Initiate at OP: New CEO, New Story; Time to Flex

研报英文原文证据摘录

Initiate at OP: New CEO, New Story; Time to Flex

Company Background

Teleflex is a medical technology company centered on high-acuity, hospital-based critical care and

interventional end markets. Teleflex announced a planned separation into two independent publicly

traded companies, expected to be completed in 2H26. RemainCo will consist of Teleflex's Vascular

Access, Interventional, and Surgical businesses, with pro forma total 2025 revenues of ~$2.2B. RemainCo

operates in high-growth, high-acuity, and primarily hospital-focused emergent end markets, which

the company collectively views as a ~$30B global total addressable market opportunity. The RemainCo

business is oriented around procedures performed in the most resource-intensive hospital settings, such

as the Intensive Care Unit, Emergency Department, Catheterization Laboratory, and Operating Room.

Revenue Segments

• Vascular Access (~42% of revenue). Vascular Access offers devices that facilitate a variety of

critical care therapies with a focus on helping reduce vascular-related complications. Products

primarily consist of Arrow-branded catheters, catheter navigation and tip positioning systems, and

intraosseous access systems. Post-separation, Vascular Access will also include the emergency

medicine portfolio, including hemostatic products under the QuikClot brand. Revenue is largely

recurring, driven by single-use catheter consumption in ICUs and emergency settings.

• Interventional (~38% of revenue). Products primarily consist of coronary catheters and

structural heart support devices used by interventional cardiologists, interventional radiologists,

and vascular surgeons. The Interventional product category also includes the recently acquired