TFX

Medtronic plc MDT reported first-quarter fiscal 2027 adjusted earnings per share (EPS) of $1.45 per share, which rose 15.1% year over year and topped the Zacks Consensus Estimate by 4.32%. The metric excludes certain one-time adjustments, including amortization of intangible assets, restructuring and associated costs, as well as acquisition and divestiture-related items. On a GAAP basis, EPS came in at $1.14, up from 81 cents a year earlier. Revenues rose 13.7% year over year to $9.76 billion and beat the consensus mark by 3.02%. The quarter included an extra fiscal week, which benefited organic growth by approximately $570 million. Following the announcement today, MDT shares rose nearly 5% in pre-market trading. Cardiovascular revenues totaled $3.93 billion in the first quarter of fiscal 2027, up 19.5% year over year on a reported basis and 18.9% organically. Within this, Electrophysiology Therapies revenues rose 29.1%, while Interventional Cardiology Therapies revenue were up 6.5% organically. CardioVascular Surgery and Peripheral Vascular Health revenues advanced 8.1% and 11% respectively, on an organic basis. Neuroscience revenues came in at $2.68 billion, up 10.3% reported and 9.3% organically. Cranial & Spinal Technologies led the portfolio with 12.9% organic growth. Specialty Therapies revenues increased 7.4% organically, while Neuromodulation posted 3.3% organic growth. Medtronic PLC price-consensus-eps-surprise-chart | Medtronic PLC Quote Medical Surgical revenues were $2.28 billion, up 10% year over year and 10.2% organically. Surgical & Endoscopy revenues increased 9% organically, while Acute Care & Monitoring revenues rose 14.2% organically. Diabetes revenues jumped 16.9% to $843 million, with organic growth of 14.9%. U.S. revenues rose 16.1% to $4.91 billion, with organic growth of 15.8%. U.S. Cardiovascular was particularly strong, increasing 25.3%, as Electrophysiology Therapies revenues climbed 41.2%. International revenues advanced 11.4% to $4.85 billion and grew 11.6% organically. International Diabetes recorded 16.8% organic growth, while Cardiovascular increased 13.7%, highlighting strength across major overseas businesses. The gross margin in the reported quarter remained flat year over year at 65% despite a 13.8% increase in the cost of products sold, excluding amortization of intangible assets, to $3.42 billion. Research and development expenses rose 6.2% year over year to $771 million. Selling, general and administrative expenses increased 14% to $3.20 billion. The adjusted operating margin expanded 10 basis points year over year to 23.7%. Medtronic raised its fiscal 2027 organic revenue growth outlook to 7.25%-7.75% from the prior 6.75%-7.25% range. The company also lifted adjusted EPS guidance to $5.94-$6.00 from the prior $5.90-$6.00 outlook. The guidance incorporates an estimated neutral to 1% accretive foreign currency impact based on recent exchange rates. Medtronic also highlighted recent acquisitions of Scientia Vascular and SPR Therapeutics and continued investment in growth platforms. The Zacks Consensus Estimate projects fiscal 2027 revenues of $38.64 billion, up 6.3% from the fiscal 2026 levels, while EPS is expected to rise 7.4% to $5.94. Medtronic delivered better-than-expected earnings and revenues in the first quarter of 2027. Cardiovascular remained the key growth engine, with strong performances in Cardiac Rhythm Management and Cardiac Ablation Solutions. Neuroscience, Medical Surgical and Diabetes also delivered healthy organic growth. Management cited strong operating performance, continued innovation investments, portfolio development and commercial execution in supporting the improved 2026 outlook. During the quarter, Medtronic completed the acquisitions of Scientia Vascular and SPR Therapeutics. The company announced an expanded CE Mark indication for the Affera Mapping and Ablation System and Sphere-9 Catheter for treating ventricular arrhythmias. MDT also received FDA clearance for its next-generation Touch Surgery Aide computing platform. Medtronic stated that it has entered into a strategic partnership with Cornerstone Robotics to broaden access to robotic-assisted surgery and also announced a strategic investment in Pi-Cardia, strengthening its portfolio development efforts. Medtronic currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the broader medical space are Globus Medical GMED, Envista NVST and Teleflex TFX. Globus Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%. You can see the complete list of today’s Zacks #1 Rank stocks here. GMED has an earnings yield of 6% compared to the industry’s negative 1.3% yield. The company beat earnings estimates in each of the trailing four quarters, the average surprise being 27.9%. Envista, carrying a Zacks Rank #2 (Buy) at present, posted second-quarter 2026 adjusted earnings of 41 cents per share, exceeding the Zacks Consensus Estimate by 24.2%. Revenues of $730.5 million topped the Zacks Consensus Estimate by 2.2%. NVST has an estimated long-term earnings growth rate of 13.8% compared with the industry’s 10.8% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 19.4%. Teleflex, carrying a Zacks Rank #2 at present, posted a second-quarter 2026 adjusted EPS of $1.76, exceeding the Zacks Consensus Estimate by 37.5%. Revenues of $570.3 million outperformed the Zacks Consensus Estimate by 1.9%. TFX has an estimated long-term earnings growth rate of 20.7% compared with the industry’s 12.9% growth. The company’s earnings outpaced estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 3.2%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Medtronic PLC (MDT) : Free Stock Analysis Report Teleflex Incorporated (TFX) : Free Stock Analysis Report Globus Medical, Inc. (GMED) : Free Stock Analysis Report Envista Holdings Corporation (NVST) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Teleflex’s second quarter was marked by revenue and non-GAAP earnings per share above Wall Street expectations, yet the operating margin declined significantly year over year. Management attributed the quarter’s results primarily to strong execution in its Vascular and Surgical businesses, as well as accelerated progress on its strategic transformation plan. CEO Jason Weidman cited robust demand for hemostatic and ligation products but acknowledged that performance in the Interventional segment lagged due to ongoing integration and restructuring activities related to the VI acquisition. Is now the time to buy TFX? Find out in our full research report (it’s free). Revenue: $570.3 million vs analyst estimates of $559.1 million (28.9% year-on-year growth, 2% beat) Adjusted EPS: $1.76 vs analyst estimates of $1.28 (37.4% beat) Management raised its full-year Adjusted EPS guidance to $7.05 at the midpoint, a 10.2% increase Operating Margin: 12.8%, down from 20.6% in the same quarter last year Constant Currency Revenue rose 4.7% year on year (1% in the same quarter last year) Market Capitalization: $5.78 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Jayson Bedford (Raymond James & Associates) asked about the new CEO’s comfort with the current strategy and any early concerns. CEO Jason Weidman responded that he remains confident in the transformation plan and is conducting a comprehensive business review for long-term planning. Jayson Bedford (Raymond James & Associates) also pressed for specifics on the Interventional integration delays. Weidman detailed that order-to-cash, distributor, and sales force transitions were the primary causes, but emphasized these are being actively addressed. Patrick Wood (UBS) sought clarity on the more conservative second half outlook and whether midterm growth above 4% is realistic. Weidman stated that the guidance reduction is solely due to Interventional integration delays, not broader market or procedural headwinds. Michael Matson (Needham & Company) asked about the EZPLAZ launch timeline and market size. Weidman confirmed that 2026 revenue impact will be minimal, with government and military channels the initial focus, and a reassessment of total market opportunity underway. Nathan Treybeck (Wells Fargo) questioned the impact of regulatory changes on Freesolve pricing and adoption. Weidman acknowledged the loss of the NTAP shortcut but stressed that clinical trial success could still support long-term potential regardless of reimbursement pathway. Looking ahead, our team will be monitoring (1) the pace of resolving integration and sales force challenges in the Interventional business, (2) the closing of the Acute Care and Interventional Urology divestitures and deployment of proceeds, and (3) initial commercialization steps and contract wins for EZPLAZ in the U.S. government and military segment. Progress on the Freesolve clinical program and execution of restructuring cost savings will also be important to track. Teleflex currently trades at $137.00, in line with $136.78 just before the earnings. Is there an opportunity in the stock? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

In early August 2026, Teleflex Incorporated reported second-quarter results showing higher sales of US$570.33 million but lower net income of US$99.69 million year-on-year, cut its 2026 earnings guidance, completed a US$250 million repurchase of 1,900,000 shares, and affirmed a quarterly US$0.34 dividend payable on September 30, 2026. The mix of revenue growth alongside weaker earnings, extended integration timelines for the Vascular Intervention acquisition, and active balance sheet measures is sharpening investor attention on how Teleflex converts its portfolio reshaping into sustainable profitability and cash returns. Next, we will examine how the lowered 2026 earnings guidance and integration delays may influence Teleflex's previously balanced investment narrative. Uncover the next big thing with 18 elite penny stocks that balance risk and reward. To be a shareholder in Teleflex today, you need to believe that its refocused portfolio in higher value interventional and surgical devices can translate solid top line growth into healthier margins over time. The latest quarter, with higher sales but lower earnings and a cut to 2026 EPS guidance, puts more weight on the near term catalyst of successful BIOTRONIK Vascular Intervention integration, while reinforcing integration and margin execution as the key risk to watch. The most relevant update is the lowered 2026 GAAP EPS guidance to US$2.54 to US$2.84, alongside revenue guidance of US$2.26 billion to US$2.28 billion. This brings the earnings trajectory into sharper focus: investors now have a clearer, if reduced, profit range against which to assess whether portfolio reshaping, including BIOTRONIK integration, is starting to support profitability or if margin pressures and integration delays remain the dominant story in the short term. Yet behind the headline revenue growth, investors should be aware that... Read the full narrative on Teleflex (it's free!) Teleflex's narrative projects $2.5 billion revenue and $297.1 million earnings by 2029. Uncover how Teleflex's forecasts yield a $148.55 fair value, a 8% upside to its current price. Before this update, the most optimistic analysts were assuming Teleflex could reach about US$2.6 billion of revenue and roughly US$264 million of earnings by 2029, which is far more upbeat than the baseline narrative that emphasizes integration and pricing risks. You can use this new guidance, and the very real possibility that these assumptions shift after the latest quarter, as a prompt to compare how your own expectations stack up against such bullish forecasts. Explore 4 other fair value estimates on Teleflex - why the stock might be worth just $148.55! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Teleflex research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision. Our free Teleflex research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Teleflex's overall financial health at a glance. Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay: Outshine the giants: these 17 early-stage AI stocks could fund your retirement. We've uncovered the 10 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. AI is about to change healthcare. These 44 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TFX. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 8:00 a.m. ET Vice President of Investor Relations and Strategy Development - Lawrence Keusch President and Chief Executive Officer - Jason Weidman Executive Vice President and Chief Financial Officer - John Deren Operator: Good morning, ladies and gentlemen, and welcome to the Teleflex Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded and will be available on the company's website for replay shortly. And now I'll turn the call over to Mr. Lawrence Keusch. Vice President of Investor Relations and Strategy Development. Please go ahead. Lawrence Keusch: Good morning, everyone, and welcome to the Teleflex Incorporated Second Quarter 2026 Earnings Conference Call. The press release and slides to accompany this call are available on our website at teleflex.com. As a reminder, a replay will be available on our website. Those wishing to access the replay can refer to our press release from this morning for details. Participating on today's call are Jason Weidman, President and Chief Executive Officer; and John Deren, Executive Vice President and Chief Financial Officer. Jason and John will provide prepared remarks, and then we will open the call to Q&A. Before we begin, I'd like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in the slides posted to the Investor Relations section of the Teleflex website. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncertainties, and actual events or results may differ materially. The factors that could cause actual results or events to differ materially include, but are not limited to, factors referenced in our press release today as well as our filings with the SEC, including our Form 10-K which can be accessed on our website. Now I'll turn the call over to Jason for his remarks. Jason Weidman: Thank you, Larry, and good morning, everyone. Let me begin by saying it's been a great start to my time at Teleflex. Over the past 2 months, I've really focused on learning our business, our products and our organization. This has meant considerable time visiting many of our sites around the globe, meeting with employees across the organization, engaging with customers and physicians and reviewing the company's portfolio, operating priorities and long-term growth opportunities. While it's still early, a couple of things have stood out immediately to me. Our employees are fantastic. They're dedicated. There's real pride and belief in what we do for patients, and they're eager to build on our accomplishments and drive execution. Second is the strength of Teleflex's underlying businesses, we have great products with market-leading positions in many important categories, strong brands and a substantial global commercial footprint. My initial observations have also reinforced my belief that there is substantial opportunity ahead for Teleflex and that we have the right foundation to capture this potential. We remain focused on executing key initiatives underway, including completing the announced divestitures, deploying the proceeds through our committed debt reduction and share repurchase initiatives and mitigating stranded costs associated with the divestitures. Taken together, these actions will create a more focused portfolio give us greater exposure to core critical care and high acuity hospital markets and further strengthen Teleflex's financial and strategic flexibility in its next phase of growth. The divestitures and capital allocation plans reflect a thoughtful and proactive approach to value creation, but realizing our full potential will require continued deliberate action and consistent execution across the company. As I step into this role, my top priority is to thoroughly assess the business and to develop the strategic and operational plan that focuses our resources on the areas where we see the greatest opportunities for sustainable growth, innovation and operational leverage with the objective of maximizing value for our shareholders. While this review is ongoing, like most medical device companies, the focus will center on operational rigor and predictability across the organization, accelerating growth in innovation-driven platforms and ensuring disciplined and balanced capital deployment. I look forward to partnering with the leadership team and our employees to build upon the strong foundation that's already in place and continue advancing Teleflex's transformation into a more focused medical technologies leader with durable long-term growth. Now I'd like to transition to the second quarter highlights. Our overall pro forma adjusted constant currency growth was 4.7%, while adjusted operating margin was 19.6%. We delivered better-than-expected revenue, adjusted margin and adjusted EPS with excellent performance in the Vascular and Surgical businesses in particular. At the same time, Interventional performance fell short of our expectations as the integration associated with the VI acquisition is taking longer than anticipated. As John will discuss, we have updated our full year revenue outlook to reflect a more tempered expectation for Interventional growth while maintaining our adjusted operating margin outlook and increasing our adjusted EPS guidance. We've previously emphasized that 2026 would be a transition year for Teleflex as we become a stronger, more focused company for the future. To that end, I'm pleased to share that we're making significant progress on our strategic transformation and our commitment to maximizing shareholder value. In December of 2025, we announced agreements to sell the Acute Care, Interventional Urology and OEM businesses as part of our overall transformation plan. As announced early this week, we have successfully closed the OEM divestiture which resulted in proceeds of approximately $1.5 billion in estimated after-tax proceeds of $1.25 billion. The OEM strategic divestiture generates the majority of the proceeds from the planned strategic divestitures and will fund both debt reduction and share repurchase. John will get into more details on the use of proceeds from the OEM close and capital allocation in a few minutes. Turning to the Acute Care and Interventional Urology divestiture, we remain confident in closing the transaction. As previously disclosed, the FTC issued a second request in March, seeking additional information in connection with its review of the transaction. Both parties are working cooperatively with the FTC. The strategic divestiture is currently anticipated to be completed in the fourth quarter of 2026, although the timing is dependent on the regulatory approval process and remaining steps to complete the transaction. As I focus on durable future growth, driving innovation is a key priority for Teleflex. I am excited about the new product opportunities we are developing, and over the past several quarters, we have deliberately increased our R&D investment with R&D expense at 7.9% of sales in the first half of 2026. As I look ahead, we will focus on effectively allocating capital to new R&D opportunities that fortify our existing product portfolio, leverage our call points and are accretive to our long-term growth profile. Importantly, we have had a number of exciting new product innovation developments recently, including the late July BLA approval from the FDA for EZPLAZ freeze-dried plasma as well as the achievement of important clinical trial milestones for Freesolve, our novel drug-eluting resorbable magnesium scaffold. EZPLAZ, which will expand the emergency medicine portfolio in our Vascular business, represents a novel solution to administering plasma to critically injured patients in combat and prehospital settings. Approved for the treatment of adults with uncontrolled bleeding resulting from traumatic injuries when plasma is required and other plasma products are not available. EZPLAZ is the first freeze dried plasma licensed by the FDA. EZPLAZ uses an innovative, flexible plastic bag technology that enables quick and efficient reconstitution of freeze-dried plasma. It fills an unmet need by enabling the transfusion of plasma in situations where it is critically needed. Including on the battlefield or on air and road ambulances, where the use of traditional plasma products is limited by logistical and operational challenges. Turning to the future for the Interventional business. and as part of our commitment to increasing R&D investment in innovative technologies. We continue to advance our clinical study program with a highly differentiated Freesolve drug-eluting resorbable magnesium scaffold technology. Freesolve pairs temporary scaffolding with drug delivery to target a long-sought goal in Interventional cardiology and is anticipated to address the rapidly growing trend in coronary and endovascular procedures towards treatments that leave nothing behind. During the second quarter, we announced several milestones from the Freesolve clinical program. 4-year follow-up data from the single-arm BIOMAG-I study were presented in May at the Paris Course of Revascularization, demonstrating sustained long-term performance and a favorable long-term safety profile of Freesolve. We also announced the completion of patient enrollment ahead of schedule for the BIOMAG-II study, which is the first randomized controlled trial for Freesolve run outside of the United States. This positions us for a late 2027 data readout. Finally, we commenced the BIOMAG-III randomized pivotal trial in the U.S. with the first patient procedures completed in June at the MedStar Washington Hospital Center. While this comprehensive clinical program is still in its early phases, we are encouraged by the data to date and excited about the optionality that Freesolve provides us in the future. In summary, taken together, all of these updates and actions reflect a more focused portfolio, disciplined capital allocation and innovation progression. We believe they position Teleflex to deliver improved execution and stronger long-term performance. We are building a clear financial profile and path to value creation through improved adjusted margins, lower interest expense and stronger adjusted earnings per share over time. 2026 remains a transition year for the company, and our transformation is well underway with tangible milestones being met, including the close of the OEM strategic divestiture and return of capital to shareholders. As we continue to execute on our priorities, we expect a meaningful step-up in our financial performance in 2027 and beyond. Now let's move on to our second quarter continuing operations detailed results and updated financial guidance for 2026 all growth rates that I referred to are on a year-over-year pro forma adjusted constant currency basis, unless otherwise noted. Pro forma adjusted constant currency growth for 2026 excludes the impact of foreign exchange, the $9 million Italian payback measure recorded in the second half of 2025 and the impact of approximately $14 million in continuing operations product revenue that was discontinued at the end of 2025 due to a strategic realignment, but includes revenue generated by the acquired Vascular Intervention business for the prior full year period. All comments relate to continuing operations for the second quarter of 2026. For the second quarter, Teleflex revenues were $570.3 million, up 28.9% year-over-year on a GAAP basis and up 4.7% on a pro forma adjusted constant currency basis. In the quarter, our revenue performance reflected strong execution in our Vascular and Surgical businesses, partially offset by the performance of our Interventional business which was impacted by integration and restructuring activities related to the VI business. Second quarter adjusted earnings per share was $1.76 a 1.7% increase year-over-year and ahead of our expectations. Now let's take a deeper dive into our second quarter revenue performance. I will begin with a review of our revenues by global product category for the second quarter. Starting with Vascular. Revenue was $246.3 million an increase of 8% year-over-year, primarily driven by growth in our hemostatic products and in our central access portfolio. In our Surgical business, revenue was $112.1 million, an increase of 9.2%, which was primarily driven by strong performance in ligation clips, our instrument portfolio and skin stapling. Moving to Interventional. Revenue was $211.9 million, a decrease of 1%, while several categories, including hemostatic products, right heart catheters, intraosseous and complex catheters, outperformed, growth was softer than expected in the quarter, reflecting ongoing integration and restructuring activities associated with the VI acquisition. Although 2026 was always expected to be a transition year, the integration in the quarter was slower than anticipated, reflecting several transition factors that we expect to be temporary. We are making progress on mitigation actions to address the primary drivers of these temporary impacts. And we remain confident in the long-term strategic and financial prospects for this business. That said, while the original plan contemplated that the integration would be largely completed towards the middle of 2026, we believe it is prudent to extend the time line for full integration through the second half of 2026, given some of the lingering transition issues still impacting the business. I've spent the last 20 years of my career working in the Interventional space, and that experience gives me real conviction in the opportunity ahead for Teleflex. At a high level, the legacy Teleflex Interventional and acquired Vascular Intervention business fit together very well and with highly complementary product portfolios and geographic strengths. I believe that these are the right assets for Teleflex to expand its presence in Interventional coronary and peripheral procedures. Drilling down a bit more. We have great products. a broad portfolio that includes specialty devices that physicians rely on and appreciate. I see meaningful opportunities to gain share, expand geographically and bring new products to market including through our innovation pipeline, which features differentiated products like Freesolve. As we actively work through the 2026 transition year, my focus is on positioning the business for success in 2027 and beyond. My broader review is ongoing, but my immediate priorities are clear, complete the integration associated with the VI acquisition and position Teleflex for improved growth as we continue the overall transformation of our business. That completes my comments on the second quarter revenue performance. Now I'd like to turn the call over to John for a more detailed review of our financial results. John? John Deren: Thanks, Jason, and good morning. All results that I speak to will be on a continuing operations basis for 2026. Through the reclassification of discontinued operations, historical continuing operations reflect the impact of stranded costs in all periods presented. Given Jason's previous discussion of revenue, I'll begin with margins. For the second quarter of 2026, adjusted gross margin was 61.7%. The 280 basis point decrease year-over-year was primarily due to the adverse impact of tariffs and the addition of the Vascular Intervention business which has a slightly lower gross margin than the corporate average. Of note, there were no recognition of IEEPA tariff refunds in the second quarter. Second quarter 2026 adjusted operating margin was 19.6%. The 520 basis point decrease reflects year-over-year gross margin pressure and higher operating expenses associated with the acquired Vascular Intervention business as well as increased R&D investment. Adjusted net interest expense totaled $26.5 million for the second quarter as compared to $20.3 million in the prior period. The year-over-year increase is primarily due to the borrowings used to finance the Vascular Intervention acquisition and a portion of the open market share repurchases in the second quarter of 2026, partially offset by lower interest rates. Our adjusted tax rate for the second quarter of 2026 was 9.9% as compared to 14.1% in the prior period. The year-over-year decrease is primarily due to the beneficial tax provisions included in the One Big Beautiful Bill Act increased utilization of U.S. tax credits and favorable jurisdictional mix in the quarter. At the bottom line, second quarter adjusted earnings per share was $1.76, representing a 1.7% increase year-over-year. The year-over-year increase was primarily due to a lower share count and tax rate and to a lesser extent, higher adjusted operating income, partially offset by tariffs and higher interest expense. At the end of the second quarter, our cash and cash equivalents and restricted cash equivalents balance was $316.9 million as compared to $402.7 million as of year-end 2025. Net leverage at the end of the quarter was approximately 2.8x, up slightly from the first quarter, primarily driven by borrowings to fund the share repurchases completed during the second quarter. Pro forma net leverage for the OEM strategic divestiture was approximately 1.9x. Turning to our capital allocation strategy. We remain committed to returning cash to shareholders under our previously announced $1 billion share repurchase authorization while reducing debt by $800 million. To accelerate the return of capital to shareholders. During the second quarter, we repurchased approximately 1.9 million shares of our common stock for $250 million through open market transactions at an average share price of $130.85. With the close of the OEM strategic divestiture, I am pleased to announce that we intend to commence an additional $250 million accelerated share repurchase on August 7. The remaining net proceeds from the OEM strategic divestiture were primarily used to pay off the $700 million Term Loan A-2 associated with the acquisition of the Vascular Intervention business. and we will replenish funds deployed for the $250 million share repurchase that was completed during the second quarter. Turning now to our financial guidance framework. As we previously indicated, 2026 results include a number of transient factors related to our strategic divestitures that will impact our near-term results, which we expect to be mitigated with the close of both transactions. Therefore, we anticipate 2027 will be more reflective of the underlying business, ultimately building a clearer financial profile with significant improvements in adjusted margins, interest expense and adjusted earnings per share. As previously announced, we have also launched a multiyear restructuring plan that is expected to achieve approximately $50 million in annual pretax cost savings upon completion in mid-2028. The restructuring activities, which are on track began in the first quarter of 2026, and our guidance continues to assume savings from these activities will accelerate in the second half of the year. We are also identifying further cost reduction opportunities and remain committed to mitigating the stranded costs associated with the strategic divestitures. With that context, I will review items that will impact our 2026 results. First, our assumptions for 2026 continued to reflect the impact of stranded costs, partially offset by TS agreements associated with the recent close of the OEM strategic divestiture. Of note, the TS and MS agreements associated with Acute Care and Interventional Urology strategic divestitures are more expansive than those for OEM due to the buyer requiring more support, which will drive adjusted margin expansion in 2027 as we offset stranded costs. Second, the exact timing of the closing of the Acute Care and Interventional Urology strategic divestiture will pace our ability to deploy additional capital during the remainder of 2026. Third, our 2026 adjusted gross margin assumption does not reflect any benefit from IEEPA tariff refunds. As we look forward to 2027 and beyond, we anticipate our capital deployment actions in combination with the impacts of the TS and MS agreements and our efforts to further mitigate stranded costs and rightsize the organization will result in a significant increase in our adjusted operating income, adjusted margins and adjusted EPS. Moving to an update on our 2026 guidance. Please note that our 2026 guidance is provided on a continuing operations basis and excludes the Acute Care, Interventional Urology and OEM businesses. We now expect pro forma adjusted constant currency revenue growth for 2026 to be in a range of 3.5% to 4.5% as compared to 4.5% to 5.5% previously. The updated guidance reflects the performance in the first half of 2026 and extended time line for the integration of the Interventional business and our expectations for the Vascular and Surgical business for the second half of the year. Turning to adjusted earnings per share. We now expect an increased range of $6.90 to $7.20 in 2026 versus our previous guidance of $6.25 to $6.55. Our guidance includes the second quarter results, our updated expectations for the second half of 2026 including the benefit of the second quarter share repurchase activity and lower net interest expense. Our adjusted EPS guidance does not include any benefit from the proceeds resulting from the Acute Care and Interventional Urology strategic divestiture and the anticipated positive impact from additional share repurchases in the second half of 2026, including the $250 million ASR referenced earlier in my remarks. Also for the avoidance of doubt, our adjusted EPS guidance does not assume a benefit of tariff refunds at this time. We will recognize the tariff refund upon full confirmation from the U.S. government. We anticipate these actions will result in meaningfully lower share count and significantly reduced interest expense in 2027 and beyond. Taken together, we expect share repurchase and balance sheet deleveraging activities will contribute to significantly higher adjusted EPS beginning in 2027. Additionally, for modeling purposes, you should consider the following: the impact of foreign exchange for 2026 is still expected to be approximately $14 million tailwind to our pro forma adjusted constant currency revenue growth. We continue to expect our 2026 adjusted operating margin to be approximately 19%. As previously discussed, after addressing standard costs, we believe our steady-state margin profile will be approximately 23%. Looking forward, we see opportunities to improve upon that a state operating margin through operating leverage associated with revenue growth and other cost-saving initiatives. Moving to assumptions below the line. For net interest expense, we now expect approximately $85 million for the full year 2026 as compared to the previous assumption of approximately $105 million. The change in outlook primarily reflects the $700 million debt reduction associated with our recent close of the OEM strategic divestiture as well as the opportunities to optimize our near-term borrowings. We now expect our adjusted tax rate to be approximately 12.25% in 2026 as compared to approximately 13.5% previously. Finally, we expect shares outstanding to approximate 43.3 million which excludes any benefit from the announced $250 million ASR. That concludes my prepared remarks. I would now like to turn the call back to Jason for closing commentary. Jason Weidman: Thanks, John. In closing, I will highlight our 3 key takeaways from the second quarter of 2026. First, Teleflex had a very solid second quarter. delivering better-than-expected revenue, adjusted margins and adjusted EPS. We expect continued solid performance in Vascular and Surgical in the second half of 2026, albeit at a more moderate growth rate than the first half. Alongside extended time lines to full Interventional integration. We have reduced our pro forma adjusted constant currency revenue growth guidance to reflect these dynamics with the low end of the range contemplating no improvement in Interventional revenues versus the second quarter for the remainder of the year in addition to typical third quarter seasonality. Second, we are committed to returning significant capital to shareholders. accelerated share repurchase and debt reduction in the first half are driving an increase in adjusted earnings per share guidance. The recently completed OEM strategic divestiture fueled additional repurchases and debt reduction going forward. Third, we are continuing to successfully execute on our transformation to a more streamlined portfolio, which will position us for acceleration in 2027 and beyond. We expect meaningful increases in adjusted operating margin and adjusted earnings per share in 2027. Additionally, recent positive innovation milestones with EZPLAZ and Freesolve highlight our increased focus on future growth opportunities. That concludes my prepared remarks. Now I'd like to turn the call back to the operator for Q&A. Operator: [Operator Instructions] First question comes from the line of Vik Chopra of BMO Capital Markets. Vikramjeet Chopra: Two for me... Operator: Sorry, Vik. Just one moment, I'll get you back. Your line dropped off here. We'll take the next one. Your next question comes from the line of Jayson Bedford of Raymond James & Associates. Jayson Bedford: Maybe just first for Jason. Jason, you're walking into a situation here where the strategy through transformative deals is largely set. Are there any pieces of the strategy that make you uncomfortable? And if you can point out any areas of opportunity that maybe were not clear when you stepped into the role? Jason Weidman: Yes. Thanks, Jayson, for the question. Actually, one of the things I was really -- that really attracted me to Teleflex as I was looking from the outside was this transformational strategy. I thought that it was the right approach to provide better focus for the business. And as I've come in, I remain confident in that strategy. There is nothing that stuck out to me in these first 2 months that make me think that we're on the wrong path. Obviously, we need to determine what the long-term path is beyond that. So I'm in the middle of that, what I would call my comprehensive assessment of the entire organization. And over the coming months here, we'll put together the long-term operational and strategic plan to really drive long-term durable growth and shareholder value. Jayson Bedford: Okay. And then just maybe as my follow-up, can you elaborate a bit more on the VI integration issues what is the issue? And what needs to happen to fully integrate the business? Jason Weidman: Yes, great question. So the first thing I want to emphasize here is that this is absolutely not a product issue. So with the coming together of these 2 portfolios, the legacy Teleflex Interventional portfolio and the BIOTRONIK VI portfolio, they really fit beautifully together. And I think all of you guys know that I spent the last 20 years in the Interventional business. So I know this space well. And what I can tell you is that when I took this role, I got countless numbers of messages, text messages and e-mails from KOLs in the space that basically said, "Wow, you have a great bag, we're excited to see what you do with it at Teleflex." So this isn't a product issue. What it is simply is just integration transitions that are continuing, that are transient that we need to work through. And I would primarily point to 3 areas. The first would be order-to-cash transitions. The second would be distributor transitions and the third would be sales force transitions. All of these are manageable. So if I start and go into a bit more detail from the OTC perspective. So any time you change an ordering system for a customer no matter how smooth your internal transfer goes, and it was smooth for us, it's a change for the customer. And so there's an opportunity for disruption and confusion with them. And so that's what we are going through right now. We've identified where we have customer confusion and any lingering issues, and we're systematically working our way through those. What I can tell you is that the vast majority of our OTC transitions happened in Q2. And so that gives us a real good line of sight into how we can work through any of those lingering customer confusions. The second is really about distributor transitions. And any time you move from one distributor to another, there's often a timing issue. So your original distributors start working down their inventory. And so they stop buying, and you haven't yet got to the point of the rebuy or the start-up buys for your new distributors. So obviously, we're closely tracking all of those transitions from distributor to distributor and making sure we drive to completion of those. The final area is really about sales force transitions. When you bring 2 sales forces together, there's obviously going to be some territory realignment. And so you end up with some reps that have new customers. You end up with reps that have new products to sell. And in some cases, we found that we didn't have the right reps to sell this combined bag. And so we have open positions. And so we have a very comprehensive plan in place to make sure we have enhanced training as well as to make sure we have a very clear hiring plan, and we're always -- and we're already making really good progress against that hiring plan. So again, I'd say all of these are transient issues related to the integration. And we have this really strong foundation of really great products. And trust me, I wouldn't be here if I didn't think that there was great opportunity in the Interventional business. Operator: Our next question comes from the line of Vik Chopra of BMO Capital Markets. Vikramjeet Chopra: Jason, you've had about 2 months to assess the business. I'm curious how quickly you expect to communicate the outcome of your strategic review? And should we invest -- so should we expect a formal long-range plan? And then I had a quick follow-up, please. Jason Weidman: Yes. Thanks for the question, Vik. Obviously, as I said a couple of minutes ago here, one of my biggest priorities is really to fully assess the business and put together that long-range plan. I would -- I'm only 2 months in, so I need a little bit more time. I would expect that I'll have more to say and a little more color on opinions of future direction here by the next earnings call. Vikramjeet Chopra: Okay. Great. And a quick follow-up on BIOTRONIK. I'm curious what level of confidence you have that the current time line reflects the full extent of the delay? Jason Weidman: Yes. Yes. I think that when we look at -- as I said, the main causes of the integration delay we have mitigations in place, and we're already seeing progress in those -- in each of those factors. So we have pretty good confidence or really good confidence that we will -- we should be able to work through that by the end of the year. And thus, our guidance also reflects that. Operator: Our next question comes from the line of [ Patrick Wood ] of UBS. Unknown Analyst: Amazing. I'll do 2 quick ones upfront. Just looking and thinking about the business, I know it's obviously a few months for you, but the guide implies ever so slightly more conservative second half, I think, like plus 3% or so. Is there any reason in your mind that midterm, there shouldn't be a business that can grow 4% or so? Is there anything that we might be missing, whether it's procedure environment or anything like that, that would preclude 4% plus is a reasonable midterm benchmark? Jason Weidman: Yes. Thanks for the question, Patrick. I don't think there's anything major that you're missing here. And let me go back to the guidance and be really clear. So we -- as we look at this revised adjusted revenue growth guidance of 3.5% to 4.5%. This is for the full year and for all of RemainCo. And we're not going to guide on individual businesses. That said, the entire reduction in that guidance from previous guidance is due to this integration slowdown in Interventional. Operator: Our next question comes from the line of Matthew Taylor of Jefferies. Michael Sarcone: This is Mike Sarcone on for Matt Taylor. I guess just a follow-up there on the guide. I think in the prepared commentary, you mentioned maybe some more moderate growth expectations in the back half of the year for Vascular and Surgical as well. Can you just kind of square that away and elaborate there versus your response to the last question around the guide? Jason Weidman: Sure, no problem. So again, the reduction in the guide is solely due to what we see in Interventional. That said, we did provide some additional color in the prepared remarks to give you confidence in our ability to get to the lower end of the range. And that was that -- the low end of the range really contemplates no growth in Interventional for the remainder of the year. And so take that Q2 revenue that we had in Interventional and assume that, that's what it would be for the remainder of the year with just some additional seasonality in Q3. Lawrence Keusch: For the other 2 businesses, for Vascular and Surgical, we expect them to continue to perform really solidly. But they've been growing at a high single-digit rate through the first half of the year, which is fantastic, but these are not high single-digit growth markets. So if we look at Vascular, for instance, we did see with some of our major distributors that inventories creeped up a little bit in H1. So we would expect that eventually that's going to normalize. If I turn to the Surgical business, when we get to the second half of this year, we just frankly face tougher comps. So if you look at H2 of last year, that's when we started to see some of the strength in the instrument portfolio. Michael Sarcone: Got it. That's helpful. And maybe just, can you comment on whether or not you've seen any impact from ACA subsidy expiration and just kind of patient demand and utilization? Jason Weidman: We haven't seen any impact from that. Operator: Our next question comes from the line of Jason Bednar of Piper Sandler. Jason Bednar: I want to go back and double-click on those 3 buckets you stepped through earlier impacting the revenue outlook. The first 2, OTC and the distributor dynamics. Those to me, sound pretty manageable, very controllable. It's the last one, the sales force piece that I'd love to get your thoughts around that, just being fully resolved by year-end. As some of those roles are still open and in med tech, we've all seen that it takes a little bit of time on ramp-up. So just given where we are in middle of the year, just your comfort or confidence around addressing that sales force piece. Jason Weidman: Yes. I think that's a great question. I'm confident we can get through the hiring plan. I'm confident with our current reps, we can get through the enhanced training that we need to do. But as you know, in these spaces, typically, it takes a good 6 months or so to get a rep up to speed. So I would assume that our ramp-up is not going to be a step up but a ramp-up, exactly like you're saying. Jason Bednar: All right. Helpful. And then I don't mean to ignore all the heavy lifting here in 2026, a lot of us are understandably trying to hone in also on where growth goes for '27, where EPS heads for '27. And just based on the margin normalization, capital deployment, all the things that are in play, it's not hard to see EPS move to something that's like $11.25 or $11.50 in that neighborhood for next year. Jason, I know it's kind of my first call here. I just love to get your reaction to that. Jason Weidman: Well, look, I'm going to -- I'll pass that one to John to talk about what our expectations are on the EPS. But, yes. Go ahead, John. John Deren: Yes. So obviously, we're not ready to guide 2027 yet. I appreciate your thoughts, and I don't know that I can confirm or deny your modeling, but I would tell you that with the 23% op margin from where we sit today that your numbers don't sound unreasonable. Operator: Our next question comes from the line of Lawrence Biegelsen of Wells Fargo. Nathan Treybeck: This is Nathan Treybeck on for Larry. Jason, CMS is changing the requirement for NTAP and TPT. Breakthrough designation is no longer eliminates the need to show a clinical advance to receive enhanced reimbursement. How does this impact Freesolve and where you might be able to price it? Jason Weidman: Well, as you know, with those rules, it just eliminated the shortcut that you did not have to show superiority with -- if you had breakthrough device designation. And so we are aware that, that goes away and that pathway goes away. At the same time, we've got a lot of different scenarios we're looking at for Freesolve in the long term. And certainly, we're looking at different measures of which we could also attempt to show that there could potentially be long-term superiority of that device. But regardless, this is regardless of where that NTAP or TPT ends up, we think that if this plays out clinically in the randomized trials, this is a great opportunity no matter what. Nathan Treybeck: Great. And I do want to ask on Orsiro what percentage of Interventional revenue is it today? And is it declining at a similar rate to the overall DES market? And do you think you can change the trajectory for that product? Jason Weidman: So the first thing I would say is we're not going to get in guide and specific or talk about growth rates of specific product lines. That's just not something we're going to do. I can speak generally about the DES market, which is, I would call it, approximately flat. So pricing is usually counteracting the PCI growth that's happening worldwide. And what I would say about Orsiro is that it's got a pretty low share position, not because it's not a great product, but it just hasn't had the commercial bandwidth across the globe to really go after it. And so I do think that there's actually opportunity for us to outperform the market over time with this product. There's 70,000 patients studied with Orsiro. It's a good product. It has amazing data versus Xience, and I'm excited to see what we can do with it. Operator: Our next question comes from the line of Mike Matson of Needham & Company. Michael Matson: So I want to start with one on EZPLAZ. So you appreciate the commentary there, but I didn't really hear much about the market opportunity. I think in the past, you talked about it being about $100 million potential market in the U.S. And then what about the timing of the launch and potential sales ramp? Jason Weidman: Yes. Great question. So first, let me start with just saying that I'm really, really pleased with this landmark approval. And I think that it really demonstrates Teleflex's expanded commitment to innovation. This is something that the company has been working on for more than a decade, and it is certainly not an easy project or an easy innovation. And so now we ended up as the first and only freeze-dried plasma that's licensed by the FDA. So I really wanted to compliment the team on that before addressing your question. So look, with EZPLAZ, what I want to make clear is that our first and immediate priority here is the government and military market here in the United States. And there's a lot of work that needs to be done there. So the next steps for that are procurement solicitation with the Department of War, then we have to negotiate contract then we sign a contract and start to actually commercially deliver product. Now we're actively engaged in those conversations and they're going well. In 2026, I would anticipate that any revenue we get from EZPLAZ would be immaterial. But in 2027, it will be a contributor. In terms of the long-term market, I am aware that in the past many years ago, the company had described this as a $100 million opportunity. As you can imagine, as being new to the role, I want to reassess how and our ability to go after new segments and what that total market opportunity can be. And I would say we're still in the middle of that. And so I would say it would be premature for me to comment on the total market opportunity over time. Michael Matson: Okay. Understand. And then in terms of Freesolve and the BIOMAG-II trial, which you're expecting results, I think, late next year, what's sort of at stake with that trial? So is it safe to assume that if the results are positive that, that's going to allow you to see sales kind of ramp more aggressively outside the U.S. where it is on the market in Europe and other places? Lawrence Keusch: Yes. Great question. So as we think about Freesolve outside the United States, you're exactly right. It's not a -- or a sales ramp is not an approval issue. It's really a data issue or a lack of data and a guidelines issue. And so we do not -- we have really great single-arm data so far with BIOMAG-I, which I would say is hypothesis generating. We hear great things from physicians, the device performs similarly to a conventional DES, the results in that single-arm study look like a conventional DES. But obviously, we need to see it in a randomized fashion. And so we did, as you said, we finished enrollment in BIOMAG-II, which is about 2,000 patients randomized versus Xience. We finished that ahead of schedule. So we will have a readout next year. And so that should take care of this data question. And so we're anxious to see that and to really see how this performs versus DES. And then in terms -- but beyond that, I mentioned there's also a guideline issue. So the major guidelines outside the U.S. in cardiology are the ESC guidelines, European Society of Cardiology guidelines. And right now, those guidelines state that you should only use bioabsorbable scaffolds in a clinical trial setting. So even as we get through knock on wood positive data next year, we'll still have to work with ESC to make sure the guidelines get updated, but positive data should allow that to happen. Operator: Our next question comes from the line of Anthony Petrone of Mizuho Financial Group. Anthony Petrone: And welcome, Jason. Pleasure to meet over the phone and hope you're doing well, John. One on procedure volumes, just broader question and 1 on capital allocation. All 3 segments could be used as a proxy for procedure volumes. Vascular organic is 8%, your Surgical is 9%. And obviously, Interventional, you have the organic growth down 1%. To what extent can you give us a little bit on U.S. procedure volumes? There's been some noise out there. HCA had inpatient admissions down some of the med tech companies are not seeing impacts. Some of them are. So what is the view from the Teleflex vantage point as it relates to U.S. procedure volumes into the back end of the year? And I'll have a follow-up on capital. John Deren: Yes, sure. So I mean, just in short, similar to what I said before is we're not really seeing any impact of procedure volumes. We don't think that, that's what's been driving the performance of our businesses. Anthony Petrone: And maybe on capital allocation, $250 million ASR. I think the prior target was $1 billion overall. So you did $250 million in a first share repurchase of $250 million post the OEM divestiture for an ASR and instead the debt buyback. So maybe just to recap on capital allocation, what will be the steady diet of share repurchases versus debt service. And of course, M&A was part of the Teleflex DNA. What are your thoughts, Jason, on M&A? Jason Weidman: Yes, sure. So at a high level, we remain committed to the $1 billion share repurchase, the $800 million in debt reduction. So as you said, we completed the $250 million share buyback in Q2, the first $250 million, we announced the next $250 million ASR here to start tomorrow. And then the remaining $500 million will likely use the proceeds from the Acute Care and Interventional Urology divestiture when that closes. From a debt reduction standpoint, we paid down $700 million with the OEM proceeds from -- and that was some debt that we incurred from the BIOTRONIK acquisition, and then we'll pay down the additional $100 million here of debt that we committed to by the remainder of the year. In terms of your question on acquisitions, the first thing I would say is we've got a lot on our plate right now that we need to execute to, and that's what our focus is on. We need to make sure both of these divestitures get done. We need to make sure that we fully integrate BIOTRONIK and then we'll work from there. But generally, my philosophy, though, on acquisitions is that I would like these -- anything we look at would need to be tuck-in acquisitions to the businesses that we will have here in RemainCo. I'm not interested, at least in the short to midterm on anything that would be transformational. Operator: Our next question comes from the line of Ravi Misra of Truist Securities. Ravi Misra: Also relay my congratulations and nice to start working with you, Jason, over the coming quarters. Just, I guess, my two, I'll ask them upfront. Can you talk maybe a little bit about Pantera Lux, kind of what's going on in the DCB ISR space? One of your competitors has been delivering pretty gangbusters growth in that segment. So I just want to understand how you're viewing the opportunity there? And then second, just I guess, on the vascular strength, there's growth acceleration despite some of the supplier headwinds that were mentioned. You kind of talked about some ordering patterns here. Can you maybe point us to, John, what kind of a stabilized end market looks like for this segment? Jason Weidman: Yes. So first question on DCB. Yes, there's been -- DCB has been a great growth opportunity, particularly in the coronary space over the last couple of years. We see this is a growth segment for us within our Interventional business, and we see more opportunity around the world. We are looking at the different options for us to get our DCBs into the United States and to Japan because of some contractual items on these products, the Lux platform, it's not necessarily straightforward. And so we're still trying to work through what our different options are. Let's see. So the other question was just about the Vascular segment and yes, and ordering patterns and where we saw the market stabilizing. So again, so we had really strong business in our performance in our Vascular business in H1. In particular, in the second quarter, I'll call out that our team did a fantastic job managing the lidocaine recall, which we thought could have been a negative for us in the quarter with the back order, but our team really, really managed through that in a great way. As I mentioned though, as we track the inventories of the major distributors, they've creeped up a little bit. And so we would expect them to normalize a little bit in the back end. At the end of the day, this is a mid-single-digit growth market. Operator: Our next question comes from the line of Michael Polark of Wolfe. Michael Polark: Follow-up on the BIOTRONIK integration update. I'm just curious on the revenue, call it, disruption side. Is it legacy BIOTRONIK or is it legacy Teleflex or is it both? And is there a geographic area that stands out more Europe or U.S.? Jason Weidman: So look, we don't get into product line details, but I think it's safe to say that the legacy -- or the BIOTRONIK BI acquisition revenue base was disproportionately impacted through the integration struggles. Michael Polark: And then a question on tariff refunds. I heard, John, none received, none in the guide, helpful. There are some companies that are reporting a receipt of such refunds in the second quarter. So why haven't you seen them? Do you expect them to come in the third quarter. Can you help us think about how you would treat those if and when they do come? John Deren: Yes. So we did see some refunds in this quarter, but they were not -- they were one somewhat split between RemainCo and NewCo, so between DO and CO. And they also related to 2025. So our non-GAAP policy will only recognize into earnings things related to 2026. With that said, the only opportunity for 2026 refunds is approximately about $15 million that hit in Q1 and Q2. So when we do see those refunds come in, that amount would come back into earnings. I can't really speak to timing because it's a little unsure. We have submitted all the refunds, but that amount will come back into earnings, that $15 million. Right now, in total, we expect somewhere in the neighborhood in cash of about $39 million in refunds to Teleflex. Operator: Our next question comes from the line of Travis Steed of Bank of America. Travis Steed: Just maybe as the new CEO, I'd love to have you talk about kind of your philosophy on creating shareholder value. And there's a lot of strategic and financial interest going on in med tech and there's standalone ways to do that and other ways to do it. But like as a new CEO coming in and obviously a new -- kind of a new path year for Teleflex, would just kind of love to have you talk a little bit about your philosophy in particular, on shareholder value creation. Jason Weidman: Yes. Thanks, Travis. So right now, I've got a lot to learn in this new job and in this new business. And so I've really been focusing on learning as much as I can. And like I said, the priorities have been to learn to really -- to focus on the execution of these big things that we've got to move, the divestitures, the integration, et cetera, and then to develop that strategic approach here on what we're going to do in the long term. So again, I remain committed to what Teleflex has already put in place with the share repurchase and in the debt paydown. I'm also very committed to innovation and believe in organic R&D to drive shareholder value. And if you look at what we've done here at Teleflex in the first half, we're getting close to 8% of revenue for R&D as opposed to historical levels at 6%. But as I think about exactly how I want to approach capital allocation and any changes in the long term beyond that, I'd ask that you give me a little bit more time, I want the time to really fully assess every aspect of the business first. Operator: That is all the time we have for questions today. I will now turn the conference back over to Mr. Lawrence Keusch for closing remarks. Lawrence Keusch: Thank you, JL, and thank you to everyone who joined us on the call today. This concludes the Teleflex Incorporated Second Quarter 2026 Earnings Conference Call. Operator: You may now disconnect. Before you buy stock in Teleflex, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Teleflex wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Teleflex. The Motley Fool has a disclosure policy. Teleflex (TFX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Teleflex Incorporated? Here are five stocks we like better. Teleflex exceeded Q2 expectations, with revenue of $570.3 million, adjusted EPS of $1.76 and strong growth in its Vascular and Surgical segments. Interventional revenue declined 1% as acquisition integration disrupted systems, distributors and sales-force operations. The company lowered its 2026 revenue-growth outlook to 3.5%–4.5% but raised adjusted EPS guidance to $6.90–$7.20, helped by share repurchases and lower interest expense. Management expects Interventional integration to be completed by year-end and described 2026 as a transition year. Teleflex is using divestiture proceeds to reduce debt and return capital, including $250 million of Q2 share repurchases and another planned $250 million accelerated buyback. The company also highlighted FDA approval for EZPLAZ plasma and continued progress on its Freesolve scaffold program. Teleflex (NYSE:TFX) reported second-quarter revenue and adjusted earnings above its expectations, supported by strong growth in its Vascular and Surgical businesses, while slower-than-anticipated integration of its acquired Vascular Intervention business weighed on Interventional results. Revenue from continuing operations totaled $570.3 million in the second quarter, up 28.9% on a GAAP basis and 4.7% on a pro forma adjusted constant-currency basis. Adjusted earnings per share rose 1.7% year over year to $1.76. Adjusted operating margin was 19.6%. → No Hangover: Revisiting Microsoft One Week After Earnings President and CEO Jason Weidman, who said he has spent his first two months visiting sites, meeting employees and customers, and reviewing the portfolio, said the company is focused on completing divestitures, reducing debt, repurchasing shares and addressing stranded costs. He described 2026 as a transition year and said the company expects a “meaningful step-up” in financial performance in 2027 and beyond. Vascular revenue increased 8% year over year to $246.3 million, driven primarily by hemostatic products and the central access portfolio. Surgical revenue rose 9.2% to $112.1 million, led by ligation clips, instruments and skin staplers. → MarketBeat Week in Review – 08/03 - 08/07 Interventional revenue declined 1% to $211.9 million. While hemostatic products, right-heart catheters, intraosseous products and complex catheters outperformed, Weidman said the business was affected by continuing integration and restructuring activity following the Vascular Intervention acquisition. Weidman said the issues were not product-related and identified three main transition areas: order-to-cash system changes, distributor transitions and sales-force realignment. He said the acquired BIOTRONIK Vascular Intervention revenue base was disproportionately affected by the disruption. → Why the Landlord of the AI Boom Could Outlast the Chipmakers The company had initially expected the integration to be largely completed around the middle of 2026, but now expects full integration to extend through the second half. Weidman said Teleflex has mitigation plans in place and has “really good confidence” it can work through the issues by year-end, although sales-force ramping will occur gradually as new hires and training progress. Management said Vascular and Surgical are expected to continue performing solidly in the second half, though at more moderate growth rates than in the first half. Teleflex cited some inventory buildup at major Vascular distributors and tougher comparisons in Surgical, particularly in its instrument portfolio. The company said it has not seen an impact from broader procedure-volume trends or from the expiration of Affordable Care Act subsidies. Teleflex completed the sale of its OEM business during the quarter, generating approximately $1.5 billion in proceeds, or an estimated $1.25 billion after tax. The company used a portion of the proceeds to repay the $700 million Term Loan A-2 associated with its Vascular Intervention acquisition. The company remains committed to its previously announced plan to reduce debt by $800 million and return $1 billion to shareholders through share repurchases. During the second quarter, Teleflex repurchased about 1.9 million shares for $250 million in open-market purchases, at an average price of $130.85 per share. Teleflex also said it intends to begin an additional $250 million accelerated share repurchase on Aug. 7. Management said it expects the remaining $500 million of its repurchase plan to be funded largely with proceeds from the pending sale of its Acute Care and Interventional Urology businesses. That transaction remains expected to close in the fourth quarter of 2026, subject to regulatory approval and other closing conditions. The Federal Trade Commission issued a second request for information in March, and Teleflex said both parties are cooperating with the review. Net leverage was about 2.8 times at the end of the second quarter, while pro forma net leverage following the OEM divestiture was about 1.9 times, according to CFO John Deren. Teleflex lowered its full-year outlook for pro forma adjusted constant-currency revenue growth to 3.5% to 4.5%, from its prior range of 4.5% to 5.5%. The reduction reflects first-half performance and the longer timeline for Interventional integration. Weidman said the lower end of the range assumes no improvement in Interventional revenue from second-quarter levels for the remainder of the year, along with typical third-quarter seasonality. Adjusted EPS guidance was raised to $6.90 to $7.20, from $6.25 to $6.55. Adjusted operating margin is still expected to be approximately 19% for 2026. Full-year net interest expense is now expected to be about $85 million, down from a prior estimate of about $105 million. The adjusted tax rate is expected to be approximately 12.25%, compared with the prior outlook of roughly 13.5%. Deren said the higher earnings outlook reflects second-quarter share repurchases and lower expected interest expense. Guidance does not include potential benefits from the pending Acute Care and Interventional Urology sale, additional second-half repurchases beyond the announced accelerated program, or tariff refunds. The company expects about $39 million in tariff refunds in cash overall, according to Deren, though the timing remains uncertain. Teleflex said approximately $15 million related to 2026 tariffs recorded in the first half could be recognized in earnings once confirmed by the U.S. government. Teleflex highlighted recent progress in its innovation pipeline. The FDA granted biologics license approval in late July for EZPLAZ Freeze-Dried Plasma, which is approved for adults with uncontrolled traumatic bleeding when plasma is required and other plasma products are unavailable. The product is designed for use in settings such as battlefields and air or road ambulances, where traditional plasma products can face logistical constraints. Weidman said Teleflex’s immediate priority for EZPLAZ is the U.S. government and military market. He expects any 2026 revenue to be immaterial but said the product should contribute in 2027. The company also advanced its Freesolve drug-eluting resorbable magnesium scaffold program. Teleflex completed enrollment ahead of schedule for the BIOMAG-II randomized trial outside the U.S., with a data readout expected in late 2027. It also initiated the U.S. BIOMAG-III pivotal trial, with the first patient procedures completed in June. Weidman said the company is encouraged by early clinical data and views Freesolve as a potential option in coronary and endovascular procedures that seek to “leave nothing behind.” Teleflex Incorporated is a diversified global provider of medical technologies, specializing in critical care and surgery. Headquartered in Wayne, Pennsylvania, the company designs, manufactures and distributes devices and solutions used by healthcare professionals in hospital, ambulatory and alternate site settings. Teleflex focuses on delivering products that support complex interventional procedures and improve patient outcomes. The company's offerings span several key segments, including Interventional Urology, Respiratory & Anesthesia, Surgical, Cardiac Care, Vascular and Original Equipment Manufacturer (OEM) solutions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Teleflex Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Teleflex (TFX) came out with quarterly earnings of $1.76 per share, beating the Zacks Consensus Estimate of $1.28 per share. This compares to earnings of $3.73 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +37.50%. A quarter ago, it was expected that this medical equipment maker would post earnings of $1.21 per share when it actually produced earnings of $1.39, delivering a surprise of +14.88%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Teleflex, which belongs to the Zacks Medical - Instruments industry, posted revenues of $570.33 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.89%. This compares to year-ago revenues of $780.89 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Teleflex shares have added about 12.1% since the beginning of the year versus the S&P 500's gain of 12.8%. While Teleflex has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Teleflex was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.82 on $581.01 million in revenues for the coming quarter and $6.70 on $2.29 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Instruments is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Stereotaxis Inc. (STXS), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +40%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Stereotaxis Inc.'s revenues are expected to be $9.5 million, up 8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Teleflex Incorporated (TFX) : Free Stock Analysis Report Stereotaxis Inc. (STXS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Teleflex Inc (NYSE:TFX) delivered better-than-expected revenue, adjusted margins, and adjusted EPS in Q2 2026, with strong performance in vascular and surgical businesses. The company successfully closed the OEM divestiture, generating approximately $1.5 billion in proceeds, which will fund debt reduction and share repurchases. Teleflex Inc (NYSE:TFX) is committed to returning capital to shareholders, having completed a $250 million share repurchase in Q2 and announcing an additional $250 million ASR to commence on August 7, 2026. The company received FDA approval for EasyPlas, a freeze-dried plasma product, expanding its emergency medicine portfolio and addressing an unmet need in pre-hospital and combat settings. Teleflex Inc (NYSE:TFX) achieved significant clinical milestones for its FreeSol drug-eluting resorbable magnesium scaffold, including completing patient enrollment in the BioMag 2 trial ahead of schedule and commencing the US pivotal BioMag 3 trial. The company raised its adjusted EPS guidance for 2026 to $6.90-$7.20, reflecting the benefit of share repurchases and lower net interest expense. Teleflex Inc (NYSE:TFX) is on track with its restructuring plan, expected to achieve approximately $50 million in annual pre-tax cost savings by mid-2028, and is actively mitigating stranded costs from divestitures. The company's adjusted tax rate improved to 9.9% in Q2, benefiting from the One Big Beautiful Bill Act and favorable jurisdictional mix. Teleflex Inc (NYSE:TFX) expects a significant step-up in financial performance in 2027, with improved adjusted margins and EPS, driven by divestiture proceeds, cost savings, and lower interest expense. The company's new CEO, Jason Weidman, brings 20 years of interventional experience and expresses strong conviction in the long-term prospects of the interventional business. Teleflex Inc (NYSE:TFX) reduced its 2026 pro forma adjusted constant currency revenue growth guidance to 3.5%-4.5% from 4.5%-5.5%, primarily due to slower-than-expected integration of the vascular intervention (VI) business. Interventional revenue decreased 1% in Q2, falling short of expectations due to ongoing integration and restructuring activities, including order-to-cash transitions, distributor changes, and sales force realignment. The integration of the VI business is taking longer than anticipated, with the timeline extended through the second half of 2026, and the company expects a gradual ramp-up in sales force productivity. Adjusted gross margin decreased 80 basis points year-over-year in Q2, impacted by tariffs and the addition of the lower-margin VI business. Adjusted operating margin declined 520 basis points year-over-year to 19.6%, reflecting gross margin pressure, higher operating expenses from the VI business, and increased R&D investment. The company did not receive any IEPA tariff refunds in Q2, and its 2026 guidance does not include any benefit from potential refunds, which could impact earnings if not realized. The acute care and interventional urology divestiture is still pending FTC approval, with a second request issued in March, and the closing is anticipated in Q4 2026, subject to regulatory timing. Teleflex Inc (NYSE:TFX) faces potential headwinds in vascular and surgical growth in the second half of 2026, as distributor inventories have crept up and surgical comps become more difficult. The company's leverage ratio increased to approximately 2.8 times at the end of Q2, up slightly from Q1, due to borrowings for share repurchases. The new CEO's strategic review is ongoing, and the company has not yet provided a long-term plan, leaving uncertainty about future capital allocation and growth strategy. Warning! GuruFocus has detected 7 Warning Signs with TFX. Is TFX fairly valued? Test your thesis with our free DCF calculator. Q: Can you elaborate on the issues causing the slower-than-expected integration of the vascular intervention (VI) business, and what needs to happen to fully integrate it? A: Jason Weidman, President and CEO, clarified that this is not a product issue, as the legacy Teleflex interventional and Biotronik VI portfolios fit together well. The challenges are transient and stem from three main areas: order-to-cash transitions causing customer disruption, distributor transitions leading to inventory timing gaps, and salesforce transitions involving territory realignment and open positions. He noted that mitigation actions are in place, and the timeline for full integration has been extended through the second half of 2026. Q: What is your confidence level that the full extent of the VI integration delay is now known, and can you work through it by year-end? A: Jason Weidman expressed high confidence, stating that the main causes of the integration delay have been identified, and mitigations are already showing progress. The revised guidance reflects the expectation of working through these issues by the end of the year. Q: How quickly should we expect the outcome of your strategic review, and should we expect a formal long-range plan? A: Jason Weidman stated that he is only two months into the role and needs more time to fully assess the business. He expects to provide more color and details on his strategic vision by the next earnings call. Q: The revised guidance implies a more conservative second half. Is there any reason the business shouldn't grow at 4% or more in the midterm? A: Jason Weidman clarified that the entire reduction in the 2026 guidance (from 4.5%-5.5% to 3.5%-4.5%) is solely due to the slower integration in the interventional business. He noted that vascular and surgical are expected to continue performing solidly, though at more moderate growth rates due to inventory normalization and tougher comps. Q: Can you comment on the salesforce transition issues, specifically regarding open roles and the time it takes for new reps to ramp up? A: Jason Weidman acknowledged that while he is confident in the hiring plan and enhanced training, it typically takes about six months for a new rep to become fully productive. He expects the recovery to be a gradual ramp-up rather than a step-up in performance. Q: With the margin normalization and capital deployment, some models suggest EPS could move to around $11.25 in 2027. Is that reasonable? A: John Deren, CFO, declined to confirm specific 2027 modeling but stated that with the expected 23% operating margin profile, the numbers suggested by the analyst do not sound unreasonable. Q: How does the CMS change to NTAP/TPT requirements impact FreeSol, and how might it affect pricing? A: Jason Weidman acknowledged the rule change eliminates the shortcut for breakthrough devices to receive enhanced reimbursement without showing clinical superiority. However, he emphasized that regardless of the NTAP pathway, if the randomized trials (BioMag 2 and BioMag 3) show positive clinical results, FreeSol represents a great long-term opportunity. Q: What is the market opportunity for EasyPlas, and what is the timeline for a sales ramp? A: Jason Weidman highlighted the landmark FDA approval as the first and only freeze-dried plasma. The immediate priority is the U.S. government and military market, with procurement solicitations underway. Revenue from EasyPlas is expected to be immaterial in 2026 but will be a contributor in 2027. He declined to reaffirm the previous $100 million market estimate, stating he is reassessing the opportunity. Q: What is at stake with the BioMag 2 trial results, and will positive data allow for a more aggressive sales ramp outside the U.S.? A: Jason Weidman explained that outside the U.S., the sales ramp is not an issue but rather a data and guidelines issue. Positive randomized data from BioMag 2 (expected late next year) would help address the data question. However, they will still need to work with the ESC to update guidelines, which currently restrict bioabsorbable scaffold use to clinical trials. Q: Can you provide a recap on capital allocation, including the use of proceeds from divestitures and your philosophy on M&A? A: John Deren detailed the plan: $250 million share repurchase completed in Q2, a new $250 million ASR starting August 7th, and the remaining $500 million from the acute care divestiture. Debt reduction includes paying off the $700 million term loan and an additional $100 million. Jason Weidman added that his focus is on completing current divestitures and integrating Biotronik. He prefers tuck-in acquisitions aligned with the remaining business and is not interested in transformational deals in the short to midterm. Q: Can you provide an update on the DCB (drug-coated balloon) space and the Pantera Lux platform? A: Jason Weidman noted that DCBs are a great growth opportunity, particularly in the coronary space. He sees more opportunity globally and is evaluating options to bring the Lux platform to the U.S. and Japan, though contractual items make the path not straightforward. Q: Is the revenue disruption from the VI integration more on the Biotronik side or legacy Teleflex, and is there a geographic area that stands out? A: Jason Weidman declined to provide product-line details but stated that the Biotronik (VI) acquisition revenue was proportionally impacted through the integration struggles. Q: Why haven't you received IEPA tariff refunds, and how would you treat them if they come in? A: John Deren explained that refunds received in Q2 were split between continuing and discontinued operations and related to 2025, which won't be recognized in earnings. The only opportunity for 2026 refunds is approximately $15 million that hit in Q1. If refunds come in, that amount would return to earnings. He expects total cash refunds of about $39 million. Q: As a new CEO, what is your philosophy on creating shareholder value, particularly regarding capital allocation? A: Jason Weid For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Completes Sale of OEM Business and Will Deploy Net Proceeds to Reduce Debt and Repurchase Common Stock Announces $250 Million Accelerated Share Repurchase Program, Repurchased $250 Million of Common Stock in the Second Quarter WAYNE, Pa., August 06, 2026--(BUSINESS WIRE)--Teleflex Incorporated (NYSE: TFX) (the "Company") today announced financial results for the second quarter ended June 30, 2026. Second quarter 2026 continuing operations financial summary1 Revenue from continuing operations of $570.3 million, up 28.9% compared to the prior year period, and up 4.7% on a pro forma adjusted constant currency basis1,2 GAAP diluted EPS from continuing operations of $0.96, compared to $1.54 in the prior year period Adjusted diluted EPS from continuing operations of $1.76, compared to $1.73 in the prior year period "We delivered a strong second quarter, led by excellent performance in our Vascular and Surgical businesses, while continuing to take decisive actions to strengthen the company for the future," said Jason Weidman, Teleflex's President and Chief Executive Officer. "The completion of the OEM divestiture marks a pivotal step in our transformation, enabling greater focus on our core businesses, a stronger balance sheet, and increased financial flexibility to further reduce debt, return capital to shareholders, and invest in the opportunities that will drive long-term growth. We also made meaningful progress advancing our innovation pipeline, including important milestones for Freesolve and the Food and Drug Administration approval for EZPLAZ, reinforcing our commitment to bringing differentiated solutions to the market." Mr. Weidman continued, "Integration of the acquired Biotronik Vascular Intervention business is progressing, though taking longer than expected, and we updated our revenue outlook accordingly. Importantly, the delay is attributable to elongated integration timelines and not the underlying product portfolio, which remains competitively well positioned. We remain confident in the long-term strategic and financial prospects of this business as part of Teleflex, and have a number of mitigation actions underway to address the primary drivers of the delay. Our updated outlook also reflects the benefits of our disciplined capital allocation actions, including an increase to our adjusted EPS guidance." Turning to his priorities as CEO, Weidman said: "I’m encouraged by the progress our team is making across the organization. Looking ahead, I am focused on completing a thorough assessment of the business and sharpening our strategic and operating plan to maximize shareholder value. My priorities are operational rigor, accelerating our innovation-driven platforms, and disciplined capital deployment. We believe these efforts will position Teleflex to deliver a meaningfully stronger financial profile in 2027 and beyond." 2026 continuing operations guidance summary1 Reducing GAAP revenue growth guidance range to 13.40% to 14.40% Reducing GAAP EPS from continuing operations guidance range to $2.54 to $2.84 Reducing pro forma adjusted constant currency revenue growth guidance range to 3.50% to 4.50%2 Increasing Adjusted diluted EPS from continuing operations guidance range to $6.90 to $7.20 (1) Continuing operations excludes the Acute Care, Interventional Urology, and OEM businesses that were classified as discontinued operations during the fourth quarter of 2025 as a result of our entry into agreements to divest those businesses, which we refer to as the "Strategic Divestitures". (2) Pro forma adjusted constant currency revenue growth includes revenue generated by the acquired Vascular Intervention business in the prior year period, and excludes (a) revenue generated by products previously included within continuing operations that were discontinued at the end of 2025 due to a strategic realignment, (b) the impact of the Italian payback measure, and (c) the impact of foreign exchange. INNOVATION PIPELINE UPDATE EZPLAZ BLA Approval In late July, Teleflex received BLA approval from the U.S. Food and Drug Administration for EZPLAZ™ Freeze Dried Plasma, the first freeze-dried plasma licensed by the FDA. EZPLAZ expands the emergency medicine portfolio within the Company’s Vascular business and is approved for transfusion in adults with bleeding-related conditions requiring replacement of plasma coagulation factors, including uncontrolled bleeding (hemorrhage) when plasma is required and other plasma products are unavailable, including in combat and prehospital settings. Freesolve Clinical Program Advances Within Interventional, Teleflex continued to advance its clinical program for Freesolve™, a novel drug-eluting resorbable magnesium scaffold. During the quarter, the Company presented four-year follow-up data from the BIOMAG-I study demonstrating sustained long-term performance and a favorable long-term safety profile; completed enrollment, ahead of schedule, in the BIOMAG-II study, the first randomized controlled trial of Freesolve conducted outside the United States, positioning the Company for a data readout in late 2027; and initiated the U.S. BIOMAG-III pivotal trial, with first patient procedures completed in June at MedStar Washington Hospital Center. CAPITAL ALLOCATION AND BALANCE SHEET ACTIVITY OEM Divestiture and Debt Reduction As previously disclosed, the Company completed the divestiture of its OEM business to Montagu and Kohlberg, for $1.5 billion in cash. The Company estimates after-tax proceeds of approximately $1.25 billion. The Company paid off its $700 million Term Loan A-2 associated with our acquisition of substantially all of Biotronik's Vascular Intervention business. Share Repurchase As previously disclosed, on December 9, 2025, the Board of Directors authorized a share repurchase program for up to $1 billion of the Company's common stock. During the second quarter, as part of the share repurchase program, the Company repurchased 1.9 million shares of common stock for $250 million through open market transactions at an average price per share of $130.85. As of June 30, 2026, the Company had $750 million remaining available under the authorization. Also under the $1 billion share repurchase program, the Company intends to commence an accelerated share repurchase of $250 million of common stock, effective August 7, 2026. Senior Credit Facility and Notes During the second quarter, the Company entered into a new credit agreement, which effectuated the refinancing of the Company’s prior credit agreement. The new credit agreement provides for, among other things, a $1 billion revolving credit facility and a $500 million term A-1 loan facility, both of which mature on May 26, 2031, and a $700 million term A-2 loan facility, which matures on May 26, 2028. Also during the second quarter, the Company completed a private offering of $500 million aggregate principal amount of 5.875% senior notes due 2032. The Company used the net proceeds, together with cash on hand, to redeem all of its outstanding 4.625% Senior Notes due 2027. NET REVENUE BY GLOBAL PRODUCT CATEGORY The following table provides information regarding net revenues in each of the Company's global product categories for the three and six months ended June 30, 2026 and the comparable prior year period on both a GAAP and pro forma adjusted constant currency basis. OTHER CONTINUING OPERATIONS FINANCIAL HIGHLIGHTS Depreciation expense, amortization of intangible assets and deferred financing charges for the six months ended June 30, 2026 totaled $106.5 million compared to $77.2 million for the prior year period. Total cash, cash equivalents and restricted cash equivalents at June 30, 2026 were $316.9 million compared to $402.7 million at December 31, 2025. Net accounts receivable at June 30, 2026 were $364.6 million compared to $345.6 million at December 31, 2025. Inventories at June 30, 2026 were $351.9 million compared to $404.4 million at December 31, 2025. 2026 CONTINUING OPERATIONS OUTLOOK On a GAAP basis, the Company reduced its full year 2026 revenue growth from continuing operations outlook to 13.40% to 14.40%, including our estimate of an approximately 0.70% positive impact of foreign exchange rate fluctuations. On a pro forma adjusted constant currency basis, the Company reduced its full year 2026 revenue growth from continuing operations outlook to 3.50% to 4.50%. The Company reduced its full year 2026 GAAP diluted earnings per share from continuing operations outlook range of $2.54 to $2.84. The Company increased its full year 2026 adjusted diluted earnings per share from continuing operations outlook to $6.90 to $7.20. Forecasted 2026 Pro Forma Adjusted Revenue From Continuing Operations Reconciliation Forecasted 2026 Pro Forma Adjusted Constant Currency Revenue Percent Growth From Continuing Operations Reconciliation Forecasted 2026 Adjusted Diluted Earnings Per Share From Continuing Operations Reconciliation CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION A webcast of Teleflex's second quarter 2026 investor conference call can be accessed live from a link on the Company's website at teleflex.com. The call will begin at 8:00 am ET on August 6, 2026. An audio replay of the investor call will be available beginning at 11:00 am ET on August 6, 2026, either on the Teleflex website or by telephone. The call can be accessed by dialing 1 800 770 2030 (U.S. and Canada) or 1 609 800 9909 (all other locations). The confirmation code is 69028. ADDITIONAL NOTES References in this release to the impact of foreign currency exchange rate fluctuations on adjusted diluted earnings per share include both the impact of translating foreign currencies into U.S. dollars and the impact of foreign currency exchange rate fluctuations on foreign currency denominated transactions. In the discussion of segment results, "new products" refers to products for which we initiated commercial sales within the past 36 months and "existing products" refers to products we have sold commercially for more than 36 months. Pro forma adjusted revenue and pro forma adjusted constant currency revenue growth give effect to, among other things, our acquisition of the Vascular Intervention business from BIOTRONIK SE & Co. KG as if it had occurred on January 1, 2025. The pro forma information is presented for informational purposes only and is not necessarily indicative of the historical results that would have occurred under our ownership and management, nor the results that may be obtained in the future. Certain financial information is presented on a rounded basis, which may cause minor differences. Segment results and commentary exclude the impact of discontinued operations. NOTES ON NON-GAAP FINANCIAL MEASURES We report our financial results in accordance with accounting principles generally accepted in the United States, commonly referred to as "GAAP". In this press release, we provide supplemental information, consisting of the following non-GAAP financial measures: pro forma adjusted revenues, pro form adjusted constant currency revenue growth, and adjusted diluted earnings per share. These non-GAAP measures are described in more detail below. Management uses these financial measures to assess Teleflex’s financial performance, make operating decisions, allocate financial resources, provide guidance on possible future results, and assist in its evaluation of period-to-period and peer comparisons. The non-GAAP measures may be useful to investors because they provide insight into management’s assessment of our business, and provide supplemental information pertinent to a comparison of period-to-period results of our ongoing operations. The non-GAAP financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures. Moreover, our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Pro forma adjusted revenue: This non-GAAP measure is based upon net revenues, adjusted to (i) exclude products discontinued in the year ended December 31, 2025 due to a strategic realignment; (ii) exclude the items described in Italian payback measure; and (iii) give effect to our acquisition of the Vascular Intervention business from BIOTRONIK SE & Co. KG as if it had occurred on January 1, 2025. Pro forma adjusted constant currency revenue growth: This non-GAAP measure is based upon net revenues, adjusted to exclude, depending on the period presented, the items described in Pro forma adjusted revenue and to eliminate the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The impact of changes in foreign currency may vary significantly from period to period, and such changes generally are outside of the control of our management. We believe that this measure facilitates a comparison of our operating performance exclusive of currency exchange rate fluctuations that do not reflect our underlying performance or business trends. Adjusted diluted earnings per share: This non-GAAP measure is based upon diluted earnings per share from continuing operations, the most directly comparable GAAP measure, adjusted to exclude, depending on the period presented, the items described below. Management does not believe that any of the excluded items are indicative of our underlying core performance or business trends. Restructuring and optimization charges - Restructuring and optimization charges include expenses associated with discrete initiatives designed to, among other things, consolidate or relocate manufacturing, administrative and other facilities, outsource distribution operations, improve operating efficiencies, integrate acquired businesses and optimize product portfolios through targeted optimization efforts. These changes include qualified restructuring costs (which may include employee termination, contract termination, facility closure, employee relocation, equipment relocation, outplacement), restructuring related (which may include accelerated depreciation expense related to facility closures, costs to transfer manufacturing operations between locations, and retention bonuses offered to certain employees as an incentive for them to remain with our company after completion of a restructuring program) and product line exit charges. Impairment charges - Impairment charges, including those related to goodwill, and other assets occur if, due to events or changes in circumstances, we determine that the carrying value of an asset exceeds its fair value. Impairment charges do not directly affect our liquidity, but could have a material adverse effect on our reported financial results. Acquisition, integration and divestiture related items - Acquisition and integration expenses are incremental charges, other than restructuring or restructuring related expenses, that are directly related to specific business or asset acquisition transactions. These charges may include, among other things, professional, consulting and other fees; systems integration costs; inventory step-up amortization (amortization, through cost of goods sold, of the increase in fair value of inventory resulting from a fair value calculation as of the acquisition date); fair value adjustments to contingent consideration liabilities; temporary financing costs directly associated with the transaction, such as bridge loan financing fees, ticking fees, and similar charges, and the impact of derivative instruments executed to hedge foreign currency exposure or other risks associated with the purchase price. Divestiture related activities involve specific business or asset sales. Depending primarily on the terms of a divestiture transaction, the carrying value of the divested business or assets on our financial statements and other costs we incur as a direct result of the divestiture transaction, we may recognize a gain or loss in connection with the divestiture related activities. Separation costs - These are expenses related to the Strategic Divestitures, including activities to prepare the businesses for divestiture and maintain continuity through the separation process. These charges and costs do not represent normal and recurring operating expenses, will be inconsistent in amounts and frequency, and are not expected to recur after the transaction and related transition services agreements and other arrangements negotiated in connection with the Strategic Divestitures have been completed. Italian payback measure - The Italian payback measure is a law that requires suppliers of medical devices to the Italian National Healthcare System to make payments to the Italian government if medical device expenditures in a given year exceed regional expenditure ceilings established for that year. As a result of a ruling from the Italian courts, we recognized a decrease in our reserves during the year ended December 31, 2024, of which $13.8 million related to prior years when including discontinued operations and $6.2 million on a continuing operations basis. In August 2025, the Italian Parliament enacted a modification to the previously enacted legislation that reduced the payment amounts due from the affected companies, including Teleflex, to approximately 25% of the amounts originally invoiced for the years 2015 through 2018. As a result of the modification in the legislation, along with an adjustment to our calculation of the reserves related to years 2019 through 2025, we recognized a $23.7 million decrease in our reserve (and corresponding increase to revenue for the year ended December 31, 2025), of which $20.1 million pertains to prior periods when including discontinued operations and $9.0 million on a continuing operations basis. The amounts do not represent normal adjustments to revenue and are nonrecurring in nature, making it difficult to contribute to a meaningful evaluation of our period over period operating performance. Other - These are discrete items that occur sporadically and can affect period-to-period comparisons. European medical device regulation - The European Union ("EU") has adopted the EU Medical Device Regulation ("MDR"), which replaces the existing Medical Devices Directive ("MDD") and imposes more stringent requirements for the marketing and sale of medical devices in the EU, including requirements affecting clinical evaluations, quality systems and post-market surveillance. The MDR requirements became effective in May 2021, although certain devices that previously satisfied MDD requirements can continue to be marketed in the EU until December 2027 for highest-risk devices and December 2028 for lower-risk devices, subject to certain limitations. Significantly, the MDR will require the re-registration of previously approved medical devices. As a result, Teleflex will incur expenditures in connection with the new registration of medical devices that previously had been registered under the MDD. Therefore, these expenditures are not considered to be ordinary course expenditures in connection with regulatory matters (in contrast, no adjustment has been made to exclude expenditures related to the registration of medical devices that were not registered previously under the MDD). Intangible amortization expense - Certain intangible assets, including customer relationships, intellectual property, distribution rights, trade names and non-competition agreements, initially are recorded at historical cost and then amortized over their respective estimated useful lives. The amount of such amortization can vary from period to period as a result of, among other things, business or asset acquisitions or dispositions. ERP implementation - These adjustments represent direct and incremental costs incurred in connection with our implementation of a new global enterprise resource planning ("ERP") solution and related IT transition costs. An implementation of this scale is a significant undertaking and will require substantial time and attention of management and key employees. The associated costs do not represent normal and recurring operating expenses and will be inconsistent in amounts and frequency making it difficult to contribute to a meaningful evaluation of our operating performance. Tax adjustments - These adjustments represent the impact of the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law or certain other discrete changes affecting our deferred tax liability. PRO FORMA ADJUSTED REVENUE BY GLOBAL PRODUCT CATEGORY The following table provides information regarding pro forma adjusted revenues in each of the Company's global product categories in continuing operations for the three and six months ended June 30, 2026 and the comparable prior year period. Tickmarks to Reconciliation Tables (A) Restructuring and optimization charges – For the three months ended June 30, 2026, pre-tax restructuring charges were $0.2 million and restructuring related charges were $10.6 million. For the three months ended June 29, 2025, pre-tax restructuring charges were $1.3 million, restructuring related charges were $3.5 million, and product optimization charges were $2.6 million. For the six months ended June 30, 2026, pre-tax restructuring charges were $17.1 million and restructuring related charges were $21.9 million, partially offset by a benefit from product rationalization charges of $0.1 million. For the six months ended June 29, 2025, pre-tax restructuring charges were $2.7 million, restructuring related charges were $8.2 million, and product optimization charges were $2.6 million. (B) Acquisition, integration and divestiture related items – For the three and six months ended June 30, 2026, these charges primarily related to the acquisition of the Vascular Intervention business of BIOTRONIK SE & Co. KG. For the three months ended June 30, 2026 these charges included acquisition and integration costs of $8.9 million. For the six months ended June 30, 2026 these charges included acquisition and integration costs of $16.7 million and inventory step up costs of $8.0 million. For the three and six months ended June 29, 2025, these charges primarily related to the acquisition the Vascular Intervention business of BIOTRONIK SE & Co. KG and changes in the estimated fair value of our contingent consideration liabilities. For the three months ended June 29, 2025 the charges included acquisition and integration costs of $15.8 million, which were offset by a benefit of $59.7 million related to non-designated foreign currency forward contracts. For the six months ended June 29, 2025 the charges included acquisition and integration costs of $22.1 million, which were offset by a benefit of $82.2 million related to non-designated foreign currency forward contracts. (C) Other – For the three and six months ended June 30, 2026, other items included a benefit from a litigation settlement of $25.0 million partially offset by legal and advisory fees incurred in response to an activist investor campaign of $3.6 million, a loss on extinguishment of debt of $1.2 million, and charges incurred in connection with the credit agreement refinancing of $1.0 million. For the three and six months ended June 29, 2025, other items included expenses associated with prior year tax matters. ABOUT TELEFLEX INCORPORATED As a global provider of medical technologies, Teleflex is driven by our purpose to improve the health and quality of people’s lives. Through our vision to become the most trusted partner in healthcare, we offer a diverse portfolio with solutions in the therapy areas of anesthesia, emergency medicine, interventional cardiology and radiology, surgical, vascular access, and urology. We believe that the potential of great people, purpose driven innovation, and world-class products can shape the future direction of healthcare. Teleflex is the home of Arrow™, Barrigel™, Deknatel™, LMA™, Pilling™, QuikClot™ Rüsch™, UroLift™ and Weck™ – trusted brands united by a common sense of purpose. At Teleflex, we are empowering the future of healthcare. For more information, please visit teleflex.com. CAUTION CONCERNING FORWARD-LOOKING INFORMATION This press release contains forward-looking statements, including, but not limited to, the implementation and execution of our share repurchase program, including our planned accelerated share repurchase; our intended use of proceeds from the OEM divestiture; our expectations with respect to our financial profile in 2027 and beyond; forecasted 2026 GAAP, pro forma adjusted and pro forma adjusted constant currency revenue and revenue growth and GAAP and adjusted diluted earnings per share; and our estimates regarding the projected impact of foreign currency exchange rate fluctuations on our 2026 financial results. Actual results could differ materially from those in the forward-looking statements due to, among other things, unanticipated difficulties and expenditures in connection with integration programs; the possibility that the Strategic Divestitures do not close; unanticipated costs and length of time required to comply with legal requirements and regulatory approvals applicable to the Strategic Divestitures; customer and shareholder reaction to the Strategic Divestitures; disruption from the Strategic Divestitures that may make it more difficult to maintain business and operational relationships; significant transaction costs; delays or cancellations in shipments; demand for and market acceptance of new and existing products; our inability to provide products to our customers, which may be due to, among other things, events that impact key distributors, suppliers and third-party vendors that sterilize our products; risks relating to the activities of activist stockholders; our inability to effectively execute our restructuring plans and programs; our inability to realize anticipated savings from restructuring plans and programs; the impact of healthcare reform legislation and proposals to amend, replace or repeal the legislation; changes in Medicare, Medicaid and third party coverage and reimbursements; the impact of enacted tax legislation and related regulations; competitive market conditions and resulting effects on revenues and pricing; increases in raw material costs that cannot be recovered in product pricing; global economic factors, including currency exchange rates, interest rates, trade disputes, tariffs, sovereign debt issues and international conflicts and hostilities, such as the ongoing conflicts in the Ukraine and the Middle East; public health epidemics; difficulties in entering new markets; general economic conditions; and other factors described or incorporated in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K. We expressly disclaim any obligation to update forward-looking statements, except as otherwise specifically stated by us or as required by law or regulation. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806711483/en/ Contacts Teleflex Incorporated:Lawrence KeuschVice President, Investor Relations and Strategy Development investors.teleflex.com 610-948-2836