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Teleflex Q1 Revenues Decline

Teleflex, a US-based supplier of disposable and single use medical products for critical care and surgical applications, has reported $436.5m revenues from continuing operations for the first quarter ended March 28, 2010, a decline of 1%, compared to $440.1m in the prior year quarter.

Teleflex said that the core revenue in the medical segment was flat, while the aerospace and commercial segments had core revenue declines of 20% and 6%, respectively. The decline in overall core revenue was offset by a favorable currency impact of 3%.

Teleflex has reported that for the first quarter 2010, GAAP income from continuing operations attributable to common shareholders increased 46% to $35.6m, or $0.89 per diluted share compared to $24.4m, or $0.61 per diluted share in the prior year quarter.

On an adjusted basis, first quarter 2010 income from continuing operations increased 28% to $36.0m, or $0.90 per diluted share, compared to $28.1m, or $0.71 per diluted share, in the prior year quarter.

GAAP net income attributable to common shareholders was $37.7m compared to $215.5m in the prior year quarter. These results included income from discontinued operations of $2m and income from discontinued operations of $191.2m in the prior year quarter.

Jeffrey Black, chairman and chief executive officer, said: “Building on the strong operational performance of 2009, we delivered another solid quarter to start 2010. Beginning in 2010, we as a company are focusing on achieving sustainable, profitable growth. During the first quarter we delivered sales growth in many of our medical product areas, expanded consolidated gross margins by over 200 basis points, and continued to invest in research and development to drive future growth.

“In addition, we launched a number of innovative new products to the market, saw continued progress with the FDA, and further strengthened and reshaped our portfolio with the divestiture of our SSI Surgical Services business.”