LivaNova PLC (LIVN) is a global medical technology company headquartered in London, England. The company specializes in designing, developing, manufacturing, and selling innovative medical products and therapies aimed at improving patient outcomes. Its offerings focus on cardiopulmonary bypass procedures and neuromodulation therapies for neurological and sleep-related conditions.
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Cardiopulmonary - Develops and markets products for cardiopulmonary bypass procedures, including heart-lung machines, oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and related accessories. Features the Essenz Perfusion System, a next-generation heart-lung machine with advanced monitoring and sensing technology.
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Neuromodulation - Provides devices for neuromodulation therapy, including the VNS Therapy System for treating drug-resistant epilepsy and depression, and the aura6000 System for obstructive sleep apnea, which is under clinical testing.
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Other/Advanced Circulatory Support (ACS) - Previously included temporary life support products like LifeSPARC and Hemolung systems, with some products integrated into Cardiopulmonary and others discontinued as part of a restructuring plan.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Vladimir Makatsaria ExecutiveBoard | Chief Executive Officer | Chairman of APACMed; Advisory Board Member at Singapore Management University | Former Johnson & Johnson executive with nearly 30 years in healthcare. Appointed CEO of LivaNova in March 2024. | View Report → |
Alex Shvartsburg Executive | Chief Financial Officer | None | Joined LivaNova in 2017; became permanent CFO in July 2021. Previously held leadership roles at Thermo Fisher Scientific and Johnson & Johnson. | |
Michael Hutchinson Executive | Chief Legal Officer | None | Joined LivaNova in November 2022. Formerly held senior legal roles at Stryker and Varian Medical Systems. | |
Stephanie Bolton Executive | President, Global Epilepsy | Vice Chair of the Association of British HealthTech Industries | Joined LivaNova in 2011. Held various leadership roles in epilepsy and cardiopulmonary businesses. Appointed President of Global Epilepsy in May 2023. | |
Brooke Story Board | Director | None | Director at LivaNova since 2022. Former executive at BD and Medtronic. | |
Dr. Sharon O’Kane Board | Director | Non-executive director at Health Products Regulatory Authority (Ireland); Entrepreneur in Residence at University College Dublin; Visiting Professor at Ulster University | Co-founder of Renovo Group Plc. Director at LivaNova since 2015. Extensive experience in biotech and healthcare. | |
Francesco Bianchi Board | Director | Chair of Seven Capital Partners S.r.l. | Director at LivaNova since 2015. Extensive experience in mergers and acquisitions and strategic advisory roles. | |
J. Christopher Barry Board | Director | EVP and Group President, Medical Solutions Division at 3M Company | Former CEO of NuVasive, Inc. and senior executive at Medtronic. Appointed to LivaNova's Board in October 2023. | |
Peter Wilver Board | Director | Director at Baxter International Inc. and Shoals Technologies Group, Inc. | Director at LivaNova since 2022. Former CFO of Thermo Fisher Scientific. | |
Stacy Enxing Seng Board | Director | Operating Partner at Lightstone Ventures; Director at Sonova Holding AG | Director at LivaNova since 2019. Extensive experience in medical technology and venture capital. | |
Susan Podlogar Board | Director | None | Director at LivaNova since October 2024. Former CHRO at MetLife and Johnson & Johnson. | |
Todd Schermerhorn Board | Director | Director at The Travelers Companies, Inc. | Director at LivaNova since 2020. Former CFO of C.R. Bard, Inc. | |
William Kozy Board | Chair of the Board of Directors | Vice Chair and Lead Director at Cooper Companies, Inc. | Chair of LivaNova's Board since 2018. Former COO of Becton Dickinson. Served as interim CEO from April 2023 to February 2024. |
- Can you provide more details on your capacity expansion plans for oxygenators and how you intend to sustain the strong performance in this segment, particularly in light of competitor dynamics?
- With the anticipated increase in the effective tax rate to 24%-25% in 2025, how do you plan to achieve margin expansion and grow EPS faster than revenue, especially considering potential investments in DTD and OSA programs?
- Regarding your DTD program, can you elaborate on the timing of the CMS coverage decision and how potential delays might impact your investment plans and projected cost savings for 2025?
- In the epilepsy segment, given that approximately 40% of patients are on Medicare, how might potential changes in Medicare reimbursement affect your business, and could there be spillover effects on private insurers?
- As you approach 2025, how are you balancing R&D investments between high-risk programs like DTD and OSA and incremental innovations in your core businesses to support sustained growth and market share gains?
Research analysts who have asked questions during LivaNova earnings calls.
Adam Maeder
Piper Sandler Companies
4 questions for LIVN
David Rescott
Baird
4 questions for LIVN
David Roman
Goldman Sachs Group Inc.
4 questions for LIVN
Frederick Wise
Stifel
3 questions for LIVN
Michael Polark
Wolfe Research
3 questions for LIVN
Matthew Miksic
Barclays PLC
2 questions for LIVN
Michael Matson
Needham & Company
2 questions for LIVN
Anthony Petrone
Mizuho Group
1 question for LIVN
Matthew Taylor
Jefferies
1 question for LIVN
Matt Miksic
Barclays Investment Bank
1 question for LIVN
Matt Taylor
Jefferies & Company Inc.
1 question for LIVN
Michael Sarcone
Jefferies
1 question for LIVN
Mike Polark
Wolfe Research, LLC
1 question for LIVN
Rick Wise
Stifel Financial Corp
1 question for LIVN
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Terumo Medical Corporation | A primary competitor in the Cardiopulmonary, Neuromodulation, and ACS product groups. The company operates in the global medical device market, which is characterized by rapid technological advances and scientific discoveries. |
Maquet Medical Systems | Competes with the company in the Cardiopulmonary, Neuromodulation, and ACS product groups, offering specialized medical devices in a highly competitive market. |
A significant competitor in the Cardiopulmonary, Neuromodulation, and ACS product groups, known for its broad range of medical devices and technologies. | |
Competes in the Cardiopulmonary, Neuromodulation, and ACS product groups, focusing on specialized medical devices and solutions. | |
NeuroPace, Inc. | A competitor in the Neuromodulation product group, providing alternative neuromodulation therapies. |
Competes in the Cardiopulmonary, Neuromodulation, and ACS product groups, offering a wide range of medical devices and technologies. |
Recent press releases and 8-K filings for LIVN.
- LivaNova highlights its strong core Epilepsy and Cardiopulmonary businesses, which are market-leading and generate steady growth and strong cash. The Cardiopulmonary segment has achieved double-digit revenue and adjusted operating income growth for 11 consecutive quarters.
- The company is focused on transformative growth opportunities in Obstructive Sleep Apnea (OSA), a $1.0 billion market with double-digit CAGR, and has upside optionality with its Depression Treatment Device (DTD).
- LivaNova reported $1.3 billion in LTM Revenue and set 2025E-2030E financial targets including a high single-digit+ Revenue CAGR, maintaining >20% Adjusted Operating Margins through 2028 (reaching high 20s by 2030), and a low double-digit to mid-teens Adjusted EPS CAGR.
- The company has a refreshed leadership team with key appointments in 2024 and 2025, including Vladimir Makatsaria as CEO.
- LivaNova PLC hosted its 2025 Investor Day, outlining a strategic roadmap and long-range financial plan with 2030 targets including a high-single-digit-plus revenue compound annual growth rate (CAGR), low double-digit to mid-teens earnings-per-share CAGR, adjusted annual operating margin above 20% over the next three years targeting high twenties by 2030, and adjusted free cash flow conversion above 80%.
- The company's strategy is built on maximizing its core Cardiopulmonary and Epilepsy businesses, scaling Obstructive Sleep Apnea (OSA), and preserving upside in Difficult-to-Treat Depression (DTD).
- The Obstructive Sleep Apnea (OSA) business is projected to generate $200 million to $400 million in revenue by 2030, achieve an adjusted operating income margin of greater than 25%, and is expected to be break-even by 2029 following planned commercialization in 2027.
- Difficult-to-Treat Depression (DTD) is considered a significant upside option, though it is not included in the long-range financial projections due to pending coverage reconsideration with the U.S. Centers for Medicare & Medicaid Services (CMS).
- LivaNova provided a long-range plan (2025-2030) forecasting high single-digit plus revenue CAGR and an exit adjusted operating income margin in the mid to high 20s. For 2025, the company expects organic revenue growth between 9.5-10.5%, adjusted operating income margin between 20-21%, adjusted diluted EPS between $3.80-$3.90, and adjusted free cash flow from operations between $160-$180 million.
- The company's strategy centers on driving mid-single-digit plus growth in its core Cardiopulmonary and Epilepsy businesses while investing in the new Obstructive Sleep Apnea (OSA) market.
- LivaNova projects OSA revenue of approximately $200-$400 million with an operating margin of 25% plus by 2030, and a break-even P&L by 2029, with the full commercial launch planned for the second half of 2027.
- Key investments include expanding manufacturing capacity for cardiopulmonary consumables, launching a new generation oxygenator by 2028, and advancing the Essence perfusion system. The company aims to maintain an annual adjusted operating margin above 20% during the initial OSA investment phase.
- LivaNova reported Q3 2025 revenue of $358 million, representing 13% organic revenue growth and 11% constant currency growth versus the prior year.
- Adjusted diluted earnings per share for Q3 2025 increased to $1.11, compared to $0.90 in Q3 2024.
- The company raised its full-year 2025 organic revenue growth outlook to between 9.5% and 10.5% and adjusted diluted EPS guidance to a range of $3.80-$3.90.
- Segment performance in Q3 2025 included 16% revenue growth in Cardiopulmonary and 6% revenue growth in Epilepsy compared to the prior year.
- LivaNova's cash balance at September 30th, 2025, was $646 million, up from $429 million at year-end 2024, and total debt was reduced to $434 million from $628 million.
- LivaNova reported Q3 2025 net revenue of $358 million, representing 13% organic revenue growth and 11% constant-currency growth.
- For Q3 2025, adjusted diluted EPS was $1.11 and adjusted free cash flow was $62 million. The company also achieved an adjusted operating margin of 22.5%.
- The company raised its full-year 2025 guidance, with organic revenue growth now projected at 9.5% - 10.5%, adjusted diluted EPS at $3.80 - $3.90, and adjusted free cash flow at $160 million - $180 million.
- A key commercial milestone in Q3 2025 was the launch of the Essenz Perfusion System in China.
- LivaNova reported third-quarter 2025 revenue of $357.8 million, marking a 12.5% increase on a reported basis and 12.5% on an organic basis compared to the prior-year period.
- For the third quarter of 2025, U.S. GAAP diluted earnings per share was $0.49 and adjusted diluted earnings per share was $1.11.
- The company generated net cash provided by operating activities of $85.1 million and adjusted free cash flow of $62.0 million in the third quarter of 2025.
- LivaNova raised its full-year 2025 guidance, with revenue growth now projected between 8.5% and 9.5% on a constant-currency basis and 9.5% to 10.5% on an organic basis.
- Full-year 2025 adjusted diluted earnings per share guidance was raised to $3.80 to $3.90, and adjusted free cash flow guidance was increased to $160 million to $180 million.
- LivaNova reported third-quarter 2025 revenue of $357.8 million, an increase of 12.5% on a reported basis, demonstrating double-digit reported and organic growth.
- For the third quarter ended September 30, 2025, adjusted diluted earnings per share was $1.11, up from $0.90 in the prior-year period.
- The company raised its full-year 2025 guidance, with expected revenue growth now between 8.5% and 9.5% on a constant-currency basis, and adjusted diluted earnings per share projected in the range of $3.80 to $3.90.
- LivaNova also initiated the commercial launch of the Essenz™ Perfusion System in China, expanding its market presence.
- LivaNova's core cardiopulmonary business has demonstrated sustained double-digit growth for ten consecutive quarters, most recently 13%, leading to a raised full-year guidance of 12% to 13% growth driven by market share gains, the Ascend heart-lung machine upgrade cycle, and strong pricing.
- The company is strategically expanding its neuromodulation portfolio into high-growth markets, including Obstructive Sleep Apnea (OSA) with a PMA submission to the FDA and positive OSPREY clinical study results, and has an optionality in difficult-to-treat depression (DTD) with a CMS reimbursement review underway.
- LivaNova has improved its free cash flow generation, raising guidance to $140 million to $160 million, and prioritizes capital allocation towards supporting core businesses, investing in OSA, and exploring M&A opportunities.
- The epilepsy business, which grew mid-single digits in Q2, is poised for further growth due to strong CoreVNS clinical evidence and a proposed 48% increase in Medicare reimbursement for VNS Therapy replacements.
- LivaNova's cardiopulmonary business has shown strong performance with double-digit growth for ten consecutive quarters, most recently 13%, leading to a raised full-year guidance of 12%-13%. This growth is fueled by market share gains in oxygenators and the ongoing upgrade cycle of the Essenz heart-lung machine.
- The company is expanding its neuromodulation portfolio into new high-growth areas, including the submission of a PMA approval to the FDA for obstructive sleep apnea (OSA), supported by competitive data from the OSPREY study.
- In its epilepsy business, LivaNova reported mid-single digit growth in Q2 and anticipates further acceleration due to strong CORE-VNS clinical evidence and a proposed 48% increase in Medicare reimbursement for VNS Therapy replacements from CMS.
- LivaNova has initiated a CMS reconsideration process for VNS Therapy treatment in difficult-to-treat depression (DTD), highlighting clinical data from the RECOVER trial, which showed a 43% reduction in suicidality.
- Financially, LivaNova has raised its free cash flow guidance to $140 million-$160 million and plans to prioritize capital allocation towards supporting its core businesses, investing in the new OSA business, and pursuing M&A opportunities.
- LivaNova initiated the commercial launch of its Essenz Perfusion System in China, which is the second-largest market for LivaNova heart-lung machines after the United States.
- The system received regulatory approval from China’s National Medical Products Administration (NMPA) and is designed to improve clinical workflows and patient care during life-saving cardiopulmonary bypass procedures.
- Since its global launch in February 2023, the Essenz Perfusion System has supported more than 100,000 patients worldwide.
- In China, approximately 185,000 adult and 23,500 pediatric extracorporeal circulation procedures are projected to be performed in 2025.