Teleflex Incorporated: Freeze dried plasma - a future driver?

研报英文原文证据摘录

Accessible version

Teleflex Incorporated

Freeze dried plasma – a future driver?

Reiterate Rating: NEUTRAL | PO: 145.00 USD | Price: 136.71 USD

TFX now has first license in US for freeze dried plasma

02 August 2026

TFX announced BLA approval for its EZPLAZ freeze dried plasma (FDP) last week, which

is the first FDA licensed FDP product in the US. TFX last sized this market as $100m in

2022 ($75m civilian, $25m military). We have not yet spoken with TFX post-BLA and

have limited recent details on timeline/how the product will be commercialized, but we

think there's some potential for this to be a new growth driver for TFX. Here we go

through the opportunity in more detail (deep dive inside). We raise our PO to $145 (13x

EPS) from $135 (12x EPS) given increased PE activity in medtech/higher peer multiples.

Equity

TFX sized mkt at $100m in 22’ but limited color since

TFX acquired the FDP technology via its acquisition of Vascular Solutions in 2016. It has

consistently described it as a $100m market since the acquisition ($75m civilian/$25m

military), last reiterated at their 2022 analyst day. We go through our own math below. A

government website we found suggested a competitive product could take 5+ years.

Civilian/military kits may now be $100m+/yr TAM

Per the AABB, US plasma transfusions were ~1.9m units in 2023. We estimate that TFX

can charge ~$1,000 for each kit (details inside; we assume 1 kit per patient). We assume

civilian FDP use could represent incremental plasma utilization equal to ~5% of U.S.

plasma transfusion volumes (~95k kits) where frozen plasma is unavailable. We est a

$95m/yr opportunity from civilian kits. This does not include military (~25% of market

per TFX), which could push the TAM above $100m/yr (we flag TFX has said purchasing

will be phased, not an immediate bolus). Every $25m is a point of growth for TFX.

DoD has been calling US FDP a top priority for decade+

The US has precedent using French FDP in limited settings, with published studies

estimating pricing of ~$500-700/unit. However, the Army has explicitly described French

FDP as temporary, stating it was being used “primarily as a stop-gap measure until the

…