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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.
| Revenue by Segment - in Millions of USD | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cardiopulmonary | 161.51 | 588.98 | 155.9 | 173.7 | 172.2 | 181.7 | 683.5 | 176.3 | |||||||||
| Neuromodulation | 136.89 | 519.71 | 133.9 | 142.9 | 139.9 | 137.5 | 554.2 | 138.9 | |||||||||
| Advanced Circulatory Support (ACS) | 10.08 | 40.32 | - | - | - | - | - | - | |||||||||
| Other Revenue | 1.56 | 4.54 | 5.1 | 2.0 | 6.02 | 2.58 | 15.7 | 1.6 | |||||||||
| Total Revenue | 310.13 | 1,153.55 | 294.9 | 318.6 | 318.12 | 321.78 | 1,253.4 | 316.9 | |||||||||
| Revenue by Geography - in Millions of USD | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| United States | 173.2 | 635.04 | 160.62 | 179.54 | 179.83 | 175.09 | 695.08 | 169.164 | |||||||||
| Europe | 62.59 | 214.79 | 54.34 | 51.26 | 52.82 | 61.61 | 220.03 | 59.701 | |||||||||
| Rest of World | 74.35 | 303.71 | 79.95 | 87.78 | 85.48 | 85.11 | 338.32 | 87.990 | |||||||||
| - Cardiopulmonary Revenue - United States | - | - | - | - | - | - | - | 60.834 | |||||||||
| - Cardiopulmonary Revenue - Europe | - | - | - | - | - | - | - | 44.507 | |||||||||
| - Cardiopulmonary Revenue - Rest of World | - | - | - | - | - | - | - | 70.979 | |||||||||
| - Neuromodulation Revenue - United States | - | - | - | - | - | - | - | 108.334 | |||||||||
| - Neuromodulation Revenue - Europe | - | - | - | - | - | - | - | 15.194 | |||||||||
| - Neuromodulation Revenue - Rest of World | - | - | - | - | - | - | - | 15.365 | |||||||||
| Total Revenue | 310.15 | 1,153.55 | 294.91 | 318.58 | 318.12 | 321.83 | 1,253.44 | 316.855 |
| 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?
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.
- Robust core performance: LivaNova highlighted strong fundamentals with its cardiopulmonary segment led by the upgraded Essence heart‐lung machine and expanding oxygenator market share, supporting significant pricing premium and capacity growth.
- Promising neuromodulation pipeline: The management emphasized encouraging data in difficult-to-treat depression—with durable efficacy improvements and a potential CMS reimbursement decision within approximately one year—underscoring the company’s commitment to addressing high unmet needs.
- Advancements in epilepsy therapy: Results from the extensive VNS study showed substantial seizure reduction in both adult and pediatric patients, reinforcing the company's strategy to narrow the drug-resistant epilepsy treatment gap.
- Litigation and operational considerations: The team maintained a $360M liability for ongoing legal proceedings and noted temporary procedural deferrals related to the Sentiva generator update, which may impact near-term gross margins.
- LivaNova disclosed in its 8-K filing on May 21, 2025 that it is involved in civil litigation over environmental liabilities stemming from its merger with Sorin, recording a liability of €333.3 million ($360.4 million) as of Q1 2025.
- The Italian Supreme Court’s decision referred the case back to the Court of Appeal to determine costs, with the Ministry asserting potential additional costs of approximately €108.8 million, which the Company contests.
- The Company maintains its current liability accrual and full-year 2025 guidance despite the Ministry’s recent filing and related assertions.
- Q1 2025 Revenue: LivaNova reported net revenue of $317 million (≈$316.9 million) with 10% organic and 7.4% reported growth .
- Operating Income: Adjusted operating income reached $65 million with GAAP operating income at $48.6 million .
- Segment Performance: Robust results in Cardiopulmonary (up +13.1%) with strong contributions from Epilepsy and Neuromodulation segments .
- Cash Generation: Delivered $20.0 million in adjusted free cash flow .
- Guidance & Regulatory: Raised full-year guidance to 6.0%-7.0% (constant-currency) and 7.0%-8.0% (organic) revenue growth, with adjusted diluted EPS of $3.60-$3.70, and completed PMA submission for the aura6000™ System .
- Clinical & Legal Updates: Positive 12-month OSPREY trial showing a 65% responder rate for OSA, alongside addressing a $360 million SNIA litigation liability with a $200 million repayment for a clearer balance sheet .
- LivaNova PLC disclosed that, following an Italian Supreme Court decision, it may be held jointly and severally liable for environmental liabilities, while being exempted from responsibility for €157 million in previously approved payments.
- The Company expects to record a liability of approximately €333 million (about $363 million) for the first quarter of 2025, reflecting costs, fees, interest, and taxes associated with the litigation.
- It was noted that the firm has sufficient liquidity with $429 million in cash and $295 million in restricted cash as of December 31, 2024, to cover these liabilities.
- LivaNova confirmed strong core performance with 6%-7% top line growth guidance for 2025 and emphasized further opportunities in the cardiopulmonary segment, supported by a planned 40% capacity increase by 2026.
- The company detailed its strategy for the OSA program, with a PMA submission and a 12‑month data announcement set for the first half of the year, which will determine whether to commercialize independently or partner with established sleep or ENT companies.
- Management addressed the SNIA litigation, noting a potential liability of approximately $454 million (impacting the P&L by about $0.11 per quarter in a worst-case scenario) while highlighting plans to retire debt if the outcome is favorable.