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Teleflex Q2 profit climbs 8.2% YOY; FY'19 guidance affirmed

Teleflex Inc. said its second-quarter adjusted income from continuing operations was $2.66 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of $2.59.

EPS increased 7.7% year over year from $2.47. Adjusted income from continuing operations totaled $125.0 million, a gain of 8.2% from $115.5 million in the second quarter ended June 30, 2018.

Net revenue grew 7.0% year over year to $652.5 million from $609.9 million, and research and development expenses climbed 6.1% year over year to $27.6 million from $26.0 million.

GAAP income from continuing operations totaled $83.3 million, or $1.77 per share, compared with a loss of $2.6 million, or a loss of 6 cents per share, in the second quarter ended June 30, 2018.

Year-to-date through June 30, the company's adjusted income from continuing operations totaled $230.0 million, or $4.90 per share, a gain from $216.1 million, or $4.62 per share, in the prior-year period.

Year-to-date net revenue grew 5.8% year over year to $1.27 billion from $1.20 billion.

The Wayne, Pa.-based medical-device maker said GAAP net income from continuing operations increased 138.9% on an annual basis to $125.2 million, or $2.67 per share, in the year to June 30, from $52.4 million, or $1.12 per share.

In reporting results, the company affirmed its guidance for adjusted EPS from continuing operations in the range of $10.90 to $11.10 for the full year. The company also forecasts GAAP EPS from continuing operations in the range of $6.82 to $6.94 for the full year, up from the previous guidance in the range of $6.72 to $6.84.

The S&P Global Market Intelligence consensus normalized EPS estimate for the full year is $11.04.

Teleflex said revenue growth in 2019 at constant currencies is anticipated at between 7.5% and 8.0%, an increase from its previous outlook of between 6% and 7%.