LivaNova (NSDQ:LIVN) shares slumped in early trading today after the medical device company reported lower-than-expected third-quarter revenues, despite a swing to black ink and a health beat on earnings.
London-based LivaNova posted profits of $32.1 million, or 66¢ per share, on sales of $268.6 million for the three months ended Sept. 30. That compares with losses of -$7.2 million during Q3 2018 and amounts to a -1.3% top-line slide.
Adjusted to exclude one-time items, earnings per share were 84¢, 9¢ ahead of the consensus on Wall Street, where analysts were looking for revenues of $273.9 million.
“The third quarter of 2019 showed further sequential momentum in our U.S. neuromodulation business which led to adjusted earnings per share above our guidance range,” CEO Damien McDonald said in prepared remarks. “The solid performance in neuromodulation was partially offset by softness in our cardiovascular franchise. We continue to drive the transformation of LivaNova through our focus on execution and delivery of our pipeline.”
LivaNova stood by its forecast for the rest of the year, saying it still expects to log adjusted EPS of $3.00 to $3.10 on constant-currency sales growth of between 1% and 3%.
LIVN shares were down -5.4% to $71.79 apiece today in early activity.
