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LivaNova Reports Second-Quarter 2025 Results; Raises 2025 Guidance

• 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⁾
• Initiated process with U.S. Centers for Medicare and Medicaid Services for reconsideration of national coverage for VNS Therapy鈩� for treatment-resistant depression
• Announced long-term, real-world evidence demonstrating efficacy of VNS Therapy in a wide range of seizure types in people with drug-resistant epilepsy

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

Financial Summary and Highlights⁽¹⁾

• Second-quarter revenue of $352.5 million increased 10.7% on a reported basis, 9.3% on a constant-currency basis, and 10.3% on an organic basis as compared to the prior-year period
• Second-quarter U.S. GAAP diluted earnings per share of $0.50 and adjusted diluted earnings per share of $1.05
• Second-quarter net cash provided by operating activities of $62.9 million and adjusted free cash flow of $47.8 million
• Raised full-year 2025 revenue growth range 200 basis points to 8.0% to 9.0% on a constant-currency basis and 9.0% to 10.0% on an organic basis. Raised full-year 2025 adjusted diluted earnings per share range by $0.10 at midpoint to $3.70 to $3.80. Raised full-year 2025 adjusted free cash flow range by $5 million at midpoint to $140 million to $160 million
• Initiated process with U.S. Centers for Medicare and Medicaid Services (CMS) for reconsideration of national Medicare coverage for VNS Therapy in unipolar patients with treatment-resistant depression, supported by five peer-reviewed publications from the RECOVER study
• Published the fifth critical RECOVER paper in the Journal of Clinical Psychiatry, showing that patients previously treated with electroconvulsive therapy or transcranial magnetic stimulation experienced significant clinical benefits from VNS Therapy
• Published 24-month data from the CORE-VNS study, which showed adjunctive VNS Therapy is associated with substantial reductions in generalized tonic-clonic seizures in people with drug-resistant epilepsy (DRE)
• Completed 36-month data analysis of the CORE-VNS study, demonstrating early and lasting outcomes of adjunctive VNS Therapy on severe focal seizures in both children and adults with DRE and further validating the effectiveness of adjunctive VNS Therapy
• Announcing CMS recently proposed to move DRE end-of-service procedures beginning in 2026 from Level 4 into a Level 5 Ambulatory Payment Classification under the 2026 Medicare Hospital Outpatient Prospective Payment System

鈥淟ivaNova delivered another quarter of strong revenue growth, driven by continued momentum in our Cardiopulmonary business and solid Neuromodulation performance across all regions,鈥� said Vladimir Makatsaria, Chief Executive Officer of LivaNova. 鈥淥ur disciplined execution contributed to meaningful operating margin expansion and strong cash generation in the second quarter. We鈥檙e building on this strong foundation by investing behind our core businesses to sustain our market leadership and clinical excellence. Our recent key milestone achievements in obstructive sleep apnea and difficult-to-treat depression support our strategy of leveraging our leading Neuromodulation capabilities into attractive high-growth markets, while delivering life-changing therapies to large patient populations with significant unmet needs.鈥�

Second-Quarter 2025 Results

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

Second-quarter 2025 Cardiopulmonary revenue increased 14.7% on a reported basis and 12.7% on a constant-currency basis versus the second quarter of 2024 with growth across all regions, driven by strong consumables demand and Essenz鈩� Perfusion System sales.

Second-quarter 2025 Neuromodulation revenue increased 6.2% on a reported basis and 5.6% on a constant-currency basis versus the second quarter of 2024 with growth across all regions.

Earnings Analysis

On a U.S. GAAP basis, second-quarter 2025 operating income was $54.2 million, as compared to operating income of $40.2 million for the second quarter of 2024. Adjusted operating income for the second quarter of 2025 was $77.4 million, as compared to adjusted operating income of $66.9 million for the second quarter of 2024.

On a U.S. GAAP basis, second-quarter 2025 diluted earnings per share was $0.50 as compared to diluted earnings per share of $0.30 in the second quarter of 2024. Second-quarter 2025 adjusted diluted earnings per share was $1.05, as compared to adjusted diluted earnings per share of $0.93 in the second quarter of 2024.

Full-Year 2025 Guidance

LivaNova now expects full-year 2025 revenue to grow between 8.0% and 9.0% (versus 6.0% and 7.0% prior) on a constant-currency basis and between 9.0% and 10.0% (versus 7.0% and 8.0% prior) on an organic basis. Foreign currency is now expected to be a tailwind of approximately 1.0% (versus a headwind of 0.0% to 1.0% prior) based on current exchange rates.

Adjusted diluted earnings per share for 2025 is now expected to be in the range of $3.70 to $3.80 (versus $3.60 to $3.70 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 $140 million to $160 million (versus $135 million to $155 million prior).

As discussed in the section entitled 鈥淯se of Non-GAAP Financial Measures鈥� 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., Aug. 6, 2025 that will be accessible at . 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 460430. Within 24 hours of the audiocast, a replay will be available at , 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 relentless commitment to provide hope for patients and their families through medical technologies, delivering life-changing solutions in select neurological and cardiac conditions. Headquartered in London, LivaNova employs approximately 2,900 employees and has a presence in more than 100 countries for the benefit of patients, healthcare professionals, and healthcare systems worldwide. For more information, please visit .

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 鈥渘on-GAAP financial measures鈥� or 鈥渁djusted financial measures.鈥� Company management uses these non-GAAP measures to monitor the Company鈥檚 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.

In this news release, the Company refers to revenue and percentage change in revenue on a comparable, constant-currency, and organic basis. Company management believes that these non-GAAP measures provide a useful way to evaluate the revenue performance of LivaNova and to compare the revenue performance of current periods to prior periods on a consistent basis. Constant-currency percent change measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior-year period. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translation effects.

LivaNova calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For example, forward-looking net revenue growth projections are estimated on a constant-currency basis and exclude the impact of foreign currency fluctuations. Forward-looking non-GAAP adjusted diluted earnings per share guidance excludes items such as, but not limited to, changes in fair value of derivatives and contingent consideration arrangements and asset impairment charges that would be included in comparable GAAP financial measures. The most directly comparable GAAP measure for adjusted free cash flow is net cash provided by operating activities. Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses or gains that may not be indicative of the Company鈥檚 operational performance. However, non-GAAP financial adjustments on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors, including but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, the ultimate outcome of legal proceedings, gains or losses on the potential sale of businesses or other assets, restructuring costs, merger and integration activities, changes in fair value of derivatives, and contingent consideration arrangements, asset impairment charges and the tax impact of the aforementioned items, tax law changes, or other tax matters. Accordingly, the Company does not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Adjusted financial measures such as organic revenue, adjusted cost of sales, adjusted gross profit, adjusted selling, general, and administrative expense, adjusted research and development expense, adjusted other operating expenses, adjusted operating income, adjusted income before tax, adjusted income tax expense, adjusted net income, and adjusted diluted earnings per share are measures that LivaNova generally uses to facilitate management review of the operational performance of the company, to serve as a basis for strategic planning, and in the design of incentive compensation plans. Additionally, the Company uses the non-GAAP liquidity measure adjusted free cash flow. The Company believes that the presentation of these adjusted financial measures allows investors to evaluate the Company鈥檚 operational performance for different periods on a more comparable and consistent basis, and with other medical technology companies by adjusting for items that are not related to the operational performance of the Company or incurred in the ordinary course of business.

Safe Harbor Statement

Certain statements in this news release, other than statements of historical or current fact, are 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include, but are not limited to, LivaNova鈥檚 plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events, and involve known and unknown risks that are difficult to predict. As a result, the Company鈥檚 actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as 鈥渕ay,鈥� 鈥渃ould,鈥� 鈥渟eek,鈥� 鈥済uidance,鈥� 鈥減redict,鈥� 鈥減otential,鈥� 鈥渓ikely,鈥� 鈥渂elieve,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥減lan,鈥� 鈥渋ntend,鈥� 鈥渇orecast,鈥� 鈥渇oresee,鈥� or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by LivaNova and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties, and other important factors, many of which are beyond the Company鈥檚 control, that could cause the Company鈥檚 actual results to differ materially from the forward-looking statements contained in this news release, and include, but are not limited to, the following risks and uncertainties: volatility in the global market and worldwide economic conditions, including as caused by the invasion of Ukraine, the evolving instability in the Middle East, inflation, changing interest rates, foreign exchange fluctuations, and changes to existing trade agreements and relationships between the U.S. and other countries, including the implementation of tariffs, trade restrictions, and sanctions; adverse changes in export and import costs and other trade restrictions as well as uncertainty over global tariffs; risks relating to supply chain pressures; cybersecurity incidents or other disruptions to the Company鈥檚 information technology systems or those of third parties with which the Company interacts; costs of complying with privacy and security of personal information requirements and laws; changes in technology, including the development of superior or alternative technology or devices by competitors and/or competition from providers of alternative medical therapies; failure of R&D investments or investment collaborations to be successful; failure to maintain appropriate working relationships with healthcare professionals to aid in the continuing development of products; the risk of quality issues and the impacts thereof; risks relating to recalls, replacement of inventory, enforcement actions, or product liability claims; failure to comply with, or changes in, laws, regulations, or administrative practices affecting government regulation of the Company鈥檚 products; failure to retain key personnel, succession plan, and negotiate with local works councils; failure to obtain approvals or reimbursement in relation to the Company鈥檚 products; unfavorable results from clinical studies or failure to meet milestones; pending or existing climate change; global healthcare policy changes that may lead to restricted access and pricing as well as payback requirements and limited reimbursement; changes or reduction in reimbursement for the Company鈥檚 products or failure to comply with rules relating to reimbursement of healthcare goods and services; failure to comply with rules relating to healthcare goods and services as well as anti-bribery laws; product liability, intellectual property, shareholder-related, environmental-related, income tax, and other litigation, disputes, losses, and costs, including in the case of the Company鈥檚 3T Heater-Cooler litigation; risks associated with environmental laws and regulations as well as environmental liabilities, violations, and litigation, including in the case of Saluggia and SNIA; failure to protect the Company鈥檚 proprietary intellectual property; risks relating to the Company鈥檚 indebtedness; failure of divestitures and/or new acquisitions to further the Company鈥檚 strategic objectives or strengthen the Company鈥檚 existing businesses; the potential for impairments of intangible assets, goodwill, and other long-lived assets; changes in tax laws and regulations, including exposure to additional income tax liabilities; effectiveness of the Company鈥檚 internal controls over financial reporting; changes in the Company鈥檚 profitability and/or failure to manage costs and expenses; fluctuations in future quarterly operating results and/or variations in revenue and operating expenses relative to estimates; and other unknown or unpredictable factors that could harm the Company鈥檚 financial performance.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company鈥檚 business, including those described in the 鈥淩isk Factors鈥� section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the U.S. Securities and Exchange Commission by LivaNova.

Readers are cautioned not to place undue reliance on the Company鈥檚 forward-looking statements, which speak only as of the date of this news release. The Company undertakes no obligation to update publicly any of the forward-looking statements in this news release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If LivaNova updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

VNS Therapy and Essenz are trademarks of LivaNova USA, Inc.

The following table presents the reconciliation of GAAP diluted weighted average shares outstanding, used in the computation of GAAP diluted net loss per common share, to adjusted diluted weighted average shares outstanding, used in the computation of adjusted diluted earnings per common share (in millions of shares):

During the second quarter of 2025, the Company identified and corrected an immaterial error related to the classification of certain employee costs in the Cardiopulmonary segment between cost of sales and selling, general, and administrative expense in the consolidated statements of income (loss). This misclassification understated cost of sales and overstated selling, general, and administrative expense by equal and offsetting amounts, with no impact to operating income (loss) or net income (loss) for annual and interim periods for the years ended December 31, 2023 and 2024 and the three months ended March 31, 2025. The table below shows the as-reported amounts compared to the revised results with respect to the impacted metrics for the periods presented.