# LivaNova PLC (LIVN)

Informational only - not investment advice.

CIK: 0001639691
SIC: 3845 Electromedical & Electrotherapeutic Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3845 Electromedical & Electrotherapeutic Apparatus](/industry/3845/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1639691
Filing source: https://www.sec.gov/Archives/edgar/data/1639691/000163969126000010/livn-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001639691-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001639691.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,388,053,000 USD | 2025 | verified |
| Net income | -242,471,000 USD | 2025 | verified |
| Assets | 2,606,053,000 USD | 2025 | verified |
| Free cash flow | 173,290,000 USD | 2025 | computed |
| Net margin | -17.47% | 2025 | computed |
| Operating margin | 14.36% | 2025 | computed |
| Revenue YoY | +10.74% | 2025 | computed |
| ROE | -20.21% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | LIVN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -17.5% | -5.9% | 27 | 12 |
| Operating margin | 14.4% | 9.7% | 64 | 12 |
| Revenue growth | 10.7% | 15.3% | 42 | 13 |
| FCF margin | 12.5% | 11.0% | 67 | 13 |
| ROE | -20.2% | -12.2% | 42 | 13 |
| ROA | -9.3% | -7.1% | 33 | 13 |
| Liabilities / equity | 1.17 | 0.95 | 67 | 13 |
| Current ratio | 1.36 | 3.77 | 0 | 13 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3845 Electromedical & Electrotherapeutic Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1388053000 | USD | 2025 | 2026-02-25 |
| Net income | -242471000 | USD | 2025 | 2026-02-25 |
| Assets | 2606053000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001639691.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 964,858,000 | 1,012,277,000 | 1,106,961,000 | 1,084,170,000 | 934,241,000 | 1,035,365,000 | 1,021,805,000 | 1,153,545,000 | 1,253,437,000 | 1,388,053,000 |
| Net income |  | -62,789,000 | -25,089,000 | -189,399,000 | -157,639,000 | -348,819,000 | -135,818,000 | -86,246,000 | 17,546,000 | 63,234,000 | -242,471,000 |
| Operating income |  | 33,448,000 | 96,487,000 | -248,072,000 | -171,554,000 | -273,899,000 | -784,000 | -76,752,000 | -68,498,000 | 129,051,000 | 199,390,000 |
| Gross profit | 264,247,000 | 559,506,000 | 651,620,000 |  | 723,805,000 | 594,763,000 | 705,994,000 | 707,228,000 | 755,820,000 | 853,484,000 | 939,870,000 |
| Diluted EPS |  | -1.28 | -0.52 | -3.91 | -3.26 | -7.18 | -2.68 | -1.61 | 0.32 | 1.16 | -4.45 |
| Operating cash flow |  | 90,151,000 | 91,339,000 | 120,489,000 | -91,142,000 | -79,422,000 | 102,544,000 | 69,921,000 | 74,914,000 | 183,038,000 | 254,340,000 |
| Capital expenditures |  | 38,362,000 | 32,933,000 | 37,188,000 | 24,691,000 | 35,024,000 | 25,478,000 | 26,517,000 | 34,981,000 | 47,107,000 | 81,050,000 |
| Assets |  | 2,342,631,000 | 2,503,891,000 | 2,549,701,000 | 2,411,797,000 | 2,399,961,000 | 2,200,951,000 | 2,294,773,000 | 2,429,563,000 | 2,506,389,000 | 2,606,053,000 |
| Liabilities |  | 635,722,000 | 688,577,000 | 1,045,963,000 | 1,028,080,000 | 1,290,696,000 | 906,306,000 | 1,087,149,000 | 1,151,935,000 | 1,186,131,000 | 1,406,066,000 |
| Stockholders' equity |  | 1,706,909,000 | 1,815,314,000 | 1,500,448,000 | 1,377,964,000 | 1,109,265,000 | 1,294,645,000 | 1,207,624,000 | 1,277,628,000 | 1,320,258,000 | 1,199,987,000 |
| Cash and cash equivalents |  | 39,789,000 | 93,615,000 | 47,204,000 | 61,137,000 | 252,832,000 | 207,992,000 | 214,172,000 | 266,504,000 | 428,858,000 | 635,552,000 |
| Free cash flow |  | 51,789,000 | 58,406,000 | 83,301,000 | -115,833,000 | -114,446,000 | 77,066,000 | 43,404,000 | 39,933,000 | 135,931,000 | 173,290,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -6.51% | -2.48% | -17.11% | -14.54% | -37.34% | -13.12% | -8.44% | 1.52% | 5.04% | -17.47% |
| Operating margin |  | 3.47% | 9.53% | -22.41% | -15.82% | -29.32% | -0.08% | -7.51% | -5.94% | 10.30% | 14.36% |
| Return on equity |  | -3.68% | -1.38% | -12.62% | -11.44% | -31.45% | -10.49% | -7.14% | 1.37% | 4.79% | -20.21% |
| Return on assets |  | -2.68% | -1.00% | -7.43% | -6.54% | -14.53% | -6.17% | -3.76% | 0.72% | 2.52% | -9.30% |
| Liabilities / equity |  | 0.37 | 0.38 | 0.70 | 0.75 | 1.16 | 0.70 | 0.90 | 0.90 | 0.90 | 1.17 |
| Current ratio |  | 2.32 | 2.14 | 1.07 | 1.07 | 2.29 | 0.97 | 2.98 | 2.95 | 2.87 | 1.36 |

## As-reported value updates

10 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/LIVN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001639691.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -2.01 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.14 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.02 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 286,113,000 | -7,318,000 | -0.14 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 310,132,000 | 16,339,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 294,912,000 | -41,943,000 | -0.78 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 318,575,000 | 16,333,000 | 0.30 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 318,120,000 | 32,953,000 | 0.60 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 321,830,000 | 55,891,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 316,855,000 | -327,322,000 | -6.01 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 352,524,000 | 27,161,000 | 0.50 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 357,753,000 | 26,784,000 | 0.49 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 360,921,000 | 30,906,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 362,258,000 | 22,294,000 | 0.40 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 390,587,000 | 108,569,000 | 1.93 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from LIVN's latest 10-K: [/company/LIVN/business/](/company/LIVN/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from LIVN's latest 10-K: [/company/LIVN/risk-factors/](/company/LIVN/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1639691/000163969126000090/livn-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and related notes, which appear elsewhere in this Report, and with LivaNova’s 2025 Form 10-K. LivaNova’s discussion and analysis may contain forward-looking statements that involve risks and uncertainties. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under “Risk Factors” in Part I, Item 1A. of LivaNova’s 2025 Form 10-K, as updated and supplemented by LivaNova’s Quarterly Reports on Form 10-Q, including in Part II, Item 1A. and elsewhere in this Report. The accompanying unaudited condensed consolidated financial statements of LivaNova and its consolidated subsidiaries have been prepared in accordance with U.S. GAAP on an interim basis. The capitalized terms used below are defined in the “Definitions” section and in the notes to LivaNova’s condensed consolidated financial statements in this Report.

Description of the Business

LivaNova PLC is a market-leading global medical technology company. The Company designs, develops, manufactures, markets, and sells products, therapies, and services that are consistent with LivaNova’s mission to “create ingenious medical solutions that ignite patient turnarounds.” LivaNova is a public limited company organized under the laws of England and Wales, with a registered office in Gloucester, England. LivaNova’s ordinary shares are listed for trading on the Nasdaq under the symbol “LIVN.”

Macroeconomic Environment and Global Supply Chain

The current macroeconomic environment, including FX volatility, inflationary pressures, and geopolitical instability, and global supply chain challenges have impacted and may continue to impact LivaNova’s business, consolidated results of operations, financial condition, and/or cash flows. Furthermore, LivaNova continues to experience logistical, capacity, and labor constraints. However, to date, the Company’s supply of raw materials and the production and distribution of finished products have not been materially affected. The Company continues to respond to such challenges, including through entry into supply agreements where possible. While LivaNova has business continuity plans in place, the impact of the ongoing challenges the Company is navigating, along with their potential escalation, may adversely affect its business.

In addition, the impact that the imposition of tariffs and changes to global trade policies could have on the Company’s results of operations is uncertain. A significant number of LivaNova’s Cardiopulmonary products and component parts are sourced and produced outside of the U.S., including in Italy and Germany. Similarly, LivaNova manufactures its Neuromodulation products in the U.S., which are then often distributed internationally. In early 2025, the U.S. government imposed tariffs under the IEEPA, which impacted the Company. However, the U.S. Supreme Court ruled the IEEPA tariffs unlawful, resulting in a refund process with U.S. Customs and Border Protection. While the Company recognized net IEEPA tariff refunds that impacted segment income by $5.8 million ($7.7 million reducing cost of sales and $1.9 million reducing net revenue) for the three and six months ended June 30, 2026, adverse changes in export and import costs, including the potential for new or expanded trade restrictions and additional global tariffs, could result in future increased costs or supply chain disruptions. The Company continues to monitor developments in global trade policy and assess potential implications for sourcing, pricing, and logistics.

For additional information, see “Part I, Item 1A. Risk Factors” of the Company’s 2025 Form 10-K.

Business Segments

LivaNova identifies operating segments based on how it manages, evaluates, and internally reports its business activities to allocate resources, develop, and execute its strategy and assess performance. LivaNova has two reportable segments: Cardiopulmonary and Neuromodulation. For additional information regarding LivaNova’s reportable segments, historical financial information, and its methodology for the presentation of financial results, refer to the condensed consolidated financial statements and accompanying notes of this Report.

Cardiopulmonary

LivaNova’s Cardiopulmonary segment is engaged in the design, development, manufacture, marketing, and sale of cardiopulmonary products, including HLMs, oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and other related accessories, and provides services related to certain of these products. In particular, the Cardiopulmonary segment includes the Essenz Perfusion System, the Company’s next-generation HLM with an embedded patient monitor for tailored patient care strategies and sensing technology for data-driven decision-making during cardiopulmonary bypass procedures.

25

Information on the Cardiopulmonary segment that could potentially impact LivaNova’s condensed consolidated financial statements and related disclosures is incorporated by reference to “Note 6. Commitments and Contingencies: Product Liability Litigation” in the condensed consolidated financial statements in this Report.

Neuromodulation

LivaNova’s Neuromodulation segment is engaged in the design, development, manufacture, marketing, and sale of devices that deliver neuromodulation therapy for treating DRE and DTD, as well as the design and development of neurostimulation devices for treating OSA.

The segment’s principal product for DRE and DTD, the VNS Therapy System, consists of an implantable pulse generator and connective lead that stimulates the left vagus nerve, surgical equipment to assist with the implant procedure, and equipment and instruction manuals that enable a treating healthcare professional to set parameters for a patient’s pulse generator. The lead does not need to be removed to replace a generator with a depleted battery.

The Neuromodulation segment also includes devices for the treatment of OSA, which are designed to stimulate the hypoglossal nerve and activate specific tongue and palate muscles to help keep the airway open during sleep. On March 18, 2026, the FDA granted PMA for the aura6000 System for the treatment of adult patients with moderate to severe OSA who have failed, do not tolerate, or are ineligible for first-line therapies, such as positive airway pressure.

Critical Accounting Estimates 

For a discussion of LivaNova’s critical accounting estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Form 10-K. For the six months ended June 30, 2026, there were no material changes to the application of critical accounting policies and estimates previously disclosed in LivaNova’s 2025 Form 10-K.

Results of Operations

The following table presents LivaNova’s condensed consolidated results of operations (in thousands):

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025"],["Net revenue","","$","390,587","","","$","352,524","","","$","752,845","","","$","669,379"],["Cost of sales","","116,917","","","113,536","","","235,426","","","214,137"],["Gross profit","","273,670","","","238,988","","","517,419","","","455,242"],["Operating expenses:"],["Selling, general, and administrative","","158,128","","","137,780","","","301,696","","","266,926"],["Research and development","","53,662","","","47,185","","","112,357","","","85,064"],["Other operating expense","","12,396","","","(160)","","","12,411","","","452"],["Operating income","","49,484","","","54,183","","","90,955","","","102,800"],["SNIA environmental liability expense","","\u2014","","","(1,677)","","","\u2014","","","(362,070)"],["Interest expense","","(7,176)","","","(14,931)","","","(15,467)","","","(30,217)"],["Foreign exchange and other income/(expense)","","(23,829)","","","(4,255)","","","(29,524)","","","7,161"],["Income (loss) before income tax","","18,479","","","33,320","","","45,964","","","(282,326)"],["Income tax (benefit) expense","","(90,204)","","","6,151","","","(85,864)","","","17,807"],["Loss from equity method investments","","(114)","","","(8)","","","(965)","","","(28)"],["Net income (loss)","","$","108,569","","","$","27,161","","","$","130,863","","","$","(300,161)"]]
[[/GREPCENT_TABLE]]

26

Net Revenue

The following table presents net revenue by operating segment and geographic region (in thousands):

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","","","% Change","","2026","","2025","","","","% Change"],["Cardiopulmonary"],["United States","","$","72,793","","","$","71,243","","","","","2.2","%","","$","142,072","","","$","132,077","","","","","7.6","%"],["Europe (1)","","61,959","","","49,046","","","","","26.3","%","","119,263","","","93,553","","","","","27.5","%"],["Rest of World (1)","","86,824","","","78,983","","","","","9.9","%","","168,896","","","149,962","","","","","12.6","%"],["","","221,576","","","199,272","","","","","11.2","%","","430,231","","","375,592","","","","","14.5","%"],["Neuromodulation"],["United States","","126,556","","","117,226","","","","","8.0","%","","241,956","","","225,560","","","","","7.3","%"],["Europe (1)","","19,858","","","17,730","","","","","12.0","%","","38,206","","","32,924","","","","","16.0","%"],["Rest of World (1)","","20,531","","","16,714","","","","","22.8","%","","38,571","","","32,079","","","","","20.2","%"],["","","166,945","","","151,670","","","","","10.1","%","","318,733","","","290,563","","","","","9.7","%"],["Other Revenue (2)","","2,066","","","1,582","","","","","30.6","%","","3,881","","","3,224","","","","","20.4","%"],["Total Company"],["United States","","199,350","","","188,474","","","","","5.8","%","","384,028","","","357,638","","","","","7.4","%"],["Europe (1)","","81,817","","","66,776","","","","","22.5","%","","157,469","","","126,477","","","","","24.5","%"],["Rest of World (1)","","109,420","","","97,274","","","","","12.5","%","","211,348","","","185,264","","","","","14.1","%"],["","","$","390,587","","","$","352,524","","","","","10.8","%","","$","752,845","","","$","669,379","","","","","12.5","%"]]
[[/GREPCENT_TABLE]]

(1)“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates.

(2)“Other Revenue” includes rental and site services income not allocated to segments.

The following table presents segment income (1) (in thousands):

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","","","% Change","","2026","","2025","","","","% Change"],["Cardiopulmonary","","$","28,152","","","$","31,407","","","","","(10.4)","%","","$","58,219","","","$","56,098","","","","","3.8","%"],["Neuromodulation","","60,935","","","56,020","","","","","8.8","%","","105,089","","","108,373","","","","","(3.0)","%"],["","","$","89,087","","","$","87,427","","","","","1.9","%","","$","163,308","","","$","164,471","","","","","(0.7)","%"]]
[[/GREPCENT_TABLE]]

(1)For a reconciliation of segment income to consolidated income (loss) before income tax, refer to “Note 11. Segment and Geographic Information” in the condensed consolidated financial statements in this Report.

Cardiopulmonary

Cardiopulmonary net revenue for the three and six months ended June 30, 2026 increased 11.2% to $221.6 million and 14.5% to $430.2 million compared to the three and six months ended June 30, 2025, driven by growth in Europe, primarily reflecting

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1639691/000163969126000010/livn-20251231.htm
Complete FY 2025 MD&A: /company/LIVN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes, which appear elsewhere in this Report. Certain percentages presented in this discussion and analysis are calculated from the underlying whole-dollar amounts and therefore may not tie to percentages recalculated from the rounded numbers used for disclosure purposes. The following discussion, analysis, and comparisons generally focus on the operating results for 2025, 2024, and 2023.

LivaNova has elected to omit certain discussions on the earliest of the three years covered in this Report. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations located in LivaNova’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 25, 2025, for reference to the discussion of 2023, the earliest of the three fiscal years presented.

Description of the Business

LivaNova PLC is a market-leading global medical technology company. The Company designs, develops, manufactures, markets, and sells products, therapies, and services that are consistent with LivaNova’s mission to “create ingenious medical solutions that ignite patient turnarounds.” LivaNova is a public limited company organized under the laws of England and Wales and is headquartered in London, England. LivaNova’s ordinary shares are listed for trading on the Nasdaq under the symbol “LIVN.”

Macroeconomic Environment and Global Supply Chain

The current macroeconomic environment, including FX volatility, inflationary pressures, and geopolitical instability, and global supply chain challenges have impacted and may continue to impact LivaNova’s business, results of operations, cash flows, and financial condition. Furthermore, LivaNova continues to experience logistical, capacity, and labor constraints. However, to date, the Company’s supply of raw materials and the production and distribution of finished products have not been materially affected. The Company continues to respond to such challenges. While LivaNova has business continuity plans in place, the impact of the ongoing challenges the Company is navigating, along with their potential escalation, may adversely affect its business.

In addition, the impact that the imposition of tariffs and changes to global trade policies could have on the Company’s results of operations is uncertain. A significant number of LivaNova’s Cardiopulmonary products and component parts are sourced and produced outside of the U.S., including in Italy and Germany. Similarly, LivaNova manufactures its Neuromodulation products in the U.S., which are then often distributed internationally. For additional information, refer to “Item 1A. Risk Factors” in this Report.

Cybersecurity Incident

As previously disclosed, in November 2023, LivaNova detected a cybersecurity incident that resulted in a disruption of portions of the Company’s IT systems. As a result, the Company engaged external cybersecurity experts, coordinated with law enforcement, implemented remediation measures, and notified affected individuals and regulators as required by applicable law. The incident was contained, and the Company’s mitigation efforts are considered complete. For further discussion on related legal and regulatory matters, refer to “Note 11. Commitments and Contingencies” in LivaNova’s consolidated financial statements in this Report.

Through December 31, 2025, LivaNova incurred direct costs totaling $13.1 million in connection with this cybersecurity incident, including $1.5 million, $9.0 million and $2.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. The total direct costs incurred primarily include external cybersecurity expert and legal fees, system restoration costs, and $1.2 million related to a class action settlement, and do not include business interruption losses. The Company may incur additional costs related to this incident in the future.

LivaNova maintains insurance, including cyber insurance, which is subject to certain retentions and policy limitations that will likely limit the amount that the insurers may reimburse the Company. LivaNova has filed claims for insurance reimbursement of direct costs and business interruption losses and, as of December 31, 2025, the reimbursement process is substantially complete. Through December 31, 2025, LivaNova has received $10.7 million of insurance reimbursements, including $6.8 million in reimbursement of direct costs and $3.9 million in reimbursement of business interruption losses. For the years ended December 31, 2025 and 2024, LivaNova received $1.7 million and $5.1 million, respectively, in reimbursement of direct costs. For the years ended December 31, 2025 and 2024, LivaNova received $0.6 million and $3.3 million, respectively, in reimbursement of business interruption losses. LivaNova will submit additional claims for reimbursement if incremental costs

35

are incurred. The Company’s insurance coverage may be insufficient to cover all costs and expenses related to this cybersecurity incident or may be unavailable to cover all costs and expenses related to this cybersecurity incident.

Business Segments

LivaNova identifies operating segments based on how it manages, evaluates, and internally reports its business activities to allocate resources, develop, and execute its strategy and assess performance. LivaNova has two reportable segments: Cardiopulmonary and Neuromodulation. For additional information regarding LivaNova’s reportable segments, historical financial information, and its methodology for the presentation of financial results, refer to the consolidated financial statements and accompanying notes of this Report.

Cardiopulmonary

LivaNova’s Cardiopulmonary segment is engaged in the design, development, manufacture, marketing, and sale of cardiopulmonary products, including HLMs, oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and other related accessories, and provides services related to certain of these products. In particular, the Cardiopulmonary segment includes the Essenz Perfusion System, the Company’s next-generation HLM with an embedded patient monitor for tailored patient care strategies and sensing technology for data-driven decision-making during CPB procedures.

CPB is frequently utilized in various heart-related medical procedures and allows surgical teams to oxygenate and circulate a patient’s blood, providing the necessary conditions for the surgeon to operate on the heart. Medical procedures most commonly requiring CPB include traditional coronary artery bypass grafting and valve surgeries. LivaNova’s products enable CPB for neonatal, pediatric, and adult patients.

Information on the Cardiopulmonary segment that could potentially impact LivaNova’s consolidated financial statements and related disclosures is incorporated by reference to “Note 11. Commitments and Contingencies: Product Liability Litigation” in the consolidated financial statements included in this Report.

Neuromodulation

LivaNova’s Neuromodulation segment is engaged in the design, development, manufacture, marketing, and sale of devices that deliver neuromodulation therapy for treating DRE and DTD. The VNS Therapy System consists of an implantable pulse generator and connective lead that stimulates the left vagus nerve, surgical equipment to assist with the implant procedure, and equipment and instruction manuals that enable a treating healthcare professional to set parameters for a patient’s pulse generator. The lead does not need to be removed to replace a generator with a depleted battery. The Neuromodulation segment also includes the development and clinical testing of LivaNova’s aura6000 System for treating OSA.

DRE, DTD, and OSA

Discussions of DRE, DTD, and OSA are incorporated by reference to the sections titled “DRE,” “DTD,” and “OSA,” respectively, included within “Part I, Item 1. Business” in this Report.

36

Results of Operations

The following table presents LivaNova’s annual consolidated results of operations (in thousands):

[[GREPCENT_TABLE]]
[["","","2025","","2024","","2023"],["Net revenue","","$","1,388,053","","","$","1,253,437","","","$","1,153,545"],["Cost of sales (1)","","448,183","","","399,953","","","397,725"],["Gross profit (1)","","939,870","","","853,484","","","755,820"],["Operating expenses:"],["Selling, general, and administrative (1)","","548,813","","","508,876","","","502,699"],["Research and development","","185,764","","","182,514","","","193,817"],["Impairment of long-lived assets","","\u2014","","","\u2014","","","89,974"],["Other operating expense","","5,903","","","33,043","","","37,828"],["Operating income (loss)","","199,390","","","129,051","","","(68,498)"],["SNIA environmental liability expense","","(365,553)","","","\u2014","","","\u2014"],["Interest expense","","(49,286)","","","(63,070)","","","(58,853)"],["Loss on debt extinguishment","","(2,651)","","","(25,482)","","","\u2014"],["Foreign exchange and other income/(expense)","","(2,681)","","","47,811","","","46,125"],["(Loss) income before income tax","","(220,781)","","","88,310","","","(81,226)"],["Income tax expense (benefit)","","21,639","","","25,058","","","(98,876)"],["Loss from equity method investments","","(51)","","","(18)","","","(104)"],["Net (loss) income","","$","(242,471)","","","$","63,234","","","$","17,546"]]
[[/GREPCENT_TABLE]]

(1)The above table presents revised financial results, as discussed in “Note 2. Basis of Presentation, Use of Accounting Estimates, and Significant Accounting Policies” and “Note 20. Revision of Previously Issued Financial Statements” in the consolidated financial statements in this Report.

Net Revenue

The following table presents net revenue by operating segment and geographic region (in thousands, except for percentages):

[[GREPCENT_TABLE]]
[["","","","","","","","","% Change"],["","","2025","","2024","","2023","","2025 vs 2024","","2024 vs 2023"],["Cardiopulmonary"],["United States","","$","275,859","","","$","242,463","","","$","202,358","","","13.8","%","","19.8","%"],["Europe (1)","","201,044","","","168,024","","","157,414","","","19.7","%","","6.7","%"],["Rest of World (1)","","308,482","","","273,025","","","244,340","","","13.0","%","","11.7","%"],["","","785,385","","","683,512","","","604,112","","","14.9","%","","13.1","%"],["Neuromodulation"],["United States","","463,602","","","441,022","","","407,493","","","5.1","%","","8.2","%"],["Europe (1)","","65,023","","","54,899","","","57,435","","","18.4","%","","(4.4)","%"],["Rest of World (1)","","64,187","","","58,302","","","54,782","","","10.1","%","","6.4","%"],["","","592,812","","","554,223","","","519,710","","","7.0","%","","6.6","%"],["Other Revenue (2)","","9,856","","","15,702","","","29,723","","","(37.2)","%","","(47.2)","%"],["Totals"],["United States","","739,573","","","695,083","","","635,044","","","6.4","%","","9.5","%"],["Europe (1)","","269,176","","","220,032","","","214,792","","","22.3","%","","2.4","%"],["Rest of World (1)","","379,304","","","338,322","","","303,709","","","12.1","%","","11.4","%"],["","","$","1,388,053","","","$","1,253,437","","","$","1,153,545","","","10.7","%","","8.7","%"]]
[[/GREPCENT_TABLE]]

(1)“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates.

(2)“Other Revenue” includes revenue from the Company’s former ACS reportable segment, as well as rental and site services income not allocated to segments.

37

The following table presents segment income (1) (in thousands, except for percentages):

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/LIVN/mda/fy2025/
All MD&A years: /company/LIVN/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/LIVN/mda/fy2024/): filed 2025-02-25; accession 0001639691-25-000010 (https://www.sec.gov/Archives/edgar/data/1639691/000163969125000010/livn-20241231.htm)
- [FY 2023 MD&A](/company/LIVN/mda/fy2023/): filed 2024-02-29; accession 0001639691-24-000021 (https://www.sec.gov/Archives/edgar/data/1639691/000163969124000021/livn-20231231.htm)
- [FY 2022 MD&A](/company/LIVN/mda/fy2022/): filed 2023-02-27; accession 0001639691-23-000015 (https://www.sec.gov/Archives/edgar/data/1639691/000163969123000015/livn-20221231.htm)
- [FY 2021 MD&A](/company/LIVN/mda/fy2021/): filed 2022-03-01; accession 0001639691-22-000013 (https://www.sec.gov/Archives/edgar/data/1639691/000163969122000013/livn-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3845 Electromedical & Electrotherapeutic Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/LIVN.md · JSON record: /company/LIVN.json · verified financials: /company/LIVN/financials.json / /company/LIVN/financials.csv · machine TOC for the whole site: /llms.txt