LivaNova PLC
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Range $76 – $95
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About the company
LivaNova PLC is a global medical technology company dedicated to developing, manufacturing, and marketing a variety of therapeutic solutions. The company operates through three key segments. Its Cardiopulmonary division provides essential products for heart-lung procedures, such as oxygenators, heart-lung machines, and various perfusion systems.
- CEO
- Vladimir A. Makatsaria
- IPO
- 2015
- Employees
- 3,300
- HQ
- Gloucester, GL, GB
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- Market Cap
- $4.31B
- P/E
- 22.73
- Fwd P/E
- 18.06
- PEG
- 0.09
- P/S
- 2.93
- P/B
- 3.25
- EV/EBITDA
- 22.93
- Div Yield
- 0.00%
- Gross Margin
- 68.18%
- Op Margin
- 13.48%
- Net Margin
- 12.82%
- ROE
- 15.41%
- ROIC
- 10.19%
Latest fiscal year · YoY change
- Revenue
- $1.39B+10.7%
- Gross Profit
- $939.90M+7.9%
- Op Income
- $199.40M
- Net Income
- $-242,500,000-483.5%
- EPS
- $-4.45-480.3%
- OCF Growth
- +38.9%
- FCF Growth
- +27.4%
- 52W High
- $85.76
- 52W Low
- $48.82
- 50D MA
- $80.47
- 200D MA
- $68.16
- Beta
- 0.87
- RSI (14)
- 46
- Avg Volume
- 715.14K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
LivaNova delivered record Q2 2026 revenue and EPS, raised full-year revenue and EPS guidance, and highlighted continued momentum in Cardiopulmonary and Epilepsy.· August 5, 2026
- Q2 revenue was $391 million, up 9.8% constant currency, with adjusted diluted EPS of $1.26 versus $1.05 last year.
- Adjusted gross margin expanded to 71% from 69%, and adjusted operating margin improved to 23% from 22%.
- Cardiopulmonary revenue was $222 million, up 10%, driven by Essenz placements, oxygenator share gains, and stronger consumables.
- Epilepsy revenue rose 10%, helped by better reimbursement, reduced discounting, and CORE-VNS clinical evidence.
- Management raised 2026 guidance for revenue, EPS, Cardiopulmonary, and Epilepsy, while lowering free cash flow due to higher investment.
- The company also announced a long-term Thermo Fisher supply agreement to support oxygenator production and future capacity expansion.
Second-quarter 2026 revenue was $391 million, up 9.8% on a constant-currency basis year over year; foreign exchange added about $3 million, or 1%. Adjusted gross margin was 71% versus 69% in Q2 2025; adjusted operating income was $91 million versus $77 million; adjusted operating margin was 23% versus 22%; and adjusted diluted EPS was $1.26 versus $1.05, including a $0.08 year-over-year benefit from tariff refunds. Cardiopulmonary revenue was $222 million, up 10%, and Epilepsy revenue rose 10%. For full-year 2026, revenue growth is now expected to be 8% to 9% versus 7% to 8% previously; Cardiopulmonary growth is now expected at 9.5% to 10.5%; Epilepsy growth at 7% to 8%; adjusted diluted EPS at $4.30 to $4.40; adjusted operating margin at 20% to 21%; and adjusted free cash flow at $140 million to $160 million, down from $160 million to $180 million. Capital spending is now expected to be $135 million, up from $120 million.
Vladimir Makatsaria said the quarter reflected broad-based strength and record revenue and EPS, driven by the Essenz upgrade cycle, oxygenator share gains, and improved reimbursement plus clinical data in Epilepsy. He emphasized that LivaNova is strengthening its long-term growth engine through manufacturing expansion, supplier partnerships, and innovation, including a new oxygenator and digital platforms. His tone was confident and strategic, with repeated focus on market share expansion, supply continuity, and the company’s long-term framework.
Alex Shvartsburg highlighted that Q2 revenue was $391 million, gross margin was 71%, SG&A was $137 million, R&D was $50 million, operating income was $91 million, and EPS was $1.26. He noted a $6 million net tariff refund benefit in the quarter, said it will not recur, and explained that margin and EPS improvement were supported by higher revenue, pricing, and the refund, partly offset by currency and planned investments. On the balance sheet, cash was $517 million and total debt was $293 million at June 30, with both lower after an early repayment of $98 million of term facilities; adjusted free cash flow was $46 million versus $48 million last year, while first-half capital spend rose to $46 million from $26 million due to capacity, oxygenator scale-up, and IT investments.
Analysts focused on whether the Thermo Fisher oxygenator supply deal changes the growth outlook, and management said it removes a key long-term bottleneck and should support share gains and higher output over time. On Epilepsy, management said pricing benefits from reduced discounting and reimbursement changes should continue through the rest of the year, with some residual contract renegotiations extending into 2027. Questions on OSA timing elicited an explanation that the PMA supplement moved to the second half of 2026 to first half of 2027 because of final design verification and validation work, not safety or efficacy concerns, while the $200 million to $400 million 2030 revenue target was reaffirmed.
The call showed multiple growth drivers working at once: record revenue and EPS, expanding margins, higher Cardiopulmonary placements and consumables, and improving Epilepsy reimbursement and clinical adoption. Management also sounded confident that manufacturing expansion and the Thermo Fisher agreement will unlock more oxygenator output and support market share gains over the medium to long term.
Free cash flow guidance was cut because the company is spending more on innovation, IT, and Cardiopulmonary capacity, and Q2 free cash flow was slightly below last year. OSA timing slipped to a later PMA supplement window, and management acknowledged Epilepsy will face a tougher second-half comparison because it is lapping a prior-year field safety notice. The tariff refund boosted Q2 margins and EPS but is not expected to recur.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 99.6%
- Shares Outstanding
- 54.93M
- Float Shares
- 54.70M
of shares held by institutions
292 13F filers
Buy/sell ratio 0.25. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 7.57M | ▲ 426.43K |
| Primecap Management Co | 4.17M | ▼ 38.67K |
| Fmr LLC | 3.15M | ▲ 480.39K |
| Hood River Capital Management LLC | 2.57M | ▲ 1.93M |
| Aqr Capital Management LLC | 2.36M | ▼ 138.18K |
| Vanguard Group Inc | 2.33M | ▲ 34.81K |
| Invesco Ltd. | 2.24M | ▲ 613.11K |
| Artisan Partners Limited Partnership | 2.22M | ▲ 101.95K |
| State Street Corp | 2.17M | ▲ 93.18K |
| American Century Companies Inc | 2.01M | ▲ 218.84K |
| Dimensional Fund Advisors LP | 1.85M | ▲ 19.04K |
| Geode Capital Management, LLC | 1.76M | ▲ 257.88K |
Held by 353 ETFs
Biggest fund positions in LIVN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 11, 26 | Tezel Ahmet | other | 12,692 |
| Aug 11, 26 | Tezel Ahmet | other | 12,692 |
| Aug 11, 26 | Tezel Ahmet | sell | 8,589 |
| Aug 11, 26 | Tezel Ahmet | other | 1,428 |
| Aug 11, 26 | Tezel Ahmet | sell | 2,675 |
| Aug 1, 26 | Folli Stefano | other | 6,273 |
| Jun 15, 26 | WILVER PETER M | other | 4,042 |
| Jun 15, 26 | WILVER PETER M | other | 486 |
| Jun 15, 26 | WILVER PETER M | other | 2,383 |
| Jun 15, 26 | WILVER PETER M | other | 4,042 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our LIVN coverage
Recent articles, reports, and earnings notes.
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