-- Delivered double-digit reported and organic revenue growth and continued operating margin expansion

-- Raised full-year 2025 revenue, adjusted earnings per share, and adjusted free cash flow guidance(1)

-- Launched Essenz Perfusion System in China

LONDON--(BUSINESS WIRE)--November 05, 2025-- 

LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today reported results for the third quarter ended September 30, 2025 and raised full-year 2025 guidance.

Financial Summary and Highlights(1)

   -- Third-quarter revenue of $357.8 million increased 12.5% on a reported 
      basis, 11.0% on a constant-currency basis, and 12.5% on an organic basis 
      as compared to the prior-year period 
   -- Third-quarter U.S. GAAP diluted earnings per share of $0.49 and adjusted 
      diluted earnings per share of $1.11 
   -- Third-quarter net cash provided by operating activities of $85.1 million 
      and adjusted free cash flow of $62.0 million 
   -- Raised full-year 2025 revenue growth range 50 basis points to 8.5% to 
      9.5% on a constant-currency basis and 9.5% to 10.5% on an organic basis. 
      Raised full-year 2025 adjusted diluted earnings per share range by $0.10 
      at midpoint to $3.80 to $3.90. Raised full-year 2025 adjusted free cash 
      flow range by $20 million at midpoint to $160 million to $180 million 
   -- Initiated the commercial launch of the Essenz$(TM)$ Perfusion System in 
      China, the second-largest market for heart-lung machines after the United 
      States 
   -- Appointed Donald Zurbay to the Board of Directors and the Audit and 
      Compliance Committee 

"LivaNova delivered another quarter of double-digit revenue growth, underscoring the durability of our Cardiopulmonary and Epilepsy businesses as a strong foundation for the Company," said Vladimir Makatsaria, Chief Executive Officer of LivaNova. "Disciplined execution, enhanced productivity, and operational excellence are driving operating margin expansion and cash generation, as we continue to reinvest in the core to sustain market leadership and advance innovation. At the same time, we are leveraging our Neuromodulation expertise to advance the Obstructive Sleep Apnea and Difficult-to-Treat Depression programs. We believe these efforts will position the Company for long-term growth and expansion into attractive markets with large patient populations and significant unmet needs. We look forward to updating investors on our strategic priorities for each of these businesses at our upcoming Investor Day on November 12."

 
(1) Constant-currency percent change, organic revenue percent change, adjusted 
diluted earnings per share, and adjusted free cash flow are non-GAAP measures. 
Constant-currency percent change excludes the impact from fluctuations in the 
various currencies in which the Company operates as compared to reported 
percent change. Organic revenue percent change excludes the impact of 
acquisitions, divestitures, and currency translation effects. For an 
explanation of these and other non-GAAP measures used in this news release, 
see the section entitled "Use of Non-GAAP Financial Measures." For 
reconciliations of certain non-GAAP measures, see the tables that accompany 
this news release. As discussed in the section entitled "Use of Non-GAAP 
Financial Measures" below, the Company is unable to predict with a reasonable 
degree of certainty the type and extent of certain items that would be 
expected to impact GAAP measures but would not impact the non-GAAP measures. 
Accordingly, the Company is unable to reconcile the forward-looking non-GAAP 
financial measures included in this paragraph to their most directly 
comparable forward-looking GAAP financial measures without unreasonable 
efforts. 
 

Third-Quarter 2025 Results

The following table summarizes revenue by segment (in millions):

 
                    Three Months Ended 
                       September 30, 
                   --------------------  ------      ------------ 
                                                      Constant-Currency 
                     2025       2024      % Change         % Change 
                   ---------  ---------  ----------  ------------------- 
Cardiopulmonary       $203.2     $172.2    18.0%             15.9% 
Neuromodulation        149.5      139.9     6.9%              6.4% 
Other Revenue (1)        5.0        6.0   (16.8)%           (21.3)% 
-----------------  ---------  --------- 
Total Net Revenue      357.8      318.1    12.5%             11.0% 
   Less: ACS (2)          --        4.4  (100.0)%          (100.0)% 
-----------------  ---------  --------- 
Total Organic Net 
 Revenue              $357.8     $313.7     N/A              12.5% 
=================  =========  ========= 
 
 
(1) "Other Revenue" includes rental and site services income not allocated to 
segments. In addition, for 2024, "Other Revenue" includes revenue from the 
Company's former ACS reportable segment. 
(2) Includes the results from the wind-down portion of the Company's former 
ACS reportable segment. 
Numbers may not add precisely due to rounding. 
 

Third-quarter 2025 Cardiopulmonary revenue increased 18.0% on a reported basis and 15.9% on a constant-currency basis versus the third quarter of 2024 with growth across all regions, driven by Essenz Perfusion System sales and strong consumables demand.

Third-quarter 2025 Neuromodulation revenue increased 6.9% on a reported basis and 6.4% on a constant-currency basis versus the third quarter of 2024 with growth across all regions.

Earnings Analysis

On a U.S. GAAP basis, third-quarter 2025 operating income was $54.0 million, as compared to operating income of $35.6 million for the third quarter of 2024. Adjusted operating income for the third quarter of 2025 was $80.4 million, as compared to adjusted operating income of $63.6 million for the third quarter of 2024.

On a U.S. GAAP basis, third-quarter 2025 diluted earnings per share was $0.49 as compared to diluted earnings per share of $0.60 in the third quarter of 2024. Third-quarter 2025 adjusted diluted earnings per share was $1.11, as compared to adjusted diluted earnings per share of $0.90 in the third quarter of 2024.

Full-Year 2025 Guidance

LivaNova now expects full-year 2025 revenue to grow between 8.5% and 9.5% (versus 8.0% and 9.0% prior) on a constant-currency basis and between 9.5% and 10.5% (versus 9.0% and 10.0% prior) on an organic basis. Foreign currency is expected to be a tailwind of approximately 1.0% based on current exchange rates, consistent with prior guidance.

Adjusted diluted earnings per share for 2025 is now expected to be in the range of $3.80 to $3.90 (versus $3.70 to $3.80 prior), assuming a share count of approximately 55 million for full-year 2025. In 2025, the Company now estimates adjusted free cash flow in the range of $160 million to $180 million (versus $140 million to $160 million prior).

As discussed in the section entitled "Use of Non-GAAP Financial Measures" below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this section to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts.

Webcast and Conference Call Instructions

The Company will host a live audiocast at 1 p.m. London time (8 a.m. Eastern Time) on Wed., Nov. 5, 2025 that will be accessible at www.livanova.com/events. Listeners should register in advance and log on approximately 10 minutes early to ensure proper setup. To listen to the conference call by telephone, dial +1 833 470 1428 (if dialing from within the U.S.) or +1 929 526 1599 (if dialing from outside the U.S.). The conference call access code is 817099. Within 24 hours of the audiocast, a replay will be available at www.livanova.com/events, where it will be archived and accessible for approximately 90 days.

About LivaNova

LivaNova PLC is a global medical technology company built on nearly five decades of experience and a vision to change the trajectory of lives for a new day. Through ingenious medical solutions in select neurological and cardiac conditions, LivaNova strives to ignite patient turnarounds. Headquartered in London, with approximately 3,000 employees and a presence in more than 100 countries, LivaNova serves patients, healthcare professionals, and healthcare systems worldwide. For more information, please visit www.livanova.com.

Use of Non-GAAP Financial Measures

To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as "non-GAAP financial measures" or "adjusted financial measures." Company management uses these non-GAAP measures to monitor the Company's operational performance and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, operational performance measures as prescribed by GAAP.

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