Teleflex raises 2024 profit forecast on medical device demand
Aug 1 (Reuters) -Surgical equipment maker Teleflex TFX.N raised its annual profit forecast on Thursday, banking on resilient demand for certain surgical procedures at hospitals to drive sales for its medical devices.
The company also said its board authorized a share repurchase program for up to $500 million of common stock.
Investor expectations around the performance of medical device makers have been heightened since last November due to higher demand for procedures, especially among older adults, that were delayed during the COVID-19 pandemic.
The Wayne, Pennsylvania-based company raised its 2024 adjusted profit forecast to between $13.80 and $14.20 per share, from its previous outlook of $13.60 to $13.95 per share.
Analysts on average estimate adjusted profit for the period to be $13.73 per share, according to LSEG data.
Rivals such as Boston Scientific BSX.N and Stryker SYK.N have also raised their full-year profit forecasts on demand for medical devices.
Teleflex recognized an increase of $15.8 million to its reserves for the quarter and half year ended June 30, of which $13.8 million was related to prior years. This was due to an Italian law requiring device makers to pay to the government if expenditures exceed an established ceiling on costs for a particular year.
The manufacturer of hospital supplies and single-use medical devices reported a 2.7% rise in revenue on an adjusted basis to $763.5 million for the second quarter, but missed estimates of $764.6 million.
The company's vascular access segment, its largest, which makes devices for bloodstream-related procedures like catheters and probes, brought in $181.1 million in sales, beating estimates of $180.9 million.
Excluding items, the company reported a profit of $3.42 per share, topping analysts' average estimates of $3.33 per share.
Reporting by Puyaan Singh in Bengaluru; Editing by Vijay Kishore
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