Teleflex beats profit estimates on strong demand for medical devices

Aug 3 (Reuters) - Teleflex Inc reported better-than-expected second-quarter profit on Thursday, on the back of strong demand for its medical devices and equipment such as catheters.

The hospital supplies and single-use medical devices manufacturer is benefiting from an ongoing recovery in volumes of some non-urgent surgical procedures and easing of staffing shortages at hospitals.

The company began as a manufacturer of mechanical controls for military aircrafts in the 1940s but has since divested other businesses to focus on medical devices. Its devices are used in bloodstream-related procedures and by physicians who specialize in minimally invasive procedures.

Teleflex reported a 5.5% rise in revenue to $743.3 million for the quarter ended July 2, higher than estimates of $729.91 million.

It's Vascular Access unit, the firm's largest and which makes medical devices for bloodstream related procedures, posted revenue of $173.8 million, a 6% rise from a year earlier, beating estimates of $173.46 million.

Teleflex's Interventional segment, that focuses on heart and medical imaging devices, reported sales of $124.8 million, beating estimates of $121.23 million.

The Wayne, Pennsylvania-based company, seeking to expand its urinary and reproductive health portfolio, recently reported an agreement to acquire privately held Palette Life Sciences AB for an upfront cash payment of $600 mln.

Palette is estimated to generate net sales of about $56 million, on a standalone basis, in 2023 but Teleflex is not expecting the deal to significantly impact its revenue for the year.

Excluding items, the company reported a profit of $3.41 per share, topping analysts' average estimate of $3.21 per share, according to Refinitiv data.

(Reporting by Pratik Jain in Bengaluru; Editing by Krishna Chandra Eluri)