Shares in Alcon (NYSE:ALC) are steady today after the ophthalmic device maker, freshly spun out from Novartis (NYSE:NVS), posted first quarter 2019 earnings that beat sales expectations on Wall street.
The Geneva-based company posted sales of $1.8 billion for the three months ended March 31, just in line with its sales during the same quarter of the previous year.
The company reported an operating loss of $48 million, down 34.2% from Q1 of 2018, according to a press release.
Analysts on Wall Street expected to see sales of approximately $1.77 billion, which the company topped.
“The spin-off of Alcon marks a new chapter in our mission to enable more patients to see brilliantly. Solid first quarter results give us confidence in our ability to perform as an independent company and to continue to execute on our key growth drivers. Our surgical business performed well in the quarter, with growth across all three categories. As we usher in a new era for Alcon, our dedicated focus on delivering innovative products and quality eye care to patients around the world will allow us to create long-term shareholder value. We continue to see steady progress from product flow within our surgical business, as evidenced by the international success of PanOptix. The expansion of our manufacturing capacity is underway and will support the ramp up of new product lines, led by Precision 1, which was recently approved by the US Food and Drug Administration,” CEO David Endicott said in a press release.
The company released full-year 2019 guidance, expecting to post net sales growth of between 3% to 5%.
Shares in Alcon are up approximately 0.2% today, at $60.94 as of 3:43 p.m. EDT.
Last month, Novartis closed the spinout of its Alcon vision care business.
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