The London-based company posted losses of $111.7 million, or $2.32 per share, on sales of $278.4 million for the 3 months ended December 31, seeing losses grow 61.5% while sales grew 11.5% compared with the same period during the previous year.
After adjusting to exclude one-time items, earnings per share were 89¢, just ahead of the 77¢ consensus on Wall Street where analysts were expecting to see sales of $262.7 million.
For the full year, LivaNova posted losses of $25.1 million, or 52¢ per share, on sales of $1 billion, seeing losses grow 60% while sales grew 4.9% compared to the previous fiscal years.
Adjusted to exclude one-time items, earnings per share were $3.54, ahead of the $3.32 consensus on Wall Street where analysts were expecting to see sales of $1.1 billion, which the company narrowly missed.
“We had a tremendous fourth quarter, meeting all of our financial targets for the year. Neuromodulation benefited from the strong performance of our newest VNS Therapy System, SenTiva, which received U.S. Food and Drug Administration approval in early October 2017. The business also benefited from rescheduled procedures as a result of hurricane impacts in the third quarter. Cardiac Surgery experienced robust growth, driven by sales of our S5 heart-lung machine and our Perceval sutureless aortic heart valve. We are moving forward with the divestment of our cardiac rhythm management business to MicroPort Scientific Corporation, which is expected to close in the second quarter of 2018. All of this allowed us to grow our full-year adjusted diluted earnings per share from continuing operations by 9.2% from full-year 2016. We recently announced the acquisition of ImThera Medical, which complements our neuromodulation business with a device focused on neurostimulation for the treatment of obstructive sleep apnea, and more recently announced our intent to acquire TandemLife, which complements our cardiac surgery business with advanced cardiopulmonary temporary support solutions. We intend to continue this momentum throughout 2018, taking actions that strengthen LivaNova’s commitment to improving the lives of patients around the world,” CEO Damien McDonald said in a press release.
LivaNova released updated guidance for the 2018 year, expecting to see sales grow 4% to 6%, with earnings per share between $3.40 and $3.60.
Shares in LivaNova rose approximately 2.6% to close at $89.74.