LivaNova (LIVN) Stifel 2026 Healthcare Conference 2026 summary

Growth quality and outlook

• Growth described as balanced geographically and across business units; epilepsy and cardiopulmonary each grew double digits last quarter.

• Cardiopulmonary growth broadened: oxygenators and heart-lung machines both grew double digits; epilepsy growth reflected price, volume, new patients and replacements.

• Management said balanced growth drivers support confidence in sustainability, while continuing to prioritize talent, innovation and execution.

Cardiopulmonary

• Open-heart procedures are growing at a mid-single-digit rate, up from low-single-digit market growth; one of four major oxygenator competitors exited.

• Oxygenator share rose from 30% to 40% over two years, with back orders and all manufactured units delivered; a new line is expected to lift capacity by double digits in 2027.

• Thermo Fisher partnership improves access to critical components; strategy also emphasizes commercial execution, manufacturing and supply-chain improvements.

• A clinically differentiated oxygenator is planned for 2028; preclinical testing showed performance at par or better across ~10 parameters important to perfusionists.

• Essenz placement penetration is expected to reach 80% by year-end and nearly 100% in 2027; oxygenator share-gain goal is an additional 800 bps over the strategic plan horizon.

Epilepsy

• Epilepsy grew 11% last quarter; reimbursement for new patients improved ~50%, and CMS confirmed the same new-patient rate for 2027. Replacement reimbursement rose 11%.

• CORE-VNS data showed comparable clinical outcomes to more invasive procedures, supporting the minimally invasive therapy value proposition.

• A digitally enabled, Bluetooth-capable IPG with remote programming is planned for next year, the first epilepsy product launch in eight years; it will be offered for new patients and battery replacements.

• Epilepsy reimbursement mix is 20% private and 80% public; public coverage is split 40% Medicare and 40% Medicaid, with 12 fee-for-service Medicaid states following Medicare rates.