Teleflex Earnings: Surgical and Interventional Products Drive Consistent Top-Line Growth

No-moat Teleflex’s third-quarter results came mostly in line with our expectations. We are maintaining our $211 fair value estimate, and the shares appear about fairly valued. Management raised its full-year revenue growth guidance to 6.4%-6.6% from 5.5%-6.3% in constant currency, mainly driven by the robust performance of surgical and interventional products. We are encouraged to see Teleflex’s top-line growth reverting to the midsingle digits after years of disruption, laying the foundation to reestablish a consistent growth profile.