LivaNova (LIVN)
Market Price (8/23/2026): $78.7 | Market Cap: $4.3 BilSector: Health Care | Industry: Health Care Equipment
LivaNova (LIVN)
Market Price (8/23/2026): $78.7Market Cap: $4.3 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Chronic Disease Management, and Targeted Therapies. | Weak multi-year price returns3Y Excs Rtn is -31% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x Key risksLIVN key risks include [1] a slow growth rate in its neuromodulation segment and [2] a significant $363 million liability ruling in Italy and ongoing SNIA litigation. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Chronic Disease Management, and Targeted Therapies. |
| Weak multi-year price returns3Y Excs Rtn is -31% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x |
| Key risksLIVN key risks include [1] a slow growth rate in its neuromodulation segment and [2] a significant $363 million liability ruling in Italy and ongoing SNIA litigation. |
Qualitative Assessment
AI Analysis | Feedback
LivaNova (LIVN) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Raised Full-Year Outlook. LivaNova reported robust results for fiscal Q1 2026 (ended March 31, 2026) on May 6, 2026. The company exceeded analyst expectations with revenue reaching $362.3 million, an increase of 14.3% on a reported basis year-over-year, and adjusted diluted earnings per share (EPS) of $0.98, surpassing the consensus estimate of $0.85 by $0.13. Following these strong results, LivaNova raised its full-year 2026 constant-currency revenue growth outlook to a range of 7.0% to 8.0% from the prior 6.0% to 7.0% range, and increased its adjusted diluted EPS guidance to $4.20-$4.30 from $4.15-$4.25. This positive earnings surprise and upward revision in guidance contributed to a 6.34% rise in the stock during premarket trading.
2. U.S. FDA Premarket Approval for the aura6000™ System. On May 6, 2026, LivaNova announced that it received U.S. Food and Drug Administration (FDA) premarket approval (PMA) for its innovative aura6000 System, designed to treat adult patients with moderate to severe obstructive sleep apnea (OSA). This approval is significant as the aura6000 System is the first and only hypoglossal nerve stimulation device FDA-approved without a contraindication or warning related to complete concentric collapse and without a requirement for a pre-implantation drug-induced sleep endoscopy. This regulatory milestone opens a new market opportunity and provides a competitive advantage.
Show more
LivaNova (LIVN) stock has gained about 30% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Raised Full-Year Outlook. LivaNova reported robust results for fiscal Q1 2026 (ended March 31, 2026) on May 6, 2026. The company exceeded analyst expectations with revenue reaching $362.3 million, an increase of 14.3% on a reported basis year-over-year, and adjusted diluted earnings per share (EPS) of $0.98, surpassing the consensus estimate of $0.85 by $0.13. Following these strong results, LivaNova raised its full-year 2026 constant-currency revenue growth outlook to a range of 7.0% to 8.0% from the prior 6.0% to 7.0% range, and increased its adjusted diluted EPS guidance to $4.20-$4.30 from $4.15-$4.25. This positive earnings surprise and upward revision in guidance contributed to a 6.34% rise in the stock during premarket trading.
2. U.S. FDA Premarket Approval for the aura6000™ System. On May 6, 2026, LivaNova announced that it received U.S. Food and Drug Administration (FDA) premarket approval (PMA) for its innovative aura6000 System, designed to treat adult patients with moderate to severe obstructive sleep apnea (OSA). This approval is significant as the aura6000 System is the first and only hypoglossal nerve stimulation device FDA-approved without a contraindication or warning related to complete concentric collapse and without a requirement for a pre-implantation drug-induced sleep endoscopy. This regulatory milestone opens a new market opportunity and provides a competitive advantage.
3. Impressive Fiscal Q2 2026 Earnings Outperformance and Further Guidance Hike. LivaNova continued its strong financial performance by reporting fiscal Q2 2026 (ended June 30, 2026) results on August 5, 2026, which again surpassed analyst estimates. The company reported record revenue of $390.6 million, an increase of 10.8% year-over-year, exceeding the consensus estimate of $380.50 million. Adjusted diluted EPS for the quarter was $1.26, beating the consensus estimate of $1.09 by $0.17. These results were partly aided by an approximately $0.08 EPS benefit from a one-time IEEPA tariff refund and a $95.4 million discrete Italian tax benefit. Building on this momentum, LivaNova once more raised its full-year 2026 constant-currency revenue growth outlook to a range of 8% to 9% and increased its adjusted diluted EPS guidance to $4.30-$4.40.
4. Strategic Agreement to Bolster Cardiopulmonary Supply Chain. Concurrent with its fiscal Q2 2026 earnings report on August 5, 2026, LivaNova announced a long-term agreement with Thermo Fisher Scientific to enhance the supply of a critical oxygenator component. This strategic partnership is expected to increase the availability of the component, support expanded oxygenator output, and strengthen LivaNova's ability to meet unmet customer demand in its robust Cardiopulmonary business segment. This agreement addresses potential supply chain constraints and supports continued growth in a core business area.
Show less
Stock Movement Drivers
Fundamental Drivers
The 31.0% change in LIVN stock from 4/30/2026 to 8/22/2026 was primarily driven by a 24.4% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.10 | 78.74 | 31.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,388 | 1,472 | 6.0% |
| P/S Multiple | 2.4 | 2.9 | 24.4% |
| Shares Outstanding (Mil) | 55 | 55 | -0.7% |
| Cumulative Contribution | 31.0% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LIVN | 31.0% | |
| Market (SPY) | 6.5% | 25.6% |
| Sector (XLV) | 19.6% | 19.9% |
Fundamental Drivers
The 19.8% change in LIVN stock from 1/31/2026 to 8/22/2026 was primarily driven by a 10.5% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.71 | 78.74 | 19.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,349 | 1,472 | 9.1% |
| P/S Multiple | 2.7 | 2.9 | 10.5% |
| Shares Outstanding (Mil) | 55 | 55 | -0.6% |
| Cumulative Contribution | 19.8% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LIVN | 19.8% | |
| Market (SPY) | 11.0% | 36.3% |
| Sector (XLV) | 13.3% | 30.6% |
Fundamental Drivers
The 86.6% change in LIVN stock from 7/31/2025 to 8/22/2026 was primarily driven by a 63.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.19 | 78.74 | 86.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,275 | 1,472 | 15.4% |
| P/S Multiple | 1.8 | 2.9 | 63.4% |
| Shares Outstanding (Mil) | 54 | 55 | -1.0% |
| Cumulative Contribution | 86.6% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LIVN | 86.6% | |
| Market (SPY) | 22.2% | 37.4% |
| Sector (XLV) | 35.6% | 28.5% |
Fundamental Drivers
The 34.7% change in LIVN stock from 7/31/2023 to 8/22/2026 was primarily driven by a 35.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.45 | 78.74 | 34.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,085 | 1,472 | 35.7% |
| P/S Multiple | 2.9 | 2.9 | 1.5% |
| Shares Outstanding (Mil) | 54 | 55 | -2.1% |
| Cumulative Contribution | 34.7% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| LIVN | 34.7% | |
| Market (SPY) | 73.2% | 35.7% |
| Sector (XLV) | 36.3% | 31.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LIVN Return | 32% | -36% | -7% | -10% | 33% | 27% | 18% |
| Peers Return | 21% | -13% | 4% | 10% | 2% | -17% | 0% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| LIVN Win Rate | 50% | 42% | 42% | 50% | 50% | 50% | |
| Peers Win Rate | 55% | 47% | 52% | 63% | 52% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LIVN Max Drawdown | -17% | -50% | -30% | -32% | -33% | -19% | |
| Peers Max Drawdown | -22% | -36% | -30% | -25% | -24% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, BSX, ABT, EW, INSP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/21/2026 (YTD)
How Low Can It Go
| Event | LIVN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.8% | -18.8% |
| % Gain to Breakeven | 40.4% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.2% | -7.8% |
| % Gain to Breakeven | 15.2% | 8.5% |
| Time to Breakeven | 17 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.9% | -9.5% |
| % Gain to Breakeven | 23.3% | 10.5% |
| Time to Breakeven | 78 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.4% | 7.1% |
| Time to Breakeven | 135 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.1% | -33.7% |
| % Gain to Breakeven | 104.5% | 50.9% |
| Time to Breakeven | 322 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -32.2% | -3.7% |
| % Gain to Breakeven | 47.4% | 3.9% |
| Time to Breakeven | 211 days | 6 days |
In The Past
LivaNova's stock fell -28.8% during the 2025 US Tariff Shock. Such a loss loss requires a 40.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | LIVN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.8% | -18.8% |
| % Gain to Breakeven | 40.4% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.6% | -6.7% |
| % Gain to Breakeven | 34.4% | 7.1% |
| Time to Breakeven | 135 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.1% | -33.7% |
| % Gain to Breakeven | 104.5% | 50.9% |
| Time to Breakeven | 322 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -32.2% | -3.7% |
| % Gain to Breakeven | 47.4% | 3.9% |
| Time to Breakeven | 211 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.0% | -12.2% |
| % Gain to Breakeven | 35.1% | 13.9% |
| Time to Breakeven | 610 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.0% | -6.8% |
| % Gain to Breakeven | 35.1% | 7.3% |
| Time to Breakeven | 610 days | 15 days |
In The Past
LivaNova's stock fell -28.8% during the 2025 US Tariff Shock. Such a loss loss requires a 40.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About LivaNova (LIVN)
LivaNova PLC (LIVN) is a global medical device company specializing in the design, development, manufacture, and sale of therapeutic solutions. The company operates through three core segments: Cardiopulmonary, Neuromodulation, and Advanced Circulatory Support, addressing critical needs in various medical fields.
The company's Cardiopulmonary segment offers products essential for open-heart surgery, including oxygenators, heart-lung machines, and autotransfusion systems. The Advanced Circulatory Support segment provides temporary life support solutions, such as cardiopulmonary and respiratory support systems. These offerings primarily serve perfusionists and hospitals for complex surgical and critical care scenarios.
LivaNova's Neuromodulation segment is known for its VNS Therapy System, an implantable device that delivers vagus nerve stimulation (VNS). This therapy is utilized for treating drug-resistant epilepsy, difficult-to-treat depression, and obstructive sleep apnea. The company's customer base includes neurologists, neurosurgeons, and other physicians, as well as hospitals, medical institutions, and healthcare providers worldwide.
AI Analysis | Feedback
- Like Medtronic, but specializing in implantable vagus nerve stimulation for neurological and mental health conditions.
- Similar to Getinge, but focused on critical heart-lung machines and temporary life support systems.
AI Analysis | Feedback
- Cardiopulmonary Products: Includes oxygenators, heart-lung machines, autotransfusion systems, perfusion tubing systems, cannulae, and connect for cardiopulmonary support.
- VNS Therapy System: An implantable device delivering vagus nerve stimulation (VNS) therapy for drug-resistant epilepsy, difficult-to-treat depression, and obstructive sleep apnea.
- Advanced Circulatory Support Products: These temporary life support products provide cardiopulmonary and respiratory support solutions.
AI Analysis | Feedback
LivaNova (LIVN) primarily sells its therapeutic solutions to healthcare institutions and medical professionals. The company does not appear to have major customer companies that are publicly traded in the sense of supplying components or products for their own resale or integration into their own consumer offerings.
Based on the company description, the major categories of customers LivaNova serves are:
- Hospitals and Medical Institutions: These include hospitals, clinics, and other medical facilities where LivaNova's cardiopulmonary, neuromodulation, and advanced circulatory support products are utilized for patient care.
- Healthcare Providers and Medical Professionals: This category encompasses the individual professionals who directly use or decide on the use of LivaNova's products. Specifically mentioned are perfusionists, neurologists, neurosurgeons, and other physicians.
AI Analysis | Feedback
AI Analysis | Feedback
Vladimir Makatsaria, Chief Executive Officer
Vladimir Makatsaria was appointed Chief Executive Officer of LivaNova on March 1, 2024. He previously spent 27 years at Johnson & Johnson (J&J) in various global executive leadership roles. His most recent position at J&J MedTech was Company Group Chairman, where he led Ethicon, a global surgical technologies business. His tenure at J&J also included leadership roles for J&J China, J&J MedTech APAC, and Ethicon EMEA. He served as Chairman of the Board of the Asia Pacific Medical Technology Association and as an Advisory Board Member to Singapore Management University. Mr. Makatsaria holds a bachelor's degree in physiology, an MBA, and a master's in healthcare administration, all from the University of Minnesota.
Alex Shvartsburg, Chief Financial Officer
Alex Shvartsburg is the Chief Financial Officer of LivaNova, responsible for finance, accounting, and investor relations. He previously served as interim Chief Financial Officer of LivaNova from November 2020 to July 2021. Before his appointment as CFO, he led LivaNova's Corporate Financial Planning and Analysis group and was the International Region CFO. Prior to joining LivaNova in 2017, Mr. Shvartsburg was the CFO and Chief Operating Officer of Caligor, a private equity-backed clinical services organization, where he managed finance, operations, human resources, and information technology. His earlier career included finance leadership roles such as CFO of the Genetic Sciences division at Thermo Fisher Scientific, Senior Finance Director M&A at Life Technologies, and over 20 years in various finance roles at Johnson & Johnson. Mr. Shvartsburg holds a Bachelor of Science degree in Accounting from Drexel University and an MBA from LaSalle University, and is a Certified Management Accountant.
Ahmet Tezel, Chief Innovation Officer
Ahmet Tezel joined LivaNova in May 2024 as Chief Innovation Officer, overseeing innovation for the company’s core businesses, obstructive sleep apnea (OSA), and depression programs. He is also responsible for Enterprise Quality. With a 20-year track record, Dr. Tezel has guided teams in developing market-leading technologies across various medical fields. Before LivaNova, he was Company Group Chairman at Johnson & Johnson MedTech, where he led Global R&D and Innovation teams.
Philip Kowalczyk, Chief Strategy and Corporate Development Officer
Philip Kowalczyk became LivaNova’s Chief Strategy and Corporate Development Officer in August 2024. He brings extensive experience in creating and executing strategies within the medtech industry. Prior to LivaNova, he spent 16 years at Johnson & Johnson (J&J) Medtech, serving on the global leadership teams for both the Vision and Ethicon subsidiaries. His roles at J&J included Vice President of Business Development-Vision and Head of Asia Pacific Strategy and Business Development in Singapore, where he managed regional inorganic initiatives and integrated global acquisitions. For Ethicon, he served as Head of Global Strategy, Insights & Pricing, and Business Development Director. Mr. Kowalczyk holds a bachelor's degree in politics from Princeton University and an MBA in finance and strategy from The University of Michigan's Stephen M. Ross School of Business.
Natalia Kozmina, Chief Human Resources Officer
Natalia Kozmina joined LivaNova in January 2025 as Chief Human Resources Officer (CHRO). She has over 25 years of leadership experience in the medtech and life sciences sectors, having worked in Fortune 100 and FTSE 100 companies. Before her role at LivaNova, Ms. Kozmina was Executive Vice President, CHRO and ESG Stewardship of Convatec Group PLC. She also held senior human resources leadership positions at Iron Mountain and Smiths Group PLC.
AI Analysis | Feedback
The key risks to LivaNova's business include intense competition within its concentrated product portfolio, the challenges of navigating a stringent and evolving regulatory landscape, and significant ongoing litigation resulting in substantial financial liabilities.
- Intense Competition and Product Portfolio Concentration: LivaNova derives a substantial portion of its revenue from its Vagus Nerve Stimulation (VNS) therapy and heart-lung machines, with these two lines accounting for approximately 68% of product sales in 2024. This concentration makes the company particularly vulnerable to intense competition from larger medical device companies such as Medtronic and Abbott, who possess broader product portfolios and greater purchasing leverage with hospital groups. Such competition can lead to pricing pressure, potential loss of market share, and necessitates continuous investment in research and development to maintain innovation and provide robust clinical evidence.
- Regulatory Hurdles and Increasing Compliance Costs: As a global medical device company, LivaNova operates under stringent and continuously evolving regulatory oversight in the U.S. and internationally. The company faces increasing compliance costs, particularly related to regulations like the European Medical Device Regulation (MDR) and other product-related requirements. These regulatory hurdles can lead to delays in product approvals, increased operational complexities, and impact LivaNova's ability to effectively market and distribute its therapeutic solutions.
- Significant Litigation and Financial Liabilities: LivaNova is exposed to substantial legal challenges, most notably the ongoing SNIA litigation concerning environmental liabilities associated with its former parent company. A ruling in the first half of 2025 indicated a financial liability of approximately $363 million. This significant legal burden can strain the company's cash flow and impact its overall financial performance and profitability.
AI Analysis | Feedback
AI Analysis | Feedback
Cardiopulmonary and Advanced Circulatory Support
LivaNova's Cardiopulmonary and Advanced Circulatory Support segments are involved in products such as heart-lung machines, oxygenators, and temporary life support systems like Extracorporeal Membrane Oxygenation (ECMO) devices.
- The global heart-lung machine market was valued at approximately USD 2.51 billion in 2025 and is estimated to reach USD 4.54 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.86%. Another estimate places the global heart-lung machine market at USD 2.3 billion in 2023, projected to reach USD 4.5 billion by 2033, growing at a CAGR of 6.7%. The U.S. market for heart-lung machines was valued at USD 878.36 million in 2024 and is projected to reach USD 934.84 million in 2025.
- The global extracorporeal life support (ECLS) devices market was estimated at USD 2.5 billion in 2024 and is projected to reach USD 5.1 billion by 2034, registering a CAGR of 7.5%. Similarly, the global extracorporeal membrane oxygenation (ECMO) market size was around USD 582.63 million in 2024 and is predicted to grow to approximately USD 904.81 million by 2034. North America held the largest share of the extracorporeal life support devices market in 2024. The USA veno-venous extracorporeal life support (VV ECLS) devices market alone is estimated at USD 532.7 million in 2025 and is anticipated to reach USD 1.0 billion by 2035.
- More broadly, the global cardiopulmonary products market size was estimated to be USD 472.50 million in 2023 and is expected to reach USD 884.92 million by 2033.
Neuromodulation - VNS Therapy System
LivaNova's Neuromodulation segment primarily focuses on its VNS Therapy System for treating drug-resistant epilepsy, difficult-to-treat depression, and obstructive sleep apnea.
- The global vagus nerve stimulation (VNS) market size is valued at USD 575.81 million in 2025 and is estimated to reach USD 974.30 million by 2034, growing at a CAGR of 6.06%. North America holds the largest share of the global VNS market. The U.S. VNS market was valued at USD 296.38 million in 2025.
- For drug-resistant epilepsy, a key application for VNS therapy, the VNS segment held around 22% of the global refractory epilepsy market in 2024, representing an estimated market size of approximately USD 1.47 billion. The broader global drug-resistant epilepsy treatment market was valued at USD 4,634.9 million in 2024 and is projected to reach USD 9,472.6 million by 2035. The top 7 major markets (US, EU4, UK, and Japan) for drug-resistant epilepsy were valued at USD 3.8 billion in 2024 and are expected to reach USD 6.4 billion by 2035.
- For difficult-to-treat depression, also known as treatment-resistant depression (TRD), the global TRD treatment market is projected to reach a valuation of USD 2.69 billion in 2025, with expectations to surge to USD 5.0 billion by 2035. Another source states the global treatment-resistant depression market is expected to grow from USD 2.16 billion in 2025 to USD 3.36 billion by 2031. North America leads this market.
- For obstructive sleep apnea, while specific market size for VNS therapy for OSA was not readily available, the broader global sleep apnea devices market was estimated at USD 7.11 billion in 2025 and is predicted to increase to USD 13.18 billion by 2034. North America dominates the sleep apnea devices market.
VITARIA System for Heart Failure
LivaNova is also involved in the development and clinical testing of the VITARIA System for treating heart failure through VNS. Information on the addressable market size for VNS specifically for heart failure is not currently available in the provided search results.
AI Analysis | Feedback
LivaNova (LIVN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market expansions:
- Entry and Scaling in the Obstructive Sleep Apnea (OSA) Market: LivaNova is strategically entering the obstructive sleep apnea (OSA) market with its proximal hypoglossal nerve stimulation (p-HGNS) technology, specifically the aura6000 System. A Premarket Approval (PMA) submission to the FDA for this technology was targeted for the first half of 2025, with an independent commercial launch anticipated in the second half of 2027. This initiative is projected to generate significant revenue, with forecasts ranging from $200 million to $400 million by 2030.
- Continued Growth in the Core Cardiopulmonary Business: The Cardiopulmonary segment remains a strong foundation for LivaNova's growth. This includes sustained demand for consumables and the continued success and expansion of the Essenz Perfusion System. The Essenz system is a significant driver, with its launch in new markets such as China contributing to revenue growth. The company anticipates Cardiopulmonary revenue to grow between 7% and 8% in 2026.
- Expansion and Reimbursement Improvements in Neuromodulation for Epilepsy: The Neuromodulation segment, particularly VNS Therapy for drug-resistant epilepsy, is expected to continue its growth trajectory. Key drivers include increased provider reimbursement from the U.S. Centers for Medicare & Medicaid Services (CMS) for VNS Therapy procedures, effective January 1, 2026, which saw hospital outpatient payments rise approximately 48% for new patient implants and 47% for end-of-service procedures compared to 2025 rates. Additionally, new product launches like a connected care platform in 2026 and a Bluetooth-enabled implantable pulse generator in 2027 are expected to contribute to growth.
- Leveraging Innovation and New Product Introductions: Beyond specific market entries, LivaNova is focused on continuous innovation across its portfolio. This includes developing a new generation of oxygenators for the cardiopulmonary segment (planned for 2028) and enhancing its neuromodulation capabilities with new technologies like the cloud-based digital health platform which received FDA approval.
AI Analysis | Feedback
Share Repurchases
- LivaNova had a 3-year average share buyback ratio of -0.7, indicating net share issuance rather than repurchases over the period.
Share Issuance
- In March 2024, LivaNova priced a private offering of $300 million aggregate principal amount of 2.50% convertible senior notes due 2029, with expected net proceeds of approximately $289.3 million. These notes are convertible into ordinary shares under certain conditions.
- The number of ordinary shares outstanding was approximately 53.9 million as of February 23, 2024, and is expected to be approximately 56 million for the full-year 2026.
Outbound Investments
- On June 1, 2021, LivaNova divested its Heart Valve business.
Capital Expenditures
- Capital expenditures were $25 million in 2021, $27 million in 2022, $35 million in 2023, and $47 million in 2024.
- For 2025, capital expenditures were approximately $71 million.
- LivaNova is investing in its core businesses and a transformational pipeline, including scaling Obstructive Sleep Apnea (OSA) and developing a next-generation oxygenator (estimated launch 2028), a connected care platform (estimated launch 2026), and a Bluetooth-enabled implantable pulse generator (estimated launch 2027).
Peer Outperformance in Health Care Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| LIVN | LivaNova | 10.7% | 23.0x | 40.9% | 43.7% | -4.5% | — |
| ITGR | Integer | 8.4% | 33.2x | 13.2% | 48.8% | 27.8% | +32pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.5% | 83.4% | 124.2% | CAH 390% · MCK 336% · COR 180% |
| Health Care Services | 20 | 20.6% | 45.3% | 9.4% | HIMS 364% · RDNT 152% · DGX 79% |
| Managed Health Care | 8 | 29.7% | -3.2% | 0.4% | OSCR 147% · HQY 66% · ELV 14% |
| Health Care Facilities | 24 | 7.9% | -1.7% | -16.4% | THC 285% · NHC 262% · ENSG 121% |
| Health Care Equipment ← | 51 | -4.5% | -5.0% | -17.0% | POCI 11300% · UFPT 372% · GKOS 270% |
| Health Care Supplies | 12 | 33.9% | -13.2% | -26.0% | LNTH 288% · HAE 79% · MMSI 29% |
| Pharmaceuticals | 63 | 4.5% | 4.6% | -36.8% | LQDA 2519% · INDV 1253% · ETON 1220% |
| Health Care Technology | 21 | -19.9% | -55.1% | -71.3% | SPOK 108% · HSTM -4% · VEEV -23% |
| Life Sciences Tools & Services | 108 | -2.5% | -28.7% | -71.8% | SNWV 1782% · MEDP 246% · ELMD 241% |
| Biotechnology | 365 | 7.8% | -24.9% | -78.0% | BRTX 107550% · CELZ 1771% · DNTH 1536% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 84.27 |
| Mkt Cap | 62.9 |
| Rev LTM | 13,754 |
| Op Inc LTM | 3,119 |
| FCF LTM | 1,620 |
| FCF 3Y Avg | 1,539 |
| CFO LTM | 3,125 |
| CFO 3Y Avg | 2,471 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.4% |
| Rev Chg 3Y Avg | 11.9% |
| Rev Chg Q | 10.3% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 11.0% |
| Op Inc Chg 3Y Avg | 16.7% |
| Op Mgn LTM | 17.3% |
| Op Mgn 3Y Avg | 17.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.7% |
| CFO/Rev 3Y Avg | 19.8% |
| FCF/Rev LTM | 14.0% |
| FCF/Rev 3Y Avg | 13.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cardiopulmonary | 785 | 684 | 604 | 514 | 483 |
| Neuromodulation | 593 | 554 | 520 | 477 | 456 |
| Other revenue | 10 | 16 | 30 | 31 | 41 |
| Advanced Circulatory Support | 55 | ||||
| Total | 1,388 | 1,253 | 1,154 | 1,022 | 1,035 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Neuromodulation | 215 | 195 | 153 | 173 | 169 |
| Cardiopulmonary | 108 | 77 | 26 | 17 | -6 |
| Other expense | -124 | -143 | -248 | -267 | -166 |
| Advanced Circulatory Support | 2 | ||||
| Total | 199 | 129 | -68 | -77 | -1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cardiopulmonary | 1,045 | 901 | 962 | 874 | 921 |
| Other assets | 921 | 965 | |||
| Neuromodulation | 640 | 641 | 647 | 647 | 646 |
| Advanced Circulatory Support | 10 | 121 | 232 | ||
| Other revenue | 810 | 653 | 401 | ||
| Total | 2,606 | 2,506 | 2,430 | 2,295 | 2,201 |
Price Behavior
| Market Price | $78.74 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 10/19/2015 | |
| Distance from 52W High | -7.7% | |
| 50 Days | 200 Days | |
| DMA Price | $79.84 | $68.25 |
| DMA Trend | up | up |
| Distance from DMA | -1.4% | 15.4% |
| 3M | 1YR | |
| Volatility | 33.7% | 36.8% |
| Downside Capture | 84.71 | 85.06 |
| Upside Capture | 104.06 | 107.16 |
| Correlation (SPY) | 23.4% | 36.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.04 | 0.18 | 0.59 | 0.90 | 1.07 | 0.92 |
| Up Beta | -0.65 | -0.35 | 1.14 | 1.17 | 1.56 | 0.85 |
| Down Beta | -0.12 | 0.56 | 0.91 | 0.94 | 0.82 | 0.83 |
| Up Capture | -5% | 47% | 97% | 95% | 142% | 89% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 23 | 35 | 65 | 128 | 367 |
| Down Capture | 36% | -7% | -40% | 65% | 77% | 101% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 19 | 27 | 60 | 122 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIVN | |
|---|---|---|---|---|
| LIVN | 47.7% | 37.1% | 1.12 | - |
| Sector ETF (XLV) | 28.8% | 16.0% | 1.39 | 32.5% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 36.4% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 11.6% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -26.6% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 33.3% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 7.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIVN | |
|---|---|---|---|---|
| LIVN | 0.7% | 39.7% | 0.12 | - |
| Sector ETF (XLV) | 7.1% | 15.1% | 0.28 | 35.8% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 40.5% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 4.9% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | -1.5% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 38.3% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 20.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIVN | |
|---|---|---|---|---|
| LIVN | 2.7% | 40.3% | 0.20 | - |
| Sector ETF (XLV) | 10.7% | 16.7% | 0.52 | 41.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 45.8% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 2.7% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 11.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 43.3% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 12.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -8.4% | -7.9% | |
| 5/6/2026 | 15.1% | 24.6% | 28.0% |
| 2/25/2026 | 1.8% | -0.9% | -8.3% |
| 11/5/2025 | -5.8% | -2.3% | 17.5% |
| 8/6/2025 | 11.1% | 18.8% | 36.5% |
| 5/7/2025 | 23.7% | 25.3% | 27.6% |
| 2/25/2025 | -15.8% | -15.7% | -19.4% |
| 10/30/2024 | -3.1% | -6.2% | -0.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 12 | 12 |
| # Negative | 8 | 12 | 11 |
| Median Positive | 5.2% | 8.4% | 9.0% |
| Median Negative | -4.8% | -5.5% | -7.2% |
| Max Positive | 23.7% | 25.3% | 36.5% |
| Max Negative | -15.8% | -19.5% | -20.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -8.4% | -7.9% | |
| 5/6/2026 | 15.1% | 24.6% | 28.0% |
| 2/25/2026 | 1.8% | -0.9% | -8.3% |
| 11/5/2025 | -5.8% | -2.3% | 17.5% |
| 8/6/2025 | 11.1% | 18.8% | 36.5% |
| 5/7/2025 | 23.7% | 25.3% | 27.6% |
| 2/25/2025 | -15.8% | -15.7% | -19.4% |
| 10/30/2024 | -3.1% | -6.2% | -0.9% |
| 7/31/2024 | -3.7% | -10.7% | -5.8% |
| 5/1/2024 | 12.3% | 13.2% | 9.1% |
| 2/21/2024 | 8.0% | 6.3% | 7.7% |
| 11/1/2023 | 2.0% | -3.2% | -8.6% |
| 7/26/2023 | 9.9% | 9.3% | 2.3% |
| 5/3/2023 | 0.8% | -0.8% | -3.2% |
| 2/22/2023 | -10.9% | -13.3% | -20.4% |
| 11/2/2022 | 3.1% | 4.0% | 20.1% |
| 8/3/2022 | -0.5% | -3.6% | -11.0% |
| 5/4/2022 | -1.0% | -19.5% | -7.2% |
| 2/23/2022 | 1.7% | 7.4% | 6.9% |
| 11/3/2021 | 14.7% | 18.5% | 5.2% |
| 7/28/2021 | 4.8% | 1.8% | 1.2% |
| 4/28/2021 | 4.2% | 0.7% | -0.7% |
| 2/24/2021 | 0.5% | 2.9% | -1.9% |
| 10/29/2020 | 5.6% | -4.9% | 8.9% |
| SUMMARY STATS | |||
| # Positive | 16 | 12 | 12 |
| # Negative | 8 | 12 | 11 |
| Median Positive | 5.2% | 8.4% | 9.0% |
| Median Negative | -4.8% | -5.5% | -7.2% |
| Max Positive | 23.7% | 25.3% | 36.5% |
| Max Negative | -15.8% | -19.5% | -20.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 8.0% | 8.5% | 9.0% | 1.0% | Raised | Guidance: 7.5% for 2026 | |
| 2026 Adjusted Diluted EPS | 4.3 | 4.35 | 4.4 | 2.4% | Raised | Guidance: 4.25 for 2026 | |
| 2026 Adjusted Free Cash Flow | 140.00 Mil | 150.00 Mil | 160.00 Mil | -11.8% | Lowered | Guidance: 170.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 7.0% | 7.5% | 8.0% | 1.0% | Raised | Guidance: 6.5% for 2026 | |
| 2026 Adjusted Diluted EPS | 4.2 | 4.25 | 4.3 | 1.2% | Raised | Guidance: 4.2 for 2026 | |
| 2026 Adjusted Free Cash Flow | 160.00 Mil | 170.00 Mil | 180.00 Mil | 0 | Affirmed | Guidance: 170.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 6.0% | 6.5% | 7.0% | -27.8% | -2.5% | Lower New | Guidance: 9.0% for 2025 |
| 2026 Adjusted Diluted EPS | 4.15 | 4.2 | 4.25 | 9.1% | Higher New | Guidance: 3.85 for 2025 | |
| 2026 Adjusted Free Cash Flow | 160.00 Mil | 170.00 Mil | 180.00 Mil | 0 | Same New | Guidance: 170.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue Growth | 8.5% | 9.0% | 9.5% | 5.9% | 0.5% | Raised | Guidance: 8.5% for 2025 |
| 2025 Organic Revenue Growth | 9.5% | 10.0% | 10.5% | 5.3% | 0.5% | Raised | Guidance: 9.5% for 2025 |
| 2025 Adjusted Diluted EPS | 3.8 | 3.85 | 3.9 | 2.7% | Raised | Guidance: 3.75 for 2025 | |
| 2025 Adjusted Free Cash Flow | 160.00 Mil | 170.00 Mil | 180.00 Mil | 13.3% | Raised | Guidance: 150.00 Mil for 2025 | |
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tezel, Ahmet | Chief Innovation Officer | Direct | Sell | 8132026 | 77.74 | 2,675 | 207,942 | 473,409 | Form |
| 2 | Bianchi, Francesco | Direct | Sell | 6172026 | 80.19 | 1,200 | 96,228 | 768,541 | Form | |
| 3 | Bianchi, Francesco | Direct | Sell | 5272026 | 75.75 | 1,800 | 136,350 | 547,521 | Form | |
| 4 | Story, Brooke | Direct | Sell | 11192025 | 53.94 | 250 | 13,485 | 336,154 | Form | |
| 5 | Bianchi, Francesco | Direct | Sell | 8272025 | 56.50 | 1,500 | 84,750 | 510,082 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tezel, Ahmet | Chief Innovation Officer | Direct | Sell | 8132026 | 77.74 | 2,675 | 207,942 | 473,409 | Form |
| 2 | Bianchi, Francesco | Direct | Sell | 6172026 | 80.19 | 1,200 | 96,228 | 768,541 | Form | |
| 3 | Bianchi, Francesco | Direct | Sell | 5272026 | 75.75 | 1,800 | 136,350 | 547,521 | Form | |
| 4 | Story, Brooke | Direct | Sell | 11192025 | 53.94 | 250 | 13,485 | 336,154 | Form | |
| 5 | Bianchi, Francesco | Direct | Sell | 8272025 | 56.50 | 1,500 | 84,750 | 510,082 | Form |
Investor Activity (13F)
Updated Aug 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Boone Capital Management LLC | $17.8 Mil | 5.6% | 15 | Exited | Dec 31, 2025 | 13F |
| Defilade Capital Management, L.P. | $14.9 Mil | 2.0% | 33 | Exited | Dec 31, 2025 | 13F |
| Paradice Investment Management LLC | $26.5 Mil | 5.0% | 23 | TRIM -18.7% | Mar 31, 2026 | 13F |
| Redmile Group, LLC | $6.9 Mil | 0.5% | 35 | TRIM -8.2% | Mar 31, 2026 | 13F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.