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LivaNova (LIVN) FY2025 results: revenue $1.4 billion, up 10.7% on the year

LivaNova plc (LIVN) reported revenue of $1.4 billion for fiscal 2025, the year ended 31 December 2025, up 10.7% on the year before. Net income was -$242 million, and diluted earnings per share $-4.45. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$1.4 billion
+10.7% on the year
FY2018FY2025
Operating margin
14.4%
10.3% a year earlier
FY2018FY2025
Net income
-$242 million
FY2018FY2025
Diluted EPS
-$4.45
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 5 new.

  • Full-year revenue rose 10.7%: Full-year revenue was $1.39 billion, up 10.7% reported, 9.7% constant-currency and 10.7% organic, against $1,253.4 million in 2024.
  • Full-year GAAP loss on SNIA charge: Full-year GAAP diluted loss per share was $4.45, against diluted EPS of $1.16 in 2024, impacted by a $365.6 million SNIA environmental liability expense.
  • Adjusted EPS rose to $3.90: Full-year adjusted diluted EPS was $3.90, against $3.38 for 2024.
  • Cardiopulmonary grew 14.9% on Essenz: Full-year Cardiopulmonary revenue was $785.4 million, up 14.9% reported and 13.3% constant-currency, on Essenz sales, consumables demand and market share gains.
  • Adjusted operating margin reached 20.6%: Full-year adjusted operating margin was 20.6%, against 19.1%; GAAP operating margin was 14.4%, against 10.3%.
Read the Q4 FY2025 earnings call summary

From this 10-K

LivaNova is a medical technology company that makes equipment used in heart surgery and implanted devices that stimulate the vagus nerve to treat epilepsy and depression. It is a public limited company organized under the laws of England and Wales, headquartered in London, and its shares trade on the Nasdaq. It reports two segments, Cardiopulmonary and Neuromodulation.

LivaNova plc, the 10-K for 2025

LivaNova is a medical technology company that makes equipment used in heart surgery and implanted devices that stimulate the vagus nerve to treat epilepsy and depression. It is a public limited company organized under the laws of England and Wales, headquartered in London, and its shares trade on the Nasdaq. It reports two segments, Cardiopulmonary and Neuromodulation.

Cardiopulmonary

This segment makes the equipment that lets surgical teams oxygenate and circulate a patient's blood while the heart is stopped, most often during coronary artery bypass grafting and valve surgery, for neonatal, pediatric and adult patients. Its products include HLMs, machines that temporarily take over the heart and lung functions, among them the Essenz Perfusion System; heater-coolers that warm or cool patients during surgery; Inspire oxygenators, disposable devices that exchange oxygen and carbon dioxide in the blood; autotransfusion systems that collect and return the patient's own blood lost during surgery; perfusion tubing; and cardiopulmonary bypass cannulae.

Neuromodulation

Its VNS Therapy System is an implanted pulse generator with a lead that stimulates the left vagus nerve. It is approved in many countries, including the U.S., as an add-on treatment to reduce seizures in patients four years of age or older whose epilepsy is drug-resistant, meaning two of the first-line drug treatments the filing calls ASMs have failed. Its devices include the Demipulse, AspireSR, SenTiva and SenTiva Duo pulse generators, and AspireSR and SenTiva can respond to changes in heart rate that can indicate a seizure. The FDA approved VNS Therapy in 2005 for chronic or recurrent depression in adults who have not responded to four or more antidepressant treatments, and the company's RECOVER study is testing it in patients with depression that is difficult to treat. It is also developing the aura6000 System, from its 2018 acquisition of ImThera, which stimulates the hypoglossal nerve to keep the airway open during sleep in patients with obstructive sleep apnea; in 2024 the company reported that its OSPREY trial met its primary endpoints.

Selling and making

It sells through its own sales representatives, agents and independent distributors to perfusionists, neurologists, neurosurgeons, hospitals and other providers. It makes most of its products in facilities in the U.S., Italy, Germany, Australia and Brazil.

People

It had approximately 3,300 employees in 34 countries at December 31, 2025.

From LivaNova's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,3881,2531,154+10.7%
Cost of revenue448400398+12.1%
Gross profit940853756+10.1%
Gross margin67.7%68.1%65.5%
Research and development186183194+1.8%
Selling, general and administrative549509503+7.8%
Operating income199129-68.5+54.5%
Operating margin14.4%10.3%-5.9%
Interest expense49.363.158.9-21.9%
Pre-tax income-22188.3-81.2
Income tax21.625.1-98.9-13.6%
Effective tax raten/a28.4%n/a
Net income-24263.217.5
Net margin-17.5%5.0%1.5%
Diluted EPS-$4.45$1.16$0.32
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow25418374.9+39.0%
Capital expenditure81.047.135.0+72.1%
Free cash flow17313639.9+27.5%
Free cash flow margin12.5%10.8%3.5%
Cash from investing-72.9-48.2-40.3
Cash from financing-28618.621.5
Depreciation and amortisation46.342.350.2+9.3%
Share-based compensation36.333.936.4+7.0%
Diluted shares, weighted55m55m54m-0.0%
Shares outstanding at period end55m54m54m+0.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,2001,3201,278-9.1%
Debt376627586-40.0%
Operating lease liabilities48.340.145.4+20.5%
Other liabilities982519521+89.1%
Total liabilities and equity2,6062,5062,430+4.0%
Fixed assets243170154+42.5%
Goodwill793750783+5.7%
Intangible assets230237261-3.1%
Investments20.325.1n/a-19.1%
Cash and equivalents636429267+48.2%
Receivables216193215+11.8%
Inventory165148148+11.6%
Other assets304554602-45.1%
Total assets2,6062,5062,430+4.0%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.