Teleflex names new CFO, gives 2010 forecast - Trade Only Today

Teleflex names new CFO, gives 2010 forecast

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Teleflex Inc. appointed Richard (Randy) Meier as executive vice president and chief financial officer, effective the close of business today.

Meier was previously president and chief operating officer of Advanced Medical Optics, Inc., a publicly-traded $1.2 billion global ophthalmic medical device company.

"Randy brings a depth of experience to the chief financial officer role, with more than 10 years of financial and operational leadership in medical device and pharmaceutical companies," said Jeffrey P. Black, Teleflex chairman and chief executive officer, in a statement. "His proven track record leading high performance, fast-growth organizations is a great addition to our team as we execute on our strategic initiatives."

Meier succeeds Kevin K. Gordon who, as previously announced, is leaving Teleflex this month after 13 years with the company.

Meier was an executive with Advanced Medical Optics Inc. from 2002 until the company was acquired in 2009. He served as executive vice president and chief financial officer of Valeant Pharmaceuticals Inc. from 1999-2002.

Also today, Teleflex announced its 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, or growth between 14 and 18 percent as compared to 2009.

"During 2010 we expect to achieve consolidated core revenue growth of between 2 percent to 3 percent, led by medical segment core revenue growth of between 3 percent to 4 percent," said Black. "In addition, we expect to continue to expand our medical operating margins and anticipate they will approach 22 percent for the year."

Teleflex plans to report fourth quarter and year-end 2009 financial results Feb. 24.

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