With a market cap of $8.3 billion, Wayne, Pennsylvania-based Teleflex Incorporated (TFX) is a global leader in medical technology, specializing in designing, developing, and manufacturing single-use medical devices. Teleflex markets its solutions to hospitals, healthcare providers, and home care markets through direct sales and distributors. 

Companies valued at less than $10 billion are generally classified as “mid-cap” stocks, and Teleflex fits this criterion perfectly. The company provides a wide range of products, including vascular access catheters, interventional devices, anesthesia systems, and surgical instruments, catering to critical care and surgical applications worldwide.

However, the medical equipment maker has fallen 30.1% from its 52-week high of $256.85, recorded in February. Over the past three months, shares of TFX have declined 27.3%, a steeper drop compared to the 10.3% decline of the Health Care Select Sector SPDR Fund (XLV) during the same period.

In the long term, TFX is down 13.4% over the past six months, lagging behind XLV’s 5.2% drop. Moreover, shares of Teleflex have declined 28.3% over the past 52 weeks, compared to XLV’s 1.3% return over the same time frame.

To confirm the bearish price trend, TFX has been trading below its 50-day moving average since early October. Also, the stock has fallen below its 200-day moving average since late October.

Despite reporting better-than-expected Q3 adjusted EPS of $3.49, shares of Teleflex dropped 14.5% on Oct. 31 due to a revenue miss, with net revenue of $764.4 million falling below the consensus estimate. The company lowered its annual revenue growth forecast to 2.9%-3.4%, down from the previous 3.4% - 4.4%, citing canceled surgeries from hurricane disruptions and the ongoing IV saline shortage. Additionally, its OEM segment experienced "unanticipated softness" with sales falling short of estimates. Lastly, the ongoing doctors' strike in South Korea also impacted results, leading to concerns over prolonged challenges.

In addition, TFX's decline has been more pronounced than that of its competitor, Zimmer Biomet Holdings, Inc. (ZBH), which experienced a 13.6% drop over the past 52 weeks and a 3.1% dip over the last six months.

Despite TFX’s weak price action, analysts are moderately optimistic about its prospects. The stock has a consensus rating of “Moderate Buy” from the 12 analysts covering the stock, and the mean price target of $238.90 represents a premium of 33.1% to current levels.