Financial Data and Key Metrics Changes - The company achieved $317 million in revenue for Q1 2025, reflecting a 9% increase on a constant currency basis and a 10% increase on an organic basis compared to the prior year [29] - Adjusted operating income rose to $65 million, up from $53 million in Q1 2024, resulting in an adjusted operating income margin of 20% compared to 18% in the prior year [31] - Adjusted diluted earnings per share increased to $0.88 from $0.73 in Q1 2024, driven by operating income growth [32] - Cash balance at March 31 was $738 million, up from $429 million at year-end 2024, primarily due to the reclassification of $295 million of restricted cash [32][33] Business Line Data and Key Metrics Changes - Cardiopulmonary segment revenue was $176 million, a 15% increase year-over-year, with heart-lung machine revenue growing approximately 30% [11] - Epilepsy segment revenue increased by 4%, with U.S. revenue growth at 2% and Europe and rest of world regions combined growth at 13% [14][16] - The company expects cardiopulmonary revenue to grow 9% to 10% for the full year 2025, up from a previous forecast of 7% to 8% [12] Market Data and Key Metrics Changes - The company reported strong demand for oxygenated products, with growth in the high single digits driven by customer demand and pricing [11] - The U.S. epilepsy business faced procedure deferrals due to a voluntary field safety notification, impacting revenue by less than $2 million [15] - The company anticipates low single-digit growth in the U.S. epilepsy market, with Europe and rest of world regions expected to grow in low double digits [16] Company Strategy and Development Direction - The company is focused on expanding its portfolio into areas of high unmet clinical need, particularly in neuromodulation and OSA [52][43] - The company is investing in additional manufacturing capacity to support growth in cardiopulmonary products and anticipates sustaining double-digit growth in heart-lung machines [13][58] - The company is pursuing Medicare coverage for VNS therapy for treatment-resistant depression, which represents a significant growth opportunity [27][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage tariff impacts, estimating a negligible effect on adjusted operating income for the year [39][40] - The company believes the Italian Supreme Court's decision regarding the SNEA matter effectively removes a long-standing overhang, allowing for greater capital allocation flexibility [37][43] - Management raised the overall organic growth outlook by 100 basis points to between 7% and 8% for 2025, reflecting strong first-quarter performance [19] Other Important Information - The company recorded a liability of $360 million related to the SNEA litigation, which is expected to impact adjusted diluted earnings per share by approximately $0.20 for the remainder of 2025 [36][37] - The company is implementing a tariff mitigation plan that includes a holistic assessment of its supply chain and potential pricing actions [38][39] Q&A Session Summary Question: Can you help us frame where the OSSPREY data puts you on a market competitive basis? - Management highlighted the strength of the clinical data, noting that the trial enrolled more severe patients and achieved a rapid therapeutic response, with 65% of patients responding at twelve months [47][48] Question: What is the outlook for the HLM business and Essence placement rollout? - Management indicated that Essence represented 40% of all HLM placements in 2024 and is expected to reach 60% in 2025, with strong demand and regulatory approvals in new markets like China [58][59] Question: Can you provide more detail on the U.S. Neuromodulation business and updated guidance? - Management noted improved commercial execution in Europe and rest of the world, with a focus on maximizing VNS therapy access in the underpenetrated drug-resistant epilepsy population [64][66] Question: What is the impact of tariffs on guidance? - Management confirmed that the estimated tariff impact on adjusted operating income is less than $5 million, with mitigation strategies potentially offsetting some costs [70][74] Question: How does the company view its leverage ratio and capital allocation flexibility? - Management stated that the leverage ratio is healthy, allowing for continued investment in core businesses and potential inorganic growth opportunities [88][90]

Core Viewpoint - LivaNova reported quarterly earnings of $0.88 per share, exceeding the Zacks Consensus Estimate of $0.75 per share, and showing an increase from $0.73 per share a year ago, representing a 17.33% earnings surprise [1][2] Financial Performance - The company achieved revenues of $316.9 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 5.41%, and up from $294.9 million year-over-year [2] - Over the last four quarters, LivaNova has consistently surpassed consensus EPS estimates four times and revenue estimates three times [2] Stock Performance - LivaNova shares have declined approximately 24.1% since the beginning of the year, contrasting with the S&P 500's decline of 4.7% [3] - The current Zacks Rank for LivaNova is 4 (Sell), indicating expectations of underperformance in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $1.01 on revenues of $331.03 million, and for the current fiscal year, it is $3.65 on revenues of $1.3 billion [7] - The outlook for the Medical - Instruments industry is favorable, ranking in the top 35% of over 250 Zacks industries, suggesting potential for better performance compared to lower-ranked industries [8]

Financial Performance - Net revenue increased by 8.9% on a constant-currency basis and 10.4% organically[15] - Cardiopulmonary revenue grew by 15.0%, driven by Essenz™ Perfusion system sales and consumables demand[12] - Neuromodulation revenue increased by 4.7%, with strength in Europe and Rest of World regions[12] - U S Epilepsy revenue grew 2.2%, partially impacted by procedure deferrals[12] - Adjusted diluted EPS was $0.88[12] - Adjusted free cash flow was $20 million[12] Guidance and Outlook - Full-year 2025 revenue guidance raised by 100 basis points to 6.0% - 7.0% on a constant-currency basis and 7.0% - 8.0% on an organic basis[10] - Full-year 2025 adjusted diluted earnings per share range revised to $3.60 - $3.70[10] - Adjusted operating income margin increase of > 190bps and adjusted operating income growth of > 15% is expected[45] - Targeting $135 - $155 million of adjusted free cash flow for full-year 2025[39] SNIA Environmental Liability - Recorded a liability of €333.3 million ($360.4 million as of March 31, 2025) related to SNIA environmental liability ruling[10]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) [Q1 2025 Performance Summary](index=1&type=section&id=Q1%202025%20Performance%20Summary) LivaNova reported strong Q1 2025 organic revenue growth and expanded margins, despite a significant SNIA liability, with key product advancements Q1 2025 Key Financial Metrics | Metric | Value | Note | | :--- | :--- | :--- | | Net Revenue | $316.9 million | +7.4% Reported, +10.4% Organic YoY | | GAAP Diluted EPS | ($6.01) | Impacted by SNIA environmental liability | | Adjusted Diluted EPS | $0.88 | - | | Net Cash from Operations | $24.0 million | - | | Adjusted Free Cash Flow | $20.0 million | - | - The company recorded a significant liability of **$360.4 million** related to the SNIA environmental case, which heavily impacted GAAP earnings[5](index=5&type=chunk)[11](index=11&type=chunk) - Completed the Premarket Approval (PMA) submission to the U.S. FDA for the aura6000™ System, designed to treat obstructive sleep apnea (OSA)[5](index=5&type=chunk) - Announced positive 12-month top-line data from the OSPREY trial for OSA, showing a **65% active patient responder rate** and a **68% median reduction** in the apnea-hypopnea index[5](index=5&type=chunk)[6](index=6&type=chunk) [First-Quarter 2025 Results](index=2&type=section&id=First-Quarter%202025%20Results) [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Q1 2025 net revenue grew 7.4% (10.4% organic), driven by Cardiopulmonary's strong growth and Neuromodulation's contributions Q1 2025 Revenue by Segment (in millions) | Segment | Q1 2025 Revenue | Q1 2024 Revenue | % Change (Reported) | % Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Cardiopulmonary | $176.3 | $155.9 | 13.1% | 15.0% | | Neuromodulation | $138.9 | $133.9 | 3.8% | 4.7% | | **Total Net Revenue** | **$316.9** | **$294.9** | **7.4%** | **8.9%** | - Cardiopulmonary growth was driven by sales of the Essenz Perfusion System and strong demand for consumables across all regions[8](index=8&type=chunk) - Neuromodulation growth was primarily driven by strength in the Europe and Rest of World regions[8](index=8&type=chunk) [Earnings Analysis](index=3&type=section&id=Earnings%20Analysis) Q1 2025 GAAP operating income increased, but a significant SNIA liability caused a GAAP diluted loss per share, while adjusted metrics improved Q1 Operating Income Comparison (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Operating Income | $48.6 | $16.2 | | Adjusted Operating Income | $64.6 | $53.1 | Q1 Earnings Per Share Comparison | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Diluted Loss Per Share | ($6.01) | ($0.78) | | Adjusted Diluted Earnings Per Share | $0.88 | $0.73 | [Additional Updates](index=3&type=section&id=Additional%20Updates) A **$360.4 million** SNIA environmental liability was recorded, impacting 2025 adjusted diluted EPS by approximately **$0.20** and leading to debt repayment - On March 14, 2025, the Italian Supreme Court held LivaNova liable for SNIA's environmental liabilities, resulting in the company recording a liability of **$360.4 million**[11](index=11&type=chunk) - Following the court decision, the SNIA Litigation Guarantee was terminated, and on May 2, 2025, LivaNova repaid **$200.0 million** of its Term Facilities[11](index=11&type=chunk) - The remaining Term Facilities balance is now considered part of the permanent capital structure and will no longer be excluded from non-GAAP measures, reducing the 2025 adjusted diluted EPS forecast by about **$0.20**[11](index=11&type=chunk) [Full-Year 2025 Guidance](index=4&type=section&id=Full-Year%202025%20Guidance) [Updated FY2025 Outlook](index=4&type=section&id=Updated%20FY2025%20Outlook) LivaNova raised FY2025 revenue growth guidance, revised adjusted diluted EPS due to SNIA impact and tariffs, and maintained free cash flow guidance Full-Year 2025 Guidance Update | Metric | New Guidance | Prior Guidance | | :--- | :--- | :--- | | Revenue Growth (Constant-Currency) | 6.0% to 7.0% | 5.0% to 6.0% | | Revenue Growth (Organic) | 7.0% to 8.0% | 6.0% to 7.0% | | Adjusted Diluted EPS | $3.60 to $3.70 | $3.65 to $3.75 | | Adjusted Free Cash Flow | $135M to $155M | $135M to $155M | - The revision to the adjusted diluted EPS range incorporates the impact of the SNIA decision and currently applicable tariffs[14](index=14&type=chunk) - The expected headwind from foreign currency is now smaller, estimated at **0.0% to 1.0%**, compared to the previous estimate of **1.5% to 2.0%**[13](index=13&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) [Net Revenue](index=9&type=section&id=Net%20Revenue) Detailed net revenue breakdown by segment and geography for Q1 2025 and Q1 2024, illustrating growth across most regions and segments Q1 2025 Net Revenue by Geography (in millions) | Region/Segment | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Cardiopulmonary** | | | | | U.S. | $60.8 | $50.6 | 20.3% | | Europe | $44.5 | $40.9 | 8.7% | | Rest of World | $71.0 | $64.4 | 10.2% | | **Neuromodulation** | | | | | U.S. | $108.3 | $105.9 | 2.3% | | Europe | $15.2 | $13.4 | 13.3% | | Rest of World | $15.4 | $14.5 | 5.7% | | **Total U.S.** | **$169.2** | **$160.6** | **5.3%** | | **Total Europe** | **$59.7** | **$54.3** | **9.9%** | | **Total Rest of World** | **$88.0** | **$80.0** | **10.1%** | [Condensed Consolidated Statements of Income (Loss)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) Q1 2025 unaudited income statement shows a net loss of **$327.3 million**, or **($6.01)** per diluted share, primarily due to a **$360.4 million** SNIA environmental liability Q1 2025 Condensed Consolidated Statement of Income (Loss) (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net revenue | $316.9 | $294.9 | | Gross profit | $220.8 | $207.4 | | Operating income | $48.6 | $16.2 | | SNIA environmental liability expense | ($360.4) | — | | Loss before tax | ($315.6) | ($34.2) | | Net loss | ($327.3) | ($41.9) | | Diluted loss per share | ($6.01) | ($0.78) | [Condensed Consolidated Balance Sheets](index=14&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The March 31, 2025 balance sheet shows total assets of **$2,558.7 million** and liabilities of **$1,524.4 million**, with increased cash and a new SNIA liability Condensed Balance Sheet Highlights (in millions) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $738.4 | $428.9 | | Restricted cash | — | $294.7 | | Total Assets | $2,558.7 | $2,506.4 | | SNIA environmental liability | $360.4 | — | | Total Liabilities | $1,524.4 | $1,186.1 | | Total Stockholders' Equity | $1,034.3 | $1,320.3 | [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 net cash from operating activities increased to **$24.0 million**, influenced by the SNIA environmental liability add-back, with cash used in investing and financing activities Q1 Statement of Cash Flows Highlights (in millions) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $24.0 | $10.0 | | Net cash used in investing activities | ($10.6) | ($6.4) | | Net cash (used in) provided by financing activities | ($4.4) | $37.1 | | Net increase in cash, cash equivalents, and restricted cash | $14.9 | $37.8 | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) [Reconciliation of Key Operating Metrics](index=11&type=section&id=Reconciliation%20of%20Key%20Operating%20Metrics) This section reconciles Q1 2025 GAAP net loss to adjusted net income, primarily driven by the **$363.6 million** SNIA liability adjustment Q1 2025 GAAP to Non-GAAP Reconciliation (in millions, except EPS) | Metric | GAAP | Adjustments | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Operating Income | $48.6 | $16.0 | $64.6 | | Net (Loss) Income | ($327.3) | $375.4 | $48.1 | | Diluted EPS | ($6.01) | $6.89 | $0.88 | - Major adjustments for Q1 2025 included SNIA environmental liability, stock-based compensation, amortization, and certain financing and legal costs[35](index=35&type=chunk) [Reconciliation of Free Cash Flow and Organic Revenue](index=16&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow%20and%20Organic%20Revenue) This section reconciles Q1 2025 adjusted free cash flow to **$20.0 million** and organic revenue growth to **10.4%** after excluding divested business revenue Q1 2025 Adjusted Free Cash Flow Reconciliation (in millions) | Line Item | Amount | | :--- | :--- | | Net cash provided by operating activities | $24.0 | | Less: Purchases of plant, property, and equipment | ($10.8) | | Add: SNIA financing costs | $6.5 | | Other Adjustments | ($0.4) | | **Adjusted free cash flow** | **$20.0** | Q1 2025 Organic Revenue Reconciliation (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP net revenue | $316.9 | $294.9 | | Less: ACS Revenue | — | $4.1 | | **Organic net revenue** | **$316.9** | **$290.8** |

Financial Data and Key Metrics Changes - The company achieved 11% organic revenue growth in 2024, marking the second consecutive year of double-digit organic growth [7] - Adjusted operating income grew by 41%, and adjusted diluted earnings per share increased by 21% [15] - Adjusted free cash flow for the full year was $163 million, up from $96 million in the prior year, representing a 70% growth [48] Business Line Data and Key Metrics Changes - Cardiopulmonary segment revenue was $182 million in Q4 2024, an increase of 11% year-over-year [17] - Epilepsy revenue increased by 1% in Q4 2024, with U.S. epilepsy revenue growing by 4% year-over-year [21][22] - For the full year, cardiopulmonary revenue was $684 million, growing 14%, while epilepsy revenue grew 7% [19][23] Market Data and Key Metrics Changes - The hypoglossal nerve stimulation market for obstructive sleep apnea (OSA) is expected to approach $2 billion by the end of the decade [9] - The company anticipates U.S. epilepsy revenue to grow 4% to 5% in 2025, with expectations for a return to high-single-digit growth in Europe and the rest of the world [24][25] Company Strategy and Development Direction - The company plans to increase investment in product development to ensure a competitive and differentiated product portfolio [9] - A focus on innovation and talent development is emphasized, with approximately 30% of director-level positions filled by new hires or internal promotions [12] - The company aims to sustain growth in core businesses while entering faster growth markets like OSA and difficult-to-treat depression [80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical data supporting OSA and the potential for significant market growth due to high unmet needs [81] - The company is optimistic about its ability to return the epilepsy business to growth, addressing execution issues that impacted performance [87] - The guidance for 2025 includes organic revenue growth between 6% and 7%, reflecting continued investment in innovation [50][51] Other Important Information - The company expects to submit a PMA for OSA in the first half of 2025, with a limited commercial launch anticipated thereafter [85] - The Italian Supreme Court is expected to rule on the SNIA litigation in the first half of 2025, but the company has not included potential impacts in its guidance [53][54] Q&A Session Summary Question: Can you help us understand the U.S. and EU cardiopulmonary performance in the quarter? - Management acknowledged a challenging comparison due to prior year growth but noted sequential growth in HLM placements and strong demand for consumables [64] Question: What is the impact of the launch of the new ECMO-related product? - The Specialty Cannulae business is expected to grow approximately 10%, primarily driven by the launch of ProtekDuo Plus [76] Question: How much are you spending to prepare for the OSA launch? - The company invested $27 million in 2024 for OSA and plans to invest an additional $8 million in 2025, shifting focus from clinical spend to product development [83] Question: What are the execution issues in the OUS epilepsy business? - Management identified personnel issues as isolated incidents and expressed confidence in returning to growth levels historically seen in the OUS business [87] Question: Can you clarify the capital allocation strategy? - The company is focusing on sustaining growth in core businesses while also investing in faster growth markets like OSA and DTD, with a declining R&D spend as a percentage of sales [129][133]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Form 10-K For the fiscal year ended December 31, 2024 (Mark One) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-37599 LivaNova PLC (Exact name of registrant as specified in its charter) England and Wales ...

1 Real patients treated with VNS Therapy (Left to Right: Breanna; Candace; Jose, father of patient David) Safe Harbor Certain statements in this material, other than statements of historical or current fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include, but are not limited to, LivaNova's plans, objectives, strategies, financial performance and outlo ...

LivaNova (LIVN) Q4 2024 Earnings Call February 25, 2025 08:00 AM ET Company Participants Briana Gotlin - VP-IRVladimir Makatsaria - CEOAhmet Tezel - Chief Innovation OfficerAlex Shvartsburg - Chief Financial OfficerRick Wise - Managing Director Medical Technology & SuppliesMatt Taylor - Managing DirectorDavid Roman - Managing Director Conference Call Participants Mike Polark - Senior Equity Research AnalystDavid Rescott - Senior Research AnalystMatt Miksic - Equity Research AnalystAdam Maeder - Senior Resea ...

Core Insights - LivaNova reported quarterly earnings of $0.81 per share, exceeding the Zacks Consensus Estimate of $0.80 per share, but down from $0.87 per share a year ago, indicating an earnings surprise of 1.25% [1] - The company posted revenues of $321.8 million for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.48%, compared to $310.1 million in the same quarter last year [2] - LivaNova has surpassed consensus EPS estimates in all four of the last quarters and has topped revenue estimates three times during the same period [2] Earnings Outlook - The future performance of LivaNova's stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.78 on revenues of $306.25 million, while for the current fiscal year, the estimate is $3.64 on revenues of $1.32 billion [7] Industry Context - The Medical - Instruments industry, to which LivaNova belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - The performance of LivaNova's stock may also be influenced by the overall industry outlook, as empirical research indicates that top-ranked industries outperform lower-ranked ones significantly [8]

Revenue Performance - Fourth-quarter 2024 revenue was $321.8 million, representing a 3.8% increase on a reported basis and a 6.8% increase on an organic basis compared to the prior-year period[4]. - Full-year 2024 revenue reached $1.25 billion, an 8.7% increase on a reported basis and a 10.7% increase on an organic basis compared to 2023[4]. - LivaNova's net revenue for Q4 2024 was $321.8 million, representing a 3.8% increase compared to $310.1 million in Q4 2023[34]. - For the full year 2024, net revenue reached $1,253.4 million, an 8.7% increase from $1,153.5 million in 2023[43]. - Organic net revenue for the year ended December 31, 2024, was $1,241.8 million, reflecting a 10.1% growth compared to $1,128.4 million in 2023[56]. Earnings and Profitability - Fourth-quarter 2024 U.S. GAAP diluted earnings per share was $1.02, up from $0.30 in the fourth quarter of 2023[10]. - Full-year 2024 adjusted diluted earnings per share was $3.38, compared to $2.80 for the full-year 2023[14]. - The company reported a net income of $55.9 million for Q4 2024, a significant increase from $16.3 million in Q4 2023[38]. - Diluted EPS for 2024 was $1.16, up from $0.30 in 2023, with adjusted diluted EPS reaching $3.38 compared to $0.87[49]. - Adjusted operating income for the year was $239.2 million, compared to $169.3 million in 2023, reflecting a strong operational performance[44]. Operating Performance - Fourth-quarter 2024 operating income was $37.0 million, a significant improvement from an operating loss of $88.0 million in the fourth quarter of 2023[9]. - Operating income for 2024 was $129.1 million, significantly improved from an operating loss of $88.0 million in 2023, with adjusted operating income at $239.2 million[49]. - Gross profit margin improved to 68.2% in Q4 2024, up from 61.3% in Q4 2023[41]. - Gross profit margin increased to 69.5% in 2024 from 66.9% in 2023, while adjusted gross profit margin rose to 70.2% from 69.6%[45]. - Operating income margin increased to 10.3% in 2024 from a loss of 5.9% in 2023, while adjusted operating margin rose to 19.1% from 14.7%[45]. Cash Flow and Financial Position - Full-year 2024 net cash provided by operating activities was $183.0 million, with adjusted free cash flow of $162.9 million[4]. - The company generated $183.0 million in net cash from operating activities in 2024, a significant increase from $74.9 million in 2023[54]. - The total current assets increased to $1,127.2 million as of December 31, 2024, up from $988.2 million in 2023, primarily driven by an increase in cash and cash equivalents from $266.5 million to $428.9 million[52]. - The company reported a net increase in cash, cash equivalents, and restricted cash of $145.7 million in 2024, compared to $62.3 million in 2023[54]. - Adjusted free cash flow for the year ended December 31, 2024, was $162.9 million after accounting for various adjustments[57]. Segment Performance - The cardiopulmonary segment reported a 13.1% increase in revenue for full-year 2024, driven by strong demand for the Essenz Perfusion System[12]. - Cardiopulmonary segment revenue increased by 9.9% year-over-year to $181.7 million, with the Rest of World showing the highest growth at 18.6%[34]. - Neuromodulation segment revenue remained relatively stable, with a slight increase of 0.5% to $137.6 million, while Europe experienced a decline of 14.6%[34]. - The company reported a significant decline in ACS revenue, down 98.7% in Q4 2024 compared to Q4 2023[56]. Future Outlook - The company expects full-year 2025 revenue growth between 5.0% and 6.0% on a constant-currency basis and between 6.0% and 7.0% on an organic basis[16]. - Adjusted diluted earnings per share for 2025 is projected to be in the range of $3.65 to $3.75[17]. - The company plans to continue focusing on R&D investments to drive future growth despite facing challenges in the market[30]. - The company plans to continue focusing on market expansion and new product development to drive future growth[46].