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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% | -120.3% |
| 2022 | $1.0B | $31M | $-86M | $43M | -7.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,021.80 | 1,153.54 | 1,253.44 | 1,388.05 |
| Operating Revenue | - | 1,021.80 | 1,153.54 | 1,253.44 | 1,388.05 |
| Cost Of Revenue | - | 314.58 | 397.72 | 399.95 | 448.18 |
| Gross Profit | - | 707.23 | 755.82 | 853.48 | 939.87 |
| Operating Expense | - | 654.58 | 734.34 | 724.43 | 740.48 |
| Research And Development | - | 155.80 | 193.82 | 182.51 | 185.76 |
| Selling General And Administration | - | 469.24 | 502.70 | 508.88 | 548.81 |
| Total Expenses | - | 969.16 | 1,132.07 | 1,124.39 | 1,188.66 |
| Operating Income | - | 52.64 | 21.48 | 129.05 | 199.39 |
| Total Operating Income As Reported | - | -76.75 | -68.50 | 129.05 | 199.39 |
| EBITDA | - | 30.90 | 38.48 | 202.52 | -111.86 |
| Normalized EBITDA | - | 115.83 | 104.95 | 211.37 | 278.67 |
| EBIT | - | -26.89 | -22.37 | 151.38 | -171.50 |
| Interest Income | - | 4.70 | 22.01 | 30.08 | 18.98 |
| Interest Expense | - | 48.25 | 58.85 | 63.07 | 49.29 |
| Net Interest Income | - | -43.55 | -36.84 | -32.99 | -30.30 |
| Other Non Operating Income Expenses | - | 0.69 | 0.61 | 1.10 | 0.66 |
| Other Income Expense | - | -84.23 | -65.86 | -7.75 | -389.87 |
| Interest Income Non Operating | - | 4.70 | 22.01 | 30.08 | 18.98 |
| Interest Expense Non Operating | - | 48.25 | 58.85 | 63.07 | 49.29 |
| Net Non Operating Interest Income Expense | - | -43.55 | -36.84 | -32.99 | -30.30 |
| Pretax Income | - | -75.14 | -81.23 | 88.31 | -220.78 |
| Tax Provision | - | 11.05 | -98.88 | 25.06 | 21.64 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -17.83 | -13.96 | -2.51 | -82.01 |
| Net Income Continuous Operations | - | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income From Continuing And Discontinued Operation | - | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income From Continuing Operation Net Minority Interest | - | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income | - | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income Common Stockholders | - | -86.25 | 17.55 | 63.23 | -242.47 |
| Net Income Including Noncontrolling Interests | - | -86.25 | 17.55 | 63.23 | -242.47 |
| Normalized Income | - | -19.16 | 70.06 | 69.57 | 66.05 |
| Diluted NI Availto Com Stockholders | - | -86.25 | 17.55 | 63.23 | -242.47 |
| Basic Average Shares | - | 53.50 | 53.90 | 54.20 | 54.50 |
| Diluted Average Shares | - | 53.50 | 54.20 | 54.60 | 54.50 |
| Reconciled Depreciation | - | 57.80 | 60.86 | 51.14 | 59.63 |
| Reconciled Cost Of Revenue | - | 314.58 | 397.72 | 399.95 | 448.18 |
| 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 Discontinuous Operations | 0 | 0 | - | - | - |
| Earnings From Equity Interest Net Of Tax | - | -0.05 | -0.10 | -0.02 | -0.05 |
| Special Income Charges | - | -129.40 | -89.97 | -31.23 | -365.19 |
| Gain On Sale Of Business | 0 | 0 | - | - | - |
| Other Special Charges | 60.24 | - | - | 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 |
| Gain On Sale Of Ppe | - | - | 0 | 0 | 4.13 |
| Other Operating Expenses | - | 29.54 | 37.83 | 33.04 | 5.90 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| LivaNova PLCthis co. | LIVN | $4.0B | -16.70 | 3.37 | -20.2% | -34.40 |
| Amicus Therapeutics, Inc. | FOLD | $4.5B | -167.83 | 16.59 | -9.9% | 88.80 |
| Celcuity Inc. | CELC | $4.5B | -25.47 | 44.85 | -176.1% | -29.21 |
| Travere Therapeutics, Inc. | TVTX | $4.3B | -168.11 | 37.40 | -22.2% | 203.89 |
| 10x Genomics, Inc. | TXG | $4.3B | -97.67 |
| - |
| - |
| - |
| - |
| 5.34 |
| -5.5% |
| 988.34 |
| Erasca, Inc. | ERAS | $4.1B | -33.13 | 12.69 | -38.3% | -31.96 |
| Edgewise Therapeutics, Inc. | EWTX | $4.0B | -23.87 | 7.67 | -32.1% | -20.88 |
| Oruka Therapeutics, Inc. | ORKA | $3.8B | - | 9.90 | -22.5% | - |
| Crinetics Pharmaceuticals, Inc. | CRNX | $3.7B | -7.85 | 3.68 | -46.9% | -7.02 |
| Peer Median | - | -33.13 | 11.30 | -27.3% | -7.02 | |