LivaNova takes a hit on Q3 sales miss, despite raised outlook

LivaNova (NSDQ:LIVN) shares came under pressure today after the medical device maker put up sales and earnings numbers that fell shy of expectations as it swung to third-quarter red ink, despite its boosted top-line outlook for 2018.

LivaNova posted losses of -$7.2 million, or -15¢ per share, on sales of $272.1 million for the three months ended Sept. 30, for a top-line gain of 8.3% compared with Q3 2017, when the company put up profits of $27.8 million.

Adjusted to exclude one-time items, earnings per share were 78¢, a full 12¢ under the consensus on Wall Street, where analysts were looking for sales of $275.0 million.

“The third quarter results reflect our continued momentum in accelerating our sales growth while making significant investments to deliver on our long-term strategy. Results for third quarter 2018 were strong across all regions,” CEO Damien McDonald said in prepared remarks. “Neuromodulation had another exceptional quarter of double-digit growth in all regions. Cardiovascular also performed well, driven by our oxygenator and auto-transfusion businesses. Profitability in the quarter was impacted by higher than expected site activation for our Anthem-HFrEF heart failure pivotal trial. We remain confident in our ability to deliver on our 2018 guidance while aggressively investing in future growth to deliver quality care to more patients around the world.”

LivaNova said it still expects to post adjusted EPS of $3.50 to $3.70, but raised its constant-currency sales growth forecast to 7% to 9%, up from 6% to 8% previously.

Still, investors pushed LIVN shares down -5.2% to $113.935 apiece today on the news in late-morning trading.

The post LivaNova takes a hit on Q3 sales miss, despite raised outlook appeared first on MassDevice.

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