Short answer
Teleflex Inc (TFX) filed its fiscal 2017 10-K annual report with the SEC on Feb 22, 2018. It reported revenue of $2.1B (+14.9% year over year) and net income of $153M.
- Top risk flagged: FDA medical-device regulation: 510(k), de novo, PMA approvals and Quality System inspections could trigger recalls, injunctions or manufacturing shutdowns
FY2017 key financial metrics · XBRL
- Revenue
- $2.1B
- +14.9% YoY
- Net income
- $153M
- −35.7% YoY
- Operating margin
- 17.3%
- +0.2 pp YoY
- Gross margin
- 54.6%
- +1.3 pp YoY
- EPS (diluted)
- $3.27
- −34.3% YoY
- ROE
- 6.3%
- −4.8 pp YoY
- Operating cash flow
- $426M
- +3.8% YoY
Source: XBRL data from the Teleflex Inc (TFX) FY2017 10-K on SEC EDGAR. USD.
Teleflex Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global medical technology provider, focused on single-use devices for critical care and surgical procedures through direct sales and distributors
- 2017 acquisitions of Vascular Solutions and NeoTract added interventional vascular products and the UroLift BPH treatment system
- New Interventional Urology North America segment and seven reportable segments following Vascular Solutions integration
- Distributor-to-direct conversions expanded in Europe and began in China, increasing direct customer access and pricing control
- R&D spending rose to $84.8 million from $58.6 million, while employees totaled approximately 14,400 at year-end
Management Discussion & Analysis
- Revenue $2,146.3M, up 14.9% YoY or $278.3M, driven by $205.8M from acquisitions
- Gross margin 54.6% vs 53.3%; effective tax rate 45.5% vs 3.3%, including $107.9M TCJA expense
- Best segment: Interventional North America revenue $220.6M, up 167.6%; worst: All other operating profit $11.2M, down 57.9%
- Operating cash flow $426.3M; acquisitions $1.8B; capex $70.9M; dividends $61.2M
- Outlook and risks: restructuring savings $31M to $45M; risks from healthcare pricing controls, credit losses and provisional TCJA accounting
Risk Factors
- FDA medical-device regulation: 510(k), de novo, PMA approvals and Quality System inspections could trigger recalls, injunctions or manufacturing shutdowns
- European exposure: Italy, Spain, Portugal and Greece receivables $49.1M, representing 6% of 2017 net revenues
- Manufacturing vulnerability: key products concentrated in single facilities with limited alternate capacity and FDA-approved replacement constraints
- Competitive disruption: faster medical-device innovation could produce superior clinical outcomes or economic value than Teleflex products
- Leverage risk: $2.3B total indebtedness at December 31, 2017, limiting cash available for investment and operations
Generated from the filing text; verify against the original. How to read a 10-K
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