LivaNova (LIVN) Wolfe Research Healthcare Conference 2025 summary

Strategic transformation and leadership

• Leadership team is focused on portfolio transformation for durable, accelerated growth in both top and bottom lines, targeting faster-growing and more profitable markets.

• Overhauled innovation agenda in core businesses, improving talent, investment, process, and governance.

• Strong team dynamics and leadership are seen as key positive drivers for ongoing transformation.

Epilepsy business outlook and innovation

• Epilepsy remains a core business, with a highly underpenetrated market and significant opportunity for growth through innovation, reimbursement improvements, and clinical evidence.

• Recent CMS decision upgraded reimbursement for replacement devices, aligning it with new patient reimbursement and improving economics.

• CoreVNS study demonstrated significant improvements in drug-resistant epilepsy patients, attributed to device engineering enhancements.

• Forecasts mid-single-digit growth for epilepsy through 2030, with upside potential if Level Six reimbursement for new patients is achieved.

• Launching a cloud platform in 2026 to enable remote device titration, followed by a Bluetooth-connected IPG for further patient and physician convenience.

Cardiopulmonary segment performance and plans

• Cardiopulmonary business expects mid to high single-digit growth over the next five years, driven by SNs upgrade cycle, oxygenator market share gains, and hardware/software upgrades to installed base.

• Maintained full optionality on SNs machines since 2023 launch, resulting in significant price upside.

• Gained 10 share points in the oxygenator market over two years, with plans to build capacity for up to 60% market share.

• Field upgrades of SNs devices with new PCBA boards to enhance computing power and future-proof devices, with costs extending into early 2026.