A Business at a Glance
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LivaNova PLC
LIVN
$4.3B
Mkt Cap
$78.19
-0.53%
LivaNova PLC (LIVN) has a 5-year average return on invested capital (ROIC) of 4.2%. This is below average and may indicate limited pricing power.
LivaNova PLC (LIVN) has a market capitalization of $4.3B. It is classified as a mid-cap stock.
LivaNova PLC (LIVN) does not currently pay a regular dividend.
LivaNova PLC (LIVN) operates in the Electromedical & Electrotherapeutic Apparatus industry, within the Healthcare sector.
LivaNova PLC (LIVN) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
LivaNova PLC (LIVN) has a net profit margin of -17.5%. The company is currently unprofitable.
LivaNova PLC (LIVN) generated $173 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LivaNova PLC is a global medical technology company with two reportable segments: Cardiopulmonary and Neuromodulation. The Cardiopulmonary segment designs, manufactures, and sells heart-lung machines (HLMs), oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and related accessories and services used during cardiopulmonary bypass procedures in cardiac surgery; the segment's flagship product is the Essenz, a next-generation HLM with embedded patient monitoring and sensing technology for data-driven decision-making. The Neuromodulation segment develops and commercializes the VNS Therapy System, an implantable pulse generator and lead that stimulates the vagus nerve to treat drug-resistant epilepsy (DRE) and difficult-to-treat depression (DTD), and is advancing the aura6000 System for obstructive sleep apnea (OSA). LivaNova's business model combines recurring consumables revenue from disposable products used in procedures with durable equipment sales and service attachments; the company distributes globally through direct channels and third-party suppliers, with significant presence in the U.S., Europe, and emerging markets including China. The Cardiopulmonary segment benefits from a durable moat through its installed base of HLMs and the multi-year upgrade cycle to Essenz, while Neuromodulation is supported by clinical evidence from the CORE-VNS study and expanding reimbursement coverage that broadens patient access. The company serves hospitals and surgical centers performing cardiac procedures and neurologists and epilepsy specialists treating chronic neurological conditions.
【Core growth with innovation scaling】 Management expects sustained momentum in both core segments through 2026, driven by continued Essenz penetration globally (targeting 80% of HLM placements), market share gains in cardiopulmonary consumables supported by manufacturing capacity expansion, and improved epilepsy reimbursement dynamics that are expected to expand patient access and reduce volume discounting. The company is investing significantly in innovation, including the launch of a next-generation Bluetooth-enabled implantable pulse generator and digital health platform in 2027, a commercial MRI-compatible VNS device in the first half of 2027 with broader launch in the second half, and entry into the OSA market with the aura6000 System planned for 2027. Capital expenditures are increasing substantially to support manufacturing scale-up and product development, with the company targeting adjusted operating margins above 20% and free cash flow conversion of 80% by 2028, reflecting disciplined investment in both core business execution and high-growth, high-margin market expansion.
| Metric | Target | Period |
|---|---|---|
| Cardiopulmonary revenue growth | 8.5%-9.5% | FY2026 |
| Epilepsy revenue growth | 6%-7% | FY2026 |
| Total revenue growth | 7%-8% | FY2026 |
| Adjusted operating income margin | 20%-21% | FY2026 |
| Adjusted diluted earnings per share | $4.20-$4.30 | FY2026 |
| Adjusted free cash flow | $160 million-$180 million | FY2026 |
| Essenz HLM unit placements | approximately 80% | FY2026 |
| Manufacturing output growth | low double digits | FY2026 |
| Capital spending | $120 million | FY2026 |
Cardiopulmonary revenue growth (FY2026): “For the full year 2026, we now expect Cardiopulmonary revenue to grow 8.5%-9.5%, up from 7%-8% previously.”
Epilepsy revenue growth (FY2026): “For the full year 2026, we now expect epilepsy revenue growth of 6%-7%, up from 5.5%-6.5% previously.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.4B | 1.3B | 1.2B | 1.0B | 1.0B |
| Net Income | 107M | -242M | 63M | 18M | -86M | -136M |
| EPS | $1.96 | $-4.45 | $1.16 | $0.32 | $-1.61 | $-2.68 |
| Free Cash Flow | 161M | 173M | 136M | 40M | 43M | 77M |
| ROIC | 17.7% | 15.8% | 5.8% | 1.0% | -5.7% | - |
| Gross Margin | 67.2% | 67.7% | 68.1% | 65.5% | 69.2% | 68.2% |
| Debt/Equity | 0.24 | 0.36 | 0.51 | 0.50 | 0.48 | 0.22 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 192M | 199M | 129M | -68M | -77M | - |
| Operating Margin | 13.4% | 14.4% | 10.3% | -5.9% | -7.5% | - |
| ROE | 8.8% | -19.2% | 4.9% | 1.4% | -6.9% | -11.3% |
| Shares Outstanding | 55M | 54M | 55M | 55M | 54M | 51M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 282M | 292M | 965M | 1.0B | 1.1B | 1.1B | 934M | 1.0B | 1.0B | 1.2B | 1.3B | 1.4B | 1.4B |
| Gross Margin | 90.3% | 90.6% | 58.0% | 64.4% | 67.4% | 66.8% | 63.7% | 68.2% | 69.2% | 65.5% | 68.1% | 67.7% | 67.2% |
| R&D | 45M | 42M | 82M | 110M | 146M | 147M | 153M | 183M | 156M | 194M | 183M | 186M | 207M |
| SG&A | 121M | 124M | 355M | 380M | 465M | 528M | 447M | 472M | 469M | 503M | 509M | 549M | 559M |
| EBIT | 80M | 89M | 33M | 96M | -248M | -172M | -274M | N/A | -77M | -68M | 129M | 199M | 192M |
| Op. Margin | 28.4% | 30.4% | 3.5% | 9.5% | -22.4% | -15.8% | -29.3% | N/A | -7.5% | -5.9% | 10.3% | 14.4% | 13.4% |
| Net Income | 55M | 58M | -63M | -25M | -189M | -158M | -349M | -136M | -86M | 18M | 63M | -242M | 107M |
| Net Margin | 19.5% | 19.8% | -6.5% | -2.5% | -17.1% | -14.5% | -37.3% | -13.1% | -8.4% | 1.5% | 5.0% | -17.5% | 7.5% |
| Non-Recurring | 0 | 0 | 50M | 11M | 15M | 39M | 21M | 9.7M | 136M | 956K | 13M | 4.3M | 4.3M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 18.2% | 1.5% | 3.2% | -10.8% | -9.6% | -20.6% | N/A | -5.7% | 1.0% | 5.8% | 15.8% | 17.7% |
| ROE | N/A | N/A | -3.6% | -1.4% | -11.4% | -11.0% | -28.0% | -11.3% | -6.9% | 1.4% | 4.9% | -19.2% | 8.8% |
| ROA | N/A | 36.5% | -4.7% | -1.0% | -7.5% | -6.4% | -14.5% | -5.9% | -3.8% | 0.7% | 2.6% | -9.5% | 4.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 54M | 80M | 90M | 91M | 120M | -91M | -79M | 103M | 70M | 75M | 183M | 254M | 246M |
| Free Cash Flow | 39M | 73M | 52M | 58M | 83M | -116M | -114M | 77M | 43M | 40M | 136M | 173M | 161M |
| Owner Earnings | 37M | 61M | -15M | -31M | 24M | -154M | -144M | 37M | 2.7M | -12M | 107M | 172M | -35M |
| CapEx | 15M | 6.7M | 38M | 33M | 37M | 25M | 35M | 25M | 27M | 35M | 47M | 81M | 85M |
| Maint. CapEx | 5.6M | 6.8M | 85M | 103M | 70M | 30M | 29M | 25M | 22M | 50M | 42M | 46M | 244M |
| Growth CapEx | 9.6M | 0 | 0 | 0 | 0 | 0 | 6.0M | 942K | 4.1M | 0 | 4.8M | 35M | 0 |
| D&A | 5.6M | 6.8M | 85M | 103M | 70M | 30M | 29M | 25M | 22M | 50M | 42M | 46M | 244M |
| CapEx/OCF | N/A | N/A | 42.6% | 36.1% | 30.9% | N/A | N/A | 24.8% | 37.9% | 46.7% | 25.7% | 31.9% | 34.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 72M | 55M | 54M | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.2% | 0.0% | N/A | 1.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 11M | 12M | 20M | 19M | 27M | 33M | 35M | 41M | 45M | 36M | 34M | 36M | 37M |
| Debt Repayment | 0 | 0 | 21M | 23M | 24M | 24M | 482M | 452M | 224M | 22M | 248M | 281M | 281M |
| Balance Sheet | |||||||||||||
| Net Debt | -124M | 35M | 83M | 14M | 85M | 328M | 450M | 76M | 364M | 375M | 247M | -202M | -254M |
| Cash & Equiv. | 124M | 113M | 40M | 94M | 47M | 61M | 253M | 208M | 214M | 267M | 429M | 636M | 540M |
| Long-Term Debt | 0 | 92M | 75M | 62M | 140M | 260M | 642M | 9.8M | 518M | 569M | 550M | 345M | 285M |
| Debt/Equity | N/A | N/A | 0.07 | 0.06 | 0.09 | 0.28 | 0.63 | 0.22 | 0.48 | 0.50 | 0.51 | 0.36 | 0.24 |
| Interest Coverage | 4000.6 | 4221.5 | 3.2 | 12.4 | -25.2 | -11.4 | -6.7 | N/A | -1.6 | -1.2 | 2.0 | 4.0 | 4.5 |
| Equity | N/A | N/A | 1.7B | 1.8B | 1.5B | 1.4B | 1.1B | 1.3B | 1.2B | 1.3B | 1.3B | 1.2B | 1.2B |
| Total Assets | N/A | 316M | 2.3B | 2.5B | 2.5B | 2.4B | 2.4B | 2.2B | 2.3B | 2.4B | 2.5B | 2.6B | 2.5B |
| Total Liabilities | N/A | N/A | 636M | 689M | 1.0B | 1.0B | 1.3B | 906M | 1.1B | 1.2B | 1.2B | 1.4B | 1.3B |
| Intangibles | N/A | N/A | 609M | 446M | 770M | 608M | 438M | 400M | 369M | 261M | 237M | 230M | 225M |
| Retained Earnings | N/A | 48M | -15M | -40M | -252M | -407M | -762M | -898M | -984M | -966M | -903M | -1.1B | -1.1B |
| Working Capital | N/A | 314M | 463M | 464M | 37M | 37M | 399M | -18M | 589M | 653M | 735M | 294M | 252M |
| Current Assets | N/A | 673M | 813M | 870M | 533M | 549M | 708M | 679M | 886M | 988M | 1.1B | 1.1B | 1.0B |
| Current Liabilities | N/A | 359M | 350M | 406M | 497M | 513M | 309M | 697M | 297M | 335M | 392M | 808M | 762M |
| Per Share Data | |||||||||||||
| EPS | 2.00 | 2.17 | -0.00 | -0.52 | -3.91 | -3.26 | -7.18 | -2.68 | -1.61 | 0.32 | 1.16 | -4.45 | 1.96 |
| Owner EPS | 1.36 | 2.29 | -0.00 | -0.64 | 0.49 | -3.18 | -2.95 | 0.74 | 0.05 | -0.21 | 1.96 | 3.15 | -0.64 |
| Book Value | N/A | N/A | 0.04 | 37.62 | 30.98 | 28.50 | 22.83 | 25.55 | 22.54 | 23.30 | 24.22 | 22.02 | 22.06 |
| Cash Flow/Share | 1.97 | 2.99 | 0.00 | 1.89 | 2.49 | -1.88 | -1.63 | 2.02 | 1.31 | 1.37 | 3.36 | 4.67 | 6.40 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 27.4M | 26.7M | 48.0B | 48.2M | 48.4M | 48.4M | 48.6M | 50.7M | 53.6M | 54.8M | 54.5M | 54.5M | 54.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 164.0 | 40.1 | N/A | 39.9 |
| P/FCF | N/A | 22.0 | N/A | 66.2 | 51.8 | N/A | N/A | 57.7 | 66.5 | 72.0 | 18.7 | 19.8 | 26.7 |
| EV/EBIT | N/A | N/A | N/A | 40.2 | N/A | N/A | N/A | N/A | N/A | N/A | 18.5 | 12.9 | 21.0 |
| Price/Book | N/A | 1.6 | N/A | 2.1 | 2.9 | 2.6 | 3.0 | 3.4 | 2.4 | 2.3 | 1.9 | 2.9 | 3.5 |
| Price/Sales | N/A | N/A | N/A | 2.9 | 4.4 | 3.6 | 2.8 | 3.9 | 3.4 | 2.4 | 2.3 | 1.9 | 3.0 |
| FCF Yield | N/A | 2.5% | 0.0% | 1.5% | 1.9% | -3.2% | -3.5% | 1.7% | 1.5% | 1.4% | 5.4% | 5.1% | 3.8% |
| Market Cap | N/A | 2.9B | 2.2T | 3.9B | 4.3B | 3.6B | 3.3B | 4.4B | 2.9B | 2.9B | 2.5B | 3.4B | 4.3B |
| Avg. Price | N/A | 60.75 | 53.32 | 61.77 | 100.28 | 79.83 | 54.67 | 79.61 | 65.09 | 50.26 | 52.48 | 48.33 | 78.19 |
| Year-End Price | N/A | 60.25 | 45.03 | 80.14 | 89.02 | 75.40 | 67.53 | 87.75 | 53.85 | 52.47 | 46.56 | 62.87 | 78.19 |
LivaNova PLC passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 24.7x vs a median of 57.7x. The company's 5-year average ROIC is 4.2% with a gross margin of 67.7%. At current prices, the estimated annualized return to fair value is +5.8%.
LivaNova PLC (LIVN) has a debt-to-equity ratio of 0.36. This indicates a conservatively financed balance sheet.
LivaNova PLC (LIVN) reported earnings per share (EPS) of $-4.45 in its most recent fiscal year.
LivaNova PLC (LIVN) has a return on equity (ROE) of -19.2%. A negative ROE may indicate losses or negative equity.
LivaNova PLC (LIVN) has a 5-year average gross margin of 67.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 12 years of financial data for LivaNova PLC (LIVN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LivaNova PLC (LIVN) has a book value per share of $22.02, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sustained momentum in both core segments through 2026, driven by continued Essenz penetration globally (targeting 80% of HLM placements), market share gains in cardiopulmonary consumables supported by manufacturing capacity expansion, and improved epilepsy reimbursement dynamics that are expected to expand patient access and reduce volume discounting. The company is investing significantly in innovation, including the launch of a next-generation Bluetooth-enabled implantable pulse generator and digital health platform in 2027, a commercial MRI-compatible VNS device in the first half of 2027 with broader launch in the second half, and entry into the OSA market with the aura6000 System planned for 2027. Capital expenditures are increasing substantially to support manufacturing scale-up and product development, with the company targeting adjusted operating margins above 20% and free cash flow conversion of 80% by 2028, reflecting disciplined investment in both core business execution and high-growth, high-margin market expansion.
Based on recent SEC filings and earnings calls, LivaNova PLC (LIVN) has provided the following forward guidance: Cardiopulmonary revenue growth: 8.5%-9.5% (FY2026); Epilepsy revenue growth: 6%-7% (FY2026); Total revenue growth: 7%-8% (FY2026); Adjusted operating income margin: 20%-21% (FY2026); Adjusted diluted earnings per share: $4.20-$4.30 (FY2026), plus 4 additional metrics.
Total revenue growth (FY2026): “As a result, we're now guiding full year 2026 revenue growth between 7% and 8%, up from 6%-7% previously.”
Adjusted operating income margin (FY2026): “Despite this impact, we continue to expect full year adjusted operating income margin to be in the range of 20%-21%.”
Adjusted diluted earnings per share (FY2026): “To reflect stronger operational performance, we now project adjusted diluted earnings per share in the range of $4.20-$4.30, with adjusted diluted weighted average shares outstanding to be approximately $56 million for the full year.”
Adjusted free cash flow (FY2026): “Adjusted free cash flow is still expected to be in the range of $160 million-$180 million.”
Essenz HLM unit placements (FY2026): “We still expect Essenz to represent approximately 80% of annual HLM unit placements in 2026, up from 55% in 2025.”
Manufacturing output growth (FY2026): “Within this guidance, we expect our full year manufacturing output to increase by low double digits, driven by a new manufacturing line scheduled to go live in the second half of the year.”