LivaNova (LIVN) FY2019 results: revenue $1.1 billion, down 2.1% on the year
LivaNova plc (LIVN) reported revenue of $1.1 billion for fiscal 2019, the year ended 31 December 2019, down 2.1% on the year before. Net income was -$158 million, and diluted earnings per share $-3.26. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2020.
Revenue
$1.1 billion
-2.1% on the year
FY2016FY2019
Operating margin
-15.8%
-22.4% a year earlier
FY2016FY2019
Net income
-$158 million
FY2016FY2019
Diluted EPS
-$3.26
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,084
1,107
1,012
-2.1%
Cost of revenue
360
362
353
-0.4%
Gross profit
724
745
652
-2.9%
Gross margin
66.8%
67.3%
64.4%
Research and development
147
146
110
+0.6%
Selling, general and administrative
528
465
381
+13.7%
Operating income
-172
-248
96.5
Operating margin
-15.8%
-22.4%
9.5%
Interest expense
15.1
9.8
7.8
+53.6%
Pre-tax income
-188
-247
121
Income tax
-30.4
-69.6
50.0
Effective tax rate
n/a
n/a
41.2%
Net income
-158
-189
-25.1
Net margin
-14.5%
-17.1%
-2.5%
Diluted EPS
-$3.26
-$3.91
-$0.52
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-91.1
120
91.3
Capital expenditure
24.7
37.2
32.9
-33.6%
Free cash flow
-116
83.3
58.4
Free cash flow margin
-10.7%
7.5%
5.8%
Cash from investing
-41.3
-121
-52.9
Cash from financing
147
-42.3
11.3
Depreciation and amortisation
30.3
69.9
70.2
-56.7%
Share-based compensation
32.6
26.9
19.1
+20.9%
Buybacks
0.0
50.0
0.0
Diluted shares, weighted
48m
48m
49m
-0.3%
Shares outstanding at period end
48m
48m
48m
+0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,378
1,500
1,815
-8.2%
Debt
338
168
146
+100.6%
Operating lease liabilities
46.0
0.0
n/a
Other liabilities
650
881
543
-26.2%
Total liabilities and equity
2,412
2,550
2,504
-5.4%
Fixed assets
181
191
192
-5.2%
Goodwill
916
957
784
-4.3%
Intangible assets
608
770
446
-21.1%
Cash and equivalents
61.1
47.2
93.6
+29.5%
Receivables
258
256
282
+0.6%
Inventory
164
154
144
+6.9%
Other assets
224
174
561
+28.6%
Total assets
2,412
2,550
2,504
-5.4%
10-K for the year ended 31 December 2019, filed 2 March 2020: the filing.