Liam J. Kelly
Chairman, President & Chief Executive Officer at Teleflex
Thank you, Larry, and good morning, everyone. It's a pleasure to speak with you today. Teleflex continues to execute well despite a challenging environment. For the first quarter, Teleflex generated 3.2% constant currency revenue growth year-over-year. When adjusting for the estimated 1% impact of one less selling day in the quarter compared to the prior year period and the impact of our 2021 respiratory business divestiture, the underlying growth in the quarter was 5.8% year-over-year despite some disruption from COVID in January and early February.
Adjusted earnings per share increased 0.3% year-over-year to $2.88, reflecting growth in the business, offset by the impact of incremental inflation and investment for our growth drivers. Once again, our steady performance in the quarter was driven by the company's balance of growth drivers, broad portfolio of medically necessary products and category leadership, offset by the impact of COVID-19 and the divestiture of the respiratory assets. Although the surge in COVID infections disrupted the business during the first half of the quarter, we had a better-than-expected performance in March.
Specifically, we saw a notable impact in January and early February driven by deferrals of procedures, patient reluctance and patients and caregivers contracting COVID, which negatively impacted procedure volumes. However, as COVID infections declined, we saw a notable uptick in our business as we exited February. In the quarter, our high-growth portfolio, which accounted for approximately 25% of revenues in 2021 and includes UroLift, mANTA, hemostatic products, EZ-IO, OnControl and PICCs performed well.
When excluding UroLift, which was anticipated to build momentum through the year, the remainder of products in the high-growth portfolio increased in the low double digits when adjusting for one less selling day in the quarter. We continue to expect our high-growth portfolio to grow in the mid-teens for 2022 as the environment normalizes and UroLift growth improves over first quarter levels. Our durable core remains on track for 4% growth in 2022 as assumed in our guidance.
Overall, we are pleased with our first quarter performance despite the COVID-related disruptions and year-over-year inflationary pressures from freight, raw materials and labor. I am also pleased to report that our pricing strategy has gained traction early in the year, and I feel very confident in delivering our plan of 50 basis points in positive pricing in 2022. We continue to assume a more normalized operating environment as we progress through 2022 due to a decrease in COVID disruptions and an increase in elective surgical procedures.
Given that it is still early in the year, we are maintaining our constant currency and adjusted earnings per share guidance for 2022. I would once again like to thank the entire Teleflex team. The resilience of the organization continues to hold fast. Although the disruptions from the pandemic have been longer than anticipated, I believe the Teleflex team is managing through this exceptionally well. The hard work and dedication of our employees continues to be felt throughout the organization and with our customers, patients and in our communities.
With that, let's turn to a deeper look at our first quarter revenue results. I will begin with a review of our reportable segment revenues for the first quarter. All growth rates that I refer to are on a constant currency basis unless otherwise noted. During the first quarter, our Americas, EMEA, Asia and OEM segments demonstrated resilience, with all regions showing constant currency revenue growth year-over-year. Again, we continue to see the benefits of our diversified product portfolio in this challenging environment. Americas' revenues were $378 million, which represents 0.8% growth year-over-year.
In the quarter, Surgical was the biggest contributor to growth, partially offset by the impact of COVID-19 and one less selling day. Excluding the impact of the selling day, the Americas region grew approximately 2.3% year-over-year. The headwind associated with the respiratory divestiture to the Americas growth was minimal in the quarter. EMEA revenues of $136.9 million increased 3.4% year-over-year, with Interventional, Vascular Access and Anesthesia products leading the growth. EMEA continues to face a headwind from COVID-19 in early January and subsequently saw procedure volumes improve as countries across the region continued to open up.
Excluding the impact of the respiratory divestiture, revenues rose 7% year-over-year. Turning to Asia. Revenues were $69.2 million, increasing 12.5% year-over-year. China revenues increased at a strong double-digit rate, led by growth in Vascular and Surgical, while Southeast Asia and Japan also contributed to the performance in the quarter. Excluding the impact of the respiratory divestiture, Asia revenues rose 18.5% year-over-year. Let's now move to a discussion our first quarter revenues by global product category.
Consistent with my prior comments regarding our reportable segments, commentary on global product category growth for the first quarter will also be on a constant currency basis and ranked by size of our business units. Starting with Vascular Access. Revenue increased 3.2% to $166.1 million. Our category leadership in central venous catheters and midlines, along with our novel coated PICC portfolio, continue to position us for dependable growth. PICC growth was in line with internal expectations for the quarter. We expect PICCs to grow faster than the market with double-digit growth for 2022 as we invest behind our differentiated portfolio.
Moving to Interventional. Revenue was $96.9 million, up 2.3% year-over-year. We executed well during the quarter with growth across our broad portfolio. We continue to invest behind our Interventional portfolio, including complex catheters and MANTA, our large bore closure device. MANTA revenues were as expected in the quarter, with usage continuing to expand both in the U.S. and in international markets. In turn, we remain on track for our 2022 revenue objectives.
Now to Anesthesia. Revenue was $86.9 million, up 5% year-over-year. LMA single-use masks, hemostatic products, atomization and airway all contributed to growth in the first quarter, partly offset by lower sales of tracheostomy products. Hemostatic products revenues were in line with our expectations for the quarter. In our Surgical business, revenue was $89.7 million, representing 14.4% growth year-over-year. Among our largest product categories, we continue to witness robust growth in sales of metal and polymer ligation clips, offset by timing of orders in instrument our business.
For Interventional Urology, revenue was $74.9 million, representing an increase of 2.2% year-over-year and slightly above our internal expectations. As expected, the performance in the quarter was negatively impacted by the meaningful acceleration in COVID cases in January and February, which not only impacted patients, but also resulted in staffing shortages. However, we saw improvements in the operating environment sequentially as COVID-related disruptions began to ease. OEM revenues increased 9.2% year-over-year to $57.7 million.
Once again, our order book remains strong as customers recognize our broad competencies. We remain well-positioned with competitive capabilities across our markets, including faster growth opportunities in thin mold, advanced interventional microcatheters used in neurovascular and other applications. And finally, our other category, which incorporates sales of respiratory products not included in the divestiture to Medline, Urology Care and manufacturing and supply transition agreement revenues related to our respiratory business divestiture, declined by 11.7% to $69.5 million year-over-year.
The decline reflects the loss of revenue due to the divestiture of the respiratory products, partially offset by manufacturing and supply transition agreement revenues. We continue to expect manufacturing and supply transition agreement revenues to partially offset the impact on our revenue growth related to the divested respiratory assets over the first half of 2022 and that all MSA revenues will phase out at the end of 2023. That completes my comments on the first quarter revenue performance. Turning to some commercial updates and starting with UroLift.
We continue to see UroLift positioned for accelerating growth in the second half of 2022 as pandemic headwinds abate through the year and as elective surgical procedures become less disruptive. Accordingly, there is no change to our 15% year-over-year growth outlook for the year. UroLift remains differentiated from other outpatient BPH treatments with strong clinical results, studies showing rapid symptom relief and recovery, no new sustained sexual dysfunction and durable results. Investors familiar with Teleflex will be aware that UroLift is being positioned for patients that are suffering from BPH and have failed or are not satisfied with drug therapy.
Our DTC program remains an important element in our market-building activities and is poised for another successful year with internal metrics tracking to or above plan in the first quarter. As discussed previously, we are laser-focused on improving UroLift utilization for existing users and driving increased productivity of the roughly 900 surgeons that were trained in the midst of the pandemic. Our sales force is fully engaged to advance the rollout of UroLift two with conversion of the vast majority of our U.S. users anticipated by the end of 2022.
Importantly, we are getting very good feedback from surgeons that have now converted to the new device. In addition, UroLift two remains an important margin driver. And we remain positioned to generate approximately 400 basis points of UroLift gross margin expansion once the U.S. user base is fully converted. We believe that a tactical approach to moving our existing UroLift users back towards prepandemic procedure levels is the most effective way to improve growth in 2022.
Even though it is early days, we are encouraged by the improvement we are seeing in the growth from existing UroLift users. Now turning to an update on our international expansion strategy for UroLift. We have initiated our launch of UroLift in Japan on time and consistent with the April one implementation of reimbursement. We have now completed initial cases with Key Opinion Leaders and we are methodically ramping up volumes. The feedback from the first cases has been overwhelmingly positive, which reflects the clinical benefits of the UroLift system and our field clinical capabilities.
Although we consider 2022 as a building year for Japan, the country remains an important long-term opportunity for UroLift with a $2 billion TAM, and we are excited to bring this clinical beneficial treatment to those suffering from BPH. We continue to expect our sales in the region to ramp in a similar fashion to the United States in a market that is 1/3 the size. As we look into the second half of 2022, we expect revised reimbursement in France, and we anticipate launch activities in select regions in Italy and Spain. We still expect to obtain clearance for UroLift in China in 2023.
Turning to the Vascular business. We recently received an award of a sole-source group purchasing agreement with Vizient for the supply of central venous access products. The group purchasing agreement includes access to Teleflex's leading portfolio of CBCs with differentiated antimicrobial technology as well as the recently launched ErgoPack complete system. The agreement goes into effect in August and should generate incremental revenue for Teleflex over the next several years. That said, the impact of the agreement was already contemplated in our annual guidance for 2022.
Regarding potential label expansion opportunities for the hemostatic product portfolio, as we indicated previously, we have completed patient enrollment in a 231 patient IDE study, evaluating the performance of quick clot control plus hemostatic devices from mild to moderate bleeding in cardiac procedures as compared to standard gauze. We remain on track with our regulatory milestones and recently filed a 510(k) for expanded use of quick clot control plus. That completes my prepared remarks.
Now I would like to turn the call over to Tom for a more detailed review of our first quarter financial results. Tom?
