LivaNova Reports Third Quarter 2016 Results

LONDON, Nov. 02, 2016 (GLOBE NEWSWIRE) -- LivaNova PLC (NASDAQ:LIVN) (LSE:LIVN) ("LivaNova" or the "Company"), a market-leading medical technology and innovation company, today reported results for the third quarter ended September 30, 2016. 

For the third quarter of 2016, worldwide sales were $ 295 million, an increase of 3.2 percent on a reported basis and an increase of 2.4 percent on a constant-currency basis 1, as compared to the previous year.  On a U.S. Generally Accepted Accounting Principles (GAAP) basis, third quarter 2016 loss per share was $ 0.03.  Third quarter 2016 adjusted 2 diluted earnings per share were $ 0.78

"While sales performance was below expectations for the quarter, earnings results were positive due to significant leverage in the income statement," said André-Michel Ballester, Chief Executive Officer.  "Many of our new products continue to perform well, including - AspireSR ® used for VNS Therapy, Perceval TM sutureless heart valves, INSPIRE TM oxygenators, KORA 250 TM pacemakers and PLATINIUM TM defibrillators.  However, we have experienced challenges in Cardiac Surgery, and as a result, we are increasing our focus on driving merger synergies, implementing restructuring activities, maintaining disciplined cost controls and reprioritizing internal research and development spending to focus our efforts on the highest growth drivers.  Overall, I am extremely pleased in our ability to align operating expenses and deliver strong bottom line performance, while investing in short and long-term growth opportunities."

Third-Quarter 2016 Results

The following table highlights selected financial results 3 for the third quarter of 2016 compared to the same period in 2015:
  Three Months Ended September 30, % Change Constant Currency % Change
In $ millions   2016     2015  
  Cardiopulmonary $ 114.8   $ 113.0     1.6 %   0.2 %
  Heart Valves $ 33.7   $ 34.2     (1.5 %)   (2.4 %)
Cardiac Surgery $ 148.5   $ 147.2     0.9 %   (0.4 %)
CRM 4 $ 56.8   $ 53.9     5.4 %   3.6 %
Neuromodulation $ 89.5   $ 84.3     6.2 %   6.8 %
Other $   0.5   $   0.8   n/a n/a
Total Net Sales $ 295.3   $ 286.1     3.2 %   2.4 %
  • Numbers may not add due to rounding.  Constant currency % change is considered a non-GAAP metric.

For discussion purposes, all sales growth rates below reflect comparable, constant currency growth.  The difference between constant currency growth and reported growth reflects the impact from currency fluctuations in the various currencies in which we operate.

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