Teleflex (NYSE:TFX) posted a swing to second-quarter black ink today, topped the consensus forecast for both sales and earnings and raised its top-line outlook for the rest of the year, sending share prices up on Wall Street today.
The Wayne, Pa.-based medical device giant reported profits of $83.4 million, or $1.77 per share, on sales growth of 7.0% to $652.5 million for the three months ended June 30, compared with losses of -$2.5 million during Q2 2018.
Adjusted to exclude one-time items, earnings per share were $2.66, 7¢ ahead of the consensus on The Street, where analysts were looking for revenues of $637.0 million.
“In the second quarter of 2019 we accelerated our growth rate from the first quarter, delivering 9.6% constant-currency revenue growth. We continue to see strength across nearly every global product category, with interventional urology, vascular access, surgical and interventional each producing strong results,” president & CEO Liam Kelly said in prepared remarks.
Kelly said the company is now looking for UroLift sales to grow by 35% this year, compared with 30% previously.
Teleflex said it still expects to log adjusted EPS of $10.90 to $11.10 this year, but boosted its sales outlook to growth of between 6.0% and 6.5%, up from prior guidance of 5.0% to 6.0%.
TFX shares were up 6.9% to $363.03 apiece today in late-morning trading.
