Net sales rose 6.6% to $640 million versus the Street estimate of $633.43.
“Mallinckrodt performed well in the third quarter driven by strong customer demand for our hospital products and effective expense management. This tight expense control also helped us support increased R&D investments in our innovative pipeline,” CEO Mark Trudeau said.
SG&A expenses were $164.0 million or 25.6% of net sales, as compared to $186.3 million, or 31% a year ago.
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Buoyed by the strong third quarter performance, the UK-based firm raised its adjusted diluted EPS guidance for fiscal 2018 to $7.00 to $7.20.
During Q3, Mallinckrodt also reduced total debt by $170.6 million and ended the quarter with net debt below $6.0 billion.
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