LivaNova (Nasdaq:LIVN) shares dipped this morning on first-quarter results that topped the consensus forecast.
Shares of LIVN fell 2.4% to $45.98 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked up 0.5%.
The London-based medtech company posted profits of 7.4 million, or 14¢ per share. It reported sales of $263.4 million for the three months ended March 31, 2023. That translates to a more than doubled bottom line (from profits of $3 million) on sales growth of 9.7%.
Cardiopulmonary revenues ticked up 17.5% thanks to oxygenator revenues, while neuromodulation sales grew 11.1%. LivaNova saw a 15.7% revenue dip in its advanced circulatory support business, however. It attributed that to fewer patients treated with extracorporeal membrane oxygenation (ECMO) as a result of fewer severe COVID cases.
Adjusted to exclude one-time items, earnings per share totaled 43¢. That came in 4¢ ahead of Wall Street expectations. Sales topped the forecast by $20 million as analysts projected $243.4 million in revenue for the quarter.
“During the first quarter, LivaNova delivered solid revenue growth,” said LivaNova chair and interim CEO Bill Kozy. “Additionally, the Company achieved important product and clinical milestones, including U.S. FDA 510(k) clearance for Essenz and randomization of the 500th unipolar patient in the RECOVER clinical study. We look forward to building on this progress. I am engaging with our experienced executive leadership team as we maintain focus on executing on our core growth drivers, delivering on our clinical and product pipeline opportunities, and generating cash.”
Kozy took over the interim role after CEO Damien McDonald resigned last month.
LivaNova now expects full-year revenue growth to range between 4% and 6%. It set its adjusted EPS guidance range for between $2.50 and $2.70.