LivaNova (LIVN) FY2023 results: revenue $1.2 billion, up 12.9% on the year

LivaNova plc (LIVN) reported revenue of $1.2 billion for fiscal 2023, the year ended 31 December 2023, up 12.9% on the year before. Net income was $18 million, and diluted earnings per share $0.32. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$1.2 billion

+12.9% on the year

FY2016FY2023

Operating margin

-5.9%

-7.5% a year earlier

FY2016FY2023

Net income

$18 million

FY2016FY2023

Diluted EPS

$0.32

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,154	1,022	1,035	+12.9%
Cost of revenue	398	315	329	+26.4%
Gross profit	756	707	706	+6.9%
Gross margin	65.5%	69.2%	68.2%
Research and development	194	156	183	+24.4%
Selling, general and administrative	503	469	472	+7.1%
Operating income	-68.5	-76.8	-0.8
Operating margin	-5.9%	-7.5%	-0.1%
Interest expense	58.9	48.2	50.2	+22.0%
Pre-tax income	-81.2	-75.1	-124
Income tax	-98.9	11.1	11.2
Net income	17.5	-86.2	-136
Net margin	1.5%	-8.4%	-13.1%
Diluted EPS	$0.32	-$1.61	-$2.68

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	74.9	69.9	103	+7.1%
Capital expenditure	35.0	26.5	25.5	+31.9%
Free cash flow	39.9	43.4	77.1	-8.0%
Free cash flow margin	3.5%	4.2%	7.4%
Cash from investing	-40.3	-38.4	36.9
Cash from financing	21.5	280	-181	-92.3%
Depreciation and amortisation	50.2	n/a	n/a
Share-based compensation	36.4	44.8	40.6	-18.9%
Diluted shares, weighted	54m	53m	51m	+1.4%
Shares outstanding at period end	54m	54m	53m	+0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,278	1,208	1,295	+5.8%
Debt	586	539	240	+8.7%
Operating lease liabilities	45.4	29.5	35.9	+53.6%
Other liabilities	521	519	631	+0.4%
Total liabilities and equity	2,430	2,295	2,201	+5.9%
Fixed assets	154	147	150	+4.8%
Goodwill	783	769	900	+1.8%
Intangible assets	261	369	400	-29.1%
Cash and equivalents	267	214	208	+24.4%
Receivables	215	183	185	+17.5%
Inventory	148	129	106	+14.3%
Other assets	602	484	252	+24.4%
Total assets	2,430	2,295	2,201	+5.9%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.