WAYNE, Pa.--(BUSINESS WIRE)--Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the third quarter ended September 30, 2018.

Third quarter 2018 net revenues were $609.7 million, an increase of 14.0% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 15.0% over the year ago period.

Third quarter 2018 GAAP net income per share from continuing operations was $1.21, as compared to GAAP earnings per share of $1.70 in the prior year period. The decrease in GAAP earnings per share from continuing operations is primarily due to a $14.6 million increase in after-tax intangible amortization expense and a $12.6 million increase in after-tax contingent consideration expense as compared to the prior year period, as well as $9.2 million of after-tax impairment charges. Third quarter 2018 adjusted diluted earnings per share from continuing operations increased 18.9% to $2.52, compared to $2.12 in the prior year period.

Liam Kelly, President and Chief Executive Officer, said, “I am pleased to report that Teleflex delivered a solid third quarter, with constant currency revenue growth and adjusted earnings per share achievement that exceeded our internal expectations.”

Added Mr. Kelly, “During the third quarter of 2018, we saw strong execution across our strategic business units, an expected rebound in distributor orders and the resolution of certain supply constraints that negatively impacted the second quarter revenues. Turning to Interventional Urology, UroLift continued its strong momentum, delivering $49.0 million in revenue for the quarter, which is an increase of approximately 45% over the prior year period. UroLift was also the subject of five real world studies presented at the World Congress of Endourology; with the data from these studies demonstrating that the clinical and quality of life benefits in the real world were consistent with the five-year LIFT study.”

In closing, Mr. Kelly stated, “Our performance in the third quarter gives us increased confidence in our full year revenue growth projections, and we continue to estimate that full year 2018 constant currency revenue growth will be between 12% and 13%. Additionally, despite continued volatility in foreign exchange rates, we are raising our previously provided full year adjusted diluted earnings per share guidance from a range of between $9.70 and $9.90 to a range of between $9.80 and $9.95.”

Vascular North America third quarter 2018 net revenues were $80.7 million, an increase of 7.5% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 7.8% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes of existing products and an increase in new product sales.

Interventional North America third quarter 2018 net revenues were $66.7 million, an increase of 9.9% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues also increased 9.9% compared to the prior year period. The increase in constant currency revenue is primarily attributable to higher sales volumes of existing products and an increase in new product sales.

Anesthesia North America third quarter 2018 net revenues were $53.2 million, an increase of 4.6% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 4.8% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes of existing products and an increase in new product sales, partially offset by price decreases.

Surgical North America third quarter 2018 net revenues were $42.5 million, an increase of 4.3% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 4.6% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes of existing products and an increase in new product sales.

EMEA third quarter 2018 net revenues were $139.6 million, an increase of 1.8% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 2.9% compared to the prior year period. The increase in constant currency revenue is primarily attributable to price increases and an increase in new product sales, partially offset by a decrease in sales volumes of existing products.

Asia third quarter 2018 net revenues were $76.5 million, an increase of 3.2% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 6.7%. The increase in constant currency revenue is primarily attributable to higher sales volumes of existing products and an increase in new product sales.

OEM third quarter 2018 net revenues were $54.9 million, an increase of 12.9% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 13.1% compared to the prior year period. The increase in constant currency revenue is primarily attributable to higher sales volumes of existing products and acceleration in the timing of revenue recognition resulting from the adoption of new accounting guidance.

All Other third quarter 2018 net revenues were $95.6 million, an increase of 101.4% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, third quarter 2018 net revenues increased 103.0% compared to the prior year period. The increase in constant currency revenue is primarily attributable to net revenues generated by NeoTract.

OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE METRICS

Depreciation expense, amortization of intangible assets and deferred financing charges for the first nine months of 2018 totaled $160.0 million compared to $110.3 million for the prior year period.

Cash and cash equivalents at September 30, 2018 were $356.3 million compared to $333.6 million at December 31, 2017.

Net accounts receivable at September 30, 2018 were $374.3 million compared to $345.9 million at December 31, 2017.

Net inventories at September 30, 2018 were $411.1 million compared to $395.7 million at December 31, 2017.

2018 OUTLOOK

The Company lowered its full year 2018 GAAP revenue growth guidance range from a range of between 14% and 15% to a range of between 13.5% and 14.5%. The Company's previous 2018 GAAP revenue growth guidance range reflected an anticipated 2% favorable impact of foreign currency exchange rate fluctuations, while the Company's revised 2018 GAAP revenue growth guidance range reflects an anticipated 1.5% favorable impact of foreign currency exchange rate fluctuations. On a constant currency basis, the Company reaffirmed its full year 2018 guidance range of between 12% and 13% over the prior year.

ABOUT TELEFLEX INCORPORATED

Teleflex is a global provider of medical technologies designed to improve the health and quality of people’s lives. We apply purpose driven innovation - a relentless pursuit of identifying unmet clinical needs - to benefit patients and healthcare providers. Our portfolio is diverse, with solutions in the fields of vascular and interventional access, surgical, anesthesia, cardiac care, urology, emergency medicine and respiratory care. Teleflex employees worldwide are united in the understanding that what we do every day makes a difference. For more information, please visit teleflex.com.