What does LivaNova do and what are its main business segments?

What guidance did LivaNova's management provide for the next earnings period?

What is LivaNova's gross profit margin?

What were the key takeaways from LivaNova's earnings call?

Did LivaNova beat or miss consensus estimates last quarter?

What were the key takeaways from LivaNova’s earnings call?

What factors drove the changes in LivaNova's revenue and profit?

What is the revenue and EPS growth rate for LivaNova year over year?

- **Strong 2025 Performance**: 13% organic revenue growth, 18% operating margin, and $0.86 adjusted EPS. 
- **2026 Outlook**: 6.5% revenue growth (6-7% range), 20-21% operating margin, $4.20 EPS midpoint.
- **Core Growth Drivers**: Cardiopulmonary (7-8% growth from HLM upgrades and consumables), Epilepsy (5.5-6.5% from Medicare reimbursement and clinical evidence).
- **Innovation Investments**: $120M capital spend for next-gen oxygenator, OSA device launch in 2027, and digital health platform expansion.
- **OSA Momentum**: PMA expected H1 2026, MRI-compatible device H2 2027, with PolicySync algorithm targeting 50%+ nonresponder conversion.

**【CEO Summary Section】**
- **2025 Performance Highlights**: Full-year revenue grew 13% organically, with double-digit EPS growth for the fifth consecutive year. Adjusted operating margin expanded by 150 basis points to 18%, driven by core cardiopulmonary and epilepsy businesses.
- **2026 Guidance**: Revenue growth of 6-7% (midpoint 6.5%), with operating margin targeting 20-21%. Cardiopulmonary segment expected to grow 7-8%, epilepsy 5.5-6.5%.
- **Strategic Focus**: Accelerating innovation in obstructive sleep apnea (OSA) and digital health, with $429M in R&D investment over 2025-2028. Launching next-gen oxygenator in 2028 and MRI-compatible OSA device in 2027.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $361M (+9.5% YoY), adjusted EPS $0.86 (+6%). Adjusted free cash flow $53M, up 12% YoY. Cash balance $636M, debt reduced to $377M.
- **2026 Financials**: Revenue $1.4-1.45B, operating margin 20-21%, EPS $4.15-4.25. Capital spend $120M (+$40M YoY) for manufacturing expansion and IT.
- **Key Drivers**: Cardiopulmonary growth from HLM upgrades (80% Essenz penetration by 2026) and consumables. Epilepsy benefits from 50% Medicare reimbursement increase and clinical evidence.

**【Q&A Key Highlights】**
- **Cardiopulmonary Growth**: 2026 driven by Essenz placements (80% of new HLMs), consumables (mid-teens growth), and software/hardware attachments. Q4 2025 HLM placements shifted to Q1 2026, with no material impact on annual guidance.
- **Epilepsy Reimbursement**: Medicare increase for new implants (+48%) and replacements (+47%) improves hospital economics, supporting 5.5-6.5% growth. Core VMS clinical study shows 80% seizure reduction at 36 months.
- **OSA Progress**: PMA for clinical trial device expected H1 2026, MRI-compatible device launch H2 2027. PolicySync algorithm to convert nonresponders to responders, with 50%+ success rate.
- **China Expansion**: Essenz launch on track, with 80%+ win rate in HLM placements. China to drive global HLM growth as Essenz penetration increases from 55% in 2025 to 80% in 2026.

LivaNova PLC(LIVN)-20260225-2025 Q4 Earnings call transcript

- **Revenue Beat**: 13% organic growth driven by Cardiopulmonary (16%) and Epilepsy (6%) segments. Full-year Cardiopulmonary growth raised to 12.5%-13.5%.
- **Essenz China Launch**: 2026 impact expected, with Essenz placements rising to 80% of global HLM units. Early clinician feedback positive.
- **Epilepsy Momentum**: CORE-VNS study shows 80% seizure reduction, with Level 5 reimbursement and NPI coverage improvements driving growth. Full-year epilepsy growth forecast raised to 5%-6%.
- **Financial Strength**: Adjusted EPS $1.11 (+23% YoY), free cash flow $130M (+29% YoY). Full-year guidance: EPS $3.80-$3.90, free cash flow $160M-$180M.
- **Strategic Focus**: Oxygenator supply expansion, China Essenz rollout, and OSA/DTD pipeline investments to drive long-term growth.

**【CEO Summary Section】**
- **Revenue Growth**: 13% organic revenue growth driven by Cardiopulmonary (16%) and Epilepsy (6%) segments. Cardiopulmonary revenue now expected to grow 12.5%-13.5% for the full year, up from 12%-13%.
- **Essenz Launch**: Commercial launch in China in August 2025, with feedback from clinicians positive. Essenz placements expected to represent 60% of HLM units in 2025, up from 40% in 2024. Full impact anticipated in 2026.
- **Epilepsy Momentum**: CORE-VNS study results highlight long-term seizure reduction benefits, with Level 5 reimbursement improvements supporting growth. Full-year epilepsy revenue growth forecast raised to 5%-6%.
- **Oxygenator Supply**: Manufacturing capacity expansion progressing, but third-party component shortages remain a constraint. New manufacturing line to be added in 2026.

**【CFO Financial Commentary】**
- **Q3 Results**: Revenue $358M (+11% constant currency, +13% organic). Adjusted EPS $1.11, up 23% YoY. Free cash flow $130M for first 9 months, up 29% YoY.
- **Full Year Guidance**: Revenue growth 8.5%-9.5% (constant currency), 9.5%-10.5% (organic). Adjusted EPS $3.80-$3.90, up 23% YoY. Free cash flow $160M-$180M, up 59% YoY.
- **Q4 Outlook**: $0.10 EPS impact from Essenz PCBA conversion costs. Tariffs expected to reduce operating income by <$5M for the year.

**【Q&A Highlights】**
- **China Launch**: Early feedback positive, but long sales cycle means 2026 impact. Essenz placements to rise to 80% of global HLM units in 2026.
- **Oxygenator Supply**: Internal capacity expansion (+15% in 2025) offset by component shortages. New manufacturing line in 2026 to address supply constraints.
- **Epilepsy Growth**: CORE-VNS data driving clinical adoption. Level 5 reimbursement and NPI coverage improvements expected to accelerate procedure growth.
- **Strategic Investments**: $80M capital spend for 2025, including cardiopulmonary capacity and IT. OSA and DTD programs to be detailed at Investor Day.
- **Tariff Mitigation**: Holistic supply chain review and pricing actions to minimize impact. Current guidance incorporates <1% revenue impact.

LivaNova PLC (LIVN) Q3 2025 Earnings Call Transcript

- **10% Organic Growth**: Driven by 13% cardiopulmonary and 6% epilepsy revenue, with Essenz placements at 60% of HLM units.
- **Epilepsy Expansion**: CMS Level 5 reimbursement proposal for EOS procedures (+48% reimbursement) and Highmark coverage for TRD patients.
- **Cardiopulmonary Strength**: 12-13% full-year growth, oxygenator demand outpacing supply, and $3.70-$3.80 EPS guidance.
- **Innovation Investment**: $4.8M PCBA upgrade for Essenz to enable advanced software updates and recurring revenue.

**【CEO Summary Section】**
- **Organic Revenue Growth**: 10% YoY, driven by 13% growth in cardiopulmonary and 6% in epilepsy. Essenz placements now account for 60% of HLM units, up from 40% in 2024.
- **Cardiopulmonary Momentum**: Oxygenator demand outpaces supply, with 12-13% full-year revenue growth guidance. China launch of Essenz in Q3 expected to accelerate growth.
- **Epilepsy Performance**: U.S. epilepsy revenue up 5% YoY, with faster-than-expected inventory swap completion. Full-year growth revised to 4.5-5.5%.
- **Clinical Milestones**: Core VNS study shows 80% median seizure reduction in focal onset seizures, and CMS proposal for 48% reimbursement increase for EOS procedures.

**【CFO Financial Commentary】**
- **Q2 Results**: Revenue $353M (+9% constant currency), adjusted EPS $1.05 (+13%), free cash flow $68M (vs. $53M prior year).
- **Full Year Guidance**: Revenue 8-9% constant currency growth, EPS $3.70-$3.80, free cash flow $140-160M.
- **Margin Expansion**: Adjusted operating margin 22% (vs. 21% prior year), driven by cost optimization and DTD program spend reduction.
- **Balance Sheet**: Cash $594M, debt $431M, with $200M early repayment of term facilities.

**【Q&A Highlights】**
- **Epilepsy Reimbursement**: CMS Level 5 APC code proposal for EOS procedures could increase U.S. procedure penetration starting Jan 2026. Highmark coverage expansion for TRD patients.
- **China Strategy**: Essenz launch in China (2nd largest market) supported by premium pricing and differentiated technology. No immediate impact from Chinese import restrictions.
- **OSA Progress**: FDA submission progressing; PH GNS technology targets high-AHI, high-BMI patients with 77% GTC seizure reduction in trials.
- **Cardiopulmonary Innovation**: PCBA upgrade for Essenz to enable advanced software updates, supporting long-term recurring revenue.


LivaNova (LIVN)-6 Aug 25-2025 Q2 Earnings call transcript

- **Breakthrough OSA Data**: 65% responder rate in 12-month OSPREY trial validates pHGNS technology as a viable alternative to CPAP.
- **Revenue Growth Acceleration**: Q1 10% organic growth, raising 2025 target to 7-8% (prev. 6-7%) on strong Cardiopulmonary and Europe Epilepsy performance.
- **SNIA Resolution**: $360M liability settled, enabling capital flexibility for growth initiatives.
- **Tariff Resilience**: Minimal impact (~$5M annualized), supply chain well-positioned.
- **OSPREY Launch Readiness**: FDA PMA submission complete; 2025 launch with MRI-compatible device in development.
- **Epilepsy Momentum**: Europe +13% Q1, U.S. recovery expected post-SenTiva generator rollout.


**【CEO Opening Remarks】**
- **OSPREY Trial Success**: 12-month data shows 65% responder rate in moderate-severe OSA patients, with rapid onset (25% responders on day 1) and sustained benefits. Differentiated pHGNS technology targets broader airway muscles via six electrodes.
- **SNIA Litigation Resolution**: Recorded $360M liability but views ruling as removing long-term overhang. Repaid $200M of term loans, leaving $113M as permanent capital structure.
- **Tariff Mitigation**: Minimal impact (~$5M annualized) due to U.S.-based neuromodulation manufacturing and diversified geographies.
- **Q1 Financial Highlights**: 10% organic revenue growth ($317M), Cardiopulmonary +15%, Epilepsy +4%. Raised 2025 organic growth to 7-8% (prev. 6-7%).
- **Cardiopulmonary Growth Drivers**: Essenz HLM placements (40% of 2024, targeting 60% in 2025), China approval, and 10%+ oxygenator capacity expansion.
- **Epilepsy Momentum**: Europe +13%, U.S. +2% despite SenTiva generator delays. Updated generators expected Q2 2025, with no long-term procedure loss risk.

**【CFO Financial Update】**
- **Q1 Financials**: Adjusted EPS $0.88 (+15%), operating margin 20% (vs. 18% YoY). Free cash flow $20M, up from $11M YoY.
- **2025 Guidance**: Revenue 6-7% (organic 7-8%), EPS $3.60-3.70 (inc. $0.20 SNIA interest impact). Free cash flow $135-155M, capex $90M (IT, CP capacity).
- **Tax Rate**: 24% vs. 21% YoY due to geographic mix changes.
- **Tariff Impact**: <1% of revenue, fully captured in guidance. No material supply chain disruption.

**【Q&A Key Takeaways】**
- **OSPREY Commercial Strategy**: FDA PMA submission complete; targeting 2025 launch. Exploring partnerships for U.S. and international distribution.
- **HLM Penetration**: Essenz placements 40% of 2024, China approval a key milestone. 10%+ annual oxygenator capacity growth to meet demand.
- **Epilepsy Execution**: Europe +13% Q1, U.S. delayed procedures (~$2M impact). Updated SenTiva generators expected Q2 2025, no long-term volume risk.
- **Capital Allocation**: SNIA resolution frees up flexibility for innovation (OSPREY, DTD) and M&A. No immediate share buyback plans.
- **DTD Progress**: CMS reconsideration submission pending final RECOVER manuscript. VNS Therapy shows efficacy in ECT-resistant patients.


LivaNova PLC (LIVN) Q1 2025 Earnings Call Transcript

- **Record 2024 Performance**: 11% organic growth, $163M free cash flow, and 41% adjusted operating income growth.
- **OSA Breakthrough**: OSPREY trial success unlocks $2B market; PMA submission in Q2 2025.
- **2025 Outlook**: 6-7% organic growth, 9% EPS growth, and 7-8% CP segment expansion.
- **Innovation Edge**: Differentiated 6-electrode OSA device, CMS DTD coverage pursuit, and Essenz 60% unit penetration.


**【CEO Opening Remarks】**
- LivaNova achieved 11% organic revenue growth in 2024, driven by cardiopulmonary (14% growth) and epilepsy (7% growth) segments.
- Key milestones include OSPREY OSA trial success, DTD CMS coverage pursuit, and 30%+ talent refresh across leadership roles.
- 2025 guidance: 6-7% organic revenue growth, with CP and epilepsy expected to grow 7-8% and 4-5%, respectively.

**【CFO Financial Highlights】**
- 2024 full-year revenue: $1.3B (9% growth), adjusted free cash flow: $163M (70% YoY increase).
- 2025 guidance: 5-6% constant currency revenue growth, adjusted EPS of $3.65-$3.75 (9% midpoint growth).
- R&D spend as % of revenue to decline, aligning with industry benchmarks.

**【Innovation Pipeline】**
- **OSA**: PMA submission planned for Q2 2025; 6-month OSPREY data shows 66% ASI reduction, targeting $2B market by 2030.
- **DTD**: CMS coverage submission expected post-5 critical publications; VNS therapy shown to improve symptoms and quality of life.
- **CP**: Launch of ProtekDuo Plus (ECMO-indicated cannula) and 60% Essenz unit penetration by 2025.

**【Q&A Key Takeaways】**
- **CP Growth Drivers**: Essenz adoption (60% units in 2025), consumables market share gains, and 10%+ manufacturing capacity expansion.
- **OSA Commercialization**: Limited launch post-PMA approval, full launch with product upgrades in 2026.
- **Epilepsy Recovery**: Europe/RoW expected to return to high single-digit growth in 2025, driven by execution improvements.
- **SNIA Litigation**: No guidance impact; potential ruling in Q1 2025 with $0.11/Q EPS impact if adverse.


Actual												0.33	-0.15	0.38	0.71	0.35	0.52	0.68	0.57	0.48	0.53	0.58	0.81	0.43	0.78	0.73	0.87	0.73	0.93	0.9	0.81	0.88	1.05	1.11	0.86
Forecast												0.432	-0.296	0.2033	0.6754	0.1541	0.3283	0.4457	0.5163	0.4821	0.5167	0.5456	0.7325	0.3929	0.5394	0.6363	0.77	0.4863	0.7831	0.7167	0.8007	0.7621	0.8673	0.9188	0.8168
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-23.61%	+49.32%	+86.92%	+5.12%	+127.13%	+58.39%	+52.57%	+10.40%	-0.44%	+2.57%	+6.30%	+10.58%	+9.44%	+44.61%	+14.73%	+12.99%	+50.11%	+18.76%	+25.58%	+1.16%	+15.47%	+21.07%	+20.81%	+5.29%

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LIVN Q4 2025 Earnings

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LIVN

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LIVN Q4 2025 Earnings

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You can ask Aime