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Teleflex (TFX) Acquires Medical Device Provider Pyng Medical
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Based in Wayne, PA, Teleflex Inc. (TFX - Free Report) , a global provider of medical technologies, announced that it has acquired Pyng Medical Corporation. The company is a provider of specialized medical devices for use by hospital staff, emergency medical services and military forces.
Stock Performance
The price performance of Teleflex has been robust. Over the last three months, the stock added 19.04%, a lot higher than the Zacks classified Medical Instrument sub-industry’s gain of 6.57%. Furthermore, the return of the stock was more than the S&P 500’s 4.24% over the same time frame.
Also, the company’s recent earnings estimates have been favorable. The current fiscal saw six estimates move north in the past 60 days compared with no movement in the opposite direction. As a result, the current fiscal estimates rose to $8.10 from $7.87. These positive sentiments justify the stock’s Zacks Rank #2 (Buy).
Coming back to the news, Teleflex acquired 100% of the common shares of Pyng. Per the agreement, Pyng shareholders received approximately 30.2 cents in cash per share. This is equivalent to CAD 40.2 cents based on an exchange rate of CAD$1.3310 per USD$1.00 as of Mar 31, 2017.
We believe Pyng’s product portfolio would be accretive to Teleflex growth as it includes Sternal Intraosseous, pelvic stabilization and tourniquet devices specifically designed and customized for both the military and civilian markets.
Of late, Teleflex has been gaining traction in niche markets, courtesy of a plethora of regulatory approvals. The company received FDA clearances for its Arrow Midline with Chlorag+ard Technology, Arrow JACC and TightTrack tunneler platforms as well.
Recently, the company also announced the launch of LMA Gastro Airway with Cuff Pilot Technology. Also, the recent receipt of 510(k) approval from the U.S. FDA for its Arrow VPS Rhythm device for commercial use is a strong positive in our view.
Inogen has a long-term expected earnings growth rate of 17.50%. Notably, the stock registered an impressive one-year return of 70.6%.
IDEXX Laboratories has a long-term expected earnings growth rate of 15.04%. Additionally, the stock returned an impressive 97.5% in the last one year.
Fluidigm has a long-term expected earnings growth rate of 25%. The stock delivered a positive earnings surprise of 1.6% last quarter.
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Teleflex (TFX) Acquires Medical Device Provider Pyng Medical
Based in Wayne, PA, Teleflex Inc. (TFX - Free Report) , a global provider of medical technologies, announced that it has acquired Pyng Medical Corporation. The company is a provider of specialized medical devices for use by hospital staff, emergency medical services and military forces.
Stock Performance
The price performance of Teleflex has been robust. Over the last three months, the stock added 19.04%, a lot higher than the Zacks classified Medical Instrument sub-industry’s gain of 6.57%. Furthermore, the return of the stock was more than the S&P 500’s 4.24% over the same time frame.
Also, the company’s recent earnings estimates have been favorable. The current fiscal saw six estimates move north in the past 60 days compared with no movement in the opposite direction. As a result, the current fiscal estimates rose to $8.10 from $7.87. These positive sentiments justify the stock’s Zacks Rank #2 (Buy).
Coming back to the news, Teleflex acquired 100% of the common shares of Pyng. Per the agreement, Pyng shareholders received approximately 30.2 cents in cash per share. This is equivalent to CAD 40.2 cents based on an exchange rate of CAD$1.3310 per USD$1.00 as of Mar 31, 2017.
We believe Pyng’s product portfolio would be accretive to Teleflex growth as it includes Sternal Intraosseous, pelvic stabilization and tourniquet devices specifically designed and customized for both the military and civilian markets.
Of late, Teleflex has been gaining traction in niche markets, courtesy of a plethora of regulatory approvals. The company received FDA clearances for its Arrow Midline with Chlorag+ard Technology, Arrow JACC and TightTrack tunneler platforms as well.
Recently, the company also announced the launch of LMA Gastro Airway with Cuff Pilot Technology. Also, the recent receipt of 510(k) approval from the U.S. FDA for its Arrow VPS Rhythm device for commercial use is a strong positive in our view.
Other Key Picks
Some other stocks worth considering in the broader medical sector are Inogen Inc. (INGN - Free Report) , IDEXX Laboratories, Inc. (IDXX - Free Report) and Fluidigm Corporation . Notably, Inogen and IDEXX Laboratories sport a Zacks Rank #1 (Strong Buy) while Fluidigm carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inogen has a long-term expected earnings growth rate of 17.50%. Notably, the stock registered an impressive one-year return of 70.6%.
IDEXX Laboratories has a long-term expected earnings growth rate of 15.04%. Additionally, the stock returned an impressive 97.5% in the last one year.
Fluidigm has a long-term expected earnings growth rate of 25%. The stock delivered a positive earnings surprise of 1.6% last quarter.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>