Teleflex Incorporated (NYSE: TFX) today announced financial results for the third quarter ended September 30, 2012.
Third quarter 2012 net revenues were $368.1 million, an increase of 1.5% over the prior year period. Excluding the impact of foreign currency fluctuations, third quarter 2012 net revenues increased 6.2% over the prior year period.
Third quarter 2012 GAAP diluted earnings per share from continuing operations were $0.58, as compared to $0.80 in the prior year period. Third quarter 2012 adjusted diluted earnings per share from continuing operations were $1.04, an increase of 4.0% over the prior year period.
“Teleflex’s strong 6.2% constant currency revenue growth reflects increased volumes on a global basis, the positive contribution from recently introduced products to the marketplace, and our ability to raise the average selling price of our products by over one percent,” said Benson Smith, Chairman, President and CEO. “In addition, our gross margin expanded seventy basis points from the year ago quarter, exceeding forty-nine percent. At the same time, we continued to invest in research and development and gained marketing clearance for new vascular and anesthesia products during the quarter. Finally, we recently completed the acquisition of LMA International N.V., a global market leader in laryngeal masks.”Added Smith, “With nine months of 2012, and the completion of the LMA acquisition behind us, we are updating our guidance ranges for constant currency revenue growth and adjusted earnings per share. We now expect to generate constant currency revenue growth of between 6% and 7%, and adjusted earnings per share of between $4.35 and $4.40. We believe we are building momentum for a solid finish to 2012 and into 2013 and beyond.” THIRD QUARTER NET REVENUE BY PRODUCT GROUP AND SEGMENT Critical Care third quarter 2012 net revenues were $244.1 million, a decrease of 0.4% compared to the prior year period. Excluding the impact of foreign currency fluctuations, third quarter 2012 net revenues increased 4.5% compared to the prior year period. The increase in revenue was due to higher sales of respiratory, urology, anesthesia and vascular access products.