Teleflex beats quarterly profit estimates on strong demand for medical devices
(Reuters) - Teleflex 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, Boston Scientific and Johnson & Johnson 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 million, 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.
(This story has been corrected to change revenue estimate to $768.7 million, not $768.7 billion, in paragraph 3)
(Reporting by Puyaan Singh in Bengaluru; Editing by Krishna Chandra Eluri)
