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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LIVN

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