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LivaNova PLC, a medical technology company, designs, develops, manufactures, markets, and sells products, therapies, and services in the United States, the United Kingdom, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, Denmark, and internationally. The company operates in two segments, Cardiopulmonary and Neuromodulation. The Cardiopulmonary segment provides cardiopulmonary products, including heart-lung machines, oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and other related accessories, as well as services related products. The Neuromodulation segment offers VNS Therapy System, an implantable pulse generator and connective lead that stimulates the vagus nerve, surgical equipment to assist with the implant procedure, and equipment and instruction manuals; and devices that deliver neuromodulation therapy for treating drug-resistant epilepsy and difficult-to-treat depression. This segment also includes the development and clinical testing of LivaNova's aura6000 system for treating obstructive sleep apnea. It serves perfusionists, neurologists, neurosurgeons, and other healthcare professionals, hospitals, and other medical institutions and healthcare providers. The company sells its medical devices through a combination of direct sales representatives, agents, and independent distributors. LivaNova PLC was incorporated in 2015 and is headquartered in London, the United Kingdom.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | $-112M | $-242M | $173M | -20.2% | 10.7% | -483.5% |
| 2024 | $1.3B | $203M | $63M | $136M | 4.8% | 8.7% | 260.4% |
| 2023 | $1.2B | $38M | $18M | $40M | 1.4% | 12.9% | - |
| 2022 | $1.0B | $31M | $-86M | $43M | -7.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,021.80 | 1,153.55 | 1,253.44 | 1,388.05 |
| Cost Of Revenue | 314.58 | 397.73 | 399.95 | 448.18 |
| Gross Profit | 707.23 | 755.82 | 853.48 | 939.87 |
| Operating Expense | 654.58 | 734.34 | 724.43 | 740.48 |
| Operating Income | 52.64 | 21.48 | 129.05 | 199.39 |
| EBITDA | 30.90 | 38.48 | 202.52 | -111.86 |
| EBIT | -26.89 | -22.37 | 151.38 | -171.50 |
| Pretax Income | -75.14 | -81.23 | 88.31 | -220.78 |
| Tax Provision | 11.05 | -98.88 | 25.06 | 21.64 |
| Net Income | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income Common Stockholders | -86.25 | 17.55 | 63.23 | -242.47 |
| Total Expenses | 969.16 | 1,132.07 | 1,124.39 | 1,188.66 |
| Interest Expense | 48.25 | 58.85 | 63.07 | 49.29 |
| Interest Income | 4.70 | 22.01 | 30.07 | 18.98 |
| Research And Development | 155.81 | 193.82 | 182.51 | 185.76 |
| Selling General And Administration | 469.24 | 502.70 | 508.88 | 548.81 |
| Normalized EBITDA | 115.83 | 104.95 | 211.37 | 278.67 |
| Normalized Income | -19.16 | 70.06 | 69.57 | 66.05 |
| Basic EPS | -1.61 | 0.33 | 1.17 | -4.45 |
| Diluted EPS | -1.61 | 0.32 | 1.16 | -4.45 |
| Tax Effect Of Unusual Items | -17.83 | -13.96 | -2.51 | -82.01 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.28 | 0.21 |
| Total Unusual Items | -84.92 | -66.47 | -8.84 | -390.53 |
| Total Unusual Items Excluding Goodwill | -84.92 | -66.47 | -8.84 | -390.53 |
| Net Income From Continuing Operation Net Minority Interest | -86.25 | 17.55 | 63.23 | -242.47 |
| Reconciled Depreciation | 57.80 | 60.86 | 51.14 | 59.63 |
| Reconciled Cost Of Revenue | 314.58 | 397.73 | 399.95 | 448.18 |
| Net Interest Income | -43.55 | -36.84 | -32.99 | -30.30 |
| Net Income From Continuing And Discontinued Operation | -86.25 | 17.55 | 63.23 | -242.47 |
| Total Operating Income As Reported | -76.75 | -68.50 | 129.05 | 199.39 |
| Diluted Average Shares | 53.50 | 54.20 | 54.60 | 54.55 |
| Basic Average Shares | 53.50 | 53.90 | 54.20 | 54.55 |
| Diluted NI Availto Com Stockholders | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income Including Noncontrolling Interests | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income Discontinuous Operations | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | -86.25 | 17.55 | 63.23 | -242.47 |
| Earnings From Equity Interest Net Of Tax | -0.05 | -0.10 | -0.02 | -0.05 |
| Other Income Expense | -84.23 | -65.86 | -7.75 | -389.87 |
| Other Non Operating Income Expenses | 0.69 | 0.61 | 1.10 | 0.66 |
| Special Income Charges | -129.40 | -89.97 | -31.23 | -365.19 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 4.13 |
| Gain On Sale Of Business | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0 | 25.48 | 368.20 |
| Write Off | 0 | 0 | 5.75 | 1.11 |
| Impairment Of Capital Assets | 129.40 | 89.97 | 0 | 0 |
| Gain On Sale Of Security | 44.47 | 23.50 | 22.39 | -25.34 |
| Net Non Operating Interest Income Expense | -43.55 | -36.84 | -32.99 | -30.30 |
| Interest Expense Non Operating | 48.25 | 58.85 | 63.07 | 49.29 |
| Interest Income Non Operating | 4.70 | 22.01 | 30.07 | 18.98 |
| Other Operating Expenses | 29.54 | 37.83 | 33.04 | 5.90 |
| Operating Revenue | 1,021.80 | 1,153.55 | 1,253.44 | 1,388.05 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| LivaNova PLCthis co. | LIVN | $3.2B | - | 2.68 | -20.2% | 11.72 |
| Twist Bioscience Corporation | TWST | $3.5B | - | 7.62 | -16.4% | -30.08 |
| Oruka Therapeutics, Inc. | ORKA | $3.4B | - | 7.07 | -22.5% | -24.94 |
| Liquidia Corporation | LQDA | $3.4B | - | 74.37 | -154.0% | -66.91 |
| Brookdale Senior Living Inc. | BKD | $3.4B | - |
| -74.95 |
| 605.6% |
| 18.66 |
| Edgewise Therapeutics, Inc. | EWTX | $3.3B | - | 6.20 | -32.1% | -14.47 |
| Tango Therapeutics, Inc. | TNGX | $3.2B | - | 8.66 | -29.3% | -26.04 |
| Beam Therapeutics Inc. | BEAM | $3.0B | - | 2.35 | -6.5% | -5.05 |
| Denali Therapeutics Inc. | DNLI | $3.0B | - | 2.87 | -50.6% | -3.93 |
| Peer Median | - | - | 6.63 | -25.9% | -19.71 | |