LivaNova PLC (LIVN) Reports 13.3% Increase in Q3 Revenue
Third-quarter revenue of $286.1 million, a 13.3% increase on a reported basis compared to the prior-year period.
Adjusted diluted earnings per share for Q3 was $0.73, compared to $0.58 in Q3 2022.
Received U.S. FDA 510(k) clearance and CE Mark for its Essenz In-Line Blood Monitor.
Full-year 2023 revenue expected to grow between 9% and 11% on a constant-currency basis.
On November 1, 2023, LivaNova PLC (NASDAQ:LIVN), a leading medical technology company, reported its third-quarter 2023 results. The company also raised its full-year 2023 revenue and adjusted diluted earnings per share guidance.
Financial Performance and Highlights
LivaNova PLC (NASDAQ:LIVN) reported a third-quarter revenue of $286.1 million, a 13.3% increase on a reported basis and a 12.1% increase on a constant-currency basis compared to the prior-year period. The U.S. GAAP diluted loss per share was $0.14, while the adjusted diluted earnings per share was $0.73.
Interim Chief Executive Officer and Board Chair of LivaNova, Bill Kozy, commented on the company's performance, stating,
LivaNova delivered double-digit revenue growth across all regions, improved profitability and achieved important clearances for the Essenz In-Line Blood Monitor in the third quarter. Our performance reflects strong execution throughout the organization as demonstrated in all three Business Units. We look forward to building on these results with a firm focus on patients and performance in the fourth quarter and in 2024."
Segment Performance
The company's Cardiopulmonary segment reported a revenue increase of 19.7% on a reported basis and 18.1% on a constant-currency basis versus the third quarter of 2022. The Neuromodulation segment reported a revenue increase of 5.8% on a reported basis and 5.2% on a constant-currency basis. The Advanced Circulatory Support (ACS) segment reported a revenue increase of 26.8% on a reported basis and 26.6% on a constant-currency basis.
Earnings Analysis
On a U.S. GAAP basis, third-quarter 2023 operating income was $4.5 million, compared to an operating loss of $132.0 million for the third quarter of 2022. Adjusted operating income for the third quarter of 2023 was $45.0 million, compared to adjusted operating income of $36.6 million for the third quarter of 2022.
Full-Year 2023 Guidance
LivaNova now expects revenue for full-year 2023 to grow between 9% and 11% on a constant-currency basis. Adjusted diluted earnings per share for 2023 is now expected to be in the range of $2.60 to $2.80, assuming a fully diluted share count of 54 million for full-year 2023.
Explore the complete 8-K earnings release (here) from LivaNova PLC for further details.
This article first appeared on GuruFocus.
