LivaNova (LIVN) Q1 FY2024 earnings: revenue $295 million, up 12.0% on the year

LivaNova plc (LIVN) reported revenue of $295 million for Q1 FY2024, the quarter ended 31 March 2024, up 12.0% on the same quarter a year earlier. Net income was -$42 million, and diluted earnings per share $-0.78. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$295 millionup 12.0%

Net income-$42 million

Diluted EPS$-0.78

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	295	310	n/a	n/a
Cost of revenue	91.7	120	n/a	n/a
Gross profit	203	190	n/a	n/a
Gross margin	68.9%	61.3%	n/a
Research and development	45.7	46.2	n/a	n/a
Selling, general and administrative	126	133	n/a	n/a
Operating income	16.2	-88.0	n/a	n/a
Operating margin	5.5%	-28.4%	n/a
Interest expense	15.9	15.6	n/a	n/a
Pre-tax income	-34.2	-94.3	n/a	n/a
Income tax	7.7	-111	n/a	n/a
Net income	-41.9	16.3	n/a	n/a
Net margin	-14.2%	5.3%	n/a
Diluted EPS	-$0.78	$0.30	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	10.0	54.0	n/a	n/a
Capital expenditure	6.4	12.9	n/a	n/a
Free cash flow	3.6	41.0	n/a	n/a
Free cash flow margin	1.2%	13.2%	n/a
Cash from investing	-6.4	-12.1	n/a	n/a
Cash from financing	37.1	-5.0	n/a	n/a
Depreciation and amortisation	10.6	n/a	n/a	n/a
Share-based compensation	10.2	8.3	n/a	n/a
Diluted shares, weighted	54m	54m	n/a	n/a
Shares outstanding at period end	54m	54m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,222	1,278	n/a	n/a
Debt	624	586	n/a	n/a
Operating lease liabilities	43.7	45.4	n/a	n/a
Other liabilities	571	521	n/a	n/a
Total liabilities and equity	2,460	2,430	n/a	n/a
Fixed assets	152	154	n/a	n/a
Goodwill	772	783	n/a	n/a
Intangible assets	254	261	n/a	n/a
Cash and equivalents	309	267	n/a	n/a
Receivables	209	215	n/a	n/a
Inventory	153	148	n/a	n/a
Other assets	610	602	n/a	n/a
Total assets	2,460	2,430	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	286	310	295	319	318	322	317	353	358	361	362	391
Cost of revenue	84.3	120	91.7	104	97.1	107	101	114	113	n/a	119	117
Gross profit	202	190	203	215	221	214	216	239	245	235	244	274
Gross margin	71%	61%	69%	67%	69%	67%	68%	68%	68%	65%	67%	70%
R&D	46.5	46.2	45.7	44.7	48.8	43.3	37.9	47.2	48.6	52.1	58.7	53.7
SG&A	135	133	126	125	127	131	129	138	139	n/a	144	158
Operating income	4.5	-88.0	16.2	40.2	35.6	37.0	48.6	54.2	54.0	42.6	41.5	49.5
Operating margin	2%	-28%	6%	13%	11%	12%	15%	15%	15%	12%	11%	13%
Interest expense	15.0	15.6	15.9	15.5	15.9	15.8	15.3	12.3	10.9	10.9	8.3	7.2
Pre-tax income	-2.0	-94.3	-34.2	21.6	44.4	56.5	-316	33.3	33.9	27.6	27.5	18.5
Tax rate	n/a	n/a	n/a	24%	26%	1%	n/a	18%	21%	-12%	16%	-488%
Net income	-7.3	16.3	-41.9	16.3	33.0	55.9	-327	27.2	26.8	30.9	22.3	109
Net margin	-3%	5%	-14%	5%	10%	17%	-103%	8%	7%	9%	6%	28%
Diluted EPS	-$0.14	$0.30	-$0.78	$0.30	$0.60	$1.02	-$6.01	$0.50	$0.49	$0.56	$0.40	$1.93
Operating cash flow	18.1	54.0	10.0	43.4	51.0	78.7	24.0	62.9	85.1	82.4	15.2	66.6
Capital expenditure	8.7	12.9	6.4	12.2	18.1	10.4	10.8	15.1	22.9	32.2	14.3	31.6
Free cash flow	9.4	41.0	3.6	31.2	32.8	68.3	13.2	47.8	62.2	50.2	0.9	35.0
Shares outstanding	54m	54m	54m	54m	54m	54m	55m	55m	55m	55m	55m	55m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 3 May 2024, accession 0001639691-24-000060: the filing on EDGAR. All of LivaNova plc's filings: EDGAR company page.

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