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- **NewCo Sale Priority**: Focused on selling NewCo with advanced buyer interest, targeting accretive valuation.
- **Q3 Revenue Growth**: 16.8% YoY adjusted revenue ($892.9M), driven by Vascular Intervention (+34.4% EMEA) and Surgical (+8.8%).
- **Balloon Pump Risk**: Reduced 2025 guidance by $30M due to U.S. order decline, but catheters maintain growth.
- **Tariff Mitigation**: Improved to $25-26M annual impact (-$0.50 EPS) from $29M.
- **Japan Expansion**: Barrigel launched in Japan for prostate cancer, with first cases in August.

**【Management Opening Remarks】**
- Announced the separation into RemainCo and NewCo, prioritizing the sale of NewCo due to strong buyer interest.
- Updated Italian payback measure reduced reserve by $23.7 million, with $20.1 million revenue adjustment for prior periods.

**【CEO Commentary】**
- Q3 GAAP revenue: $913 million (+19.4% YoY); adjusted revenue: $892.9 million (+16.8% YoY).
- Americas: $555.9 million (+7.5% YoY), driven by Vascular Intervention and Surgical businesses.
- EMEA: $214.1 million (+34.4% YoY), including Vascular Intervention acquisition.
- Asia: $122.9 million (+25.3% YoY), with $9 million China stocking order.
- Vascular Intervention revenue: $99 million (6.9% YoY growth), ahead of guidance.
- Intra-aortic balloon pump revenue reduced by $30 million due to U.S. order decline.
- Launched Barrigel in Japan for prostate cancer treatment.

**【CFO Financial Commentary】**
- Adjusted EPS: $3.67 (+5.2% YoY).
- Gross margin: 57.3% (-350bps YoY) due to tariffs and FX.
- Operating margin: 23.3% (-400bps YoY) from acquisition costs.
- 2025 guidance: Adjusted revenue growth 8-8.5%, EPS $14-14.20.
- Tariff impact reduced to $25-26 million ($0.50 EPS) from $29 million.

**【Q&A Highlights】**
- China stocking order expected to sell through by end-2025.
- NewCo sale prioritized over spin-off; late-stage due diligence with multiple buyers.
- Restructuring to reduce costs and relocate manufacturing by end-2028.
- Intra-aortic balloon pumps face slower U.S. conversions, but catheters remain growth driver.
- Vascular Intervention integration progressing well with no leadership turnover.

Teleflex Incorporated (TFX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TFX

TFX fundamentals

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