Teleflex Ends Year on a Stable Note; Positioned for a Strong Comparison Next Year

Teleflex posted solid fourth-quarter performance, ending the year on a stable note. On one hand, currency was a major headwind across all segments this fiscal year, and supply chain and staffing shortages held back specific business units. On the other, we think the firm did well against these short-term obstacles and looks poised for a strong comparison next year. Management provided a revenue guidance midpoint of 5.5% for fiscal 2023, which is not far off from our estimate of 5.9%. We expect that our fair value estimate will rise modestly after rolling our model and we continue to view the firm lacking a moat.