The company reported losses of $40.4 million, or 83¢ per share, on sales of $287 million for the 3 months ended March 31, 2016. That amounts to sales growth of 1.3% compared with the same period in 2015.
Adjusted to exclude 1-time items, earnings per share were 54¢, while analysts on Wall Street were looking for an adjusted EPS of 63¢.
Shares have slightly dipped in trading after the earnings release, down 2.7% to $51.77 as of 2:02 p.m. EDT.
“LivaNova has started the year with solid results in line with our expectations, driven primarily by continued momentum in our Neuromodulation business with AspireSR. We made significant progress on the regulatory front with approvals during the quarter of both our Perceval sutureless valve in the U.S. and our KORA 250 fully MRI compatible pacemaker in Japan. Looking forward, we believe our regulatory progress as well as our keen focus on execution positions us well to deliver on our synergy targets and financial commitments for 2016. We look forward to continuing to deliver high-quality devices that meet the needs of our customers and patients around the world,” CEO André-Michel Ballester said in a prepared statement.
The company also reiterated its guidance for the full year 2016, expecting to see revenue growth on a constant-currency basis between 3 and 5%, with an adjusted gorss profit between 64 to 65% of net sales.
LivaNova said it expects R&D expenses to be between 11 and 12% of net sales, with adjusted income from operations between $205 and $230 million. Adjusted EBITDA is projected to be between $235 and $260 million.
EPS for the next year is expected to be between $2.95 and $3.15.
The post LivaNova dips on Q1 earnings release appeared first on MassDevice.
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