Teleflex Incorporated (TFX): Business Model Canvas [Dec-2025 Updated]

You're analyzing a medical device giant right when it's making its biggest move in years. Honestly, Teleflex Incorporated is executing a major strategic split in late 2025, shedding slower businesses to concentrate squarely on high-growth interventional and vascular markets, which includes integrating that recent BIOTRONIK acquisition. This pivot is the engine behind their $3.305B to $3.320B full-year adjusted revenue guidance and the projected adjusted diluted EPS range of $14.00 and $14.20. To see the nuts and bolts of how they plan to manage this separation while still driving value from brands like UroLift™, check out the full nine-block Business Model Canvas we've mapped out below.

Teleflex Incorporated (TFX) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships Teleflex Incorporated relies on to execute its strategy as of late 2025. These aren't just names on a slide; they represent real financial commitments and market access points.

BIOTRONIK SE & Co. KG for the Vascular Intervention acquisition

This partnership, formalized through an acquisition, immediately shifted Teleflex Incorporated's footprint in the cath lab. The deal, announced February 27, 2025, involved an estimated cash payment on closing of approximately €760 million, which was also valued at $895 million. Teleflex Incorporated completed this acquisition around July 2025. The acquired portfolio is expected to contribute revenues of €177 million for the second half of 2025, with €91 million expected in the fourth quarter alone. For context on the acquired business's historical performance, its constant currency revenue CAGR from 2022 to 2024 was 5.4%. In 2023, the revenue mix was approximately 75% from coronary interventions and 25% from peripheral interventional procedures. This integration positions Teleflex Incorporated to participate in the estimated $10 billion interventional cardiology and peripheral vascular market post-close, with projected annual constant currency revenue growth of 6% or better from 2026 onward for the acquired products.

Centerview Partners LLC as financial advisor for the separation

Centerview Partners LLC is serving as the financial advisor to Teleflex Incorporated for the planned separation into two public companies, NewCo and RemainCo. RemainCo, which will house the Vascular Access, Interventional, and Surgical businesses, is targeting a net leverage ratio below 3.0x through 2026. The separation is expected to be completed by mid-2026.

Simpson Thacher & Bartlett LLP as legal advisor for the separation

Simpson Thacher & Bartlett LLP is acting as the legal advisor to Teleflex Incorporated for the separation. This structural change involves streamlining operations; RemainCo is expected to transition from 19 manufacturing facilities at Teleflex Incorporated as of year-end 2025 down to 7 facilities post-separation.

Global distributors and Group Purchasing Organizations (GPOs)

Market access through large channel partners is key to Teleflex Incorporated's revenue generation. The company secured a contract with Vizient, a major GPO, in 2025 to supply its venous and arterial access catheters. Looking at recent top-line performance, Teleflex Incorporated reported GAAP revenue of $913.0 million for the third quarter ended September 28, 2025, with Adjusted revenue at $892.9 million for the same period. The full-year 2025 adjusted constant currency revenue growth guidance was narrowed to a range of 6.90% to 7.40%.

Here's a snapshot of the latest reported revenue figures:

Academic medical centers for clinical trials and product development

Clinical validation requires partnerships with leading institutions. The acquisition of the BIOTRONIK business includes the opportunity to invest in and expand the clinical trial program for Freesolve, a sirolimus-eluting resorbable metallic scaffold (RMS) technology, including plans to initiate a US pivotal study. This implies significant engagement with clinical sites, likely including academic medical centers, to support the technology indicated for de novo coronary artery lesions in CE-mark accepting countries.

• The acquired BIOTRONIK Vascular Intervention business delivered a constant currency revenue CAGR of 5.4% from 2022 to 2024.
• Teleflex Incorporated's total cash, cash equivalents and restricted cash equivalents stood at $381.3 million as of September 28, 2025.
• Inventories increased to $802.5 million at September 28, 2025, up from $600.1 million at December 31, 2024.

Finance: review the cash flow impact of the €760 million acquisition against the Q3 2025 cash balance by next Tuesday.

Teleflex Incorporated (TFX) - Canvas Business Model: Key Activities

You're looking at the core actions Teleflex Incorporated is taking right now to manage a complex portfolio transition. It's not just about selling devices; it's about integrating a major acquisition while simultaneously preparing to split the company in two. Here are the hard numbers driving those activities as of late 2025.

Integrating the acquired Vascular Intervention business

The integration of substantially all of the Vascular Intervention business from BIOTRONIK SE & Co. KG is a primary focus. This deal, valued at a cash payment of approximately €760 million, less adjustments, was completed earlier than planned, around July 2025. Management confirmed that revenue from this acquired business modestly exceeded guidance for the third quarter of 2025. The company is projecting the acquired products to generate $204 million in revenue for the second half of 2025. Furthermore, the transaction is still expected to be approximately $0.10 accretive to Teleflex Incorporated's adjusted earnings per share in the first year of ownership.

Here are some key metrics related to the integration and the portfolio:

Executing the separation plan into RemainCo and NewCo

Teleflex Incorporated is actively advancing the process for a potential sale of NewCo, which has become the primary focus over the planned mid-2026 spin-off. NewCo will consist of the Urology, Acute Care, and OEM businesses. RemainCo will keep the Vascular Access, Interventional, and Surgical businesses. The separation is designed to streamline the operating model and manufacturing footprint for both entities. Post-separation, RemainCo is expected to deliver 6%+ constant currency revenue growth.

The manufacturing footprint is a key area of streamlining:

• Anticipated manufacturing sites at Teleflex Incorporated (pre-separation, year-end 2025): 19 facilities.
• Anticipated manufacturing sites for RemainCo (post-separation): 7 facilities.
• Anticipated manufacturing sites for NewCo (post-separation): 12 facilities.

The company is also managing tariff impacts, which were reduced from an initial estimate of $55 million expected in 2025 down to $25-$26 million. Also, USMCA compliance for products moving from Mexico to the US has increased to 70%.

Research and development (R&D) for new medical devices

Investment in Research and Development remains a constant activity, with figures showing an increase year-over-year. For the twelve months ending September 30, 2025, Teleflex Incorporated's R&D expenses totaled $0.177B, which is a 15.51% increase year-over-year. This level of spending is noted as being around 5% of revenue. The R&D expense for the nine months ended September 28, 2025, was $132.153 million.

Here's a look at the R&D expenditure:

The company is specifically planning continued investment in new technologies like the Freesolv scaffold. Also, the company launched Barrigel in Japan.

Manufacturing and global supply chain optimization

Optimization efforts are clearly tied to the separation plan and managing external costs like tariffs. The goal is a streamlined manufacturing footprint for RemainCo. The company is actively working to mitigate supply chain risks, which have included OEM sales stagnation at $82.6 million in 2024. The reduction in the estimated tariff impact to between $25 million and $26 million for 2025 shows direct supply chain cost management. Inventory levels at September 28, 2025, stood at $802.5 million, up from $600.1 million at the end of 2024.

Key operational figures related to the supply chain and margins:

• Estimated 2025 Adjusted Gross Margin: Approximately 59%.
• Estimated 2025 Adjusted Operating Margin: Approximately 24.5%.
• Inventories as of September 28, 2025: $802.5 million.
• Net accounts receivable as of September 28, 2025: $592.7 million.

Clinical education and training for healthcare professionals

While direct spending on education isn't explicitly broken out, the activity is implied through product portfolio expansion and market growth drivers. The vascular intervention medical devices market, which Teleflex Incorporated is expanding into, is expected to grow at a compound annual growth rate (CAGR) of 7.1% through 2033. A driver for this market growth is the inclusion of vascular intervention devices into educational programs, which fosters a new generation of skilled professionals. The company is also focused on expanding clinical trial activity, including initiating a U.S.-based study for the Freesolve scaffold. The company hosts investor and operational updates, such as the Vascular Intervention Virtual Meeting on November 14, 2025, to review the acquisition.

The company's dividend activity is also a key financial communication point:

• Quarterly Dividend Paid: $0.34 per share.
• Annualized Dividend Yield: 1.1%.

Finance: draft 13-week cash view by Friday.

Teleflex Incorporated (TFX) - Canvas Business Model: Key Resources

You're looking at the core assets Teleflex Incorporated controls right now, the things that actually make the business run and create value, especially as they push through this separation plan.

The intellectual property is definitely a cornerstone, particularly for the high-value franchises. We're talking about a substantial portfolio protecting key technologies. For instance, the UroLift™ System, a leader in minimally invasive BPH treatment, is covered by numerous U.S. patents, including numbers like US 7,645,286 up through 10,945,719 as of 2025.

The Arrow™ brand, which spans critical access products, also has a deep patent moat. Take the Arrow® Cannon® II Plus Retrograde-Tunneled Chronic Hemodialysis Catheter; it's protected by several U.S. patents, such as US 6,872,198 and US 7,749,185, alongside international filings.

Here's a snapshot of the documented IP strength for just a couple of these major product lines:

The physical footprint is actively being streamlined for the future RemainCo entity. As part of the planned separation, the manufacturing facilities are being reduced significantly. Teleflex Incorporated anticipated transitioning from 19 manufacturing facilities at year-end 2025 down to just 7 facilities for RemainCo post-separation. The remaining 12 sites are expected to transfer to the NewCo entity.

You can't sell high-acuity devices without boots on the ground. A key resource is the established global sales force and clinical support teams. These teams are crucial for driving adoption of complex technologies in hospital settings and providing the necessary post-market support, which is vital for high-acuity devices.

Financially, liquidity is solid as of the latest reporting. Total cash, cash equivalents, and restricted cash equivalents for Teleflex Incorporated stood at $381.3 million as of September 28, 2025. This provides a cushion as the company navigates the separation and integration of the BIOTRONIK Vascular Intervention business.

The device portfolio itself is a primary asset, characterized by its focus on high-acuity, often hospital-based procedures. This includes trusted brands that are FDA-approved and central to their strategic focus areas. Key product families that form this portfolio include:

• The UroLift™ System for benign prostatic hyperplasia (BPH).
• The Arrow® line of vascular access products.
• Interventional technologies like the intra-aortic balloon pump catheters.
• Surgical tools under brands like LMA™, QuikClot®, and Weck™.

The integration of the BIOTRONIK Vascular Intervention business, which saw revenue of about $99 million in Q3 2025, is also being folded into these key resources for RemainCo.

Finance: draft 13-week cash view by Friday.

Teleflex Incorporated (TFX) - Canvas Business Model: Value Propositions

You're looking at the core value Teleflex Incorporated delivers to its customers-the physicians and health systems-based on its late 2025 portfolio. This isn't just about selling devices; it's about offering proven clinical advantages that translate directly into better patient outcomes and operational value.

Minimally invasive solutions like UroLift™ for BPH treatment

The UroLift™ System provides a minimally invasive option for treating benign prostatic hyperplasia (BPH) that directly addresses patient concerns about sexual function. Data from the CLEAR randomized controlled trial (RCT) shows a clear clinical advantage in early recovery metrics when compared to Rezūm Water Vapor Therapy. Specifically, only 1 out of 42 UroLift™ System patients failed to achieve catheter-independence between days three and seven post-procedure, compared to 10 out of 37 Rezūm-treated patients in that same timeframe. Furthermore, the durability is supported by a 5-year L.I.F.T. study showing a surgical retreatment rate of about 2-3% per year, totaling 13.6% over five years. The patient preference for this approach is also evident; in the IMPACT RCT, 70% of men initially randomized to the medication group (tamsulosin) opted to switch to the UroLift™ therapy. Globally, over 500,000 men have been treated with the UroLift™ System in select markets. Still, be aware that challenges in the Interventional Urology segment were cited as a factor impacting the Americas' performance in Q2 2025.

Critical care and surgical products for emergent end markets

Teleflex Incorporated supports critical care and surgical needs with established product lines. For instance, the Interventional revenue segment, which includes complex catheters and balloon pumps, saw a significant year-over-year increase of 19.3% in Q2 2025, reaching $170 million. The Vascular Access segment, which includes products like peripherally inserted central catheters (PICCs), also contributed, with revenue rising 1.4% to $185.5 million in the same quarter. These figures show the ongoing demand for reliable access and interventional tools in acute settings.

Comprehensive portfolio for the cath lab post-BIOTRONIK acquisition

The recent completion of the acquisition of BIOTRONIK's Vascular Intervention business on July 1, 2025, for €760 million (or $895 million) immediately bolsters the portfolio for the cath lab. This move establishes a stronger global footprint in the peripheral intervention market. The acquired products are projected to contribute an estimated €177 million (or $204 million) in revenue for the second half of 2025, with €91 million (or $105 million) expected in the fourth quarter alone. Management projects that the combined Interventional business will generate $800 million plus in annual revenues. This strategic addition is expected to be $0.10 accretive to adjusted EPS in the first year of ownership. You can see the immediate financial impact reflected in the raised full-year 2025 GAAP revenue growth guidance to a range of 9.00% to 10.00%.

Here's a quick look at the financial scale of the key revenue drivers following the acquisition:

Trusted, established medical device brands for clinical reliability

The value proposition rests heavily on clinical trust built over time. The company's portfolio includes devices with long-term data supporting their use. For example, the UroLift™ System has over 14 years of BPH research behind it. The company's commitment to evidence-based innovation is clear, as seen by the data presented at the 2025 American Urological Association (AUA) Annual Meeting. The financial stability supporting this reliability includes a raised full-year 2025 adjusted diluted EPS guidance range of $13.90 to $14.30. Plus, Teleflex Incorporated declared a quarterly dividend of $0.34 per share, showing a commitment to shareholder returns alongside product investment.

Products enhancing patient safety and procedural efficiency

Procedural efficiency is a key value driver, helping reduce time in the operating or cath lab. The UroLift™ System demonstrated shorter catheterization times compared to Rezūm in the CLEAR RCT. The company is also advancing safety in other areas; for instance, research highlighted the safety of stabilized hyaluronic acid (sHA) rectal spacers, showing no severe complications like ulcers or fistulas in cases involving rectal wall infiltration. Operationally, the company is focused on margin improvement; the Q2 2025 adjusted gross margin was 59.7%, and the total cash position at June 29, 2025, stood at $283.9 million, providing resources to invest in efficiency-enhancing technologies. The Freesolve™ resorbable scaffold technology, part of the BIOTRONIK deal, is a platform Teleflex is pushing forward, aiming for a U.S. pivotal study, which speaks to future efficiency and innovation.

• UroLift™ System: 70% crossover rate from medication in one RCT suggests high patient/physician preference for the procedure.
• Freesolve™ RMS: Projected to achieve $500M+ in sales potential by 2030.
• Q2 2025 Adjusted Diluted EPS: $3.73, up year-over-year, reflecting operational execution.

Finance: draft 13-week cash view by Friday.

Teleflex Incorporated (TFX) - Canvas Business Model: Customer Relationships

You're looking at how Teleflex Incorporated (TFX) manages its connections with the clinical world, which is crucial given their focus on specialized medical devices. Honestly, for a company like TFX, the relationship isn't just transactional; it's deeply embedded in the hospital workflow.

Dedicated direct sales and clinical support for hospitals remains a cornerstone. This is where the rubber meets the road, especially with complex devices. While we don't have the exact 2025 headcount for the direct sales force, we know the company had 14,100 total employees as of late 2025, supporting a business where hospitals and healthcare providers generated 87% of consolidated net revenues for the year ended December 31, 2024. Furthermore, the company announced a restructuring plan in Q4 2025 that includes the realignment of the global sales force, with estimated restructuring costs between $36 to $44 million to be substantially completed by the end of 2028, indicating an ongoing effort to optimize this direct touchpoint.

Long-term contracts with major hospital systems and GPOs (Group Purchasing Organizations) lock in volume, even if the specific 2025 percentage of revenue tied to GPOs isn't public. What we do see is the financial commitment to the market; for the nine months ended September 28, 2025, Teleflex Incorporated generated net revenues of approximately $2.73 billion (calculated by subtracting the Q3 revenue of $913.0 million from the TTM revenue of $3.19 billion and adjusting for the difference in reporting periods, or using the nine-month revenue growth context). The company is also actively managing contract terms, noting plans to implement increased customer pricing as contracts come up for renewal.

Account management is clearly focused on high-value, recurring product sales. The company's performance metrics reflect this focus; the narrowed full-year 2025 GAAP revenue growth guidance was set between 9.10% to 9.60%, and the adjusted diluted EPS from continuing operations guidance was narrowed to $14.00 to $14.20. This financial performance is directly tied to sustained utilization of their installed base of devices.

Professional training and education programs for defintely complex devices are essential for adoption and safety. The 2024 Annual Report mentioned onboarding and training programs that help employees grasp the impact of their products, embodied by the Customer Champions program, reinforcing a commitment to enhancing the customer experience across the organization. While specific 2025 participation numbers aren't available, the need for this support is constant for their portfolio, which includes trusted names like Arrow™, UroLift™, and QuikClot™.

Self-service and online resources for product information support the clinical staff between direct interactions. This digital layer helps manage the relationship at scale. Here's a quick look at the financial scale of the customer base they are supporting as of late 2025:

The nature of these customer relationships is characterized by several key activities:

• Dedicated direct sales and clinical support for hospitals.
• Long-term contracts with major hospital systems and GPOs.
• Account management focused on recurring product sales.
• Professional training and education programs for complex devices.
• Self-service and online resources for product information.

If onboarding for new clinical staff takes longer than expected, churn risk rises, which is a near-term operational risk Teleflex Incorporated has to manage with its field teams.

Teleflex Incorporated (TFX) - Canvas Business Model: Channels

You're looking at how Teleflex Incorporated gets its medical devices into the hands of surgeons and clinicians as of late 2025. It's a mix of boots-on-the-ground sales and strategic partnerships.

For context on the scale of operations, the Trailing Twelve Month (TTM) revenue as of September 30, 2025, was reported at approximately $3.190B. For the third quarter of 2025 alone, GAAP revenue hit $913.0 million.

The direct sales force to hospitals and surgical centers (primary channel) is the backbone, covering the majority of the business, which was 60% of revenue from the US in 2024. You saw specific product category revenues in Q1 2025 like Vascular Access at $182.4 million and Interventional at $137.5 million.

For third-party distributors in international markets, the geographic exposure outside the US was 40% of total revenue in 2024. For instance, revenue from Asia in Q1 2025 was $73.8 million, down 9.7% year-over-year.

The Original Equipment Manufacturer (OEM) sales channel is a distinct revenue stream. In Q1 2025, OEM revenue was $63.9 million, representing a year-over-year decrease of 26.8%. This revenue is generally recognized over time because OEM sales involve custom products.

Regarding digital access, Teleflex Incorporated uses channels like online portals for product ordering and customer support. While specific transaction volume is not public, the company has a total employee base of 14,100 people as of late 2025, supporting these interactions.

The use of clinical specialists providing on-site procedural support is integral to high-value product adoption. This support structure is tied to the overall sales and service organization. Here's a look at the capital allocation context:

• Accelerated share repurchase initiated February 28, 2025: $300 million.
• Quarterly dividend declared: $0.34 per share.
• Estimated impact from tariffs for full year 2025: approximately $55 million.
• Estimated revenue from the acquired Vascular Intervention business in H2 2025: $204 million.

Finance: draft 13-week cash view by Friday.

Teleflex Incorporated (TFX) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Teleflex Incorporated's specialized medical devices as of late 2025. This isn't a one-size-fits-all market; it's segmented by geography, specialty, and even by other device makers needing components.

Geographically, the Americas segment is the powerhouse, generating $555.9 million in net revenues for the third quarter of 2025. This region, which includes the US market, accounted for roughly 60.89% of the total GAAP revenue of $913.0 million reported in Q3 2025, aligning closely with the expected 60% concentration in the US. The other key regions are EMEA at $234.2 million and Asia at $122.9 million for the same period.

The customer base is best understood by looking at the revenue generated by the product lines that serve them. Here's the breakdown from the third quarter of 2025:

The direct purchasers are the healthcare facilities themselves, which means Acute care hospitals and surgical centers globally are a primary segment, utilizing products across Vascular Access ($191.0 million in Q3 2025) and Anesthesia ($101.4 million in Q3 2025). The growth from the BIOTRONIK Vascular Intervention Business acquisition further solidifies this segment focus.

The specialists who drive the adoption of specific high-value products are clearly defined by the revenue streams:

• Interventional cardiologists and radiologists drive the Interventional segment, which posted $266.4 million in Q3 2025 revenue.
• Urologists and other specialty surgeons are served by the Interventional Urology segment, which brought in $71.8 million in Q3 2025, and the Surgical segment at $122.9 million.

Finally, don't forget the business-to-business component: Original Equipment Manufacturers (OEMs) for component supply. This segment contributed $80.4 million to the Q3 2025 revenue. Finance: draft the Q4 2025 revenue projection incorporating the expected $204 million from the acquired Vascular Intervention business in the second half of 2025 by Wednesday.

Teleflex Incorporated (TFX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Teleflex Incorporated's (TFX) business as of late 2025. This is where the rubber meets the road for profitability, showing what it takes to bring those specialized medical devices to the operating room.

The primary drain on revenue, before operating expenses, is the Cost of Goods Sold (COGS). For the nine months ended September 28, 2025, Teleflex reported COGS of $1,122.413 million. This figure covers all the manufacturing costs, including raw materials, direct labor, and overhead associated with producing their portfolio of vascular access, interventional, and surgical products.

To keep that product pipeline fresh, Teleflex has to invest heavily in Research & Development (R&D). For that same nine-month period in 2025, R&D expenses totaled $132.153 million. This investment fuels product innovation, which is key to maintaining a competitive edge in the medical technology space. Honestly, in this industry, standing still means falling behind.

Supporting the global footprint and driving adoption requires a substantial Sales, General, and Administrative (SG&A) spend. For the first nine months of 2025, SG&A expenses were $719.555 million. This covers the global sales force, marketing efforts, and the corporate overhead needed to run a multinational operation.

A near-term, external cost pressure Teleflex is managing is the impact of trade policy. The company has stated they expect an impact from tariffs of approximately $55 million in 2025, which will be recorded directly in cost of goods sold. They are actively evaluating mitigation strategies to reduce this exposure.

Below the operating line, financing costs are a predictable component. The Net interest expense is projected at $93 million for the full year 2025. This number reflects the cost of servicing the company's debt load, which stood at approximately $2 billion in debt capital as of the third quarter.

Here's a quick look at the key cost components for the nine months ended September 28, 2025, compared to the prior year period:

When you map out the expected headwinds, the picture becomes clearer:

• Tariff Headwind (recorded in COGS): $55 million
• Projected Full Year Net Interest Expense: $93 million
• Nine-Month SG&A: $719.555 million

To be fair, the R&D spend is a necessary cost of doing business, but you want to see that translating into revenue growth, which they saw in Q3 2025 revenue growth of 19.4% GAAP. Finance: draft 13-week cash view by Friday.

Teleflex Incorporated (TFX) - Canvas Business Model: Revenue Streams

Teleflex Incorporated's revenue streams are anchored in the sales of its diverse portfolio of medical technologies across various product categories and geographies. You're looking at how the company monetizes its devices, and the latest figures show a mix of established product performance and growth from recent strategic moves.

The historical composition of revenue streams shows a significant reliance on core product lines. Sales of Vascular Access products historically represented about 24% of total sales. More recently, in the third quarter of 2025, the Vascular Access segment generated $191.0 million in revenue.

A major driver for near-term revenue is the Interventional portfolio, which has been significantly boosted by the recent acquisition of BIOTRONIK's Vascular Intervention business. For the third quarter of 2025, the Interventional segment reported revenue of $266.4 million. This acquisition was a key part of the strategy to enhance Teleflex Incorporated's global presence in the cath lab.

The company's overall financial outlook for the full year 2025 reflects this activity. Teleflex Incorporated has provided a full-year 2025 adjusted revenue guidance of $3.305B to $3.320B. Furthermore, the adjusted diluted EPS expected for 2025 has been narrowed to a range between $14.00 and $14.20.

The Interventional Urology product line, which includes the UroLift™ system, remains a distinct revenue stream, though it has faced headwinds. In the third quarter of 2025, sales from Interventional Urology products totaled $71.8 million. This contrasts with the performance of other segments, as the UroLift revenue growth expectations have been subdued, leading to prior goodwill impairment charges in that unit.

You can see a snapshot of the revenue distribution from the third quarter of 2025 across the main product lines:

The revenue streams are also categorized by geography, with the Americas segment typically being the largest contributor. The company's ability to generate earnings is reflected in the latest guidance:

• Adjusted diluted EPS guidance for 2025: $14.00 to $14.20.
• Q3 2025 GAAP revenue: $913.0 million.
• Q3 2025 Adjusted revenue: $892.9 million.
• Vascular Access growth in Q1 2025 was 1.9% year-over-year.

Finance: draft 13-week cash view by Friday.