The U.K.-based company reported profits of $9 million, or 18¢ per share, on sales of $321 million for the 3 months ended June 30.
The company saw an increase of 1.3% on overall sales, with a 0.7% increase on a constant-currency basis compared with the same period next year.
Adjusted to exclude 1-time items, earnings per share were 87¢, well above the Street’s expectations of 72¢ per share for the quarter. LivaNova handily topped revenue expectations of $312.6 million as well.
LivaNova shares have risen 12.4% to trade at $61.20 as of 11:53 a.m. EDT.
“The 2nd quarter was one of great progress in several areas. We were especially pleased with early results of our Perceval launch in the U.S. We have rolled out the product to a significant number of hospitals and physician feedback has been positive. We are also seeing double digit growth, both in our neuromodulation franchise overall and importantly in our high voltage device Platinium across Europe, as well as encouraging penetration of our low voltage device KORA 250 in Japan. At the same time, we have seen margin improvements across the income statement and made meaningful advances in our restructuring activities and in capturing synergies. With accelerating top line growth in the second half of the year and good expense discipline, we are on plan to deliver on our financial commitments in 2016, while making exciting progress toward building sustainable long-term growth,” CEO André-Michel Ballester said in prepared remarks.
The company reiterated its full year 2016 guidance, expecting to see revenue growth between 3 and 5%, with adjusted income from operations between $205 and $230 million. Adjusted earnings per share for the year are expected to be between $2.95 and $3.15, LivaNova said.