LivaNova shares plummet on prelim Q1 miss

LivaNova (NSDQ:LIVN) shares have plunged over 25% so far today after the medical device maker posted preliminary sales numbers for its first quarter that fell below expectations on Wall Street. The London-based company said that it expects to post sales of $250.5 million for the quarter, well below the Wall Street expectations of $264.6 million. The company reported preliminary sales of $121.5 million for its cardiopulmonary division, a drop of 2.9% compared with the same period during the previous year. Its heart valve business saw a larger drop, reporting preliminary sales of $25.6, down 17.5% from Q1 2018. LivaNova’s cardiovascular division dropped 0.5%, reporting prelim revenue of $155.4 million while the company’s neuromodulation business reported preliminary sales of $94.4 million, up 0.6% compared with its Q1 of 2018. The company said that the neuromodulation biz “experienced unexpected weakness in the U.S. market due to a combination of factors,” including competitive dynamics and salesforce turnover. Softening Perceval sales and a continued decline in overall heart valve sales had a negative effect on the cardiovascular business, LivaNova said. “While our Europe and rest of world regions continued to grow above plan, I am disappointed by our execution in the quarter in light of the changing competitive environment within the U.S. in our neuromodulation and heart valves businesses. We believe we can address these challenges and remain committed ...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Featured Wall Street Beat LivaNova Source Type: news