LivaNova skyrockets on Street-beating Q3 results

LivaNova (NSDQ:LIVN) today posted third-quarter results that beat the overall consensus on Wall Street.

The London-based company reported losses of -$42,000,000, or 82¢ per share, on sales of $253.2 million for the three months ended Sept. 30, for a sales growth of 5.46% compared with Q3 2020.

Adjusted to exclude one-time items, earnings per share were 68¢, 24¢ ahead of The Street, where analysts were looking for sales of $245.3 million.

“Our third-quarter performance demonstrates a continued focus on execution across all regions in our key product lines amidst lingering COVID-19-related headwinds,” CEO Damien McDonald said in a news release.

“We are encouraged by our sales growth year over year and compared to 2019, excluding the impact of heart valves. In addition, we saw improvements in margins and cash flow generation. We also strengthened our financial flexibility with the completion of an equity offering during the quarter, which allowed us …

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LivaNova ticks up on Street-beating Q2 results, appoints new chief financial officer

LivaNova (NSDQ:LIVN) today posted second-quarter results that beat the overall consensus on Wall Street and announced that it has appointed a new chief financial officer.

The London-based company reported losses of -$55.3 million, or -$1.13 per share, on sales of $264.5 million for the three months ended June 30, for a sales growth of 45.17% compared with Q2 2020.

Adjusted to exclude one-time items, earnings per share were 52¢, 19¢ ahead of The Street, where analysts were looking for sales of $246.2 million.

“As we navigate shifting market dynamics resulting from the pandemic, we continue to gain momentum in epilepsy sales growth across all regions,” CEO Damien McDonald said in a news release.

“Procedure volumes in neuromodulation continue to recover, especially replacement implant volumes. Across our businesses, certain countries in Europe and the rest of the world regions remain challenged by COVID-19. Looking ahead, we are focused on delivering…

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MedTech 100 roundup: Rebound hits a snag

Two weeks ago, medtech was on the rise following a rough stretch, but the past week brought the industry slightly back down to earth.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the week (June 4) at 106.96 points, producing a -1.4% dip from the 108.5-point mark set one week prior (May 28). It halts the progress made over a couple of weeks in which the industry produced an uptick, following its 1.4% rise from May 14 to May 21.

Having endured its largest slide of 2021 in recent weeks, the index is still in a better position to produce another upswing after demonstrating signs of picking up again when April brought the industry’s all-time best performance.

Even with setbacks that slowed the industry this past week, medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 15.9% rise from the pre…

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LivaNova completes initial closing of its heart valve business sale

LivaNova (NSDQ:LIVN) announced today that it successfully completed the initial closing of the sale of its heart valve business to Gyrus Capital.

In December, LivaNova announced its board’s unanimous approval of the divestiture of the heart valve business in an effort to enable the company to “sharpen its focus” within its primary platforms, such as neuromodulation and cardiovascular.

According to a news release, the divestiture of the heart valve business includes an enterprise value of $73 million, with Corcym —an independent company recently launched and owned by entities funded and controlled by Gyrus — set to manage the business.

The company said approximately 850 employees will transition to Corcym, which has major operations in Saluggia, Italy, and Vancouver, Canada. The initial closing includes Corcym acquiring LivaNova’s manufacturing facilities in Saluggia and Italy, along with related assets in other geographies. Over the course of…

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LivaNova rises on Street-beating Q1

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, alo…

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LivaNova gains FDA clearance for heart-lung machine

LivaNova (NSDQ:LIVN) announced today that it received FDA 510(k) clearance for its B-Capta system integrated into the S5 heart-lung machine.

London-based LivaNova’s B-Capta, a new, in-line, blood-gas monitoring system is to be integrated into the S5 HLM to easily and accurately monitor arterial and venous blood gas parameters even during long and complex pediatric and adult cardiopulmonary bypass procedures.

B-Capta received CE mark approval in Europe in May 2020 and completed a limited commercial release in Europe. It will now be available globally.

The system uses sensing technology to provide accurate and continuous measurements to allow the perfusionist to quickly react to parameter changes. Its interface reduces set-up time, aligns parameters to those of the hospital’s laboratory blood gas analyzer and includes accurate oxygen partial pressure measurements.

“B-Capta significantly extends the in-line, blood-gas monitoring options a…

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Heater-Cooler suit against LivaNova revived

A Louisiana resident whose lawsuit against LivaNova (NSDQ:LIVN) was thrown out will have another chance to plead his case.

A federal appeals court in Pennsylvania ruled last week that a Louisiana district court must reconsider the case of Kyle Hamer. Hamer underwent open-heart surgery at Children’s Hospital-New Orleans in 2017 using LivaNova’s 3T Heater-Cooler device. He developed an infection in the incision, which his physicians suspected stemmed from a non-tuberculosis mycobacterium (NTM), Mycobacterium abscessus, according to the appeals court opinion.

Although Hamer’s treatment team never isolated NTM from any of the swabs or cultures, his physician informed him that the lack of a positive NTM culture did not mean that he hadn’t had an NTM infection, according to the appeals court ruling. Hamer alleges that his treatment caused him lasting injuries, including potential long-term hearing loss.

Hamer sued LivaNova in the Eastern District of Loui…

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MedTech 100 roundup: Industry sees largest fall since October

The medtech industry’s hot start to 2021 has finally come to a full halt after stocks fell harder than they had in more than four months.

MassDevice‘s MedTech 100 index ended the week (March 5) at 103.3 points, marking a -3.1% dip from the 106.65-point mark set one week before (Feb. 26). In less than a month, the fall has been more than seven points from the end-of-week tally of 110.63 points on Feb. 12.

Medtech’s lowest point of the week was on Thursday, March 4, when it fell to 102.85. The overall drop of about five points from the 107.88-point mark set on Monday, March 1, is the largest dip since the index slid from 97.2 to 91.01 between Oct. 23, 2020, and Oct. 30, 2020.

The all-time best for the index was 110.96, set just three days after that. The index had never reached even the 100-point mark before November 2020.

Still, the industry is in much better condition than it was around this time last year. Medtech’s latest mark means …

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Report: Permira eyeing LivaNova purchase

Private equity firm Permira has reportedly submitted a bid to acquire LivaNova (NSDQ:LIVN), which is valued at $3.7 billion.

The Financial Times reported that people familiar with the situation cited an offer made in mid-February that valued London-based LivaNova’s shares at more than $80 per share. The report said talks are ongoing but there is no certainty that an agreement will be struck.

Within one day of The Financial Times’ report, shares of LivaNova are currently trading up 3.9% at $81.59 per share in early-morning trading today.

Analysts from Needham, citing the report, said an October 2020 analysis valued Livanova’s base business at $79 per share, which falls in line with Permira’s reported valuation.

“This news isn’t too surprising in our view given that LIVN was targeted by an activist last fall and prior media reports that LIVN was a potential acquisition target,” Needham analysts wrote. “…

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LivaNova slides despite Street-beating Q4

LivaNova (NSDQ:LIVN) shares took a dip this morning despite fourth-quarter results that topped the consensus forecast.

The London-based company posted losses of $279.8 million, or -$5.75 per share, on sales of $269.6 million for the three months ended Dec. 31, 2020, for a 95.4% bottom-line slide deeper into the red on a sales decline of -6.3%.

Adjusted to exclude one-time items, earnings per share were 71¢, 5¢ ahead of Wall Street, where analysts were looking for sales of $268.8 million.

Much of LivaNova’s profit slide in the fourth quarter can be attributed to the anticipated sale of its heart valve business, which was announced in December and resulted in an impairment charge of $208.2 million. Additionally, LivaNova paid a $42.2 million provision for future obligations related to hazardous substances from former operations at its Saluggia, Italy, campus.

“Sales in all product categories and regions improved sequentially over the thi…

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LivaNova slides despite forecast-topping Q2 results

LivaNova (NSDQ:LIVN) shares dipped today despite second-quarter results that beat the consensus forecast.

The London-based medtech company posted losses of -$88 million, or -$1.81 per share, on sales of $182.2 million for the three months ended June 30, 2020, for a massive bottom-line slide from losses of $29.2 million this time last year on a sales decline of 34.3%.

Adjusted to exclude one-time items, earnings per share were -15¢, 15¢ ahead of Wall Street, where analysts were looking for sales of $169.73 million.

The impact of the COVID-19 pandemic and deferred elective procedures loomed large as LivaNova reported a 45.1% decline in its neuromodulation business’ sales and a 27.7% drop in its cardiovascular sales.

“Responding to current conditions, we implemented actions to continue serving our patients, their families and physicians,” LivaNova CEO Damien McDonald said in a news release. “At the same time, we significantly …

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LivaNova touts results of sutureless aortic valve study

LivaNova (NSDQ:LIVN) said today that its Perceval sutureless implant is safe and effective compared to standard aortic valve replacement, according to a clinical study.

The study, presented at the 100th annual meeting of the American Association of Thoracic Surgery (AATS), revealed that the Perceval sutureless surgical aortic valve demonstrated freedom from major adverse cerebral and cardiovascular events at a rate of 91.6% compared with 92% for the sutured aortic valve replacement (AVR) group, according to a news release.

Between March 2016 and September 2018, the Persist-AVR trial enrolled 910 patients with severe symptomatic AVR across 12 countries. Those patients were undergoing open-heart  with and without coronary artery bypass grafting, including some receiving conventional or mini-sternotomy.

The rate of death after one year stood at 1% in both groups, while use of the Perceval implant shortened cardiopulmonary bypass procedure times for isolated…

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