Teleflex Gets 510(k) Clearance for Restated Indications - Analyst Blog
March 19 2014 - 3:00PM
Zacks
Teleflex Incorporated (TFX) revealed that it
has received 510(k) clearance from the U.S. Food and Drug
Administration (FDA) for its restated Indications for use of the
EZ-IO Vascular Access System. Following the announcement, shares of
the company rose 0.1% to close at $104.02 yesterday.
The restated indications will help clinicians to assess the tissue
depth and select the correct needle size for treating the patients.
For example, the restated indication for the EZ-IO 25 mm Needle Set
is recommended for use in patients weighing 3 kg or over. The 15 mm
and 45 mm needle sets should be used for patients weighing 3 to 39
kg and 40 kg or over, respectively.
EZ-IO Vascular Access System has been developed by Vidacare
Corporation, acquired by Teleflex in Dec last year. Vidacare is a
leading provider of intraosseous (IO), or inside the bone access
devices.
Teleflex posted an 18.3% rise in adjusted earnings to $1.36 per
share for the fourth quarter of 2013 from $1.15 per share in the
same quarter of 2012. With this, earnings significantly beat the
Zacks Consensus Estimate of $1.27.
Adjusted net earnings rose 22.9% to $58.5 million from $47.6
million in the year-ago quarter. Following the favorable
earnings announcement, shares of the company rose 0.8% till the
last closing date.
Net revenues went up 7.5% to $450.5 million, exceeding the Zacks
Consensus Estimate of $436 million. Excluding foreign exchange
fluctuations, net revenues rose 6.9% from the prior-year
quarter.
The increase in revenues was attributable to contribution from the
acquisitions of LMA International in Oct 2012 and Vidacare
Corporation, an increase in the average selling price of products,
launch of new products and an additional shipping day in the
reported quarter versus the same quarter of 2012.
For full year 2013, Teleflex reported a 13.5% rise in adjusted
earnings to $5.03 per share from $4.43 in 2012. Adjusted net
earnings rose 16.1% to $211.6 million from $182.2 million a year
ago. Net revenues went up 9.4% to $1,696 million. Excluding foreign
exchange fluctuations, net revenues rose 9.0% in the year.
For 2014, Teleflex anticipates revenue growth between 6.0 and 8.0%
versus 2013. In constant currency, the company expects revenues to
increase by 7.0 to 9.0%.
Teleflex also expects adjusted earnings per share in the range of
$5.35 to $5.55 for 2014. The current Zacks Consensus Estimate of
$5.51 lies within the guided range.
Currently, Teleflex carries a Zacks Rank #3 (Hold). Some
better-ranked stocks in the medical instruments industry include
Cynosure, Inc. (CYNO), Syneron Medical
Ltd. (ELOS), and ABIOMED, Inc. (ABMD).
Both Cynosure and Syneron Medical sport a Zacks Rank #1 (Strong
Buy), while ABIOMED carries a Zacks Rank #2 (Buy).
ABIOMED INC (ABMD): Free Stock Analysis Report
CYNOSURE INC-A (CYNO): Free Stock Analysis Report
SYNERON MED LTD (ELOS): Free Stock Analysis Report
TELEFLEX INC (TFX): Free Stock Analysis Report
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