LivaNova (Nasdaq: LIVN) today reported fourth-quarter results that beat the consensus forecast on Wall Street, with sales expected to grow in 2022.
The London-based cardiac surgery and neuromodulation device company lost $5.1 million, or 10¢ per share, off $270.1 million in sales for the quarter ended Dec. 31, 2021 — versus a loss of $281.1, or $5.78 per share, off $269.6 million in sales during Q4 2020.
Adjusted to exclude one-time items, earnings per share were 57¢, a nickel ahead of The Street, where analysts were looking for EPS of 52¢ on sales of $267.2 million.
“Our execution during the fourth quarter delivered results that met or exceeded the high end of full-year guidance,” CEO Damien McDonald said in a news release.
“Neuromodulation sales grew across all regions benefiting from replacement procedures, and Cardiopulmonary sales improved year over year, driven by oxygenator sales. We maintain our commitment to realize operational efficiencies and maximize cash flow generation as evidenced by exceeding the high end of guidance for adjusted free cash flow. While we enter 2022 with ongoing COVID-related market headwinds, we remain focused on delivering sales and earnings growth, achieving our pipeline milestones, and improving profitability and cash generation.”
LivaNova expects worldwide net sales for full-year 2022 to grow 3–5% on a constant-currency basis after excluding the impact of last year’s divestiture of the company’s heart valve business. The company predicts adjusted diluted earnings per share in the $2.50–2.80 range, assuming a share count of 54 million for full-year 2022. Wall Street analysts, on average, are predicting $2.56 EPS this year.
Investors reacted by sending LIVN shares up more than 2% to $74.09 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was slightly up.