Short answer
Teleflex Inc (TFX) filed its fiscal 2018 10-K annual report with the SEC on Feb 21, 2019. It reported revenue of $2.4B (+14.1% year over year) and net income of $201M.
- Top risk flagged: FDA medical-device regulation and EU Medical Device Regulation, full force in 2020, could delay approvals or impose additional clinical requirements
FY2018 key financial metrics · XBRL
- Revenue
- $2.4B
- +14.1% YoY
- Net income
- $201M
- +31.6% YoY
- Operating margin
- 13.1%
- −4.2 pp YoY
- Gross margin
- 56.5%
- +1.9 pp YoY
- EPS (diluted)
- $4.29
- +31.2% YoY
- ROE
- 7.9%
- +1.6 pp YoY
- Operating cash flow
- $435M
- +2.1% YoY
Source: XBRL data from the Teleflex Inc (TFX) FY2018 10-K on SEC EDGAR. USD.
Teleflex Inc FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Global medical technology model, single-use devices for critical care and surgical procedures sold through direct sales and distributors
- 2018 portfolio expansion through Essential Medical and QT Vascular acquisitions, adding coronary balloons and Manta vascular closure
- Continued acquisition-led positioning, following 2017 NeoTract and Vascular Solutions deals and distributor-to-direct conversions
- Approximately 15,200 employees at December 31, 2018, including 11,400 outside the United States
- New Autocat 3 Optimus, Teleflex’s third-generation intra-aortic balloon pump launched during the year
Management Discussion & Analysis
- Revenue $2,448.4M, up $302.1M or 14.1% YoY, driven by acquisitions and existing-product volume
- Gross margin 56.5% vs 54.6%; SG&A margin 35.9% vs 32.6%
- Best segment: Interventional North America revenue $261.6M, operating profit $62.3M, up 139.7%
- Worst segment: Surgical North America revenue $166.3M, down 5.1%; operating profit $62.9M, down 1.6%
- Operating cash flow $435.1M; capex $80.8M; dividends $62.2M; no buybacks disclosed
- Outlook: 2019 restructuring charges $21M-$26M, with annual savings of $12M-$14M; risks include hospital demand and global credit volatility
Risk Factors
- FDA medical-device regulation and EU Medical Device Regulation, full force in 2020, could delay approvals or impose additional clinical requirements
- European receivables exposure: $39.0 million in Italy, Spain, Portugal and Greece amid constrained credit markets
- Single-location manufacturing and distribution for key products, with limited alternate facilities and regulated replacement timelines
- Rapid medical-device innovation and larger competitors with greater resources could outpace Teleflex’s product development
- $2.2 billion indebtedness, limiting cash available for research, capital expenditures and other corporate needs
Generated from the filing text; verify against the original. How to read a 10-K
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