LivaNova (LIVN) Goldman Sachs 45th Annual Global Healthcare Conference summary

Strategic framework and business pillars

• Strategy centers on maximizing core businesses (cardiopulmonary and epilepsy), advancing two key innovations (DTD and OSA), and exploring future growth in high unmet clinical need areas.

• Emphasis on sustainable, above-market growth for both core segments, with a focus on innovation and market penetration.

• Rebalancing investment from high-risk clinical trials toward strengthening core business and targeted M&A is a priority.

• Third strategic pillar involves identifying new opportunities leveraging existing scale and technology.

Clinical trial updates and innovation

• RECOVER trial for DTD did not meet its primary endpoint, though some secondary endpoints showed clinically meaningful benefits.

• Internal and external analyses of RECOVER data are ongoing, with a program update expected by the end of July.

• OSPREY trial for OSA showed strong interim results, allowing early trial completion; primary endpoint data expected by year-end, with FDA submission planned for 2025.

• OSA trial uniquely includes patients with complete concentric collapse, potentially expanding addressable market.

Core business performance and growth drivers

• Epilepsy and cardiopulmonary segments have delivered consecutive quarters of double-digit growth, driven by market penetration, pricing, and new patient implants.

• Epilepsy market growth is supported by increased procedure penetration and innovation, including software and connectivity upgrades.

• Cardiopulmonary growth is fueled by upgrades to the Essenz heart-lung machine, service excellence, and market share gains in disposables.

• Manufacturing capacity for oxygenators is being increased by over 10% this year, with further network changes planned for scalability.