LivaNova, formed by the $3 billion merger of Sorin Group and Cyberonics in 2015, posted losses of -$29.8 million, or -61¢ per share, on sales of $310.6 million for the 3 months ended Dec. 31. Adjusted to exclude 1-time items, earnings per share were 85¢, 4¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $318.8 million.
Full-year losses were -$62.8 million, or -$1.29 per share, on sales of $1.21 billion; adjusted EPS for 2016 were $3.05, a full nickel ahead of The Street, which was looking for revenues of $1.22 billion.
“Despite it being a challenging year for top-line growth, we were able to deliver adjusted earnings per share at the high end of our projected range,” CEO Damien McDonald said in prepared remarks. “2016 was LivaNova’s 1st full year as a public company and we made significant progress in many areas – launching several key products, driving merger and restructuring synergies, aligning inventory levels and consolidating balance sheet strength. We implemented numerous measures to reinforce our foundation and simplify our business model. This positions LivaNova for a stronger future, driving sustainable growth, continued financial leverage and value to our shareholders.
LivaNova said it expects to report adjusted EPS of $3.25 to $3.45 this year, on constant-currency sales growth of 1% to 3%. Analysts’ average estimate is for adjusted EPS of $3.42 on a $1.27 billion top line.
LIVN shares were down -2.3% to $49.26 apiece today in mid-morning trading.
Last week, the company revealed plans to de-list from the London Stock Exchange, citing the low volume of trading in its shares there, as of the close of trading April 4.