HEALTHIER
OUTCOMES
ANNUAL REPORT 2012
The real benefits of what we do at Teleflex are to make possible healthier
outcomes for patients, for the bottom line of hospitals, and for our business.
We create medical devices that enable healthcare providers to improve
patient outcomes and enhance patient and provider safety. We develop,
manufacture and supply specialty devices used for common diagnostic and
therapeutic procedures in critical care and surgery. Our strategy of finding
opportunities where we can reduce costs for hospital systems while providing
optimal clinical outcomes keeps us well-positioned to deliver the best results
to all our stakeholders.
TELEFLEX ANNUAL REPORT 2012
FINANCIAL HIGHLIGHTS
FROM CONTINUING OPERATIONS
(Dollars in thousands, except per share data)
8
2
5
,
2
9
4
,
1
$
9
0
0
,
1
5
5
,
1
$
2
2
7
,
7
9
3
,
1
$
8
7
2
,
6
5
$
2
1
7
,
8
4
$
0
8
3
,
2
4
$
0
4
.
4
$
9
6
.
3
$
3
8
.
3
$
3
5
8
,
3
9
1
$
4
3
8
,
3
4
1
$
7
5
3
,
4
9
$
10
11
12
10
11
12
10
11
12
10
11
12
NET REVENUES
RESEARCH AND
DEVELOPMENT
EXPENSE
ADJUSTED EARNINGS
PER SHARE1
NET CASH PROVIDED BY
OPERATING ACTIVITIES
FROM CONTINUING
OPERATIONS
$1,551,009
2012
$1,492,528
2011
3.9%
Variance
$56,278
2012
$48,712
2011
15.5%
Variance
$4.40
2012
$3.83
2011
14.9%
Variance
$193,853
2012
$94,357
2011
105.4%
Variance
1 A table reconciling adjusted earnings per share to the most directly comparable GAAP measures can be found on the final page of this
Annual Report. A table reconciling our 2012 constant currency revenue growth, which is discussed on page 2 of this Annual Report, can be
found on page 37 of our Annual Report on Form 10-K for the year ended December 31, 2012, which forms a part of this Annual Report.
TELEFLEX TODAY
Diversified and well-positioned across clinical areas, healthcare markets and geographic regions
67%
9%
5%
6%
10%
51%
15%
19%
84%
34%
Critical Care
Surgical Care
Cardiac Care
OEM & Development Services
Hospitals/Healthcare Providers
Medical Device Manufacturers
Home Care
United States
Europe, Middle East & Africa (“EMEA”)
Asia, Latin America & Canada
1
TELEFLEX ANNUAL REPORT 2012
TO OUR
SHAREHOLDERS
Our strategy continues to deliver results for customers and shareholders alike.
Over the past five years, we have fully transformed ourselves from a cyclical,
diversified industrial conglomerate into a pure-play medical technology company
serving global markets. Today, Teleflex is well-positioned to capture opportunities
in a changing healthcare environment, where increased utilization in aging
populations competes against pressures to reduce the overall cost of care.
Our performance in 2012 was solid, even with
foreign exchange headwinds and additional
operating expenses from investments in
acquisitions to grow the company:
• We achieved higher volumes and revenue
on a global basis, including products recently
introduced to the marketplace.
• Our focused R&D efforts are creating a more
robust product pipeline, with clearances gained
in key global markets for new vascular,
anesthesia and surgical products.
• We reported on five acquisitions that added new
products, technologies and growth opportunities
to our medical device platform.
• We further decentralized our business units,
empowering our people to manage customer
relationships more effectively, make decisions more
efficiently and drive their own revenue growth.
• Investors demonstrated their confidence in
Teleflex, with our shares rising to their highest
levels in recent years; total return for 2012
was 16 percent.
SUSTAINABLE GROWTH THROUGH
CONTINUOUS IMPROVEMENT
In mid-2010, we compared Teleflex to peer companies
within the medical device space. We discovered room
for significant improvement in revenue growth, gross
margins and operating margins, coupled with the
need to increase R&D spending.
During the last two years, those aspirational goals
have become specific operating plans; and we
made good progress in several areas during 2012.
Each year, our short-term goal is to grow revenue
faster than the markets we serve and expand our
gross and operating margins while, at the same
time, continuing to invest for the future.
Our first priority is revenue growth and the creation
of a more robust product pipeline that can ensure
sustainability. We have made excellent progress,
with constant currency growth in 2012 of
6.8 percent. We introduced new products in every
business unit and gained significant innovations
through our late-stage technology acquisitions.
We have made progress on expanding gross
margins, introducing several initiatives to create
future improvement. Our pricing efforts have been
successful, and we expect continued contribution
over the next few years. We initiated footprint
consolidations in our distribution centers and at
certain manufacturing locations. Acquisitions and
divestitures have also improved our product mix.
We have made underlying improvements in our
operating margins, although some are less visible
as a result of currency fluctuations and additional
R&D spending. Looking to 2013, the medical
device excise tax and our investments to improve
manufacturing will have an impact on results,
causing progress in operating margins to lag
behind that of gross margins. Still, we expect to
achieve higher operating margins over the next
few years.
INVESTING FOR THE FUTURE
With our successful transformation into a medical
technology company, we have set our sights on
becoming a supplier of choice throughout our
various markets.
Innovation remains key to providing healthier
clinical outcomes and reducing procedure costs.
Our recent R&D investments are beginning to
2
TELEFLEX ANNUAL REPORT 2012
PEOPLE POWER
Healthcare is more than a domestic or international
issue; it’s a human issue. That’s why we rely on
local Teleflex people in markets around the world.
They understand best the nuances of operating in
nearby diverse regional markets.
Our global presence forces us to rethink common
universal challenges in healthcare, always looking
for better ways to make it more affordable while
improving outcomes and safety.
We are making targeted geographic investments,
especially in markets such as China and Brazil,
where the emerging middle class is increasing
utilization of healthcare.
Our overall success depends on the individual and
collective contributions of our 12,000 employees
around the world—whether they are improving our
manufacturing costs, improving our distribution
processes, or developing technologies of the future
that will be launched to the marketplace.
With their dedication, we continue to improve our
value proposition to customers. Our aspiration is
to become the medical device partner of choice.
Beyond clinical solutions and cost benefits, we
want to make doing business with us so easy and
responsive that our customers become advocates
for Teleflex.
Our efforts led to being named 2011 Medical
Surgical Supplier of the Year by Novation, the leading
U.S. healthcare supply contracting company.
We believe Teleflex will succeed in 2013 and the
years ahead for many reasons. Our technology.
Our global brands and distribution network.
Our financial strength. And, most of all, our people.
They are the ones transforming our strategies
into healthier outcomes for patients, healthcare
providers, hospital systems and shareholders.
BENSON F. SMITH
Chairman,
President and CEO
return value. In 2012, $17.5 million in revenue
came from products that weren’t in our portfolio
in the prior year. Introduced across clinical areas
and in international markets, they delivered
1.2 percent of constant currency revenue growth.
In addition to organic growth through R&D, we
reported on five acquisitions in 2012. These
investments help to augment our pipeline and
jumpstart the product commercialization process,
cutting years off the timeline to market launch.
Our acquisitions typically fall into two principal
types, both of which fit within our existing business
units. The first type of acquisition is what we refer
to as a late-stage technology acquisition. This type
of acquisition is of a company that is generally
pre-revenue in nature, but that has products
through, or nearly through, the regulatory approval
process in a major market. Four examples of
late-stage technology acquisitions that we
completed in 2012 were:
• Assets of Axiom Technology Partners, LLC,
maker of the EFx family of laparoscopic fascial
closure products, which won awards for
excellence and innovation in 2012;
• EZ-Blocker™ disposable catheter product line
for lung isolation procedures;
• Hotspur Technologies, Inc., for more efficient
and cost-effective procedures to open blocked
blood vessels than current treatment options; and
• Semprus BioSciences, an MIT spinout
with proprietary platform technology for
next-generation medical devices that reduce
healthcare complications.
The second type of acquisition that we are interested
in is what we refer to as a “bolt-on.” This type
of acquisition typically has considerable revenue
and enhances one of our strategic business
unit franchises. An example of a bolt-on
transaction that we completed during 2012
was our acquisition of the assets of LMA
International N.V. and affiliates. This acquisition
significantly expands our global anesthesia
product portfolio, provides opportunities with key
clinical U.S. and international call points, and
further strengthens our relationships with
healthcare purchasing groups.
We continue to evaluate potential acquisitions that
fit our existing business and provide clear clinical
and cost benefits to current alternatives.
3
TELEFLEX ANNUAL REPORT 2012
INNOVATION FOR HEALTHIER OUTCOMES
The biggest challenges in our industry involve finding ways to improve patient
outcomes and make healthcare more affordable to a global community. In the
past, innovation has centered on making things better. Today, technology has
to be better and more cost effective. This is where Teleflex is making its mark.
We bring balance to customers and shareholders. We operate across global markets and clinical areas, not
solely dependent on any one region, product or procedure. Our franchises typically serve critically ill patients,
often in need of emergency or other non-postponable medical care. The innovation in our products brings
significant value to patients and to hospitals—a small component of the overall procedure cost that makes a
big impact on outcomes.
2012 Key New Product Launches & Regulatory Approvals
4
Trans-RadialHotspur GPS CathISO-Gard Circuit TechnologyIR PICC w/ ChloragardWeck Vista Reposable ObturatorWeck AE5Weck Vista Balloon ExpansionArrow FlexBlock Continuous Peripheral Nerve Block CatheterPre-loaded PICC w/ ARROW VPSCE Mark PICC & VPSEZ BlockerWeck Vista Optical TrocarSoftech Plus Nasal Cannula4,5,6Fr IR PICCWeck EFxArrow FlexTip Plus Multi-Port Epidural CatheterAT 510(k) on PICC PRODUCT INNOVATIONS
CRITICAL CARE | VASCULAR ACCESS
Teleflex offers a broad range of vascular access
and vascular catheter management technologies,
with advanced features that support the ARROW®
brand goal of making zero complications in vascular
care a reality.
Among the latest advances is the ARROW® Vascular Positioning System®
(VPS®), which removes any guesswork in central catheter placement.
VPS® Technology replaces the need for confirmatory chest X-ray to locate the
catheter tip. Instead, the technology uses real-time intravascular Doppler,
ECG and advanced algorithmic logic to notify the clinician when the
catheter tip has reached the optimal location. Additionally, accurate
catheter tip placement has been proven to reduce complications such
as thrombosis.
In September 2012, we received FDA 510(k) clearance to market
our pressure injectable ARROW® PICC preloaded with the VPS® Stylet.
The preloaded option improves clinician ease of use by eliminating the need to
manually load the VPS® Stylet in the catheter. This is one of a series of new product
introductions that demonstrates our continuous commitment to reducing vascular
access complications and improving ease of use for clinicians.
In May 2012, we received FDA 510(k) clearance for antithrombogenic claims
on our ARROW® PICC with Chlorag+ard™ Technology, making it the only PICC in the
world that offers both antimicrobial and antithrombogenic benefits for up to 30 days.
To complement Chlorag+ard Technology, our 2012 acquisition of Semprus BioSciences
gave us Semprus Sustain™, a non-eluting surface modification technology that helps
prevent platelet adhesion and thrombus accumulation on device surfaces. With
our expertise in catheters, and clinicians’ desire to reduce thrombosis-related
complications, we see exciting opportunities to improve patient outcomes. Our
first application will be dialysis catheters, then other vascular products, with the
possibility of licensing the technology through our OEM business.
TELEFLEX ANNUAL REPORT 2012
ARROW® PICC
PRELOADED
WITH THE VPS®
STYLET
ARROW®
GPSCATH®
Balloon Dilatation
Catheter
CRITICAL CARE | INTERVENTIONAL ACCESS
Our July 2012 acquisition of Hotspur
Technologies, Inc. gives us a unique technology
that makes procedures to open blocked blood
vessels more efficient and cost-effective than
current treatment options.
The transaction broadens and strengthens our global product
portfolio for dialysis access and peripheral percutaneous
transluminal angioplasty (PTA) balloon catheters.
5
VISIOVALVE™
Injection System
TELEFLEX ANNUAL REPORT 2012
PRODUCT INNOVATIONS
CRITICAL CARE | ANESTHESIA
In 2012, we significantly strengthened
our Anesthesia product portfolio.
Our acquisition of LMA International N.V. and affiliates
in October 2012 gave us a leading worldwide position
in laryngeal masks and added a full portfolio of
innovative products used extensively in anesthesia
and emergency care.
Our acquisition of the EZ-Blocker™ product line in May
2012 brought patented bronchial blocker technology
for lung isolation and one-lung ventilation. Marketing
clearance has been received in the U.S. and Europe.
Other product innovations launched during the year
include the ARROW® FlexBlock™ Continuous Peripheral
Nerve Block Catheter and the ARROW® FlexTip Plus®
Closed Tip, Multi-Port Epidural Catheter.
LMA® SUPREME™
ISO-GARD® CIRCUIT TECHNOLOGY
CRITICAL CARE | RESPIRATORY CARE
In 2012, Teleflex received the prestigious
Zenith Award from the American
Association for Respiratory Care, honoring
the solutions, service and innovation we
deliver through our Hudson RCI® products
and Breathing, Made Easier® programs.
Several new products and line extensions were
introduced in 2012, including the Softech® Plus Nasal
Cannula, for optimal fit and patient comfort. In late
2012, we strengthened our ConchaTherm® Neptune®
Humidification platform with the introduction of
ISO-Gard® Circuit Technology. This breathing circuit
promotes a closed system ventilation approach
and supports strategies for reducing the risk for
ventilator-associated pneumonia.
6
TELEFLEX ANNUAL REPORT 2012
CRITICAL CARE | UROLOGY
Through our Rüsch® brand, Teleflex
offers more than 100 years of product
development, specialization, experience
and collaboration with our customers
in urology.
With an established reputation and facilities around the
globe, our comprehensive portfolio performed well in
2012, exceeding the market growth rates of competitive
products. Our urological solutions address the needs of
acute and home care settings and help reduce the risk
of nosocomial urinary tract infections.
LIQUICK® PLUS
SURGICAL CARE
With the May acquisition of Axiom
Technology Partners, LLC, we gained the
EFx family of laparoscopic fascial closure
system products, broadening our line of
minimally invasive surgery products.
The EFx product portfolio includes both FDA-cleared
and pipeline products designed for the safe and simple
closure of abdominal trocar defects through which
access ports and instruments are used during
laparoscopic surgeries.
Product innovations include the award-winning
Weck EFx™ Endo Fascial closure device, recognized as an
Innovation of the Year by the Society of Laparoendoscopic
Surgeons and honored for Excellence in Surgical
Products by Surgical Products Magazine.
Product launches in 2012 included a line of Weck Vista™
Bladeless Laparoscopic Access Ports, including optical,
balloon, cone, and standard ports; Weck Hem-o-lok®
Auto-Endo™ 5; and Weck Vista Reusable Obturators.
7
WECK VISTA™
Bladeless
Laparoscopic
Access Ports
(Optical is shown)
WECK EFX™
Endo Fascial
Closure System
TELEFLEX ANNUAL REPORT 2012
PRODUCT INNOVATIONS
ARROW® TRANSRADIAL
ARTERY ACCESS KITS
CARDIAC CARE
Our launch of TransRadial artery access
kits for cardiac catheterization in
international markets was well-received.
Whether radial artery catheterization is a new or current
procedure in the cath lab, differences in patient
anatomy can present significant challenges for access.
The ARROW brand of TransRadial access kits,
developed in collaboration with experienced clinicians,
addresses the needs of challenging patients.
Our Cardiac Care Business Unit is dedicated to
engineering, developing, manufacturing, selling and
supporting a broad range of technologically advanced
capital and catheter-based diagnostic and therapeutic
products used in the treatment of critically ill
cardiac patients.
ARROW® TRANSRADIAL SHEATH
OEM & DEVELOPMENT SERVICES (OEM)
Teleflex Medical OEM excelled
in 2012, based on its deep expertise
and decades of experience, global
brand recognition and concept-to-
completion capabilities.
It is known worldwide as a true leader in product design,
development and production. Further, the business
has a strong reputation for industry-changing innovation,
including a coreless braid configuration for sutures,
embedded marker band technology, and an award-
winning process for joining catheter segments of
dissimilar diameters. Its portfolio, marketed under
TFX OEM® and Deknatel® brands, includes custom-
engineered extrusions, diagnostic and interventional
catheters, sheath/dilator sets (introducers) and kits,
sutures, performance fibers, and bioresorbable resins
and fibers.
CUSTOM CATHETERS
AND COMPONENTS
8
BOARD OF DIRECTORS
LISTED IN ORDER OF ELECTION
EXECUTIVE
LEADERSHIP
SIGISMUNDUS W. W. LUBSEN *2
Retired Member
of the Executive Board
Heineken N.V.
BENSON F. SMITH
Chairman, President and
Chief Executive Officer
Teleflex Incorporated
PATRICIA C. BARRON *2
Retired Clinical Professor
Stern School of Business
New York University
Lead Director
Governance Committee Chair
WILLIAM R. COOK *1,3
Retired President and CEO
Severn Trent Services, Inc.
Compensation Committee Chair
BENSON F. SMITH
Chairman, President and
Chief Executive Officer
Teleflex Incorporated
LIAM KELLY
Executive Vice President and
President, International
LAURENCE G. MILLER
Executive Vice President,
Chief Administrative Officer,
General Counsel and Secretary
THOMAS E. POWELL
Executive Vice President and
Chief Financial Officer
LINDA BENEZE
President
Specialty Division
HAROLD L. YOH III *2
Chairman of the Board and CEO
The Day & Zimmermann Group, Inc.
JEAN-LUC DIANDA
President
Europe, Middle East and Africa
JAMES W. ZUG *3
Retired Audit Partner
PricewaterhouseCoopers LLP
Audit Committee Chair
GEORGE BABICH, JR. *3
President and
Chief Executive Officer
Checkpoint Systems, Inc.
DR. JEFFREY A. GRAVES *1
President and
Chief Executive Officer
MTS Systems Corporation
DR. STEPHEN K. KLASKO *3
Chief Executive Officer
USF Health
STUART A. RANDLE *1
President and
Chief Executive Officer
GI Dynamics
*Board Committees
1 Compensation
2 Governance
3 Audit
TIMOTHY DUFFY
Vice President and
Chief Information Officer
JAKE ELGUICZE
Treasurer and Vice President,
Investor Relations
GEOFF HILLS
Vice President,
Global Supply Chain and
Technical Services
TONY KENNEDY
Vice President,
Europe, Middle East,
Africa Operations
JAMES J. LEYDEN
Deputy General Counsel
and Assistant Secretary
HOWARD MILLER
President
Cardiac Care Division
PAUL MOLLOY
President
Vascular Access Division
MICHAEL TAGGART
Vice President
Regulatory Affairs /
Quality Assurance
CARY G. VANCE
President
Anesthesia and Respiratory Division
JAY WHITE
President
Surgical Division
GREGG WINTER
Vice President, Tax
INVESTOR
INFORMATION
ANNUAL MEETING
The annual meeting of shareholders
will take place at 11:00 a.m. on
May 3, 2013 at:
Teleflex Incorporated
155 South Limerick Road
Limerick, PA 19468
INVESTOR INFORMATION
Market and Ownership
of Common Stock
New York Stock Exchange
Trading Symbol: TFX
INVESTOR RELATIONS
Investors, analysts and others
seeking information about
the company should contact:
Jake Elguicze
Teleflex Incorporated
(610) 948-2836
e-mail: jake.elguicze@teleflex.com
www.teleflex.com
A copy of the Annual Report as filed
with the Securities and Exchange
Commission on Form 10-K, interim
reports on Form 10-Q, and current
reports on Form 8-K can be ac-
cessed on the Investor’s page of the
company’s website or can be mailed
upon request.
TRANSFER AGENT
AND REGISTRAR
Questions concerning transfer
requirements, lost certificates,
dividends, duplicate mailings,
change of address, or other
stockholder matters should be
addressed to:
American Stock Transfer
& Trust Company
59 Maiden Lane
Plaza Level
New York, New York 10005
(800) 937-5449 (toll free)
DIVIDEND REINVESTMENT
Teleflex Incorporated offers a
dividend reinvestment and direct
stock purchase and sale plan.
For enrollment information,
please contact American Stock
Transfer & Trust Company,
Dividend Reinvestment Department,
1-877-842-1572 (toll free).
CODE OF ETHICS AND
BUSINESS GUIDELINES
All Teleflex businesses around
the world share a common Code
of Ethics, which guides the way
we conduct business. The Code
is available on the Teleflex website
at www.teleflex.com.
CERTIFICATIONS
The certifications by the Chief
Executive Officer and the Chief
Financial Officer of Teleflex
Incorporated required under Section
302 of the Sarbanes-Oxley Act
of 2002 have been filed as exhibits
to Teleflex Incorporated’s 2012
Annual Report on Form 10-K. In
addition, in May 2012, the Chief
Executive Officer of Teleflex
Incorporated certified to the New
York Stock Exchange (“NYSE”)
that he is not aware of any violation
by the Company of NYSE corporate
governance listing standards, as
required by Section 303A.12(a)
of the NYSE Corporate Governance
Rules.
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
FORWARD-LOOKING
STATEMENTS
In accordance with the safe harbor
provisions of the Private Securities
Litigation Reform Act of 1995,
the company notes that certain
statements contained in this report
are forward-looking in nature.
These forward-looking statements
include matters such as business
strategies, market potential,
product deployment, future financial
performance and other future-
oriented matters. Such matters
inherently involve many risks and
uncertainties. For additional
information, please refer to the
company’s Securities and Exchange
Commission filings and the Form
10-K included in the annual report.
TELEFLEX INCORPORATED
CORPORATE HEADQUARTERS
155 SOUTH LIMERICK ROAD, LIMERICK, PA 19468
610.948.5100 • WWW.TELEFLEX.COM