LIVN

MKT CAP:$4B

LivaNova PLC

Market Cap

$4B

Healthcare·Medical - Devices·🇬🇧 United Kingdom·NASDAQ

Healthcare·Medical - Devices·🇬🇧·NASDAQ

Stock Price

$64.75+$4.11 (+6.77%)

Apr 22, 2026

Company Details

LivaNova PLC, a medical device company, designs, develops, manufactures, and sells therapeutic solutions worldwide. It operates through three segments: Cardiopulmonary, Neuromodulation, and Advanced Circulatory Support. The Cardiopulmonary ...

CEO

Vladimir A. Makatsaria

IPO Date

Oct 19, 2015

Website

www.livanova.com

Key Metrics TTM

Revenue

$1.3B

+8.6% YoY

Net Income

-$217M

EPS (Diluted)

-$4.00

Free Cash Flow

$191M

Revenue / Share

$24.44

Gross Margin

68.5%

Operating Margin

14.4%

Net Margin

-16.1%

FCF Margin

14.2%

P/S

2.6x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$1.4B+10.7%EPS -$4.45

Q3 2025

Nov 5, 2025

$358M+12.5%EPS $0.49

Q2 2025

Aug 6, 2025

$353M+10.7%EPS $0.50

Q1 2025

May 7, 2025

$317M+7.4%EPS -$6.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$253M	$169M	$16M
Q4 21	$270M	$198M	$21M
Q1 22	$240M	$168M	$10M
Q2 22	$254M	$184M	$32M
Q3 22	$253M	$171M	-$132M
Q4 22	$275M	$184M	$14M
Q1 23	$263M	$174M	-$2M
Q3 23	$286M	$202M	$4M
Q4 23	$310M	$190M	-$88M
Q1 24	$295M	$207M	$16M
Q2 24	$319M	$215M	$40M
Q3 24	$318M	$225M	$36M
Q4 24	$322M	$219M	$37M
Q1 25	$317M	$221M	$49M
Q2 25	$353M	$239M	$54M
Q3 25	$358M	$245M	$54M

Valuation

Quarter	P/S	P/E
Q3 21	4.3x	—
Q4 21	4.5x	—
Q1 22	4.2x	—
Q2 22	3.4x	—
Q3 22	2.7x	—
Q4 22	2.9x	—
Q1 23	2.2x	—
Q3 23	2.6x	—
Q4 23	2.5x	156.1x
Q1 24	2.6x	—
Q2 24	2.4x	—
Q3 24	2.3x	120.3x
Q4 24	2.0x	39.3x
Q1 25	1.7x	—
Q2 25	1.9x	—
Q3 25	2.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$24M	$21M
Q4 21	$33M	$26M
Q1 22	$26M	$21M
Q2 22	-$10M	-$16M
Q3 22	$36M	$30M
Q4 22	$19M	$10M
Q1 23	$21M	$13M
Q3 23	$18M	$9M
Q4 23	$54M	$41M
Q1 24	$10M	$4M
Q2 24	$43M	$31M
Q3 24	$51M	$33M
Q4 24	$79M	$68M
Q1 25	$24M	$13M
Q2 25	$63M	$48M
Q3 25	$85M	$62M

Capital Expenditures

Quarter	CapEx
Q3 21	$3M
Q4 21	$8M
Q1 22	$5M
Q2 22	$6M
Q3 22	$6M
Q4 22	$9M
Q1 23	$8M
Q3 23	$9M
Q4 23	$13M
Q1 24	$6M
Q2 24	$12M
Q3 24	$18M
Q4 24	$10M
Q1 25	$11M
Q2 25	$15M
Q3 25	$23M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+39.0%	+19.9%
Q4 21	+12.5%	+2.5%
Q1 22	-3.0%	-8.9%
Q2 22	-3.9%	-26.1%
Q3 22	-0.2%	+62.4%
Q4 22	+1.8%	+4.6%
Q1 23	+9.7%	+15.2%
Q3 23	+12.6%	+26.6%
Q4 23	+22.8%	+3.5%
Q1 24	+7.3%	+6.8%
Q2 24	+20.9%	+4.8%
Q3 24	+11.2%	+0.3%
Q4 24	+3.8%	-28.5%
Q1 25	+7.4%	-3.7%
Q2 25	+10.7%	+7.2%
Q3 25	+12.5%	+7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$11M	4.4%
Q4 21	$10M	3.7%
Q1 22	$10M	4.3%
Q2 22	$0	0.0%
Q3 22	$11M	4.2%
Q4 22	$12M	4.5%
Q1 23	$11M	4.0%
Q3 23	$12M	4.1%
Q4 23	$8M	2.7%
Q1 24	$10M	3.5%
Q2 24	$8M	2.6%
Q3 24	$9M	2.7%
Q4 24	$7M	2.2%
Q1 25	$8M	2.5%
Q2 25	$9M	2.6%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$42M	$109M
Q4 21	$44M	$124M
Q1 22	$41M	$119M
Q2 22	$34M	$116M
Q3 22	$36M	$115M
Q4 22	$45M	$120M
Q1 23	$50M	$124M
Q3 23	$47M	$135M
Q4 23	$46M	$133M
Q1 24	$46M	$130M
Q2 24	$45M	$125M
Q3 24	$49M	$132M
Q4 24	$43M	$136M
Q1 25	$38M	$134M
Q2 25	$47M	$138M
Q3 25	$49M	$139M

Revenue Segments

Quarter	Cardiovascular Segment	Neuromodulation Segment	Advanced Circulatory Support Segment	Cardiopulmonary Segment
Q3 21	$139M	$113M	—	—
Q1 22	—	$110M	$12M	$117M
Q2 22	—	$118M	$9M	$126M
Q3 22	—	$122M	$9M	$121M
Q4 22	—	$127M	$10M	$136M
Q1 23	—	$121M	$10M	$132M
Q3 23	—	$129M	$11M	$145M
Q4 23	—	$137M	$10M	$161M
Q1 24	—	$134M	—	$156M
Q2 24	—	$143M	—	$174M
Q3 24	—	$140M	—	$172M
Q4 24	—	$138M	—	$182M
Q1 25	—	$139M	—	$176M
Q2 25	—	$152M	—	$199M
Q3 25	—	$150M	—	$203M

Revenue by Geography

Quarter	Europe	Locations Excluding The United States And Europe	United States
Q3 21	$46M	$64M	$144M
Q4 21	$49M	$71M	$150M
Q1 22	$45M	$59M	$136M
Q2 22	$47M	$69M	$138M
Q3 22	$40M	$69M	$143M
Q4 22	$46M	$75M	$154M
Q1 23	$50M	$74M	$140M
Q3 23	$48M	$76M	$162M
Q4 23	$63M	$74M	$173M
Q1 24	$54M	$80M	$161M
Q2 24	$51M	$88M	$180M
Q3 24	$53M	$85M	$180M
Q4 24	$62M	$85M	$175M
Q1 25	$60M	$88M	$169M
Q2 25	$67M	$97M	$188M
Q3 25	$68M	$100M	$190M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$442M	$0	$442M
Q2 22	$407M	$0	$407M
Q3 22	$506M	$0	$506M
Q4 22	$214M	$0	$214M
Q1 23	$523M	$0	$523M
Q2 23	$534M	$0	$534M
Q3 23	$234M	$0	$234M
Q4 23	$267M	$0	$267M
Q1 24	$309M	$0	$309M
Q2 24	$329M	$0	$329M
Q3 24	$346M	$0	$346M
Q4 24	$429M	$0	$429M
Q1 25	$738M	$0	$738M
Q2 25	$594M	$0	$594M
Q3 25	$646M	$0	$646M
Q4 25	$636M	$0	$636M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	52M	+5.4%	+6.1%
Q4 21	53M	+3.3%	+9.6%
Q1 22	54M	+1.6%	+11.2%
Q2 22	54M	-0.1%	+10.6%
Q3 22	54M	-1.0%	+3.8%
Q4 22	54M	+0.5%	+0.9%
Q1 23	54M	+0.2%	-0.5%
Q3 23	54M	+0.2%	-0.2%
Q4 23	54M	+0.6%	+1.4%
Q1 24	54M	-0.6%	+0.4%
Q2 24	55M	+1.1%	+1.3%
Q3 24	55M	-0.0%	+1.1%
Q4 24	55M	+0.2%	+0.7%
Q1 25	54M	-0.5%	+0.8%
Q2 25	55M	+0.5%	+0.2%
Q3 25	55M	+0.9%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$63.3K	4K
Q4 21	$90.0K	3K
Q1 22	$80.1K	3K
Q2 22	$84.7K	3K
Q3 22	$84.2K	3K
Q4 22	$94.8K	3K
Q1 23	$90.8K	3K
Q3 23	$98.7K	3K
Q4 23	$106.9K	3K
Q1 24	$101.7K	3K
Q2 24	$109.9K	3K
Q3 24	$109.7K	3K
Q4 24	$111.0K	3K
Q1 25	$109.3K	3K
Q2 25	$121.6K	3K
Q3 25	$123.4K	3K

Revenue / Employee