LivaNova (LIVN) FY2021 results: revenue $1.0 billion, up 10.8% on the year

LivaNova plc (LIVN) reported revenue of $1.0 billion for fiscal 2021, the year ended 31 December 2021, up 10.8% on the year before. Net income was -$136 million, and diluted earnings per share $-2.68. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$1.0 billion

+10.8% on the year

FY2016FY2021

Operating margin

-0.1%

-29.3% a year earlier

FY2016FY2021

Net income

-$136 million

FY2016FY2021

Diluted EPS

-$2.68

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,035	934	1,084	+10.8%
Cost of revenue	329	339	360	-3.0%
Gross profit	706	595	724	+18.7%
Gross margin	68.2%	63.7%	66.8%
Research and development	183	153	147	+20.0%
Selling, general and administrative	472	447	528	+5.7%
Operating income	-0.8	-274	-172
Operating margin	-0.1%	-29.3%	-15.8%
Interest expense	50.2	40.8	15.1	+22.8%
Pre-tax income	-124	-348	-188
Income tax	11.2	-1.0	-30.4
Net income	-136	-349	-158
Net margin	-13.1%	-37.3%	-14.5%
Diluted EPS	-$2.68	-$7.18	-$3.26

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	103	-79.4	-91.1
Capital expenditure	25.5	35.0	24.7	-27.3%
Free cash flow	77.1	-114	-116
Free cash flow margin	7.4%	-12.3%	-10.7%
Cash from investing	36.9	-41.8	-41.3
Cash from financing	-181	311	147
Depreciation and amortisation	n/a	29.0	30.3
Share-based compensation	40.6	35.1	32.6	+15.6%
Buybacks	n/a	0.0	0.0
Diluted shares, weighted	51m	49m	48m	+4.2%
Shares outstanding at period end	53m	49m	48m	+9.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,295	1,109	1,378	+16.7%
Debt	240	656	338	-63.5%
Operating lease liabilities	35.9	42.2	46.0	-14.9%
Other liabilities	631	593	650	+6.4%
Total liabilities and equity	2,201	2,400	2,412	-8.3%
Fixed assets	150	164	181	-8.4%
Goodwill	900	922	916	-2.5%
Intangible assets	400	438	608	-8.7%
Cash and equivalents	208	253	61.1	-17.7%
Receivables	185	184	258	+0.5%
Inventory	106	115	164	-8.2%
Other assets	252	324	224	-22.0%
Total assets	2,201	2,400	2,412	-8.3%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.