LivaNova
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LivaNova (LIVN) investor relations material

LivaNova Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved double-digit reported and organic revenue growth for full-year 2025, with continued operating margin expansion and strong adjusted EPS and free cash flow growth.

  • Robust performance in Cardiopulmonary and Neuromodulation/Epilepsy segments, driven by strong consumables demand, new system sales, and progress on strategic initiatives.

  • Advanced innovation in OSA, digital health, and neuromodulation, including FDA approval for a cloud-based digital health platform and increased Medicare reimbursement for VNS Therapy.

  • Strengthened leadership team and organizational capabilities, including key appointments for OSA commercialization.

  • Published positive clinical outcomes for VNS Therapy in depression and RECOVER study durability data.

Financial highlights

  • Full-year 2025 revenue reached $1.39B, up 10.7% reported and 11% organically; Q4 2025 revenue was $361M, up 9.5% year-over-year on a constant currency and organic basis.

  • Adjusted diluted EPS for 2025 was $3.90, up 15% year-over-year; Q4 adjusted diluted EPS was $0.86.

  • Adjusted gross margin for 2025 was 68.6%; adjusted operating margin was 20.6%.

  • Adjusted free cash flow for 2025 was $183M, with an 85% conversion rate; year-end cash balance was $636M.

  • Significant debt reduction and early repayments improved balance sheet flexibility.

Outlook and guidance

  • 2026 revenue growth expected between 6%-7% on a constant currency basis, with a 1% FX tailwind.

  • Adjusted operating income margin forecasted at 20%-21%; adjusted diluted EPS projected at $4.15-$4.25.

  • Adjusted free cash flow expected between $160M-$180M; capital spending planned at $120M for capacity expansion and IT.

  • Cardiopulmonary revenue projected to grow 7%-8%; epilepsy/neuromodulation revenue expected to grow 5.5%-6.5%.

  • Continued investment in innovation, OSA product development, and pursuit of CMS coverage for VNS Therapy in DTD.

VNS DRE reimbursement: expected penetration
OSA market strategy: expected growth drivers
SNIA liability: future cash flow implications
Expected volume impact from VNS reimbursement?
PolySync's impact on OSA responder rates?
Essenz penetration vs. oxygenator capacity growth drivers
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Frequently asked questions

LivaNova PLC is a global medical technology company that develops and manufactures devices for use in cardiovascular and neuromodulation therapies. The company’s products are designed to address critical conditions such as heart failure, obstructive sleep apnea, and epilepsy. LivaNova’s cardiovascular segment focuses on cardiac surgery and advanced circulatory support, while its neuromodulation segment offers devices for treating neurological disorders. The company is headquartered in London, England, and its shares are listed on the NASDAQ.

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