Consolidated Total Revenue

96% YoY increase (from $310.13 million in Q4 2023 to $608.14 million in Q4 2024)

Strong revenue acceleration was driven by robust gains across key segments—particularly the Cardiopulmonary segment with new Essenz Perfusion System sales and heightened consumable demand, as well as continued Neuromodulation growth. These improvements build on the upward trends observed in prior Q3 periods and have resulted in nearly doubling the revenue year-over-year. " " "

Operating Income

Rising to $37.02 million in Q4 2024 (significantly higher than the previous period)

Improved operating leverage played a key role, with effective cost management, reduced SG&A spending as a percentage of revenue, and benefits from the planned wind-down of the ACS segment. These factors, combined with revenue expansion seen in Q3 2024, contributed to the marked jump in operating income. " " "

Net Income

Increased to $55.89 million in Q4 2024 (from a much lower level in Q4 2023)

Net income benefited from the turnaround in operating income, with gains further supported by favorable foreign exchange and other income. The improvement reflects a continuation of the momentum seen post the prior period’s challenges—such as the absence of significant goodwill impairments—that enabled a strong profitability profile. " " "

Business Segment Revenue

Not directly provided as a percentage change, but Q4 2024 figures show: Cardiopulmonary at $181.7 million, Neuromodulation at $137.5 million, Other at $2.58 million

Segment-level performance is strong with Cardiopulmonary revenue boosted by new product launches and increasing consumable demand, while Neuromodulation continues its healthy performance. These results reflect the cumulative benefits of strategies and improvements noted in earlier quarters, further solidifying the company’s base for revenue growth. " " "

Geographic Revenue

Not provided as an overall YoY percentage; Q4 2024 breakdown: U.S. $175.09 million, Europe $61.61 million, Rest of World $85.11 million

Regional performance remains robust, with the U.S. market leading the growth, and solid contributions from Europe and the Rest of World. This geographic balance reflects effective market penetration and execution that were already emerging in Q3, consolidating LIVN’s improved revenue profile across all regions. " "

Revenue Growth (FY guidance)

FY 2024

8.5% to 9.5% on a constant currency basis and 10% to 11% excluding ACS wind down "

no current guidance

no current guidance

Foreign Currency Impact

FY 2024

Negligible "

no current guidance

no current guidance

Adjusted Effective Tax Rate

FY 2024

21% to 22% "

no current guidance

no current guidance

Adjusted Diluted EPS

FY 2024

$3.30 to $3.40 "

no current guidance

no current guidance

Adjusted Free Cash Flow

FY 2024

$110 million to $130 million "

no current guidance

no current guidance

Capital Spending

FY 2024

~$60 million "

no current guidance

no current guidance

Cardiopulmonary Revenue Growth

FY 2024

13% to 14% "

no current guidance

no current guidance

Epilepsy Revenue Growth

FY 2024

7% to 8% "

no current guidance

no current guidance

Adjusted Diluted Weighted Average Shares Outstanding

FY 2024

Approximately 55 million shares "

no current guidance

no current guidance

Revenue Growth (FY guidance)

FY 2025

no prior guidance

5% to 6% on a constant currency basis and 6% to 7% on an organic basis "

no prior guidance

Foreign Currency Impact

FY 2025

no prior guidance

Expected headwind of 1.5% to 2% based on current exchange rates "

no prior guidance

Adjusted Effective Tax Rate

FY 2025

no prior guidance

Approximately 24% "

no prior guidance

Adjusted Diluted EPS

FY 2025

no prior guidance

$3.65 to $3.75 "

no prior guidance

Adjusted Diluted Weighted Average Shares Outstanding

FY 2025

no prior guidance

Approximately 55 million "

no prior guidance

Adjusted Free Cash Flow

FY 2025

no prior guidance

$135 million to $155 million "

no prior guidance

Capital Spending

FY 2025

no prior guidance

~$90 million "

no prior guidance

Cardiopulmonary Revenue Growth

FY 2025

no prior guidance

7% to 8% "

no prior guidance

Epilepsy Revenue Growth

FY 2025

no prior guidance

4% to 5% "

no prior guidance

Cardiopulmonary Business Growth

In Q1, growth was reported at 16% with strong performance in both HLM and oxygenators " " ; in Q2, growth of 14% driven by the Essenz system and consumables " " ; in Q3, 15% growth was noted with robust component performance. " "

In Q4, the segment achieved an 11% revenue increase with a reported $182 million revenue and expects 7%–8% growth for full-year 2025, largely driven by Essenz rollouts. "

Consistent growth maintained but with a slightly moderated pace, likely due to capacity constraints and competitive factors. "

Manufacturing Capacity Constraints

Across Q1–Q3, capacity improvements and upgrades were discussed—with advancements such as process improvements and automation enabling increased output. " " "

In Q4, a 10% increase in capacity was reported, although global demand continues to outpace supply, prompting plans for further capacity expansion in 2025. " " "

Recurring concern with proactive measures; sentiment remains cautious yet optimistic about resolving supply constraints. " " "

Essenz Heart-Lung Machine

Mentioned consistently in Q1–Q3 with strong adoption; in Q1 adoption started with positive placements and pricing at a premium, in Q2 and Q3 adoption averaged around 40% of placements with increasing price mix contributions. " " " "

Q4 emphasizes that Essenz now accounts for approximately 40% of annual HLM placements, with expectations to reach 60% in 2025, underscoring its significant role and premium pricing strategy. " " "

A clear bullish trend with growing adoption and increasing pricing power, reinforcing long-term market leadership. " " "

Neuromodulation and VNS Therapy for Epilepsy

In Q1–Q3, upward trends were reported including 11% revenue growth and improvements in procedure penetration along with discussions on reimbursement challenges and CMS coding enhancements. " " "

In Q4, the focus remains on expanding procedure penetration in an underpenetrated U.S. market and advancing reimbursement improvements, with a sustained growth outlook. " "

Steady and positive outlook as the company continues to address market access and reimbursement dynamics. " "

Obstructive Sleep Apnea (OSA)

In Q1, the OSPREY study was described with primary endpoint data due by year-end and regulatory filing targets in early 2025 " ; Q2 and Q3 focused on clinical follow-up milestones and planning for PMA submission. " " "

Q4 reports that the primary efficacy and safety endpoints in the OSPREY study were met, with plans to announce 12‑month results in Q2 2025 and submit a PMA by the end of Q2 2025, moving the program closer to market launch. " " "

Program maturation is evident; sentiment shifts from exploratory to near-market readiness while maintaining cautious regulatory optimism. " " "

Difficult-to-Treat Depression (DTD)

Q1 mentioned modest revenue from the RECOVER study and early-stage discussion about CMS coverage; Q2 detailed a scaled-back investment approach pending CMS decisions; Q3 maintained a baseline investment level with focus on de-risking commercialization. " " " "

Q4 continues with conservative investment levels, emphasizing the need to secure CMS coverage and acknowledging commercialization risks, reflecting a cautious stance. " "

Consistent caution persists with a conservative investment strategy until regulatory outcomes (CMS coverage) are confirmed. " "

Effective Tax Rate

Q1 reported an increase from 6% to 21% and subsequent quarters (Q2 and Q3) noted further upward adjustments impacting EPS modestly. " " " " "

Q4 projects an effective tax rate of about 24% for 2025—with a 300 basis point increase over 2024 and a noted EPS headwind, although quarterly tax impacts improved from previous negative rates. " "

A gradual upward trend creating headwinds for EPS, with continued caution over profitability impacts. " "

Operating Expenses and Margin Pressure

Q1 noted improvements in gross margins and operating income despite modest increases in SG&A; Q2 and Q3 discussed higher operating investments balanced by strong margin expansion and operational leverage. " " " " " "

In Q4, while SG&A expenses were slightly higher (increased from $120 million to $127 million), operating income and margins improved (17% margin versus 16% previously), supported by structural initiatives like the ACS wind-down and efficient scale-up investments. " "

Operating efficiency remains a strength despite rising expenses; margins are improving even with targeted growth investments, reflecting a balanced and positive outlook. " "

Clinical Trial Uncertainties and Regulatory Approval

In Q1, uncertainties were linked to the RECOVER trial and OSPREY study outcomes, affecting CMS decisions and FDA submission timelines; Q2 and Q3 also underscored regulatory risks for OSA and DTD programs. " " " " "

Q4 reiterates the unpredictable review timelines for PMA submissions (9–12 months) and emphasizes that even with strong clinical data, regulatory uncertainties persist, particularly around OSA and new therapy approvals. " " "

Regulatory and clinical uncertainties remain a constant risk factor, with cautious sentiment maintained despite overall clinical progress. " " "

Investment in Digitization and Innovation

Q1 set the stage with the appointment of a Chief Innovation Officer and strategic emphasis on refining the portfolio; Q2 and Q3 detailed concrete investments in digitizing VNS and enhancing the Essenz system through sensor and connectivity technologies. " " " "

Q4 reinforces this commitment by highlighting expanded innovation in connected care for epilepsy and continuous upgrades to the Essenz system, alongside capital expenditure increases (e.g., $90 million planned for 2025 for IT and capacity expansion). " "

A consistently positive trend with ongoing strategic investments in innovation, supporting long‑term competitive advantage and therapy advancement. " "

Competitive Dynamics and Market Share Challenges

Q1 noted that capitalizing on competitor disruptions and capacity expansions had helped secure market share, particularly in oxygenators; Q2 and Q3 discussed competitive re-entries and strategies to sustain market share gains. " " " " "

Q4 continues to emphasize market share gains in disposables and highlights competitor disruptions as advantageous, with plans to further expand capacity reinforcing their competitive position in the market. "

While competitive pressures persist, the company’s proactive capacity expansion and market share initiatives have maintained a bullish, competitive outlook. "

Revenue Growth Trends and Guidance Adjustments

Q1 reported 12% revenue growth (14% when excluding ACS) with revised full-year guidance of 6%–7% (8%–9% excluding ACS); Q2 raised guidance with strong double-digit quarterly growth and Q3 reported 11% quarterly growth with upward adjustments for full‑year targets. " " " "

Q4 showed moderate Q4 growth (5%–7%) while still projecting full-year 2025 guidance of 5%–6% constant currency growth (6%–7% organic growth), reflecting tempered expectations against strong prior-year comparisons. " " "

Revenue growth remains robust with consistent double-digit performances in core segments, though guidance adjustments in Q4 reflect a more measured outlook as tougher comparisons emerge. " " "