Teleflex Incorporated ( TFX - Snapshot Report ) , a global leader in medical devices used in critical care and surgery, revealed that its Weck EFx Endo Fascial Closure System has been chosen by the Society of Laparoendoscopic Surgeons (SLS) as one of its Innovations of the Year for 2012. The company will be presented the award at the SLS Annual Meeting to be held in Boston, Massachusetts from September 5-8.

This marks the second occasion when Teleflex’s offering has been chosen for the celebrated award. Earlier, the company’s Weck Hem-o-lok Auto Endo5 Ligation System had been recognized as one of the most innovative products for utilization in minimally invasive procedures.

According to the company, the Weck EFx System will bolster its existing potential in the arena of laparoscopic surgery. The system has already received the 510(k) clearance from the U.S. Food and Drug Administration (FDA) and awaits the CE Mark approval in Europe.

The Weck EFx System will improve standards of patient care and thereby upgrade clinical outcomes. The system comes with a unique design for port site closure to reduce complications as well as expenses related to port-site herniation. It allows reproducible closure of the fibrous, connective tissues for different body types and offers a guarded surgical suture.

Teleflex, headquartered in Limerick, Pennsylvania, might venture into novice end markets on the back of the Weck EFx System. The company’s strategy of developing new, innovative products is yielding proven results as reflected in the 94 basis points contribution by new product introductions to Teleflex revenues in the most recent quarter.

Teleflex’s move to divest OEM Orthopedic division along with its objective of portfolio expansion should help improve its financial performance in the long run. The proceeds from the sale of the OEM Orthopedic business, coupled with Teleflex’s ability to generate sufficient cash flow from operations will allow it to exploit growth opportunities.

However, Covidien ( COV - Analyst Report ) , C.R. Bard ( BCR - Analyst Report ) and CareFusion ( CFN - Snapshot Report ) , which operate in similar business segments, present a tough competitive landscape for Teleflex. The demand for its products is susceptible to healthcare reimbursement systems in the domestic as well as the international market. Additionally, the company operates in a stringent regulatory environment.

Teleflex currently retains a Zacks #4 Rank, which translates into a short-term Sell rating.