-- Delivered double-digit reported and constant-currency revenue growth
-- Raised full-year 2026 revenue and adjusted diluted earnings per share guidance(1)
-- Received U.S. Food and Drug Administration premarket approval for aura6000 System to treat moderate to severe obstructive sleep apnea
LONDON--(BUSINESS WIRE)--May 06, 2026--
LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today reported results for the first quarter ended March 31, 2026 and raised full-year 2026 guidance.
Financial Summary and Highlights(1)
-- First-quarter revenue of $362.3 million increased 14.3% on a reported
basis and 11.1% on a constant-currency basis as compared to the
prior-year period
-- First-quarter U.S. GAAP diluted earnings per share of $0.40 and
adjusted diluted earnings per share of $0.98
-- First-quarter net cash provided by operating activities of $15.2
million and adjusted free cash flow of $3.8 million
-- Raised full-year 2026 revenue growth range by 100 basis points to 7.0%
to 8.0% on a constant-currency basis. Raised full-year 2026 adjusted
diluted earnings per share range by $0.05 at midpoint to $4.20 to $4.30.
Maintained full-year 2026 adjusted free cash flow range of $160 million
to $180 million
-- Received U.S. Food and Drug Administration (FDA) premarket approval
(PMA) for the aura6000$(TM)$ System for the treatment of adult patients
with moderate to severe obstructive sleep apnea (OSA). The System is the
first and only hypoglossal nerve stimulation (HGNS) device FDA-approved
without a contraindication or warning related to complete concentric
collapse and without a requirement for a pre-implantation drug-induced
sleep endoscopy
-- In April 2026, announced the publication of the full 12-month results
from the OSPREY randomized controlled trial for OSA in the Annals of
Internal Medicine, demonstrating proximal hypoglossal nerve stimulation
(pHGNS) yields clinically significant responses and sustained
improvements over time
"In the first quarter, LivaNova delivered double--digit revenue growth with strength across all regions, driven by sustained performance in our Cardiopulmonary and Epilepsy businesses," said Vladimir Makatsaria, Chief Executive Officer of LivaNova. "We also made meaningful progress in Obstructive Sleep Apnea, accomplishing key regulatory and clinical milestones. These achievements support a solid foundation for entry into the high--growth, high--margin OSA market with a differentiated technology. Our updated 2026 guidance reflects strong execution in the core businesses alongside continued investment to unlock this next phase of growth and value creation. We remain focused on disciplined execution as we advance our long--term strategy, consistent with what we outlined at our November 2025 Investor Day."
_____________________________________
(1) Constant-currency percent change, adjusted diluted earnings per share,
and adjusted free cash flow are non-GAAP measures. Constant-currency
percent change excludes the impact from fluctuations in the various
currencies in which the Company operates as compared to reported percent
change. For an explanation of these and other non-GAAP measures used in
this news release, see the section entitled "Use of Non-GAAP Financial
Measures." For reconciliations of certain non-GAAP measures, see the
tables that accompany this news release. As discussed in the section
entitled "Use of Non-GAAP Financial Measures" below, the Company is
unable to predict with a reasonable degree of certainty the type and
extent of certain items that would be expected to impact GAAP measures
but would not impact the non-GAAP measures. Accordingly, the Company is
unable to reconcile forward-looking non-GAAP financial measures to their
most directly comparable forward-looking GAAP financial measures without
unreasonable efforts.
First-Quarter 2026 Results
The following table summarizes revenue by segment (in millions):
Three Months Ended
March 31,
-------------------- ------ ------
Constant-
Currency
2026 2025 % Change % Change
--------- --------- ---------- -----------
Cardiopulmonary $208.7 $176.3 18.3% 14.0%
Neuromodulation 151.8 138.9 9.3% 7.6%
Other Revenue (1) 1.8 1.6 10.5% (0.2)%
------------------- --------- ---------
Total Net Revenue $362.3 $316.9 14.3% 11.1%
=================== ========= =========
(1) "Other Revenue" includes rental and site services income not allocated
to segments.
-- Numbers may not add precisely due to rounding.
First-quarter 2026 Cardiopulmonary revenue increased 18.3% on a reported basis and 14.0% on a constant-currency basis versus the first quarter of 2025 with growth across all regions, driven by Essenz(TM) Perfusion System sales, strong consumables demand, and favorable realized price.
First-quarter 2026 Neuromodulation revenue increased 9.3% on a reported basis and 7.6% on a constant-currency basis versus the first quarter of 2025 with growth across all regions, driven by total implant growth and favorable realized price.
Earnings Analysis
On a U.S. GAAP basis, first-quarter 2026 operating income was $41.5 million, as compared to operating income of $48.6 million for the first quarter of 2025. Adjusted operating income for the first quarter of 2026 was $71.1 million, as compared to adjusted operating income of $64.6 million for the first quarter of 2025.
On a U.S. GAAP basis, first-quarter 2026 diluted earnings per share was $0.40 as compared to diluted loss per share of $6.01 in the first quarter of 2025, which was impacted by recording the SNIA environmental liability expense of $360.4 million. First-quarter 2026 adjusted diluted earnings per share was $0.98, as compared to adjusted diluted earnings per share of $0.88 in the first quarter of 2025.
Full-Year 2026 Guidance
LivaNova now expects full-year 2026 revenue to grow between 7.0% and 8.0% (versus 6.0% and 7.0% prior) on a constant-currency basis. Foreign currency is expected to be a tailwind of approximately 1.0% based on current exchange rates, consistent with prior guidance.
Adjusted diluted earnings per share for 2026 is now expected to be in the range of $4.20 to $4.30 (versus $4.15 to $4.25 prior), assuming a share count of approximately 56 million for full-year 2026. In 2026, the Company estimates adjusted free cash flow in the range of $160 million to $180 million, consistent with prior guidance.
As discussed in the section entitled "Use of Non-GAAP Financial Measures" below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this section to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts.
Webcast and Conference Call Instructions
The Company will host a live audiocast at 1 p.m. London time (8 a.m. Eastern Daylight Time) on Wed., May 6, 2026 that will be accessible at www.livanova.com/events. Listeners should register in advance and log on approximately 10 minutes early to ensure proper setup. To listen to the conference call by telephone, dial +1 833 470 1428 (if dialing from within the U.S.) or +1 929 526 1599 (if dialing from outside the U.S.). The conference call access code is 946097. Within 24 hours of the audiocast, a replay will be available at www.livanova.com/events, where it will be archived and accessible for approximately 90 days.
About LivaNova
LivaNova PLC is a global medical technology company built on nearly five decades of experience with a vision to change the trajectory of lives for a new day. Through ingenious medical solutions in select neurological and cardiac conditions, LivaNova strives to ignite patient turnarounds. Headquartered in London, with approximately 3,300 employees and a presence in more than 100 countries, LivaNova serves patients, healthcare professionals, and healthcare systems worldwide. For more information, please visit www.livanova.com.
Use of Non-GAAP Financial Measures
To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as "non-GAAP financial measures" or "adjusted financial measures." Company management uses these non-GAAP measures to monitor the Company's operational performance and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, operational performance measures as prescribed by GAAP.
In this news release, the Company refers to revenue and percentage change in revenue on a comparable, constant-currency basis. Company management believes that these non-GAAP measures provide a useful way to evaluate the revenue performance of LivaNova and to compare the revenue performance of current periods to prior periods on a consistent basis. Constant-currency percent change measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior-year period.
LivaNova calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For example, forward-looking net revenue growth projections are estimated on a constant-currency basis and exclude the impact of foreign currency fluctuations. Forward-looking non-GAAP adjusted diluted earnings per share guidance excludes items such as, but not limited to, changes in fair value of certain derivatives and contingent consideration arrangements and asset impairment charges that would be included in comparable GAAP financial measures. The most directly comparable GAAP measure for adjusted free cash flow is net cash provided by operating activities. Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses, or gains that may not be indicative of the Company's operational performance. However, non-GAAP financial adjustments on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors, including but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, the ultimate outcome of legal proceedings, gains or losses on the potential sale of businesses or other assets, restructuring costs, merger and integration activities, changes in fair value of derivatives, and contingent consideration arrangements, asset impairment charges and the tax impact of the aforementioned items, tax law changes, or other tax matters. Accordingly, the Company does not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.
Adjusted financial measures such as adjusted cost of sales, adjusted gross profit, adjusted selling, general, and administrative expense, adjusted research and development expense, adjusted other operating expense, adjusted operating income, adjusted income before income tax, adjusted income tax expense, adjusted net income, and adjusted diluted earnings per share are measures that LivaNova generally uses to facilitate management review of the operational performance of the company, to serve as a basis for strategic planning, and in the design of incentive compensation plans. Additionally, the Company uses the non-GAAP liquidity measure adjusted free cash flow. The Company believes that the presentation of these adjusted financial measures allows investors to evaluate the Company's operational performance for different periods on a more comparable and consistent basis, and with other medical technology companies by adjusting for items that are not related to the operational performance of the Company or incurred in the ordinary course of business.
Safe Harbor Statement
Certain statements in this news release, 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 outlook, trends, the amount and timing of future cash distributions, prospects, or future events, and involve known and unknown risks that are difficult to predict. As a result, the Company's actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as "may," "could," "seek," "guidance," "predict," "potential," "likely," "believe," "will," "should," "expect," "anticipate," "estimate," "plan," "intend," "forecast," "foresee," or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by LivaNova and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and shareholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties, and other important factors, many of which are beyond the Company's control, that could cause the Company's actual results to differ materially from the forward-looking statements contained in this news release, and include, but are not limited to, the following risks and uncertainties: volatility in the global market and worldwide economic conditions; adverse changes in export and import costs and other trade restrictions as well as uncertainty over global tariffs; risks relating to supply chain pressures; failure to protect, maintain, or upgrade LivaNova's IT systems or products, or safeguard against cybersecurity incidents, service disruptions, or data corruption; costs of complying with privacy and security of personal information requirements and laws; changes in technology, including the development of superior or alternative technology or devices by competitors and/or competition from providers of alternative medical therapies; risks related to AI integration and regulation; failure of investments, alliances, acquisitions, or divestitures to achieve expected returns; failure to maintain appropriate working relationships with healthcare professionals to aid in the continuing development of products; the risk of quality issues and the impacts thereof; risks relating to recalls, replacement of inventory, enforcement actions, or product liability claims; failure to comply with, or changes in, laws, regulations, or administrative practices affecting government regulation of the Company's products; failure to retain talent, maintain an effective succession plan, and negotiate successfully with local works councils; failure to obtain or maintain approvals, clearance, or reimbursement in relation to the Company's products; unfavorable results from clinical studies or failure to meet milestones; global healthcare policy changes that may lead to restricted access and pricing as well as payback requirements and limited reimbursement; failure to comply with rules relating to healthcare goods and services as well as anti-bribery laws; the unfavorable impact of pending or existing climate change; product liability, intellectual property, shareholder-related, environmental-related, income tax, and other litigation, disputes, losses, and costs, including in the case of the Company's 3T Heater-Cooler litigation; risks associated with environmental laws and regulations as well as environmental liabilities, violations, and litigation, including in the case of Saluggia and SNIA; failure to protect the Company's proprietary intellectual property; changes in tax laws and regulations, including exposure to additional income tax liabilities; risks relating to the Company's indebtedness; risks associated with potential government shutdowns; the potential for impairments of intangible assets, goodwill, and other long-lived assets; risks associated with public health crises; risks associated with shareholder activism; effectiveness of the Company's internal controls over financial reporting; changes in the Company's profitability and/or failure to manage costs and expenses; fluctuations in future quarterly operating results and/or variations in revenue and operating expenses relative to estimates; and other unknown or unpredictable factors that could harm the Company's financial performance.
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company's business, including those described in the "Risk Factors" section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the U.S. Securities and Exchange Commission by LivaNova.
Readers are cautioned not to place undue reliance on the Company's forward-looking statements, which speak only as of the date of this news release. The Company undertakes no obligation to update publicly any of the forward-looking statements in this news release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If LivaNova updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
Essenz is a trademark of LivaNova USA, Inc.
LIVANOVA PLC
NET REVENUE - UNAUDITED
(In millions)
Three Months Ended March 31,
---------------------------------------------------
Constant-Currency
2026 2025 % Change % Change
-------- -------- ---------- -------------------
Cardiopulmonary
U.S. $69.3 $60.8 13.9% 13.9%
Europe (1) 57.3 44.5 28.8% 17.6%
Rest of World
(1) 82.1 71.0 15.6% 11.8%
-------- --------
208.7 176.3 18.3% 14.0%
-------- --------
Neuromodulation
U.S. 115.4 108.3 6.5% 6.5%
Europe (1) 18.3 15.2 20.8% 9.6%
Rest of World
(1) 18.0 15.4 17.4% 13.3%
-------- --------
151.8 138.9 9.3% 7.6%
-------- --------
Other Revenue (2) 1.8 1.6 10.5% (0.2)%
-------- --------
Totals
U.S. 184.7 169.2 9.2% 9.2%
Europe (1) 75.7 59.7 26.7% 15.5%
Rest of World
(1) 101.9 88.0 15.8% 11.8%
-------- --------
$362.3 $316.9 14.3% 11.1%
======== ========
(1) "Europe" includes the UK, Germany, France, Italy, the Netherlands,
Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal,
Finland, and Denmark. Excluding Europe and the U.S., "Rest of World"
includes all other countries where LivaNova operates.
(2) "Other Revenue" includes rental and site services income not allocated
to segments.
-- Numbers may not add precisely due to rounding.
LIVANOVA PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - UNAUDITED
(In millions, except for per share amounts)
Three Months Ended March 31,
----------------------------------
2026 2025
---------------- ----------------
Net revenue $362.3 $316.9
Cost of sales 118.5 100.6
------------ -------------
Gross profit 243.7 216.3
------------ -------------
Operating expenses:
Selling, general, and
administrative 143.6 129.1
Research and development 58.7 37.9
Other operating expense -- 0.6
------------ -------------
Operating income 41.5 48.6
------------ -------------
SNIA environmental liability
expense -- (360.4)
Interest expense (8.3) (15.3)
Foreign exchange and other
income/(expense) (5.7) 11.4
------------ -------------
Income (loss) before income tax 27.5 (315.6)
------------ -------------
Income tax expense 4.3 11.7
Loss from equity method investments (0.9) --
------------ -------------
Net income (loss) $22.3 ($327.3)
============ =============
Basic earnings (loss) per share $0.41 ($6.01)
Diluted earnings (loss) per share $0.40 ($6.01)
Basic weighted average shares
outstanding 54.7 54.4
Diluted weighted average shares
outstanding 55.9 54.4
-- Numbers may not add precisely due to rounding.
Adjusted Financial Measures (in
millions, except for per share
amounts) - Unaudited
Three Months Ended March 31,
--------------------------------
2026 2025
-------------- ----------------
Adjusted SG&A $128.9 $115.6
Adjusted R&D 47.1 38.2
Adjusted operating income 71.1 64.6
Adjusted net income 54.6 48.1
Adjusted diluted earnings per share $0.98 $0.88
Statistics (as a
% of net
revenue, except
for income tax
rate) -
Unaudited
GAAP Three Months Ended Adjusted Three Months
March 31, Ended March 31,
------------------------- -------------------------
2026 2025 2026 2025
------------ ----------- ----------- ------------
Gross profit 67.3% 68.3% 68.2% 68.9%
SG&A 39.6% 40.8% 35.6% 36.5%
R&D 16.2% 12.0% 13.0% 12.0%
Operating income 11.4% 15.3% 19.6% 20.4%
Net income
(loss) 6.2% (103.3)% 15.1% 15.2%
Income tax rate 15.8% (3.7)% 22.5% 24.2%
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
(In millions, except for per share amounts)
------------------------------------------------------------------------------------------------------------------------------------------------------
Non-GAAP Adjustments
--------------------------------------------------------------------------------------------------------
Depreciation Certain
Three Months GAAP and Investment Financing Contingent Legal & Share-based Certain Tax Adjusted
Ended March 31, Financial Amortization Related Related Consideration Regulatory Compensation Adjustments Financial
2026 Measures Expenses (1) Items (2) Items (3) (4) Costs (5) Costs (6) (7) Measures
--------------- ------------- -------------- ------------ ------------ --------------- ------------ -------------- ------------- -----------
Cost of sales $118.5 ($1.8) $-- $-- ($1.1) $-- ($0.4) $-- $115.2
Gross profit
percent 67.3% 0.5% --% --% 0.3% --% 0.1% --% 68.2%
Selling,
general, and
administrative 143.6 (2.6) -- -- -- (6.2) (5.9) -- 128.9
Selling,
general, and
administrative
as a percent of
net revenue 39.6% (0.7)% --% --% --% (1.7)% (1.6)% --% 35.6%
Research and
development 58.7 -- -- -- (9.6) (0.1) (2.0) -- 47.1
Research and
development as
a percent of
net revenue 16.2% --% --% --% (2.6)% --% (0.5)% --% 13.0%
Operating income 41.5 4.4 -- -- 10.7 6.3 8.3 -- 71.1
Operating margin
percent 11.4% 1.2% --% --% 2.9% 1.7% 2.3% --% 19.6%
Net income 22.3 4.4 1.1 13.3 10.7 6.3 8.3 (11.7) 54.6
Net income as a
percent of net
revenue 6.2% 1.2% 0.3% 3.7% 2.9% 1.7% 2.3% (3.2)% 15.1%
Diluted earnings
per share $0.40 $0.08 $0.02 $0.24 $0.19 $0.11 $0.15 ($0.21) $0.98
GAAP results for the three months ended March 31, 2026 include:
(1) Depreciation and amortization associated with purchase price accounting
(2) Impairment of investment without readily determinable fair value
(3) Mark-to-market adjustments for the 2029 Notes embedded and capped call
derivatives, non-cash interest expense, and loss on debt extinguishment
(4) Remeasurement of contingent consideration related to the ImThera
acquisition
(5) Legal expenses primarily related to 3T Heater-Cooler defense, 3T
Heater-Cooler litigation provision, and Medical Device Regulation
("MDR") costs
(6) Non-cash expenses associated with share-based compensation costs
(7) The impact of valuation allowances, discrete tax items, the tax impact
of intercompany transactions, and the tax impact on non-GAAP
adjustments
-- Numbers may not add precisely due to rounding.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
(In millions, except for per share amounts)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Non-GAAP Adjustments
----------------------------------------------------------------------------------------------------------------------------
Depreciation
Three Months GAAP and Investment Financing Contingent Certain Legal Share-based Certain Tax Adjusted
Ended March 31, Financial Restructuring Amortization Related Related Items Consideration & Regulatory Compensation Adjustments Financial
2025 Measures Expense (1) Expense (2) Items (3) (4) (5) Costs (6) Costs (7) (8) Measures
--------------- ----------- --------------- -------------- ------------ -------------- --------------- ------------- -------------- ------------- -----------
Cost of sales $100.6 $-- ($1.7) $-- $-- ($0.3) $-- ($0.2) $-- $98.5
Gross profit
percent 68.3% --% 0.5% --% --% 0.1% --% 0.1% --% 68.9%
Selling,
general, and
administrative 129.1 -- (2.5) -- -- -- (4.6) (6.5) -- 115.6
Selling,
general, and
administrative
as a percent of
net revenue 40.8% --% (0.8)% --% --% --% (1.4)% (2.0)% --% 36.5%
Research and
development 37.9 -- 0.1 -- -- (0.7) 2.0 (1.2) -- 38.2
Research and
development as
a percent of
net revenue 12.0% --% --% --% --% (0.2)% 0.6% (0.4)% --% 12.0%
Other operating
expense 0.6 0.1 -- -- -- -- (0.7) -- -- --
Operating income 48.6 (0.1) 4.1 -- -- 0.9 3.2 7.8 -- 64.6
Operating margin
percent 15.3% --% 1.3% --% --% 0.3% 1.0% 2.5% --% 20.4%
Net (loss)
income (327.3) (0.1) 4.1 2.6 0.2 0.9 363.6 7.8 (3.7) 48.1
Net (loss)
income as a
percent of net
revenue (103.3)% --% 1.3% 0.8% 0.1% 0.3% 114.8% 2.5% (1.2)% 15.2%
Diluted (loss)
earnings per
share (9) ($6.01) $-- $0.07 $0.05 $-- $0.02 $6.65 $0.14 ($0.07) $0.88
GAAP results for the three months ended March 31, 2025 include:
(1) Restructuring expense related to organizational changes
(2) Depreciation and amortization associated with purchase price accounting
(3) Loss on investment revaluation of Ceribell, Inc.
(4) Mark-to-market adjustments for the 2025 and 2029 Notes embedded and
capped call derivatives, interest expense on the Term Facilities,
non-cash interest expense on the 2025 and 2029 Notes and Revolving
Credit Facility, and interest income on the collateral for the SNIA
litigation guarantee and delayed draw on Term Facilities
(5) Remeasurement of contingent consideration related to the ImThera
acquisition
(6) SNIA environmental liability, legal expenses primarily related to 3T
Heater-Cooler defense, 3T Heater-Cooler litigation provision, MDR costs,
cybersecurity incident costs net of insurance reimbursement, and R&D tax
incentive
(7) Non-cash expenses associated with share-based compensation costs
(8) The impact of valuation allowances, discrete tax items, the tax impact
of intercompany transactions, and the tax impact on non-GAAP
adjustments
(9) The denominator used to calculate the impact of non-GAAP adjustments on
a per share basis and adjusted diluted earnings per share includes
dilution from LivaNova's share-based compensation awards that was
excluded from the calculation of GAAP diluted loss per share because the
effect would have been anti-dilutive. See the reconciliation of GAAP
diluted weighted average shares outstanding, used in the computation of
GAAP diluted loss per share, to adjusted diluted weighted average shares
outstanding, used in the computation of adjusted diluted earnings per
share, at the end of this news release.
-- Numbers may not add precisely due to rounding.
LIVANOVA PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In millions)
March 31, December 31,
2026 2025
----------------- ---------------
ASSETS
Current Assets:
Cash and cash equivalents $539.7 $635.6
Accounts receivable, net of
allowance 229.3 216.0
Inventories 165.5 164.7
Prepaid and refundable taxes 41.3 48.6
Prepaid expenses and other current
assets 38.5 36.8
------------- ------------
Total Current Assets 1,014.2 1,101.6
------------- ------------
Property, plant, and equipment, net 255.5 242.6
Goodwill 785.6 792.8
Intangible assets, net 224.6 230.0
Operating lease assets 54.5 55.5
Investments 18.5 20.3
Deferred tax assets 109.8 111.0
Long-term derivative assets 38.3 36.6
Other assets 15.4 15.7
------------- ------------
Total Assets $2,516.4 $2,606.1
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current debt obligations $2.6 $31.5
Accounts payable 99.1 97.2
Accrued liabilities and other 102.6 94.6
SNIA environmental liability 389.5 396.2
Current contingent consideration 59.6 50.0
Current litigation provision
liability 9.6 12.6
Taxes payable 41.7 33.1
Accrued employee compensation and
related benefits 57.6 92.9
------------- ------------
Total Current Liabilities 762.5 808.1
------------- ------------
Long-term debt obligations 285.2 345.2
Long-term contingent consideration 43.1 42.0
Deferred tax liabilities 6.8 9.6
Long-term operating lease
liabilities 46.7 48.3
Long-term employee compensation and
related benefits 13.1 13.6
Long-term derivative liabilities 93.3 83.9
Other long-term liabilities 54.4 55.4
------------- ------------
Total Liabilities 1,305.0 1,406.1
------------- ------------
Total Shareholders' Equity 1,211.3 1,200.0
------------- ------------
Total Liabilities and Shareholders'
Equity $2,516.4 $2,606.1
============= ============
-- Numbers may not add precisely due to rounding.
LIVANOVA PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In millions)
Three Months Ended March 31,
----------------------------------
2026 2025
----------------- ---------------
Operating Activities:
Net income (loss) $22.3 ($327.3)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Remeasurement of contingent
consideration to fair value 10.7 0.9
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