LivaNova (Nasdaq: LIVN) shares are on the rise today on second-quarter results that came in ahead of the consensus forecast.
Shares of LIVN ticked up 8.3% at $58.04 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — stayed even.
The London-based medtech company posted profits of $1.2 million in the quarter. That equals 2¢ per share on sales of $293.9 million for the three months ended June 30, 2023.
LivaNova recorded a 92.7% bottom-line slide while achieving sales growth of 15.6%.
Adjusted to exclude one-time items, earnings per share came in at 78¢, landing 24¢ ahead of Wall Street projections. Sales also beat expectations, with analysts forecasting $265.5 million in revenue.
LivaNova saw the largest revenue growth in its cardiopulmonary business, which rose by 19.7% year-over-year. That also represented the largest sales totals of the company’s segments, bringing in $150.6 million in revenue. Neuromodulation also grew, rising 13.1% to $133.2 million in sales.
Strong oxygenator demand and increased heart-lung machine placements drove cardiopulmonary growth, LivaNova said. New and replacement implants across all regions spurred growth for the neuromodulation arm.
“In the second quarter, LivaNova improved profitability and delivered strong revenue growth across all regions,” said Bill Kozy, interim CEO and chair of LivaNova. “Our performance reflects the effectiveness of our execution in both the cardiopulmonary and neuromodulation businesses. I look forward to continuing to work alongside our experienced executive leadership team and colleagues with a focus on patients, performance and execution.”
LivaNova significantly increased its full-year revenue forecast for between 8% and 10%. The company previously projected a range of 4% to 6%. It also raised its adjusted EPS guidance to between $2.55 and $2.75. LivaNova previously expected between $2.50 and $2.70.