Fourth Quarter Cash Flow from Continuing Operations of $108.6 million, up 89%

Fourth Quarter diluted EPS from Continuing Operations Excluding Special Items of $1.01 per share, up 31%

Full Year diluted EPS from Continuing Operations Excluding Special Items of $3.64, up 16%

Fourth Quarter GAAP diluted EPS from Continuing Operations of $1.20 per share, up 135%

Full Year GAAP diluted EPS from Continuing Operations of $3.55 per share, up 45%

Teleflex Incorporated (NYSE: TFX) today announced financial results for the fourth quarter and year ended December 31, 2009.

Financial Highlights

For the fourth quarter 2009, revenues from continuing operations were $515.0 million compared to $497.2 million in the fourth quarter of 2008, up 4%. The increase resulted principally from a favorable currency impact of 4%. Core revenue was up 2% in the Medical segment and down 7% and 4% in the Aerospace and Commercial segments, respectively.

For the full year 2009, Teleflex revenues from continuing operations decreased 9% to $1,890.1 million from $2,066.7 million in 2008, principally due to a decline in core revenues in our Aerospace and Commercial businesses, and an unfavorable currency impact of 3%.

Income from continuing operations attributable to common shareholders in the fourth quarter of 2009 increased to $48.0 million, or $1.20 per diluted share compared to $20.1 million, or $0.51 per diluted share in the prior year quarter. As detailed in the tables below, fourth quarter 2009 income from continuing operations excluding special charges increased 32% to $40.3 million, or $1.01 per diluted share compared to $30.6 million or $0.77 per diluted share in the prior year quarter.

Income from continuing operations attributable to common shareholders for the full year 2009 increased to $141.8 million, or $3.55 per diluted share compared to $97.4 million or $2.44 per diluted share in the prior year. As detailed in the tables below, full year 2009 income from continuing operations excluding special items increased 17% to $145.4 million or $3.64 per diluted share, compared to $124.6 million or $3.13 per diluted share in the prior year.

Fourth quarter 2009 cash flow from continuing operations increased 89% to $108.6 million, up from $57.5 million in the prior year quarter.

Cash flow from continuing operations for the full year 2009 totaled $287.3 million, excluding a tax payment of approximately $97.5 million related to the gain on sale of ATI. Excluding tax payments of $90.2 million related to the divestiture of the automotive and industrial businesses, cash flow from continuing operations for 2008 was $195.9 million.

Net income attributable to common shareholders for the fourth quarter and full year 2009 was $42.7 million and $303.0 million, respectively. These results included a loss from discontinued operations of $5.3 million in the fourth quarter, and income from discontinued operations of $161.2 million for the full year 2009.

"2009 had its challenges, but as the calendar has changed to a new decade our company has changed as well," said Jeffrey P. Black chairman and chief executive officer. "We are a company that reduced its exposure to cyclical industries through the divestiture of components of our Aerospace and Commercial segments, made progress with the FDA remediation, continued to make investments in areas that offer long-term growth potential, and executed very well financially. We are prepared to execute in 2010 as well."

Fourth Quarter Business Segment Commentary

Medical Segment

Medical Segment revenues in the quarter increased 6% to $396.8 million from $373.4 million in the prior year period. The increase resulted from core growth of 2%, and a favorable currency impact of 4%. Core revenue increases in vascular access, respiratory, and anesthesia products more than offset declines in cardiac care, surgical and orthopedic devices sold to medical OEM''s.

Medical Segment sales by product group were comprised of the following:

*Certain reclassifications within product categories have been made to 2008 results to conform with current year presentation.

Adjusted segment operating profit in the quarter, which excludes the impact of certain integration costs not qualified for restructuring increased to $83.1 million from $74.5 million in the prior year period. The improvement resulted from increased volume, lower operating expenses, reduced FDA remediation spending, synergies from the Arrow integration activities, and the effect of the weaker U.S. dollar compared with the prior year quarter. Adjusted segment operating margins in the quarter improved to 21.0% versus 19.9% in the prior year quarter. A reconciliation of adjusted segment operating profit and margins are noted on the table below.

Aerospace Segment

Aerospace Segment revenues in the quarter declined 2% to $58.6 million from $59.7 million in the prior year period. Higher sales of wide and narrow-body cargo handling systems to OEM''s, and increases in cargo spares, components and repair sales, were reduced by lower cargo systems sales for aftermarket conversions, and lower demand for cargo containers, resulting in a 7% decline in core revenue during the quarter. This was somewhat compensated for by a favorable currency impact of 5%.

Segment operating profit increased to $6.8 million from $6.2 million in the same period last year. This was principally due to the favorable mix of higher margin spares and repairs sales, as well as cost reduction initiatives. Segment operating margin for the quarter was 11.6% versus 10.3% in the prior year quarter.

Commercial Segment

Commercial Segment revenues in the quarter declined 7% to $59.7 million from $64.2 million in the same period last year. Reductions in core revenue, which accounted for 4% of the decline, were principally a result of a decrease in sales of rigging and Marine OEM products, partially offset by sales of the modern burner unit to the U.S. military and Marine aftermarket sales. The impact of the Marine gauge business divestiture contributed 4% to the decline. This was somewhat balanced by a favorable currency impact of 1%.

During the fourth quarter of 2009, operating profit in the Commercial segment declined to $3.7 million from $4.7 million in the prior year period, principally due to lower sales volumes, which more than offset the impact of cost reduction initiatives. Segment operating margin for the quarter was 6.2% versus 7.3% in the prior year quarter.

Balance Sheet Highlights

Cash on hand at December 31, 2009 was $188.3 million compared to $107.3 million at December 31, 2008, up 75%.

Net accounts receivable at December 31, 2009 was $265.3 million compared to $311.9 million at December 31, 2008, a decline of 15%.

Net inventory at December 31, 2009 was $360.8 million compared to $424.7 million at December 31, 2008, a decline of 15%.

Net debt at December 31, 2009 was $1,008.2 million compared to $1,439.1 million at December 31, 2008, a decline of 30%.

Business Outlook for 2010

The Company''s financial estimates for 2010 include total revenues in excess of $1.92 billion and diluted earnings per share from continuing operations excluding special items in the range of $4.10 to $4.25. Cash flow from continuing operations, exclusive of the impact of the adoption of the amendment to Accounting Standards Codification topic 860 "Transfers and Servicing", is expected to be in the range of $275 to $280 million. Restructuring and other special charges related to the Arrow integration program are anticipated to be $0.05 per diluted share for the year.

Conference Call Webcast and Additional Information

As previously announced, Teleflex will comment on its fourth quarter results on a conference call to be held today at 9:00 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 March 1, 2010, 12:00pm (ET), by calling 888-286-8010 (U.S./Canada) or 617-801-6888 (International), Passcode: 53763506.

Additional Notes

Core growth includes activity of a purchased company beyond the initial twelve months after the date of acquisition. Core growth excludes the impact of translating the results of international subsidiaries at different currency exchange rates from year to year, and the activity of companies that have been divested within the most recent twelve month period.

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

Segment operating profit includes a segment''s net revenues reduced by its materials, labor and other product costs along with the segment''s selling, engineering and administrative expenses and non-controlling interest. Unallocated corporate expenses, gains or losses on sales of assets, restructuring and impairment charges, interest income and expense and taxes on income are excluded from the measure.

Segment commentary excludes the impact of discontinued operations, items included in restructuring and impairment charges, losses and other charges, and fair market value adjustments for inventory as disclosed in the condensed consolidated statements of income.

Notes on Non-GAAP Financial Measures

This press release addresses certain non-GAAP income and cash flow measures. We use 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 GAAP and should not be relied upon as a substitute for GAAP financial measures.

This press release includes financial measures which exclude the effect of charges associated with our restructuring programs and asset impairments, charges related to the Arrow acquisition, (gain)/loss on sale of assets and other charges, tax adjustments, and income tax payments related to gains on business divestitures. Management believes these measures are useful to investors because they eliminate items that do not reflect Teleflex''s day-to-day operations. Tables reconciling these non-GAAP measures to the most directly comparable GAAP measures are set forth below.

Fourth Quarter and Year to Date Reconciliation of Income from Continuing Operations

(A) In 2009, losses and other charges principally relate to loss on sale of assets and restructuring related costs associated with the Arrow acquisition. In 2008, losses and other charges relate to restructuring related costs associated with the Arrow acquisition.

(B) The tax adjustment represents a benefit from the net reduction in income tax reserves and discrete tax benefits related primarily to the resolution of various uncertain tax provisions; the settlement of tax audits; and other adjustments to taxes recorded with respect to prior years, principally resulting from changes to tax law and adjustments to previously filed income tax returns.

(C) The fair market value inventory adjustment reflects the absorption of the residual Arrow inventory purchase price adjustment from acquisition date.

About Teleflex Incorporated

Teleflex is a global provider of medical technology products that enable healthcare providers to improve patient outcomes, reduce infections and support patient and provider safety. Teleflex, which employs approximately 12,700 people worldwide, also has niche businesses that serve segments of the aerospace and commercial markets with specialty engineered products. Additional information about Teleflex can be obtained from the company''s website at www.teleflex.com.

Caution Concerning Forward-looking Information

This press release contains forward-looking statements, including, but not limited to, statements relating to our 2010 forecast of diluted earnings per share from continuing operations excluding special items; forecasted cash flow from continuing operations, excluding the impact of Accounting Standards Codification Topic 860 "Transfers and Servicing;" and expected restructuring and other special charges related to the Arrow restructuring for 2010. Actual results could differ materially from those in the forward-looking statements due to, among other things, conditions in the end markets we serve, customer reaction to new products and programs, our ability to achieve sales growth, price increases or cost reductions; changes in the reimbursement practices of third party payors; our ability to realize efficiencies and to execute on our strategic initiatives; changes in material costs and surcharges; unanticipated difficulties in connection with consolidation of manufacturing and administrative functions; unanticipated difficulties, expenditures and delays in connection with the integration of Arrow International; unanticipated difficulties, expenditures and delays in complying with government regulations applicable to our businesses, including unanticipated costs and difficulties in connection with the resolution of issues related to the FDA corporate warning letter issued to Arrow; the impact of government healthcare reform legislation; our ability to meet our debt obligations; changes in general and international economic conditions; and other factors described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

Contacts:

Teleflex Incorporated
Jake Elguicze
Vice President Investor Relations
610-948-2836