1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Teleflex had a mixed fourth quarter with sales across most product lines still below a prepandemic baseline, though the firm had some pockets of relative strength in vascular access and interventional urology. We are maintaining our $192 fair value estimate and no-moat rating, and shares remain overvalued, in our view.
Teleflex is a Wayne, Pennsylvania-based manufacturer of hospital supplies and medical devices primarily in the bloodstream/vascular and surgical areas. The firm reports results across seven segments: vascular access (23% of sales), interventional (17%), surgical (14%), anesthesia (13%), interventional urology (11%), original-equipment manufacturing (10%), and all other (12%). Geographic exposure for the business is primarily in the U.S., which accounts for 60% of revenue, with international markets making up the remainder.
