Teleflex Incorporated (TFX) revealed plans to expand its catheter production facilities in Hradec Králové, Czech Republic. The Limerick, PA-based medical devices maker intends to invest $1 million for expanding the plant, where it already employs 700 workers.
Teleflex owns a small plant in the Zdar city in the Czech Republic. The company produces catheters under the Arrow International brand.
Following the announcement of expansions plan, shares of Teleflex rose 0.3% till the last trading session.
Teleflex rolled out its restructuring plan in April this year in order to reduce costs and streamline manufacturing operations. Under the plan, the company intends to shell out $53 million, including $15 million as severance package and up to $5 million as exit facilities.
Earlier this month, Teleflex received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for restated Indications for use of the Arrow EZ-IO Vascular Access System. The restated indication for the EZ-IO Vascular Access System allows distal femur insertion in pediatric patients.
EZ-IO Vascular Access System, now approved for pediatric distal femur insertion, helps streamline care for healthcare professionals when vascular access is difficult to obtain in urgent or medically necessary cases.
EZ-IO Vascular Access System has been developed by Vidacare Corporation – a leading provider of intraosseous access devices, which was acquired by Teleflex in December last year.
Currently, Teleflex carries a Zacks Rank #2 (Buy). Other well-performing medical instrument stocks include Alphatec Holdings, Inc. (ATEC), ERBA Diagnostics, Inc. (ERB) and Hologic Inc. (HOLX). Alphatec and ERBA Diagnostics sport a Zacks Rank #1 (Strong Buy), while Hologic carries a Zacks Rank #2 (Buy).
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