Teleflex (NYSE:TFX) posted second-quarter results today that beat the consensus forecast on Wall Street, sending its stock up more than 6% in value.
The Wayne, Pa.–based company — maker of medical devices for vascular and interventional access, surgical, anesthesia, cardiac care and more — also reported positive clinical study data related to Teleflex’s Manta vascular closure device. The company claims the Manta, which FDA approved early this year, is the first device specifically designed for large bore femoral access site closures.
Teleflex reported profits of $83.4 million, or $1.77 per share, on sales of $652.5 million for the three months ended June 30. The company lost $2.5 million, or $0.05 per share, off $609.9 million in sales during the same quarter a year ago.
Adjusted to exclude one-time items, earnings per share were $2.66, 7¢ ahead of The Street, where analysts were looking for sales of $637.0 million.
“We continue to see strength across nearly every global product category, with Interventional Urology, Vascular Access, Surgical, and Interventional each producing strong results,” Teleflex CEO Liam Kelly said in a news release.
Kelly especially touted the performance of Teleflex’s UroLift minimally invasive enlarged prostate treatment, which saw its second-quarter revenues jump 42.7% year-over-year to $67.9 million during the second quarter.
Teleflex also reported results from a clinical study that showed that its Manta device achieved technical success in 97.7% of patients, with a single device was deployed in 99.6% of cases.
“We created the Manta device to address a previously unmet clinical need for effective, reproducible, and safe closure of large bore femoral arterial access sites,” said Greg Walters, co-inventor of the Manta device and VP of access and closure in the interventional business unit of Teleflex.
“We are excited to now have published data indicating that the Manta device can rapidly and effectively close large bore femoral arterial access sites with good safety. We believe this has important implications for the treatment of patients with current generation TAVR replacement, EVAR repair, or TEVAR repair,” Walters said.
Teleflex reaffirmed adjusted diluted EPS to be between $10.90 and $11.10 for 2019. The company raised its full-year 2019 revenue guidance range to show an increase of 6% to 6.5%, up from previous guidance of 5% to 6%.
Investors reacted by sending TFX shares up more than 6% to $361.57 apiece by the close of trading today. The Dow Jones Industrial Average fell more than 1% on the same day.