Based in Wayne, PA, Teleflex Inc. (TFX - Free Report) recently announced the receipt of 510(k) approval from the U.S. FDA for its Arrow Midline with Chlorag+ard Technology. Notably, it is a peripheral venous catheter that minimizes the common midline catheter complications for a minimum of 30 days.
Arrow Midline is antithrombogenic and antimicrobial in nature and deals with issues like catheter intraluminal occlusion, thrombus accumulation and microbial colonization on the catheter surfaces. Notably, the Arrow Midline features ‘Chlorag+ard’, which is a multi-protection technology that bonds chlorhexidine to both the internal and external catheter surfaces ensuring Luminal protection.
Teleflex has been gaining market traction of late, courtesy of its investments in the electrophysiology space. However, coming to the latest development, an overview of the global market for peripheral intravenous catheters reveals that the market is forecasted to reach a value of $5,224.7 million, growing at a CAGR of 6.1% by 2021 (Persistence Market Reseach). Buoyed by this trend, we expect Teleflex to gain more ground over the long haul.
Recently, the company also received FDA clearances for its Arrow JACC and TightTrack tunneler. The Arrow JACC is a central venous catheter which provides protection against catheter occlusion, phlebitis and intimal hyperplasia.
Per management, the new technology ensures rapid delivery of care and is highly helpful for physicians who face a ‘multitude of vascular access challenges’. Coming to the company’s stock price, it dropped a nominal 0.08% to close at $168.68 following the news.
Currently Teleflex has a Zacks Rank #2 (Buy).
Other favorably ranked stocks in the broader medical sector include Cynosure Inc. , Straumann Holding AG and ABIOMED Inc. (ABMD - Free Report) . Notably all the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cynosure posted positive earnings surprises in the last four quarters, with the average being 22.4%. Meanwhile, a glimpse at the share price reveals an impressive one-year return of 57.8%.
Straumann has an impressive long-term expected earnings growth rate of 13%. The Zacks Consensus Estimate for earnings rose by a massive 83 cents for the current year to $12.09 per share in the last 60 days.
ABIOMED posted positive earnings surprises in the last four quarters, the average being 34.9%. This stock has an impressive long-term expected earnings growth rate of 26.7%.
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