Shares in Teleflex (NYSE:TFX) have risen today after the medical device maker posted first quarter 2019 earnings that topped sales and EPS expectations on Wall Street.
The Wayne, Penn.-based company posted profits of approximately $40.9 million, or 87¢ per share, on sales of approximately $613.6 million for the three months ended March 31, seeing profits shrink 27.2% while sales grew 4.5% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $2.24, just ahead of the $2.17 consensus on Wall Street where analysts expected to see sales of $608.7 million, which the company beat.
“The first quarter of 2019 was an outstanding start to the year for Teleflex. We reported constant currency revenue growth of 7.6%, placing us in a strong position to achieve our full year constant currency revenue growth guidance range of between 6% and 7%. From a product perspective, our robust top line performance in the quarter was led by sales of our interventional urology, OEM, and interventional products. While from a geographic standpoint, we achieved particularly strong growth within Asia and the Americas. In addition, during the quarter we continued to invest in driving the adoption of our high-growth, high-margin products, which puts us on track to deliver on both our near, and long-term, financial objectives,” prez & CEO Liam Kelly said in a press release.
The company released updated 2019 outlook, expecting to see sales growth of between 5% and 6%. Teleflex cut its GAAP diluted EPS guidance from between $6.90 and $7.05 to between $6.72 and $6.84.
Shares in Teleflex have risen 5.4% so far today, at $295.88 as of 11:14 a.m. EDT.
In March, Titan Medical (NSDQ:TMDI) said that it inked a collaborative development deal with Teleflex to integrate its polymer ligation technology into Titan’s Sport single-port robotic surgical platform.
