Shares of Teleflex Inc.
TFX,
-10.04%
tumbled 10.9% toward an 8-month low in afternoon trading Thursday, enough to pace the S&P 500
SPX,
-0.39%
decliners, and to put them on track for the biggest one-day percentage selloff since March 2020. Teleflex is a medical technology company, with products in the fields of urology, cardiac and respiratory care and emergency medicine. The company’s UroLift System, which the company has recently said was one of its “key growth drivers,” is a minimally invasive treatment for lower urinary tract symptoms resulting from benign prostatic hyperplasia. Chief Financial Officer Thomas Powell had said at UBS Global Healthcare Conference in May that he expected UroLift to show continued recovery after the COVID-19 pandemic weighed heavily on non-COVID-related procedures. Meanwhile, the Centers for Medicare & Medicaid Services’ new proposed 2022 physician fee schedule anticipates 1% decline in clinical labor pricing for urology. The company did not immediately respond to a request for comment. The stock has now lost 9.7% year to date, while the SPDR Health Care Select Sector ETF
XLV,
-0.32%
has climbed 13.1% and the S&P 500 has advanced 15.7%.