The London-based medtech company posted losses of -$88 million, or -$1.81 per share, on sales of $182.2 million for the three months ended June 30, 2020, for a massive bottom-line slide from losses of $29.2 million this time last year on a sales decline of 34.3%.
Adjusted to exclude one-time items, earnings per share were -15¢, 15¢ ahead of Wall Street, where analysts were looking for sales of $169.73 million.
The impact of the COVID-19 pandemic and deferred elective procedures loomed large as LivaNova reported a 45.1% decline in its neuromodulation business’ sales and a 27.7% drop in its cardiovascular sales.
“Responding to current conditions, we implemented actions to continue serving our patients, their families and physicians,” LivaNova CEO Damien McDonald said in a news release. “At the same time, we significantly reduced expenses, improved liquidity and increased financial flexibility. I am proud of our employees’ determination in overcoming the challenges created by COVID-19.
“While COVID-19 continues to impact our business, we are encouraged by several trends and achievements, including a gradual improvement in procedure volumes, the full commercial release of LifeSPARC in the U.S. and the launch of Perceval Plus in Europe.”
LivaNova said it now expects to log adjusted EPS between $1.15 and $1.35 and anticipates a sales decline ranging between 7% and 17% on a constant-currency basis for the full year 2020.
LIVN shares were down -7.1% at $51.67 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.1%.