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A maker of single-use medical devices for hospitals and healthcare providers worldwide, Teleflex sells vascular, interventional, and surgical products under brands like Arrow catheters, EZ-IO intraosseous systems, QuikClot hemostats, and MANTA closure devices. It operates through Americas, EMEA, and Asia segments and employs thousands of people globally. In 2025 it acquired BIOTRONIK's Vascular Intervention business, adding coronary and peripheral devices like drug-coated balloons and stents.
Teleflex sold its OEM business for $1.5B, paid off a $700M term loan, and authorized a $1B buyback, even as tariffs and the VI acquisition compressed margins.
Teleflex began reshaping itself around the BIOTRONIK Vascular Intervention acquisition and the planned divestitures. rose 28.9% to $570.3 million, driven by $99.0 million in VI Business sales, while fell 1.9 points to 58.2% under pressure from tariffs and the VI Business's lower margin profile. The company used proceeds from the completed $1.5 billion OEM sale to pay down debt and authorized a $1 billion program, leaving it on a path to become a smaller, more focused company once the remaining divestitures close.
Key takeaways
rose 28.9% to $570.3 million, with $99.0 million coming from the BIOTRONIK Vascular Intervention business acquired in mid-2025.
contracted 1.9 points to 58.2%, pressured by tariffs, the VI Business's lower margin profile, and of the VI Business step-up.
fell 20.1% to $72.8 million as a $76.0 million increase in SG&A—driven by VI integration costs and Strategic Divestitures restructuring charges—was partially offset by a $25.0 million litigation settlement gain.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 28.9% driven by the VI Business acquisition; gross margin fell on tariffs and VI's lower margin profile.
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Net revenues increased 28.9% to $570.3M in Q2 and 30.6% to $1,118.6M in H1, primarily from $99.0M and $198.1M in VI Business sales, respectively.
declined 190 to 58.2% in Q2 and 370 bps to 57.1% in H1, pressured by tariffs, VI's lower margin, and step-up .
The company completed the $1.5 billion sale of its OEM business and used the proceeds to fully pay off a $700 million term loan; still rose 51.0% to $2,720.5 million, reflecting borrowings for the VI acquisition.
A new $1 billion program was authorized, with $250 million executed in Q2 and an additional $250 million planned for August 2026.
The company expects the $2.0 billion sale of its Acute Care and Interventional Urology businesses to close in the fourth quarter of 2026, with net after-tax proceeds of approximately $1.8 billion intended for further share repurchases and debt reduction.
What changed
The $1.5 billion OEM divestiture closed during the quarter, a concrete step in the plan to sell the Acute Care, Interventional Urology, and OEM businesses that was announced in December 2025.
of 58.2% improved from 56.1% in Q1 2026 but remained below the 60.1% recorded in Q2 2025, as tariff and VI Business margin pressures persisted.
The activist campaign by Irenic Capital Management, flagged as a risk in Q1 2026, continued to create cost and distraction risks, with the company noting it has required retention of legal, financial, and communications advisors.
The Strategic Divestitures restructuring plan, initiated in Q1 2026 with $16.8 million in charges, continued to weigh on SG&A as the company works toward $48 million to $52 million in annual pre-tax savings.
What to watch
Closing of the $2.0 billion Acute Care and Interventional Urology sale in Q4 2026 and the actual net after-tax proceeds versus the estimated $1.8 billion.
trajectory in Q3 2026 to see if the 58.2% level holds or improves as the VI Business step-up continues to roll off and tariff impacts evolve.
Pace and scale of share repurchases under the new $1 billion authorization, including the planned $250 million in August 2026.
Outcome of Irenic Capital Management's activist campaign and any resulting changes to board composition or strategic direction that could delay or alter the planned divestitures.
SG&A rose $76.0M in Q2 to $213.5M, driven by VI integration costs and Strategic Divestitures restructuring, partially offset by a $25.0M litigation settlement gain.
The company completed the $1.5B OEM divestiture, used proceeds to pay off a $700M term loan, and expects the Acute Care/IU sale to close in Q4 2026.
A $1B program was authorized; $250M was executed in Q2, with an additional $250M accelerated share repurchase planned for August 2026.
from continuing operations improved to $138.6M in H1 2026 from a $9.3M use in H1 2025, helped by and the litigation settlement.
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.
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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.