LivaNova PLC
LivaNova PLC is a medical technology company focused on therapies for cardiac and neurological conditions. It designs, manufactures, and sells devices and related services through two main businesses: Cardiopulmonary and Neuromodulation, serving hospitals and specialist clinicians worldwide.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProducts and services used in cardiopulmonary bypass and perfusion procedures, including HLMs, oxygenators, tubing, and cannulae.
Implantable and therapy-related products for select neurological conditions and associated clinical support.
Rental and site services income and legacy non-core revenue not allocated to the main segments.
Customers
LivaNova sells primarily to hospitals, medical institutions, and healthcare providers that need specialized devices for cardiac surgery and neurological care. Its users also include perfusionists, neurologists, neurosurgeons, and other clinicians who influence product selection, training, and adoption. Purchasing decisions are driven by clinical performance, reliability, regulatory approval, and total cost of care.
Buy cardiopulmonary systems, oxygenators, cannulae, and related consumables for cardiac procedures; they value reliability, clinical outcomes, and vendor support.
Neurologists, neurosurgeons, and perfusionists influence adoption and use of therapies and systems based on efficacy, workflow, and training support.
Centralized procurement teams and preferred-vendor programs negotiate pricing and vendor access, affecting product mix and margins.
Buy service, rental, and support offerings tied to installed equipment and ongoing clinical use.
Strategy
LivaNova’s strategy centers on advancing its two core franchises, especially next-generation cardiopulmonary systems and differentiated neuromodulation therapies. The company is also focused on maintaining regulatory compliance, improving manufacturing quality, and expanding clinical relationships that support adoption in hospitals and specialist practices.
The next-generation HLM is a key growth driver in Cardiopulmonary and supports recurring consumables demand.
Neuromodulation is a major revenue base and depends on clinical trust, reimbursement, and specialist adoption.
Medical device commercialization depends on approvals, safety, and manufacturing quality to avoid disruptions and recalls.
Clinical education and conference presence help drive adoption and defend share in specialized device markets.
Geography
Q1/2026LivaNova reports three operating geographies: the United States, Europe, and Rest of World. In 2025, the U.S. represented 53% of net revenue, Europe 19%, and Rest of World 28%, showing a broad international footprint with meaningful exposure to reimbursement, regulatory, and currency differences across markets.
Share of the revenue the company reports by geography.
Risks
LivaNova faces the typical risks of a global medical device company: regulatory scrutiny, pricing pressure, and competition from larger device makers and alternative therapies. Company-specific issues include supply-chain concentration, cybersecurity and data-protection exposure, and the potential for product safety or physician advisories to shift market share quickly.
- Global operating and trade riskImpact: HighLikelihood: High
The company sells in many countries and is exposed to tariffs, sanctions, inflation, and local regulatory changes.
Exposure - Supply chain concentration and component shortagesImpact: HighLikelihood: High
Medical device manufacturing depends on qualified suppliers, and switching sources can be slow under regulatory constraints.
Exposure: Single-supplier components and raw materials
- Cybersecurity and data protectionImpact: HighLikelihood: Medium
The company handles sensitive patient and health data, so breaches can trigger regulatory, legal, and reputational damage.
Exposure - Product safety and regulatory actionsImpact: HighLikelihood: Medium
Advisories, recalls, or competitor safety issues can rapidly alter demand and market share.
Exposure: All device lines
- Pricing pressure and customer consolidationImpact: MediumLikelihood: Low
Hospitals and purchasing groups are reducing vendor counts and pushing for lower prices.
Exposure: Cardiopulmonary and neuromodulation sales channels
Accounting
Judgemental itemsDevice sales, consumables, and services may be recognized at different times and can shift quarterly results.
Impact: Affects reported revenue timing and margin mix
The company tests Cardiopulmonary and Neuromodulation reporting units annually and uses cash flow and discount-rate assumptions.
Impact: Can create large non-cash impairment charges if assumptions weaken
A large environmental liability expense materially affected 2025 results and may continue to affect comparability.
Impact: Distorts operating and net income in the period recognized
The company operates in several tax regimes and uses significant judgment for deferred taxes and valuation allowances.
Impact: Can cause large swings in effective tax rate
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Last updated: 24/09/2026