TFX

Teleflex beats quarterly profit estimates on strong demand for medical devices

Feb 22 (Reuters) - Teleflex TFX.N reported fourth-quarter profit above Wall Street estimates on Thursday, on the back of strong demand for its medical devices and surgical equipment.

Rivals such as Stryker SYK.N, Boston Scientific BSX.N and Johnson & Johnson JNJ.N have recently benefited from a post-pandemic increase in demand for devices used in surgeries.

The manufacturer of hospital supplies and single-use medical devices reported a 2.1% rise in revenue from a year earlier to $773.9 million for the quarter ended Dec. 31, compared with estimates of $768.7 billion, according to LSEG data.

Teleflex's vascular access unit, its largest, which makes equipment like catheters and probes used in bloodstream-related procedures, reported revenue of $186.7 million, beating estimates of $183.5 million.

Its interventional unit, which focuses on heart and medical imaging devices, reported sales of $135.6 million, above estimates of $132 million.

The Wayne, Pennsylvania-based company expects a 2024 profit of $13.55-$13.95 per share, on an adjusted basis. Analysts expect a profit of $13.84 per share for the period.

Teleflex expects revenue to grow between 3.6% and 4.6% in 2024.

On an adjusted basis, the company reported a profit of $3.38 per share, topping analysts' average estimate of $3.26, according to LSEG data.

(Reporting by Puyaan Singh in Bengaluru; Editing by Krishna Chandra Eluri)

((Puyaan.Singh@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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