Teleflex Incorporated (TFX - Free Report) recently received the FDA’s clearance for expanded indication for the use of the UroLift System to treat larger prostates (between 80cc and 100cc). With the recent approval for the expanded use of the UroLift System, Teleflex aims at fortifying its position in the Interventional Urology business on a global scale.
The UroLift System, a minimally invasive in-office treatment, can be used for faster treatment and recovery from the symptoms of benign prostatic hyperplasia (BPH). Teleflex’s UroLift System’s expanded use has also received a steady support from the medical fraternity.
Significance of the Approval
BPH or enlarged prostate is a non-cancerous enlargement of prostate in older men, affecting more than 40 million people in the United States alone. If the symptoms of BPH are not treated on time, the condition can worsen, even resulting in permanent bladder damage. With the recent clearance for the expanded use of the UroLift System, more patients can be brought under the purview of the treatment offered by Teleflex.
The collection of data presented to the FDA has certified the UroLift System treatment to be safe and effective for men with prostate sizes between 80cc and 100cc. The outcome of this data is similar to the L.I.F.T. randomized controlled trial, which showed that almost 70% of the patients with BPH belonged to the drug dropout category. Per Teleflex, there are no apparent differences in reported adverse events, thus indicating a comparable safety profile.
Per a report by Mordor Intelligence, the global urology devices market was valued at $30,967.15 million in 2018 and is projected to reach $44,804.97 million in 2024, witnessing a CAGR of 6.35%. Factors like rising incidence of urologic conditions, growing elderly population and technological advancements are expected to drive the market.
Given the market potential, the FDA clearance for the expanded use of the system is well-timed.
Teleflex had announced plans of showcasing the Interventional product portfolio including the MANTA Vascular Closure Device and Langston Dual Lumen Catheters at the PCR London Valves in London, U.K. in November 2019.
In September 2019, it had announced the publication of an article, DeMISTifying less-invasive solutions for BPH, which showcased the effectiveness and overall benefits of the UroLift System treatment for patients with BPH.
Shares of Teleflex have gained 48.2% in the past year compared with the industry’s 16.1% rally.
Zacks Rank & Key Picks
Currently, Teleflex carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Haemonetics Corporation (HAE - Free Report) , Hill-Rom Holdings, Inc. (HRC - Free Report) and Medtronic plc (MDT - Free Report) .
Haemonetics, currently sporting a Zacks Rank #1 (Strong Buy), has a projected long-term earnings growth rate of 13.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Hill-Rom’s long-term earnings growth rate is estimated at 11.7%. The company currently carries a Zacks Rank #2 (Buy).
Medtronic’s long-term earnings growth rate is estimated at 7.4%. It currently carries a Zacks Rank #2.
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