8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) May 4, 2017

TELEFLEX INCORPORATED

(Exact name of Registrant as Specified in Its Charter)

Delaware	1-5353	23-1147939
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

550 East Swedesford Road, Suite 400, Wayne, Pennsylvania		19087
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s Telephone Number, Including Area Code	(610) 225-6800

Not applicable

(Former Name or Former Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On May 4, 2017, Teleflex Incorporated (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the quarter ended April 2, 2017. A copy of the Press Release is furnished as Exhibit 99.1 to this Current Report.

In addition to the financial information included in the Press Release that has been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), the Press Release includes certain non-GAAP financial measures. These measures include adjusted diluted earnings per share and constant currency revenue growth. Adjusted diluted earnings per shares excludes, depending on the period presented, (i) restructuring and other impairment charges; (ii) certain losses and other charges, including, for 2017, costs related to the Company's acquisition of Vascular Solutions and facility consolidation costs and, for 2016, charges primarily related to facility consolidation and acquisition costs, net of reversals related to contingent consideration liabilities and the gain on sale of the sale of an asset; (iii) amortization of the debt discount on the Company’s convertible notes; (iv) intangible amortization expense; (v) loss on extinguishment of debt; and (vi) tax benefits resulting primarily from the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and tax law changes affecting the Company's deferred tax liability. In addition, the calculation of diluted shares within adjusted earnings per share gives effect to the anti-dilutive impact of the Company’s convertible note hedge agreements, which reduce the potential economic dilution that otherwise would occur upon conversion of the Company’s senior subordinated convertible notes (under GAAP, the anti-dilutive impact of the convertible note hedge agreements is not reflected in diluted shares). Constant currency revenue and growth exclude the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. The Press Release includes a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

Management believes these non-GAAP financial measures are useful to investors because they eliminate items that do not reflect the Company's day-to-day operations and, as a result, they facilitate comparisons of financial results exclusive of items that can fluctuate in a manner that may not reflect the performance of the Company's business. In addition, management believes that the calculation of non-GAAP diluted shares is useful to investors because it provides insight into the offsetting economic effect of the convertible note hedge against conversions of the convertible notes. Management uses these financial measures for internal managerial purposes, when publicly providing guidance on possible future results and to assist in our evaluation of period-to-period comparisons. However, such non-GAAP measures should be considered in addition to, not as a substitute for, or superior to other financial measures prepared in accordance with GAAP. Additionally, such non-GAAP financial measures as presented by the Company may not be comparable to similarly titled measures reported by other companies.

The information furnished pursuant to Item 2.02 of this Current Report, including Exhibit 99.1 hereto, shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.

Item 7.01. Regulation FD Disclosure.

In connection with the conference call to be held by the Company on May 4, 2017 to discuss its financial results for the quarter ended April 2, 2017, the Company plans to reference a slide presentation, which will be made available in advance of the call through the Company’s website. A copy of the slide presentation is furnished as Exhibit 99.2 to this Current Report.

The information furnished pursuant to Item 7.01 of this Current Report, including Exhibit 99.2, shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended or under the Securities Exchange Act of 1934, as amended, unless the

Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1    Earnings Press Release, dated May 4, 2017

99.2    Earnings Conference Call Slide Presentation

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 4, 2017 TELEFLEX INCORPORATED By: /s/ Thomas E. Powell Name: Thomas E. Powell Title: Executive Vice President and             Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Earnings Press Release, dated May 4, 2017
99.2	Earnings Conference Call Slide Presentation

EX-99.1

Exhibit 99.1

Contact: Jake Elguicze  Treasurer and Vice President of Investor Relations   610-948-2836

FOR IMMEDIATE RELEASE May 4, 2017

TELEFLEX REPORTS FIRST QUARTER 2017 RESULTS

First Quarter Revenues of $487.9 million, up 14.8% Versus Prior Year Period; up 16.0% on Constant Currency Basis

First Quarter GAAP Diluted EPS of $0.87, down 17.1% Over Prior Year Period

First Quarter Adjusted Diluted EPS of $1.80, up 18.4% Versus Prior Year Period

Reaffirmed 2017 Guidance Range for GAAP Revenue Growth of 10.0% to 11.5% and Constant Currency Revenue Growth of 12.5% to 14.0%

Raised 2017 Guidance for GAAP Diluted EPS from a range of $5.04 to $5.08 to a range of $5.59 to $5.66

Raised 2017 Guidance for Adjusted Diluted EPS from a range of $8.00 to $8.15 to a range of $8.05 to $8.23

Wayne, PA -- Teleflex Incorporated (NYSE: TFX) (the “Company”) today announced financial results for the first quarter ended April 2, 2017.

First quarter 2017 net revenues were $487.9 million, an increase of 14.8% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 16.0% over the year ago period.

First quarter 2017 GAAP diluted earnings per share from continuing operations decreased 17.1% to $0.87, as compared to $1.05 in the prior year period. The decrease in GAAP diluted earnings per share from continuing operations is due to costs incurred associated with the acquisition of Vascular Solutions. First quarter 2017 adjusted diluted earnings per share from continuing operations increased 18.4% to $1.80, compared to $1.52 in the prior year period.

“Following a solid fourth quarter performance to end 2016, I am pleased to report that the Company is off to a strong start in 2017, aided in part by the additional shipping days in the quarter as compared to the first quarter of 2016,” said Benson Smith, Chairman and Chief Executive Officer. “During the first quarter, the strength in our business was broad-based, covering several of our operating segments. This includes our recent acquisition of Vascular Solutions which contributed meaningfully to our revenue growth during its partial quarter of ownership, accounting for approximately 5% of our total company revenue growth."

Added Mr. Smith, "We are pleased with our performance in the first quarter and remain confident in our outlook for 2017 and are reaffirming our full year constant currency revenue growth guidance range, while increasing our full year adjusted earnings per share guidance range."

FIRST QUARTER NET REVENUE BY SEGMENT

The following table provides information regarding net revenues in each of the Company's reportable operating segments and all of its other operating segments for the three months ended April 2, 2017 and March 27, 2016 on both a GAAP and constant currency basis. The discussion below the table of the principal factors behind changes in net revenues for the three months ended April 2, 2017 as compared to the prior year period applies to both GAAP revenue and constant currency revenue, although GAAP revenue also was affected by foreign currency exchange rate fluctuations, as indicated in the "Foreign Currency" column of the table.

	Three Months Ended				% Increase/ (Decrease)
	April 2, 2017		March 27, 2016		Constant Currency	Foreign Currency	Total Change
		(Dollars in millions)
Vascular North America	$	93.8	$	81.5	14.8%	0.2%	15.0%
Surgical North America		46.0		38.9	17.7%	0.3%	18.0%
Anesthesia North America		48.2		46.0	4.7%	0.2%	4.9%
EMEA		130.7		122.1	10.9%	(3.8)%	7.1%
Asia		49.0		49.2	(0.4)%	—	(0.4)%
OEM		43.3		34.0	28.4%	(0.8)%	27.6%
All Other		76.9		53.2	45.0%	(0.5)%	44.5%
Total	$	487.9	$	424.9	16.0%	(1.2)%	14.8%

Vascular North America first quarter 2017 net revenues were $93.8 million, an increase of 15.0% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 14.8% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes, including the impact of an increase in the number of shipping days in the first quarter 2017.

Surgical North America first quarter 2017 net revenues were $46.0 million, an increase of 18.0% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 17.7% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes, including the impact of an increase in the number of shipping days in the first quarter 2017, and an increase in new product sales.

Anesthesia North America first quarter 2017 net revenues were $48.2 million, an increase of 4.9% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 4.7% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes resulting from the impact of an increase in the number of shipping days in the first quarter 2017, as well as new product sales and price increases. The increase in net revenues was partially offset by a decrease in sales volumes of existing products excluding the impact of an increase in the number of shipping days in the first quarter 2017.

EMEA first quarter 2017 net revenues were $130.7 million, an increase of 7.1% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 10.9% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes, including the impact of an increase in the number of shipping days in the first quarter 2017.

Asia first quarter 2017 net revenues were $49.0 million, a decrease of 0.4% compared to the prior year period on both a GAAP and constant currency basis. The decrease in revenue is primarily attributable to a decrease in sales volumes including the impact of the distributor to direct sales conversion in China, partially offset by an increase in new product sales and price increases.

OEM and Development Services (“OEM”) first quarter 2017 net revenues were $43.3 million, an increase of 27.6% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 28.4% compared to the prior year period. The increase in constant currency revenue is primarily attributable to an increase in sales volumes and net revenues generated by an acquired business.

All Other first quarter 2017 net revenues were $76.9 million, an increase of 44.5% compared to the prior year period. Excluding the impact of foreign currency exchange rate fluctuations, first quarter 2017 net revenues increased 45.0% compared to the prior year period. The increase in constant currency revenue is primarily attributable to net revenues generated by sales of Vascular Solutions' products.

OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE METRICS

Depreciation expense, amortization of intangible assets and deferred financing charges for the first three months of 2017 totaled $34.4 million compared to $32.3 million for the prior year period.

Cash and cash equivalents at April 2, 2017 were $689.1 million compared to $543.8 million at December 31, 2016.

Net accounts receivable at April 2, 2017 were $282.9 million compared to $272.0million at December 31, 2016.

Net inventories at April 2, 2017 were $355.3 million compared to $316.2million at December 31, 2016.

2017 OUTLOOK

On a GAAP basis, revenues in 2017 are expected to increase 10.0% to 11.5% over the prior year, reflecting the anticipated 2.5% unfavorable impact of foreign currency exchange rate fluctuations. On a constant currency basis, the Company estimates that revenues for full year 2017 will increase 12.5% to 14.0%. The forecasted revenue growth includes the impact of Vascular Solutions' product sales, which are expected to contribute approximately 8.5% to 9.0% to our revenue growth on a GAAP and constant currency basis.

The Company raised its full year 2017 GAAP diluted earnings per share from continuing operations guidance from a range of $5.04 to $5.08 to a range of $5.59 to $5.66. The increase in the full year 2017 GAAP diluted earnings per share from continuing operations guidance range is primarily due to changes in projected intangible amortization expense associated with the acquisition of Vascular Solutions. The Company raised its full year 2017 adjusted diluted earnings per share from continuing operations guidance from a range of $8.00 to $8.15 to a guidance range of $8.05 to $8.23.

FORECASTED 2017 CONSTANT CURRENCY REVENUE GROWTH RECONCILIATION

	Low	High
Forecasted 2017 GAAP revenue growth	10.0%	11.5%
Estimated impact of foreign currency exchange rate fluctuations	2.5%	2.5	%
Forecasted 2017 constant currency revenue growth	12.5%	14.0	%

FORECASTED 2017 ADJUSTED EARNINGS PER SHARE RECONCILIATION

	Low	High
Diluted earnings per share attributable to common shareholders	$5.59	$5.66
Restructuring, impairment charges and special items, net of tax	$1.15	$1.20
Intangible amortization expense, net of tax	$1.30	$1.35
Amortization of debt discount on convertible notes, net of tax	$0.01	$0.02
Adjusted diluted earnings per share	$8.05	$8.23

CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION

As previously announced, Teleflex will comment on its financial results on a conference call to be held today at 8:00 a.m. (ET). The call will be available live and archived on the company’s website at www.teleflex.comand the accompanying presentation will be posted prior to the call. An audio replay will be available until May 9, 2017 at 11:59pm (ET), by calling 855-859-2056 (U.S./Canada) or 404-537-3406 (International), Passcode: 12639722.

ADDITIONAL NOTES

References in this release to the impact of foreign currency exchange rate fluctuations on adjusted diluted earnings per share include both the impact of translating foreign currencies into U.S. dollars and the impact of foreign currency exchange rate fluctuations on foreign currency denominated transactions.

In the discussion of segment results, "new products" refers to products we have sold for 36 months or less, and "existing products" refers to products we have sold for more than 36 months.

Certain financial information is presented on a rounded basis, which may cause minor differences.

Segment results and commentary exclude the impact of discontinued operations.

NOTES ON NON-GAAP FINANCIAL MEASURES

This press release includes certain non-GAAP financial measures, which include:

Adjusted diluted earnings per share. This measure excludes, depending on the period presented (i) restructuring and other impairment charges; (ii) certain losses and other charges, including, for 2017, costs related to the Company's acquisition of Vascular Solutions and facility consolidation costs and, for 2016, charges primarily related to facility consolidation and acquisition costs, net of reversals related to contingent consideration liabilities and the gain on sale of the sale of an asset; (iii) amortization of the debt discount on the Company’s convertible notes; (iv) intangible amortization expense; (v) loss on extinguishment of debt; and (vi) tax benefits resulting primarily from the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law changes affecting the Company's deferred tax liability. In addition, the calculation of diluted shares within adjusted earnings per share gives effect to the anti-dilutive impact of the Company’s convertible note hedge agreements, which reduce the potential economic dilution that otherwise would occur upon conversion of the Company’s senior subordinated convertible notes (under GAAP, the anti-dilutive impact of the convertible note hedge agreements is not reflected in diluted shares).

Constant currency revenue growth. This measure excludes the impact of translating the results of international subsidiaries at different currency exchange rates from period to period.

Management believes these measures are useful to investors because they eliminate items that do not reflect Teleflex’s day-to-day operations and, as a result, they facilitate comparisons of financial results exclusive of items that can fluctuate in a manner that may not reflect the performance of our business. In addition, management believes that the calculation of non-GAAP diluted shares is useful to investors because it provides insight into the offsetting economic effect of the convertible note hedge against conversions of the convertible notes. Management uses these financial measures for internal managerial purposes, when publicly providing guidance on possible future results, and to assist in our evaluation of period-to-period comparisons. These financial measures are presented in addition to results presented in accordance with generally accepted accounting principles (“GAAP”) and should not be relied upon as a substitute for GAAP financial measures. Tables reconciling historical adjusted diluted earnings per share to historical GAAP earnings per share are set forth below. Tables reconciling constant currency net revenues to GAAP net revenues and reconciling forecasted non-GAAP measures to the most directly comparable forecasted GAAP measures are set forth above.

RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS

Dollars in millions, except per share amounts

Quarter Ended - April 2, 2017
	Cost of goods sold	Selling, general and administrative expenses	Research and development expenses	Restructuring and other impairment charges	(Gain) loss on sale of business and assets	Interest expense, net	Loss on extinguishment of debt, net	Income taxes	Net income (loss) attributable to common shareholders from continuing operations	Diluted earnings per share available to common shareholders	Shares used in calculation of GAAP and adjusted earnings per share
GAAP Basis	$232.3	$164.0	$17.8	$12.9	—	$17.6	$5.6	($2.7)	$40.3	$0.87	46,615
Adjustments
Restructuring and other impairment charges	—	—	—	12.9	—	—	—	3.0	10.0	$0.21	—
Losses and other charges, net (A)	11.5	9.6	0.2	—	—	2.1	—	7.8	15.7	$0.33	—
Amortization of debt discount on convertible notes	—	—	—	—	—	0.4	—	0.1	0.2	$0.01	—
Intangible amortization expense	—	18.7	0.1	—	—	—	—	5.1	13.7	$0.29	—
Tax adjustment (B)	—	—	—	—	—	—	—	0.5	(0.5)	($0.01)	—
Loss on extinguishment of debt, net	—	—	—	—	—	—	5.6	2.0	3.5	$0.08	—
Shares due to Teleflex under note hedge (C)	—	—	—	—	—	—	—	—	—	$0.02	(477)
Adjusted basis	$220.8	$135.7	$17.5	—	—	$15.1	—	$15.9	$82.9	$1.80	46,138
Quarter Ended - March 27, 2016
	Cost of goods sold	Selling, general and administrative expenses	Research and development expenses	Restructuring and other impairment charges	(Gain) loss on sale of business and assets	Interest expense, net	Loss on extinguishment of debt, net	Income taxes	Net income (loss) attributable to common shareholders from continuing operations	Diluted earnings per share available to common shareholders	Shares used in calculation of GAAP and adjusted earnings per share
GAAP Basis	$199.7	$136.3	$12.4	$10.0	($1.0)	$13.7	—	$2.6	$51.0	$1.05	48,782
Adjustments
Restructuring and other impairment charges	—	—	—	10.0	—	—	—	2.3	7.6	$0.16	—
Losses and other charges, net (A)	2.7	0.6	0.0	—	(1.0)	—	—	0.9	1.4	$0.03	—
Amortization of debt discount on convertible notes	—	—	—	—	—	3.5	—	1.3	2.2	$0.05	—
Intangible amortization expense	—	15.4	—	—	—	—	—	4.1	11.2	$0.23	—
Tax adjustment (B)	—	—	—	—	—	—	—	5.0	(5.0)	($0.10)	—
Loss on extinguishment of debt, net	—	—	—	—	—	—	—	—	—	—	—
Shares due to Teleflex under note hedge (C)	—	—	—	—	—	—	—	—	—	$0.12	(3,621)
Adjusted basis	$197.1	$120.4	$12.4	—	—	$10.2	—	$16.2	$68.5	$1.52	45,161

(A) In 2017, losses and other charges, net related primarily to costs associated with the acquisition of Vascular Solutions and facility consolidation costs. In 2016, losses and other charges, net related primarily to facility consolidations and the gain on sale of an asset.

(B) The tax adjustment represents a net benefit resulting primarily from the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law changes affecting our deferred tax liability.

(C) Adjusted diluted shares are calculated by giving effect to the anti-dilutive impact of the Company’s convertible note hedge agreements, which reduce the potential economic dilution that otherwise would occur upon conversion of the Company's convertible notes. Under GAAP, the anti-dilutive impact of the convertible note hedge agreements is not reflected in diluted shares.

ABOUT TELEFLEX INCORPORATED

Teleflex is a global provider of medical technologies designed to improve the health and quality of people’s lives. We apply purpose driven innovation - a relentless pursuit of identifying unmet clinical needs - to benefit patients and healthcare providers. Our portfolio is diverse, with solutions in the fields of vascular and interventional access, surgical, anesthesia, cardiac care, urology, emergency medicine and respiratory care. Teleflex employees worldwide are united in the understanding that what we do every day makes a difference. For more information, please visit teleflex.com.

Teleflex is the home of Arrow^®, Deknatel^®, Hudson RCI^®, LMA^®, Pilling^®, Rusch^® and Weck^® - trusted brands united by a common sense of purpose.

CAUTION CONCERNING FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements, including, but not limited to, forecasted 2017 GAAP and constant currency revenue growth and GAAP and adjusted diluted earnings per share. Actual results could differ materially from those in the forward-looking statements due to, among other things, changes in business relationships with and purchases by or from major customers or suppliers; delays or cancellations in shipments; demand for and market acceptance of new and existing products; our ability to integrate acquired businesses into our operations, realize planned synergies and operate such businesses profitably in accordance with expectations; our ability to effectively execute our restructuring programs; our inability to realize anticipated savings from restructuring plans and programs; the impact of healthcare reform legislation and proposals to amend the legislation; changes in Medicare, Medicaid and third party coverage and reimbursements; competitive market conditions and resulting effects on revenues and pricing; increases in raw material costs that cannot be recovered in product pricing; global economic factors, including currency exchange rates, interest rates, sovereign debt issues and the impact of the United Kingdom's vote to leave the European Union; difficulties in entering new markets; general economic conditions; and other factors described or incorporated in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K.

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
	April 2, 2017		March 27, 2016
	(Dollars and shares in thousands, except per share)
Net revenues	$	487,881	$	424,893
Cost of goods sold	232,321		199,746
Gross profit	255,560		225,147
Selling, general and administrative expenses	163,969		136,348
Research and development expenses	17,827		12,353
Restructuring charges	12,945		9,968
Gain on sale of assets	—		(1,019)
Income from continuing operations before interest, loss on extinguishment of debt and taxes	60,819		67,497
Interest expense	17,726		13,784
Interest income	(169)		(80)
Loss on extinguishment of debt	5,582		—
Income from continuing operations before taxes	37,680		53,793
(Benefit) taxes on income from continuing operations	(2,669)		2,613
Income from continuing operations	40,349		51,180
Operating loss from discontinued operations	(282)		(382)
Benefit on loss from discontinued operations	(103)		(70)
Loss from discontinued operations	(179)		(312)
Net income	40,170		50,868
Less: Income from continuing operations attributable to noncontrolling interest	—		179
Net income attributable to common shareholders	$	40,170	$	50,689
Earnings per share available to common shareholders:
Basic:
Income from continuing operations	$	0.90	$	1.22
Income (loss) from discontinued operations	(0.01)		—
Net income	$	0.89	$	1.22
Diluted:
Income from continuing operations	$	0.87	$	1.05
Loss from discontinued operations	(0.01)		(0.01)
Net income	$	0.86	$	1.04
Dividends per share	$	0.34	$	0.34
Weighted average common shares outstanding
Basic	44,893		41,647
Diluted	46,615		48,782
Amounts attributable to common shareholders:
Income from continuing operations, net of tax	$	40,349	$	51,001
Income (loss) from discontinued operations, net of tax	(179)		(312)
Net income	$	40,170	$	50,689

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	April 2, 2017		December 31, 2016
	(Dollars in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	689,129	$	543,789
Accounts receivable, net	282,872		271,993
Inventories, net	355,289		316,171
Prepaid expenses and other current assets	47,238		40,382
Prepaid taxes	20,599		8,179
Assets held for sale	—		2,879
Total current assets	1,395,127		1,183,393
Property, plant and equipment, net	355,234		302,899
Goodwill	1,815,498		1,276,720
Intangible assets, net	1,620,454		1,091,663
Deferred tax assets	1,963		1,712
Other assets	44,160		34,826
Total assets	$	5,232,436	$	3,891,213
LIABILITIES AND EQUITY
Current liabilities
Current borrowings	$	131,095	$	183,071
Accounts payable	82,018		69,400
Accrued expenses	82,390		65,149
Current portion of contingent consideration	669		587
Payroll and benefit-related liabilities	65,927		82,679
Accrued interest	12,686		10,450
Income taxes payable	8,043		7,908
Other current liabilities	9,530		8,402
Total current liabilities	392,358		427,646
Long-term borrowings	1,957,797		850,252
Deferred tax liabilities	460,654		271,377
Pension and postretirement benefit liabilities	130,226		133,062
Noncurrent liability for uncertain tax positions	17,939		17,520
Other liabilities	54,558		52,015
Total liabilities	3,013,532		1,751,872
Commitments and contingencies
Convertible notes - redeemable equity component	—		1,824
Mezzanine equity	—		1,824
Total shareholders' equity	2,218,904		2,137,517
Total liabilities and shareholders' equity	$	5,232,436	$	3,891,213

TELEFLEX INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
	April 2, 2017		March 27, 2016
	(Dollars in thousands)
Cash flows from operating activities of continuing operations:
Net income	$	40,170	$	50,868
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) from discontinued operations	179		312
Depreciation expense	14,180		12,602
Amortization expense of intangible assets	18,785		15,357
Amortization expense of deferred financing costs and debt discount	1,406		4,377
Loss on extinguishment of debt	5,582		—
Gain on sale of assets	—		(1,019)
Fair value step up of acquired inventory sold	7,832		—
Changes in contingent consideration	179		377
Stock-based compensation	4,240		3,437
Deferred income taxes, net	(3,081)		756
Other	(2,703)		(3,114)
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	18,691		(10,568)
Inventories	(5,322)		(5,104)
Prepaid expenses and other current assets	(1,224)		(3,749)
Accounts payable and accrued expenses	2,696		4,502
Income taxes receivable and payable, net	(10,670)		(2,202)
Net cash provided by operating activities from continuing operations	90,940		66,832
Cash flows from investing activities of continuing operations:
Expenditures for property, plant and equipment	(12,894)		(7,822)
Proceeds from sale of assets	6,332		1,251
Payments for businesses and intangibles acquired, net of cash acquired	(975,524)		—
Net cash used in investing activities from continuing operations	(982,086)		(6,571)
Cash flows from financing activities of continuing operations:
Proceeds from new borrowings	1,194,500		—
Reduction in borrowings	(138,251)		(9)
Debt extinguishment, issuance and amendment fees	(19,114)		—
Net proceeds from share based compensation plans and the related tax impacts	(505)		3,180
Payments for contingent consideration	(79)		(61)
Dividends paid	(15,287)		(14,179)
Net cash provided by (used in) financing activities from continuing operations	1,021,264		(11,069)
Cash flows from discontinued operations:
Net cash used in operating activities	(266)		(126)
Net cash used in discontinued operations	(266)		(126)
Effect of exchange rate changes on cash and cash equivalents	15,488		5,126
Net increase in cash and cash equivalents	145,340		54,192
Cash and cash equivalents at the beginning of the period	543,789		338,366
Cash and cash equivalents at the end of the period	$	689,129	$	392,558
Non cash financing activities of continuing operations:
Settlement and exchange of convertible notes with common or treasury stock	$	958	$	5
Acquisition of treasury stock associated with settlement and exchange of convertible note hedge and warrant agreements	$	19,311	$	11

EX-99.2

1 Teleflex Incorporated First Quarter 2017 Earnings Conference Call

2 Conference Call Logistics The release, accompanying slides, and replay webcast are available online at www.teleflex.com (click on “Investors”) Telephone replay available by dialing 855-859-2056 or for international calls, 404- 537-3406, pass code number 12639722

3 Introductions Benson Smith Chairman and CEO Liam Kelly President and COO Thomas Powell Executive Vice President and CFO Jake Elguicze Treasurer and Vice President of Investor Relations

4 Note on Forward-Looking Statements This presentation and our discussion contain forward-looking information and statements including, but not limited to, forecasted 2017 GAAP and constant currency revenue growth, GAAP and adjusted gross and operating margins and adjusted earnings per share and the items that are expected to impact each of those forecasted results; estimated pre-tax charges we expect to incur and annualized pre-tax savings we expect to realize in connection with our restructuring programs; our expectations with respect to when we will begin to realize savings from our restructuring programs and when those programs will be substantially completed; our expectation with respect to estimated annual increases in our revenue related to improved pricing with respect to certain of our kits; and other matters which inherently involve risks and uncertainties which could cause actual results to differ from those projected or implied in the forward–looking statements. These risks and uncertainties are addressed in our SEC filings, including our most recent Form 10-K. Note on Non-GAAP Financial Measures This presentation refers to certain non-GAAP financial measures, including, but not limited to, constant currency revenue growth, adjusted diluted earnings per share, adjusted gross and operating margins and adjusted tax rate. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Tables reconciling these non-GAAP financial measures to the most comparable GAAP financial measures are contained within the appendices to this presentation. Additional Notes Unless otherwise noted, the following slides reflect continuing operations.

5 Executive Summary First quarter 2017 revenue of $487.9 million • Up 14.8% vs. prior year period on an as-reported basis • Up 16.0% vs. prior year period on a constant currency basis • Q1’17 results include a partial quarter of contribution from Vascular Solutions which added approximately 5% towards revenue growth during the quarter First quarter 2017 Earnings Per Share • GAAP EPS of $0.87, down 17.1% vs. prior year period • Adjusted EPS of $1.80, up 18.4% vs. prior year period 2017 Full Year Financial Guidance • Reaffirmed GAAP revenue growth range of 10.0% - 11.5% • Reaffirmed constant currency revenue growth range of 12.5% - 14.0% • Raised GAAP EPS range from $5.04 - $5.08 to $5.59 - $5.66 • Raised adjusted EPS range from $8.00 - $8.15 to $8.05 to $8.23 Note: See appendices for reconciliations of non-GAAP information

6 First Quarter Highlights First quarter 2017 constant currency revenue growth of 16.0% • Sales volume of existing products contributed 7.8% of constant currency growth, including impact of five additional selling days in the quarter which contributed approximately 6% • Acquisitions contributed 5.8% of constant currency revenue growth, including Vascular Solutions which contributed 5.1% and Cartika which contributed 0.7% • Sales volume of new products contributed 1.8% of constant currency growth • Pricing increases contributed 0.6% of constant currency growth Note: See appendices for reconciliations of non-GAAP information

7 Segment Revenue Review Q1’17 Q1’16 Constant Currency Revenue Commentary Vascular N.A.: $93.8 million, up 14.8% Anesthesia N.A.: $48.2 million, up 4.7% Surgical N.A.: $46.0 million, up 17.7% EMEA: $130.7 million, up 10.9% Asia: $49.0 million, down 0.4% OEM: $43.3 million, up 28.4% All Other: $76.9 million, up 45.0% Note: Increases and decreases in revenue referred to above are as compared to results for the first quarter of 2016. See appendices for reconciliations of non-GAAP information. 19% 9% 10% 27% 10% 9% 16% Vascular North America Surgical North America Anesthesia North America EMEA Asia OEM All Other 19% 9% 11% 29% 12% 8% 12% Vascular North America Surgical North America Anesthesia North America EMEA Asia OEM All Other

8 Group Purchasing Organization and IDN Review Track record of expansion of contractual agreements continues in Q1’17 Group Purchasing Organization Update • 9 renewed agreements • 1 new agreement • 1 existing agreement not renewed IDN Update • 7 renewed agreements • 13 new agreements

9 Product Introductions and Regulatory Approvals Spectre™ Guidewire PRODUCT DESCRIPTION Recently received FDA 510(k) clearance and initiated U.S. commercial launch of the Spectre™ Guidewire, which is designed for premium performance in coronary and peripheral interventions with enhanced trackability and torque control. The Spectre™ Guidewire is engineered with a smooth stainless steel-to-nitinol dual-core transition that balances strength and agility. The Spectre™ is a 0.014” guidewire available in 190 cm and 300 cm lengths with a distal hydrophilic coating and a proximal PTFE coating. Approximately 70% of guidewires used in percutaneous coronary interventions (PCI) are considered workhorse wires and are used to deliver catheters, balloons, stents, and other diagnostic and therapeutic devices. As a workhorse wire, the Spectre™ Guidewire was designed to be applicable to the majority of PCIs.

10 Product Introductions and Regulatory Approvals Twin-Pass® Torque Dual Access Catheter PRODUCT DESCRIPTION Recently received FDA 510(k) clearance and initiated both U.S. and international commercial launch of the Twin-Pass® Torque Dual Access Catheter. The Twin-Pass® Torque Dual Access Catheter contains both a rapid-exchange (RX) lumen and an over-the-wire (OTW) lumen. With a 0.014” guidewire deployed through the RX lumen into the main branch, the OTW lumen can be used for guidewire exchange, subsequent delivery of a second guidewire into the side branch, or fluid injection to a desired distal vessel segment. Designed for procedures that call for the delivery of two interventional guidewires from a single catheter in clinical situations where catheter delivery and torsional control are paramount.

11 Product Introductions and Regulatory Approvals TrapLiner™ Catheter PRODUCT DESCRIPTION Recently received FDA 510(k) clearance and initiated U.S. commercial launch of the TrapLiner™ Catheter. The TrapLiner™ Catheter is similar in design to Vascular Solutions’ popular GuideLiner Guide Extension Catheter, with the added feature of an integrated balloon for trapping a standard 0.014” guidewire within a guide catheter. The TrapLiner™ Catheter can be used as an alternative method to the trapping technique that requires the use of a PTCA balloon to exchange an existing over-the-wire catheter while maintaining guidewire position. The technique of guidewire trapping for catheter exchange is most commonly performed in complex interventional procedures.

12 Product Introductions and Regulatory Approvals Arrow® AC3 Optimus™ Intra-Aortic Balloon Pump PRODUCT DESCRIPTION Recently received FDA 510(k) clearance for the AC3 Optimus™ Intra-Aortic Balloon Pump (IABP). This device helps a weakened heart pump blood and can deliver IABP therapy to a broad range of patients, even those not previously considered candidates for IABP therapy. Clinicians may use the pump on patients with the most severe arrhythmias or with heart rates as high as 200 beats per minute.1,2 The AC3 Optimus™ IABP has a third-generation AutoPilot Mode, which uses proprietary algorithms to address key clinical challenges and to simplify the delivery of IABP therapy.3 In AutoPilot  Mode, the AC3 Optimus™ IABP automatically adjusts timing and triggering parameters, freeing clinicians to focus on the patient rather than the pump. In addition, the AC3 Optimus™ IABP includes several exclusive algorithms, such as WAVE  Inflation Timing, Deflation Timing Management, and Best Signal Analysis, which optimize key functions of the IABP to deliver therapy to the most challenging patients. 1. Schreuder J, Castiglioni A, Donelli A, et al. Automatic intraaortic balloon pump timing using an intra beat dicrotic notch prediction algorithm. Ann Thorac Surg. 2005;79(3):1017-1022. Study sponsored by Teleflex. 2. Donelli A, Jansen JRC, Hoeksel B, et al. Performance of a real-time dicrotic notch detection and prediction algorithm in arrhythmic human aortic pressure signals. J Clin Monit. 2002;17(3-4):181-185. Study sponsored by Teleflex. 3. Torracca, L. Overcoming electro-surgical inference in IABP therapy with the combined use of AutoPilot and FiberOptix IAB sensor signal. 2007. (case report, data on file). Study sponsored by Teleflex.

13 Acquisition Update Completed acquisition of Pyng Medical • Pyng Medical commercializes trauma and resuscitation products for front-line critical care and emergency medical personnel • Product portfolio includes a variety of innovative, lifesaving tools, including intraosseous infusion, pelvic stabilization, hemorrhage control and emergency airway management • All-cash transaction, which is accretive on a Non-GAAP basis, completed in April 2017 enhances Teleflex product offerings for the military and civilian trauma markets and builds upon previous acquisitions in the emergency medicine field (i.e. Vidacare and LMA)

14 Restructuring Update 2017 Vascular Solutions Integration Program During the first quarter 2017, we committed to a restructuring program related to the integration of Vascular Solutions' operations with our operations. We initiated the program in the first quarter 2017 and expect the program to be substantially completed by the end of the second quarter 2018. We estimate that we will record aggregate pretax restructuring charges of $6.0 million to $7.5 million related to this program, of which $4.5 million to $5.3 million will constitute termination benefits, and $1.5 million to $2.2 million will relate to other exit costs, including employee relocation and outplacement costs. Additionally, we expect to incur $2.5 million to $3.0 million of restructuring related charges consisting primarily of retention bonuses offered to certain employees expected to remain with the Company after completion of the program. All of these charges will result in future cash outlays. We began realizing program-related synergies in the first quarter 2017 and expect to achieve annualized pre- tax synergies of $20 million to $25 million once the program is fully implemented. 2017 EMEA Restructuring Program During the first quarter 2017, we committed to a restructuring program to centralize certain administrative functions in Europe. The program will commence in the second quarter 2017 and is expected to be substantially completed by the end of 2018. We estimate that we will record aggregate pre-tax restructuring charges of $7.1 million to $8.5 million related to this program, almost all of which constitute termination benefits, and all of which will result in future cash outlays. We expect to achieve annualized pre-tax savings of $2.7 million to $3.3 million once the program is fully implemented and expect to begin realizing plan related savings in the first quarter 2018.

15 Restructuring Update In addition to the restructuring programs initiated during the first quarter 2017, we have other ongoing restructuring programs related to the consolidation of our manufacturing operations (referred to as our 2016 and 2014 footprint realignment plans) as well as restructuring programs designed to improve operating efficiencies and reduce costs. With respect to our restructuring plans and programs, the following table summarizes (1) the estimated total cost and estimated annual pre-tax savings once the programs are completed; (2) the costs incurred and estimated pre-tax savings realized through December 31, 2016; and (3) the costs expected to be incurred and estimated incremental pre-tax savings estimated to be realized for these programs from January 1, 2017 through the anticipated completion dates: Dollars in Millions Estimated Total Through December 31, 2016 Estimated remaining from January 1, 2017 through December 31, 2021 2 Restructuring charges $51 to $60 $33 $18 to $27 Restructuring related charges 1 $53 to $65 $30 $23 to $35 Total charges $104 to $125 $63 $41 to $62 Pre-tax savings 3 $60 to $71 $31 $29 to $40 Vascular Solutions integration program - synergies $20 to $25 ̶ $20 to $25 1. Restructuring related charges principally constitute accelerated depreciation and other costs primarily related to the transfer of manufacturing operations to new locations and are expected to be recognized primarily in cost of goods sold. 2. We expect to incur substantially all of the costs prior to the end of 2018, and to have realized substantially all of the estimated annual pre-tax savings and synergies by the year ended December 31, 2019. 3. Approximately 65% of the savings is expected to result in reductions to cost of goods sold. During 2016, in connection with our execution of the 2014 footprint realignment plan, we implemented changes to medication delivery devices included in certain of our kits, which are expected to result in increased product costs (and therefore reduce the annual savings that were estimated at the inception of the program). However, we also expect to achieve improved pricing on these kits to offset the cost, which is expected to result in estimated annual increased revenues of $5 million to $6 million. We expect to begin realizing the benefits of this incremental pricing in 2017. Savings generated from restructuring programs are difficult to estimate, given the nature and timing of the restructuring activities and the possibility that unanticipated expenditures may be required as the program progresses. Moreover, predictions of revenues related to increased pricing are particularly uncertain and can be affected by a number of factors, including customer resistance to price increases and competition.

16 First Quarter Financial Review Revenue of $487.9 million • Up 14.8% vs. prior year period on an as-reported basis • Up 16.0% vs. prior year period on a constant currency basis Gross Margin • GAAP gross margin of 52.4%, down 60 bps vs. prior year period • Adjusted gross margin of 54.7%, up 110 bps vs. prior year period Operating Margin • GAAP operating margin of 12.5%, down 340 bps vs. prior year period • Adjusted operating margin of 23.4%, up 100 bps vs. prior year period Tax Rate • GAAP tax rate of (7.1%), down 1,200 bps vs. prior year period • Adjusted tax rate of 16.1%, down 290 bps vs. prior year period Earnings Per Share • GAAP EPS of $0.87, down 17.1% vs. prior year period • Adjusted EPS of $1.80, up 18.4% vs. prior year period Note: See appendices for reconciliations of non-GAAP information

17 2017 Financial Outlook Assumptions 2017 Revenue Guidance • Reaffirmed as-reported revenue growth range of 10.0% - 11.5% • Reaffirmed constant currency revenue growth range of 12.5% - 14.0% 2017 Gross Margin Guidance • Lowered GAAP gross margin range from 54.15% - 54.70% to 54.10% - 54.65% • Reaffirmed adjusted gross margin range of 55.4% - 56.0% 2017 Operating Margin Guidance • Raised GAAP operating margin range from 16.5% - 17.1% to 18.2% - 18.8% • Reaffirmed adjusted operating margin range of 25.6% - 26.3% 2017 Earnings Per Share Guidance • Raised GAAP earnings per share range from $5.04 - $5.08 to $5.59 - $5.66 • Raised adjusted earnings per share range from $8.00 - $8.15 to $8.05 - $8.23 Note: See appendices for reconciliations of non-GAAP information

18 Any Questions?

19 Thank You

20 Appendices

21 Non-GAAP Financial Measures The following appendices include, among other things, tables reconciling the following non-GAAP financial measures to the most comparable GAAP financial measure: • Constant currency revenue growth. This measure excludes the impact of translating the results of international subsidiaries at different currency exchange rates from period to period. • Adjusted diluted earnings per share. This measure excludes, depending on the period presented (i) restructuring and other impairment charges; (ii) certain losses and other charges, including, for 2017, costs related to the Company's acquisition of Vascular Solutions and facility consolidation costs and, for 2016, charges primarily related to facility consolidation and acquisition costs, net of reversals related to contingent consideration liabilities and the gain on sale of the sale of an asset; (iii) amortization of the debt discount on the Company’s convertible notes; (iv) intangible amortization expense; (v) loss on extinguishment of debt; and (vi) tax benefits resulting primarily from the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law changes affecting the Company's deferred tax liability. In addition, the calculation of diluted shares within adjusted earnings per share gives effect to the anti-dilutive impact of the Company’s convertible note hedge agreements, which reduce the potential economic dilution that otherwise would occur upon conversion of the Company’s senior subordinated convertible notes (under GAAP, the anti- dilutive impact of the convertible note hedge agreements is not reflected in diluted shares). • Adjusted gross margin. This measure excludes, depending on the period presented, certain losses, other charges and charge reversals, inventory step-up costs associated with our acquisition of Vascular Solutions and facility consolidation costs. • Adjusted operating margin. This measure excludes, depending on the period presented, (i) the impact of restructuring and other impairment charges; (ii) losses and other charges primarily related to acquisition and facility consolidation costs and the gain on sale of an asset; and (iii) intangible amortization expense. • Adjusted tax rate. This measure is the percentage of the Company’s adjusted taxes on income from continuing operations to its adjusted income from continuing operations before taxes. Adjusted taxes on income from continuing operations excludes, depending on the period presented, the impact of tax benefits or costs associated with (i) restructuring and impairment charges; (ii) amortization of the debt discount on the Company’s convertible notes; (iii) intangible amortization expense; (iv) loss on extinguishment of debt; (v) the resolution of, or expiration of statutes of limitations with respect to, various prior years’ tax matters, the filing of amended tax returns with respect to prior years and tax law changes affecting our deferred tax liability; and (vi) losses and other charges primarily related to acquisition and facility consolidation costs and the gain on sale of an asset.

22 APPENDIX A – RECONCILIATION OF CONSTANT CURRENCY REVENUE GROWTH DOLLARS IN MILLIONS April 2, 2017 March 27, 2016 Constant Currency Currency Total Vascular North America 93.8$ 81.5$ 14.8% 0.2% 15.0% Anesthesia North America 48.2 46.0 4.7% 0.2% 4.9% Surgical North America 46.0 38.9 17.7% 0.3% 18.0% EMEA 130.7 122.1 10.9% (3.8%) 7.1% Asia 49.0 49.2 (0.4%) 0.0% (0.4%) OEM 43.3 34.0 28.4% (0.8%) 27.6% All Other 76.9 53.2 45.0% (0.5%) 44.5% Net Revenues 487.9$ 424.9$ 16.0% (1.2%) 14.8% Three Months Ended % Increase / (Decrease)

23 APPENDIX B – RECONCILIATION OF REVENUE GROWTH DOLLARS IN MILLIONS % Basis Points Three Months Ended March 27, 2016 Revenue As-Reported $424.9 Foreign Currency (4.3) -1.2% (120) Sales Volume Existing Products 32.8 7.8% 780 Acquisitions 1 24.2 5.8% 580 New Product Sales 7.5 1.8% 177 Pricing 2.7 0.6% 63 Three Months Ended April 2, 2017 Revenue As-Reported $487.9 14.8% 1 = includes Vascular Solutions 21.6 5.1% 509 1 = includes Cartika 2.6 0.7% 71 Year-over-year growth

24 APPENDIX C – RECONCILIATION OF ADJUSTED GROSS PROFIT AND MARGIN DOLLARS IN THOUSANDS April 2, 2017 March 27, 2016 Teleflex gross profit as-reported 255,560$ 225,147$ Teleflex gross margin as-reported 52.4% 53.0% Losses and other charges, net (A) 11,541 2,651 Adjusted Teleflex gross profit 267,101$ 227,798$ Adjusted Teleflex gross margin 54.7% 53.6% Teleflex revenue as-reported 487,881$ 424,893$ Three Months Ended (A) In 2017, losses and other charges, net related primarily to inventory step-up costs associated with the acquisition of Vascular Solutions totaling $7.9 million and facility consolidation costs. In 2016, losses and other charges, net related primarily to facility consolidation costs.

25 APPENDIX D – RECONCILIATION OF ADJUSTED OPERATING PROFIT AND MARGIN DOLLARS IN THOUSANDS (A) In 2017, losses and other charges, net related primarily to costs associated with the acquisition of Vascular Solutions and facility consolidation costs. In 2016, losses and other charges, net related primarily to facility consolidation costs and the gain on sale of an asset. April 2, 2017 March 27, 2016 Teleflex income from continuing operations before interest and taxes 60,819$ 67,497$ Teleflex income from continuing operations before interest and taxes margin 12.5% 15.9% Restructuring and other impairment charges 12,945 9,968 Losses and other charges, net (A) 21,377 2,271 Intangible amortization expense 18,785 15,357 Adjusted Teleflex income from continuing operations before interest, taxes and intangible amortization expense 113,926$ 95,093$ Adjusted Teleflex income from continuing operations before interest, taxes and intangible amortization expense margin 23.4% 22.4% Teleflex revenue as-reported 487,881$ 424,893$ Three Months Ended

26 APPENDIX E – RECONCILIATION OF ADJUSTED EPS FROM CONTINUING OPERATIONS QUARTER ENDED – APRIL 2, 2017 DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA Cost of goods sold Selling, general and administrative expenses Research and development expenses Restructuring and other impairment charges (Gain) loss on sale of business and assets Interest expense, net Loss on extinguishment of debt, net Income taxes Net income (loss) attributable to common shareholders from continuing operations Diluted earnings per share available to common shareholders Shares used in calculation of GAAP and adjusted earnings per share GAAP Basis $232.3 $164.0 $17.8 $12.9 — $17.6 $5.6 ($2.7) $40.3 $0.87 46,615 Adjustments Restructuring and other impairment charges — — — 12.9 — — — 3.0 10.0 $0.21 — Losses and other charges, net (A) 11.5 9.6 0.2 — — 2.1 — 7.8 15.7 $0.33 — Amortization of debt discount on convertible notes — — — — — 0.4 — 0.1 0.2 $0.01 — Intangible amortization expense — 18.7 0.1 — — — — 5.1 13.7 $0.29 — Tax adjustment (B) — — — — — — — 0.5 (0.5) ($0.01) — Loss on extinguishment of debt, net — — — — — — 5.6 2.0 3.5 $0.08 — Shares due to Teleflex under note hedge (C) — — — — — — — — — $0.02 (477) Adjusted basis $220.8 $135.7 $17.5 — — $15.1 — $15.9 $82.9 $1.80 46,138 (A) In 2017, losses and other charges, net related primarily to costs associated w ith the acquisition of Vascular Solutions and facility consolidation costs. (B) The tax adjustment represents a net benefit resulting primarily from the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the f iling of amended returns w ith respect to prior tax years and/or tax law changes affecting our deferred tax liability. (C) Adjusted diluted shares are calculated by giving effect to the anti-dilutive impact of the Company’s convertible note hedge agreements, w hich reduce the potential economic dilution that otherw ise w ould occur upon conversion of the Company's convertible notes. Under GAAP, the anti-dilutive impact of the convertible note hedge agreements is not reflected in diluted shares.

27 APPENDIX F – RECONCILIATION OF ADJUSTED EPS FROM CONTINUING OPERATIONS QUARTER ENDED – MARCH 27, 2016 DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA Cost of goods sold Selling, general and administrative expenses Research and development expenses Restructuring and other impairment charges (Gain) loss on sale of business and assets Interest expense, net Income taxes Net income (loss) attributable to common shareholders from continuing operations Diluted earnings per share available to common shareholders Shares used in calculation of GAAP and adjusted earnings per share GAAP Basis $199.7 $136.3 $12.4 $10.0 ($1.0) $13.7 $2.6 $51.0 $1.05 48,782 Adjustments: Restructuring and other impairment charges — — — 10.0 — — 2.3 7.6 $0.16 — Losses and other charges, net (A) 2.7 0.6 0.0 — (1.0) — 0.9 1.4 $0.03 — Amortization of debt discount on convertible notes — — — — — 3.5 1.3 2.2 $0.05 — Intangible amortization expense — 15.4 — — — — 4.1 11.2 $0.23 — Tax adjustment (B) — — — — — — 5.0 (5.0) ($0.10) — Shares due to Teleflex under note hedge (C) — — — — — — — — $0.12 (3,621) Adjusted basis $197.1 $120.4 $12.4 — — $10.2 $16.2 $68.5 $1.52 45,161 (A) In 2016 losses and other charges, net related primarily to facility consolidations and the gain on sale of an asset. (B) The tax adjustment represents a net benefit resulting primarily from the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the filing of amended returns with respect to prior tax years and/or tax law changes affecting our deferred tax liability. (C) Adjusted diluted shares are calculated by giving effect to the anti-dilutive impact of the Company’s convertible note hedge agreements, which reduce the potential economic dilution that otherwise would occur upon conversion of our senior subordinated convertible notes. Under GAAP, the anti-dilutive impact of the convertible note hedge agreements is not reflected in diluted shares.

28 APPENDIX G – RECONCILIATION OF ADJUSTED TAX RATE DOLLARS IN THOUSANDS Three Months Ended April 2, 2017 Income from continuing operations before taxes Taxes on income from continuing operations Tax rate GAAP basis $37,680 ($2,669) -7.1% Restructuring and impairment charges 12,945 2,961 Losses and other charges, net (A) 23,448 7,785 Amortization of debt discount on convertible notes 378 138 Intangible amortization expense 18,785 5,123 Loss on extinguishment of debt 5,582 2,041 Tax adjustment (B) 0 494 Adjusted basis $98,818 $15,873 16.1% Three Months Ended March 27, 2016 GAAP basis $53,793 $2,613 4.9% Restructuring and impairment charges 9,968 2,337 Losses and other charges, net (A) 2,271 852 Amortization of debt discount on convertible notes 3,467 1,264 Intangible amortization expense 15,357 4,118 Tax adjustment (B) 0 4,971 Adjusted basis $84,856 $16,155 19.0% (B) The tax adjustment represents a net benefit resulting primarily from the expiration of applicable statutes of limitations for prior year returns, the resolution of audits, the f iling of amended returns w ith respect to prior tax years and/or tax law changes affecting our deferred tax liability. (A) In 2017, losses and other charges, net related primarily to costs associated w ith the acquisition of Vascular Solutions and facility consolidation costs. In 2016, losses and other charges, net related primarily to facility consolidation costs and the gain on sale of an asset.

29 APPENDIX H – RECONCILIATION OF 2017 CONSTANT CURRENCY REVENUE GROWTH GUIDANCE Low High Forecasted GAAP Revenue Growth 10.0% 11.5% Estimated Impact of Foreign Currency Exchange Rate Fluctuations 2.5% 2.5% Forecasted Constant Currency Revenue Growth 12.5% 14.0%

30 APPENDIX I – RECONCILIATION OF 2017 ADJUSTED GROSS MARGIN GUIDANCE Note: In 2017, estimated losses and other charges, net relate primarily to facility consolidation and acquisition related expenses. Low High Forecasted GAAP Gross Margin 54.10% 54.65% Estimated losses and other charges, net 1.30% 1.35% Forecasted Adjusted Gross Margin 55.40% 56.00%

31 APPENDIX J – RECONCILIATION OF 2017 ADJUSTED OPERATING MARGIN GUIDANCE Note: In 2017, estimated losses and other charges, net relate primarily to facility consolidation and acquisition related expenses. Low High Forecasted GAAP Operating Margin 18.20% 18.80% Estimated losses and other charges, net 3.35% 3.40% Estimated intangible amortization expense 4.05% 4.10% Forecasted Adjusted Operating Margin 25.60% 26.30%

32 APPENDIX K – RECONCILIATION OF 2017 ADJUSTED EARNINGS PER SHARE GUIDANCE Low High Forecasted diluted earnings per share attributable to common shareholders $5.59 $5.66 Restructuring, impairment charges and special items, net of tax $1.15 $1.20 Intangible amortization expense, net of tax $1.30 $1.35 Amortization of debt discount on convertible notes, net of tax $0.01 $0.02 Forecasted adjusted diluted earnings per share $8.05 $8.23