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LIVN

LivaNova PLC

LIVN

LivaNova PLC • NASDAQ
$63.81 ▼ -0.05% (-0.03)
Market Cap $3.48 B
52w High $64.08
52w Low $32.48
Dividend Yield 0%
P/E -16.03
Volume 186.58K
Outstanding Shares 54.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $357.8M ▲ $190.9M ▲ $26.8M ▼ 7.49% ▼ $0.49 ▼ $57.014M ▼
Q2-2025 $352.524M ▲ $184.805M ▲ $27.161M ▲ 7.705% ▲ $0.5 ▲ $60.64M ▲
Q1-2025 $316.855M ▼ $172.158M ▼ $-327.322M ▼ -103.303% ▼ $-6.01 ▼ $-285.689M ▼
Q4-2024 $321.83M ▲ $182.333M ▼ $55.891M ▲ 17.367% ▲ $1.03 ▲ $84.83M ▲
Q3-2024 $318.12M $189.646M $32.953M 10.359% $0.61 $73.447M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $646.079M ▲ $2.558B ▲ $1.4B ▲ $1.157B ▲
Q2-2025 $593.638M ▼ $2.507B ▼ $1.384B ▼ $1.123B ▲
Q1-2025 $738.437M ▲ $2.559B ▲ $1.524B ▲ $1.034B ▼
Q4-2024 $428.858M ▲ $2.506B ▼ $1.186B ▼ $1.32B ▲
Q3-2024 $346.366M $2.522B $1.212B $1.31B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.784M ▼ $85.057M ▲ $-23.057M ▼ $-9.373M ▲ $52.441M ▲ $62.177M ▲
Q2-2025 $27.161M ▲ $62.92M ▲ $-8.968M ▲ $-208.982M ▼ $-144.799M ▼ $47.773M ▲
Q1-2025 $-327.322M ▼ $23.966M ▼ $-10.628M ▲ $-4.421M ▼ $14.881M ▼ $13.176M ▼
Q4-2024 $55.891M ▲ $78.707M ▲ $-10.708M ▲ $-3.444M ▼ $56.98M ▲ $68.301M ▲
Q3-2024 $32.953M $50.994M $-18.52M $-3.282M $33.455M $32.847M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cardiopulmonary Segment
Cardiopulmonary Segment
 $180.00M ▲$180.00M ▲$200.00M ▲$200.00M ▲
Neuromodulation Segment
Neuromodulation Segment
 $140.00M ▲$140.00M ▲$150.00M ▲$150.00M ▲

Five-Year Company Overview

Income Statement

Income Statement LivaNova’s income statement shows a company that has been slowly but clearly turning a corner. Revenue has climbed steadily over the last several years, and gross profit has risen along with it, suggesting the core products are gaining traction without a big hit to basic margins. Further down the income statement, the story is one of gradual repair: operating results have moved from recurring losses to consistent operating profit, and earnings have shifted from deep losses to modest but positive net income. Profitability is still not robust and has been a bit choppy year to year, but the trend is toward healthier, more sustainable earnings rather than one-off recoveries. Overall, it looks like a transition from a recovery phase into a more stable, profitable phase, with the caveat that the margin of safety on profits still appears relatively thin.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a mid-sized medical device company, with a mix of strengths and some areas to watch. Total assets have been fairly stable and slowly growing, which points to a business that is building on an existing platform rather than constantly reinventing itself. Cash levels have improved in recent years, giving the company more flexibility for operations and investment. Debt is present and has increased compared with earlier years, but it does not appear extreme relative to the size of the business, especially given that shareholder equity has also grown over time. In plain terms, the company seems to have a decent financial cushion, a manageable debt load, and a gradually strengthening equity base, though it is not in an entirely “debt-light” position and still needs to manage leverage carefully.

Cash Flow

Cash Flow Cash flow trends are encouraging and help support the improvement seen in profits. Operating cash flow has shifted from negative earlier in the period to consistently positive, and the amount of cash generated from the business has generally increased. After subtracting relatively modest spending on equipment and other capital needs, free cash flow has been positive for several years and is trending upward. This combination—rising cash generation and disciplined investment—suggests the company is now largely funding itself from its own operations rather than relying heavily on outside financing. It also gives management more room to support R&D, handle debt obligations, and absorb shocks without immediately straining the balance sheet.

Competitive Edge

Competitive Edge LivaNova holds a differentiated position in specialized niches rather than trying to compete everywhere in medical devices. In neuromodulation, its Vagus Nerve Stimulation therapy for drug‑resistant epilepsy is a key pillar. Long clinical experience, extensive data, and a large installed base of patients create meaningful switching costs for both doctors and patients. Once implanted, devices and follow‑up care tend to anchor customers to LivaNova, supporting recurring replacement and service revenue. In cardiopulmonary, long-standing relationships with cardiac surgeons and perfusionists, combined with the more advanced Essenz Perfusion System, give it credibility in a technically demanding area. The company’s decision to exit the heart valve business and focus on neuromodulation and cardiopulmonary reinforces a “fewer, stronger franchises” strategy. The main risk is that these are relatively narrow markets compared with diversified giants, so execution missteps, reimbursement changes, or strong new competitors in these niches could have an outsized impact. But within its chosen lanes, LivaNova appears to have a durable and defensible position.

Innovation and R&D

Innovation and R&D Innovation and R&D are clearly at the heart of LivaNova’s strategy, and the pipeline is comparatively rich for a company of its size. On the neuromodulation side, the company is building around its epilepsy franchise with a connected care platform and next‑generation devices, aiming to create an ecosystem rather than just a single implant. It is also pushing VNS therapy into difficult‑to‑treat depression, where the key hurdle is not technology but reimbursement and regulatory acceptance. In sleep medicine, the aura6000 system for obstructive sleep apnea could open a large new market if regulators approve it and if the data translate into real-world adoption. The design of its clinical program, including more complex patient groups, may give it a differentiation angle but also adds execution risk. In cardiopulmonary, plans for next‑generation oxygenators and continued upgrades to the Essenz platform indicate an intention to stay at the higher end of the technology curve. Overall, the company is betting on focused, high‑impact innovations with meaningful clinical differentiation, but success depends heavily on regulatory approvals, reimbursement decisions, and sustained R&D execution.

Summary

Putting the pieces together, LivaNova looks like a focused medical device company that has moved from a period of restructuring and losses into one of steadier growth, improving margins, and more reliable cash generation. Strengths include: a concentrated portfolio in neuromodulation and cardiopulmonary, a strong installed base in epilepsy therapy, deep clinical data supporting its key products, and a pipeline that targets sizable opportunities in sleep apnea and depression. The financials now show positive earnings and free cash flow, supported by a balance sheet that, while leveraged, appears manageable. Risks center on the company’s reliance on a few core franchises, regulatory and reimbursement outcomes for new indications and products, execution on multiple pipeline programs at once, and competition from larger device makers. The margin expansion story is still in progress, so shocks to revenue or delays in approvals could quickly pressure profitability. Overall, this is a story of a specialized med‑tech player that has stabilized its financial foundation and is now leaning heavily on innovation to drive its next phase of growth, with clear upside potential but meaningful execution and policy-related uncertainty.

NEWS

November 25, 2025 · 9:00 AM UTC

LivaNova to Present at Piper Sandler Healthcare Conference in December

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November 24, 2025 · 9:00 AM UTC

LivaNova's VNS Therapy for Drug-Resistant Epilepsy Procedures Receives Increased Provider Reimbursement from U.S. Centers for Medicare & Medicaid Services

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November 12, 2025 · 3:26 PM UTC

LivaNova Delivers Strategic Roadmap and Long-Range Financial Plan at Investor Day

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November 5, 2025 · 6:00 AM UTC

LivaNova Reports Third-Quarter 2025 Results; Raises 2025 Guidance

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October 23, 2025 · 9:00 AM UTC

LivaNova to Present at Wolfe Research Healthcare Conference in November

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