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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.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.
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