −1,468.2% |
| net % | 8.2% | 17.8% | 13.2% | 17.3% | 13.0% | 20.8% | 4.1% | -45.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 378.6 m USD
- Financial debt
- 2.6 bn USD
- Net debt
- 2.3 bn USD
- Equity
- 3.1 bn USD
- Total assets
- 6.9 bn USD
- Debt / equity
- 0.85x
- Current ratio
- 2.54x
- ROE
- -24.5%
- ROA
- -12.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.8 bn | 2.8 bn | 1.7 bn | 1.7 bn | 2.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 1.2 bn | 1.3 bn | 1.3 bn | 672.3 m | 662.2 m | 872.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 1.3 bn | 1.5 bn | 1.5 bn | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 119.7 m | 130.8 m | 153.8 m | 113.6 m | 109.0 m | 144.8 m | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 743.6 m | 860.1 m | 863.7 m | 622.7 m | 674.5 m | 720.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 423.1 m | 628.1 m | 499.7 m | 258.7 m | 103.7 m | 118.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 227.3 m | 237.4 m | 230.6 m | 148.1 m | 161.5 m | 177.7 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 650.3 m ≈ | 865.5 m ≈ | 730.3 m ≈ | 406.8 m ≈ | 265.2 m ≈ | 296.1 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 66.5 m | 57.0 m | 54.3 m | 85.1 m | 83.5 m | 100.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 357.7 m | 559.5 m | 445.9 m | 185.4 m | 26.3 m | 24.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 21.9 m | 74.3 m | 83.0 m | 41.9 m | -30.9 m | -34.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 335.3 m | 485.4 m | 363.1 m | 356.3 m | 69.7 m | -905.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 7.09 | 10.23 | 7.68 | 7.53 | 1.48 | -20.25 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 47.3 m | 47.4 m | 47.3 m | 47.3 m | 47.1 m | 44.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 375.9 m | 445.1 m | 292.0 m | 222.8 m | 247.9 m | 378.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 395.1 m | 383.6 m | 408.8 m | 443.5 m | 226.7 m | 345.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 513.2 m | 477.6 m | 578.5 m | 626.2 m | 306.8 m | 404.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 473.9 m | 443.8 m | 447.2 m | 479.9 m | 308.5 m | 498.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 2.6 bn | 2.5 bn | 2.5 bn | 2.9 bn | 2.0 bn | 2.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.5 bn | 2.3 bn | 2.3 bn | 2.5 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 7.2 bn | 6.9 bn | 6.9 bn | 7.5 bn | 7.1 bn | 6.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 102.5 m | 118.2 m | 126.8 m | 132.2 m | 97.9 m | 130.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 100.5 m | 110.0 m | 87.5 m | 87.5 m | 100.0 m | 100.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 2.4 bn | 1.7 bn | 1.6 bn | 1.7 bn | 1.6 bn | 2.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 540.0 m | 680.1 m | 581.5 m | 606.7 m | 649.4 m | 762.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 3.8 bn | 3.1 bn | 2.9 bn | 3.1 bn | 2.8 bn | 3.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 3.3 bn | 3.8 bn † | 4.0 bn † | 4.4 bn † | 4.3 bn † | 3.1 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 90.7 m | 71.6 m | 79.2 m | 46.4 m | 90.4 m | 95.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Investing cash flow | -837.8 m | 156.7 m | — | — | — | — | SEC (XBRL)· 01 Mar 2022verified |
| Financing cash flow | 455.2 m | -715.8 m | -217.5 m | 38.5 m | -421.9 m | 611.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 63.2 m | 63.6 m | 63.8 m | 63.9 m | 63.5 m | 60.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 200.0 m | 300.0 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 24 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation0
- Balance sheet20
- Quality37
- Growth0
- Returns70
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.43 – 30.87 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA12.43 – 30.87 (Mid 17.90)10 companies used · median multiple 17.0x · quartiles 15.7x – 19.8xBAX, BDX, BSX, HAE, ICUI, MMM, PODD, RMD, SYK, WST
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)17.87 – 24.03 (Mid 20.50)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 24/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.7% | 41 (vs peers) | 17% |
| Net margin · Quality | -45.8% | 31 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -10.6% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 13.0x | 0 (vs peers) | 17% |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 46.0x | 0 (vs peers) | 17% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.9% | 70 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality37/100 · 2/3 factors with a value
- Returns· partial70/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TELEFLEX INCORPORATED (TFX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.0 bn USD in 2025; YoY growth 17.2%; net margin -45.8%; ROE -28.9%; net debt/EBITDA 13.0x.
The estimated value range is 15.15–27.45 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 19.20 USD, the price of 149.87 USD leaves a potential of -87.2% (value / price − 1) and a margin of safety of -680.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 24/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.6x
What contradicts it
- Revenue CAGR 3Y: -10.6%
- Net debt / EBITDA: 13.0x
- Interest coverage: 0.4x
- EV/EBITDA: 46.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), FCF yield, Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| GKOSGLAUKOS Corp | 14.6 bn | — | -22.8% | -24.6% | +32.3% | +132% / +286% |
| BAXBaxter International Inc. | 13.7 bn | — | -10.5% | -6.2% | +5.7% | +41% / −27% |
| PODDInsulet Corporation | 11.4 bn | 26.9 | 28.9% | 13.4% | +30.7% | −50% / −13% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +20% / −29% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| KMTSKestra Medical Technologies, Ltd. | 1.8 bn | — | -73.7% | -140.4% | +59.0% | +13% / unavailable |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| SIBNSi-Bone, Inc. | 1.1 bn | — | -7.7% | -6.2% | +20.2% | +28% / +32% |
| MDXGMimedx Group, Inc. | 467.0 m | — | -8.5% | -6.3% | +20.0% | −53% / −59% |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| OFIXOrthofix Medical Inc. | 395.9 m | — | -13.9% | -7.4% | +2.9% | −40% / −12% |
| CTSOCytosorbents Corporation | 286.6 m | — | -336.2% | -48.9% | +4.1% | −72% / −81% |
| UTMDUtah Medical Products, Inc. | 230.6 m | 22.1 | 8.8% | 29.0% | −5.8% | +29% / −14% |
| LUNGPulmonx Corporation | 123.2 m | — | -90.3% | -47.9% | +8.0% | +75% / −74% |
| LUCDLucid Diagnostics Inc. | 90.4 m | — | -556.3% | -959.8% | +8.3% | −58% / −70% |
1- and 3-year price returns: for TFX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Teleflex is a global maker of single-use medical devices used mainly in critical care, vascular and surgical procedures. The company is in strategic transformation: it sold its OEM business and awaits the closing of the Acute Care and Interventional Urology sale, while integrating the BIOTRONIK Vascular Intervention acquisition and lowering its 2026 revenue guidance. Revenue from continuing operations was 1992.7 million USD in fiscal 2025.
SWOT
Strengths
- A diversified single-use device portfolio with a hospital customer base and global presence. The company has shown it can launch new products, including the FDA approval of EZPLAZ.
- Low dependence on any single market or procedure, and the ability to complete major divestitures, which provides financial flexibility.
- Experience in low-cost manufacturing with plants in several countries, supporting competitiveness in price-sensitive markets.
Weaknesses
- Integration of the BIOTRONIK business is taking longer than expected, which led to the reduction of revenue guidance.
- A significant impairment on the Titan SGS line, due to falling demand for bariatric surgery, shows vulnerability of some products to therapeutic change.
- Frequent leadership changes, with an interim CEO and then a new one from June 2026, could slow strategy execution.
Opportunities
- Using divestiture proceeds for debt reduction and share repurchases could improve earnings per share over the coming period.
- If Freesolve studies confirm preliminary results, the product could open a new category of interventional treatment.
- Recovery of IEEPA tariffs could generate a financial benefit in the third quarter of 2026 if refund requests are fully approved.
Threats
- Volume-based procurement in China and other cost-reduction programmes can lower product prices.
- New or changed US tariffs can affect margins and cash flows, especially for products made in Europe or Mexico.
- FDA and EU MDR requirements can delay launches and raise compliance costs, with a risk of sanctions.
Risks
- BIOTRONIK integrationhigh
Delays in integrating the VI business could slow revenue growth and weaken confidence in guidance if problems persist.
- Trade tariffshigh
Replacement tariffs imposed after the Supreme Court decision could reduce gross margins, especially for products that do not comply with USMCA.
- Pricing pressure from healthcare systemsmedium
Centralised purchasing and reimbursement cuts could force the company to lower prices or lose volume.
- Regulation and compliancemedium
Failure to comply with FDA or EU MDR requirements could lead to halted production, product recalls or financial penalties.
- Leadership transition and executionlow
Changes of chief executive and board chair could distract from strategy execution, especially while divestitures are not yet complete.
Investment thesis
What would need to be true (bull case)
- If the divestitures close and the capital is used for debt reduction and share repurchases, the balance sheet could become stronger and earnings per share could rise.
- Pro forma adjusted constant currency growth in the second quarter of 2026 was positive in Vascular and Surgical, suggesting the core product base remains solid.
- The EZPLAZ approval and Freesolve progress could extend the innovation portfolio, with potential new revenue over the medium term.
What would break the thesis
- GAAP growth guidance was reduced, and integration of the acquired business is taking longer than expected, raising questions about execution.
- Organic pro forma adjusted constant currency growth remained modest, and reported revenue depends on acquisitions, which may mask weaker underlying momentum.
- Tariffs, price pressure in China and leadership changes could slow margin recovery and the achievement of strategic goals.
What to watch
- Closing of the Acute Care and Interventional Urology divestiture and use of the proceedsQ4 2026
- Recovery of IEEPA tariff refunds and effect on gross margin and resultsQ3 2026
- Progress of BIOTRONIK VI integration and any revision of revenue guidanceQ3 2026
- BIOMAG-II results for Freesolve and publication of final data2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Teleflex designs, develops, manufactures and supplies mainly single-use medical devices used by hospitals and healthcare providers for diagnostic and therapeutic procedures in critical care and surgery. It sells through its direct sales force and distributors, and its major plants are in the Czech Republic, Malaysia, Mexico and the United States. According to its annual report, its products do not depend on a single market or procedure. Net revenues from continuing operations were 1992.7 million USD in fiscal 2025, up 17.2% year on year, including the acquired VI business.
The current strategy focuses on core segments after the sale of Acute Care, Interventional Urology and OEM. In December 2025 the company announced total divestiture consideration of 2.0 billion USD in cash, and the OEM sale was completed on August 3, 2026 for 1.5 billion USD of net cash proceeds. Core product categories remain Vascular, Interventional and Surgical, which are not dependent on one product but are sensitive to reimbursement processes and price pressure in public health systems.
In 2026 leadership changed: Jason Weidman became President and Chief Executive Officer on June 8, 2026, after an interim period. In August 2026 the company reported second-quarter revenue from continuing operations of 570.3 million USD, but reduced its GAAP revenue growth guidance to 13.40% to 14.40% because integration of the acquired business is taking longer than expected, while raising adjusted diluted EPS guidance to 6.90 to 7.20 USD.
Segments
Vascular and Emergency Medicine
This category includes Arrow catheters, EZ-IO intraosseous access systems and QuikClot hemostatic products. Second-quarter 2026 revenue reached 246.3 million USD, with pro forma adjusted constant currency growth of 8.0%. The EZPLAZ freeze-dried plasma, approved by the FDA in late July 2026, expands the emergency medicine portfolio.
Interventional
The segment includes coronary catheters, structural heart devices and peripheral products, including drug-coated balloons and stents acquired from BIOTRONIK. Revenue rose to 211.9 million USD in the second quarter of 2026, but reported growth is influenced by the acquisition. The Freesolve drug-eluting resorbable magnesium scaffold is in clinical study, with a data readout expected in late 2027.
Surgical
The category covers ligating clips, fascial closure systems, a bariatric stapler and instruments for ENT and cardiovascular and thoracic surgery, under brands such as Weck, Pleur-Evac and Titan SGS. Revenue was 112.1 million USD in the second quarter of 2026, with pro forma adjusted constant currency growth of 9.2%. The company recorded a 100.0 million USD impairment on Titan SGS because demand for bariatric surgery is falling with the adoption of GLP-1 products.
Market context
Teleflex operates in the global medical device market, where competition is intense and innovation and FDA and EU MDR regulatory requirements are decisive. Growth depends on product launches, acquisitions and the reimbursement of healthcare systems. Consolidation among competitors and integration among customers could reduce market share, while volume-based procurement policies in China put pressure on prices.
The trade environment is shaped by US tariffs. After the Supreme Court decision of February 2026 invalidated IEEPA tariffs, replacement tariffs were imposed under other authority, and the company submitted refund requests. If these refunds are confirmed, they could have a positive effect in the third quarter of 2026, although the scale and durability of tariffs remain uncertain.
Trends
- Strategic transformation through divestituresmixed
The sale of the OEM, Acute Care and IU businesses frees capital for debt reduction and share repurchases, which could strengthen the balance sheet. However, the company is concentrating on fewer product lines and must show that profitability stays solid after the divestitures.
- Integration of the VI businessheadwind
The BIOTRONIK acquisition adds coronary and peripheral devices, but integration is taking longer than anticipated. If delays continue, growth in 2026 could remain below expectations, although management says the portfolio remains competitively well positioned.
- Tariffs and supply chainsheadwind
Tariffs on imports from the European Union and on products made in Mexico that do not comply with USMCA have weighed on margins. Reinstated tariffs could add pressure on gross margin, while shifting production toward USMCA-compliant products could limit the impact.
- Innovation and regulatory approvalstailwind
The FDA approval of EZPLAZ and progress on Freesolve show the company's innovation capacity. Approvals can bring new revenue, but 510(k) and PMA processes are costly and can take a long time, and final Freesolve data are not expected until 2027.
Competitive position
Teleflex competes with many medical device companies, from small specialist firms to large groups with far greater financial and marketing resources. Competition also includes providers of alternative therapies, such as pharmaceutical companies. Consolidation in the industry can create stronger rivals and reduce the company's market share.
In vascular and emergency access, Teleflex faces manufacturers offering catheters and vascular access devices with clinical or economic advantages. Differentiation depends on innovation, clinical evidence and total procedure cost, and the company's antimicrobial and anti-thrombogenic catheters are designed to meet this pressure.
- Medline Industries
Company that bought respiratory product lines from Teleflex in 2021 and 2023; an important player in medical consumables.
- BIOTRONIK
Seller of the vascular intervention business that Teleflex acquired, adding stents and drug-coated balloons; it was a direct competitor in interventional devices before the acquisition.
- Intersurgical
Buyer of Teleflex's Acute Care and Interventional Urology businesses, now a competitor in airway management and respiratory therapy.
- Pharmaceutical therapy providers
Pharmaceutical companies offer therapeutic alternatives that could reduce demand for certain devices, a risk the company explicitly cites.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Teleflex (TFX): Guidance Cut Meets A Bigger Buyback PushYahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 09 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report09 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Other events
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)05 Aug 2026Financial statements and exhibits
- Current report03 Aug 2026Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report09 Jun 2026Departure or appointment of officers
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Current report01 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Teleflex Incorporated · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Teleflex Incorporated · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Teleflex Incorporated · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.