Aug 1 (Reuters) - Surgical equipment maker Teleflex ( TFX )

raised its annual profit forecast on Thursday, banking

on resilient demand for certain surgical procedures at hospitals

to drive sales for its medical devices.

The company also said its board authorized a share

repurchase program for up to $500 million of common stock.

Investor expectations around the performance of medical

device makers have been heightened since last November due to

higher demand for procedures, especially among older adults,

that were delayed during the COVID-19 pandemic.

The Wayne, Pennsylvania-based company raised its 2024

adjusted profit forecast to between $13.80 and $14.20 per share,

from its previous outlook of $13.60 to $13.95 per share.

Analysts on average estimate adjusted profit for the period

to be $13.73 per share, according to LSEG data.

Rivals such as Boston Scientific ( BSX ) and Stryker

have also raised their full-year profit forecasts on demand for

medical devices.

Teleflex ( TFX ) recognized an increase of $15.8 million to its

reserves for the quarter and half year ended June 30, of which

$13.8 million was related to prior years. This was due to an

Italian law requiring device makers to pay to the government if

expenditures exceed an established ceiling on costs for a

particular year.

The manufacturer of hospital supplies and single-use medical

devices reported a 2.7% rise in revenue on an adjusted basis to

$763.5 million for the second quarter, but missed estimates of

$764.6 million.

The company's vascular access segment, its largest, which

makes devices for bloodstream-related procedures like catheters

and probes, brought in $181.1 million in sales, beating

estimates of $180.9 million.

Excluding items, the company reported a profit of $3.42 per

share, topping analysts' average estimates of $3.33 per share.