LivaNova (LIVN) UBS Global Healthcare Conference summary

Business profile and priorities

• Focused on cardiopulmonary and epilepsy, with profitable, cash-generative core businesses funding investment in obstructive sleep apnea (OSA) and potential difficult-to-treat depression opportunities.

• Delivered double-digit growth in each of the prior three years; priorities remain top-line growth, margin expansion and cash generation.

Cardiopulmonary

• Cardiopulmonary addresses a ~$2B market; market growth has accelerated, and capital equipment holds roughly 70% share of procedures globally.

• Essenz, launched in 2023, is supporting capital equipment growth; oxygenator share rose from about 30% to about 40% over the past couple of years as supply improved.

• Capacity investment aims to support consumables share approaching the 70% capital equipment position; new products are planned for 2028.

• Thermo Fisher capacity is expected online later in 2027, potentially easing fiber supply constraints and enabling broader competitive growth.

Epilepsy and VNS

• In the U.S., about 1M patients have drug-resistant epilepsy, but advanced therapies reach only about 10%; patients average nearly 15 years and seven drug cycles before therapy.

• Last year, reimbursement rose 47% for new-patient implants and 48% for end-of-service battery replacements; 2027 rates hold for new implants and rise 11% for replacements.

• CORE-VNS, across 16 countries and 800+ patients, showed 77% median seizure reduction; the published findings are being used to reshape VNS placement in the care pathway.

• Reimbursement and CORE-VNS have supported realized pricing, procedure volume and a stronger new-patient funnel; epilepsy growth was initially viewed as mid-single digit.

• Bluetooth-enabled next-generation IPG supports remote programming to reduce care burden and titration bottlenecks; commercialization is planned for 2027, with greater financial impact expected in 2028 and beyond.