# TELEFLEX INC (TFX)

Informational only - not investment advice.

CIK: 0000096943
SIC: 3841 Surgical & Medical Instruments & Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=96943
Filing source: https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000096943-26-000019 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096943.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,992,713,000 USD | 2025 | verified |
| Net income | -905,640,000 USD | 2025 | verified |
| Assets | 6,947,239,000 USD | 2025 | verified |
| Free cash flow | 1,446,000 USD | 2025 | computed |
| Net margin | -45.45% | 2025 | computed |
| Operating margin | 5.94% | 2025 | computed |
| Revenue YoY | +17.25% | 2025 | computed |
| ROE | -28.98% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | TFX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -45.4% | -6.0% | 21 | 63 |
| Operating margin | 5.9% | -2.7% | 60 | 63 |
| Revenue growth | 17.2% | 13.6% | 63 | 64 |
| FCF margin | 0.1% | 0.2% | 47 | 63 |
| ROE | -29.0% | -9.1% | 26 | 58 |
| ROA | -13.0% | -4.8% | 39 | 65 |
| Liabilities / equity | 1.22 | 0.89 | 61 | 63 |
| Current ratio | 2.54 | 3.23 | 36 | 65 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1992713000 | USD | 2025 | 2026-02-27 |
| Net income | -905640000 | USD | 2025 | 2026-02-27 |
| Assets | 6947239000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096943.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,868,027,000 | 2,146,303,000 | 2,448,383,000 | 2,595,362,000 | 2,537,156,000 | 2,809,563,000 | 2,791,041,000 | 1,712,441,000 | 1,699,546,000 | 1,992,713,000 |
| Net income | 237,377,000 | 152,530,000 | 200,802,000 | 461,466,000 | 335,324,000 | 485,374,000 | 363,139,000 | 356,328,000 | 69,675,000 | -905,640,000 |
| Operating income | 319,453,000 | 372,279,000 | 321,704,000 | 427,254,000 | 423,068,000 | 628,095,000 | 499,725,000 | 258,725,000 | 103,651,000 | 118,373,000 |
| Gross profit | 996,200,000 | 1,171,802,000 | 1,302,816,000 | 1,409,005,000 | 1,324,874,000 | 1,549,602,000 | 1,531,087,000 | 1,040,112,000 | 1,037,387,000 | 1,120,754,000 |
| Diluted EPS | 4.98 | 3.27 | 4.29 | 9.80 | 7.09 | 10.23 | 7.68 | 7.53 | 1.48 | -20.25 |
| Operating cash flow | 410,590,000 | 426,301,000 | 435,086,000 | 437,068,000 | 437,143,000 | 652,139,000 | 342,806,000 | 206,138,000 | 301,882,000 | 96,682,000 |
| Capital expenditures | 53,135,000 | 70,903,000 | 80,795,000 | 102,695,000 | 90,694,000 | 71,618,000 | 79,190,000 | 46,421,000 | 90,437,000 | 95,236,000 |
| Dividends paid | 58,960,000 | 61,237,000 | 62,165,000 | 62,828,000 | 63,221,000 | 63,648,000 | 63,789,000 | 63,896,000 | 63,541,000 | 60,268,000 |
| Share buybacks |  |  |  |  |  |  | 0.00 | 0.00 | 200,000,000 | 300,000,000 |
| Assets | 3,891,213,000 | 6,181,492,000 | 6,277,991,000 | 6,309,820,000 | 7,152,559,000 | 6,871,722,000 | 6,928,063,000 | 7,532,546,000 | 7,097,914,000 | 6,947,239,000 |
| Liabilities | 1,751,872,000 | 3,750,961,000 | 3,738,013,000 | 3,330,500,000 | 3,816,102,000 | 3,116,974,000 | 2,906,095,000 | 3,091,558,000 | 2,819,774,000 | 3,822,471,000 |
| Stockholders' equity | 2,137,517,000 | 2,430,531,000 | 2,539,978,000 | 2,979,320,000 | 3,336,457,000 | 3,754,748,000 | 4,021,968,000 | 4,440,988,000 | 4,278,140,000 | 3,124,768,000 |
| Cash and cash equivalents | 543,789,000 | 333,558,000 | 357,161,000 | 301,083,000 | 375,880,000 | 445,084,000 | 292,034,000 | 222,848,000 | 247,852,000 | 378,564,000 |
| Free cash flow | 357,455,000 | 355,398,000 | 354,291,000 | 334,373,000 | 346,449,000 | 580,521,000 | 263,616,000 | 159,717,000 | 211,445,000 | 1,446,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 12.71% | 7.11% | 8.20% | 17.78% | 13.22% | 17.28% | 13.01% | 20.81% | 4.10% | -45.45% |
| Operating margin | 17.10% | 17.35% | 13.14% | 16.46% | 16.67% | 22.36% | 17.90% | 15.11% | 6.10% | 5.94% |
| Return on equity | 11.11% | 6.28% | 7.91% | 15.49% | 10.05% | 12.93% | 9.03% | 8.02% | 1.63% | -28.98% |
| Return on assets | 6.10% | 2.47% | 3.20% | 7.31% | 4.69% | 7.06% | 5.24% | 4.73% | 0.98% | -13.04% |
| Liabilities / equity | 0.82 | 1.54 | 1.47 | 1.12 | 1.14 | 0.83 | 0.72 | 0.70 | 0.66 | 1.22 |
| Current ratio | 2.77 | 2.33 | 2.12 | 2.32 | 2.63 | 2.10 | 2.43 | 2.32 | 2.27 | 2.54 |

## As-reported value updates

13 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/TFX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096943.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-25 |  |  | 2.16 | reported discrete quarter |
| 2023-Q1 | 2023-04-02 |  |  | 1.62 | reported discrete quarter |
| 2023-Q2 | 2023-07-02 | 743,259,000 |  | 2.35 | reported discrete quarter |
| 2023-Q3 | 2023-07-02 |  | 111,335,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-10-01 | 746,389,000 |  | 2.90 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 773,909,000 | 31,105,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 737,849,000 | 15,289,000 | 0.32 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 15,289,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 749,691,000 |  | 1.69 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | 80,038,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-29 | 764,375,000 |  | 2.36 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 795,409,000 | -136,656,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-30 | 700,669,000 | 95,002,000 | 2.07 | reported discrete quarter |
| 2025-Q2 | 2025-03-30 |  | 95,002,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-29 | 780,889,000 |  | 2.77 | reported discrete quarter |
| 2025-Q3 | 2025-06-29 |  | 122,580,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-28 | 913,021,000 |  | -9.24 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 |  | -714,330,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 548,262,000 | -8,154,000 | -0.18 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -8,154,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 570,332,000 |  | 2.28 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TFX's latest 10-K: [/company/TFX/business/](/company/TFX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TFX's latest 10-K: [/company/TFX/risk-factors/](/company/TFX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/96943/000009694326000095/tfx-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Teleflex Incorporated (“we,” “us,” “our" and “Teleflex”) is a global provider of medical technology products focused on enhancing clinical benefits, improving patient and provider safety and reducing total procedural costs. We primarily design, develop, manufacture and supply single-use medical devices used by hospitals and healthcare providers supporting high-acuity emergent procedures. Substantially all of our net revenues come from single-use medical devices. We market and sell our products worldwide through a combination of our direct sales force and distributors. Because our products are used in numerous markets and for a variety of procedures, we are not dependent upon any one end-market or procedure. We are focused on achieving consistent, sustainable and profitable growth by increasing our market share and improving our operating efficiencies.

We evaluate our portfolio of products and businesses on an ongoing basis to ensure alignment with our overall objectives. Based on our evaluation, we may seek to optimize utilization of our facilities through restructuring initiatives designed to further reduce our cost base and enhance our competitive position. In addition, we may continue to explore opportunities to expand the size of our business and improve our margins through a combination of acquisitions and distributor to direct sales conversions, which generally involve our elimination of a distributor from the sales channel, either by acquiring the distributor or terminating the distributor relationship (in some instances, the conversions involve our acquisition or termination of a master distributor and the continued sale of our products through sub-distributors). Our distributor to direct sales conversions are designed to facilitate improved product pricing and more direct access to the end users of our products within the sales channel. Further, we may identify opportunities to expand our margins through strategic divestitures of existing businesses and product lines that no longer meet our objectives.

Recent Strategic Actions

In February 2025, we announced our intention to undertake a strategic transformation of the organization. In accordance with this strategy, on December 9, 2025, we announced that we entered into definitive agreements, which were approved at such time by our Board of Directors, to sell our Acute Care and Interventional Urology (also referred to as "IU") businesses to Intersurgical® Ltd and our OEM business to Montagu and Kohlberg (collectively referred to as the "Strategic Divestitures"). The combined total consideration from the Strategic Divestitures is $2.0 billion in cash, consisting of expected proceeds of $1.5 billion for our OEM business and $530 million for our Acute Care and IU businesses.

The Strategic Divestitures represent a single plan to exit certain product categories that, in aggregate, met accounting requirements to be classified as discontinued operations and held for sale beginning December 31, 2025 and for the subsequent reporting periods. Information provided herein is presented on a continuing operations basis to reflect the impact of the Strategic Divestitures, unless otherwise indicated.

On August 3, 2026, we completed the sale of the OEM business in connection with the Strategic Divestitures. We received net cash proceeds of $1.5 billion, (approximately $1.2 billion after-tax) and estimate that we will recognize a pre-tax gain on the sale of approximately $1.0 billion, subject to certain working capital and other customary adjustments. Subsequent to the completion of the OEM sale, we utilized a portion of the net cash proceeds to pay off the $700 million term A-2 loan facility.

In connection with the sale, we finalized several ancillary agreements with Montagu and Kohlberg, which have varying durations extending up to 24 months, to facilitate the transfer of the business and cover transition support, quality, distribution, supply, development and manufacturing services. We will account for these services separately from the sale, primarily within selling, general and administrative expenses within continuing operations, as they were negotiated primarily to benefit Montagu and Kohlberg and do not represent part of the consideration transferred for the divestiture.

Separately, the Acute Care and IU businesses sale is currently anticipated to be completed in the fourth quarter of 2026, subject to customary closing conditions, including receipt of regulatory approvals and other closing conditions. For this transaction, we have also negotiated transition services agreements and other arrangements intended to govern ongoing activities between Teleflex and the buyer following the closing date of the transaction, including interim operating model arrangements and manufacturing and supply services. Although the material terms of these agreements have been substantially determined, they remain subject to finalization and execution, which we expect to complete at closing.

For additional information regarding the Strategic Divestitures, refer to Notes 5 and 16 within the condensed consolidated financial statements included in this report.

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Leadership updates

On January 8, 2026, we announced the departure of our former Chairman, President and Chief Executive Officer, Liam J. Kelly, and the appointment of Stuart A. Randle as Interim President and Chief Executive Officer. In connection with Mr. Kelly’s departure as President and Chief Executive Officer, the Board appointed Stephen K. Klasko, M.D., a current independent director who had been serving as our Lead Director, to serve as the independent Chair of the Board. In connection with Mr. Kelly's departure, Mr. Kelly will receive benefits and payments as provided under his employment agreement with the Company dated as of March 31, 2017, and as a result, we recognized $2.5 million in associated severance expense during the first quarter of 2026.

On April 9, 2026, we announced that Stephen Klasko, M.D., and John Heinmiller would conclude their respective Board terms at our 2026 annual meeting of stockholders on May 15, 2026 (the "Annual Meeting"), and the nomination of Michael J. Tokich to the Board of Directors. In connection with Dr. Klasko’s departure, Andrew A. Krakauer, a current independent director and chair of the Board's Compensation Committee, was named Chairman of the Board, effective following the Annual Meeting.

On April 30, 2026, we announced the appointment of Jason Weidman as President and Chief Executive Officer, effective June 8, 2026. On that date, Mr. Weidman succeeded Stuart Randle, a member of our Board who had served as Interim President and CEO since January 2026, and also joined our Board. Mr. Randle continues to serve as a Board member.

Litigation settlement

In April 2026, we entered into a settlement agreement with another medical device company to resolve a litigation matter involving alleged infringement of patents held by Teleflex (referred to as the "Litigation settlement"). Pursuant to the terms of the agreement, we received $25.0 million in monetary consideration in connection with the settlement, which was recognized as a gain within the condensed consolidated statements of income for the three and six months ended June 30, 2026. The settlement fully resolves the litigation, with no admission of liability by the other medical device company or by Teleflex.

Acquisition of BIOTRONIK Vascular Intervention business

In the third quarter of 2025, we completed the acquisition of substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG (the "VI Business"), for a net cash payment of €704.3 million, or $825.2 million. The acquisition adds a broad suite of coronary and peripheral medical devices, such as drug-coated balloons, stents, and balloon catheters, which complements our interventional product portfolio. See Note 4 to the condensed consolidated financial statements included in this report for additional information.

Factors impacting our business

Our global operations are subject to risks associated with international trade policies, including the imposition of tariffs. On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”). Since that time, the Administration has imposed tariffs under alternative statutory authority designed to replace or preserve elements of the prior tariff framework. The scope and durability of these replacement tariffs remain uncertain and subject to ongoing legal, regulatory, and administrative developments.

During the second quarter of 2026, the U.S. government established a process for submitting refund requests for tariffs that had been collected under IEEPA, and we submitted several such requests. As of June 30, 2026, we have recorded a receivable for an immaterial amount of tariffs approved for refund to date; however, we have not recorded a receivable for the remaining submitted tariff refund requests. Subsequent to June 30, 2026, we received approval for a significant portion of our submitted refunds and expect to recognize a benefit during the third quarter of 2026.

Further changes to proposed or enacted tariffs could materially impact our business, including gross margins and cash flows. We continue to evaluate measures designed to mitigate the future impacts of tariffs, such as supply chain optimization strategies and adjustments to chain-of-custody protocols. The ultimate impact of tariffs and trade policy changes on our results of operations and cash flows will depend on several factors, including the timing, scale, scope, and nature of any tariffs or policies implemented, any associated retaliatory measures or further legal challenges.

In addition to risks associated with international trade policies, geopolitical developments, including the recent escalation of conflict in the Middle East, have increased macroeconomic uncertainty. These developments may result in disruptions to global energy supplies, volatility and increases in energy prices, heightened inflationary

27

pressures, and disruptions to global supply chains, any of which could adversely affect our results of operations or financial condition. We continue to monitor these developments and the broader macroeconomic environment and, where appropriate, are taking actions to mitigate potential impacts on our business.

Results of Operations

As used in this discussion, "new products" are products for which commercial sales have commenced within the past 36 months, and “existing products” are products for which commercial sales commenced more than 36 months ago. Discussion of results of operations items that reference the effect of one or more acquired and/or divested businesses or assets (except as noted below with respect to acquired distributors) generally reflects the impact of the acquisitions and/or divestitures within the first 12 months following the date of the acquisition and/or divestiture. In addition to increases and decreases in the per unit selling prices of our products to our customers, our discussion of the impact of product price increases and decreases also reflects the impact on the pricing of our products resulting from the elimination of the distributor, either through acquisition or termination of the distributor, from the sales channel. All of the dollar amounts in the tables are presented in millions unless otherwise noted.

Certain financial information is presented on a rounded basis, which may cause minor differences.

Net revenues

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/96943/000009694326000019/tfx-20251231.htm
Complete FY 2025 MD&A: /company/TFX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a global provider of medical technology products focused on enhancing clinical benefits, improving patient and provider safety and reducing total procedural costs. We primarily design, develop, manufacture and supply medical devices used by hospitals and healthcare providers supporting high-acuity emergent procedures. Substantially all of our net revenues come from single-use medical devices. We market and sell our products

31

worldwide through a combination of our direct sales force and distributors. Because our products are used in numerous markets and for a variety of procedures, we are not dependent upon any one end-market or procedure. We are focused on achieving consistent, sustainable and profitable growth by increasing our market share and improving our operating efficiencies.

We evaluate our portfolio of products and businesses on an ongoing basis to ensure alignment with our overall objectives. Based on our evaluation, we may seek to optimize utilization of our facilities through restructuring initiatives designed to further reduce our cost base and enhance our competitive position. In addition, we may continue to explore opportunities to expand the size of our business and improve our margins through a combination of acquisitions and distributor to direct sales conversions, which generally involve our elimination of a distributor from the sales channel, either by acquiring the distributor or terminating the distributor relationship (in some instances, the conversions involve our acquisition or termination of a master distributor and the continued sale of our products through sub-distributors). Our distributor to direct sales conversions are designed to facilitate improved product pricing and more direct access to the end users of our products within the sales channel. Further, we may identify opportunities to expand our margins through strategic divestitures of existing businesses and product lines that no longer meet our objectives.

Recent Strategic Actions

In February 2025, we announced our intention to undertake a strategic transformation of the organization. In accordance with this strategy, on December 9, 2025, we announced that we entered into definitive agreements to sell our Acute Care and Interventional Urology (also referred to as "IU") businesses to Intersurgical® Ltd and our OEM business to Montagu and Kohlberg (collectively referred to as the "Strategic Divestitures"). The combined total consideration from the Strategic Divestitures is $2.0 billion in cash, consisting of expected proceeds of approximately $1.5 billion for our OEM business and $530 million for our Acute Care and IU businesses. Both transactions, which were approved at the same time by our Board of Directors, remain subject to certain closing adjustments, customary regulatory approvals and other closing conditions and are expected to be completed in the second half of 2026. We expect to receive net after‑tax proceeds of approximately $1.8 billion upon the completion of both sales. We intend to use the net proceeds primarily to return capital to shareholders through share repurchases and pay down debt, enhancing our financial flexibility to support our growth strategy.

In connection with the Strategic Divestitures, we have negotiated transition services agreements and other arrangements intended to govern ongoing activities between Teleflex and the respective buyers following the closing dates of the transactions, including interim operating model arrangements and manufacturing and supply services. Although the material terms of these agreements have been substantially determined, they remain subject to finalization and execution. We expect to complete and execute these agreements at the close of each transaction.

The Strategic Divestitures represent a single plan to exit certain product categories that, in aggregate, meet accounting requirements to be classified as discontinued operations and held for sale as of December 31, 2025. Information provided herein is presented on a continuing operations basis to reflect the impact of the Strategic Divestitures, unless otherwise indicated. For additional information regarding the Strategic Divestitures, refer to Note 5 to the consolidated financial statements included in this Annual Report on Form 10-K.

On January 8, 2026, we announced the departure of our Chairman, President and Chief Executive Officer, Liam J. Kelly, and the appointment of Stuart A. Randle as Interim President and Chief Executive Officer. In connection with Mr. Kelly’s departure as President and Chief Executive Officer, the Board appointed Stephen K. Klasko, M.D., a current independent director who had been serving as our Lead Director, to serve as the independent Chair of the Board.

Acquisition of BIOTRONIK Vascular Intervention business

On February 24, 2025, we executed a definitive agreement to acquire substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG (the “VI Business”). The acquisition adds a broad suite of coronary and peripheral medical devices, such as drug-coated balloons, stents, and balloon catheters, which complement our interventional product portfolio.

On June 30, 2025, the first day of the third fiscal quarter of 2025, we completed the acquisition of the VI business for a net initial cash payment of €704.3 million, or $825.2 million, subject to certain working capital and other customary adjustments. Borrowings under the delayed draw term loan, discussed in Note 11 and within the Liquidity and Capital Resources section below, and our revolving credit facility were utilized to finance the

32

acquisition, inclusive of transaction-related costs and other associated requirements.

Concurrent with the execution of the agreement to acquire the VI Business, we entered into foreign exchange derivative contracts with an aggregate notional value of €700 million to hedge economically against the foreign currency exposure associated with the cash consideration needed to complete the acquisition. These forward contracts were settled on June 30, 2025, concurrent with the completion of our acquisition. The settlement of the forward currency contracts resulted in proceeds and a recognized gain of $82.2 million.

In connection with the acquisition, we also entered into several ancillary agreements with BIOTRONIK SE & Co. KG to help facilitate business continuity and the integration of the business. These agreements primarily relate to transition support and distribution services and have varying durations extending up to 36 months.

For additional information regarding the acquisition of the VI Business, refer to Note 4 to the consolidated financial statements included in this Annual Report on Form 10-K.

Impairment considerations

We test the recoverability of long-lived assets whenever events or circumstances indicate the carrying value of an asset may not be recoverable. During the first quarter of 2025, we identified indicators of a potential impairment related to the long-lived assets associated with our Titan SGS asset group, which primarily consists of intangible assets. The indicators of a potential impairment primarily arose from lower than expected sales of our Titan SGS product line and anticipated continuing reduced demand for bariatric surgery procedures in future periods, driven by the growing adoption of GLP-1 products. We performed a recoverability test, utilizing an updated long-term forecast reflecting higher uncertainty of revenue growth in future periods compared to previous estimates, and concluded that the undiscounted cash flows of the Titan SGS product line exceeded the carrying value of the related assets by approximately 10%. Accordingly, no impairment was recognized during the first quarter of 2025 related to the Titan SGS asset group. During the second quarter of 2025, the Titan SGS product line performed largely in line with the forecast used in the first quarter 2025 recoverability test.

During the third quarter of 2025, we identified additional indicators of a potential impairment related to the Titan SGS asset group due to lower than expected sales growth during the period and a further downward revision to sales forecasts compared to the forecast utilized in our first quarter 2025 impairment analysis. As a result, in connection with the preparation of the financial statements for the third quarter of 2025, we performed a recoverability test and as a result, we determined that the carrying value of the asset group was not fully recoverable. We subsequently recognized an impairment charge of $100.0 million, representing the amount by which the carrying value of the asset group exceeded its estimated fair value, as determined utilizing the income approach. After the recognition of the impairment charge, the remaining carrying value of the intangible assets of the Titan SGS asset group was $25.1 million as of the end of the third quarter of 2025. Despite the downward revision to sales forecasts, we continue to anticipate revenue growth from the Titan SGS asset group in future periods.

See the "Results of Operations" section below for information on impairment considerations associated with discontinued operations.

Italian payback measure

In 2015, the Italian parliament enacted legislation that, among other things, imposed a “payback” measure on medical device companies that supply goods and services to the Italian National Healthcare System. Under the measure, companies are required to make payments to the Italian government if medical device expenditures in a given year exceed regional expenditure ceilings established for that year. The payment amounts are calculated based on the amount by which the regional ceilings for the given year were exceeded. In response to decrees issued by the Italian Ministry of Health, in the fourth quarter of 2022 the various Italian regions issued invoices to medical device companies, including Teleflex, under the payback measure seeking payment with respect to excess expenditures for the years 2015 through 2018. Following the issuance of the invoices, we and numerous other medical device companies filed appeals with the Italian administrative courts challenging the enforceability of the payback measure, primarily on the basis that the law was unconstitutional. The Italian administrative courts referred the question regarding the constitutionality of the law to the Italian Constitutional Court, which in July 2024, issued a ruling upholding the law as constitutional. 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. Payment of the reduced amount precludes the pursuit of further legal action related to the obligation to pay the amounts relating to

33

such years. During the third quarter of 2025, we remitted payment to the related regions to settle 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 during the third quarter of 2025. The decrease in our reserve resulted in a corresponding increase to revenue for the year ended December 31, 2025, of which $9.0 million pertains to prior periods within continuing operations. As of December 31, 2025, our reserve related to this matter was $19.4 million.

Economic and other factors impacting our business

The healthcare industry has been, and may continue to be, adversely affected by government-led initiatives intended to reduce healthcare product costs, such as China’s volume-based procurement programs, which have

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TFX/mda/fy2025/
All MD&A years: /company/TFX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TFX/mda/fy2024/): filed 2025-02-28; accession 0000096943-25-000031 (https://www.sec.gov/Archives/edgar/data/96943/000009694325000031/tfx-20241231.htm)
- [FY 2023 MD&A](/company/TFX/mda/fy2023/): filed 2024-02-23; accession 0000096943-24-000036 (https://www.sec.gov/Archives/edgar/data/96943/000009694324000036/tfx-20231231.htm)
- [FY 2022 MD&A](/company/TFX/mda/fy2022/): filed 2023-02-23; accession 0000096943-23-000024 (https://www.sec.gov/Archives/edgar/data/96943/000009694323000024/tfx-20221231.htm)
- [FY 2021 MD&A](/company/TFX/mda/fy2021/): filed 2022-03-01; accession 0000096943-22-000016 (https://www.sec.gov/Archives/edgar/data/96943/000009694322000016/tfx-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TFX.md · JSON record: /company/TFX.json · verified financials: /company/TFX/financials.json / /company/TFX/financials.csv · machine TOC for the whole site: /llms.txt