LivaNova (NSDQ:LIVN) today swung to profitability during the third quarter and raised its earnings outlook for the rest of 2017, after handily beating the consensus forecast on Wall Street.
The London-based medical device company reported profits of $27.8 million, or 57¢ per share, on sales of $309.7 million for the three months ended Sept. 30, compared with losses of -$1.6 million during Q3 2016, for sales growth of 4.9%.
Adjusted to exclude one-time items, earnings per share were 93¢, 15¢ ahead of consensus on The Street, where analysts were looking for sales of $300.5 million.
“We delivered solid sales and earnings performance in the third quarter, with record growth in several of our product areas,” CEO Damien McDonald said in prepared remarks. “While we grew in neuromodulation, results were impacted due to delays in procedures as a result of hurricane-related activity, and also from broad patient deferrals in anticipation of the launch of our newest VNS Therapy system, SenTiva, which received U.S. Food & Drug Administration approval in early October. Growth in our cardiac rhythm management business was slightly positive, aided by continued demand in Japan for our KORA250 device, even as we explore strategic options for this franchise. Cardiac surgery had numerous positive initiatives that coalesced, resulting in mid-single-digit growth in both our cardiopulmonary and heart valve product lines.”
LivaNova said it now expects to post adjusted EPS of $3.30 to $3.45, compared with $3.10 to $3.30 previously, on constant-currency sales growth of 1% to 3%.