LivaNova (NSDQ:LIVN) today released earnings for the fiscal year 2015 and 4th quarter, as well as the transitional period for the recently merged Sorin Group and Cyberonics, seeing shares rise slightly despite shouldering significant losses.
The newly merged company reported losses of $29.6 million, or 90¢ per share, on sales of $415.7 million for the transitional year between April 25, 2015 and December 31, 2015.
That amounts to a 151% slide into losses as sales grew 42.6% compared with the same period the year prior.
The company released revenue numbers for both Sorin and Cyberonics that stretch for the full 12 months, reporting $1.2 billion in revenue for the year. In the 30 days ended December 31st, LivaNova reported sales of $317.9 million.
“Overall, our 4th quarter sales results demonstrated the expected improvement over both the prior quarter and the comparable period in the prior year on a constant currency basis. Cardiac Surgery improved in several areas, most notably in the U.S. and other developed markets. CRM sales improved over the prior quarter, and the initial results of the Platinium launch in Europe are encouraging. The neuromodulation business unit continues to grow strongly, with the AspireSR launch contributing substantially to results in addition to ongoing growth from new patients in the U.S. market. The recent regulatory approvals of the Perceval sutureless valve in the U.S. and KORA 250 fully MRI compatible pacemaker in Japan, along with the continued strong performance of AspireSR, provides a sound basis for our guidance today and solid growth is anticipated in fiscal 2016 and subsequent years. We expect to achieve both sales and earnings growth in order to deliver sustainable shareholder value. Further, I want to thank the teams that have been focused on both realizing potential synergies and implementing our integration plans. We remain firmly on track to achieve each of these objectives,” CEO André-Michel Ballester said in a press release.
LivaNova released guidance for the next fiscal year, expecting sales growth between 3 and 5%, with adjusted non-GAAP profits between 64% and 65% of net sales.
Adjusted non-GAAP income is expected to be between $205 and $230 million, with adjusted non-GAAP EBITDA between $235 and $260 million.
LivaNova said that in 2016, it expects to see EPS in the range of $2.95 and $3.15.
Shares have risen 1.47% to $59.48 in mid-day trading, as of 2:14 p.m. EST.