LivaNova (NSDQ:LIVN) today posted second-quarter results that beat the overall consensus on Wall Street and announced that it has taken the “interim” out of its CFO’s title.
The London-based cardiac surgery and neuromodulation device company reported losses of –$55.3 million, or –$1.13 per share, on sales of $264.5 million for the three months ended June 30, for a sales growth of 45.17% compared with Q2 2020.
Adjusted to exclude one-time items, earnings per share were 52¢, 19¢ ahead of The Street, where analysts were looking for sales of $246.2 million.
“As we navigate shifting market dynamics resulting from the pandemic, we continue to gain momentum in epilepsy sales growth across all regions,” CEO Damien McDonald said in a news release.
“Procedure volumes in neuromodulation continue to recover, especially replacement implant volumes. Across our businesses, certain countries in Europe and the rest of the world regions remain challenged by COVID-19. Looking ahead, we are focused on delivering critical medical devices and therapies to significant patient populations, while managing our core businesses to drive profitability and cash generation. We also remain committed to investing in our pipeline and taking the appropriate actions to position our business for long-term growth.”
LivaNova said adjusted diluted EPS is expected to be in the range of $1.60 to $1.90 in 2021.
The company also announced that it appointed Alex Shvartsburg as chief financial officer, effective August 1. Shvartsburg has served as the interim CFO since October 31, 2020, and has more than 25 years of industry experience.
“On behalf of the board of directors and executive leadership team at LivaNova, we are pleased to officially welcome Alex as the CFO,” said McDonald. “Alex is deeply familiar with our company’s strategy and business and has been instrumental in effecting cost-containment measures, strategically allocating resources, driving margin expansion and improving cash generation. We look forward to his continued contribution and perspective as a part of our leadership team.”
Shares in LIVN were up 6.3% to $87.19 apiece at market open today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.