Q2 revenue was $567 million, which was down 12% as compared to the prior year period on a constant currency basis.
The decline in revenue is due to the negative impact from COVID-19, which we estimate caused a net negative impact of approximately $130 million or approximately 20%.
If we were to normalize for the negative COVID impact, we estimate that we grew our underlying business by approximately 8% on a constant currency basis, or near the high end of our initially provided 2020 full year constant currency revenue growth rate range.
From an earnings per share perspective, like revenue, our adjusted earnings per share of $1.93 in the quarter also significantly exceeded our internal expectations.
As I mentioned, quarter two revenue declined 12% on a constant currency basis and 13.1% on an as-reported basis.
The decline in revenue was primarily due to COVID-19, which we estimate had a negative impact of approximately $144 million across several global product categories.
This was somewhat offset by approximately $14 million of additional revenue within our vascular access and other product categories, which experienced higher-than-expected demand as a result of COVID-19.
From a margin perspective, we generated adjusted gross and operating margins of 53.9% and 21.8%, respectively.
This translated into a year-over-year decline of 380 basis points on the gross margin line and 340 basis points on the operating margin line, as reduced sales volumes and unfavorable revenue mix impacted by COVID were major headwinds.
Adjusted earnings per share was $1.93, down 27.4% year-over-year, but well ahead of our internal expectations as the business started to recover during the quarter.
Netting these two impacts, we estimate that COVID was a $130 million headwind or an approximate 20% detractor from our 2Q revenue growth.
Specifically, Interventional Urology year-over-year revenue was down approximately 79% in April.
It was down approximately 30% in May and then down approximately 8% in June.
Year-over-year revenue declined approximately 30% in April, approximately 28% in May, and then it was down approximately 2% in June.
And finally, our Surgical business experienced year-over-year revenue declines of approximately 34% in April, 31% in May and then approximately 21% in June.
As a result of the uncertainty associated with the scope and duration of COVID-19, we made the decision not to reinstate our 2020 financial guidance at this time.
The Americas delivered revenues of $312.5 million in the second quarter, which represents a 16% decline.
We estimate that the Americas would have grown approximately 8% excluding an estimated 24% impact of COVID on the region.
EMEA reported revenues of $131.6 million in the second quarter, representing an 8% decline.
Adjusting for COVID, we estimate approximately 1% underlying growth for the region.
Revenues totaled $67.1 million in the second quarter, which represents a decline of 7.8%.
And lastly, our OEM business reported revenues of $55.8 million in the second quarter, or 70 basis points recurring on a constant currency basis.
Excluding the estimated COVID-19 impact, the business grew roughly 25%, which includes a 16% benefit from HPC.
Due to the growth within both our central venous catheter and EZ-IO products, Q2 revenues increased 8.8% to $164.9 million.
We estimate that COVID-19 positively impacted the growth rates of our vascular products during the second quarter by approximately 5%.
Second quarter revenue was $82.6 million, which is lower than the prior year by 20.3%.
We estimate that underlying growth was in the mid-single digits, adjusting for an approximate 24% COVID-19 headwind.
Q2 revenues were $64.9 million, which is lower than the prior year by 23%.
We estimate that COVID had an approximate 22% negative impact in the quarter.
Revenue declined by 28.4% to $67.3 million, driven by lower sales of our ligation portfolio and instruments.
We estimate a significant 30% headwind from COVID during 2Q.
Q2 revenue decreased 40.9% to $40.1 million.
We estimate an approximate $58 million COVID-19-related headwind during 2Q.
And finally, our other category, which consists of our respiratory and urology care products grew 5.4%, totaling $91.4 million.
The results from the first study compared sexual function outcomes of 849 sexually active men who received daily treatments with an alpha blocker, 5-alpha-reductase inhibitor, either alone or in combination and 190 men from combined clinical studies of the UroLift System at 12, 24, 36 and 48 months.
Results from the analysis showed that patients treated with the UroLift System experienced significant improvement in ejaculatory function and erectile function at 12 and 24 months post treatment.
Patients also reported significant improvement in overall sexual satisfaction through 48 months post treatment.
The study compared 53 non-retention patients from two U.S. sites.
We plan to hold a market acceptance test for this product in late 2020.
And while we estimate that between only 5% and 10% of the market have an obstructive median lobe, this enhancement demonstrates our commitment to invest in R&D to expand our leadership position in BPH.
The national campaign will run from July to December, and the strategic role of DTC is important, as about half of the 12 million men being treated for BPH believe prescription medications are their only solution.
Additionally, we submitted the UroLift two for 510(k) FDA approval at the end of the second quarter.
And lastly, I would like to congratulate the interventional urology team on surpassing 200,000 patients treated with UroLift.
While this is a significant milestone, with DTC in the U.S., approximately 2,700 urologists trained and major market launches scheduled over the next few years, we have only scratched the surface in treating the approximate 100 million men globally estimated to have BPH.
We recently began enrolling for a prospective single-arm IDE study, targeting 150 patients across approximately 15 sites within the U.S. to evaluate the performance of Teleflex coronary guidewires and specialty catheters in chronic total inclusion percutaneous coronary intervention procedures.
For the quarter, adjusted gross profit was $305.8 million versus $376.6 million in the prior year quarter, or a decrease of approximately 19%.
Adjusted gross margin totaled 53.9% during the quarter, which is a decrease of 380 basis points versus the prior year period.
In total, we estimate that COVID-19 negatively impacted our adjusted gross profit by approximately $100 million in the quarter.
As a result of the efforts, we estimate that operating expenses were reduced in the second quarter by approximately $35 million.
Adjusted operating profit was $123.9 million as compared to $164.7 million in the prior year or a decrease of approximately 25%.
Second quarter operating margin was 21.8% or down 340 basis points year-over-year, driven by the gross margin declines and loss of operating leverage, partly offset by the reduction in operating expense.
For the quarter, net interest expense totaled $15.5 million, which is a decrease of approximately 24% versus the prior year quarter.
During the quarter, we took steps to further improve our liquidity by issuing $500 million of 8-year senior notes at 4.25%.
For the second quarter of 2020, our adjusted tax rate was 15.8% as compared to 13.4% in the prior year period.
At the bottom line, second quarter adjusted earnings per share decreased 27.4% to $1.93.
Included in this result is an estimated adverse impact from COVID-19 of $1.18 as well as a foreign exchange headwind of approximately $0.04.
During the second quarter of 2020, we committed to a workforce reduction plan, designed to improve the profitability by streamlining certain sales and marketing functions in our EMEA segment and certain manufacturing operations within our OEM segment.
We estimate that we will incur aggregate pre-tax restructuring charges of between $10 million and $13 million, consisting primarily of termination benefits, which will also result in future cash outlays.
Once the plans are fully implemented, we project annual pre-tax savings of between $11 million and $13 million, and we expect the savings will begin in 2020.
Including the latest workforce reduction plan, savings across all programs are expected to be between $59 million and $72 million.
Approximately 1/2 of the savings are expected to be realized in 2020 and 2021 and in the remaining 1/2 over the period 2022 through 2024.
This also adds to our confidence that our prior LRP financial targets of 6% to 7% revenue growth, 60% to 61% gross margin and 30% to 31% operating margin remain the right goals for Teleflex.
For the first half of 2020, cash flow from operations totaled $134 million as compared to $157.3 million in the prior year period or a year-over-year decrease of $23.3 million.
The decrease is attributed to a $10 million pension contribution made in the first half of 2020 and was not made in the first half of the prior year and a $54 million increase in first half 2020 contingent consideration payments versus payments made in the first half of 2019.
At the end of the second quarter, our cash balance was $553 million versus $406 million at the end of the first quarter.
Net leverage at quarter end was approximately 2.6 times, providing comfortable headroom when compared to our covenant, which requires that we stay below 4.5 times.

Summary:
Q2 revenue was $567 million, which was down 12% as compared to the prior year period on a constant currency basis.
From an earnings per share perspective, like revenue, our adjusted earnings per share of $1.93 in the quarter also significantly exceeded our internal expectations.
Adjusted earnings per share was $1.93, down 27.4% year-over-year, but well ahead of our internal expectations as the business started to recover during the quarter.
As a result of the uncertainty associated with the scope and duration of COVID-19, we made the decision not to reinstate our 2020 financial guidance at this time.
We plan to hold a market acceptance test for this product in late 2020.
At the bottom line, second quarter adjusted earnings per share decreased 27.4% to $1.93.
During the second quarter of 2020, we committed to a workforce reduction plan, designed to improve the profitability by streamlining certain sales and marketing functions in our EMEA segment and certain manufacturing operations within our OEM segment.
We estimate that we will incur aggregate pre-tax restructuring charges of between $10 million and $13 million, consisting primarily of termination benefits, which will also result in future cash outlays.
Once the plans are fully implemented, we project annual pre-tax savings of between $11 million and $13 million, and we expect the savings will begin in 2020.