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Teleflex Reports Third Quarter 2012 Results

Stocks in this article: TFX

GAAP loss per share from continuing operations was ($5.22) for the first nine months of 2012, as compared to diluted earnings per share of $1.88 in the prior year period. The financial results for the first nine months of 2012 reflect a goodwill impairment charge of $315.1 million, net of tax, or $7.72 per share, incurred in the first quarter of 2012.

Adjusted diluted earnings per share from continuing operations for the first nine months of 2012 was $3.26, an increase of 17.3% over the prior year period. This increase reflects additional sales volume and the introduction of new products to the marketplace, improved pricing, gross profit expansion, and reduced tax expense. The improvement in profitability was partially offset by continuing investment in sales, marketing and research and development, and increased interest expense.

OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE METRICS

Depreciation and amortization of intangible assets, deferred financing costs and debt discount for the first nine months of 2012 were $69.2 million compared to $72.5 million for the prior year period.

Cash and cash equivalents at September 30, 2012 were $634.8 million compared to $584.1 million at December 31, 2011.

On October 23, 2012, the Company acquired substantially all of the assets of LMA, a global provider of laryngeal masks with a portfolio of innovative products used extensively in anesthesia and emergency care. The Company paid $292.2 million in cash as initial consideration for the business. On October 23, 2012, in a separate transaction, the Company also acquired the LMA branded laryngeal mask supraglottic airway business and certain other products in the United Kingdom, Ireland and Channel Islands from the shareholders of Intravent Direct Limited and affiliates for $19.9 million in cash. These acquisitions complement the anesthesia product portfolio in the Company’s Critical Care division.

Net accounts receivable at September 30, 2012 were $266.9 million compared to $286.2 million at December 31, 2011.

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