First Quarter Revenues Increase 6.5% to
$438.5 million; up 6.0% on Constant Currency Basis
First Quarter GAAP Diluted EPS of $0.77 up
20.3%; Adjusted Diluted EPS of $1.22 up 15.1%
Restructuring Plan to Improve Cost Structure
of Corporation Announced
2014 Guidance Ranges for Constant Currency
Revenue Growth of 7% to 9% and Adjusted Diluted EPS of $5.35
to $5.55 Reaffirmed
Teleflex Incorporated (NYSE: TFX) (the “Company”) today
announced financial results for the first quarter ended March 30,
2014.
First quarter 2014 net revenues were $438.5 million, an increase
of 6.5% over the prior year period. Excluding the impact of foreign
currency fluctuations, first quarter 2014 net revenues increased
6.0% over the prior year period.
First quarter 2014 GAAP diluted earnings per share from
continuing operations were $0.77, as compared to $0.64 in the prior
year period, an increase of 20.3%. First quarter 2014 adjusted
diluted earnings per share from continuing operations were $1.22,
as compared to $1.06 in the prior year period, an increase of
15.1%.
“Teleflex delivered a solid start to 2014, exceeding our
expectations for constant currency revenue growth and adjusted
earnings per share,” said Benson Smith, Chairman, President and
Chief Executive Officer. “Our first quarter performance was aided
by the contribution from the acquisitions of Vidacare in December
of 2013 and Mayo Healthcare in February of 2014 , an improvement in
the average selling price of products and the introduction of new
products to the market as compared to the prior year period.”
Added Mr. Smith, “Teleflex’s performance in the first quarter
supports our belief that the Company remains on target to achieve
our previously provided constant currency revenue growth and
adjusted diluted earnings per share guidance for 2014. In addition,
the Company announced a restructuring plan that is intended to
enhance our competitive position in the medical device industry and
improve our longer-term profitability. The plan will focus on the
consolidation of certain facilities and the relocation of
manufacturing operations from certain higher-cost locations to
existing lower-cost locations and will allow the Company to invest
in higher growth opportunities.”
FIRST QUARTER NET REVENUE BY SEGMENT
Effective January 1, 2014, the Company realigned its
operating segments. The realignment in operating segments resulted
from changes in the Company’s internal reporting structure. The
Vascular, Anesthesia/Respiratory and Surgical businesses, which
previously comprised much of the Americas reportable segment, are
now separate reportable segments. As a result, the Company now has
six reportable segments: Vascular North America,
Anesthesia/Respiratory North America, Surgical North America, EMEA,
Asia and OEM. Certain operating segments have been aggregated and
are therefore included in the “All other” line item.
Vascular North America first quarter 2014 net revenues were
$62.5 million, an increase of 10.3% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
first quarter 2014 net revenues increased 10.8% compared to the
prior year period. The increase in constant currency revenue was
largely due to Vidacare product sales, the introduction of new
products to the market and price increases. This was somewhat
offset by lower sales volume of existing products.
Anesthesia/Respiratory North America first quarter 2014 net
revenues were $54.7 million, a decrease of 5.9% compared to the
prior year period. Excluding the impact of foreign currency
fluctuations, first quarter 2014 net revenues decreased 5.6%
compared to the prior year period. The decrease in constant
currency revenue was largely due to lower sales volume of existing
products. This was somewhat offset by the introduction of new
products to the market and price increases.
Surgical North America first quarter 2014 net revenues were
$35.2 million, a decrease of 4.0% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
first quarter 2014 net revenues decreased 3.0% compared to the
prior year period. The decrease in constant currency revenue was
largely due to lower sales volume of existing products. This was
somewhat offset by price increases and the introduction of new
products to the market.
EMEA first quarter 2014 net revenues were $150.2 million, an
increase of 5.5% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, first quarter 2014 net
revenues increased 2.5% compared to the prior year period. The
increase in constant currency revenue was largely due to Vidacare
product sales, price increases and the introduction of new products
to the market. This was somewhat offset by lower sales volume of
existing products.
Asia first quarter 2014 net revenues were $49.6 million, an
increase of 17.1% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, first quarter 2014 net
revenues increased 20.3% compared to the prior year period. The
increase in constant currency revenue was largely due to Mayo
Healthcare and Vidacare product sales, price increases and higher
sales volume of existing products.
OEM and Development Services (“OEM”) first quarter 2014 net
revenues were $33.2 million, an increase of 5.9% compared to the
prior year period. Excluding the impact of foreign currency
fluctuations, first quarter 2014 net revenues increased 5.3%
compared to the prior year period. The increase in constant
currency revenue was largely due to higher sales volume of existing
products and the introduction of new products to the market. This
was somewhat offset by lower average selling prices.
Three Months Ended % Increase/
(Decrease)
Constant Foreign Total
March 30, 2014
March 31, 2013
Currency Currency Change (Dollars in millions)
Vascular North America $ 62.5 $ 56.7 10.8% (0.5% ) 10.3%
Anesthesia/Respiratory North America 54.7 58.2 (5.6% ) (0.3% )
(5.9% ) Surgical North America 35.2 36.7 (3.0% ) (1.0% ) (4.0% )
EMEA 150.2 142.4 2.5% 3.0% 5.5% Asia 49.6 42.4 20.3% (3.2% ) 17.1%
OEM 33.2 31.3 5.3% 0.6% 5.9% All Other 53.1 44.2
20.9% (0.9% ) 20.0% Total $ 438.5 $ 411.9 6.0% 0.5% 6.5%
OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE
METRICS
Depreciation expense and amortization of intangible assets and
deferred financing costs for first three months of 2014 were $31.4
million compared to $26.3 million for the prior year period.
Cash and cash equivalents at March 30, 2014 were $421.6 million
compared to $432.0 million at December 31, 2013.
Net accounts receivable at March 30, 2014 were $295.5 million
compared to $295.3 million at December 31, 2013.
Net inventories at March 30, 2014 were $349.7 million compared
to $333.6 million at December 31, 2013.
Net debt obligations at March 30, 2014 were $913.1 million
compared to $902.7 million at December 31, 2013.
2014 RESTRUCTURING PLAN
On April 28, 2014, the Board of Directors of the Company
approved a restructuring plan (the “Plan”) designed to reduce
costs, improve operating efficiencies and enhance the Company’s
long term competitive position. The Plan, which was developed in
response to continuing cost pressures in the healthcare industry,
involves the consolidation of operations and a related reduction in
workforce at certain of the Company’s facilities, and will include
the relocation of manufacturing operations from certain higher-cost
locations to existing lower-cost locations. These actions will
commence in the second quarter 2014 and are expected to be
substantially completed by the end of 2017.
The Company estimates that it will incur aggregate pre-tax
charges in connection with these restructuring activities of
approximately $42 million to $53 million, of which the Company
expects approximately $22 million to $23 million will be incurred
in 2014 and most of the balance will be incurred prior to the end
of 2016. Generally, the Company expects that it will exclude these
charges from its adjusted diluted earnings per share results. The
Company estimates that $32 million to $40 million of the aggregate
pre-tax charges will result in future cash outlays, of which the
Company expects approximately $9 million to $11 million will be
made in 2014 and most of the balance will be made prior to the end
of 2016. In addition, the Company expects to make $24 million to
$30 million in capital expenditures in connection with the Plan, of
which the Company expects approximately $10 million to $15 million
will be made in 2014.
The following table provides a summary of the Company’s current
cost estimates by major type of cost associated with the Plan:
Total estimated amount Type
of cost expected to be incurred
Termination benefits $12 million to $15 million
Facility
closure and other exit costs (1) $2 million to $5 million
Accelerated depreciation charges $10 million to $12 million
Other (2) $18 million to $21 million
$42 million to $53
million (1) Includes costs to transfer product lines
among facilities and outplacement and employee relocation costs.
(2) Consists of other costs directly related to the Plan, including
project management, legal and other regulatory costs.
The Company currently expects to achieve annualized savings of
$28 million to $35 million once the Plan is fully implemented, and
currently expects to realize Plan-related savings beginning in
2015.
As the Plan is implemented, management will continue to evaluate
the estimated costs and anticipated savings set forth above, and
may revise its estimates of such costs and anticipated savings and
the accounting charges relating thereto, as appropriate, consistent
with generally accepted accounting principles.
2014 OUTLOOK
The Company reaffirmed full year 2014 financial estimates as
follows:
Constant currency revenue growth between 7% and 9%.
Adjusted diluted earnings per share in the range of $5.35 to
$5.55.
FORECASTED 2014 CONSTANT CURRENCY
REVENUE GROWTH RECONCILIATION
Low High
Forecasted 2014 GAAP revenue growth 6.0 % 8.0 % Estimated
impact of foreign currency fluctuations 1.0 %
1.0 % Forecasted 2014 constant currency revenue
growth 7.0 % 9.0 %
FORECASTED 2014 ADJUSTED EARNINGS PER
SHARE RECONCILIATION
Low High Forecasted 2014
diluted earnings per share attributable to common shareholders $
3.40 $ 3.55 Restructuring, impairment charges and special
items, net of tax $ 0.88 $ 0.93 Intangible amortization
expense, net of tax $ 0.90 $ 0.90 Amortization of debt
discount on convertible notes, net of tax $ 0.17
$ 0.17 Forecasted 2014 adjusted diluted
earnings per share $ 5.35 $ 5.55
CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION
As previously announced, Teleflex will comment on its financial
results on a conference call to be held today at 8:00 a.m. (ET).
The call will be available live and archived on the company’s
website at www.teleflex.com and the accompanying
presentation will be posted prior to the call. An audio replay will
be available until May 7, 2014 at 11:59pm (ET), by calling
888-286-8010 (U.S./Canada) or 617-801-6888 (International),
Passcode: 11286884.
ADDITIONAL NOTES
Constant currency revenue and growth exclude the impact of
translating the results of international subsidiaries at different
currency exchange rates from period to period.
Certain financial information is presented on a rounded basis,
which may cause minor differences.
Segment results and commentary exclude the impact of
discontinued operations, items included in restructuring and
impairment charges, and losses and other charges set forth in the
condensed consolidated statements of income and in the
Reconciliation of Consolidated Statement of Income Items set forth
below.
NOTES ON NON-GAAP FINANCIAL MEASURES
This press release includes certain non-GAAP financial measures,
which include:
Adjusted diluted earnings per share. This measure excludes,
depending on the period presented (i) the effect of charges
associated with our restructuring programs, as well as goodwill and
other asset impairment charges; (ii) loss on extinguishment of
debt; (iii) the gain or loss on sales of businesses and assets;
(iv) losses and other charges related to acquisition and
integration costs, the reversal of liabilities related to certain
contingent consideration arrangements, the establishment of a
litigation reserve and a litigation verdict against the Company
with respect to a non-operating joint venture; (v) amortization of
the debt discount on the Company’s convertible notes; (vi)
intangible amortization expense; and (vii) tax benefits resulting
from the resolution of prior years’ tax matters and the filing of
prior years’ amended tax returns. In addition, the calculation of
diluted shares within adjusted earnings per share gives effect to
the anti-dilutive impact of the Company’s convertible note hedge
agreements, which reduce the potential economic dilution that
otherwise would occur upon conversion of the Company’s senior
subordinated convertible notes (under GAAP, the anti-dilutive
impact of the convertible note hedge agreements is not reflected in
diluted shares).
Constant currency revenue. This measure excludes the impact of
translating the results of international subsidiaries at different
currency exchange rates from period to period.
Management believes these measures are useful to investors
because they eliminate items that do not reflect Teleflex’s
day-to-day operations. In addition, management believes that the
calculation of non-GAAP diluted shares is useful to investors
because it provides insight into the offsetting economic effect of
the convertible note hedge against conversions of the convertible
notes. Management uses these financial measures for internal
managerial purposes, when publicly providing guidance on possible
future results, and to assist in our evaluation of period-to-period
comparisons. These financial measures are presented in addition to
results presented in accordance with generally accepted accounting
principles (“GAAP”) and should not be relied upon as a substitute
for GAAP financial measures. Tables reconciling historical non-GAAP
measures to the most directly comparable historical GAAP measures
are set forth below. Tables reconciling forecasted non-GAAP
measures to the most directly comparable forecasted GAAP measures
are set forth above.
RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME
ITEMS Dollars in millions, except per share amounts
Quarter Ended – March
30, 2014 Net income Shares used in
(loss) attributable calculation of Selling,
Restructuring to common
Diluted earnings
GAAP and Cost general and and other
shareholders
per share available
adjusted of administrative impairment
Interest Income from continuing
to common
earnings per goods sold expenses
charges expense, net taxes operations
shareholders
share GAAP Basis $ 217.4 $ 140.3 $ 7.8 $ 15.2 $ 8.5 $
35.1 $ 0.77 45,749 Adjustments
Restructuring and other impairment
charges
— — 7.8 — 1.1 6.7 $ 0.15 —
Losses and other charges (A)
— (0.1 ) — — 0.8 (0.9 ) ($0.02 ) —
Amortization of debt discount on
convertible notes
— — — 3.0 1.1 1.9 $ 0.04 — Intangible amortization expense — 16.0 —
— 5.5 10.5 $ 0.23 — Tax adjustment (B) — — — — 0.2 (0.2 ) — —
Shares due to Teleflex under note hedge
(C)
— — — — — — $ 0.06 (2,450 ) Adjusted basis $ 217.4 $ 124.4 — $ 12.2
$ 17.2 $ 53.0 $ 1.22 43,299
Quarter Ended - March
31, 2013 Net income Shares used in (loss)
attributable calculation of Selling,
Restructuring to common
Diluted earnings
GAAP and Cost general and and other
shareholders
per share available
adjusted of administrative impairment
Interest Income from continuing
to common
earnings per goods sold expenses
charges expense, net taxes operations
shareholders
share GAAP Basis $ 211.4 $ 127.0 $ 9.2 $ 14.0 $ 7.7 $
27.5 $ 0.64 43,047 Adjustments
Restructuring and other impairment
charges
— — 9.2 — 2.6 6.6 $ 0.15 — Losses and other charges (A) 0.5 1.5 — —
0.7 1.3 $ 0.03 —
Amortization of debt discount on
convertible notes
— — — 2.8 1.0 1.7 $ 0.04 — Intangible amortization expense — 12.4 —
— 4.3 8.1 $ 0.19 —
Tax adjustment (B)
— — — — 0.9 (0.9 ) ($0.02 ) —
Shares due to Teleflex under note hedge
(C)
— — — — — — $ 0.03 (1,372 ) Adjusted basis $ 210.8 $ 113.0 — $ 11.3
$ 17.2 $ 44.3 $ 1.06 41,675 (A) In 2014, losses and other
charges include approximately ($2.3) million, net of tax, or
($0.05) per share, related to the reversal of contingent
consideration liabilities; and approximately $1.4 million, net of
tax, or $0.03 per share, related to acquisition and integration
costs. In 2013, losses and other charges include approximately
($1.0) million, net of tax, or ($0.02) per share, related to the
reversal of contingent consideration liabilities; approximately
$0.8 million, net of tax, or $0.02 per share, related to a
litigation verdict against the Company with respect to a
non-operating joint venture; and $1.5 million, net of tax, or $0.03
per share, related to acquisition and integration costs. (B)
The tax adjustment represents a net benefit resulting from the
resolution of, or the expiration of statute of limitations with
respect to various prior years’ U.S. federal, state and foreign tax
matters. (C) Adjusted diluted shares are calculated by
giving effect to the anti-dilutive impact of the Company’s
convertible note hedge agreements, which reduce the potential
economic dilution that otherwise would occur upon conversion of our
senior subordinated convertible notes. Under GAAP, the
anti-dilutive impact of the convertible note hedge agreements is
not reflected in diluted shares.
RECONCILIATION OF NET DEBT
OBLIGATIONS
March 30, 2014 December 31, 2013
(Dollars in thousands) Note payable and current portion of long
term borrowings $ 359,261 $ 356,287 Long term
borrowings 930,000 930,000 Unamortized debt discount 45,439
48,413 Total debt obligations 1,334,700 1,334,700
Less: cash and cash equivalents 421,649 431,984 Net debt
obligations $ 913,051 $ 902,716
ABOUT TELEFLEX INCORPORATED
Teleflex is a leading global provider of specialty medical
devices for a range of procedures in critical care and surgery. Our
mission is to provide solutions that enable healthcare providers to
improve outcomes and enhance patient and provider safety.
Headquartered in Wayne, PA, Teleflex employs approximately 11,400
people worldwide and serves healthcare providers in more than 150
countries. For additional information about Teleflex please refer
to www.teleflex.com.
CAUTION CONCERNING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements,
including, but not limited to, forecasted 2014 GAAP and constant
currency revenue growth and GAAP and adjusted diluted earnings per
share; and our expectations with respect to the Plan, including the
timing for commencement and completion of actions under the Plan,
our estimates with respect to the amount of pre-tax charges we
expect to incur under the Plan and the amount of those charges that
will result in future cash outlays, our expectations with respect
to the timing for the incurrence of those the pre-tax charges and
cash outlays and our estimates with respect to the annualized
savings we expect to achieve once the Plan has been fully
implemented. Actual results could differ materially from those in
the forward-looking statements due to, among other things,
conditions in the end markets we serve, customer reaction to new
products and programs, our ability to achieve sales growth, price
increases or cost reductions; changes in the reimbursement
practices of third party payors; our ability to realize
efficiencies and to execute on our strategic initiatives, including
the Plan; changes in material costs and surcharges; market
acceptance and unanticipated difficulties in connection with the
introduction of new products and product line extensions; product
recalls; unanticipated difficulties in connection with the
consolidation of manufacturing and administrative functions,
including as a result of difficulties with various employees, labor
representatives or regulators; the loss of skilled employees in
connection with such initiatives; unanticipated difficulties,
expenditures and delays in complying with government regulations
applicable to our businesses; the impact of government healthcare
reform legislation; our ability to meet our debt obligations;
changes in general and international economic conditions; and other
factors described or incorporated in our filings with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the year ended December 31, 2013.
TELEFLEX INCORPORATED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Three Months Ended March 30, March
31, 2014 2013 (Dollars and shares in
thousands, except per share) Net revenues $
438,546 $ 411,877 Cost of goods sold 217,387
211,357 Gross profit 221,159 200,520 Selling, general and
administrative expenses 140,297 126,950 Research and development
expenses 14,062 15,007 Restructuring and other impairment charges
7,780 9,159 Income from continuing
operations before interest and taxes 59,020 49,404 Interest expense
15,404 14,193 Interest income (187 ) (157 ) Income
from continuing operations before taxes 43,803 35,368 Taxes on
income from continuing operations 8,534 7,667
Income from continuing operations 35,269
27,701 Operating loss from discontinued operations
(25 ) (758 ) Taxes (benefit) on loss from discontinued operations
100 (296 ) Loss from discontinued operations
(125 ) (462 ) Net income 35,144 27,239 Less: Income
from continuing operations attributable to noncontrolling interest
186 201 Net income attributable to
common shareholders $ 34,958 $ 27,038 Earnings
per share available to common shareholders: Basic: Income from
continuing operations $ 0.85 $ 0.67 Loss from discontinued
operations — (0.01 ) Net income $ 0.85
$ 0.66 Diluted: Income from continuing operations $
0.77 $ 0.64 Loss from discontinued operations (0.01 )
(0.01 ) Net income $ 0.76 $ 0.63 Dividends per
share $ 0.34 $ 0.34 Weighted average common shares
outstanding: Basic 41,262 41,014 Diluted 45,749 43,047
Amounts attributable to common shareholders: Income from continuing
operations, net of tax $ 35,083 $ 27,500 Loss from discontinued
operations, net of tax (125 ) (462 ) Net income $
34,958 $ 27,038
TELEFLEX INCORPORATED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
March 30, December 31, 2014 2013
(Dollars in thousands) ASSETS Current assets
Cash and cash equivalents $ 421,649 $ 431,984 Accounts receivable,
net 295,514 295,290 Inventories, net 349,745 333,621 Prepaid
expenses and other current assets 47,543 39,810 Prepaid taxes
42,470 36,504 Deferred tax assets 51,983 52,917 Assets held for
sale 11,714 10,428 Total current assets 1,220,618
1,200,554 Property, plant and equipment, net 328,679 325,900
Goodwill 1,372,058 1,354,203 Intangible assets, net 1,250,533
1,255,597 Investments in affiliates 1,513 1,715 Deferred tax assets
944 943 Other assets 67,789 70,095 Total assets $
4,242,134 $ 4,209,007
LIABILITIES AND EQUITY Current
liabilities Current borrowings $ 359,261 $ 356,287 Accounts payable
71,094 71,967 Accrued expenses 79,455 74,868 Current portion of
contingent consideration 1,658 4,131 Payroll and benefit-related
liabilities 60,185 73,090 Accrued interest 9,066 8,725 Income taxes
payable 27,451 23,821 Other current liabilities 23,637
22,231 Total current liabilities 631,807 635,120 Long-term
borrowings 930,000 930,000 Deferred tax liabilities 523,445 514,715
Pension and postretirement benefit liabilities 106,092 109,498
Noncurrent liability for uncertain tax positions 55,956 55,152
Other liabilities 49,607 48,506 Total liabilities
2,296,907 2,292,991 Commitments and contingencies Total common
shareholders’ equity 1,942,486 1,913,527 Noncontrolling interest
2,741 2,489 Total equity 1,945,227
1,916,016 Total liabilities and equity $ 4,242,134 $ 4,209,007
TELEFLEX INCORPORATED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Three Months Ended March 30, 2014
March 31, 2013 (Dollars in thousands) Cash Flows from
Operating Activities of Continuing Operations: Net income $ 35,144
$ 27,239 Adjustments to reconcile net income to net cash provided
by operating activities: Loss from discontinued operations 125 462
Depreciation expense 11,580 10,153 Amortization expense of
intangible assets 16,019 12,438 Amortization expense of deferred
financing costs and debt discount 3,814 3,750 Changes in contingent
consideration (2,371 ) (1,193 ) Stock-based compensation 3,074
2,791 Deferred income taxes, net 3,515 (353 ) Other (3,105 ) (7,415
)
Changes in operating assets and
liabilities, net of effects of acquisitions and disposals:
Accounts receivable 5,966 (16,420 ) Inventories (7,473 ) (13,693 )
Prepaid expenses and other current assets (6,027 ) (435 ) Accounts
payable and accrued expenses (24,447 ) (13,199 ) Income taxes
receivable and payable, net (2,214 ) 1,139 Net
cash provided by operating activities from continuing operations
33,600 5,264 Cash Flows from
Investing Activities of Continuing Operations: Expenditures for
property, plant and equipment (12,109 ) (15,635 ) Proceeds from
sale of assets and investments 1,669 — Payments for businesses and
intangibles acquired, net of cash acquired (28,991 ) 1,500
Investment in affiliates (60 ) — Net cash used
in investing activities from continuing operations (39,491 )
(14,135 ) Cash Flows from Financing Activities of
Continuing Operations: Proceeds and tax benefits from share based
compensation plans 8,641 5,155 Debt extinguishment, issuance and
amendment fees (90 ) — Payments for contingent consideration —
(7,179 ) Dividends (14,051 ) (13,964 ) Net cash used
in financing activities from continuing operations (5,500 )
(15,988 ) Cash Flows from Discontinued Operations:
Net cash used in operating activities (1,167 ) (629 )
Net cash used in discontinued operations (1,167 )
(629 ) Effect of exchange rate changes on cash and cash
equivalents 2,223 (4,997 ) Net decrease in
cash and cash equivalents (10,335 ) (30,485 ) Cash and cash
equivalents at the beginning of the period 431,984
337,039 Cash and cash equivalents at the end of the
period $ 421,649 $ 306,554
Teleflex IncorporatedJake ElguiczeTreasurer and Vice President
of Investor Relations610-948-2836
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