The Mountain View, Calif.-based company posted losses of -$1.6 million, or -2¢ per share, on sales of $91.9 million for the three months ended June 30, 2020, for an 88% bottom-line gain while more than doubling its revenue totals from the second quarter of last year.
Adjusted to exclude one-time items, earnings per share were 11¢, 10¢ ahead of Wall Street, while the revenue numbers topped the analysts’ projections by nearly 6%. The company noted in a news release that the COVID-19 pandemic has not yet had a material adverse effect on its financial position.
Livongo did not offer guidance for the full year, while the company expects that its $18.5 billion merger with Teladoc (NYSE:TDOC) announced last week will close in the fourth quarter of 2020.
LVGO shares were down -4.3% at $116.25 per share in midday trading today. The company’s shares have been on a downturn since the merger was announced on Aug. 5, having traded down -7.7% at $133.48 per share that day.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.