Teleflex Medical ($TFX) credits higher prices, new products and expanding global sales with boosting revenue during its fiscal 2012 third quarter. But thanks to foreign currency fluctuations, net revenue only grew 1.5%. And net income dropped by about half.
The Pennsylvania medical device company said it generated $368.1 million in net revenue during the quarter, versus $362.7 million in the 2011 third quarter. That's a 6.2% hike without the impact of foreign currency exchange rate changes, buttressed, in part, by the company's recent $276 million acquisition of LMA International, which added laryngeal masks--or airway management devices used in anesthesia and emergency care--to its product line.
Overall, the company booked $21.7 million in net income, versus $43.6 million in net income a year ago. Teleflex reported growing surgical care revenue as well as revenue increases from OEM and development services, but declines in critical care and cardiac care products revenue (constant currency adjustments move those revenue figures higher, however.)
Teleflex closed its quarter having sealed a deal to unload its OEM orthopedics business. Tecomit will buy the unit for $45.2 million.
- read the earnings release