The London-based company posted profits of $13.3 million for the three months ended March 31, seeing 17.7% growth on the bottom-line while sales grew by 10.4% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 68¢, just ahead of the 65¢ consensus on Wall Street where analysts expected too see sales of $243.4 million, which the company also topped.
“We are continuing our positive momentum into 2018. Since the beginning of the year, we announced the commencement of 4 new clinical studies, received approval for two products, completed a strategic acquisition and executed a divestiture. We delivered solid top-line growth, invested in marketing, product development and clinical activities, and grew our earnings. Our Neuromodulation business benefited from strong demand for our newest VNS therapy system, SenTiva, which received U.S. Food and Drug Administration approval in October 2017 and CE Mark approval in April 2018. Cardiac surgery also experienced strong growth, driven by sales of our S5 heart-lung machine and our Perceval sutureless aortic heart valve. We completed our acquisition of TandemLife and the divestiture of our cardiac rhythm management business to MicroPort Scientific Corporation. We will now focus on the next stage of our growth strategy for our cardiac surgery and neuromodulation portfolios, where we have strength and market leadership. While we continue to deliver quality care to patients around the world, this focus will allow us to deliver long-term value to our stakeholders,” LivaNova CEO Damien McDonald said in a prepared statement.
LivaNova updated its guidance for the year with its earnings release, expecting to see sales growth of between 6% and 8%, with adjusted diluted earnings per share between $3.50 and $3.70.
Shares in LivaNova have dropped 7.2% so far today, at $83.10 as of 9:52 a.m. EDT.
On Monday, LivaNova said that it closed the $190 million sale of its cardiac rhythm management business to China’s MicroPort Scientific (HK:00853).