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美國

證券交易委員會

華盛頓特區20549

表格 10-Q

（標記一）
☒			根據1934年證券交易法第13或15(d)節的季度報告

截至季度結束日期的財務報告2024年9月29日

或者

☐			根據1934年證券交易法第13或15(d)節的轉型報告書

關於從                     到                    的過渡期。

佣金文件號 1-5353

泰利福有限公司

(根據其章程規定的註冊人準確名稱)

特拉華州						23-1147939
（國家或其他管轄區的 公司成立或組織）						（內部收益人識別號碼） （識別號碼）

550 E. Swedesford Rd., 400號套 Wayne, 賓夕法尼亞州 19087

（總部地址及郵政編碼）

(610) 225-6800

(註冊人電話號碼，包括區號)

（無）

(原名稱、原地址和原財政年度，

如有更改，請參考最新報告

在法案第12(b)條的規定下注冊的證券：

每一類的名稱

交易標誌

在其上註冊的交易所的名稱

普通股，每股面值1.00美元

TFX

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請用複選標記表示，公司登記者（1）在過去12個月內已提交證券交易法案第13或15(d)條規定必須提交的所有報告（或者公司根據規定需要提交這些報告的更短期限），並且（2）在過去90天內一直要求遵守這些提交要求。 是   ☒    否  ☐

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截至2024年5月17日，申報人共有 46,443,734 截至2024年10月29日，每股面值1.00美元普通股的流通股數量。

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泰利福有限公司

10-Q表格季度報告

2024年9月29日季度結束

目錄

頁面

第一部分 — 財務信息

第 1 項：

財務報表（未經審計）：

2

簡明合併損益表

2

簡明綜合收益表

3

簡明合併資產負債表

4

簡明合併現金流量表

5

簡明合併權益變動表

6

簡明合併財務報表附註

7

第 2 項：

管理層對財務狀況和經營業績的討論和分析

22

第 3 項：

關於市場風險的定量和定性披露

31

第 4 項：

控制和程序

31

第二部分 — 其他信息

第 1 項：

法律訴訟

32

第 1A 項：

風險因素

32

第 2 項：

未註冊的股權證券銷售和所得款項的使用

32

第 3 項：

優先證券違約

32

第 4 項：

礦山安全披露

32

第 5 項：

其他信息

33

第 6 項：

展品

34

簽名

35

1

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第一部分 — 財務信息

項目1：基本報表

泰利福有限公司

簡明合併利潤表

(未經審計)

			三個月之內結束												九個月結束
			2024年9月29日						2023年10月1日						2024年9月29日						2023年10月1日
			（以千美元和千股爲單位，每股除外）
淨收入			$	764,375					$	746,389					$	2,251,915					$	2,200,580
營業成本			334,203						330,078						989,151						985,066
毛利潤			430,172						416,311						1,262,764						1,215,514
銷售，總務及管理費用			247,257						213,194						740,718						669,216
研發費用			38,726						37,576						117,119						118,493
養老金結算（福利）費用			(5,407)						—						132,732						—
重組和減值費用			285						231						10,799						3,960
利息和稅前持續經營收入			149,311						165,310						261,396						423,845
利息支出			21,058						23,192						64,909						59,291
利息收入			(2,298)						(7,487)						(5,751)						(9,486)
稅前持續經營收入			130,551						149,605						202,238						374,040
持續經營活動所得收益的所得稅（益）			19,633						11,935						(4,586)						47,651
持續經營業務收入			110,918						137,670						206,824						326,389
中止運營的營業利潤（虧損）			112						(687)						(639)						(1,512)
停止經營活動導致營運虧損的所得稅（益）			26						(157)						(146)						(346)
來自終止經營業務的收入（損失）			86						(530)						(493)						(1,166)
淨收入			$	111,004					$	137,140					$	206,331					$	325,223
每股收益:
基本的：
持續經營業務收入			$	2.37					$	2.93					$	4.40					$	6.95
來自終止經營業務的收入（損失）			0.01						(0.01)						(0.01)						(0.03)
淨利潤			$	2.38					$	2.92					$	4.39					$	6.92
稀釋的：
持續經營業務收入			$	2.36					$	2.91					$	4.38					$	6.90
來自終止經營的損失			—						(0.01)						(0.01)						(0.02)
淨收入			$	2.36					$	2.90					$	4.37					$	6.88
加權平均流通股份
基本			46,724						46,992						46,995						46,974
稀釋的			47,012						47,299						47,256						47,304

附註是這份簡明合併財務報表的不可分割部分。

2

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泰利福有限公司

綜合收益簡明合併報表

(未經審計)

 

			三個月之內結束												九個月結束
			2024年9月29日						2023年10月1日						2024年9月29日						2023年10月1日
			(以千美元計)
淨收入			$	111,004					$	137,140					$	206,331					$	325,223
其他綜合收益(損失), 淨額(稅後):
外幣：
外幣翻譯，稅後淨額$7,370, $(4,667), $3,161重新分類調整，淨稅後，包括納入「其他收入（費用），淨額」的損失（收益）$434分別爲三個月和九個月期間			27,893						(29,417)						(23,008)						(13,368)
養老金和其他離退休福利計劃：
往期服務成本，稅後的淨週期費用$112, $58, $338在截至2024年4月30日和2023年10月31日的三個和六個月中，公司分別記錄了2,055美元和4,621美元的利息費用。175 分別爲三個月和九個月期間			(380)						(196)						(1,137)						(588)
期間未攤銷的收益，減去稅款$—, $—, $(2,559和$— 分別爲三個月和九個月期間			—						—						8,619						—
計劃解決費用，減去稅款$—, $—, $(58,065)，和$— 分別爲三個月和九個月期間			—						—						80,074						—
在淨週期成本中確認的淨（收益）損失，減去稅款$6, $(425), $(280)，和($1,378分別爲三個月和九個月期間			(42)						1,422						882						4,613
外幣翻譯，稅後淨額爲$161, $(109), $114在截至2024年4月30日和2023年10月31日的三個和六個月中，公司分別記錄了2,055美元和4,621美元的利息費用。21 分別爲三個月和九個月期間			(455)						317						(339)						(74)
養老金和其他離退休福利計劃調整，稅後淨額爲$279, $(476), $(60,452)，和($1,182分別爲三個月和九個月期間			(877)						1,543						88,099						3,951
符合對沖資格的衍生品：
符合對沖資格的衍生品，稅後淨額爲$54, $(116), $(91)，和$334 分別是爲期三個月和九個月的金額			(6,051)						(2,412)						(8,926)						789
其他綜合收益(損失), 淨額(稅後):			20,965						(30,286)						56,165						(8,628)
綜合收益			$	131,969					$	106,854					$	262,496					$	316,595

附註是這份簡明合併財務報表的不可分割部分。

3

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泰利福有限公司

簡明合併資產負債表

(未經審計)

			2024年9月29日						2023年12月31日
			(以千美元計)
資產
流動資產
現金及現金等價物			$	243,235					$	222,848
2,687,823			470,257						443,467
存貨			639,938						626,216
預付費用和其他流動資產			116,928						107,471
預繳稅款			28,945						7,404
總流動資產			1,499,303						1,407,406
物業、廠房和設備，淨值			512,224						479,913
營業租賃資產			112,895						123,521
商譽			2,918,562						2,914,055
無形資產, 淨額			2,325,105						2,501,960
遞延所得稅資產			6,779						6,748
其他			111,423						98,943
總資產			$	7,486,291					$	7,532,546
負債和股東權益
流動負債
流動借款			$	96,875					$	87,500
應付賬款			119,255						132,247
應計費用			157,782						146,880
工資和相關福利責任			142,619						146,535
應計利息			16,657						5,583
應付所得稅			18,681						41,453
其他流動負債			66,884						46,547
流動負債合計			618,753						606,745
長期借款			1,661,546						1,727,572
遞延稅款負債			445,841						456,080
養老金和離退休福利負債			23,548						23,989
不確定稅務待處理的非流動負債			3,369						3,370
非流動工程租賃負債			102,938						111,300
其他負債			148,579						162,502
負債合計			3,004,574						3,091,558
承諾和 contingencies
股東權益合計			4,481,717						4,440,988
負債和股東權益合計			$	7,486,291					$	7,532,546

附註是這份簡明合併財務報表的不可分割部分。

4

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泰利福有限公司

現金流量表簡明綜合報表

(未經審計)

			九個月結束
			2024年9月29日						2023年10月1日
			(以千美元計)
持續經營中的經營活動產生的現金流量：
淨收入			$	206,331					$	325,223
調整淨利潤以計入經營活動現金流量:
來自終止經營的損失			493						1,166
折舊費用			54,826						52,687
無形資產攤銷費用			147,983						125,230
遞延融資成本和債務貼現攤銷費用			2,562						2,547
養老金結算費用			132,732						—
已售取得存貨的公允價值遞增			1,722						—
相關對價調整變化			7,446						(24,482)
資產減值損失			2,110						—
以股票爲基礎的報酬計劃			23,727						22,135
遞延所得稅，淨額			(60,648)						2,076
實際支付的附條件交易款項			—						(289)
標明爲淨投資套期保值的互換利息收益			(12,031)						(15,459)
其他			1,970						4,743
資產及負債變動，淨增（減）收購和處置影響除外:
應收賬款			(25,294)						(18,313)
存貨			(11,635)						(50,702)
預付款項和其他資產			40,446						7,487
應付賬款、應計費用及其他負債			(1,623)						(16,674)
應收和應付所得稅淨額。			(75,493)						(45,014)
繼續經營的業務中由營業活動提供的淨現金流量			435,624						372,361
持續經營中的投資活動產生的現金流量：
物業、廠房及設備支出			(94,412)						(63,768)
用於企業和無形資產收購的付款，扣除取得的現金淨額			(120)						(205)
指定爲淨投資套期交易的掉期交易淨收益			18,262						10,275
來自出售投資的收益			7,300						7,300
投資購買			(7,300)						(11,300)
642.0			(76,270)						(57,698)
持續經營活動的籌資活動現金流量：
新增借款的收益			130,000						646,000
減少借款			(188,375)						(321,625)
回購普通股			(200,000)						—
基於股份激勵計劃及相關稅收影響的淨收益			3,555						534
按條件支付款項			(182)						(949)
分紅派息			(47,808)						(47,919)
持續經營的融資活動淨現金流量（流入）			(302,810)						276,041
已停止經營的業務的現金流量：
經營活動使用的淨現金流量			(2,355)						(579)
已終止經營活動的淨現金流量			(2,355)						(579)
匯率變動對現金、現金等價物和受限制的現金等價物的影響			728						(660)
現金、現金等價物和受限制的現金等價物的淨增加			54,917						589,465
期初現金、現金等價物和受限制的等價物			222,848						292,034
期末現金、現金等價物和受限制的等價物			$	277,765					$	881,499

附註是這份簡明合併財務報表的不可分割部分。

5

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泰利福公司

濃縮合並股東權益變動表

(未經審計)

			普通股												額外 已支付 資本						留存收益 業績						累計其他全面收益虧損						庫存股												總計
			股份						美元																								股份						美元
			(以千美元和千股表示，除每股外)
截至2023年12月31日的餘額			48,046						$	48,046					$	749,712					$	4,109,736					$	(314,405)					1,006						$	(152,101)					$	4,440,988
淨利潤																					15,289																								15,289
現金分紅（$0.34 每股）																					(16,001)																								(16,001)
其他綜合收益																											53,351																		53,351
根據薪酬計劃發行的股份			35						35						6,166																		(21)						2,244						8,445
遞延補償															347																		(5)						791						1,138
截至2024年3月31日的餘額			48,081						48,081						756,225						4,109,024						(261,054)						980						(149,066)						4,503,210
淨利潤																					80,038																								80,038
現金分紅（$0.34 每股)																					(16,017)																								(16,017)
其他綜合損失																											(18,151)																		(18,151)
根據薪酬計劃發行的股票			10						10						8,967																		(5)						655						9,632
遞延薪酬			—						—						2																		—						5						7
截至2024年6月30日的餘額			48,091						48,091						765,194						4,173,045						(279,205)						975						(148,406)						4,558,719
淨利潤																					111,004																								111,004
現金分紅（$0.34 每股)																					(15,790)																								(15,790)
其他綜合收益																											20,965																		20,965
根據薪酬計劃發行的股票			5						5						8,262																		(1)						149						8,416
回購普通股			—						—						(40,000)																		678						(161,600)						(201,600)
遞延薪酬															—																		—						3						3
截至2024年9月29日的餘額			48,096						$	48,096					$	733,456					$	4,268,259					$	(258,240)					1,652						$	(309,854)					$	4,481,717

			普通股												額外 已支付 資本						留存收益 業績						累計其他全面收益虧損						庫存股												總計
			股份						美元																								股份						美元
			(以千美元和千股計算，除每股外)
截至2022年12月31日的餘額			47,957						$	47,957					$	715,118					$	3,817,304					$	(403,522)					1,032						$	(154,889)					$	4,021,968
淨利潤																					76,748																								76,748
現金分紅（$0.34 每股）																					(15,969)																								(15,969)
其他綜合收益																											22,191																		22,191
根據薪酬計劃發行的股份			18						18						2,333																		(19)						2,639						4,990
遞延補償															324																		(6)						1						325
截至2023年4月2日的餘額			47,975						47,975						717,775						3,878,083						(381,331)						1,007						(152,249)						4,110,253
淨利潤																					111,335																								111,335
現金分紅（$0.34 每股)																					(15,972)																								(15,972)
其他綜合損失																											(533)																		(533)
根據補償計劃發行的股份			23						23						9,920																		—						66						10,009
截至2023年7月2日的餘額			47,998						47,998						727,695						3,973,446						$	(381,864)					1,007						(152,183)						4,215,092
淨利潤																					137,140																								137,140
現金分紅($0.34 每股)																					(15,978)																								(15,978)
其他綜合損失																											(30,286)																		(30,286)
根據補償計劃發行的股份			1						1						8,057																		(1)						22						8,080
截至2023年10月1日的餘額			47,999						$	47,999					$	735,752					$	4,094,608					$	(412,150)					1,006						$	(152,161)					$	4,314,048

隨附的說明是壓縮合並基本報表的一個組成部分。

6

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泰利福公司

基本報表附註

(未經審計)

（除非另有說明，所有金額以千爲單位）

注意 1 — 呈報基礎

泰利福公司及其子公司的未經審核的簡明合併基本報表（"我們"、"我們"、"我們的"和"泰利福"）是根據年合併基本報表的相同基礎編制的。

管理層認爲，基本報表反映了所有的調整，這些調整是正常的經常性性質，是編制基本報表所需的，符合美國通用會計原則（"GAAP"）和證券交易委員會（"SEC"）《規則10-01》關於《S-X條例》中所列示的基本報表在10-Q表格式和內容方面的指引。依照GAAP要求編制的簡明合併基本報表要求管理層作出估計和假設，這些估計和假設會影響在基本報表日期報告的資產和負債的金額，以及報告期內營業收入和費用的金額。實際結果可能與這些估計有所不同。報告期的經營結果不一定表明可能預期的全年結果。

根據適用的會計準則以及S-X規則10-01的允許，附帶的簡明合併基本報表不包括我們年度合併基本報表中需要包含的所有信息和附註披露。因此，我們的季度簡明合併基本報表應與包含在截至2023年12月31日的10-k表格年度報告中的合併基本報表一起閱讀。

補充資產負債表信息

截至2024年9月29日和2023年12月31日，現金、現金等價物和受限現金等價物包括以下內容：

			2024年9月29日						2023年12月31日
現金及現金等價物			$	243,235					$	222,848
其他流動資產中的受限現金等價物 (1)			16,219						—
其他資產中的受限現金等價物 (1)			18,311						—
現金、現金等價物和受限現金等價物的總額			$	277,765					$	222,848

(1) 限制性現金等價物代表由泰利福公司養老收入計劃（簡稱「TRIP」）終止所產生的盈餘計劃資產，這些資產於2024年9月29日被轉移至泰利福401(k)儲蓄計劃中的待處理帳戶，如註解12所述。預計在一年內從待處理帳戶轉移到員工的金額被歸類爲其他流動資產。

注意 2 — 近期發佈的會計準則

在2023年11月，財務會計準則委員會（"FASB"）發佈了新的指導原則，旨在改善可報告業務部門的信息披露要求，主要通過增強有關每個部門重大費用的披露。新標準必須以追溯方式採納。我們打算在截至2024年12月31日的財年及隨後中期採用新的指導原則。我們預計採用該標準不會對合並基本報表和披露產生重大影響。

在2023年12月，FASB發佈了新的指導方針，旨在改善所得稅披露要求，主要通過在有效稅率調節中的增加分項披露以及增強對已支付所得稅的披露。該指導方針適用於所有在2024年12月15日後開始的財年。新的標準可以在前瞻性基礎上採用，也可以選擇追溯採用，並允許提前採用。目前我們正在評估這一指導方針，以判斷其對我們的合併基本報表的影響。

在2024年3月，證券交易委員會（SEC）通過了最終規則，要求註冊人必須在註冊聲明和年度報告中包括某些氣候相關的披露。所需的披露包括有關注冊人氣候相關風險的信息，這些風險合理地可能對其業務、運營結果或

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泰利福公司

簡化合並基本報表附註 - （續）

(未經審計)

財務控件。有關氣候相關風險的必要信息還將包括對註冊人溫室氣體排放的披露，並要求註冊人在其審計基本報表中呈現某些氣候相關的財務披露。這些規則將適用於所有在2025年開始的財年。然而，在規則通過後，六個聯邦上訴法院對這些規則提出了挑戰。這些挑戰已在美國第八巡迴上訴法院合併審查。自合併命令以來，已經提交了其他案件。2024年4月4日，證監會宣佈已暫緩實施該規則，等待對合並第八巡迴投訴的司法審查完成。證監會進一步表示，計劃在暫停期結束後確定新的生效日期和實施階段，雖然這僅在證監會在持續的法律程序中勝訴後才會發生。我們計劃監測這些規則的狀態，並在適當時評估這些規則，以判斷它們對我們的合併基本報表的影響。

時不時，FASB或其他標準制定機構會發布新的會計指引，我們會在生效日期或在允許提前採用的情況下提前採納。我們已經評估了最近發佈但尚未生效的指引，除非上述另有說明，否則我們認爲新指引不會對合並的經營結果、現金流或財務狀況產生重大影響。

注意 3 — 淨營業收入

我們主要通過銷售醫療設備來生成營業收入，包括一次性使用的耗材和較少量的可重複使用設備、儀器及資本設備。當我們與客戶的合同條款下的義務得到滿足時，營業收入被確認；這種情況發生在產品控制權轉移時。通常，當我們的產品從製造或分銷設施發貨時，控制權就會轉移給客戶。對於我們的原始設備製造和開發服務（"OEM"）部門，大部分營業收入是隨着時間的推移逐步確認的，因爲OEM部門是通過銷售沒有替代用途的定製產品來產生營業收入，並且在履行完成的情況下，我們擁有可強制執行的收款權利。我們通過我們的直銷團隊和分銷商向以下最終市場的客戶進行產品營銷和銷售：(1) 醫院和醫療服務提供者；(2) 其他醫療設備製造商；以及(3) 家庭護理提供者，這構成了 86%, 12% 2% 的合併淨營業收入，截至2024年9月29日的九個月中。營業收入的衡量標準是我們期望在轉讓商品時收到的對價金額。對於在OEM部門銷售的定製產品，營業收入是採用生產單位產量法進行測量的。付款通常在發票日期後 30 天內到期。

下表對截至2024年9月29日和2023年10月1日的三個月和九個月的營業收入按全球貨幣產品類別進行了細分。

			截至三個月												截至九個月
			2024年9月29日						2023年10月1日						2024年9月29日						2023年10月1日
血管通路			$	180,896					$	169,919					$	543,355					$	521,356
介入			149,865						134,089						425,687						375,766
麻醉			101,154						97,612						299,997						291,786
外科			111,746						112,805						328,574						317,781
介入泌尿學			83,395						73,622						246,241						226,819
OEM			82,558						82,309						259,080						243,434
其他 (1)			54,761						76,033						148,981						223,638
淨收入 (2)			$	764,375					$	746,389					$	2,251,915					$	2,200,580

(1)    包括來自我們呼吸和泌尿產品（不包括介入性泌尿產品）的銷售收入，以及根據與我們呼吸業務剝離有關的製造和供應過渡協議產生的銷售收入。截止至2024年9月29日的九個月內，金額反映了與第13條中討論的先前年份相關的意大利回補措施的儲備增加所帶來的影響。

(2)    上述產品類別是以全球爲基礎進行呈現的，而我們除了OEm可報告部門以外的每個可報告部門則是根據其運營的地理位置進行定義；OEm可報告部門在全球範圍內運營。

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泰利福公司

簡化合並基本報表附註 - （續）

(未經審計)

每個地理位置報告的業務板塊包括上述每個非OEM產品類別的淨收入。

註釋 4 — 收購

2023年收購

在2023年第四季度，我們完成了對Palette Life Sciences Ab（「Palette」）的收購。這是一傢俬營醫療器械公司，銷售一系列基於透明質酸凝膠的產品，主要用於治療泌尿系統疾病，包括與前列腺癌放射治療相關的直腸間隔產品。根據協議條款，我們以初始現金支付$594.9 百萬，可能會在滿足特定商業里程碑的情況下，進行高達$ 兩個  的里程碑付款，總計可達$50 百萬。這些里程碑付款基於2024年1月1日開始的兩年期間的淨銷售增長。

在2024年第三季度，我們根據收購日期存在的新事實和情況，調整了在Palette交易中獲得的無形資產在國內和國外實體之間的分配。因此，我們記錄了一項計量期調整，確認了$2.0百萬美元的遞延稅務負債和商譽的減少。分配變化還影響了某些資產和負債的貨幣轉換，因此，我們撤銷了截至2024年9月29日爲止的九個月內記錄的$19.7百萬美元的外幣轉換，導致該期間的綜合收入減少。該調整對我們的運營結果沒有顯著影響。

我們尚未就與賣方的交割聲明調整達成一致。然而，涉及本次收購的測量期在第四季度屆滿，因此，任何隨後的對所轉讓對價的調整將在結算的報告期間內確認。

Note 5 — Restructuring and impairment charges

Restructuring and impairment charges recognized for the three and nine months ended September 29, 2024 and October 1, 2023 consisted of the following:

Three Months Ended September 29, 2024
			Termination Benefits						Other Costs (1)						Total
2024 Footprint realignment plan			$	1,066					$	27					$	1,093
2023 Restructuring plan			(95)						—						(95)
2023 Footprint realignment plan			301						—						301
Other restructuring programs (2)			(1,018)						4						(1,014)
Restructuring charges			$	254					$	31					$	285

Three Months Ended October 1, 2023
			Termination Benefits						Other Costs (1)						Total
2023 Footprint realignment plan			$	1,296					$	—					$	1,296
2022 Restructuring plan			244						102						346
Respiratory divestiture plan			(851)						5						(846)
Other restructuring programs (3)			(612)						47						(565)
Restructuring charges			$	77					$	154					$	231

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TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Nine Months Ended September 29, 2024
			Termination Benefits						Other Costs (1)						Total
2024 Footprint realignment plan			$	9,638					$	27					$	9,665
2023 Restructuring plan			(914)						82						(832)
2023 Footprint realignment plan			1,044						3						1,047
Other restructuring programs (2)			(1,225)						34						(1,191)
Restructuring charges			8,543						146						8,689
Asset impairment charges			—						2,110						2,110
Restructuring and impairment charges			$	8,543					$	2,256					$	10,799

Nine Months Ended October 1, 2023
			Termination Benefits						Other Costs (1)						Total
2023 Footprint realignment plan			$	1,296					$	—					$	1,296
2022 Restructuring plan			3,361						313						3,674
Respiratory divestiture plan			(596)						17						(579)
Other restructuring programs (3)			(853)						422						(431)
Restructuring charges			$	3,208					$	752					$	3,960

(1) Other costs include facility closure, contract termination and other exit costs.

(2) Includes activity primarily related to a restructuring plan initiated in the fourth quarter of 2022 that was designed to improve operating performance and position the organization to deliver long-term durable growth by creating efficiencies that align with our high growth strategic objectives (the "2022 Restructuring plan"), which has concluded.

(3) Includes activity primarily related to a restructuring plan initiated in the first quarter of 2022 that was designed to relocate manufacturing operations at certain of our facilities (the "2022 Manufacturing relocation plan") and our 2014, 2018, and 2019 Footprint realignment plans.

2024 Footprint realignment plan

During the second quarter of 2024, we initiated the "2024 Footprint realignment plan," encompassing several strategic restructuring initiatives. These initiatives primarily include the relocation of select manufacturing operations to existing lower-cost locations, the optimization of specific product portfolios through targeted rationalization efforts, the relocation of certain integral product development and manufacturing support functions, the optimization of certain supply chain activities and related workforce reductions. The actions under the 2024 Footprint realignment plan are expected to be substantially completed by the end of 2025.

The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the 2024 Footprint realignment plan:

			Total estimated amount expected to be incurred
Program expense estimates:
Restructuring charges (1)			$16 million to $20 million
Restructuring related charges (2)			$21 million to $26 million
Total restructuring and restructuring related charges			$37 million to $46 million

(1)Substantially all of the charges consist of employee termination benefit costs.

(2)Consists of pre-tax charges related to accelerated depreciation and other costs directly related to the plan, primarily project management costs and costs to relocate manufacturing operations and support functions to the new locations. Substantially all of the charges are expected to be recognized within costs of goods sold.

We expect the restructuring and restructuring related charges will result in future cash outlays ranging from $31 million to $38 million, with the majority anticipated to occur between 2025 and 2026. Furthermore, we expect to incur $13 million to $16 million in aggregate capital expenditures under the plan, with the bulk of these expenses expected to occur during 2024 and 2025.

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TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

For the three and nine months ended September 29, 2024, respectively, we incurred $2.6 million and $3.7 million under the 2024 Footprint realignment plan in pre-tax restructuring related charges, substantially all of which was recognized in cost of goods sold.

As of September 29, 2024, we had a restructuring reserve of $10.1 million related to this plan, all of which related to termination benefits.

2023 Footprint realignment plan

During the third quarter of 2023, we initiated a restructuring plan primarily involving the relocation of certain manufacturing operations to existing lower-cost locations, the outsourcing of certain manufacturing processes and related workforce reductions (the "2023 Footprint realignment plan"). These actions are expected to be substantially completed by the end of 2027. The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the 2023 Footprint realignment plan:

			Total estimated amount expected to be incurred
Program expense estimates:
Restructuring charges (1)			$4 million to $6 million
Restructuring related charges (2)			$7 million to $9 million
Total restructuring and restructuring related charges			$11 million to $15 million

(1) Substantially all of the charges consist of employee termination benefit costs.

(2) Restructuring related charges represent costs that are directly related to the 2023 Footprint realignment plan and principally constitute costs to transfer manufacturing operations to existing lower-cost locations and project management costs. Substantially all of these charges are expected to be recognized within cost of goods sold.

Additionally, we expect to incur $2 million to $3 million in aggregate capital expenditures under the plan.

For the three and nine months ended September 29, 2024, respectively, we incurred $0.8 million and $1.8 million under the 2023 Footprint realignment plan in pre-tax restructuring related charges, all of which were recognized in cost of goods sold. As of September 29, 2024, we have incurred aggregate restructuring charges in connection with the 2023 Footprint realignment plan of $2.5 million. In addition, as of September 29, 2024, we have incurred aggregate restructuring related charges of $2.0 million with respect to the 2023 Footprint realignment plan, consisting of certain costs that principally resulted from the transfer of manufacturing operations to new locations.

As of September 29, 2024, we had a restructuring reserve of $2.4 million related to this plan, all of which related to termination benefits.

2023 Restructuring plan

During the fourth quarter of 2023, we initiated a restructuring plan, which primarily involved the integration of Palette into Teleflex and workforce reductions designed to improve operating performance across the organization by creating efficiencies that align with evolving market demands and our strategy to enhance long-term value creation (the “2023 restructuring plan”). The plan is substantially complete and as a result, we expect future restructuring expenses associated with the plan to be immaterial.

Impairment charge

For the nine months ended September 29, 2024, we recorded an impairment charge of $2.1 million related to a portion of our operating lease assets stemming from our cessation of occupancy of a specific facility.

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TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Note 6 — Inventories

Inventories as of September 29, 2024 and December 31, 2023 consisted of the following:

			September 29, 2024						December 31, 2023
Raw materials			$	173,865					$	179,517
Work-in-process			120,491						111,132
Finished goods			345,582						335,567
Inventories			$	639,938					$	626,216

Note 7 — Goodwill and other intangible assets

The following table provides information relating to changes in the carrying amount of goodwill by reportable operating segment for the nine months ended September 29, 2024:

			Americas																								EMEA						Asia						OEM												Total
December 31, 2023			$	2,068,072																							$	487,744					$	246,229					$	112,010											$	2,914,055
Goodwill related to acquisitions			(1,953)																								—						—						—												(1,953)
Currency translation adjustment			(3,872)																								7,281						3,051						—												6,460
September 29, 2024			$	2,062,247																							$	495,025					$	249,280					$	112,010											$	2,918,562

Our goodwill impairment testing is performed annually during the fourth quarter of each fiscal year in addition to periods where changes in circumstances indicate that the carrying value of our goodwill assets may not be recoverable. No impairment charges were recognized during the three and nine months ended September 29, 2024. We did identify indicators of a potential impairment as of June 30, 2024 related to our Interventional Urology North America reporting unit, included within our Americas operating segment. The indicators of a potential impairment primarily arose from lower than anticipated sales results from our UroLift product line (“UroLift”), primarily driven by the adverse impact of persistent end-market challenges within the U.S. office site of service. We performed a quantitative impairment test of the reporting unit using both the income and the market approaches, which determined that the fair value of the reporting unit exceeded the carrying value. The more significant judgments and assumptions in determining the fair value included the amount and timing of expected future cash flows, the expected long-term growth rates and the discount rate used to estimate the present value of the future cash flows. Our assessment indicates that the Interventional Urology North America reporting unit is susceptible to future impairment charges if future revenue is lower than our current expectations, in particular with respect to the adverse impacts stemming from end market conditions related to UroLift, as well as from continuing negative impacts from macroeconomic factors, including increased inflation and higher interest rates. The carrying value of goodwill allocated to the Interventional Urology North America reporting unit as of September 29, 2024 was $643.9 million.

The gross carrying amount of, and accumulated amortization relating to, intangible assets as of September 29, 2024 and December 31, 2023 were as follows:

			Gross Carrying Amount												Accumulated Amortization
			September 29, 2024						December 31, 2023						September 29, 2024						December 31, 2023
Customer relationships			$	1,362,046					$	1,363,839					$	(610,061)					$	(561,753)
In-process research and development			23,666						27,476						—						—
Intellectual property			1,872,243						1,890,957						(834,835)						(745,094)
Distribution rights			23,360						23,301						(22,687)						(22,048)
Trade names			607,163						610,146						(95,790)						(84,864)
Non-compete agreements			21,930						21,934						(21,930)						(21,934)
			$	3,910,408					$	3,937,653					$	(1,585,303)					$	(1,435,693)

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TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Note 8 — Financial instruments

Foreign currency forward contracts

We use derivative instruments for risk management purposes. Foreign currency forward contracts designated as cash flow hedges are used to manage foreign currency transaction exposure. Foreign currency forward contracts not designated as hedges for accounting purposes are used to manage exposure related to near term foreign currency denominated monetary assets and liabilities. We enter into the non-designated foreign currency forward contracts for periods consistent with our currency translation exposures, which generally approximate one month. For the three and nine months ended September 29, 2024, we recognized a loss of $0.9 million and a gain of $2.6 million, respectively, related to non-designated foreign currency forward contracts. For the three and nine months ended October 1, 2023, we recognized a loss of $1.0 million and a gain of $1.0 million, respectively, related to non-designated foreign currency forward contracts.

The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of September 29, 2024 and December 31, 2023 was $321.7 million and $234.1 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of September 29, 2024 and December 31, 2023 was $187.6 million and $195.0 million, respectively. All open foreign currency forward contracts as of September 29, 2024 have durations of 12 months or less.

Cross-currency interest rate swaps

During 2019, we entered into cross-currency swap agreements with five different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate (the "2019 Cross-currency swaps"). Under the terms of the cross-currency swap agreements, we notionally exchanged $250 million at an annual interest rate of 4.88% for €219.2 million at an annual interest rate of 2.46%. The swap agreements are designed as net investment hedges. On February 26, 2024, the agreements related to our 2019 Cross-currency swap with an original maturity date of March 4, 2024 were terminated resulting in $12.1 million in cash settlement proceeds.

On February 26, 2024, we executed two separate term cross-currency swap agreements set to expire on February 26, 2027 and February 28, 2029, respectively, to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Each of the swap agreements had a notional principal amount of $250 million and were designated as a net investment hedge. On April 25, 2024, the cross-currency agreements executed in February 2024 were terminated in response to changes in market conditions, resulting in $0.4 million in a cash settlement payment and we simultaneously executed two new separate term cross-currency swap agreements with the same expiration dates and notional values (together, the "2024 Cross-currency swap agreements"). The cross-currency swap agreements expiring in 2027 include five different financial institution counterparties and notionally exchanged $250 million at an annual interest rate of 4.25% for €233.4 million at an annual interest rate of 2.44%. The cross-currency swap agreements expiring in 2029 include four different financial institution counterparties and notionally exchanged $250 million at an annual interest rate of 4.25% for €233.4 million at an annual interest rate of 2.45%. Both of the 2024 Cross-currency swap agreements are designated as a net investment hedge.

During 2023, we executed cross-currency swap agreements with six different financial institution counterparties to hedge against the effect of variability in the U.S. dollar to euro exchange rate, (the "2023 Cross-currency swaps"). Under the terms of the cross-currency swap agreements, we have notionally exchanged $500 million at an annual interest rate of 4.63% for €474.7 million at an annual interest rate of 3.05%. The swap agreements are designated as net investment hedges and expire on October 4, 2025.

In 2023, we entered into a zero cost foreign exchange collar contract that aligns with the notional amount and expiration date of the 2023 Cross-currency swaps. We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $500 million notional cross currency swaps. Upon the execution of the zero cost foreign exchange collar contract, we have de-designated the 2023 Cross-currency swaps and re-designated the combined $500 million notional cross currency swaps and zero cost collar into a new hedging instrument. At redesignation, the existing $500 million notional cross-currency swaps were off-market due to changes in foreign exchange rates and interest rates. The off-market value due to interest rates will be amortized ratably into earnings through October 2025 and the off-market

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value due to foreign exchange rates will remain in accumulated other comprehensive income until the underlying net investment is sold. The combined cross-currency swaps and zero cost collar have been designated as a net investment hedge for accounting purposes.

The swap agreements described above require an exchange of the notional amounts upon expiration or earlier termination of the agreements. We and the counterparties have agreed to effect the exchange through a net settlement.

The cross-currency swaps are marked to market at each reporting date and any changes in fair value are recognized as a component of accumulated other comprehensive income (loss) ("AOCI"). The following table summarizes the foreign exchange gains and losses recognized within AOCI and the interest benefit recognized within interest expense related to cross currency swap for the three and nine months ended September 29, 2024 and October 1, 2023:

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Foreign exchange (loss) gain			$	(24,846)					$	15,756					$	(10,656)					$	1,466
Interest benefit			4,031						5,171						12,031						15,459

Balance sheet presentation

The following table presents the locations in the condensed consolidated balance sheet and fair value of derivative financial instruments as of September 29, 2024 and December 31, 2023:

			September 29, 2024						December 31, 2023
			Fair Value
Asset derivatives:
Designated foreign currency forward contracts			$	4,468					$	1,629
Non-designated foreign currency forward contracts			263						937
Cross-currency interest rate swaps			15,702						16,883
Prepaid expenses and other current assets			20,433						19,449
Total asset derivatives			$	20,433					$	19,449
Liability derivatives:
Designated foreign currency forward contracts			$	10,075					$	1,866
Non-designated foreign currency forward contracts			968						1,340
Other current liabilities			11,043						3,206
Cross-currency interest rate swaps			50,964						32,097
Other liabilities			50,964						32,097
Total liability derivatives			$	62,007					$	35,303

See Note 10 for information on the location and amount of gains and losses attributable to derivatives that were reclassified from AOCI to expense (income), net of tax. There was no ineffectiveness related to our cash flow hedges during the three and nine months ended September 29, 2024 and October 1, 2023.

Trade receivables

The allowance for credit losses as of September 29, 2024 and December 31, 2023 was $10.1 million and $9.5 million, respectively. The current portion of the allowance for credit losses, which was $5.9 million and $5.5 million as of September 29, 2024 and December 31, 2023, respectively, was recognized as a reduction of accounts receivable, net.

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Note 9 — Fair value measurement

The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of September 29, 2024 and December 31, 2023:

			Total carrying  value at  September 29, 2024						Quoted prices in active markets (Level 1)						Significant other observable Inputs (Level 2)						Significant unobservable Inputs (Level 3)
Investments in marketable securities			$	571					$	571					$	—					$	—
Derivative assets			20,433						—						20,433						—
Derivative liabilities			62,007						—						62,007						—
Contingent consideration liabilities			46,750						—						—						46,750

			Total carrying value at December 31, 2023						Quoted prices in active markets (Level 1)						Significant other observable Inputs (Level 2)						Significant unobservable Inputs (Level 3)
Investments in marketable securities			$	5,306					$	5,306					$	—					$	—
Derivative assets			19,449						—						19,449						—
Derivative liabilities			35,303						—						35,303						—
Contingent consideration liabilities			39,486						—						—						39,486

Valuation Techniques

Our financial assets valued based upon Level 1 inputs are comprised of investments in marketable securities held in trust, which are available to satisfy benefit obligations under our benefit plans and other arrangements. The investment assets of the trust are valued using quoted market prices.

Our financial assets and liabilities valued based upon Level 2 inputs are comprised of foreign currency forward contracts and cross-currency interest rate swap agreements. We use foreign currency forward contracts and cross-currency interest rate swap agreements to manage foreign currency transaction exposure as well as exposure to foreign currency denominated monetary assets and liabilities. We measure the fair value of the foreign currency forwards and cross-currency swap agreements by calculating the amount required to enter into offsetting contracts with similar remaining maturities, based on quoted market prices, and taking into account the creditworthiness of the counterparties.

Our financial liabilities valued based upon Level 3 inputs are comprised of contingent consideration arrangements pertaining to our acquisitions.

Contingent consideration

Contingent consideration liabilities, which primarily consist of payment obligations that are contingent upon the achievement of revenue-based goals, but also can be based on other milestones such as regulatory approvals, are remeasured to fair value each reporting period using assumptions including revenue growth rates (based on internal operational budgets and long-range strategic plans), revenue volatility, discount rates, probability of payment and projected payment dates.

We determine the fair value of certain contingent consideration liabilities using a Monte Carlo simulation (which involves a simulation of future revenues during the earn-out period using management's best estimates) or discounted cash flow analysis. Increases in projected revenues, estimated cash flows and probabilities of payment may result in significantly higher fair value measurements; decreases in these items may have the opposite effect. Increases in the discount rates in periods prior to payment may result in significantly lower fair value measurements and decreases in the discount rates may have the opposite effect.

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The table below provides additional information regarding the valuation technique and inputs used in determining the fair value of our significant contingent consideration liabilities.

Contingent Consideration Liability

Valuation Technique

Unobservable Input

Range (Weighted average)

Revenue-based

Monte Carlo simulation

Revenue volatility

17.4% - 30.4% (19.2%)

Risk free rate

Cost of debt structure

Projected year of payment

2025 - 2026

The following table provides information regarding changes in our contingent consideration liabilities for the nine months ended September 29, 2024:

			Contingent consideration
Balance – December 31, 2023			$	39,486
Payments			(182)
Revaluations			7,446
Balance – September 29, 2024			$	46,750

Note 10 — Shareholders' equity

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average number of common shares outstanding:

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Basic			46,724						46,992						46,995						46,974
Dilutive effect of share-based awards			288						307						261						330
Diluted			47,012						47,299						47,256						47,304

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.9 million for the three and nine months ended September 29, 2024 and 0.8 million and 0.7 million for the three and nine months ended October 1, 2023, respectively.

On July 30, 2024, the Board of Directors authorized a share repurchase program for up to $500 million of our common stock. The timing, price and actual number of shares of common stock that may be repurchased under the share repurchase authorization will depend on a variety of factors including price, market conditions and corporate and regulatory requirements. The repurchases may occur in open market transactions, transactions structured through investment banking institutions, in privately negotiated transactions, by direct purchases of common stock or a combination of the foregoing, and the timing and amount of stock repurchased will depend on market and business conditions, applicable legal and credit requirements and other corporate considerations. The authorization of the repurchase program does not constitute a binding obligation to acquire any specific amount of common stock, and the repurchase program may be suspended or discontinued at any time. On August 2, 2024, we entered into an accelerated share repurchase agreement for $200 million of our common stock. Under this agreement, 678,110 shares of common stock, representing 80% of the $200 million aggregate, were delivered and included in treasury stock during the three months ended September 29, 2024. The initial shares received were calculated based on a price per share of $235.95, which was the closing share price of our common stock on August 1, 2024. The total number of shares to be repurchased under the agreement will be based on volume-weighted average prices of our common stock during the accelerated share repurchase period. Based on our calculations to date, we expect to receive additional shares of common stock upon final settlement of the agreement, which will be completed during the fourth quarter of 2024.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 29, 2024 and October 1, 2023:

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			Cash Flow Hedges						Pension and Other Postretirement Benefit Plans						Foreign Currency Translation Adjustment						Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2023			$	1,396					$	(88,049)					$	(227,752)					$	(314,405)
Other comprehensive (loss) income before reclassifications (1)			(6,249)						8,280						(23,008)						(20,977)
Amounts reclassified from accumulated other comprehensive (loss) income			(2,677)						79,819						—						77,142
Net current-period other comprehensive (loss) income			(8,926)						88,099						(23,008)						56,165
Balance as of September 29, 2024			$	(7,530)					$	50					$	(250,760)					$	(258,240)

(1)The foreign currency translation includes a loss of $19.7 million stemming from the measurement period adjustment related to our acquisition of Palette as described in Note 4.

			Cash Flow Hedges						Pension and Other Postretirement Benefit Plans						Foreign Currency Translation Adjustment						Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2022			$	4,931					$	(135,799)					$	(272,654)					$	(403,522)
Other comprehensive income (loss) before reclassifications			9,109						(76)						(13,368)						(4,335)
Amounts reclassified from accumulated other comprehensive income			(8,320)						4,027						—						(4,293)
Net current-period other comprehensive income			789						3,951						(13,368)						(8,628)
Balance as of October 1, 2023			$	5,720					$	(131,848)					$	(286,022)					$	(412,150)

The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss)/income into (income)/expense, net of tax, for the three and nine months ended September 29, 2024 and October 1, 2023:

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
(Gains) Loss on foreign exchange contracts:
Cost of goods sold			$	(589)					$	(3,499)					$	(2,698)					$	(8,734)
Total before tax			(589)						(3,499)						(2,698)						(8,734)
Taxes			7						34						21						414
Net of tax			(582)						(3,465)						(2,677)						(8,320)
Pension and other postretirement benefit items (1):
Actuarial (gains) losses			(48)						1,851						1,162						5,986
Prior-service costs			(492)						(252)						(1,475)						(756)
Settlements			—						—						138,139						—
Total before tax			(540)						1,599						137,826						5,230
Tax benefit			118						(368)						(58,007)						(1,203)
Net of tax			(422)						1,231						79,819						4,027
Total reclassifications, net of tax			$	(1,004)					$	(2,234)					$	77,142					$	(4,293)

(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.

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Note 11 — Taxes on income from continuing operations

Three Months Ended

Nine Months Ended

September 29, 2024

October 1, 2023

September 29, 2024

October 1, 2023

Effective income tax rate (1)

15.0%

8.0%

(2.3)%

12.7%

(1) The effective income tax rate for the three months ended September 29, 2024 and the three and nine months ended October 1, 2023 represent income tax expenses. The effective income tax rate for the nine months ended September 29, 2024 represents an income tax benefit.

The effective income tax rates for the three and nine months ended September 29, 2024 were 15.0% and (2.3)%, respectively. The effective income tax rates for all periods reflect a tax benefit from research and development credits. A tax benefit was recognized during the nine months ended September 29, 2024 due to the pension settlement charge recognized in connection with the termination of the TRIP, as described in Note 12. The effective income tax rates for the three and nine months ended October 1, 2023 reflect the tax impact of a non-taxable contingent consideration adjustment recognized in connection with a decrease in the estimated fair value of our contingent consideration liabilities. Additionally, the effective income tax rates for the three and nine months ended October 1, 2023 reflect tax benefits related to the 2023 Footprint Realignment plan and the 2022 Restructuring plan.

Note 12 — Pension and other postretirement benefits

We have a number of defined benefit pension and postretirement plans covering eligible U.S. and non-U.S. employees. The defined benefit pension plans are noncontributory. The benefits under these plans are based primarily on years of service and employees’ pay near retirement. Our funding policy for U.S. plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. Obligations under non-U.S. plans are systematically provided for by depositing funds with trustees or by book reserves. As of September 29, 2024, no further benefits are being accrued under the U.S. defined benefit pension plans and the other postretirement benefit plans, other than certain postretirement benefit plans covering employees subject to a collective bargaining agreement.

In 2023, we began the execution of a plan to terminate the TRIP, a U.S. defined benefit pension plan. The TRIP is subject to Title IV of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, therefore, must be terminated in accordance with the requirements of ERISA and the process governed by the Pension Benefit Guaranty Corporation (the “PBGC”). The termination date of the TRIP was August 1, 2023, which is the date upon which the timing of the requirements for the formal termination process is based. On September 8, 2023, we filed the required notice regarding the TRIP termination with the PBGC. The termination process requires that all TRIP benefits be distributed to participants, beneficiaries and alternate payees or transferred to a group annuity contract or the PBGC. In December of 2023, we made payments to eligible participants, beneficiaries and alternate payees who elected the one-time lump sum distribution option offered in connection with the TRIP termination, resulting in the recognition of a pre-tax settlement charge of $45.2 million during the fourth quarter of 2023.

During the first quarter of 2024, we purchased a group annuity contract, using TRIP assets, which resulted in the recognition of a pre-tax settlement charge of $138.1 million. During the third quarter of 2024, we finalized the premiums owed for the group annuity contract, which resulted in a refund of pension trust assets and a corresponding reduction to the pre-tax settlement charge of $5.4 million. The participants, beneficiaries, and alternate payees whose benefits were transferred to the group annuity contract will each receive from such group annuity contract the full value of their benefit that accrued under the TRIP. The assets in the Teleflex Retirement Income Plan Trust exceed the estimated liability for amounts to be transferred to the PBGC for missing participants and beneficiaries (“surplus plan assets”). In July 2024, we transferred $34.2 million of the surplus plan assets to a suspense account within the Teleflex 401(k) Savings Plan, a qualified defined contribution plan. As of September 29, 2024, the surplus assets contributed to the suspense account are included within prepaid and other current assets and other assets on the condensed consolidated balance sheet. These assets are restricted for future use in accordance with our election to use them to fund future employer contributions to participants in the Teleflex 401(k) Savings Plan. For additional information regarding the surplus plan assets classified as restricted cash equivalents

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included within prepaid and other current assets and other assets for the quarter ended September 29, 2024, refer to Note 1 within the condensed consolidated financial statements included in this report.

The following table provides information regarding the components of the net benefit (income) expense of the pension and postretirement benefit plans for the three and nine months ended September 29, 2024 and October 1, 2023:

			Three Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
			Pension												Other Benefits
Service cost			$	64					$	358					$	—					$	—
Interest cost			279						4,291						69						245
Expected return on plan assets			(132)						(6,332)						—						—
Net amortization and deferral			167						2,092						(708)						(494)
Settlements			(5,407)						—						—						—
Net benefit expense (income)			$	(5,029)					$	409					$	(639)					$	(249)

			Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
			Pension												Other Benefits
Service cost			$	727					$	1,078					$	—					$	—
Interest cost			2,668						12,985						288						618
Expected return on plan assets			(2,461)						(18,957)						—						—
Net amortization and deferral			1,685						6,402						(1,998)						(1,172)
Settlements			132,732						—						—						—
Net benefit expense (income)			$	135,351					$	1,508					$	(1,710)					$	(554)

The components of net benefit expense (income) other than settlements are primarily included in selling, general and administrative expenses within the condensed consolidated statements of income.

Note 13 — Commitments and contingent liabilities

Environmental: We are subject to contingencies as a result of environmental laws and regulations that in the future may require us to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by us or other parties. Much of this liability results from the U.S. Comprehensive Environmental Response, Compensation and Liability Act, often referred to as Superfund, the U.S. Resource Conservation and Recovery Act and similar state laws. These laws require us to undertake certain investigative and remedial activities at sites where we conduct or once conducted operations or at sites where Company-generated waste was disposed.

Remediation activities vary substantially in duration and cost from site to site. The nature of these activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, the regulatory agencies involved and their enforcement policies, as well as the presence or absence of other potentially responsible parties. At September 29, 2024, we have recorded $3.0 million and $1.1 million in accrued liabilities and other liabilities, respectively, relating to these matters. Considerable uncertainty exists with respect to these liabilities and, if adverse changes in circumstances occur, the potential liability may exceed the amount accrued as of September 29, 2024. The time frame over which the accrued amounts may be paid out, based on past history, is estimated to be 10-15 years.

Legal matters: We are a party to various lawsuits and claims arising in the normal course of business. These lawsuits and claims include actions involving product liability, intellectual property, employment, environmental and other matters. As of September 29, 2024, we have recorded accrued liabilities of $0.7 million in connection with such contingencies, representing our best estimate of the cost within the range of estimated possible losses that will

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be incurred to resolve these matters. Amounts accrued for legal contingencies are often determined based on a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions, including as to the timing of related payments. The ability to make such estimates and judgments can be affected by various factors including whether, among other things, damages sought in the proceedings are unsubstantiated or indeterminate; scientific and legal discovery has commenced or is complete; proceedings are in early stages; matters present legal uncertainties; there are significant facts in dispute, or procedural or jurisdictional issues; there is uncertainty or unpredictability regarding the number of potential claims; there is the potential to achieve comprehensive multi-party settlements; there is complexity regarding related cross-claims and counterclaims; and/or there are numerous parties involved. To the extent adverse awards, judgments or verdicts have been rendered against us, we do not record an accrual until a loss is determined to be probable and can be reasonably estimated.

Based on information currently available, advice of counsel, established reserves and other resources, we do not believe that the outcome of any outstanding litigation and claims is likely to be, individually or in the aggregate, material to our business, financial condition, results of operations or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to our business, financial condition, results of operations or liquidity. Legal costs such as outside counsel fees and expenses are charged to selling, general and administrative expenses in the period incurred.

Other: 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, the various Italian regions issued invoices to medical device companies, including Teleflex, under the payback measure in the fourth quarter of 2022 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. During the three and nine months ended September 29, 2024, we recognized increases to our reserve, and corresponding reductions to revenue, of $2.0 million and $19.8 million, respectively. The increase in reserves for the nine months ended September 29, 2024 included $13.8 million pertaining to prior years stemming from the July 2024 ruling. As of September 29, 2024, our reserve related to this matter was $35.0 million. Following the ruling of the Italian Constitutional Court, the appeal before the Italian administrative court will proceed with respect to the remaining legal arguments asserted by the appellants with regard to the enforceability of the payback law.

On April 4, 2023, one of our Mexican subsidiaries received a notification from the Mexican Federal Tax Administration Service (“SAT”) setting forth its preliminary findings with respect to a foreign trade operations audit carried out by SAT for the period from July 1, 2017 to June 6, 2019. The preliminary findings stated that our Mexican subsidiary did not evidence the export of goods temporarily imported under Mexico’s Manufacturing, Maquila and Export Services Industries Program (“IMMEX Program”), therefore triggering the potential obligation for payment of import duties, value added tax, customs processing fees and other fines and penalties. In response to the notification, our Mexican subsidiary requested that the matter be referred to the Procuraduría de la Defensa del Contribuyente, or “PRODECON,” (local tax ombudsperson) to help facilitate the process. In June 2023, we provided SAT with the appropriate documentation evidencing the export of the goods in accordance with the requirements of the IMMEX Program. During the second quarter of 2024, SAT concluded its examination of the export documentation resulting in no material assessment and the matter has been closed.

As part of our acquisition of Palette, we identified certain foreign tax liabilities that had not been properly recognized and paid by Palette prior to our acquisition. As part of our acquisition accounting, we have established a liability of $3.5 million, representing our best estimate of the outstanding tax liabilities including interest as of September 29, 2024. In February 2024, we requested the relevant foreign tax authority to re-assess Palette’s previously filed tax returns for the related periods. If the tax authority disagrees with the basis for our request for

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(Unaudited)

reassessment of the previously filed returns and we are unsuccessful in defending our position, we may be required to pay an amount in excess of our current established liability, which could be material.

Tax audits and examinations: We are routinely subject to tax examinations by various tax authorities. As of September 29, 2024, the most significant tax examinations in process were in Germany and the United States. We may establish reserves with respect to our uncertain tax positions, after we adjust the reserves to address developments with respect to our uncertain tax positions, including developments in these tax examinations. Accordingly, developments in tax audits and examinations, including resolution of uncertain tax positions, could result in increases or decreases to our recorded tax liabilities, which could impact our financial results.

Note 14 — Segment information

The following tables present our segment results for the three and nine months ended September 29, 2024 and October 1, 2023:

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Americas			$	433,330					$	428,206					$	1,266,423					$	1,264,714
EMEA			150,224						142,723						456,944						433,872
Asia			98,263						93,151						269,468						258,560
OEM			82,558						82,309						259,080						243,434
Net revenues			$	764,375					$	746,389					$	2,251,915					$	2,200,580

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Americas			$	103,679					$	126,340					$	282,333					$	341,261
EMEA			20,708						17,876						59,932						43,744
Asia			26,674						25,978						61,195						70,126
OEM			21,255						23,491						70,505						67,307
Total segment operating profit (1)			172,316						193,685						473,965						522,438
Unallocated expenses (2)			(23,005)						(28,375)						(212,569)						(98,593)
Income from continuing operations before interest and taxes			$	149,311					$	165,310					$	261,396					$	423,845

(1)Segment operating profit includes segment net revenues from external customers reduced by its standard cost of goods sold, adjusted for fixed manufacturing cost absorption variances, selling, general and administrative expenses, research and development expenses and an allocation of corporate expenses.

(2)Unallocated expenses primarily include manufacturing variances other than fixed manufacturing cost absorption variances, restructuring and impairment charges and settlement charges related to our plan to terminate the TRIP, as described in Note 12.

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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 for common diagnostic and therapeutic procedures in critical care and surgical applications. 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 identify opportunities to divest businesses and product lines that do not meet our objectives. In addition, we may seek to optimize utilization of our facilities through restructuring initiatives designed to further improve our cost structure and enhance our competitive position. We also may continue to explore opportunities to expand the size of our business and improve operating 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, particularly in Asia, the conversions involve our acquisition or termination of a master distributor and the continued sale of our products through sub-distributors or through new distributors). 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.

Pension termination

In 2023, we began the execution of a plan to terminate the Teleflex Incorporated Retirement Income Plan (the “TRIP”), a U.S. defined benefit pension plan. The TRIP is subject to Title IV of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, therefore, must be terminated in accordance with the requirements of ERISA and the process governed by the Pension Benefit Guaranty Corporation (the “PBGC”). The termination date of the TRIP was August 1, 2023, which is the date upon which the timing of the requirements for the formal termination process is based. On September 8, 2023, we filed the required notice regarding the TRIP termination with the PBGC. The termination process requires that all TRIP benefits be distributed to participants, beneficiaries and alternate payees or transferred to a group annuity contract or the PBGC. In December of 2023, we made payments to eligible participants, beneficiaries and alternate payees who elected the one-time lump sum distribution option offered in connection with the TRIP termination, resulting in the recognition of a pre-tax settlement charge of $45.2 million during the fourth quarter of 2023.

During the first quarter of 2024, we purchased a group annuity contract, using TRIP assets, which resulted in the recognition of a pre-tax settlement charge of $138.1 million. During the third quarter of 2024, we finalized the premiums owed for the group annuity contract, which resulted in a refund of pension trust assets and a corresponding reduction to the pre-tax settlement charge of $5.4 million. The participants, beneficiaries, and alternate payees whose benefits were transferred to the group annuity contract will each receive from such group annuity contract the full value of their benefit that accrued under the TRIP. The assets in the Teleflex Retirement Income Plan Trust exceed the estimated liability for amounts to be transferred to the PBGC for missing participants and beneficiaries (“surplus plan assets”). In July 2024, we transferred $34.2 million of the surplus plan assets to a suspense account within the Teleflex 401(k) Savings Plan, a qualified defined contribution plan. As of September 29, 2024, the surplus assets contributed to the suspense account are included within prepaid and other current assets and other assets on the condensed consolidated balance sheet. These assets are restricted for future use in accordance with our election to use them to fund future employer contributions to participants in the Teleflex 401(k) Savings Plan.

Goodwill

Our goodwill impairment testing is performed annually during the fourth quarter of each fiscal year in addition to periods where changes in circumstances indicate that the carrying value of our goodwill assets may not be recoverable. No impairment charges were recognized during the three and nine months ended September 29, 2024. We did identify indicators of a potential impairment as of June 30, 2024 related to our Interventional Urology North America reporting unit, included within our Americas operating segment. The indicators of a potential impairment primarily arose from lower than anticipated sales results from our UroLift product line (“UroLift”),

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primarily driven by the adverse impact of persistent end-market challenges within the U.S. office site of service. We performed a quantitative impairment test of the reporting unit using both the income and the market approaches, which determined that the fair value of the reporting unit exceeded the carrying value. The more significant judgments and assumptions in determining the fair value included the amount and timing of expected future cash flows, the expected long-term growth rates and the discount rate used to estimate the present value of the future cash flows. Our assessment indicates that the Interventional Urology North America reporting unit is susceptible to future impairment charges if future revenue is lower than our current expectations, in particular with respect to the adverse impacts stemming from end market conditions related to UroLift, as well as from continuing negative impacts from macroeconomic factors, including increased inflation and higher interest rates. The carrying value of goodwill allocated to the Interventional Urology North America reporting unit as of September 29, 2024 was $643.9 million.

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, the various Italian regions issued invoices to medical device companies, including Teleflex, under the payback measure in the fourth quarter of 2022 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. During the three and nine months ended September 29, 2024 we recognized increases to our reserve, and corresponding reductions to revenue, of $2.0 million and $19.8 million, respectively. The increase in reserves for the nine months ended September 29, 2024 included $13.8 million pertaining to prior years stemming from the July 2024 ruling. As of September 29, 2024, our reserve related to this matter was $35.0 million. Following the ruling of the Italian Constitutional Court, the appeal before the Italian administrative court will proceed with respect to the remaining legal arguments asserted by the appellants with regard to the enforceability of the payback law.

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

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Net revenues			$	764.4					$	746.4					$	2,251.9					$	2,200.6

Net revenues for the three months ended September 29, 2024 increased $18.0 million, or 2.4%, compared to the prior year period, primarily due to a $12.3 million increase in sales of new products and price increases, partially offset by a decrease in sales volumes of existing products that was primarily driven by decreased sales of our UroLift product within our Americas segment.

Net revenues for the nine months ended September 29, 2024 increased $51.3 million, or 2.3%, compared to the prior year period, primarily due to price increases and a $30.5 million increase in sales of new products, partially offset by the unfavorable impact from an increase in our reserves related to the Italian payback measure.

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Gross profit

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Gross profit			$	430.2					$	416.3					$	1,262.8					$	1,215.5
Percentage of sales			56.3		%				55.8		%				56.1		%				55.2		%

Gross margin for the three months ended September 29, 2024 increased 50 basis points, or 0.9%, compared to the prior year period, primarily due to the favorable impact of gross margin attributed to acquired and divested businesses, and price increases. The increases in gross margin were partially offset by the adverse impact of manufacturing inefficiencies and continued cost inflation from macro-economic factors, specifically with respect to labor and raw materials.

Gross margin for the nine months ended September 29, 2024 increased 90 basis points, or 1.6%, compared to the prior year period, primarily due to the favorable impact of gross margin attributed to acquired and divested businesses, price increases and the benefits from cost improvement initiatives. The increases in gross margin were partially offset by the unfavorable impact from an increase in our reserves related to the Italian payback measure, continued cost inflation from macro-economic factors, specifically with respect to labor and raw materials, and the adverse impact of manufacturing inefficiencies.

Selling, general and administrative

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Selling, general and administrative			$	247.3					$	213.2					$	740.7					$	669.2
Percentage of sales			32.4		%				28.6		%				32.9		%				30.4		%

Selling, general and administrative expenses for the three months ended September 29, 2024 increased $34.1 million compared to the prior year period. The increase was primarily attributable to a benefit recognized in the prior year resulting from decreases in the estimated fair value of our contingent consideration liabilities, higher operating expenses incurred by the acquired Palette business, and higher IT related costs that were primarily driven by our implementation of a new global enterprise resource planning ("ERP") solution.

Selling, general and administrative expenses for the nine months ended September 29, 2024 increased $71.5 million compared to the prior year period. The increase was primarily attributable to a benefit recognized in the prior year resulting from decreases in the estimated fair value of our contingent consideration liabilities, higher operating expenses incurred by the acquired Palette business, higher IT related costs that were primarily driven by our implementation of a new ERP solution and higher performance related employee-benefit expenses.

Research and development

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Research and development			$	38.7					$	37.6					$	117.1					$	118.5
Percentage of sales			5.1		%				5.0		%				5.2		%				5.4		%

The increase in research and development expenses for the three months ended September 29, 2024 compared to the prior year period was primarily attributable to expenses incurred by the acquired Palette business and higher project spend within certain of our product portfolio, partially offset by lower European Union Medical Device Regulation related costs.

The decrease in research and development expenses for the nine months ended September 29, 2024 compared to the prior year period was primarily attributable to lower European Union Medical Device Regulation related costs, partially offset by expenses incurred by the acquired Palette business and higher project spend within certain of our product portfolios.

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Pension Settlement Charge

									Three Months Ended												Nine Months Ended
															September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Pension settlement (benefit) charge															$	(5.4)					$	—					$	132.7					$	—

For the nine months ended September 29, 2024, we recognized a settlement charge of $132.7 million related to our plan to terminate the TRIP resulting from our purchase of a group annuity contract to provide participants, beneficiaries, and alternate payees the full value of their benefit under the plan. For the three months ended September 29, 2024, we finalized the premiums owed for the group annuity contract, which resulted in a refund of pension trust assets and a corresponding reduction to the settlement charge of $5.4 million.

Restructuring and impairment charges

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Restructuring and impairment charges			$	0.3					$	0.2					$	10.8					$	4.0

Restructuring and impairment charges for the three and nine months ended September 29, 2024 primarily consisted of termination benefits related to the 2024 Footprint realignment plan (defined below). Moreover, restructuring and impairment charges for the nine months ended September 29, 2024 reflect a $2.1 million impairment charge related to a portion of our operating lease assets stemming from our cessation of occupancy of a specific facility.

2024 Footprint realignment plan

During the second quarter of 2024, we initiated the "2024 Footprint realignment plan," encompassing several strategic restructuring initiatives. These initiatives primarily include the relocation of select manufacturing operations to existing lower-cost locations, the optimization of specific product portfolios through targeted rationalization efforts, the relocation of certain integral product development and manufacturing support functions, the optimization of certain supply chain activities and related workforce reductions. The actions under the 2024 Footprint realignment plan are expected to be substantially completed by the end of 2025.

We estimate that we will incur aggregate pre-tax restructuring and restructuring related charges in connection with the 2024 Footprint realignment plan of $37 million to $46 million. Of these, it is anticipated that $17 million to $21 million will be incurred in 2024, with the majority of the remaining balance expected to be incurred before the end of 2025. We estimate that $31 million to $38 million of the total charges will result in cash outlays, of which we expect $5 million to $7 million to be disbursed in 2024 and the majority to be disbursed before the end of 2026. Furthermore, we expect to incur $13 million to $16 million in aggregate capital expenditures under the plan, of which $4 million to $5 million is expected to be incurred during 2024. The majority of capital expenditures are expected to be incurred by the end of 2025.

We expect to begin realizing plan-related savings in 2024 and expect to achieve annual pre-tax savings of $12 million to $14 million once the plan is fully implemented. The impact of product rationalization efforts will partially offset the annual pre-tax savings generated by the plan, with the impact beginning in 2024.

2023 Footprint realignment plan

During the third quarter of 2023, we initiated a restructuring plan primarily involving the relocation of certain manufacturing operations to existing lower-cost locations, the outsourcing of certain manufacturing processes and related workforce reductions (the "2023 Footprint realignment plan"). We estimate that we will incur aggregate pre-tax restructuring and restructuring related charges in connection with the plan of $11 million to $15 million. We expect to achieve annual pretax savings in connection with the 2023 Footprint realignment plan of $2 million to $4 million once the plan is fully implemented.

2023 Restructuring plan

During the fourth quarter of 2023, we initiated a restructuring plan, which primarily involved the integration of Palette into Teleflex and workforce reductions designed to improve operating performance across the organization by creating efficiencies that align with evolving market demands and our strategy to enhance long-term value creation (the “2023 restructuring plan”). The plan is substantially complete and as a result, we expect future restructuring expenses associated with the plan, if any, to be immaterial.

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For additional information regarding our restructuring plans, refer to Note 5 within the condensed consolidated financial statements included in this report.

Interest expense

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Interest expense			$	21.1					$	23.2					$	64.9					$	59.3
Average interest rate on debt			4.5		%				4.6		%				4.5		%				4.3		%

The decrease in interest expense for the three months ended September 29, 2024 compared to the prior year period was primarily due to a lower average interest rate resulting from decreases in interest rates associated with our variable interest rate debt instruments and a decrease in average debt outstanding balance.

The increase in interest expense for the nine months ended September 29, 2024 compared to the prior year period was primarily due to a higher average interest rate resulting from increases in interest rates associated with our variable interest rate debt instruments.

Taxes on income from continuing operations

			Three Months Ended												Nine Months Ended
			September 29, 2024						October 1, 2023						September 29, 2024						October 1, 2023
Effective income tax rate (1)			15.0		%				8.0		%				(2.3)		%				12.7		%

(1) The effective income tax rate for the three months ended September 29, 2024 and the three and nine months ended October 1, 2023 represent income tax expenses. The effective income tax rate for the nine months ended September 29, 2024 represents an income tax benefit.

The effective income tax rates for all periods reflect a tax benefit from research and development credits. A tax benefit was recognized during the nine months ended September 29, 2024 due to the pension settlement charge recognized in connection with the termination of the TRIP. The effective income tax rates for the three and nine months ended October 1, 2023 reflect the tax impact of a non-taxable contingent consideration adjustment recognized in connection with a decrease in the estimated fair value of our contingent consideration liabilities. Additionally, the effective income tax rates for the three and nine months ended October 1, 2023 reflect tax benefits related to the 2023 Footprint Realignment plan and the 2022 Restructuring plan.

Segment Financial Information

Segment net revenues
			Three Months Ended																		Nine Months Ended
			September 29, 2024						October 1, 2023						% Increase/(Decrease)						September 29, 2024						October 1, 2023						% Increase/ (Decrease)
Americas			$	433.3					$	428.2					1.2						$	1,266.4					$	1,264.7					0.1
EMEA			150.2						142.7						5.3						456.9						433.9						5.3
Asia			98.3						93.2						5.5						269.5						258.6						4.2
OEM			82.6						82.3						0.3						259.1						243.4						6.4
Segment net revenues			$	764.4					$	746.4					2.4						$	2,251.9					$	2,200.6					2.3
Segment operating profit
			Three Months Ended																		Nine Months Ended
			September 29, 2024						October 1, 2023						% Increase/(Decrease)						September 29, 2024						October 1, 2023						% Increase/ (Decrease)
Americas			$	103.7					$	126.3					(17.9)						$	282.4					$	341.3					(17.3)
EMEA			20.7						17.9						15.8						59.9						43.7						37.0
Asia			26.7						26.0						2.7						61.2						70.1						(12.7)
OEM			21.2						23.5						(9.5)						70.5						67.3						4.8
Segment operating profit (1)			$	172.3					$	193.7					(11.0)						$	474.0					$	522.4					(9.3)

(1)See Note 14 to our condensed consolidated financial statements included in this report for a reconciliation of segment operating profit to our condensed consolidated income from continuing operations before interest and taxes.

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Comparison of the three and nine months ended September 29, 2024 and October 1, 2023

Americas

Americas net revenues for the three months ended September 29, 2024 increased $5.1 million, or 1.2%, compared to the prior year period, which was primarily attributable to a $10.6 million increase in sales of new products and price increases. The increases in net revenue were partially offset by a decrease in sales volumes of existing products, primarily driven by decreased sales of our UroLift product, and to a lesser extent, a decrease from the net impact of acquired and divested businesses.

Americas net revenues for the nine months ended September 29, 2024 increased $1.7 million, or 0.1%, compared to the prior year period, which was primarily attributable to a $25.7 million increase in sales of new products and price increases. The increases in net revenue were partially offset by a $33.4 million decrease in sales volumes of existing products, primarily driven by decreased sales of our UroLift product, and a $12.8 million decrease from the net impact of acquired and divested businesses.

Americas operating profit for the three months ended September 29, 2024 decreased $22.6 million, or 17.9%, compared to the prior year period, which was primarily attributable to a benefit recognized in the prior year resulting from decreases in the estimated fair value of our contingent consideration liabilities, partially offset by an increase in gross profit. The increase in gross profit was attributable to higher sales and price increases, partially offset by higher manufacturing costs.

Americas operating profit for the nine months ended September 29, 2024 decreased $58.9 million, or 17.3%, compared to the prior year period, which was primarily attributable to a benefit recognized in the prior year resulting from decreases in the estimated fair value of our contingent consideration liabilities and operating expenses incurred by the acquired Palette business.

EMEA

EMEA net revenues for the three months ended September 29, 2024 increased $7.5 million, or 5.3%, compared to the prior year period, which was primarily attributable to price increases, $1.9 million of favorable fluctuations in foreign currency exchange rates, and revenues generated by the acquisition of Palette.

EMEA net revenues for the nine months ended September 29, 2024 increased $23.0 million, or 5.3%, compared to the prior year period, which was primarily attributable to a $21.4 million increase in sales volumes of existing products and price increases, partially offset by the unfavorable impact from an increase in our reserves related to the Italian payback measure.

EMEA operating profit for the three months ended September 29, 2024 increased $2.8 million, or 15.8%, compared to the prior year period, which was primarily attributable to lower expenses related to the European Union Medical Device Regulation and an increase in gross profit resulting from higher sales and price increases, partially offset by an increase in sales and marketing expenses to support higher sales.

EMEA operating profit for the nine months ended September 29, 2024 increased $16.2 million, or 37.0% compared to the prior year period, which was primarily attributable to lower expenses related to the European Union Medical Device Regulation and an increase in gross profit resulting from higher sales and price increases, partially offset by unfavorable fluctuations in foreign currency exchange rates.

Asia

Asia net revenues for the three months ended September 29, 2024 increased $5.1 million, or 5.5%, compared to the prior year period, which was primarily attributable to $2.0 million in revenues generated by the acquisition of Palette, price increases, sales of new products, and to a lesser extent, an increase in sales volumes of existing products.

Asia net revenues for the nine months ended September 29, 2024 increased $10.9 million, or 4.2%, compared to the prior year period, which was primarily attributable to a $6.9 million increase in sales volumes of existing products, revenues generated by the acquisition of Palette, and to a lesser extent, price increases. The increase in net revenues was partially offset by $5.6 million of unfavorable fluctuations in foreign currency exchange rates.

Asia operating profit for the three months ended September 29, 2024 increased $0.7 million, or 2.7%, compared to the prior year period, which was primarily attributable to an increase in gross profit resulting from higher sales, partially offset by an increase in sales and marketing expenses to support higher sales.

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Asia operating profit for the nine months ended September 29, 2024 decreased $8.9 million, or 12.7%, compared to the prior year period, which was attributable to an increase in sales and marketing expenses to support higher sales, an increase in research and development expenses, and unfavorable fluctuations in foreign currency exchange rates, partially offset by an increase in gross profit resulting from higher sales.

OEM

OEM net revenues for the three months ended September 29, 2024 increased $0.3 million, or 0.3%, compared to the prior year period, which was primarily attributable to price increases partially offset by a decrease in sales volumes of existing products. The decrease in sales volumes was attributable to a recent decision by a large customer to vertically integrate a component that we previously manufactured on their behalf. Additionally, we have begun to experience delays in orders from certain customers as they increasingly focus on managing inventories. We cannot predict with certainty the timing of customer inventory corrections; however, should the current trend of customers more tightly managing their inventory persist, it may adversely impact future results.

OEM net revenues for the nine months ended September 29, 2024 increased $15.7 million, or 6.4%, compared to the prior year period, which was primarily attributable to a $11.5 increase in sales volumes of existing products and price increases.

OEM operating profit for the three months ended September 29, 2024 decreased $2.3 million, or 9.5%, compared to the prior year period, which was primarily attributable to a decrease in gross profit resulting from higher manufacturing costs.

OEM operating profit for the nine months ended September 29, 2024 increased $3.2 million, or 4.8%, compared to the prior year period, which was primarily attributable to an increase in gross profit resulting from higher sales and prices increases, partially offset by higher manufacturing costs.

Liquidity and Capital Resources

We believe our cash flow from operations, available cash and cash equivalents and borrowings under our revolving credit facility will enable us to fund our operating requirements, capital expenditures and debt obligations for the next 12 months and the foreseeable future. We have net cash provided by United States based operating activities as well as non-United States sources of cash available to help fund our debt service requirements in the United States. We manage our worldwide cash requirements by monitoring the funds available among our subsidiaries and determining the extent to which we can access those funds on a cost effective basis.

On February 26, 2024, we executed two separate term cross-currency swap agreements set to expire on February 26, 2027 and February 28, 2029, respectively, to hedge against the effect of variability in the U.S. dollar to euro exchange rate. Each of the swap agreements had a notional principal amount of $250 million and were designated as a net investment hedge. On April 25, 2024, the cross-currency agreements executed in February 2024 were terminated in response to changes in market conditions, resulting in $0.4 million in a cash settlement payment, and we simultaneously executed two new separate term cross-currency swap agreements with the same expiration dates and notional values (together, the "2024 Cross-currency swap agreements"). The cross-currency swap agreements expiring in 2027 include five different financial institution counterparties and notionally exchanged $250 million at an annual interest rate of 4.25% for €233.4 million at an annual interest rate of 2.44%. The cross-currency swap agreements expiring in 2029 include four different financial institution counterparties and notionally exchanged $250 million at an annual interest rate of 4.25% for €233.4 million at an annual interest rate of 2.45%. Both of the 2024 Cross-currency swap agreements are designated as a net investment hedge and require an exchange of the notional amounts upon expiration or the earlier termination of the agreements. We and the counterparties have agreed to effect the exchange through a net settlement. As a result, we may be required to pay (or be entitled to receive) an amount equal to the difference, on the expiration or earlier termination date, between the U.S. dollar equivalent of the €466.8 million notional amount and the $500 million notional amount. The 2024 Cross-currency swap agreements entail risk that the counterparties will not fulfill their obligations under the agreements. However, we believe the risk is reduced because we have entered into separate agreements with nine different counterparties, all of which are large, well-established financial institutions. Based on the U.S. dollar to euro currency exchange rate in effect April 25, 2024, and assuming exchange rates remain constant throughout the terms of the 2024 Cross-currency swap agreements, we would realize a reduction in annual cash interest expense of $9.0 million.

On July 30, 2024, the Board of Directors authorized a share repurchase program for up to $500 million of our common stock. The timing, price and actual number of shares of common stock that may be repurchased under the share repurchase authorization will depend on a variety of factors including price, market conditions and corporate

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and regulatory requirements. The repurchases may occur in open market transactions, transactions structured through investment banking institutions, in privately negotiated transactions, by direct purchases of common stock or a combination of the foregoing, and the timing and amount of stock repurchased will depend on market and business conditions, applicable legal and credit requirements and other corporate considerations. The authorization of the repurchase program does not constitute a binding obligation to acquire any specific amount of common stock, and the repurchase program may be suspended or discontinued at any time. On August 2, 2024, we entered into an accelerated share repurchase agreement for $200 million of our common stock. Under this agreement, 678,110 shares of common stock, representing 80% of the $200 million aggregate, were delivered and included in treasury stock during the three months ended September 29, 2024. The initial shares received were calculated based on a price per share of $235.95, which was the closing share price of our common stock on August 1, 2024. The total number of shares to be repurchased under the agreement will be based on volume-weighted average prices of our common stock during the accelerated share repurchase period. Based on our calculations to date, we expect to receive additional shares of common stock upon final settlement of the agreement, which will be completed during the fourth quarter of 2024.

Cash Flows

Net cash provided by operating activities from continuing operations was $435.6 million for the nine months ended September 29, 2024 as compared to $372.4 million for the nine months ended October 1, 2023. The $63.2 million increase was primarily attributable to favorable operating results, a decrease in cash outflows from inventories as we continue to moderate our inventory levels, and proceeds from the TRIP termination included within prepaid expenses and other assets. The increases in net cash provided from operating activities were partially offset by higher tax payments.

Net cash used in investing activities from continuing operations was $76.3 million for the nine months ended September 29, 2024, and primarily consisted of $94.4 million in capital expenditures, partially offset by $18.3 million in net proceeds on swaps designated as net investment hedges.

Net cash used in financing activities from continuing operations was $302.8 million for the nine months ended September 29, 2024, and primarily consisted of $200.0 million in repurchases of our common stock under the accelerated share repurchase agreement, a $58.4 million reduction in net borrowings under our Senior Credit Facility and $47.8 million in dividend payments.

Borrowings

The indentures governing our 4.625% Senior Notes due 2027 (the “2027 Notes”) and 4.25% Senior Notes due 2028 (the "2028 Notes") contain covenants that, among other things and subject to certain exceptions, limit or restrict our ability, and the ability of our subsidiaries, to create liens; consolidate, merge or dispose of certain assets; and enter into sale leaseback transactions. As of September 29, 2024, we were in compliance with these requirements.

The obligations under our senior credit agreement (the "Credit Agreement"), the 2027 Notes and 2028 Notes are guaranteed (subject to certain exceptions) by substantially all of our material domestic subsidiaries, and the obligations under the Credit Agreement are (subject to certain exceptions and limitations) secured by a lien on substantially all of the assets owned by us and each guarantor.

Summarized Financial Information – Obligor Group

The 2027 Notes are issued by Teleflex Incorporated (the “Parent Company”), and payment of the Parent Company's obligations under the Senior Notes is guaranteed, jointly and severally, by an enumerated group of the Parent Company’s subsidiaries (each, a “Guarantor Subsidiary” and collectively, the “Guarantor Subsidiaries”). The guarantees are full and unconditional, subject to certain customary release provisions. Each Guarantor Subsidiary is directly or indirectly 100% owned by the Parent Company. Summarized financial information for the Parent and Guarantor Subsidiaries (collectively, the “Obligor Group”) as of September 29, 2024 and December 31, 2023 and for the nine months ended September 29, 2024 is as follows:

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						Nine Months Ended
						September 29, 2024
						Obligor Group						Intercompany						Obligor Group (excluding Intercompany)
Net revenue						$	1,557.1					$	181.4					$	1,375.7
Cost of goods sold						907.3						135.9						771.4
Gross profit						649.8						45.5						604.3
Income (loss) from continuing operations						73.8						203.5						(129.7)
Net income (loss)						73.3						203.5						(130.2)

						September 29, 2024																		December 31, 2023 (1)
						Obligor Group						Intercompany						Obligor Group  (excluding Intercompany)						Obligor Group						Intercompany						Obligor Group  (excluding Intercompany)
Total current assets						$	973.4					$	170.5					$	802.9					$	929.6					$	223.7					$	705.9
Total assets						2,775.9						251.7						2,524.2						4,171.1						1,723.4						2,447.7
Total current liabilities						1,198.5						913.8						284.7						1,123.5						863.5						260.0
Total liabilities						3,578.7						1,099.6						2,479.1						7,247.2						4,736.0						2,511.2

(1)During 2024, certain existing subsidiaries were designated as Guarantor Subsidiaries and as a result, we recast the prior period comparative summarized financial information.

The same accounting policies as described in Note 1 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 are used by the Parent Company and each of its subsidiaries in connection with the summarized financial information presented above. The Intercompany column in the table above represents transactions between and among the Obligor Group and non-guarantor subsidiaries (i.e. those subsidiaries of the Parent Company that have not guaranteed payment of the Senior Notes). Obligor investments in non-guarantor subsidiaries and any related activity are excluded from the financial information presented above.

Critical Accounting Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the amounts derived from those estimates and assumptions.

In our Annual Report on Form 10-K for the year ended December 31, 2023, we provided disclosure regarding our critical accounting estimates, which are reflective of significant judgments and uncertainties, are important to the presentation of our financial condition and results of operations and could potentially result in materially different results under different assumptions and conditions.

New Accounting Standards

See Note 2 to the condensed consolidated financial statements included in this report for a discussion of recently issued accounting guidance, including estimated effects, if any, of the adoption of the guidance on our financial statements.

Forward-Looking Statements

All statements made in this Quarterly Report on Form 10-Q, other than statements of historical fact, are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “should,” “guidance,” “potential,” “continue,” “project,” “forecast,” “confident,” “prospects” and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about our business and the industry and markets in which we operate. These statements are not guarantees of future performance and are subject to risks and uncertainties, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements due to a number of factors, including changes in business relationships with and purchases by or from major customers or suppliers; delays or cancellations in

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shipments; demand for and market acceptance of new and existing products; the impact of inflation and disruptions in our global supply chain on us and our suppliers (particularly sole-source suppliers and providers of sterilization services), including fluctuations in the cost and availability of resins and other raw materials, as well as certain components, used in the production or sterilization of our products, transportation constraints and delays, product shortages, energy shortages or increased energy costs, labor shortages in the United States and elsewhere, and increased operating and labor costs; our inability to integrate acquired businesses into our operations, realize planned synergies and operate such businesses profitably in accordance with our expectations; our inability to effectively execute our restructuring programs; our inability to realize anticipated savings resulting from restructuring plans and programs; the impact of enacted healthcare reform legislation and proposals to amend, replace or repeal the legislation; changes in Medicare, Medicaid and third party coverage and reimbursements; the impact of tax legislation and related regulations; competitive market conditions and resulting effects on revenues and pricing; global economic factors, including currency exchange rates, interest rates, trade disputes, sovereign debt issues, and international conflicts and hostilities, such as the ongoing conflicts between Russia and Ukraine and in the Middle East; public health epidemics and pandemics, such as COVID-19; difficulties entering new markets; and general economic conditions. For a further discussion of the risks relating to our business, see Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2023. We expressly disclaim any obligation to update these forward-looking statements, except as otherwise explicitly stated by us or as required by law or regulation.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to the information set forth in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report are functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure. A controls system cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

(b) Change in Internal Control over Financial Reporting

No change in our internal control over financial reporting occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings

We are party to various lawsuits and claims arising in the normal course of business. These lawsuits and claims include actions involving product liability and product warranty, intellectual property, contracts, employment and environmental matters. As of September 29, 2024 and December 31, 2023, we had accrued liabilities of $0.7 million and $0.8 million, respectively, in connection with these matters, representing our best estimate of the cost within the range of estimated possible loss that will be incurred to resolve these matters. Amounts accrued for legal contingencies are often determined based on a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions, including as to the timing of related payments. The ability to make such estimates and judgments can be affected by various factors including whether, among other things, damages sought in the proceedings are unsubstantiated or indeterminate; scientific and legal discovery has commenced or is complete; proceedings are in early stages; matters present legal uncertainties; there are significant facts in dispute, or procedural or jurisdictional issues; there is uncertainty or unpredictability regarding the number of potential claims; there is the potential to achieve comprehensive multi-party settlements; there is complexity regarding related cross-claims and counterclaims; and/or there are numerous parties involved. To the extent adverse awards, judgments or verdicts have been rendered against us, we do not record an accrual until a loss is determined to be probable and can be reasonably estimated.

Based on information currently available, advice of counsel, established reserves and other resources, we do not believe that any such actions are likely to be, individually or in the aggregate, material to our business, financial condition, results of operations or cash flows. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to our business, financial condition, results of operations or cash flows.

Item 1A. Risk Factors

See the information set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in risk factors for the quarter ended September 29, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table presents the repurchases of our common stock during the three months ended September 29, 2024:

Period			Total Number of Shares Purchased						Average Price Paid Per Share						Total Number of Shares Purchased as Part of Publicly Announced Program						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program(1)
July 1, 2024 - July 29, 2024			—						—						—						$	—
July 30, 2024 - August 29, 2024 (2)			678,110												678,110						300,000,000
August 30, 2024 - September 29, 2024			—						—						—						300,000,000
Total			678,110												678,110

(1)On July 30, 2024, our Board of Directors authorized a share repurchase program for up to $500 million of our common stock. As of September 29, 2024, the remaining share repurchase capacity under the program was $300 million.

(2)On August 2, 2024, we entered into an accelerated share repurchase program (the "ASR Transaction") with Bank of America, N.A. (the “Counterparty”) to repurchase an aggregate of $200 million (the "Repurchase Price") of our common stock. The ASR Transaction was executed under the $500 million share repurchase program authorized by our Board of Directors on July 30, 2024. Under the terms of the ASR Transaction, on August 5, 2024, we paid the Repurchase Price to the Counterparty in exchange for 678,110 shares of our common stock, representing shares with a value of 80% of the total Repurchase Price. The initial shares received, which have been included in treasury stock as of September 29, 2024, were calculated based on a price per share of $235.95, which was the closing share price of our common stock on August 1, 2024. The total number of shares to be repurchased under the ASR Transaction will be based on volume-weighted average prices of our common stock during the term of the ASR Transaction, less a discount and subject to customary adjustments. Based on our calculations to date, we expect to receive additional shares of common stock from the Counterparty upon final settlement of the ASR Transaction, which will be completed during the fourth quarter of 2024. See "Management's Discussion and Analysis of Financial Condition — Liquidity and Capital Resources."

Item 3. Defaults Upon Senior Securities

Not applicable.

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Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

As previously disclosed in the Form 8-K filed on August 29, 2024, on August 23, 2024, Thomas E. Powell, our Executive Vice President and Chief Financial Officer, adopted a trading plan for the sale of shares of our common stock, which plan is intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) (a “10b5-1 Plan”) under the Securities Exchange Act of 1934, as amended. The 10b5-1 Plan provides for the sale in the open market of up to 53,754 shares of our common stock issuable to Mr. Powell upon the exercise of stock options. Sales under the Plan are scheduled to take place periodically beginning in December 2024. Any shares that are sold under the Plan will be sold on the open market, subject to minimum price thresholds specified in the Plan. If any shares remain unsold following the scheduled sale dates because the minimum price threshold was not available, the shares may be sold thereafter through November 2025, subject to a specified minimum price threshold.

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Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this report:

 

Exhibit No.												Description
22						—						List of subsidiary guarantors and guaranteed securities (incorporated by reference to Exhibit 22 to the Company's Form 10-Q filed on May 3, 2024).
31.1						—						Certification of Chief Executive Officer, pursuant to Rule 13a–14(a) under the Securities Exchange Act of 1934.
31.2						—						Certification of Chief Financial Officer, pursuant to Rule 13a–14(a) under the Securities Exchange Act of 1934.
32.1						—						Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2						—						Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1						—						The following materials from our Quarterly Report on Form 10-Q for the quarter ended September 29, 2024, formatted in inline XBRL (eXtensible Business Reporting Language): (i) Cover Page; (ii) the Condensed Consolidated Statements of Income for the three and nine months ended September 29, 2024 and October 1, 2023; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 29, 2024 and October 1, 2023; (iv) the Condensed Consolidated Balance Sheets as of September 29, 2024 and December 31, 2023; (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 29, 2024 and October 1, 2023; (vi) the Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 29, 2024 and October 1, 2023; and (vii) Notes to Condensed Consolidated Financial Statements.
104.1						—						The cover page of the Company's Quarterly Report on Form 10-Q for the quarter ended September 29, 2024, formatted in inline XBRL (included in Exhibit 101.1).

____________________________________

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TELEFLEX INCORPORATED

By:

/s/ Liam J. Kelly

Liam J. Kelly President and Chief Executive Officer (Principal Executive Officer)

By:

/s/ Thomas E. Powell

Thomas E. Powell Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Dated: October 31, 2024

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