TFX - Earnings call transcript Q3 2018

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Operator

Good day, ladies and gentlemen, and welcome to the Third Quarter 2018 Teleflex Incorporated Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time.

As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Mr. Vice Investor and Treasurer Elguicze, President Relations. of Jake go ahead. Please

Jake Elguicze

to and Good The Teleflex slides are welcome www.teleflex.com. Incorporated website everyone, on press this our available third and call. the conference to morning, at call earnings quarter release accompany XXXX

President As International be on calls, call XXXXXXX. open on and call Vice XXX-XXX-XXXX; Chief our by dialing Officer; prepared are will be and today's call Thomas replay Liam Kelly, Tom passcode Financial to will President and and available this Executive Liam XXX-XXX-XXXX a Officer. website Chief reminder, Executive remarks available Powell, and a up Q&A. and or, will provide then we'll for the Participating

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

Liam J. Kelly

results. discuss speak everyone. our pleasure to with again and Jake, Thank good to morning, a you, third quarter financial you It's

currency and would very this with happy our say we constant of in revenue we that quarter into because to growth performance. Before like simply rebound organic the the I our results get details, not are

the we large closure for first-to-market acquired trial XXX(k) from In addition RePlas; also quarter: in be company Essential associated X Vascular Day our an Solutions has very ability Phase safety line achieved we to their May. items approval good in performance confidence through bore top results past our the that that of in previously U.S.; NeoTract we combination focused with Medical, Percuvance; which each on could Analyst well. and scale this received our us acquisitions during give perform XXXX these we provided to to financial of innovative two positive product our completed the our and further outlined recently continue achieve The at XXXX targets

quarter were to to Turning now third results the start the a year. the our second solid half our quarter, of performance in

product quarter Teleflex our reached from legacy on core a out During perform growth currency the organic highlight end-customer revenue business American is to the indicator of can can core three, X% I constant and well. Solutions line. level the lines in the North basis XX% two therefore, continue excellent acquisitions saw of X.X% Included from our this reported I that growth continued scale which a recent which demand excellent belief quarter. X% products was revenue currency rate basis. significant by encouraged that growth, is contribution tracings X.X% and X.X% a grew on This am point the data, driven our in an that XX% step-up rebound growth product Teleflex our and increased further in sales reaffirms of I performing combination Vascular and a by and, approximately is a to of performance constant for in deliver future. the revenue from at

case. transient. we anticipated And as to to and this the to outlined be few we that believed a During proved we expected, say be our second quarter pleased conference I'm call, events that

revenue revenue organic growth our expectations We the across nearly X%. currency second recall want in growth third quarter I to business of execution story that, also outlined strong the point familiar quarter we accelerate constant also upon year, anticipated from difficult quarter am to also distributor organic all shift this constant and we I growth to achieved expected the three, last that constant will the currency year. would organic strategic for of the Investors report pleased half in two that the thanks growth very key quarter. with our drivers delivered revenue to was our organic most the against currency our X.X% that year. Teleflex orders of of out units we comparison the

year-to-date obviously organic are achieve year constant range. to the continued in in currency X% confidence us execution of we performance focused that at our of While likely guidance albeit growth our we revenue the be most full our on gives to fourth low will quarter, X.X%, end ability

thanks is team an our noted product I overcoming XXX%. of increase acquisitions; Urology recently last period. temporary its I year execute delivered simultaneously the entire issue now prior to to earnings back call. that versus continue quarter add scale revenue, we team of very Turning who a at as impressive while that on the am of Interventional growth three, in end report that completed million is to momentum, Perhaps high from my XX% to quarter our resulted UroLift a want to that second approximately the pleased UroLift Urology proactive personal recall to delivering continued supply approximately supply level. strong more this is Interventional the which $XX a

five continued to efficacy supporting as the In strong quarter therapy BPH the the real-world subject line largest was and effectiveness. studies expand of its the an body delivering the past and at during with getting addition to urology team evidence results cost the top and conference recall, international leadership position clinical of UroLift also safety,

America in represented quarter We reached world-wide the EMEA, continued prior was initiated in benefit second of which performance which distributor continues conversions XXXX. in VSI confident we compared North anticipate of over and revenues of revenue Solutions third growth. to fourth quarter we Solutions, from Vascular both the million half and the $XX.X to remain XX% growth period. year-over-year in strong to the Turning globally, Vascular year revenue growth robust

to some during and gross achieve remain other our respectively. our synergy to XX% we XX%, restructuring previously operating adjusted on Turning And track level quarter, metrics; initiatives the the reached margins various key expected. and

our compared Our rates raising over last performance $X.XX $X.XX exchange which of at increase let's And per per when a this detail. range With despite share as provided less full XX.X% $X.XX, quarter guidance $X.XX to quarter into foreign guidance, favorable adjusted share we between an share. in earnings overview, look of a of XXXX. three we of range revenue translated that year is $X.XX and and quarter now currency an as adjusted are EPS per to being from more between third

growth; revenue components Third Beginning $XXX.X revenue of basis. organic which saw with currency currency QX. XXXX quarter X.X%. organic is million, an totaled constant of constant revenue the of We a increase on during XX% growth

of quarter shipping had last shipping third QX was number same as year, no rate. our there XXXX days of day so the ongoing to The growth impact

were by revenue accelerate from about Our which QX. currency additional by in NeoTract. line performance, QX review product growth year-to-date of currency points. the in offset turn further revenue acquisitions of of the product organic the all provide nearly we legacy starting and volumes, pricing new about I to XX constant was And contributors segment a Contribution XX excluding as of X.X% as during X.X%, to adding points. quarter growth basis let to X.X% product we the exit, the positive constant why before product of growth our growth X.X% quarter. which see organic exit me surgical was drivers partially introductions, our the the our These basis acceleration X.X% following from surgical point, fourth Using negatively impact positive of from color expect organic consisted impacts

final constant rate you quarter was of know, organic that NeoTract our revenue was third in currency growth and to bucket quarter starting that begin many the as the contribute from point the M&A to forward. our and in it will reported First, fourth quarter

X% approximately organic fourth to growth. currency revenue our We quarter to expect constant NeoTract add

We will one X.X%. day benefit will add additional QX approximately of also shipping which have the in

businesses In will approximately quarter add in and growth addition, Interventional accelerate we EMEA, Asia points. expect which expect in we Access, basis XX four, our to

organic X.X% range. to year, us full our brings the growth X% to this revenue currency at our of constant expectation For end of low the

behind As new currency longer constant deeper and confident momentum ability term, our momentum we revenue growth Vascular look support investments in XXXX. strong in to and This from organic remain businesses, Solutions through our NeoTract to products. we accelerated in legacy products, supported growth of deliver those increased utilization X% by to XXXX confidence is further from X%

NeoTract into quarter growth it approximately the XXXX months was you financial pro if As of performance both the our of X.X% Vascular nine three, and to were rate a include Solutions for X.X%. and, point, approximately forma results, through first XXXX was reference our

Turning to constant revenue distributor of and our revenue and America $XX.X growth on Vascular basis performance by in both North a third the currency return segment; X.X% driven quarter PICCs million, orders increased by next to strong EZ-IO.

The on North is constant quarter basis. America, well Interventional increase was sales in third here primarily to of of of Solutions higher growth which OnControl. approximately currency Vascular increase is as result Moving a the as an X.X% products revenue million, $XX.X

as segment million, of a which constant basis. to the will Turning product America, increase to half in QX, revenues in Surgical in its currency was flat offset exit categories. of supply by lines half on basis few of second and the North management XXXX. our to partially this on we America to trends currency that our business, a quarters, the by of revenue Despite North it Shifting growth an driven sales revenue was the the by Anesthesia $XX.X Growth expect million. and improvement in quarter revenue pain third X.X% reversed of in past airway were product quarter relatively third be is compared X.X% easing of negative to Surgical increasing constant the driven continue $XX.X XXXX XXXX. in revenue Surgical an lower-margin the initial Surgical instrument constraints, second

constant operations, driven conversions. Moving revenues in on to X.X% was largely a EMEA third million. currency basis EMEA to quarter Growth were our up distributor $XXX.X overseas by

driven Now following million. by quarter in This last by was this Growth currency $XX.X take X.X% year. on the XX%. basis to approximately to largely Asia; expanded in was segment constant China our revenues direct an whose to business volume increased decision increase third a led revenue

to our segment. Next, OEM brief I'd on like you

basis Growth and million. the a a American resulting $XX.X And third up adoption is performance. totaling of lastly, was acceleration The higher existing basis, the of primarily volumes third increase currency quarter, million. lesser currency our of a Also, were All to revenues in constant extent, quarter, here products and a Other new approximately on XX.X% reached NeoTract our XX%. IDN $XX.X on within revenue recognition agreements. timing total OEM quarter to of guidance. was acquisition grew the XX businesses from my signed GPO revenues which approximately we QX to accounting due of attributable of sales the and, During on constant revenue new and in for two XXX% which were agreements, comments completes up the during revenue Latin That business category

UroLift. update Turning on to a brief

quarter, the of at studies World in Paris. UroLift During annual presented five the the XXXX was Urology Congress that subject meeting of were

Let me summarize the important of some takeaways.

life once study. again with that Real-World and benefits the consistent the quality First, real-world demonstrated L.I.F.T were of study five-year a clinical the Experience in

improvement UroLift than impact provides and XX grams. prostate clinical showed life XX that symptoms than study and with grams in on the quality prostate men Another significant smaller size of a of larger statistically on for results

catheter prostates treatment on As device impressive a reminder, which most UroLift perhaps This the But for UroLift used study XX men UroLift. to that treated acute up was after is XX% BPH urinary due study with became to in men of indicated for retention. urinary on retention was the grams. showed free

are published zero the continue building provides invest therapy of catheterization sexual treatment a clinical reimbursement with new of provided evidence Japan. data, a UroLift only previously to XXXX we our yesterday, received a for and in support pleased distributed Shonin rate clinical large as in to rapid dysfunction. of rate growth We to rate marketed just final system very go deep with be quality for will through We only we supporting broad UroLift, our approval that, high and revenue combined that update and expectations the believe UroLift. onset relief the UroLift announce strategy And body commercial XXXX on low with

physician As market Japan X.X with for a who to approximately include the age condition. to their reminder, severe seen men a in million we estimate have of over BPH the symptoms moderate XX

in UroLift we for build U.S. will similar a to the plan Our how process Japan to follow market a market. methodical built

initial begin focus established, will post-market in will XX- typically begin study This Japan. on At which enrolling reimbursement reimbursement, another we physicians. same implanting will academic the experience is long strong commercialization will centers the a using followed adoption obtaining Once XX-month to term. with we is launch. us in mandated commercial full widespread, time, Japan to study clinical we process First, we many build clinical with initial more important tool a PMDA over that physical will our of believe rapid provide support by

Turning to plasma freeze-dried our update an now on RePlas, product.

in RePlas escalation Freeze-Dried Phase in quarter subjects. at called fresh mid-October. measured trial During The completed that of healthy FDP-X, following double-blinded, X versus a the safety plasma the results AABB study presented RePlas three, biomarkers frozen of which Plasma trial certain randomized, with was dose we infusion were

readout We well-tolerated healthy concerns. are in RePlas serious in BLA shown to very final to was or the no positive. the early that for data subjects pleased support will normal, adverse safety module submit we expect trial These the be results to our XXXX. which was of events with report

acquisition. Turning our most to now recent

together bore October as bore and Medical unique Mark a Closure to achieved currently MANTA from time In body Large with absorbing XX% seconds, fully procedures has six TEVAR procedures its deployment typically of hemostasis months. large in the to minute Xth, time with hemostasis X with specifically such of system X designed completed a approximately and XX We study, within the sheaths XX-French. MANTA over adoption believe unmet rapid CE the EVAR. market. X,XXX or large commercial ranging MANTA arteriotomies, to is the acquisition arteriotomies Essential MANTA for systems. large, the XX-French system stitching many need bore closure and approved a multiple seen improvise U.S. associated closure to-date. by physicians Currently, small are in EU closure that for be first and the is MANTA bore on there is obtained Vascular devices could to With utilizing Device. we of

high. hospital to XXXX in complications associated bleeding three were closures are importantly, times JAMA and According TEVAR More to EVAR likely procedures twice with in to major and composite average rate an $XX,XXX closure complications demonstrated stayed with surgical the associated as found a longer, bore in more MANTA products rate, complication published literature. in of a and major suture-mediated its as X.X% die their large study, vascular stays, study, hospital patients has result. X% complication over compared as a CE cost Mark during a vascular with

MANTA We market would procedures target in technology two these for initial the $XXX be addressable million EVAR. $XXX Our be approximately TEVAR global MANTA estimate will million. to our market and for

technology adoption in premarket our breakthrough FDA leverage in to strong presence of this anticipated its cardiology approval Following we XXXX, to accelerate interventional worldwide. plan

products Before our is pipeline. currently Tom, marketed turning step to portfolio to our revenue well as wanted a growth, the call including our over how take and positioned I drive durable long-term highlight to both back as

growth and and to UroLift confident feel that to in about continue are expected significant the we both UroLift business. make contributions, X momentum very First,

products, Moving and Chocolate to antimicrobial and, additional within and Access driver drive deploying includes OnControl airway organic management we solutions our One PICCs Vascular. balloon growth access In the platform segment. from Anesthesia our angioplasty addition, future contributor, EZ-IO we remains platform. the as growth opportunity marketing continue have there increased QT vessel we we cardiology significant Chocolate This to designed the to by leveraging well recent our of as resources more Interventional utilization design market of catheter Turnpike, our and has long-term sales expect to balloon navigation products is a of products. growth. which drive as is a during unique coronary antithrombogenic believe and trauma our our less acquired expect TrapLiner will intraosseous that gain these catheter to interventional business, and From share for for most expansion. are wall unique a our perspective, vascular an in been we our coatings, into allows

force. We our of expect moderate through revenue sales amount Chocolate Interventional to generate a

covered we RePlas potential in to depth excited the and pipeline, both be Moving MANTA to I long-term Percuvance. and of about our continue

XXX(k) expect and of to we In fact, received that continue full XXXX. to product Percuvance approval during market recently do the release FDA, a from

growth expected in increasing We R&D new to in products XXXX to are also investments support from acceleration over our the time period. XXXX

our catheters, of embolization. new growth include Rhythm Some products QX Gel-Block in driving catheter navigation, Midline and our VPS

to or of Suction R&D has one to shown we mechanically the CleanSweep growth closed new product endotracheal forward, expect times the remove upon an expected secretions the lumen standard funded studies in the to CleanSweep its Looking designed more tracheostomy Closed catheter. example suction launch of competitor's XXXX inner System been sweep than leading X.X in drive tube. is

portfolio sustainable you we growth organically can my would to future. for the inorganically developed of call the constant At both like the That over positioned see, revenue remarks. prepared well this are Tom? to I As products, to end of me and drive Tom. takes given to time, the foreseeable turn currency

Thomas E. Powell

Liam, Thanks, good everyone. morning, and

revenue discussion Given profit I'll at previous of the performance, company's begin the the line. gross

programs the Vascular or XX.X%. prior related reflects efficiencies $XXX was basis increased For XX%. the million year of increase XXX in NeoTract impact adjusted to million gross and footprint the planned adjusted favorable points the and prior versus quarter, Adjusted to versus gross year gross of $XXX.X margin the consolidation Solutions, The of quarter acquisition margin expansion an profit pricing. in

product costs. gross partially margin by manufacturing was offset increase the mix in unfavorable However, and higher

investment. and of decrease sequential XX comparable, was basis, from adjusted million $XXX.X prior gross of versus margin prior XX%, the shortfall adjusted quarter in margin decrease $XXX.X increase the of margin The an operating of On XX%. or million XX% R&D was the levels For to quarter of basis to Adjusted a related third operating flat year. was XX.X%. profit year increased in a the quarter, the the was tough quarter, operating second result a prior points

interest P&L. borrowings Vascular quarter. Moving net year increased The down impact finance expense prior the of acquisitions increase to additional and million with $XX.X required the from Adjusted the Solutions NeoTract. in of $XX.X million reflects to

rate enacted last the and year the period. of benefit XX.X% versus year-over-year XX.X% prior Act windfall Jobs recently reflects impact versus tax the For the and year quarter, larger decline in adjusted the Tax a year. Cuts tax The this was

earnings per line, the to adjusted On increased bottom share $X.XX. XX.X%

to unfavorable of the favorable in operating the highlights. and results. million, attributable receivables reoccur flow largely is select year. $XXX.X in of cash primarily XXXX months year, increased sheet operations X% Through first The capital tax now working approximately cash balance was partially the XXXX, decrease to nine working down capital to flow factoring payments. Turning prior from totaled changes which over change offset did the and The by not in Italian XXXX, due

million $XX Finally, debt the as we our repaid times. during of facility at stood our credit and levels quarter, defined X.XX leverage in

Next, on notionally the an swap of swaps and to the exchanged hedge I'll X.XXX%. interest briefly the cover €XXX.X $XXX swap, These to dollar are executed million On our Due hedges interest of October variability expire million of investment impacts equivalent recently or the at net exchange euro. at of cross-currency X, swaps designated as U.S. the XXXX. X.XXX% between X, rate transaction. and an completed rate October cross-currency we we rate euro

$X in approximately million exchange differential to rate and on mitigate And Given our will rate debt. expense dollar basis. anticipate rising we benefit a of to of a XXXX third interest approximately We quarter. assuming million $X.XX, rate completes on this impact interest comments that variable $XX the an euro my the environment an estimate help and of on interest benefit the annual coupons

XXXX move guidance. on I'll update to Now, an

exchange. guidance, to change foreign making the revenue are For account we is only for

we XXX for a expectation full year compared in point Specifically, XXX favorable expect guidance. basis basis of impact prior impact points year now an to our

reaffirming XX%. revenue guidance of and are We year between constant currency our range growth full XX%

revenue we to earlier, range. Liam growth between mentioned at be will X% to expect that our the organic low-end although, be and that continue X.X%, expect of We as

expect driven end that adjusting XX% yuan, of range revenue environment growth last most provided X% XX.X%. M&A of between also the are be constant currency growth revenue and a of expect we between we XX% between euro as-reported to a less to high be notably the and X.X%, guidance of to the Chinese our range but by XX.X% at from currency Because range. favorable a We guidance, and and since

a previously of The reflect we XX.XX%. range margin gross to provided year-to-date margins, expectation to XX.X% higher carries acquisitions, business profile, product OEM expenses margin for margin our recently between fourth from range have quarter, announced is the and unfavorable in and performance to gross our gross XX% the related NeoTract mix, engineering including Moving China, performance of attributed to adjustment production lower XX% trends revised which our address better-than-expected modest dilution a and and to issues. from between and adjusted to lowered guidance business tariffs our

We approximately thereby, expense the offset through margin operating and, SG&A one-half expect the to control to gross partially impact of margin. impact mitigating

adjusted operating a of range range XX.X% from between a XX.X% the reducing our and previous between result, of and are XX.X%. we margin guidance XX.X% As to

completed Turning now $XXX The accelerated of XXXX. in result interest approximately recently reduction of expense; interest reduction to of is expense cross-currency an prior anticipate $XXX expectation our swaps during the currently primarily and outstanding. the from debt million million we

XXXX We XX.X%. prior be full rate to expect adjusted approximately approximately XX.X% This tax taxes. our tax an our which to now rate guidance of adjusted to to XX%. compares Turning year for called

primarily are increase $X.XX. and as line, quarter earnings range our third the to prior $X.XX and share compared adjusted outlook bottom The over-performance we a $X.XX due earnings the On our for of to $X.XXX in to from $X.XX range in midpoint of XXXX range adjusted is our share of raising the expectations. a our per per between between

guidance. actions EPS solid to raise growth third of We're growth, in EPS with XX.X%, we in put again outcome. the us constant EPS the adjusted year revenue XX.X%, quarter closing, to adjusted allow very currency are And adjusted pleased full year-to-date delivered of and and our growth and place so, pleased organic third also quarter with

We guidance. the are adjust down to disappointed XXXX by need margin

a point margin However, increase our revised I XXX midpoint still guidance points. of out like the that year-over-year represents would to basis adjusted of gross

of many expansion our multi-year margin key remain are in the issues cited transitory plan Additionally, the and drivers nature of intact.

to that NeoTract, margin expect and to of and because will the in profiles. margin, revenue continue expansion more Vascular the contributors higher higher their Vidacare major continues story as Solutions We and We be to profitability growth business NeoTract expectations. grow growth confident exceed

at Essential another Additionally, Medical, with remain we The on planned initiatives potential acquisition up with the additional deliver track recent business to we now have savings, footprint of the into add consolidation identify manufacturing Recent high multi-year margin, and productivity our levels. high portfolio. developments growth and financial encouragement to ongoing such efforts stepped may sites. Percuvance. contribute clinical manufacturing earlier contribution new products modest previously Analyst as that Day within opportunities and above RePlas year this products from plan outlined such only regulatory contemplated The provide projected

for top my as continue In we our focus years. future remarks. and and did consider guidance summary, sustainable enthusiastic Medical. Essential multi-year that concludes for such acquisitions and our remain regarding And we growth, to line invest prospects coming business prepared not the efforts Additionally, line bottom

like to for operator the the I'd back over turn Now, call to Q&A.

Operator

Thank you.

Lewis David from is with question Morgan first Stanley. Our

open. Your line is

David Ryan Lewis

next year we'd here. thought I Good about for you thought little I think solid morning. questions. the Thanks bit that very taking a – quarter,

questions two and Tom for then I and quick had So, follow-up. Liam a

the guidance for growth X% quarter So, implies organic to on revenue growth, organic. X% fourth Liam, you, for

LRP this X% talked about to being X%. call You your

could do ranges, in follow-up about the to something for midpoint on Liam. And next impact the X.X% year these one between of year right think mind and swap. the some year how FX, And XXXX? you have Tom, feeling earnings; then, of is your to more So, the volatile components of for to help for are next about if way us I I wonder out tax, X.X%? How with profile the of quick next the tariffs, net debt you earnings relative these

Liam J. Kelly

you. Hey, David. Thank

three you're this provide right growth. our you off we organic on call. if So, additional in quarters, fourth your of expectation X%. the look growth regarding that the in obviously, February, quarter; will guidance, And through in quarter X.X%. XXXX our X.X%. day outlined But call, the rolls not that M&A add in was about UroLift And we'll add fourth at, will core as

improvement in my gets quarter. us we business general have in our and what beyond we again, third should that saw fourth full control. year increased currency to adjustment simply part answer So, quarter mind, reaffirm that's based let constant then, of performance made, were and which is able that math within frankly, we on And the XX% add to basis XX underlying we a quite your at that the points. in then for to the guidance XX% question. second And only the our currency our And is I'll Tom about

Thomas E. Powell

next to about million impact. some a Okay. you full the Well, year with currently estimate regard be outlined, $X think of the for we we tariffs issues year, to some of more volatile as components, about

impact nothing an certainly that's but So insurmountable.

rate, In two versus are tax prior year, year rate very terms factors. of to the this improved benefiting we from tax due a largely

into The Cuts Act continue next and Jobs expect benefit first that year. to we and for is Tax the

The and imagine, windfall vest. as somewhat dependent comp And other that, due upon how less people restricted is benefit. how to to shares choose you can the stock-based if is some exercise predictable of equity

as to be difficult. predict So, to better visibility get could the we We to have right closer that now some able year. be would

a the perhaps pressure. of couple tax the some front, cause there rate to things have upward also On will that are

reduce that the our deduction the put implementation and will some just interest is swap first and The upward pressure. of

be we our XXXX. where going expect What overall, has I'm seeing in get growth if Vascular the in expect been the our But, fact, to below In little year. back this tax we're a not rate it next And other...? to of Solutions year sure to that to skewing continue. with level addition, and it's mix was America typically NeoTract, bit more North based. we

David Ryan Lewis

Currency. Currency, Tom?

Thomas E. Powell

fairly currency headwind a Well, is right now.

which average is where relative I on that's end euro to more range. – going $X.XX somewhere the the in to think for the $X.XX to around is to trading, it's the relative year – up currently $X.XX probably

headwind see the at have that year. basket So as how But currencies we'd of for be a us year-end. get into could the are trending to whole we slight other

volatility certainly, result FX this now of So, of to in right movements range. seems as kind there's stabilized $X.XX year; a the a some little have bit

David Ryan Lewis

Liam, follow-up more pipeline; interesting RePlas then, obviously, and talking a of the of a And was updates, Device, couple Okay. and nice the the obviously, approval here quarter on this data. Percuvance MANTA just

of opportunity of still do the size So, described years the Percuvance, these you their should products that be how the contribution terms so several factor. next thinking opportunity contribution for probably you in Thanks market? and first to appropriate not And Percuvance, get business that of major we of question some ability we about see next do MANTA is ago, for obviously, how commercial Percuvance But MANTA, about on RePlas launch, year? the is that for most a full much. think the the as year

Liam J. Kelly

Yeah. Sure.

I'll early the with we're So, start at – MANTA, David.

the lay currently So, half will we on egg would would If time has panel – we if be we it think, need bore I sorry the If do latter have the the in the panel need really if key to a year. for in do, review, and way. it we the I are we could golden It's need that's put in sure, first that the American And don't the potential that approval be by of very going year; don't closure. review the approval. market it half I that through of have North PMA we goose PMA approval can if a biggest very we'll the market know guidance, review, visibility February. first by get our half of a would be process hopeful panel XXXX to for and clear that – the year. we we large that for

works the large a closure EVAR ourselves, cath this approval, we've want that's we the We in yet QX the that Regarding said built Percuvance, my that to one release believe now that's because years, a to and development when device during range get whether had hemostasis clearer This on product or as we complex there give we $XXX the it's as address that first complications we of the out added a momentum large a XXXX the be closure I into in back then procedures. we was very market get it's clearly, this. to remarks, until The will XXXX. much But, talking assess late on and We TEVAR limited that roll to venous market decided for opportunity at We're to with pent-up million won't one the XXXX, bore think in to million time I the to the gotten company that when that hard product make that interesting we've and demand expect And start get prepared will for XXX(k). globally. removed product. works. you're about is still point bore what a We're and market this potential it's that in doing and firmly table. $XXX sure an very and device we starting at is on are their hands. very assessment you're looking think to in lab is your $XXX and get market to a the very (XX:XX). up and product sales the four were a the stasis marketplace, working in had excited bring patient next from team to organization, excited MANTA. you that that we'll decision to we the that internal will an we million And And been the as great XXXX. this We buy product

device. to additional cath believe, this cath MANTA with the believe clinical we out result got the they're but getting more we we prove through the that data, and some Netherlands anecdotal the we make large from procedure the evidence us can as So tell labs got we bore closure would and lab using a of efficient of an

David Ryan Lewis

Nice much, quarter. so Thanks Great. Liam.

Liam J. Kelly

Thanks, David.

Operator

you. Thank

next from is Partners. Richard question Our with Newitter Leerink

is line Your open.

Richard Newitter

this for organic taking job quarter. questions accelerating Thanks the and Hi. growth on nice

Liam J. Kelly

Rich. Thanks,

Richard Newitter

in I you what of What accounting was kind guidance Was it question plan OEM contemplated can quick wanted contribution to the talk from on that organic to ask have XXXX? about that the and your a growth? original might changes. to contribution

Liam J. Kelly

Yeah.

new if and any revenue net-net. And from points account, rules. from guidance, had the the and performance our Rich. the perspective puts around of probably into OEM, as OEM the I and XX contemplated puts takes, well So, we all them it some net are take excellent takes including had was a rec basis as benefit positive quarter, within rev In an volume there a

answer question We positive. a us $X Rich. about the And within gave the of fully the disruption OEM total didn't the was the the through supply to OEM, get your So, directly, million, quarter chain. in impact

Richard Newitter

Okay, it. got

math, X% my So, by that out, would've been you backing right? still above

Liam J. Kelly

there's as Absolutely. puts And I takes, always – Rich, you and if said.

there. about take our There's second all take it from takes, on all quarter about if and $X supply I stuck the distributor get we million I as I of disruptions. if and million We million, got said, – that, the stuck. didn't over puts $X.X fully of million of the orders, most it $X $X all positive the So, through from

add XX-basis you about up, it's So, a all point impact. it

Richard Newitter

guidance, then it. we next but you're as beyond gross are appreciate as we not And margin items the giving currency. of the just kind like think year, takes and some puts it I into the around Got sounds of head of

you takes. assumption? even fair a give clearly could when relative thinking us should bias puts and out There the you all for how should the margin Just XXXX? that be Is upward be gross directionally we sense to about still a net

Liam J. Kelly

– as said an just Tom make throw and So, it opening. but I'll Tom, to I'll

were has margin ratable, our acceleration and comments, of transitory has coming that nothing from changed of long his as in in the VSI. nothing nature guidance, think programs, our term restructuring changed said we these Tom and mix said, in in were As I and most NeoTract

you As into I the their performance more think. I'd is Tom get of see, go can details But exceptional.

Thomas E. Powell

Yeah. That's it. exactly

impacted tariffs transitory. would that one say we again, million, off will So, $X of the majority longer-term but throw that's that sticky. will I them that something the our not be track. at as XXXX, are are looked at the that items us We quantified currently that

of It's look the on key put couple are also and product place, expansion programs it's we in are programs things. that really key expectations margin of such as story and our confident those restructuring NeoTract, of a recently One long-term based at some on a track Vascular on we as Solutions, still predicated expansion, right double-digit growth businesses, Vascular delivering look with expected. very performance in those and that as some margin the As remain in seen pretty And NeoTract putting up excited even their at Solutions by we quarters performance we fact, row. a we've and, and beating in consecutive very, offerings Vidacare.

the by So a we're and both margin from cost a revenue excited standpoint. drivers

coming year expect should the you to years. and see to So, next expansion continued

Richard Newitter

range, the Got organic this clear, third growth out in it. is was actual which if somewhere is want growth of the out to one, one in to quarter, contribution, when that items, you all kind kind you X.X% true correct? even quarter, ex-Vascular last Solutions the inorganic just just the of maybe when even organic, I And back back be so but that X.X% – the of

Liam J. Kelly

was VSI. organic growth our includes about and X.X% So X% from that rate

within true a the on our basis quarter. for business core X.X% at we're organic therefore, So,

Thomas E. Powell

pricing Solutions then call that's points And standpoint there's a taking from Vascular the number. of it, included basis about, XX organic direct in

Liam J. Kelly

Yeah.

Richard Newitter

helpful. Thanks, really guys. That's Okay.

Operator

Thank you.

is James. with question from Keusch next Our Raymond Larry

line open. Your is

Lawrence Keusch

the maybe drivers? is X%, optimize and are really just, like X% you how growth to X% touch on resources grow lot good Liam, about sort are growth business, the I'm There's X% guys to managing of a Good more that can really to business. and but there of obviously again, X%, you really been core curious focus to Hi. wanted Yeah. really the or business on whether trying the to really I it's morning. come enough as are that understand thinking on back and focusing

Liam J. Kelly

Yeah. Larry, within growth all Teleflex Well, know not as is this we equal. that philosophy, have you

you we're and grow within our we're now Access, within trying MANTA. to NeoTract, If within where within Vascular trying our grow business, look business Asia-Pacific, to within and Anesthesia Interventional at our our our business, business in

your All gross specific Coming to X.X%. the our back the to by grew in they're they'll give businesses question better business, look and, margin leverage have all accretive on P&L. business our of within core our quarter, it one these thing if common: within at core us you therefore,

core core less – does be you business at we the the of for of UroLift X% in period. our year, have close growth our to within little to than end should always If said, guidance X%, comfortable over we very towards organic in a the very X% levers enough I've our VSI than make And and number the as does to if our the half X% if it year, within to cover slightly business. second X% X% is an look that it bit less if multi-year us as

Lawrence Keusch

And Perfect. other Okay. then two ones.

sort more position to of happen push Just therapy on in UroLift, has the what that of really to frontline U.S.? into a

Liam J. Kelly

part, line? sorry. Just repeat last I'm the Larry. Front

Lawrence Keusch

patient this? again, and first therapy what device, like choice could drive moving symptoms first a for happen medical then that of to a therapy more into coming has Yeah. into versus the that something what in or In U.S., with BPH

Liam J. Kelly

line is shows to All because, the now close retention very first experience data, of is their compelling. we're to The the very The Larry, one. the wear one using that's and I very we mentioned catheter. would think as that data those So, close, this don't very, of care. wear previously, by clinical data real outcomes of catheter life having number urinary remainder UroLift, clinical for very important, men is life; that a them an important XX% a the L.I.F.T

and long X,XXX wide less urologists that Once get the than patients. become and XX% treatment continue, go the to penetration to is the the United does of have standard early that sticky care care those within urologists, are of treat we of Larry, to of the ensure going it those to BPH There's will key for a and to than this BPH. rather number standard deep the greater product of it become the we're But go all rate we very in need penetrate States way penetration We're to urologists. within still trained, also of have of XX,XXX urologists. those urologists. We

Lawrence Keusch

in update PICCs, drivers last you the what or then for China if you growth mentioned do one me there. And again, you just growth again, because Perfect. on Okay. us PICCs? the it. And and, maybe remind see not are rate

Liam J. Kelly

and within for We're quarter, XX% was our the yet coated Larry, China. working not growth that. encouraged PICC it. by registered PICC we're really our So We do on around have

infections XX We to clinical get have And our done, but the thereafter, in having underway we submission. technology. continue months, market take once the hospitals. because study of the clinical to submission reduces is XX take we And very share market, should that it keen American within now support the coating that to report and our antimicrobial to the on they're forward have adopt – to study next they the that antithrombogenic them, to our North for product key technology we're looking and

Lawrence Keusch

and very much nice Thanks quarter. Great. very

Liam J. Kelly

Larry. Thanks,

Operator

Thank you.

Our next question with Jefferies. Raj is Denhoy from

is open. line Your

Anthony Petrone

few growth? Anthony for Thanks. can the is parts Actually This then question, moving you days UroLift. repeat I'll follow-ups in organic guys. And have you, on quarter a Liam, fourth a Thank just for to Raj. on the

Liam J. Kelly

Yeah.

in that And to the our additional quarter should we the earlier, seen have XXXX we've obviously, rolls And a to simply within problem organic, day. should math add days within fourth get will improvement three that into UroLift us said So, same business add Anthony, one that's that I quarter, the last have of pillar guidance And X% we full year as should in as And additional then, range. about had as be X.X%. the number day, XXXX. quarter. general continuing and having

Anthony Petrone

And little can and sort of go next then particularly a can is existing the two physicians, you versus think today UroLift, your more where in the just penetration you new existing years? physicians, us on remind where do that on over physicians latte, on bit

Liam J. Kelly

Yeah.

trained. – I'll first existing we've start our how many So, with

over X,XXX trained America. we've urologists of North XX,XXX in the So

four within the utilization we physicians, of Regarding month. a doing is procedures physician our that an about average trained average

with up the with beyond physicians going numbers. teens the adopting are even into highest their them of adoption Our teen rate some

So we believe forward. that's a nice move

it's go of our of and within these continue about we deep strategy rather are go we and XX% revenues because from rate physician utilization that's as to deeper the again, practices. see – to Anthony, utilization than and continue go our continue So physicians that wide. improve to And existing coming we

Anthony Petrone

would And just a then landscape little heightened a the bit. there is follow-up be

Rezūm market wondering out Good two the solutions list those with or same profiles. just segmenting You of again. the is patient solutions. two these I'm is sort the they of Thanks after UroLift quarter. there; are are there, sort have out newest of going sort

Liam J. Kelly

Anthony. you, Thank

BPH obviously, treatments going after are So, both patients.

is It other sexual catheter, believe, no more the the is I critically and confident more, important dysfunction, we're where me a dysfunction, our clinical a and Anthony, in catheter. fast man data, applies I therapies, to want where whereas ours, appear feel at myself. be great my we the rate targeting at from to any will the we I'm really is Rezūm from And therapy from ablative reduction it I of least personally from would think drug does core dysfunction. that ablative in impact we as would not segment. want to I'm share still sexual to our clinical not no an better clinical solution; not dropout. on data, XX-year-old our so whether is That's be sexual non-invasive, data surgery that long taking particular, TURP perspective, smaller have to sure market. out to very the the not wear share term. recovery time, believe just market is, men. to in in as bear very that targeting market compared taking a catheter for speaking, And

Anthony Petrone

guys. again, Thanks

Liam J. Kelly

Anthony. Thanks,

Thomas E. Powell

Thank you.

Operator

you. Thank

is Mike Matson & next with Company. Needham Our question from

Your open. is line

Mike Matson

Thanks I to my the Good start questions. taking guess with business. I China for wanted morning.

was down I little you XX%, is from, growth which quarter. the Your a last but is think, good, did XX% it

there? start to give to model can move can and So, us of you direct your lap when remind the us an there then you update just you'll kind sales

Liam J. Kelly

nailed there. quarter lapped go-direct And we've exactly done. Yes. what absolutely you We the That's Mike, three. timeframe in it

the we the vascular within see growth would to that what and done with China, But, We happy performance. you is see encouraged still, very our the why go-direct within China we excellent be the the we're China a business from on within growth in of deceleration go-direct. continue slight we and very, have that execution key So by market. cardiac believe that

Mike Matson

Okay.

largely slowdown... it's So, kind comp a of any then and a not issue

Liam J. Kelly

Mike. Absolutely,

Mike Matson

economy that. the ...in anything spending like healthcare or or

Liam J. Kelly

within the there – healthcare. on we see it's frankly, very a significant And seen with hard I Mike, is we even service data on downturn of into we the directly. answer a And can't investment better that healthcare. in what that that is all The economy, providing determine in healthcare no, to comes No, general course, it there. to a better continued for and quite pay in healthcare our they're impact is people having government are demanding if slight much focused question it's business, slowdown geography the out. and it your haven't know exactly But demanding

Mike Matson

Okay. Thank And of just questions. couple then financial a you.

So the the X.X% orders of from you did have shift kind legacy organic growth, of QX. QX to

that So, was got how are those you quantify able due moved orders to X.X% of QX QX? that from much to to

Liam J. Kelly

data. have we because am I that

$X.X uptick And was in of the about anticipated the guidance a our we bolus – Mike. well, that quarter. was million, as initially, got million sticky orders $X to of So of in it excess

Mike Matson

you're Okay. Tom just currency your the mentioned the increased despite raising that And – Thanks. headwind. then guidance

quarterly this EPS call? last you annual So, you're guess, I how what can versus were headwind point of you expecting, your to at quantify much expecting as EPS additional the

Thomas E. Powell

related referencing you currency? in Are to change the

Mike Matson

more or headwind it's and tailwind now you has a say it's guess had I much changed, I now? or because maybe How Yeah. more a headwind and exactly. less Yeah, maybe of of – just it tailwind a much should it's a how

Thomas E. Powell

currency for XXX about tailwind We on impact, tailwind Well, that be basis an estimate points. to for a used of expectation XXX the points. to basis overall, It be year. the revenue just it's still now

has reduce our impact that's quarter So our third would fourth side. obviously, to that the revenue say negative I that's an kind on of and going and to earnings.

frankly fourth we've quarter a going have a dilution other the the the the earnings in swap reduced as to from And also on got some expense quarter, due strong hit We some part of and side to recent the the factors. interest taxes tariffs. third result and that's acquisitions of incremental positive equation,

and pluses all a of the number and to fourth that So, are as pluses the come together and to quarter from other minuses offset what expectations of minuses currency kind our factors. in

Mike Matson

Okay. That's Thank you. helpful.

Liam J. Kelly

Mike. Thanks,

Operator

Thank you.

with O'Brien Matt from is Jaffray. Piper question next Our

line Your open. is

Matthew O'Brien

wanted the know the gross was taking push expansion. question, for margin on to it I a Thanks guys. I first bit asked.

points two basis to or track; importantly, long-range early with acquisitions, from as getting on a like is and the piece there above is in pieces. far expansion/new can company restructuring, by just products dive taken thus sounds you about of steps One, about most the bring get XXXX, that on important to closer to plan we it the bit between or, And you bridge any the seeing? we Just that what benefits the restructuring you've core think you're mix XXX what range? second,

Thomas E. Powell

about let me touch on first restructuring. you Okay. just think Well, I asked

the including, of number are underway we you and the and are completed. integration that of range at $XXX of we a there footprint look out time of Vascular if programs programs the restructuring million all OEM these, savings there million And And project. the manufacturing XXXX, so, in as Solutions all realignment have at programs, frankly, combine $XXX the place, fully the XXXX they're XXXX to in

realize to million Now, the to about in think of what million XXXX, – XXXX talked we'll to million year and the we for we've this for to these $XX leaves year million the million end that remainder the realized XXXX had those through is we some another through we the is XXXX and this of then that and $XX projects. savings, of leaving $XX to And $XX timeframe. about $XX way about completion talked being of timeframe XXXX obviously then realize

XXX timeframe $XX to this remaining way to objective point then really the million million the we margin quarter that is important most through $XX of a look biggest think say to is expansion balance and I that And as the or XXXX, of our XXXX, XXX – to over So, XXXX gross savings the into a longer-term thereafter. it basis margin plays certainly to how year, that at XX% impact mix. components of probably the related it's about about but should component, is margin

$XX I restructuring play important a if expansion. about favorable program midpoint of other that certainly And largest from Vidacare points our component that's timeframe. Solutions, margin products the would say the such that the story range. numbers Vascular million and about component So expansion and as really PICCs and you of over of piece is The that will I it, driving margin benefit cited NeoTract, are think basis XXX again, at of to the million, mix a the $XX that XXXX-XXXX more that

Matthew O'Brien

Okay. Thanks the the one cadence. results And few is so helpful. second been really That's much. UroLift. has very and work the past months, strong clinical on The front on there both then the

investment as there. to So it your thoughts specifically competition wanted on ask I the to relates

as the far? So, and or channel the on what these marketplace efforts latest needed Or investments clinical on expansionary thus competition is you are in pegging front? the more the marketplace the in in are

Liam J. Kelly

data. do is continue clinical view So investment will that we to behind our

other BPH we out conference, in this at reimbursement spoken we technology going out much study thought, never I've data But off in for to – that's area in the alone where more France. as papers think have that of the presented I conference far than out think most five large any more Paris would any borne kicked we papers this was any And clinical other Europe. than and other the as which see community could market. have BPH was there. assist the UroLift in in just in market health Matt, to than robust technology That's a that investment within and there about I our men's also had I we be any we more

with the treat Now, and three treatment working that supposed up the assure the full that assure graveyard were a on the on you, methodology for XX come one probably skunkworks I in BPH. BPH is there's BPH I is with that that symptoms can technologies you also can of last going somewhere a to first to UroLift have. address unique has we years,

to expect a data investment in care cadence continued for and clinical it you making further the a on frontline to see can UroLift support BPH. So,

Matthew O'Brien

to – expected. cadence that And same the just incremental Thanks. would you competition. you just due Okay. that It's you don't think it's don't have

Liam J. Kelly

Yeah.

We plan we when plan. our data considered have that put for clinical out an three-year ongoing internal was

of do Matt. So I wouldn't see care, UroLift any to that change standard make the what with need we it to to required do to

Matthew O'Brien

much. so Thank you Perfect. Okay.

Operator

you. Thank

is Blair. Our Brian with next from question William Weinstein

open. is line Your

Brian David Weinstein

for questions. Thanks guys. Hey, taking the

Liam J. Kelly

Good morning.

Brian David Weinstein

the seen much better a as quarter and back years, I the has Obviously, I'm there to with variable seems more of over a role I variability Do in over to you why specifically, think we little bit of But don't strong downs more the filled last this think organization. what pleased like this and it's quarter year you more COO we've stability, Liam, to last stable. role, and so in just year? been seems everybody a it you the the And seems seen it. don't variable bring as in in that for that results. whether when as COO need that that come to a And think help And were on things curious to here. have than any there's we've have fairly seemed be feelings more you it have be that couple a guys ups couple years.

Liam J. Kelly

to and COO a think almost that even and during is as but ebb summer older In within not I was flows. great my for that saw performed. great thank But, people this quarter, little basis, XXXX, very We I a the as you Teleflex this on always every time, Brian, you there ebbs And look strongly a this well. And try complimenting reality, remind the every quarter to that constant when back at time, you you a growth Well, within average even within you think were if X%. during there know, year Teleflex saw full summer. was we role, with Brian, flow. From our And you a me like that, was every look has currency consistently had we summer. summer rebound is and on consistently, bit quarter. Brian, XXXX get nuances and

think be annual we we we to Teleflex quarterly America guidance, should made Head Brian, we by a have make changes on do how We don't annual sure and North consistently, of that basis. have performed management And on that appointing an I performance. give consistent judged of in that basis. And an

Brian David Weinstein

more increased Great. competition some Thank some share little you And then a about and there where be where my about and some you're may follow-up categories broadly some just share winning wins can losses? talked be, bit maybe are But Okay. that. you would Thanks share. for just areas talk you.

Liam J. Kelly

Yeah. Sure.

I think wins, share with I'll start the sure. for So,

to obviously very that's for share that's that nice think really share PICCs the converting Vidacare us and area for win, continues not wins. perform a a market. well I is

sensitive and price point more portfolio competition. there's pressure but Our Interventional market. continues And economic the out that's we always for that be put as share can do there. volatility, that of share. would the business but a a not take It's fairly way, where really Asia-Pacific. the a to categorize to with see I'd been bit sure we of probably where grow loss, and see tougher EMEA area And Europe our it I market VSI I it additional within doing I'm what if within I'm within kind portfolio there, we're Teleflex by pricing continues encouraged little

Brian David Weinstein

you. Thank

Operator

you. Thank

question Dave Turkaly is next with from JMP Our Securities.

is line open. Your

David Turkaly

Hey. Great. Thanks.

number. – Just anything new think Vascular how really there just you a from that and you you'd front what or I'm sales quickly, a is sustainable to mentioned XX% growth big Solutions; that would force driving just do point or is? obviously, is curious product

Liam J. Kelly

– is go-direct counted within So, is within the that. the for VSI, XX%, obviously, there

the segment. we'll for large products still portion. TrapLiner We that and continue we and GuideLiner of within VSI, build within range. within of on because, performance launched And to overall product performance the drive sales a take job uptick of but significant outside continue around are of incredibly pleased two into us, Turnpike additional the we that So do that, see But products But, growth XX% sales getting that because the share a doing VSI, models, the that's nice are force. to I'm see would growing those an And and we're momentum we've as seeing building marketplace. that VSI And and a didn't portfolio. in That's new be them. excellent areas. unit our Interventional we with of the legacy our seeing the we're synergies indeed, business guidewires with along also

David Turkaly

the device, Kensey Great. to component, maybe Nash it's collagen picture Terumo description like And the this MANTA. sounds Angio-Seal a old maybe in the similar larger Essential Based but access. there it then in the the Medical, onto for on

that's a of approximation so then Just if ASP curious the a be and would good $XXX? Thanks case domestic much.

Liam J. Kelly

or a large they're closing product Remember, And segment. now. that is we therefore, market It to this closures, mentioned, higher two but devices significantly that that segment. right different it's these attract very market they're different when three would So similar bore believe is Dave, ASP. a you've these it using a of

also closure So as clinical on have complications, can prepared X%, penetration the said And we earlier, actually with but we able the efficient. make We that this, said cath they're this I anecdotally average, system it's what They Netherlands X% down demonstrated. data have we an lab seen that where as take in remarks. I prove the got device expensive also to to we is in significant them. for those in my have more to

cost course, more Now, they to the to price if vascular just them more that, And because product is complications, one efficient. all because you they the even the cath patient $XX,XXX be know are hospital that could that won't bets talking price, for will get get it the treated. going off that as patient of through of lab, makes about patient to

have will So, point for a you the higher one sure. stated therefore, price than this

David Turkaly

great you. Thank hear. That's to

Operator

Thank you.

question Ro Isaac is Goldman with from next Our Sachs.

open. is line Your

Isaac Ro

guys. morning, you. Good Thank

is question on NeoTract. First

and in making Japan, you're of mean those if the could qualify in you quantify that the business. Just some for what investments part interested of maybe

Liam J. Kelly

investments Okay. contemplated guidance. again, Japan the And in our three-year in were yet

clinical key work start fourth So, to get the on then begin immediately quarter get to to our to to to people reimbursement, XX-month we through begin And market. is and product. obviously in the some get to reimbursement for some will will develop going make it. we putting clinical bring so that XXXX product will the the clear, the exposure beginning XX- ground The then in the by process to we here

is We in those is I would excited you, study billion, the to the more work that $X has U.S. within tell excellent to get got to job. the I XX of $X in believe criteria calendar done same We team least the to required this have time approved. expecting incredibly remind we Shonin Shonin Japanese an line an were fast to about we using only will clinicians then about approval and clinical it people, But part months. Internally, Interventional for market QX. the market move This at at to Urology billion, we product getting size get do that approval. like year. take would submitted that the to as be we is about the our post-market developed couldn't this same

work anticipation pleased reimbursement XXXX So, thereafter. progress be the market we're develop there, of we and will to sometime in more we with that during making couldn't

Isaac Ro

active calls follow most in Helpful. assets. industry, Obviously, to the are listen on you earnings for not a just M&A. And across all if the question of then them, if pretty looking companies,

whether finding tied how over you therapeutic and margin guys assets change or sense, category pacing make able XX, curious that of that or and how about little started growth kind looking somatic you're deal the about next assets more to to kind of have Just talk pull find bit pretty profile have should sort be off scope? XX company. category you of and to you're been we flow notable the a valuations just to deals Can think already of a of of that So, size months. here the couple and at where a the

Liam J. Kelly

know what watching want. four focused that example relationship, the very we're find very Well, very on know assets. one example the surgical. years and another health, with MANTA an world their also we is that like They space to entire for been in and interventional the ago, we're and that. think vascular we men's know acquisitive. the looking is one Obviously, That's interesting team I closely. that that They banking Teleflex We building Greg how progress space, and we is as assets anesthesia met had

it criteria, margin us bring So criteria. they and our they that will our assets as long expansion growth as criteria, know meets our leverage

prepared remarks, down outlined a Tom on we're his gross to As now low in the leverage near Xs.

lost different that assets. we It's in to we're me a the that encouragement gives the do organization. on that also financial activity So right not we if us find have ability Teleflex

credit will good to strategic we and criteria acquisitions, the for get not stick full for credit stop. our only acquisitions, We

them to assets, we're very executing. assets the think right growth a And core footprint. finding this family by So, become and competence accelerate our into global I thereafter focused the on and bring organization of the leveraging it's find these Teleflex

Isaac Ro

Thank guys. you, it. Got

Liam J. Kelly

Cheers, Isaac.

Thomas E. Powell

you. Thank

Operator

Thank you.

with from is Barclays. Kristen Stewart next question Our

Your line is open.

Kristen Stewart

questions. Thanks for guys. my Hey, taking

Liam J. Kelly

Kristen. Welcome back. Hey,

Thomas E. Powell

Kristen. Hey,

Kristen Stewart

wanted tax go EPS to kind I non-GAAP I in be to Am the to change doing and much. the guidance over of about of contributes right very full a good on you math the a the GAAP rate Thank just just It's the $X.XX both basis. back. kind that year?

Thomas E. Powell

calculation, yeah. the be It would right

Kristen Stewart

the $X.XX. you why acquisition could significant or if talk non-GAAP wondering by integration the GAAP you reduced now guidance, to then be relative And was I regular on the guidance are Okay. what quarter ago. some of just to charges expecting a are more that going and was to restructuring guys

Thomas E. Powell

in change contingent there's a One Well, into of a some that. was that of Okay. payments. things play couple the consideration

the continue the amount acquisitions, to of reflect performance that. of adjust consideration we see contingent of we some the As to

We we an And a impairment program related during that. also had would had some quarter that into impacts. Technology Hotspur year restructuring obviously to this roll our the which then had earlier

Kristen Stewart

for that how as earnings accretion should from year Okay. just $X.XX next is about more NeoTract Medical? Is perspective thought on think been Perfect. to the year. of and had an looking How question $X.XX next or last just And accretion/dilution. and acquisitions neutral? dilutive then, that always Essential we

Liam J. Kelly

quarter dilutive our reflected fourth So, the I'll start full Obviously, Essential. our around with is in earnings partially to guidance. comments in is which Essential Tom's year

dependent we as that, reason or to not Now, it's have whether sight come Essential because that when is Kristen, on a a only for give we in review the will will saying earlier. I'm little we give February. greater And I said guidance. on guidance line panel And earnings we of need very

in then to NeoTract. be around we're that expectation to and Essential dilutive deliver have line thereafter. Our to your NeoTract our on was in accretive question is expectation then $X.XX $X.XX well XXXX And XXXX. other track in with Yes, will of

Kristen Stewart

Okay. Thanks very guys. much,

Thomas E. Powell

you. Thank

Liam J. Kelly

much. very Thank you

Operator

Jake And session you. to call Thank I'd for our remarks. over Q&A that Elguicze does conclude today. to the like turn any Mr. back for further

Jake Elguicze

on Thanks, nice call joining concludes for operator. quarter us today. earnings conference And XXXX This the day. thanks to the Teleflex call. third a everyone Incorporated Have

Operator

in the disconnect. thank all a day. today's you you gentlemen, conference. Everyone does and participating great program today's conclude and have may Ladies for This

Teleflex (TFX) 1 Nov 182018 Q3 Earnings call transcript