Shares in LivaNova (NSDQ:LIVN) rose today after the medical device maker beat expectations on Wall Street with its 2nd quarter earnings results.
The London-based company posted profits of $47.5 million, or 98¢ per share, on sales of $321.4 million for the 3 months ended June 30, seeing massive bottom-line growth of 427.8% while sales grew a smaller 0.1% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.01, well ahead of the 82¢ consensus on Wall Street, where analysts were expecting to see sales of $315.6 million, which LivaNova topped.
“We made progress in many areas of our business during the second quarter, including strong margin and earnings performance. We hired a new chief financial officer and a new general counsel, strengthening LivaNova’s executive leadership team. In June, the U.S. FDA approved our VNS Therapy device for use in patients as young as 4 years of age with partial onset seizures that are refractory to antiepileptic medications. This makes VNS Therapy the 1st and only device approved by the FDA for drug-resistant epilepsy for this pediatric population. This approval will allow us to reach a new patient pool and have a meaningful impact on their quality of life. We also advanced our efforts to integrate the Caisson acquisition, which is on schedule and going extremely well. These steps further enhance our competitive industry position, delivering both quality patient care and long-term shareholder value,” CEO Damien McDonald said in a press release.
LivaNova reiterated its guidance for the full year, expecting to see adjusted diluted earnings per share of between $3.10 and $3.30.
Shares in LivaNova have risen approximately 5.7% so far today, at $64.81 as of 10:35 a.m. EDT.