SEC Form 10-Q filed by Teleflex Incorporated

5/7/26 1:33:00 PM ET

$TFX

Medical/Dental Instruments

Health Care

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 1-5353

TELEFLEX INCORPORATED

(Exact name of registrant as specified in its charter)


Delaware						23-1147939
(State or other jurisdiction of incorporation or organization)						(I.R.S. employer identification no.)

550 E. Swedesford Rd., Suite 400 Wayne, PA 19087

(Address of principal executive offices and zip code)

(610) 225-6800

(Registrant’s telephone number, including area code)

(None)

(Former Name, Former Address and Former Fiscal Year,

If Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

TFX

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had 44,270,211 shares of common stock, par value $1.00 per share, outstanding as of May 5, 2026.

TELEFLEX INCORPORATED

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS

Page

PART I — FINANCIAL INFORMATION

Item 1:

Financial Statements (Unaudited):

Condensed Consolidated Statements of Income (Loss)

Condensed Consolidated Statements of Comprehensive Income (Loss)

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Condensed Consolidated Statements of Changes in Equity

Notes to Condensed Consolidated Financial Statements

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Item 4:

Controls and Procedures

PART II — OTHER INFORMATION

Item 1:

Legal Proceedings

Item 1A:

Risk Factors

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3:

Defaults Upon Senior Securities

Item 4:

Mine Safety Disclosures

Item 5:

Other Information

Item 6:

Exhibits

SIGNATURES

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)


	Three Months Ended
	March 31, 2026		March 30, 2025
	(Dollars and shares in thousands, except per share)
Net revenues	$	548,262	$	414,258
Cost of goods sold	240,836		158,827
Gross profit	307,426		255,431
Selling, general and administrative expenses	226,012		152,914
Research and development expenses	44,386		25,295


Restructuring charges, separation costs and impairment charges	16,845		1,422

Income from continuing operations before interest and taxes	20,183		75,800
Interest expense	25,718		18,537
Interest income	(1,708)		(1,488)

(Loss) income from continuing operations before taxes	(3,827)		58,751
Taxes on income from continuing operations	1,011		6,417
(Loss) income from continuing operations	(4,838)		52,334
Operating (loss) income from discontinued operations	(2,643)		50,060
Taxes on operating income from discontinued operations	673		7,392
(Loss) income from discontinued operations	(3,316)		42,668
Net (loss) income	$	(8,154)	$	95,002
Earnings per share:
Basic:
(Loss) Income from continuing operations	$	(0.11)	$	1.14
(Loss) Income from discontinued operations	(0.07)		0.94
Net (loss) income	$	(0.18)	$	2.08
Diluted:
(Loss) Income from continuing operations	$	(0.11)	$	1.14
(Loss) Income from discontinued operations	(0.07)		0.93
Net (loss) income	$	(0.18)	$	2.07
Weighted average common shares outstanding
Basic	44,257		45,782
Diluted	44,257		45,926

The accompanying notes are an integral part of the condensed consolidated financial statements.

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)


	Three Months Ended
	March 31, 2026		March 30, 2025
	(Dollars in thousands)
Net (loss) income	$	(8,154)	$	95,002
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $2,605, and $6,673 for the three month periods, respectively	(20,855)		26,289
Pension and other postretirement benefit plans adjustment, net of tax of $10 and $188 for the three month periods, respectively	(69)		(603)
Derivatives qualifying as hedges, net of tax of $(60) and $125 for the three month periods, respectively	1,449		(2,096)
Other comprehensive (loss) income, net of tax:	(19,475)		23,590
Comprehensive (loss) income	$	(27,629)	$	118,592

The accompanying notes are an integral part of the condensed consolidated financial statements.

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31, 2026		December 31, 2025
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	309,411	$	378,564
Accounts receivable, net	365,526		345,583
Inventories	380,861		404,395
Prepaid expenses and other current assets	149,808		150,678
Prepaid taxes	16,793		19,566
Current assets of discontinued operations	637,271		639,552
Total current assets	1,859,670		1,938,338
Property, plant and equipment, net	476,955		498,281
Operating lease assets	84,912		91,817
Goodwill	2,297,447		2,305,050
Intangible assets, net	1,485,885		1,524,150
Deferred tax assets	12,206		12,593
Other assets	113,557		112,984
Non-current assets of discontinued operations	452,370		464,026
Total assets	$	6,783,002	$	6,947,239
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	103,125	$	100,000
Accounts payable	143,627		130,201
Accrued expenses	118,423		117,350

Payroll and benefit-related liabilities	103,345		124,769
Accrued interest	16,478		5,404
Income taxes payable	11,824		18,787
Other current liabilities	103,929		137,195
Current liabilities of discontinued operations	127,298		128,320
Total current liabilities	728,049		762,026
Long-term borrowings	2,514,268		2,541,449
Deferred tax liabilities	169,429		183,749

Noncurrent liability for uncertain tax positions	3,831		3,536
Noncurrent operating lease liabilities	68,320		84,210
Other liabilities	162,507		194,532
Non-current liabilities of discontinued operations	52,162		52,969
Total liabilities	3,698,566		3,822,471
Commitments and contingencies
Total shareholders' equity	3,084,436		3,124,768
Total liabilities and shareholders' equity	$	6,783,002	$	6,947,239

The accompanying notes are an integral part of the condensed consolidated financial statements.

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended
	March 31, 2026		March 30, 2025
	(Dollars in thousands)
Cash flows from operating activities of continuing operations:
Net (loss) income	$	(8,154)	$	95,002
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations	3,316		(42,668)
Depreciation expense	19,853		13,037
Intangible asset amortization expense	33,890		25,583
Deferred financing costs and debt discount amortization expense	1,481		851




Changes in contingent consideration	(2,632)		(1,795)
Stock-based compensation	6,742		6,630

Gain on non-designated foreign currency forward contracts	—		(23,268)
Deferred income taxes, net	(12,710)		(108)

Interest benefit on swaps designated as net investment hedges	(8,305)		(4,239)
Other	3,558		762
Changes in assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	(25,005)		(10,939)
Inventories	16,473		(3,474)
Prepaid expenses and other assets	3,432		(12,724)
Accounts payable, accrued expenses and other liabilities	8,197		(17,488)
Income taxes receivable and payable, net	6,526		2,562
Net cash provided by operating activities from continuing operations	46,662		27,724
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(18,791)		(24,132)

Payments for businesses and intangibles acquired, net of cash acquired	—		(90)

Insurance settlement proceeds	—		6,307
Net payments on swaps designated as net investment hedges	(53,494)		—

Purchase of investments	(2,500)		(5,000)
Net cash used in investing activities from continuing operations	(74,785)		(22,915)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	—		300,000
Reduction in borrowings	(25,250)		(49,125)
Repurchase of common stock	—		(300,000)
Net (payments) proceeds from share based compensation plans and related tax impacts	(4,627)		7,348

Payments for contingent consideration	(58)		(56)
Dividends paid	(15,050)		(15,191)
Debt extinguishment, issuance and amendment fees	—		(2,500)
Net cash used in financing activities from continuing operations	(44,985)		(59,524)
Cash flows from discontinued operations:
Net cash provided by operating activities	2,362		45,370
Net cash used in investing activities	(9,214)		(5,879)
Net cash used in discontinued operations	(6,852)		39,491
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents	(4,890)		5,052
Net increase in cash, cash equivalents and restricted cash equivalents	(84,850)		(10,172)
Cash, cash equivalents and restricted cash equivalents at the beginning of the period	453,848		327,650
Less: Cash, cash equivalents and restricted cash of discontinued operations	(39,448)		(35,397)
Cash, cash equivalents and restricted cash equivalents at the end of the period	$	329,550	$	282,081

The accompanying notes are an integral part of the condensed consolidated financial statements.

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)


	Common Stock			Additional Paid In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock			Total
	Shares	Dollars								Shares	Dollars
	(Dollars and shares in thousands, except per share)
Balance at December 31, 2025	48,197	$	48,197	$	815,813	$	3,149,760	$	(239,468)	4,002	$	(649,534)	$	3,124,768

Net loss						(8,154)							(8,154)
Dividends ($0.34 per share)						(15,097)							(15,097)
Other comprehensive loss								(19,475)					(19,475)
Shares issued under compensation plans	—	—		(11,802)						(69)	12,892		1,090

Deferred compensation				1,304						—	—		1,304
Balance at March 31, 2026	48,197	$	48,197	$	805,315	$	3,126,509	$	(258,943)	3,933	$	(636,642)	$	3,084,436


	Common Stock			Additional Paid In Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock			Total
	Shares	Dollars								Shares	Dollars
	(Dollars and shares in thousands, except per share)
Balance at December 31, 2024	48,096	$	48,096	$	781,184	$	4,115,870	$	(316,669)	1,822	$	(350,341)	$	4,278,140

Net income						95,002							95,002
Dividends ($0.34 per share)						(15,244)							(15,244)
Other comprehensive income								23,590					23,590
Shares issued under compensation plans	95	95		7,537						(31)	7,108		14,740
Repurchase of common stock				(60,000)						1,725	(242,400)		(302,400)
Deferred compensation				1,336						—	—		1,336
Balance at March 30, 2025	48,191	$	48,191	$	730,057	$	4,195,628	$	(293,079)	3,516	$	(585,633)	$	4,095,164

The accompanying notes are an integral part of the condensed consolidated financial statements.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(all tabular amounts in thousands unless otherwise noted)

Note 1 — Basis of presentation

The accompanying unaudited condensed consolidated financial statements of Teleflex Incorporated and its subsidiaries (“we,” “us,” “our" and “Teleflex”) are prepared on the same basis as its annual consolidated financial statements.

For the periods ending prior to and including December 31, 2025, our fiscal calendar consisted of a modified 5-4-4 calendar, reflecting a fiscal year ending on December 31. Beginning on January 1, 2026, we transitioned to a calendar month-based fiscal calendar, which we applied on a prospective basis. The year end reporting date remains unchanged. While the change will impact year-over-year comparability for fiscal quarters, the effect was not considered to be significant to require adjustments to prior operating results. We believe this transition offers significant benefits, including enhanced quarter-over-quarter comparability on a forward-looking basis and improved alignment with peer companies.

On December 9, 2025, we entered into separate definitive agreements to sell our Acute Care, Interventional Urology businesses and our OEM business (collectively referred to as the "Strategic Divestitures"). The Strategic Divestitures represent a single plan to exit certain product categories that, in aggregate, met accounting requirements to be classified as discontinued operations and held for sale beginning December 31, 2025 and for the subsequent reporting periods. In accordance with GAAP, the financial position and results of operations of both businesses are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. Prior period amounts have been recast to conform to the presentation used for the current period. With the exception of Note 5, the notes to the condensed consolidated financial statements reflect the continuing operations of Teleflex. See Note 5 for additional information regarding discontinued operations.

In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for the fair statement of the financial statements for interim periods in accordance with accounting principles generally accepted in the United States of America ("GAAP") and Rule 10-01 of Securities and Exchange Commission ("SEC") Regulation S-X, which sets forth the instructions for the form and content of presentation of financial statements included in Form 10-Q. The preparation of condensed 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, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the periods reported are not necessarily indicative of those that may be expected for a full year.

In accordance with applicable accounting standards and as permitted by Rule 10-01 of Regulation S-X, the accompanying condensed consolidated financial statements do not include all of the information and footnote disclosures that are required to be included in our annual consolidated financial statements. Therefore, our quarterly condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

Supplemental balance sheet information

Cash, cash equivalents, and restricted cash equivalents consisted of the following at March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	309,411	$	378,564
Restricted cash equivalents in prepaid and other current assets (1)	14,700		14,700
Restricted cash equivalents in other assets (1)	5,439		9,416
Total cash, cash equivalents and restricted cash equivalents	$	329,550	$	402,680

(1) Restricted cash equivalents represent surplus plan assets resulting from the termination of the Teleflex Incorporated Retirement Income Plan (the "TRIP") that were transferred to a suspense account within the Teleflex 401(k) Savings Plan in 2024. These assets are restricted for future use in accordance with our election to use the surplus plan assets from the TRIP to fund future employer contributions to participants in the Teleflex 401(k) Savings Plan. Amounts classified as other current assets are expected to be transferred from the suspense account to employees within one year.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Note 2 — Recently issued accounting standards

In November 2024, the FASB issued new guidance designed to enhance disclosures regarding the nature of expenses included in the income statement. The guidance requires tabular disclosures that disaggregate information about prescribed expense categories within relevant income statement expense captions. The guidance is effective for all fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. The new standard can be adopted on a prospective basis with an option to be adopted retrospectively and early adoption is permitted. We are currently evaluating this guidance to determine its impact on our consolidated financial statements.

In September 2025, the FASB issued new guidance designed to clarify and modernize the accounting for costs related to internal-use software. The updated guidance is intended to provide enhanced transparency and consistency in the capitalization and expensing of software development costs, particularly in incremental and iterative development environments. The guidance is effective for all fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective or modified transition approach. Early adoption is permitted. We are currently evaluating this guidance to determine its impact on our consolidated financial statements.

From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and, unless otherwise indicated above, believe the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Note 3 — Net revenues

We primarily generate revenue from the sale of single use disposable medical devices. Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; this occurs upon the transfer of control of the products. Generally, transfer of control to the customer occurs at the point in time when our products are shipped from the manufacturing or distribution facility. We market and sell products through our direct sales force and distributors to hospitals and healthcare providers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. Payment is generally due 30 days from the date of invoice.

The following table disaggregates revenue by global product category for the three months ended March 31, 2026 and March 30, 2025.


	Three Months Ended
	March 31, 2026		March 30, 2025
Vascular	$	236,812	$	219,131
Interventional	204,656		100,151

Surgical	106,794		94,976



Net revenues (1)	$	548,262	$	414,258

(1) The product categories listed above are presented on a global basis, while our reportable segments are defined based on the geographic location of its operations.

Note 4 — Acquisition

In the third quarter of 2025, we completed the acquisition of substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG (the "VI Business"). The acquisition adds a broad suite of coronary and peripheral medical devices, such as drug-coated balloons, stents, and balloon catheters, which complements our interventional product portfolio. Under the terms of the acquisition agreement, we acquired the VI Business for a net initial cash payment of €704.3 million, or $825.2 million, subject to certain working capital and other customary adjustments.

In connection with the acquisition, we also entered into several ancillary agreements with BIOTRONIK SE & Co. KG to help facilitate business continuity and the integration of the business. These agreements primarily relate to

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

transition support and distribution services and have varying durations extending up to 36 months. We account for these services separately from the business combination, as they were negotiated primarily to benefit Teleflex and do not represent part of the consideration transferred for the acquisition. The operating results associated with these agreements are included in selling, general and administrative expenses.

We are continuing to evaluate the fair value of the acquired assets and liabilities assumed in connection with the acquisition and further adjustments may be necessary as a result of our assessment of additional information, primarily deferred tax liabilities, certain intangible assets and goodwill. Additionally, the purchase accounting remains incomplete with respect to the consideration transferred as we have not reached an agreement on the closing statement adjustments with the seller. Adjustments during the measurement period will be recognized in the reporting period when they are settled.

Note 5 — Discontinued operations

In February 2025, we announced our intention to undertake a strategic transformation of the organization. In accordance with this strategy, on December 9, 2025, we announced that we had entered into definitive agreements to sell our Acute Care and Interventional Urology (also referred to as "IU") businesses to Intersurgical® Ltd and our OEM business to Montagu and Kohlberg (collectively referred to as the "Strategic Divestitures"). The combined total consideration from the Strategic Divestitures is $2.0 billion in cash, consisting of expected proceeds of approximately $1.5 billion for our OEM business and $530 million for our Acute Care and IU businesses. Both transactions, which were approved at the same time by our Board of Directors, remain subject to certain closing adjustments, customary regulatory approvals and other closing conditions. We expect the sale of the OEM business to be completed in the third quarter of 2026, while the sale of the Acute Care and IU businesses is expected to be completed in the second half of 2026.

The Strategic Divestitures represent a single plan to exit certain product categories that, in aggregate, met accounting requirements to be classified as discontinued operations and held for sale beginning December 31, 2025 and for the subsequent reporting periods, as the plan represents a strategic shift with a major effect on our financial results. In accordance with GAAP, the financial position and results of operations of both businesses are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. The Strategic Divestitures were historically reported within each of our operating segments.

The following table summarizes the financial results of our discontinued operations for the three months ended March 31, 2026 and March 30, 2025:


	Three Months Ended
	March 31, 2026		March 30, 2025

Net revenues	$	283,817	$	286,411
Cost of goods sold	146,907		152,403
Gross profit	136,910		134,008
Selling, general and administrative expenses	66,187		69,928
Research and development expenses	14,268		11,109

Restructuring charges, separation costs and impairment charges (1)	59,148		3,333
Interest expense	54		7
Interest income	(104)		(429)



(Loss) income from discontinued operations before income taxes	(2,643)		50,060

Income tax expense	673		7,392
(Loss) income from discontinued operations	$	(3,316)	$	42,668

(1) For the three months ended March 31, 2026, we incurred separation costs of $30.1 million, primarily related to consulting, legal, tax and other professional advisory services associated with the Strategic Divestitures and we recognized a $29.0 million valuation allowance adjustment related to the Acute Care and IU business, as described below. For the three months ended March 30, 2025, we incurred separation costs of $3.2 million and $0.1 million of restructuring charges.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following table summarizes the carrying amounts of the major classes of assets and liabilities classified as discontinued operations in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:



	March 31, 2026		December 31, 2025

ASSETS
Cash and cash equivalents	$	39,448	$	51,168
Accounts receivable, net	226,809		225,326
Inventories	352,867		343,183
Prepaid expenses and other current assets	18,147		19,875
Current assets of discontinued operations	637,271		639,552
Property, plant and equipment, net	233,201		214,426
Operating lease assets	20,251		21,213
Goodwill	112,010		112,010
Intangible assets, net	832,613		832,626
Deferred tax assets	26,698		27,928
Other assets	3,669		2,893
Valuation allowance on disposal group classified as held for sale	(776,072)		(747,070)
Assets of discontinued operations	$	1,089,641	$	1,103,578
LIABILITIES
Accounts payable	$	39,259	$	37,478
Accrued expenses	33,073		29,629
Payroll and benefit-related liabilities	38,923		52,248
Other current liabilities	16,043		8,965
Current liabilities of discontinued operations	127,298		128,320
Deferred tax liabilities	31,803		31,801
Non-current operating lease liability	16,806		17,839
Other non-current liabilities	3,553		3,329

Liabilities of discontinued operations	$	179,460	$	181,289

Assets and liabilities classified as held for sale are measured at the lower of carrying value or fair value less costs to sell. As of March 31, 2026, we reassessed the fair value less costs to sell of the Acute Care and IU businesses component of the Strategic Divestitures compared to its carrying value, and concluded that its fair value costs to sell was lower than its carrying value. Based on this assessment, we recorded a $29.0 million valuation allowance adjustment during the three months ended March 31, 2026, further reducing assets held for sale beyond the previously recorded valuation allowance of $747.1 million. The adjustment to the valuation allowance was recorded within Restructuring charges, separation costs and impairment charges in the summarized results of operations of discontinued operations for the three months ended March 31, 2026. We expect to recognize a gain upon the completion of the sale of the OEM business.

Cash flows attributable to discontinued operations are included in the condensed consolidated statements of cash flows. Significant non-cash operating and investing activities attributable to discontinued operations consisted of the following:


	Three Months Ended
	March 31, 2026		March 30, 2025

Depreciation expense	$	—	$	6,372
Intangible asset amortization expense	—		22,339
Impairment charges	29,000		—
Expenditures for property, plant and equipment	9,214		5,879

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Note 6 — Restructuring charges, separation costs and impairment charges

Restructuring charges recognized for the three months ended March 31, 2026 and March 30, 2025 consisted of the following:


Three Months Ended March 31, 2026
	Termination Benefits		Other Costs (1)		Total
Strategic Divestitures restructuring plan	$	17,069	$	—	$	17,069
VI Business integration plan	(256)		3		(253)



Other restructuring programs (2)	(26)		55		29



Restructuring charges	$	16,787	$	58	$	16,845


Three Months Ended March 30, 2025
	Termination Benefits		Other Costs (1)		Total
2024 Footprint realignment plan	$	1,065	$	38	$	1,103

2023 Footprint realignment plan	243		2		245

Other restructuring programs (2)	47		27		74
Restructuring charges	$	1,355	$	67	$	1,422

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

(2) Primarily includes activity related to restructuring plans substantially completed in prior periods.

Restructuring charges

Strategic Divestitures restructuring plan

Strategic Divestiture restructuring plan

Plan expense estimates:

(Dollars in millions)

Restructuring charges (1)

$15 million to $18 million

Restructuring related charges (2)

$16 million to $19 million

Total restructuring and restructuring related charges

$31 million to $37 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 plan and primarily include expenses related to a lease termination and retention incentives necessary to support critical functions during the transition period. Most of the charges are expected to be recognized within selling, general and administrative costs.

We expect substantially all the restructuring and restructuring related charges to result in future cash outlays, of which an estimated $15.0 million to $19.0 million are expected to occur during 2026.

For the three months ended March 31, 2026, we incurred $7.5 million under the Strategic Divestitures restructuring plan in restructuring related charges, all of which were recognized in selling, general and administrative costs.

As of March 31, 2026, we had a restructuring reserve of $17.0 million related to this plan, all of which related to termination benefits.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

VI Business integration plan

During the fourth quarter of 2025, we initiated the "VI Business integration plan," a restructuring plan related to the integration of the VI Business into Teleflex. The plan encompasses the realignment of the global sales force and certain administrative functions, including workforce reductions, and the relocation of certain manufacturing operations to existing lower-cost locations. These actions are expected to be substantially completed by the end of 2028. The following table provides a summary of our estimates of restructuring and restructuring related charges by major type of expense associated with the VI Business integration plan:

VI Business integration plan

Plan expense estimates:

(Dollars in millions)

Restructuring charges (1)

$26 million to $31 million

Restructuring related charges (2)

$10 million to $13 million

Total restructuring and restructuring related charges

$36 million to $44 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 program and principally constitute costs to transfer manufacturing operations to existing lower-cost locations and project management costs. The majority of these charges are expected to be recognized within cost of goods sold.

We expect to incur $5.0 million to $7.0 million in aggregate capital expenditures under the VI Business integration plan.

For the three months ended March 31, 2026, we incurred $0.7 million under the VI Business integration plan in restructuring related charges, most of which were recognized in cost of goods sold. As of March 31, 2026, we have incurred aggregate restructuring charges in connection with the VI Business integration plan of $21.0 million. In addition, as of March 31, 2026, we have incurred aggregate restructuring related charges of $1.0 million with respect to the VI Business integration plan, consisting of certain costs that principally resulted from the transfer of manufacturing operations to new locations.

As of March 31, 2026, we had a restructuring reserve of $16.3 million related to this plan, all of which related to termination benefits.

2023 Footprint realignment plan

In 2023, we initiated the "2023 Footprint realignment plan," 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. These actions are expected to be substantially completed by the end of 2027. The following table provides a summary of the cost estimates by major type of expense associated with the 2023 Footprint realignment plan:

2023 Footprint Realignment plan

Plan expense estimates:

(Dollars in millions)

Restructuring charges (1)

$2 million to $3 million

Restructuring related charges (2)

$7 million to $9 million

Total restructuring and restructuring related charges

$9 million to $12 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 program 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 $2.0 million to $3.0 million in aggregate capital expenditures under the plan.

For the three months ended March 31, 2026, we incurred $0.6 million under the 2023 Footprint realignment plan in restructuring related charges, all of which were recognized in cost of goods sold. As of March 31, 2026, we have incurred aggregate restructuring charges in connection with the 2023 Footprint realignment plan of $3.0 million. In addition, as of March 31, 2026, we have incurred aggregate restructuring related charges of $5.9 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.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

As of March 31, 2026, we had a restructuring reserve of $2.1 million related to this plan, all of which related to termination benefits.

Note 7 — Inventories

Inventories as of March 31, 2026 and December 31, 2025 consisted of the following:


	March 31, 2026		December 31, 2025
Raw materials	$	89,617	$	90,008
Work-in-process	53,387		54,368
Finished goods	237,857		260,019
Inventories	$	380,861	$	404,395

Note 8 — 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 three months ended March 31, 2026:


	Americas		EMEA		Asia		Total
December 31, 2025	$	1,387,298	$	669,112	$	248,640	$	2,305,050



Goodwill related to acquisitions	—		991		2,394		3,385
Currency translation adjustment	(162)		(11,054)		228		(10,988)
March 31, 2026	$	1,387,136	$	659,049	$	251,262	$	2,297,447

The gross carrying amount of, and accumulated amortization relating to, intangible assets as of March 31, 2026 and December 31, 2025 were as follows:


	Gross Carrying Amount				Accumulated Amortization
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Customer relationships	$	1,206,780	$	1,209,683	$	(563,802)	$	(549,856)
In-process research and development	6,417		6,417		—		—
Intellectual property	1,270,170		1,272,532		(729,927)		(712,848)
Distribution rights	10,928		11,036		(10,831)		(10,939)
Trade names	348,763		349,814		(52,613)		(51,689)
Non-compete agreements	19,848		19,858		(19,848)		(19,858)
	$	2,862,906	$	2,869,340	$	(1,377,021)	$	(1,345,190)

Note 9 — 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 typically 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 months ended March 31, 2026, we recognized a loss of $2.8 million from non-designated foreign currency forward contracts within selling, general and administrative expenses. For the three months ended March 30, 2025, we recognized a gain of $22.6 million within selling, general and administrative expenses primarily related to non-designated foreign currency forward contracts entered into to economically hedge against the foreign currency exposure associated with the cash consideration to complete the VI acquisition.

The total notional amount for all open foreign currency forward contracts designated as cash flow hedges as of March 31, 2026 and December 31, 2025 was $263.5 million and $262.5 million, respectively. The total notional amount for all open non-designated foreign currency forward contracts as of March 31, 2026 and December 31,

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

2025 was $261.6 million and $284.8 million, respectively. All open foreign currency forward contracts as of March 31, 2026 have durations of 12 months or less.

Cross-currency interest rate swaps

On September 30, 2025, we executed 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 "September 2025 Cross-currency swap agreements"). Under the September 2025 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 2.77%. On March 4, 2026, the agreements related to our September 2025 Cross-currency swap matured resulting in a net cash settlement payment of $53.5 million, inclusive of interest proceeds. Concurrently, on March 4, 2026, we executed two separate cross-currency swap agreements set to mature on March 3, 2028, respectively, to hedge against the effect of variability in the U.S. dollar to euro exchange rate (the "2026 Cross-currency swap agreements"). Each of the 2026 Cross-currency swap agreements had a notional amount of $50 million and was designated as a net investment hedge. The 2026 Cross-currency swap agreements include two different financial institution counterparties and notionally exchanged $100 million for €85.4 million, reflecting an average annual interest rate benefit of 1.21%.

On August 18, 2025, we executed two separate cross-currency swap agreements set to mature on August 20, 2030 and August 20, 2032, respectively, to hedge against the effect of variability in the U.S. dollar to Swiss Franc (CHF) exchange rate, (the "2025 Cross-currency swap agreements"). Each of the 2025 Cross-currency swap agreements had a notional amount of $300 million and was designated as a net investment hedge. The 2025 Cross-currency swap agreements expiring in 2030 include six different financial institution counterparties and notionally exchanged $300 million for CHF 242.4 million at an annual interest rate of 3.15%. The 2025 Cross-currency swap agreements expiring in 2032 include four different financial institution counterparties and notionally exchanged $300 million for CHF 242.5 million at an annual interest rate of 3.02%.

On April 25, 2024, we executed two separate term cross-currency swap agreements set to mature 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 (the "2024 Cross-currency swap agreements"). Each of the 2024 Cross-currency swap agreements had a notional principal amount of $250 million and was designated as a net investment hedge. The 2024 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 2024 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%.

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 swaps for the three months ended March 31, 2026 and March 30, 2025:


	Three Months Ended
	March 31, 2026		March 30, 2025
Foreign exchange gain (loss)	$	12,738	$	(22,499)
Interest benefit	8,305		4,239

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Balance sheet presentation

The following table presents the locations in the condensed consolidated balance sheet and fair value of derivative instruments as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025

Asset derivatives:
Designated foreign currency forward contracts	$	2,741	$	3,563
Non-designated foreign currency forward contracts	214		279
Cross-currency interest rate swaps	23,652		26,260
Prepaid expenses and other current assets	26,607		30,102
Cross-currency interest rate swaps	3,243		1,777
Other assets	3,243		1,777
Total asset derivatives	$	29,850	$	31,879
Liability derivatives:
Designated foreign currency forward contracts	$	2,139	$	1,170
Non-designated foreign currency forward contracts	938		624
Cross-currency interest rate swaps	15,865		56,321
Other current liabilities	18,942		58,115
Cross-currency interest rate swaps	37,121		76,139
Other liabilities	37,121		76,139
Total liability derivatives	$	56,063	$	134,254

See Note 11 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 months ended March 31, 2026 and March 30, 2025.

Trade receivables

The allowance for credit losses as of March 31, 2026 and December 31, 2025 was $3.7 million and $4.0 million, respectively. The current portion of the allowance for credit losses, which was $2.3 million and $2.6 million as of March 31, 2026 and December 31, 2025, respectively, was recognized as a reduction of accounts receivable, net.

Note 10 — Fair value measurement

The following tables provide information regarding our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:


	Total carrying value at March 31, 2026		Quoted prices in active markets (Level 1)		Significant other observable Inputs (Level 2)		Significant unobservable Inputs (Level 3)
Investments in marketable securities	$	29,752	$	29,752	$	—	$	—
Derivative assets	29,850		—		29,850		—
Derivative liabilities	56,063		—		56,063		—
Contingent consideration liabilities	47,528		—		—		47,528

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)


	Total carrying value at December 31, 2025		Quoted prices in active markets (Level 1)		Significant other observable Inputs (Level 2)		Significant unobservable Inputs (Level 3)
Investments in marketable securities	$	32,830	$	32,830	$	—	$	—
Derivative assets	31,879		—		31,879		—
Derivative liabilities	134,254		—		134,254		—
Contingent consideration liabilities	50,218		—		—		50,218

Valuation Techniques

Our financial assets valued based upon Level 1 inputs are comprised of investments in marketable securities, including money market funds. The investment assets 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. Our primary non-recurring fair value estimates, which utilize Level 3 inputs, typically include the following: business acquisitions (Note 4); goodwill impairment testing (Note 5); and asset impairments (Note 6).

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.

The following table provides information regarding changes in our contingent consideration liabilities for the three months ended March 31, 2026:



	Contingent consideration
Balance – December 31, 2025	$	50,218
Payments	(58)
Revaluations and other adjustments	(2,632)

Balance – March 31, 2026 (1)	$	47,528

(1) As of March 31, 2026, the liability consisted largely of the estimated contingent consideration associated with our 2023 acquisition of Palette Life Sciences AB ("Palette"), with payment anticipated in 2026.

Note 11 — Shareholders' equity

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Our diluted earnings per share calculation follows the control number concept, using income from continuing operations as the control number to assess whether potential common stock equivalents are dilutive. Once these securities are determined to be dilutive for continuing operations, the same weighted‑average dilutive share equivalents must be included in the diluted earnings per share calculations for all other categories of income or loss, even when their inclusion is anti‑dilutive for those categories.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following table provides a reconciliation of basic to diluted weighted average shares outstanding:


	Three Months Ended
	March 31, 2026	March 30, 2025
Basic	44,257	45,782
Dilutive effect of share-based awards	—	144

Diluted	44,257	45,926

The number of basic and diluted shares is the same for the three months ended March 31, 2026 due to our loss from continuing operations. Additionally, because of the loss from continuing operations, for the three months ended March 31 2026, 0.1 million of potentially dilutive share-based awards were excluded from the computation of loss per share as their effect would have been antidilutive. The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 1.4 million for the three months ended March 31, 2026 and 1.1 million for the three months ended March 30, 2025.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 31, 2026 and March 30, 2025:


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2025	$	1,695	$	4,007	$	(245,170)	$	(239,468)
Other comprehensive (loss) income before reclassifications	1,255		(262)		(20,855)		(19,862)
Amounts reclassified from accumulated other comprehensive income	194		193		—		387
Net current-period other comprehensive (loss) income	1,449		(69)		(20,855)		(19,475)

Balance as of March 31, 2026	$	3,144	$	3,938	$	(266,025)	$	(258,943)


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
Balance as of December 31, 2024	$	1,839	$	1,838	$	(320,346)	$	(316,669)
Other comprehensive (loss) income before reclassifications	(3,800)		(923)		26,289		21,566
Amounts reclassified from accumulated other comprehensive income	1,704		320		—		2,024
Net current-period other comprehensive (loss) income	(2,096)		(603)		26,289		23,590

Balance as of March 30, 2025	$	(257)	$	1,235	$	(294,057)	$	(293,079)

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

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 months ended March 31, 2026 and March 30, 2025:


	Three Months Ended
	March 31, 2026		March 30, 2025
(Gains) Loss on foreign exchange contracts:
Cost of goods sold	$	225	$	1,588
Total before tax	225		1,588
Taxes	(31)		116
Net of tax	194		1,704
Pension and other postretirement benefit items (1):
Actuarial (gains) losses	18		24
Prior-service costs	231		385

Total before tax	249		409
Tax benefit	(56)		(89)
Net of tax	193		320
Total reclassifications, net of tax	$	387	$	2,024

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

Note 12 — Taxes on income from continuing operations

Three Months Ended

March 31, 2026

March 30, 2025

Effective income tax rate (1)

(26.4)%

10.9%

(1) For the quarters ended March 31, 2026 and March 30, 2025, the effective income tax rate represents income tax expense.

The effective income tax rate for the three months ended March 31, 2026 reflects income tax benefits associated with the Strategic Divestitures restructuring plan and the VI Business integration plan. Additionally, the effective income tax rate for the three months ended March 31, 2026 reflects a net cost related to share-based compensation. The effective income tax rate for the three months ended March 30, 2025 reflects a non-taxable favorable adjustment incurred in relation to foreign currency exchange rates, largely stemming from non-designated foreign currency forward contracts designed to hedge against the cash consideration for the VI Business acquisition. The effective income tax rates for both periods reflect a tax benefit from research and development tax credits.

A significant number of jurisdictions, including EU member states, have enacted legislation to establish a 15% global minimum tax in accordance with both the established Pillar Two framework and guidance subsequently published by the Organization for Economic Co-operation and Development (the "OECD"). On January 5th, 2026, the OECD/G20 released the Side-by-Side package ("SbS"), implemented as administrative guidance and modifying the operation of Pillar Two rules. The SbS package introduces simplifications and new safe harbors for U.S. and other multinational companies where domestic and international tax systems meet robust requirements to coexist with Pillar 2. Such safe harbor would fully exempt U.S.-parented groups from the application of two of the three Pillar 2 top up taxes.

The SbS package is expected to be available for fiscal years beginning on or after January 1, 2026. However, the safe harbors are not self‑executing and require domestic legislation by each Inclusive Framework member, subject to local legislative processes and timelines, as well as potential European Union ("EU") guidance related to the EU Minimum Tax Directive. The SbS package did not have a material impact on our results of operations during the first quarter of 2026. We continue to monitor ongoing developments and assess the potential impact of the SbS package on our 2026 results of operations and future cash tax obligations.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The SbS package also extends the current Transitional Country-by-Country Reporting (CbCR) Safe Harbor by one year, through the end of fiscal year 2027.

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 March 31, 2026, we have recorded $0.6 million and $3.1 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 March 31, 2026. 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 and product warranty, intellectual property, commercial disputes, acquisition and divestiture related matters, contracts, employment, environmental and other matters. As of March 31, 2026, we have recorded accrued liabilities of $1.0 million in connection with such contingencies, representing our best estimate of the cost within the range of estimated possible losses 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.

While the results of such litigation or claims cannot be predicted with certainty, 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.

For additional information regarding the April 2026 complaint filed against Teleflex related to our acquisition of Palette, see Note 15, Subsequent events.

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

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

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. In August 2025, the Italian parliament enacted a modification to the previously enacted legislation that reduced the payment amounts due from the affected companies, including Teleflex, to approximately 25% of the amounts originally invoiced for the years 2015 through 2018. Payment of the reduced amount precludes the pursuit of further legal action related to the obligation to pay the amounts relating to such years. Following the modification in legislation in 2025, we remitted payments to the related regions to settle obligations for the years 2015 through 2018 and recorded an adjustment to our reserve calculations for the years 2019 through 2025. As of March 31, 2026, our reserve related to this matter was $20.4 million.

As part of our acquisition of Palette in 2023, the assets of which are included within the Strategic Divestitures, we identified certain foreign tax liabilities that had not been properly recognized and paid by Palette prior to our acquisition. We will retain these liabilities following the Strategic Divestitures. As part of our acquisition accounting, we have established a liability of $4.6 million, representing our best estimate of the outstanding tax liabilities including interest as of March 31, 2026. In February 2024, we requested the relevant foreign tax authority to reassess Palette’s previously filed tax returns for the related periods. In April 2025, we received a notice from the tax authority indicating our request may be subject to challenge. In October 2025, we received a decision denying our request for reassessment. We strongly disagree with the tax authority’s decision and in December 2025, we renewed our reassessment request. In November 2025, we received a notice of audit from the foreign tax authority for tax years 2023 and 2024, which years are not part of the reassessment request. We are working with the tax authority to resolve the matter and intend to defend the position stated in our reassessment requests vigorously. If we are unsuccessful in resolving the matter with the tax authority, 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 March 31, 2026, the most significant tax examinations in process were in Germany, the United States and Sweden. 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

An operating segment is a component (a) that engages in business activities from which it may earn revenues and incur expenses, (b) whose operating results are regularly reviewed by the chief operating decision maker (in our case, our Interim President and Chief Executive Officer) to make decisions about resources to be allocated to the segment and to assess its performance, and (c) for which discrete financial information is available. The chief operating decision maker utilizes segment operating profit to evaluate operating expenses through a comparison of budget to actual results as well as an analysis of operating expenses as a percentage of revenue. We do not evaluate our operating segments using discrete asset information.

We have three reportable segments: Americas, EMEA (Europe, the Middle East and Africa) and Asia (Asia Pacific). Our reportable segments primarily design, manufacture and distribute medical devices primarily used in critical care and surgical applications and generally serve hospitals and healthcare providers. The products of these segments are most widely used in high-acuity emergent procedures and in general and specialty surgical applications.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

The following tables present our segment results for the three months ended March 31, 2026 and March 30, 2025:


	Three Months Ended March 31, 2026
	Americas		EMEA		Asia		Segment Total

Net revenues	$	332,653	$	146,678	$	68,931	$	548,262
Cost of goods sold	114,161		59,526		25,396		199,083
Research and development expenses	14,245		24,500		3,081		41,826
Selling, general and administrative expenses	73,776		50,418		24,693		148,887
Segment operating profit (1)	$	130,471	$	12,234	$	15,761	$	158,466


	Three Months Ended March 30, 2025
	Americas		EMEA		Asia		Segment Total

Net revenues	$	289,726	$	82,639	$	41,893	$	414,258
Cost of goods sold	101,746		34,470		16,744		152,960
Research and development expenses	11,775		6,872		4,366		23,013
Selling, general and administrative expenses	58,757		27,942		16,236		102,935
Segment operating profit (1)	$	117,448	$	13,355	$	4,547	$	135,350

(1)Segment operating profit represents income from continuing operations before interest, loss on extinguishment of debt and taxes adjusted to exclude unallocated corporate expenses, manufacturing variances other than fixed manufacturing cost absorption variances, restructuring charges, separation costs and impairment charges. See reconciliation of segment operating profit measures for further details.


	Three Months Ended
	March 31, 2026		March 30, 2025
Reconciliation of segment operating profit measure
Segment operating profit	$	158,466	$	135,350
Other unallocated expenses (1)	121,438		58,128


Restructuring charges, separation costs and other impairment charges	16,845		1,422

Income from continuing operations before interest and taxes	$	20,183	$	75,800

(1)Other unallocated expenses include expenses within costs of goods sold, research and development and selling, general and administrative costs and primarily consist of manufacturing variances other than fixed manufacturing cost absorption variances and unallocated corporate function expenses.


	Three Months Ended
Depreciation and amortization	March 31, 2026		March 30, 2025

Americas	$	21,676	$	22,084
EMEA	20,311		9,130
Asia	4,680		2,723
Corporate (1)	7,076		4,683
Consolidated depreciation and amortization	$	53,743	$	38,620

(1)Reflects depreciation and amortization included within other allocated expenses per reconciliation of segment operating profit measure.

Note 15 — Subsequent events

Litigation settlement

On April 6, 2026, we entered into a settlement agreement with another medical device company to resolve a litigation matter involving alleged infringement of patents held by Teleflex. Pursuant to the terms of the agreement, we subsequently received $25.0 million in monetary consideration. The settlement fully resolves the litigation, with no admission of liability by Teleflex or any other party.

TELEFLEX INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

(Unaudited)

Leadership updates

On April 9, 2026, we announced that Stephen Klasko, M.D. and John Heinmiller will conclude their respective Board terms at the Annual Meeting, and the nomination of Michael J. Tokich to the Board of Directors. In connection with Dr. Klasko’s departure, Andrew A. Krakauer, a current independent director and chair of the Board's Compensation Committee, has been named Chairman of the Board, effective following the Annual Meeting.

On April 30, 2026, we announced that Jason Weidman has been appointed President and Chief Executive Officer, effective June 8, 2026. He will succeed Stuart Randle, who has been serving as Interim President and CEO since January 2026 and who will continue as a member of Teleflex’s Board of Directors. Mr. Weidman is expected to join the Teleflex Board when he assumes his role as President and CEO.

Palette commercial litigation matter

On April 29, 2026, a complaint was filed against Teleflex in the Superior Court of the State of Delaware in connection with our 2023 acquisition of Palette. The complaint asserts claims by the former shareholders of Palette for alleged breach of the applicable stock purchase agreement and seeks, among other things, payment of contingent consideration, consisting of Milestone Payments of $46.7 million (refer to Note 10, Fair value measurement, for additional information pertaining to our contingent consideration liabilities, which includes the aforementioned Milestone Payments), as well as damages, interest and attorneys’ fees. The matter involves, in part, disputes regarding indemnification rights over certain tax-related matters and, to the extent of any losses suffered by Teleflex with respect to these matters, Teleflex’s right under the stock purchase agreement to withhold and offset any such losses against the amounts payable as Milestone Payments. We deny any allegations of wrongdoing asserted in this complaint and plan to vigorously defend against these claims. At this time, we are unable to determine whether we will be required to make payment of all or any portion of the Milestone Payments or reasonably estimate a range of possible loss, if any, resulting from this litigation.

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 supporting high-acuity emergent procedures. Substantially all of our net revenues come from single-use medical devices. 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 seek to optimize utilization of our facilities through restructuring initiatives designed to further reduce our cost base and enhance our competitive position. In addition, we may continue to explore opportunities to expand the size of our business and improve our 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, the conversions involve our acquisition or termination of a master distributor and the continued sale of our products through sub-distributors). Our 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. Further, we may identify opportunities to expand our margins through strategic divestitures of existing businesses and product lines that no longer meet our objectives.

Recent Strategic Actions

In February 2025, we announced our intention to undertake a strategic transformation of the organization. In accordance with this strategy, on December 9, 2025, we announced that we entered into definitive agreements to sell our Acute Care and Interventional Urology (also referred to as "IU") businesses to Intersurgical® Ltd and our OEM business to Montagu and Kohlberg (collectively referred to as the "Strategic Divestitures"). The combined total consideration from the Strategic Divestitures is $2.0 billion in cash, consisting of expected proceeds of approximately $1.5 billion for our OEM business and $530 million for our Acute Care and IU businesses. Both transactions, which were approved at the same time by our Board of Directors, remain subject to certain closing adjustments, customary regulatory approvals and other closing conditions. We expect the sale of the OEM business to be completed in the third quarter of 2026, while the sale of the Acute Care and IU businesses is expected to be completed in the second half of 2026. We expect to receive net after‑tax proceeds of approximately $1.8 billion upon the completion of both sales. We intend to use the net proceeds primarily to return capital to shareholders through share repurchases and pay down debt.

In connection with the Strategic Divestitures, we have negotiated transition services agreements and other arrangements intended to govern ongoing activities between Teleflex and the respective buyers following the closing dates of the transactions, including interim operating model arrangements and manufacturing and supply services. Although the material terms of these agreements have been substantially determined, they remain subject to finalization and execution. We expect to complete and execute these agreements at the close of each transaction.

The Strategic Divestitures represent a single plan to exit certain product categories that, in aggregate, met accounting requirements to be classified as discontinued operations and held for sale beginning December 31, 2025 and for the subsequent reporting periods. Information provided herein is presented on a continuing operations basis to reflect the impact of the Strategic Divestitures, unless otherwise indicated. For additional information regarding the Strategic Divestitures, refer to Note 5 within the condensed consolidated financial statements included in this report.

Leadership updates

On January 8, 2026, we announced the departure of our former Chairman, President and Chief Executive Officer, Liam J. Kelly, and the appointment of Stuart A. Randle as Interim President and Chief Executive Officer. In connection with Mr. Kelly’s departure as President and Chief Executive Officer, the Board appointed Stephen K. Klasko, M.D., a current independent director who had been serving as our Lead Director, to serve as the independent Chair of the Board. In connection with Mr. Kelly's departure, Mr. Kelly will receive benefits and payments as provided under his employment agreement with the Company dated as of March 31, 2017, and as a result, we recognized $2.5 million in associated severance expense during the first quarter of 2026.

Litigation settlement

Acquisition of BIOTRONIK Vascular Intervention business

In the third quarter of 2025, we completed the acquisition of substantially all of the Vascular Intervention business of BIOTRONIK SE & Co. KG (the "VI Business") for a net initial cash payment of €704.3 million, or $825.2 million, subject to certain working capital and other customary adjustments. The acquisition adds a broad suite of coronary and peripheral medical devices, such as drug-coated balloons, stents, and balloon catheters, which complements our interventional product portfolio. See Note 4 to the condensed consolidated financial statements included in this report for additional information.

Factors impacting our business

Our global operations are subject to risks associated with international trade policies, including the imposition of tariffs. On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed pursuant to the International Emergency Economic Powers Act (“IEEPA”), which introduced the potential for refunds of previously collected tariffs by the U.S government. Following the decision, the Administration announced new Executive Orders that impose tariffs under alternative statutory authority designed to replace or preserve elements of the prior tariff framework. The availability, timing, and magnitude of any potential refunds of tariffs imposed under IEEPA, as well as the application and impact of tariffs under the new Executive Orders, remain highly uncertain and subject to ongoing legal, regulatory, and administrative developments. Nevertheless, further changes to proposed or enacted tariffs could materially impact our business, including gross margins and cash flows. We continue to evaluate measures designed to mitigate the future impacts of tariffs, such as supply chain optimization strategies and adjustments to chain-of-custody protocols. The ultimate impact of tariffs and trade policy changes on our results of operations and cash flows will depend on several factors, including the timing, scale, scope, and nature of any tariffs or policies implemented, any associated retaliatory measures or further legal challenges.

In addition to risks associated with international trade policies, geopolitical developments during the quarter, including the escalation of conflict in the Middle East, have increased macroeconomic uncertainty. These developments may result in disruptions to global energy supplies, volatility and increases in energy prices, heightened inflationary pressures, and disruptions to global supply chains, any of which could adversely affect our results of operations or financial condition. We continue to monitor these developments and the broader macroeconomic environment and, where appropriate, are taking actions to mitigate potential impacts on our business.

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
	March 31, 2026		March 30, 2025
Net revenues	$	548.3	$	414.3

Net revenues for the three months ended March 31, 2026 increased $134.0 million, or 32.3%, compared to the prior year period, primarily due to net revenues of $99.1 million generated by the acquired VI Business, increases in sales volumes of existing products and favorable fluctuations in foreign currency exchange rates.

Gross profit


	Three Months Ended
	March 31, 2026			March 30, 2025
Gross profit	$	307.4		$	255.4
Percentage of sales	56.1		%	61.7		%

Gross margin for the three months ended March 31, 2026 decreased 560 basis points, or 9.1%, compared to the prior year period, primarily due to the adverse impact from tariffs enacted in 2025, the unfavorable impact from the amortization of the step-up in carrying value of inventory and intangible assets recognized in connection with the VI Business acquisition, an increase in costs for quality remediation and excess and obsolete inventory charges and higher logistics and distribution costs.

Selling, general and administrative


	Three Months Ended
	March 31, 2026			March 30, 2025
Selling, general and administrative	$	226.0		$	152.9
Percentage of sales	41.2		%	36.9		%

Selling, general and administrative expenses for the three months ended March 31, 2026 increased $73.1 million compared to the prior year period, which was primarily attributable to operating, integration and amortization expenses associated with the acquired VI Business and the impact of unfavorable fluctuations in foreign currency exchange rates related to operating activities, largely stemming from a benefit recognized in the prior period from non-designated foreign currency forward contracts designed to hedge against the cash consideration for the VI Business. Selling, general and administrative costs in 2026 were also impacted by expenses associated with the Strategic Divestitures restructuring plan and severance expense related to our former CEO.

Research and development


	Three Months Ended
	March 31, 2026			March 30, 2025
Research and development	$	44.4		$	25.3
Percentage of sales	8.1		%	6.1		%

Research and development expenses for the three months ended March 31, 2026 increased $19.1 million compared to the prior year period, which was primarily attributable to expenses associated with the acquired VI Business.

Restructuring charges and separation costs


	Three Months Ended
	March 31, 2026		March 30, 2025
Restructuring charges, separation costs and impairment charges	$	16.8	$	1.4

Restructuring charges, separation costs and impairment charges for the three months ended March 31, 2026 primarily consisted of termination benefits related to the Strategic Divestitures restructuring plan (defined below).

2023 Footprint realignment plan

processes and related workforce reductions. We estimate that we will incur aggregate pre-tax restructuring and restructuring related charges in connection with the plan of $9 million to $12 million. These actions are expected to be substantially completed by the end of 2027. 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.

VI Business integration plan

During the fourth quarter of 2025, we initiated the "VI Business integration plan," a restructuring plan primarily involving the integration of the VI Business into Teleflex, including the realignment of the global sales force and certain administrative functions, related workforce reductions, and the relocation of certain manufacturing operations to existing lower-cost locations. These actions are expected to be substantially completed by the end of 2028. We estimate that we will incur aggregate pre-tax restructuring and restructuring related charges in connection with the VI Business integration plan of $36 million to $44 million. We expect all the restructuring and restructuring related charges will result in future cash outlays. We expect to achieve annual pre-tax savings of $24 million to $30 million in connection with the VI Business integration plan once it is fully implemented.

Strategic Divestitures restructuring plan

During the first quarter of 2026, in connection with the Strategic Divestitures, we initiated a multi-year restructuring plan intended to align our global organizational structure and supply chain infrastructure amongst our remaining businesses (the "Strategic Divestitures restructuring plan"). The plan is designed to eliminate stranded costs, streamline global operations, and improve our long-term cost structure, primarily through workforce reductions and capital assets rationalization. These actions, some of which we expect to occur upon exit of the transition services agreements and other arrangements negotiated in connection with the Strategic Divestitures, are expected to be substantially completed by mid-2028. We estimate that we will incur aggregate pre-tax restructuring and restructuring related charges in connection with the plan of $31 million to $37 million. We expect substantially all the restructuring and restructuring related charges to result in future cash outlays, of which an estimated $15 million to $19 million are expected to occur during 2026. We expect to achieve annual pre-tax savings of $48 million to $52 million in connection with the Strategic Divestitures restructuring plan once it is fully implemented and we expect to begin realizing a portion of these plan-related savings in 2026.

For additional information regarding our restructuring plans, see Note 6 to the condensed consolidated financial statements included in this report.

Interest expense


	Three Months Ended
	March 31, 2026			March 30, 2025
Interest expense	$	25.7		$	18.5
Average interest rate on debt	3.5		%	4.2		%

The increases in interest expense for the three months ended March 31, 2026 compared to the prior year periods were primarily due to an increase in the average outstanding debt balance stemming from borrowings utilized to fund the VI Business acquisition, partially offset by a lower average interest rate resulting from decreases in interest rates associated with our variable interest rate debt instruments.

Taxes on income from continuing operations


	Three Months Ended
	March 31, 2026		March 30, 2025
Effective income tax rate (1)	(26.4)	%	10.9	%

(1) For the quarters ended March 31, 2026 and March 30, 2025, the effective income tax rate represents income tax expense.

The effective income tax rates for the three months ended March 31, 2026 reflects income tax benefits associated with the Strategic Divestitures restructuring plan and the VI Business integration plan. Additionally, the effective income tax rate for the three months ended March 31, 2026 reflects a net cost related to share-based compensation. The effective income tax rate for the three months ended March 30, 2025 reflects a non-taxable favorable adjustment incurred in relation to foreign currency exchange rates, largely stemming from non-designated foreign currency forward contracts designed to hedge against the cash consideration for the VI Business acquisition. The effective income tax rates for both periods reflect a tax benefit from research and development tax credits.

Discontinued operations


	Three Months Ended
	March 31, 2026		March 30, 2025
(Loss) income from discontinued operations	$	(3.3)	$	42.7

Income from discontinued operations for the three months ended March 31, 2026 decreased $46.0 million compared to the prior year period, primarily due to increases in separation costs related to the Strategic Divestitures and a valuation allowance adjustment recorded in the first quarter of 2026. For additional information, see Note 5 to the condensed consolidated financial statements included in this report.

Segment Financial Information


Segment net revenues
	Three Months Ended
	March 31, 2026		March 30, 2025		% Increase/(Decrease)



Americas	$	332.7	$	289.8	14.8
EMEA	146.7		82.6		77.5
Asia	68.9		41.9		64.5


Segment net revenues	$	548.3	$	414.3	32.3

Segment operating profit
	Three Months Ended
	March 31, 2026		March 30, 2025		% Increase/(Decrease)



Americas	$	130.5	$	117.4	11.1
EMEA	12.2		13.4		(8.4)
Asia	15.8		4.5		246.6


Segment operating profit (1)	$	158.5	$	135.3	17.1

(1)See Note 14 to the 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.

Comparison of the three months ended March 31, 2026 and March 30, 2025

Americas

Americas net revenues for the three months ended March 31, 2026 increased $42.9 million, or 14.8%, compared to the prior year period, which was primarily attributable to net revenues of $23.1 million generated by the acquired VI Business and an $11.9 million increase in sales volumes of existing products.

Americas operating profit for the three months ended March 31, 2026 increased $13.1 million, or 11.1%, compared to the prior year period, which was primarily attributable to an increase in gross profit resulting from higher sales, including revenue generated by the acquired VI Business, partially offset by higher operating and integration costs of the acquired business, and, to a lesser extent, increases in sales expenses associated with our legacy businesses to support higher sales.

EMEA

EMEA net revenues for the three months ended March 31, 2026 increased $64.1 million, or 77.5%, compared to the prior year period, which was primarily attributable to net revenues of $50.1 million generated by the acquired VI Business and $9.0 million of favorable fluctuations in foreign currency exchange rates.

EMEA operating profit for the three months ended March 31, 2026 decreased $1.2 million, or 8.4%, compared to the prior year period, which was primarily attributable to an increase in operating expenses, largely from operating, integration and amortization expenses associated with the acquired VI Business and unfavorable fluctuations in foreign currency exchange rates. The decreases in operating profit were partially offset by an increase in gross profit resulting from higher sales generated by the acquired VI Business, despite an unfavorable impact from the amortization of the step-up in carrying value of inventory related to the VI Business acquisition, as well as lower manufacturing costs associated with our legacy businesses.

Asia

Asia net revenues for the three months ended March 31, 2026 increased $27.0 million, or 64.5%, compared to the prior year period, which was primarily attributable to net revenues of $25.8 million generated by the acquired VI Business.

Asia operating profit for the three months ended March 31, 2026 increased $11.3 million, or 246.6%, compared to the prior year period, which was primarily attributable to an increase in gross profit resulting from higher sales generated by the acquired VI Business, partially offset by higher operating, integration and amortization expenses associated with the acquired VI Business.

Liquidity and Capital Resources

We believe our cash flow from operations, available cash and cash equivalents and borrowings under our revolving credit facility (which is provided for under our Senior Credit Facility (the "Credit Agreement")) and accounts receivable securitization 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.

We expect to refinance our Senior Credit Facility prior to maturity. However, there can be no assurance that such refinancing will be completed on terms acceptable to us, or at all.

On December 9, 2025, the Board of Directors authorized a share repurchase program for up to $1 billion 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. As of March 31, 2026, we had the full amount remaining available under the authorization.

Cash Flows from continuing operations

Net cash provided by operating activities from continuing operations was $46.7 million for the three months ended March 31, 2026 as compared to $27.7 million for the three months ended March 30, 2025. The $19.0 million increase was primarily attributable to favorable changes in working capital, partially offset by unfavorable operating results. The favorable changes in working capital were primarily attributable to a decrease in cash outflows from inventories as we moderate our inventory levels and an increase in accounts payable and accrued expenses stemming from lower employee related benefit and compensation payments.

Net cash used in investing activities from continuing operations was $74.8 million for the three months ended March 31, 2026, and primarily consisted of $53.5 million in net payments on swaps designated as net investment hedges and $18.8 million of capital expenditures.

Net cash used in financing activities from continuing operations was $45.0 million for the three months ended March 31, 2026, and primarily consisted of a $25.3 million reduction in borrowings under our Senior Credit Facility and $15.1 million in dividend payments.

Cash Flows from discontinued operations

Net cash used in discontinued operations was $6.9 million for the three months ended March 31, 2026, compared to net cash provided by discontinued operations of $39.5 million for the three months ended March 30, 2025. The $46.4 million decrease was primarily attributable to unfavorable operating results stemming from higher separation costs related to the Strategic Divestitures.

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 March 31, 2026, we were in compliance with these requirements.

The obligations under the Credit Agreement, the 2027 Notes and the 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 March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 is as follows:


	Three Months Ended
	March 31, 2026
	Obligor Group		Intercompany		Obligor Group (excluding Intercompany)
Net revenue	$	531.7	$	68.0	$	463.7
Cost of goods sold	349.7		54.0		295.7
Gross profit	182.0		14.0		168.0
Income (loss) from continuing operations	(25.2)		55.4		(80.6)
Net income (loss)	(25.3)		55.4		(80.7)



	March 31, 2026						December 31, 2025 (1)
	Obligor Group		Intercompany		Obligor Group (excluding Intercompany)		Obligor Group		Intercompany		Obligor Group (excluding Intercompany)

Total current assets	$	1,124.6	$	227.9	$	896.7	$	1,171.0	$	196.2	$	974.8
Total assets	2,771.9		324.9		2,447.0		2,831.2		286.0		2,545.2
Total current liabilities	1,219.4		878.8		340.6		1,158.6		782.8		375.8
Total liabilities	4,193.5		1,093.7		3,099.8		4,223.7		990.3		3,233.4

(1)During the first quarter of 2026, 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, 2025 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, 2025, 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 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 ability to manage our ongoing CEO transition; risks relating to the activities of activist stockholders; 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, the implementation or threatened implementation of tariffs, sovereign debt issues, and international conflicts and hostilities, such as the ongoing conflicts between Russia and Ukraine and the recent conflict involving the US, Israel, and Iran in the Middle East; public health epidemics and pandemics; 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, 2025. 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, 2025.

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 changes 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.

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 March 31, 2026 and December 31, 2025, we had accrued liabilities of $1.0 million and $0.3 million 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

In addition to the other information set forth in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025, including Part I, Item 1A thereof, you should carefully consider the following factor which could have a material adverse effect on our business, financial condition, results of operations, cash flows or stock price. Other than the risk set forth below, there have been no significant changes in risk factors for the quarter ended March 31, 2026. The risk set forth below and those set forth in the Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also adversely affect our business, financial condition, results of operations or stock price.

Our business could be negatively affected as a result of actions by or proposals from activist stockholders, and such activism could impact the trading value of our securities and adversely affect us.

Publicly traded companies have increasingly become subject to campaigns by activist investors advocating corporate actions such as governance changes, financial restructurings, sales of assets and changes to executive and director compensation. On March 27, 2026, Irenic Capital Management L.P. (“Irenic”) issued a press release advocating changes to the composition of our board of directors as well as the engagement of independent advisors in order to facilitate an evaluation of strategic alternatives for our company. In addition to Irenic’s activity, we may be subject to other actions by or proposals from activist stockholders or others that may not align with our business strategies or the interests of our other stockholders. Responding to these actions or proposals can be costly and time consuming, disrupt our business and operations, and divert the attention of our Board of Directors, management and employees. For example, we have been and may continue to retain the services of various professionals to advise us on stockholder activism matters, including legal, financial and communications advisers, the costs of which may negatively impact our future financial results. Activist stockholders may create perceived uncertainties as to our future direction which may be exploited by our competitors and may make it more difficult to attract and retain qualified personnel and potential customers and partners and may affect our relationships with current customers, partners, vendors, investors, and other third parties. In addition, actions of activist stockholders may cause periods of fluctuation in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business

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

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the quarter ended March 31, 2026, none of our directors or executive officers entered into, modified or terminated (i) any contracts, instructions or written plans for the sale of purchase of our securities that were intended to satisfy the affirmative defense conditions of Rule 10b5-1, or (ii) any non-Rule 10b5-1 trading arrangement, as defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits

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


Exhibit No.		Description

10.1	—	S eparation Agreement and Release, dated January 23, 2026, between the Company and Liam Kelly.
10.2	—	Interim CEO L etter Agreement, dated January 7, 2026, between the Company and Stuart A. Randle.
*22	—	L ist of subsidiary guarantors and guaranteed securities (incorporated by reference to Exhibit 22 to the Company's Annual Report on Form 10-K filed on February 27, 2026).
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 March 31, 2026, formatted in inline XBRL (eXtensible Business Reporting Language): (i) Cover Page; (ii) the Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and March 30, 2025; (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and March 30, 2025; (iv) the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025; (v) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and March 30, 2025; (vi) the Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and March 30, 2025; 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 March 31, 2026, formatted in inline XBRL (included in Exhibit 101.1).

____________________________________

*Incorporated by reference.

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/ Stuart A. Randle

Stuart A. Randle

Interim President and Chief Executive Officer

(Principal Executive Officer)

By:

/s/ John R. Deren

John R. Deren

Executive Vice President and Chief Financial Officer

(Principal Financial and Accounting Officer)

Dated: May 7, 2026

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Date	Price Target	Rating	Analyst
5/8/2026	$155.00	Sector Perform → Outperform	RBC Capital Mkts
4/13/2026	$135.00	Underperform → Neutral	BofA Securities
3/27/2026	$128.00	Mkt Perform → Outperform	Raymond James
1/27/2026	$138.00	Hold → Buy	Needham
3/4/2025	$235.00 → $140.00	Neutral → Underperform	BofA Securities
2/28/2025	$220.00 → $155.00	Outperform → Sector Perform	RBC Capital Mkts
2/28/2025		Outperform → Mkt Perform	Raymond James
2/28/2025	$255.00 → $140.00	Overweight → Neutral	Piper Sandler

SEC Form 10-Q filed by Teleflex Incorporated

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