...September 24, 2025 This report does not constitute a rating action. Teleflex performed in line with S&P Global Ratings' expectations in the first half of 2025. The company's S&P Global Ratings-adjusted rolling-12-month leverage increased to 2.3x as of the second quarter of 2025 from 2.1x as of the second quarter of 2024. We project Teleflex will increase its revenue by 9.3% in 2025, largely supported by its acquisition of substantially all Biotronik's Vascular Intervention business and continued innovation and expansion in its Vascular Access and Surgical segments. The Vascular Intervention acquisition will strengthen the company's global footprint, particularly in the fast- growing peripheral intervention market (where Vascular Intervention has a track record of innovation), by providing it with a portfolio of coronary and peripheral vascular products, including drug-coated balloons, stents, and resorbable scaffolds. Given its focus on the high- acuity hospital markets, we anticipate Teleflex...
