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Shares of Limerick, PA-based specialty medical devices provider Teleflex Incorporated (TFX - Free Report) reached a new 52-week high of $106.22 in mid-day trading on Mar 21. Shares of the company closed at $105.32 on the same day, representing a solid one-year return of 31.8%.

Teleflex has a market cap of $4.3 billion. Average volume of shares traded stood at approximately 373.1K.

Shares of Teleflex started escalating following its impressive 2013-fourth quarter results and promising 2014 guidance as well as its recent 510(k) clearance from U.S. Food and Drug Administration (FDA) for its restated Indications for Use of the EZ-IO Vascular Access System.

Teleflex posted an 18.3% rise in adjusted earnings to $1.36 per share for the fourth quarter of 2013 from $1.15 in the same quarter of 2012. With this, earnings significantly beat the Zacks Consensus Estimate by 9 cents.

Net revenues went up 7.5% to $450.5 million, exceeding the Zacks Consensus Estimate of $436 million. Excluding foreign exchange fluctuations, net revenues rose 6.9% from the prior-year quarter.

The increase in revenues was attributable to contribution from the acquisitions of LMA International in Oct 2012 and Vidacare Corporation in Dec 2013, an increase in the average selling price of products, launch of new products and an additional shipping day in the reported quarter versus the same quarter of 2012.

For 2014, Teleflex anticipates revenue growth between 6.0 and 8.0% versus 2013. In constant currency, the company expects revenues to increase by 7.0 and 9.0%.

Teleflex also expects adjusted earnings per share in the range of $5.35 to $5.55 for 2014, reflecting a 6.4 to 10.3% rise from 2013. The current Zacks Consensus Estimate of $5.51 lies within the guided range.

Last week’s 510(k) clearance from FDA for its restated Indications for Use of the EZ-IO Vascular Access System will help clinicians to assess the tissue depth and select the correct needle size for treating the patients. EZ-IO Vascular Access System has been developed by Vidacare Corporation, acquired by Teleflex in Dec last year.

Currently, Teleflex carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the medical instruments industry include Cynosure, Inc. , Syneron Medical Ltd. , and ABIOMED, Inc. (ABMD - Free Report) . Both Cynosure and Syneron Medical sport a Zacks Rank #1 (Strong Buy), while ABIOMED carries a Zacks Rank #2 (Buy).

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