Financial Data and Key Metrics - Cardiopulmonary revenue for the full year was $589 million, growing 18% year-over-year, with an expected growth of 6% to 7% for 2024 [1] - Adjusted operating income was $48 million in Q4 2023, compared to $47 million in Q4 2022, with a margin of 16% versus 17% in the prior year [5] - Adjusted diluted earnings per share (EPS) was $0.87 in Q4 2023, up from $0.81 in Q4 2022 [5] - Cash balance at year-end 2023 was $267 million, up from $214 million in 2022, while total debt increased to $587 million from $542 million [26] - Adjusted free cash flow for Q4 2023 was $60 million, up from $31 million in the prior year, driven by higher income and improved working capital [26] Business Line Performance - Cardiopulmonary segment revenue in Q4 2023 was $162 million, a 17% increase year-over-year, driven by strong Essenz sales in Europe and the U.S. [7] - Heart-lung machine (HLM) revenue grew over 40% in Q4 2023, while oxygenator revenue grew in the mid-single digits, despite capacity constraints [7] - Epilepsy revenue increased 8% in Q4 2023 compared to Q4 2022, with 856 new patient implants (6% growth) and 1982 replacement implants (10% growth) [1] - ACS revenue was $10 million in Q4 2023, up 5% year-over-year, with full-year revenue of $40 million, growing 3% [8] - DTD revenue for Q4 2023 was $2 million, with full-year revenue of $7 million, and 2024 revenue expected to remain at $7 million [8] Market Performance - U.S. epilepsy revenue grew 8% year-over-year in Q4 2023, with 3300 new patient implants for the full year, representing 7% growth [21] - Europe and rest of the world epilepsy revenue grew 7% year-over-year in Q4 2023, with full-year epilepsy revenue increasing 10% [21] - Foreign exchange had a favorable impact of $3 million (1% of revenue) in Q4 2023 [22] Strategic Direction and Industry Competition - The company is winding down the ACS segment, with a pretax non-cash impairment charge of $103 million in Q4 2023, and expects additional restructuring charges of $15 million to $20 million in 2024 [2] - The company is reorganizing its operating and reporting structure from three to two segments: cardiopulmonary and neuromodulation, effective Q1 2024 [2] - The company is focusing on core businesses (cardiopulmonary and neuromodulation) for growth and value creation, with the ACS wind-down expected to positively contribute to adjusted operating income in 2024 [13] - The company is addressing oxygenator capacity constraints, with improvements expected to benefit production in the second half of 2024 [39] Management Commentary on Operating Environment and Future Outlook - The company expects 2024 revenue growth of 4% to 5% on a constant currency basis, or 6% to 7% excluding the ACS business [37] - Adjusted operating income is expected to grow approximately 25% in 2024, with a 300 basis point improvement in adjusted operating income margin [106] - The company anticipates a full-year adjusted effective tax rate of 21% in 2024, with an unfavorable impact of $0.45 on EPS [88] - Adjusted free cash flow for 2024 is expected to be in the range of $95 million to $115 million, with capital spending forecasted at $60 million [27] Other Important Information - The company incurred $2.6 million in costs related to a cybersecurity incident in Q4 2023, primarily for external experts, legal counsel, and system restoration [36] - The company is awaiting a binding decision from the European Court of Justice regarding the SNIA litigation, with a decision expected in 2024 [70] Q&A Summary Question: Competitive situation in the oxygenator market and capacity expansion [30] - The company noted no significant changes in competition, with one smaller competitor dissipating and a major competitor yet to return to the market [28] - Capacity improvements are expected to benefit production in the second half of 2024 [39] Question: Guidance and earnings bridge for 2024 [32] - The ACS wind-down is expected to result in significant improvements in 2024, with full benefits realized in 2025 [33] - The company expects a $0.10 EPS impact from the ACS wind-down and a $0.35 EPS impact from reduced R&D spend related to the heart failure program [37] Question: Oxygenator market share and stickiness [40] - The company estimates its market share has increased to the mid-30s, with half of its high-volume business being tender-based [41] Question: Tax rate and stock-based compensation [43] - The company expects a 21% adjusted effective tax rate in 2024, driven by jurisdictional profitability [43] - The company will follow up on the impact of stock-based compensation on the tax rate [99] Question: Cybersecurity incident impact on revenue [54] - The cybersecurity incident impacted oxygenator production, resulting in a loss of about one week of production, but the revenue impact was not material [57] Question: Neuromodulation segment growth and sustainability [58] - The company expects mid-single-digit growth in new patient implants and low-single-digit growth in replacements for 2024, with overall segment growth of 6% to 7% [64] Question: STRAP plan and Vlad's priorities [62] - The company will provide updates on the STRAP plan in the first half of 2024, with Vlad expected to bring forward new ideas and strategies [65] Question: Gross margin benefit from Essenz [68] - Essenz is expected to contribute to a 100 basis point improvement in gross margin in 2024 [63] Question: Depression study and OSA trial [97] - The company expects to receive 12-month follow-up data for the depression study in June 2024, with publication expected by late 2024 [8] - OSA trial enrollment is progressing, with 25 study sites recruiting patients [9] Question: Italian reserve and litigation timeline [114] - The company is awaiting a binding decision from the European Court of Justice in 2024, with a final decision from the Italian Supreme Court expected in 2025 [70] Question: CAPEX increase and investments [86] - The company is increasing CAPEX to $60 million in 2024, focusing on oxygenator capacity, IT infrastructure, and ERP system modernization [82][110]

Hypoglossal Nerve Stimulation Therapy (HGNS Therapy) • Obstructive Sleep Apnea (OSA) Numbers may not add precisely due to rounding. Percentages by segment exclude "Other" revenue. • Heart-lung machines (HLM) • Extracorporeal Life Support (ECLS) • Extracorporeal carbon dioxide removal (ECCO2R) Segment Net Revenue Comparisons by Region 10 Advanced Circulatory Support (ACS) | --- | --- | |--------------------------------------------------------------------------------------------------------------------------- ...

Financial Summary and Highlights 1 "We delivered strong revenue growth in both the fourth quarter and full year," said Bill Kozy, Interim Chief Executive Officer and Board Chair of LivaNova. "Our 2023 performance reflects double-digit revenue growth across all regions, an improvement in adjusted operating margin and a 17% increase in adjusted diluted earnings per share. We are pleased with these financial outcomes as well as the progress made in refining the business strategy and portfolio. As we enter 2024 ...

Form 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2023 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 ...

LivaNova PLC (NASDAQ:LIVN) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET Company Participants Matthew Dodds - Senior Vice President, Corporate Development & IT Bill Cozy - Chairman and Interim Chief Executive Officer Alex Shvartsburg - Chief Financial Officer Stephanie Bolton - President, Global Epilepsy Conference Call Participants Rick Wise - Stiefel Mike Polark - Wolfe Research Adam Maeder - Piper Sandler Matt Taylor - Jefferies Mike Matson - Needham & Company Anthony Petrone - Mizuho Grou ...

Health innovation that matters 2 This report may contain references to our proprietary intellectual property, including among others: These trademarks and trade names are the property of LivaNova or the property of our consolidated subsidiaries and are protected under applicable intellectual property laws. Solely for convenience, our trademarks and tradenames referred to in this Annual Report on Form 10-K may appear without the ™ symbol, but such references are not intended to indicate in any way that we wi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 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 char ...

Financial Data and Key Metrics Changes - Revenue for the second quarter was $294 million, an increase of 16% compared to the same period in 2022 [9][21] - Adjusted diluted earnings per share rose to $0.78 from $0.53 in the second quarter of 2022 [10] - Adjusted effective tax rate increased to 10% from 5% year-over-year [10] - Cash balance at June 30 was $223 million, up from $214 million at year-end 2022 [10] - Total debt increased to $587 million from $542 million at year-end 2022 [10] Segment Results and Key Metrics Changes - Cardiopulmonary segment revenue was $151 million, a 21% increase year-over-year, driven by higher demand for oxygenators and heart-lung machines [5][6] - Epilepsy revenue increased by 14% year-over-year, with U.S. epilepsy revenue growing 15% due to higher total implants and favorable product mix [6][23] - DTD revenue for the second quarter was $1 million, with expectations of $6 million to $8 million for the full year 2023 [7] Market Data and Key Metrics Changes - U.S. epilepsy revenue growth was supported by 838 new patient implants, a 13% increase year-over-year, and 1,947 replacements, an 8% increase [21][23] - The Rest of World region achieved 15% growth in epilepsy revenue, led by Turkey and China [23] - The company expects global epilepsy revenue to grow 6% to 8% for the full year 2023 [23] Company Strategy and Development Direction - The company is focused on patient acquisition in epilepsy and maintaining market position in cardiopulmonary [11][12] - The commercial rollout of Essenz is progressing, with expectations for increased contributions following software launches [22] - The company anticipates cardiopulmonary revenue growth of 11% to 13% for the full year 2023 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the first half execution contributing to financial performance and emphasized the importance of patient focus and operational execution [12] - The company acknowledged that revenue growth in the second half of 2023 may not reflect the first half's performance due to competitor supply chain recoveries [9] - Management is committed to selecting the right individual for the CEO position to lead the company forward [4] Other Important Information - The company is actively monitoring the impact of the RECOVER study and anticipates publication of results by late 2024 [7] - R&D expenses for the second quarter were $48 million, consistent with the previous year, reflecting continued investment in strategic initiatives [47] Q&A Session Summary Question: What is the outlook for end-of-service revenues? - Management noted that programs are in place to help physicians identify end-of-service devices, which is expected to drive higher replacement rates [15][31] Question: How is the Essenz launch progressing? - The company is in commercial launch mode, with evaluations ongoing in major institutions in Europe and the U.S. [56][57] Question: What are the expectations for the Bipolar cohort in the RECOVER trial? - The interim analysis for the Bipolar cohort was completed, and the company expects to enroll about 25 patients per quarter [87] Question: How does the company view the competitive landscape? - Management acknowledged that competitors are beginning to ship products again, which may impact future growth [30][85] Question: What is the expected impact of pricing programs on revenue? - The company indicated that pricing programs implemented in the second half of 2022 are expected to have a favorable impact on revenue moving forward [9][36]

Kits used for cardiac procedures grew year over year, offset by respiratory case declines and product mix. | --- | --- | --- | --- | |---------------------------------------------------------------------|-------|---------|----------| | Adjusted Free Cash Flow Reconciliation ($M) 1Q 2023 | | 2Q 2023 | 2023 YTD | | Net cash provided by operating activities | $20.8 | $(17.9) | $2.8 | | Less: Purchases of plant, property and equipment (7.7) (5.7) (13.3) | | | | | Less: Cash received from tax stimulus (9.9) — (9 ...

LivaNova PLC (NASDAQ:LIVN) Q1 2023 Earnings Conference Call May 3, 2023 8:00 AM ET Company Participants Matthew Dodds - Senior Vice President of Corporate Development William Kozy - Chairman & Interim Chief Executive Officer Alex Shvartsburg - Chief Financial Officer Conference Call Participants Rick Wise - Stifel Financial Michael Polark - Wolfe Research Matthew Taylor - Jefferies Adam Maeder - Piper Sandler Mike Matson - Needham & Company Operator Good day ladies and gentlemen and welcome to the LivaNova ...