LivaNova (NSDQ:LIVN) posted third-quarter results today that beat the consensus forecast on Wall Street, though the company still expects full-year sales between –7% and –17% on a constant-currency basis.
LivaNova also announced that CFO Thad Huston will leave his position by Oct. 31 — after serving three and a half years with the company. Alex Shvartsburg, the company’s VP of financial planning & analysis and the international region, will serve as interim CFO.
The London-based cardiovascular and neuromodulation device company reported profits of –$14.8 million, or –30¢ per share, on sales of $240.1 million for the three months ended Sept. 30, 2020, versus a profit of $32.1 million, or 66¢ per share, on sales of $268.6 million for Q3 2019.
Adjusted to exclude one-time items, earnings per share were 38¢, 18¢ ahead of The Street, where analysts were looking EPS of 20¢ on sales of $218.55 million.
“The sequential improvement in all business segments was led by our growth drivers, U.S. Epilepsy and Advanced Circulatory Support (ACS),” said LivaNova CEO Damien McDonald
“We recognize there is more work to be done, and the team is operating with urgency to deliver on our growth drivers and strategic priorities, including advancing our pipeline and improving profitability and cash generation. We believe these efforts will enable us to most effectively serve the needs of our customers and patients,” McDonald said in a news release.
LivaNova for 2020 expects adjusted diluted earnings per share from continuing operations to be in the range of $1.15 to $1.35; Wall Street analysts on average had expected $1.18.
Investors reacted by sending LIVN shares down up nearly 7% to $53.31 apiece by afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.