LivaNova (NSDQ:LIVN) shares got a boost this morning on first-quarter results that beat the consensus forecast.
LIVN shares were up 6.1% at $87.95 per share in early-morning trading today.
The London-based company posted losses of -$29.7 million, or -61¢ per share, on sales of $247.6 million for the three months ended March 31, 2021, for a bottom-line slide into the red despite sales growth of 2.1%.
Adjusted to exclude one-time items, earnings per share were 35¢, 20¢ ahead of Wall Street, where analysts were looking for sales of $232.3 million.
LivaNova’s cardiovascular segment experienced a -5.9% dip year-over-year, with heart valve sales sinking by -19.2% compared to the first quarter of 2020. The company’s neuromodulation business picked up some slack, growing by 15.7% year-over-year.
“Epilepsy sales growth in the quarter reflects improving market dynamics, especially in the United States. The pace of vaccination efforts, along with patients’ and their caregivers’ willingness to seek treatment, is key to the continued recovery of the epilepsy business,” LivaNova CEO Damien McDonald said in a news release. “We expect the recovery to continue from here and develop into more consistent sales and EPS growth in the second half of the year. We remain focused on delivering growth in our core, achieving pipeline milestones and executing on initiatives to improve profitability and cash generation.”
LivaNova reaffirmed its 2021 guidance, projecting its adjusted EPS to come between $1.40 and $1.90 for the full year, with its sales guidance set for growth ranging between 8% and 13% on a constant currency basis.