Livanova Plc (NASDAQ: LIVN) has reported its financial results for the fourth quarter and full year 2023, along with guidance for 2024. The company achieved a fourth-quarter revenue of $310.1 million, reflecting a 12.8 percent increase on a reported basis and an 11.9 percent increase on a constant-currency basis compared to the prior-year period. For the full year 2023, Livanova's revenue reached $1.15 billion, marking a 12.9 percent increase on a reported basis and a 13.3 percent increase on a constant-currency basis compared to the prior year.
Bill Kozy, Interim Chief Executive Officer and Board Chair of Livanova, commented on the company's strong performance, stating, "We delivered strong revenue growth in both the fourth quarter and full year. Our 2023 performance reflects double-digit revenue growth across all regions, an improvement in adjusted operating margin, and a 17% increase in adjusted diluted earnings per share."
The company also announced a wind down of its advanced circulatory support segment in January 2024. This strategic move is aimed at focusing on its core cardiopulmonary and neuromodulation segments. In addition, Livanova's Board of Directors named Vladimir A. Makatsaria as the company's Chief Executive Officer, effective March 1, 2024.
Makatsaria commented on his appointment, stating, "Under his leadership, I have great confidence that Livanova will build on these results and achieve our commitments to serving patients while creating shareholder value."
Looking ahead, Livanova expects revenue for full-year 2024 to grow between 4 and 5 percent on a constant-currency basis. Excluding the impact of the advanced circulatory support segment wind down, the company anticipates revenue growth between 6 and 7 percent on a constant-currency basis. The company estimates adjusted diluted earnings per share for 2024 to be in the range of $2.95 to $3.05.
The company's shares have moved 8.3%, and are now trading at a price of $56.95.
The full 8-K submission is available here.
