LivaNova (LIVN) 8th Annual Wolfe Research Healthcare Conference summary

Growth and 2027 priorities

• Three consecutive years of double-digit growth; 2026 growth remained double digit across neuromodulation and cardiopulmonary, with balanced contributions across regions and product lines.

• 2027 priorities: build the team and culture, sustain growth, advance innovation in core and new categories, and execute efficiently to support operating margins and cash generation.

Cardiopulmonary

• Oxygenator share rose from 30% to 40% over the past couple of years; October’s new production line supports double-digit output growth into 2027, alongside volume and pricing contributions.

• Open-heart procedures shifted from low-single-digit to mid-single-digit growth; management views mid-single-digit growth as sustainable, supported by demographics and more advanced surgeries.

• Essenz accounted for 80% of heart-lung machine placements in 2026 and is expected to reach 100% in 2027; only ~20% of the installed fleet is Essenz, leaving room for upgrades.

• Air manager and heater-cooler approvals are expected to begin in Europe in 2027, with more meaningful growth in 2028; a differentiated oxygenator launch is planned for 2028.

Epilepsy

• Reimbursement for new and replacement implants rose ~50%; new tech APC 1580 continues in 2027, while work with CMS on a more permanent level-six rate continues.

• CORE-VNS data covered 800+ patients across 60 sites and 16 countries; seizure reduction was in the high 70s, and 50% were seizure-free from the highest-risk seizures.

• Epilepsy grew double digit in the latest quarter discussed; price uplift came first, followed by gradual volume improvement through the year.

• A next-generation pulse generator is expected in 2027, enabling Bluetooth-based remote programming and device-performance monitoring; existing patients can upgrade at replacement.