Teleflex Incorporated

Lawrence Kirsch, Vice President of Investor Relations and Strategy Development.

Good morning, everyone, and welcome to the Teleflex Incorporated fourth quarter 2024 earnings conference call. The press release and slides to accompany this call are available on our website at teleflex.com. As a reminder, a replay will be available on our website. Those wishing to access the replay can refer to our press releases from this morning for details. Participating on today's call are Liam Kelly, Chairman, President, and Chief Executive Officer, Thomas Powell, Executive Vice President and Chief Financial Officer, and John Darin, Corporate Vice President and Chief Accounting Officer. Liam, Tom, and John will provide prepared remarks, and then we'll open the call to Q&A. Before we begin, I'd like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in the slides posted to the investor relations section of the TeleFlex website. We wish to caution you that such statements are in fact forward looking in nature and are subject to risks and uncertainties and actual events or results may differ materially. The factors that could cause actual results or events to differ materially include but are not limited to factors referenced in our press release today, as well as our filings with the SEC, including our Form 10-K, which can be accessed on our website. Now, I'll turn the call over to Liam for his remarks.

Thank you, Larry, and good morning, everyone. First, I would like to discuss a transition into senior leadership at Teleplex. Tom Powell, Executive Vice President and Chief Financial Officer, has informed the Board of his intention to retire effective April 1, 2025. Tom has been a trusted partner and I want to thank him for his contributions to Teleflex. Over the past 13 years, Tom has played a major role in driving our adjusted operating margins, which have increased by 800 basis points from 2012 to 2024. As we've grown, Tom has also built an outstanding global finance team that will be instrumental in keeping us well positioned for the future. I also want to highlight Tom's focus on succession planning. ensuring a smooth transition in finance leadership. Finally, thank you for your agreement to stay on in a consulting capacity over the next 12 months. I am pleased to announce that John Dern, Corporate Vice President and Teleflex's Chief Accounting Officer, will succeed Tom as Executive Vice President and Chief Financial Officer effective April 2, 2025. I look forward to working closely with John. With an extensive knowledge of Teleflex, and over 30 years of financial management and reporting experience for public companies, John will be instrumental as we continue to execute on our growth strategy. Moving on now to financial results. For the fourth quarter, Teleplex revenues were $795.4 million, up 2.8% year-over-year on a GAAP basis and an increase of 3.2% on an adjusted constant currency basis. Our interventional and surgical businesses executed well in the fourth quarter with adjusted constant currency growth of 18.7% and 12.3% respectively. Palette Life Sciences revenues exceeded the high end of our $73 to $75 million guidance for 2024. Notwithstanding these strong performances, adjusted constant currency revenues for the fourth quarter were $10.2 million below the low end of our revenue expectations, of which approximately half was attributable to interventional urology. The remaining revenue shortfall was due to lower year-over-year hospitalizations due to flu and COVID-19 impacting our CDC business negatively in our vascular business unit. In the fourth quarter, adjusted earnings per share grew 15.1% to $3.89. I would now like to turn it over to Tom for his remarks.