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LivaNova Reports Third-Quarter 2024 Results

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LivaNova (LIVN) reported strong Q3 2024 results with revenue of $318.1 million, up 11.2% year-over-year. The company's Cardiopulmonary segment revenue increased 15.4% to $172.2 million, while Neuromodulation grew 8.8% to $139.9 million. U.S. GAAP diluted earnings per share reached $0.60, with adjusted EPS at $0.90. Based on strong performance, LivaNova raised its full-year 2024 guidance, now expecting revenue growth between 8.5% and 9.5% on a constant-currency basis, and adjusted EPS of $3.30-$3.40.

LivaNova (LIVN) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato di 318,1 milioni di dollari, in aumento dell'11,2% rispetto all'anno precedente. I ricavi del segmento Cardiopolmonare sono aumentati del 15,4% a 172,2 milioni di dollari, mentre la Neuromodulazione è cresciuta dell'8,8% a 139,9 milioni di dollari. Gli utili per azione diluiti secondo i principi contabili GAAP degli Stati Uniti hanno raggiunto i 0,60 dollari, con un utile per azione rettificato di 0,90 dollari. Sulla base delle solide performance, LivaNova ha alzato le previsioni per l'intero anno 2024, ora aspettandosi una crescita del fatturato compresa tra l'8,5% e il 9,5% a tassi di cambio costanti, e un utile rettificato per azione di 3,30-3,40 dollari.

LivaNova (LIVN) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos de 318,1 millones de dólares, un aumento del 11,2% en comparación con el año anterior. Los ingresos del segmento Cardiopulmonar aumentaron un 15,4% a 172,2 millones de dólares, mientras que Neuromodulación creció un 8,8% a 139,9 millones de dólares. Las ganancias por acción diluidas según los principios de contabilidad GAAP de EE. UU. alcanzaron los 0,60 dólares, con un EPS ajustado de 0,90 dólares. Basándose en un fuerte rendimiento, LivaNova incrementó su guía para el año completo 2024, esperando ahora un crecimiento de ingresos entre el 8,5% y el 9,5% en base a tasas de cambio constantes, y un EPS ajustado de 3,30-3,40 dólares.

리바노바 (LIVN)는 2024년 3분기 강력한 실적을 보고하며, 수익이 3억 1천 8백 10만 달러에 달했으며, 전년 대비 11.2% 증가했습니다. 심폐 부문 수익은 15.4% 증가한 1억 7천 2백 20만 달러였으며, 신경조절 부문은 8.8% 증가하여 1억 3천 9백 90만 달러에 달했습니다. 미국 GAAP 기준의 희석 주당 수익은 0.60달러에 도달했으며, 조정된 EPS는 0.90달러입니다. 강력한 실적을 바탕으로 리바노바는 2024년 전체 연간 가이던스를 상향 조정하여, 이제는 환율 변동을 고려할 때 수익 성장률을 8.5%에서 9.5% 사이로 예상하고, 조정된 EPS는 3.30-3.40달러로 예상하고 있습니다.

LivaNova (LIVN) a annoncé de solides résultats pour le troisième trimestre de 2024, avec un chiffre d'affaires de 318,1 millions de dollars, en hausse de 11,2% par rapport à l'année précédente. Le chiffre d'affaires du segment Cardiopulmonaire a augmenté de 15,4% pour atteindre 172,2 millions de dollars, tandis que la Neuromodulation a progressé de 8,8% à 139,9 millions de dollars. Le bénéfice par action dilué selon les normes GAAP américaines a atteint 0,60 dollar, avec un EPS ajusté de 0,90 dollar. Sur la base de ces performances solides, LivaNova a relevé ses prévisions pour l'ensemble de l'année 2024, s'attendant désormais à une croissance du chiffre d'affaires comprise entre 8,5% et 9,5% sur une base de change constante, et un EPS ajusté entre 3,30 et 3,40 dollars.

LivaNova (LIVN) berichtete starke Ergebnisse für das 3. Quartal 2024 mit einem Umsatz von 318,1 Millionen Dollar, was einem Anstieg von 11,2% im Vergleich zum Vorjahr entspricht. Der Umsatz im Segment Herz-Lungen stieg um 15,4% auf 172,2 Millionen Dollar, während die Neuromodulation um 8,8% auf 139,9 Millionen Dollar wuchs. Der verwässerte Gewinn pro Aktie nach US-GAAP betrug 0,60 Dollar, wobei der bereinigte EPS bei 0,90 Dollar lag. Aufgrund der starken Leistung hat LivaNova die Prognose für das gesamte Jahr 2024 angehoben und erwartet nun ein Umsatzwachstum zwischen 8,5% und 9,5% auf konstanter Währungsbasis sowie einen bereinigten Gewinn pro Aktie von 3,30 bis 3,40 Dollar.

Positive
  • Revenue growth of 11.2% to $318.1 million in Q3 2024
  • Cardiopulmonary segment revenue up 15.4% driven by Essenz™ Perfusion System sales
  • Neuromodulation segment revenue increased 8.8%
  • Adjusted operating income improved to $63.6 million from $45.0 million YoY
  • Raised full-year 2024 guidance
  • Adjusted free cash flow guidance of $110-130 million for 2024
Negative
  • Neuromodulation segment showed decline in Europe
  • Other segment revenue declined 27.3% to $6.0 million
  • ACS segment revenue decreased 35.2% to $4.4 million

Insights

The Q3 results demonstrate robust financial performance with $318.1 million in revenue, marking a solid 11.2% growth. Key highlights include strong performance in Cardiopulmonary segment (15.4% growth) driven by Essenz™ Perfusion System and consumables, while Neuromodulation showed moderate growth at 8.8%.

The company's profitability metrics show significant improvement, with adjusted operating income increasing to $63.6 million from $45.0 million year-over-year. The raised guidance for 2024, projecting 10-11% revenue growth (excluding ACS) and adjusted EPS of $3.30-$3.40, indicates management's confidence in continued momentum.

The improved free cash flow guidance of $110-130 million suggests strengthening operational efficiency and cash generation capabilities.

The strong adoption of the Essenz™ Perfusion System represents a significant competitive advantage in the cardiopulmonary segment. The 15.4% growth in this division indicates successful market penetration and validates the company's innovation strategy. However, the mixed performance in Neuromodulation, particularly the decline in Europe, warrants attention and may require strategic interventions.

The wind-down of the ACS segment appears well-managed, with minimal impact on overall growth metrics. The company's focus on core segments and innovation positions it favorably in the medical device market, though geographic expansion opportunities remain in the Neuromodulation segment.

LONDON--(BUSINESS WIRE)-- LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today reported results for the quarter ended September 30, 2024 and raised full-year 2024 guidance.

Financial Summary and Highlights(1)

  • Third-quarter revenue of $318.1 million increased 11.2% on both a reported and constant-currency basis, as compared to the prior-year period. Excluding the impact of the Advanced Circulatory Support (ACS) segment wind down, revenue increased 12.3% on a constant-currency basis.
  • Third-quarter U.S. GAAP diluted earnings per share of $0.60 and adjusted diluted earnings per share of $0.90.
  • In October 2024, LivaNova announced the appointment of Susan Podlogar to the Board. Podlogar serves on the Compensation and Human Capital Management Committee.

"LivaNova delivered strong revenue and operating income growth in the third quarter,” said Vladimir Makatsaria, Chief Executive Officer of LivaNova. "This performance reflects the strength of our team's ongoing execution and steadfast commitment to serving customers and their patients. We look forward to building on this momentum in the fourth quarter and in 2025, driven by our continued focus on performance, innovation, and talent."

____________________ 

(1) Constant-currency percent change, total revenue excluding revenue from the ACS segment wind down, adjusted operating income, 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.

Third-Quarter 2024 Results

The following table summarizes revenue by segment (in millions):

 

 

 

Three Months Ended

September 30,

 

% Change

 

Constant-
Currency

% Change

 

 

 

2024

 

2023

 

 

Cardiopulmonary

 

$172.2

 

$149.0

 

15.6 %

 

15.4 %

Neuromodulation

 

139.9

 

128.9

 

8.5 %

 

8.8 %

Other (1)

 

6.0

 

8.3

 

(27.3) %

 

(27.5) %

Total Net Revenue

 

318.1

 

286.1

 

11.2 %

 

11.2 %

Less: ACS (2)

 

4.4

 

6.8

 

(35.2) %

 

N/A

Total Net Revenue, Excluding ACS

 

$313.7

 

$279.3

 

12.3 %

 

12.3 %

(1)

Includes revenue from the Company’s former ACS reportable segment, as well as rental and site services income not allocated to segments.

(2)

Includes the results from the wind down portion of the Company's former ACS reportable segment.
  • Numbers may not add precisely due to rounding. Segment financial information presented herein reflects LivaNova's change in segments, effective in the first quarter 2024, for all periods presented.

Cardiopulmonary revenue increased 15.6% on a reported basis and 15.4% on a constant-currency basis versus the third quarter of 2023 with growth across all regions, driven by Essenz™ Perfusion System sales and strong consumables demand.

Neuromodulation revenue increased 8.5% on a reported basis and 8.8% on a constant-currency basis versus the third quarter of 2023 with growth in the U.S. and Rest of World regions, partially offset by a decline in Europe.

Earnings Analysis

On a U.S. GAAP basis, third-quarter 2024 operating income was $35.6 million, as compared to operating income of $4.5 million for the third quarter of 2023. Adjusted operating income for the third quarter of 2024 was $63.6 million, as compared to adjusted operating income of $45.0 million for the third quarter of 2023.

On a U.S. GAAP basis, third-quarter 2024 diluted earnings per share was $0.60, as compared to diluted loss per share of $0.14 in the third quarter of 2023. Third-quarter 2024 adjusted diluted earnings per share was $0.90, as compared to adjusted diluted earnings per share of $0.73 in the third quarter of 2023.

Full-Year 2024 Guidance

LivaNova now expects revenue for full-year 2024 to grow between 8.5% and 9.5% on a constant-currency basis. When excluding the impact of the ACS segment wind down, the Company now expects revenue for full-year 2024 to grow between 10% and 11% on a constant-currency basis. Foreign currency is now expected to be negligible based on current exchange rates.

Adjusted diluted earnings per share for 2024 is now expected to be in the range of $3.30 to $3.40, assuming a share count of approximately 55 million for full-year 2024. For 2024, the Company now estimates that adjusted free cash flow will be in the range of $110 to $130 million.

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 12 p.m. London time (8 a.m. Eastern Time) on Wednesday, October 30, 2024 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 881946. 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 and a relentless commitment to provide hope for patients and their families through medical technologies, delivering life-changing solutions in select neurological and cardiac conditions. Headquartered in London, LivaNova employs approximately 2,900 employees and has a presence in more than 100 countries for the benefit of 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 comparable, constant-currency percent change in revenue. Company management believes that referring to comparable, constant-currency percent change is the most 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, a non-GAAP financial measure, 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 exclude items such as, but not limited to, changes in fair value of 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, CARES Act tax stimulus benefits, SNIA 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.

The Company also believes 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 expenses, adjusted operating income, adjusted income before 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. Furthermore, adjusted financial measures allow 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 stockholders 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, including as caused by the invasion of Ukraine, the evolving instability in the Middle East, inflation, changing interest rates, foreign exchange fluctuations, changes to existing trade agreements and relationships between the U.S. and other countries, including the implementation of sanctions; cyber-attacks or other disruptions to the Company’s information technology systems or those of third parties with which the Company interacts; costs of complying with privacy and security of personal information requirements and laws; risks relating to supply chain pressures; changes in technology, including the development of superior or alternative technology or devices by competitors and/or competition from providers of alternative medical therapies; failure to obtain approvals or reimbursement in relation to the Company’s products; failure to establish, expand, or maintain market acceptance of the Company’s products for the treatment of the Company’s approved indications; failure to develop and commercialize new products and the rate and degree of market acceptance of such products; unfavorable results from clinical studies or failure to meet milestones; failure to comply with, or changes in, laws, regulations, or administrative practices affecting government regulation of the Company’s products; the risk of quality issues and the impacts thereof; risks relating to recalls, replacement of inventory, enforcement actions, or product liability claims; changes or reduction in reimbursement for the Company’s products or failure to comply with rules relating to reimbursement of healthcare goods and services; failure to comply with anti-bribery laws; losses or costs from pending or future lawsuits and governmental investigations, including in the case of the Company’s 3T Heater-Cooler and SNIA environmental litigations; risks associated with environmental laws and regulations as well as environmental liabilities, violations, protest voting, and litigation; product liability, intellectual property, shareholder-related, environmental-related, income tax, and other litigation, disputes, losses, and costs; failure to retain key personnel, prevent labor shortages, or manage labor costs; the failure of the Company’s R&D efforts to keep up with the rapid pace of technological development in the medical device industry; the risks relating to the impact of climate change and the risk of environmental, social, and governance pressures from internal and external stakeholders; failure to protect the Company’s proprietary intellectual property; failure of new acquisitions to further the Company’s strategic objectives or strengthen the Company’s existing businesses; the potential for impairments of intangible assets, goodwill, and other long-lived assets; risks relating to the Company’s indebtedness; 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; changes in tax laws and regulations, including exposure to additional income tax liabilities; 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 United States 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.

VNS Therapy and Essenz are trademarks of LivaNova USA, Inc.

LIVANOVA PLC

NET REVENUE - UNAUDITED

(U.S. dollars in millions)

 

 

 

Three Months Ended September 30,

 

 

 

2024

 

2023

 

% Change

 

Constant-Currency
% Change

Cardiopulmonary

 

 

 

 

 

 

 

 

U.S.

 

$62.5

 

$52.3

 

19.6 %

 

19.6 %

Europe (1)

 

40.9

 

35.5

 

15.2 %

 

13.4 %

Rest of World

 

68.8

 

61.2

 

12.5 %

 

13.0 %

 

 

172.2

 

149.0

 

15.6 %

 

15.4 %

Neuromodulation

 

 

 

 

 

 

 

 

U.S.

 

112.9

 

102.5

 

10.2 %

 

10.2 %

Europe (1)

 

11.9

 

12.7

 

(5.8) %

 

(7.7) %

Rest of World

 

15.0

 

13.7

 

9.4 %

 

13.6 %

 

 

139.9

 

128.9

 

8.5 %

 

8.8 %

Other Revenue (2)

 

6.0

 

8.3

 

(27.3) %

 

(27.5) %

Totals

 

 

 

 

 

 

 

 

U.S.

 

179.8

 

161.6

 

11.3 %

 

11.3 %

Europe (1)

 

52.8

 

48.1

 

9.7 %

 

7.9 %

Rest of World

 

85.5

 

76.4

 

11.9 %

 

13.0 %

 

 

$318.1

 

$286.1

 

11.2 %

 

11.2 %

(1)

Includes countries in Europe where the Company has a direct sales presence. Countries in Europe where sales are made through distributors are included in “Rest of World.”

(2)

"Other Revenue" includes revenue from the Company’s former ACS reportable segment, as well as rental and site services income not allocated to segments.

Numbers may not add precisely due to rounding. Segment financial information presented herein reflects LivaNova's change in segments, effective in the first quarter 2024, for all periods

LIVANOVA PLC

NET REVENUE - UNAUDITED

(U.S. dollars in millions)

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

2023

 

% Change

 

Constant-Currency % Change

Cardiopulmonary

 

 

 

 

 

 

 

 

U.S.

 

$178.0

 

$141.9

 

25.4 %

 

25.4 %

Europe (1)

 

120.4

 

111.2

 

8.3 %

 

7.2 %

Rest of World

 

203.5

 

185.7

 

9.6 %

 

12.1 %

 

 

501.8

 

438.8

 

14.4 %

 

15.2 %

Neuromodulation

 

 

 

 

 

 

 

 

U.S.

 

330.5

 

301.0

 

9.8 %

 

9.8 %

Europe (1)

 

40.9

 

41.1

 

(0.4) %

 

(1.6) %

Rest of World

 

45.2

 

40.7

 

11.0 %

 

15.3 %

 

 

416.6

 

382.8

 

8.8 %

 

9.2 %

Other Revenue (2)

 

13.2

 

21.8

 

(39.7) %

 

(39.8) %

Totals

 

 

 

 

 

 

 

 

U.S.

 

520.0

 

461.8

 

12.6 %

 

12.6 %

Europe (1)

 

158.4

 

152.2

 

4.1 %

 

2.9 %

Rest of World

 

253.2

 

229.4

 

10.4 %

 

13.2 %

 

 

$931.6

 

$843.4

 

10.5 %

 

11.0 %

(1)

Includes countries in Europe where the Company has a direct sales presence. Countries in Europe where sales are made through distributors are included in “Rest of World.”

(2)

"Other Revenue" includes revenue from the Company’s former ACS reportable segment, as well as rental and site services income not allocated to segments.

Numbers may not add precisely due to rounding. Segment financial information presented herein reflects LivaNova's change in segments, effective in the first quarter 2024, for all periods presented.

LIVANOVA PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(U.S. dollars in millions, except per share amounts)

 

 

 

Three Months Ended September 30,

 

 

2024

 

2023

Net revenue

 

$318.1

 

$286.1

Cost of sales

 

92.9

 

84.3

Gross profit

 

225.3

 

201.8

Operating expenses:

 

 

 

 

Selling, general, and administrative

 

131.7

 

134.8

Research and development

 

48.8

 

46.5

Other operating expense

 

9.2

 

16.0

Operating income

 

35.6

 

4.5

Interest expense

 

(15.9)

 

(15.0)

Foreign exchange and other income/(expense)

 

24.7

 

8.6

Income (loss) before tax

 

44.4

 

(2.0)

Income tax expense

 

11.5

 

5.3

Net income (loss)

 

$33.0

 

($7.3)

 

 

 

 

 

Basic income (loss) per share

 

$0.61

 

($0.14)

Diluted income (loss) per share

 

$0.60

 

($0.14)

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

Basic

 

54.4

 

54.0

Diluted

 

54.6

 

54.0

Numbers may not add precisely due to rounding.

Adjusted Financial Measures (U.S. dollars in millions, except per share amounts) - Unaudited

 

 

 

Three Months Ended September 30,

 

 

 

2024

 

2023

Adjusted SG&A

 

$116.1

 

$114.7

Adjusted R&D

 

46.8

 

42.0

Adjusted operating income

 

63.6

 

45.0

Adjusted net income

 

49.3

 

39.5

Adjusted diluted earnings per share

 

$0.90

 

$0.73

Statistics (as a % of net revenue, except for income tax rate) - Unaudited

 

 

 

GAAP Three Months Ended

September 30,

 

Adjusted Three Months Ended

September 30,

 

 

 

2024

 

2023

 

2024

 

2023

Gross profit

 

70.8 %

 

70.5 %

 

71.2 %

 

70.5 %

SG&A

 

41.4 %

 

47.1 %

 

36.5 %

 

40.1 %

R&D

 

15.3 %

 

16.3 %

 

14.7 %

 

14.7 %

Operating income

 

11.2 %

 

1.6 %

 

20.0 %

 

15.7 %

Net income (loss)

 

10.4 %

 

(2.6) %

 

15.5 %

 

13.8 %

Income tax rate

 

25.9 %

 

(268.4) %

 

22.5 %

 

10.4 %

LIVANOVA PLC AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(U.S. dollars in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

2024

 

2023

Net revenue

 

$931.6

 

$843.4

Cost of sales

 

280.1

 

262.3

Gross profit

 

651.5

 

581.1

Operating expenses:

 

 

 

 

Selling, general, and administrative

 

390.6

 

384.8

Research and development

 

139.2

 

147.7

Other operating expense

 

29.6

 

29.1

Operating income

 

92.0

 

19.5

Interest expense

 

(47.3)

 

(43.2)

Loss on debt extinguishment

 

(25.5)

 

Foreign exchange and other income/(expense)

 

12.6

 

36.8

Income before tax

 

31.8

 

13.1

Income tax expense

 

24.5

 

11.8

Loss from equity method investments

 

 

(0.1)

Net income

 

$7.3

 

$1.2

 

 

 

 

 

Basic income per share

 

$0.14

 

$0.02

Diluted income per share

 

$0.13

 

$0.02

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

Basic

 

54.2

 

53.8

Diluted

 

54.5

 

54.1

Numbers may not add precisely due to rounding.

Adjusted Financial Measures (U.S. dollars in millions, except per share amounts) - Unaudited

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

2023

Adjusted SG&A

 

$342.1

 

$336.1

Adjusted R&D

 

130.9

 

136.1

Adjusted operating income

 

183.6

 

121.3

Adjusted net income

 

140.1

 

104.7

Adjusted diluted earnings per share

 

$2.57

 

$1.94

Statistics (as a % of net revenue, except for income tax rate) - Unaudited

 

 

 

GAAP Nine Months Ended

September 30,

 

Adjusted Nine Months Ended

September 30,

 

 

 

2024

 

2023

 

2024

 

2023

Gross profit

 

69.9 %

 

68.9 %

 

70.5 %

 

70.4 %

SG&A

 

41.9 %

 

45.6 %

 

36.7 %

 

39.8 %

R&D

 

14.9 %

 

17.5 %

 

14.0 %

 

16.1 %

Operating income

 

9.9 %

 

2.3 %

 

19.7 %

 

14.4 %

Net income

 

0.8 %

 

0.1 %

 

15.0 %

 

12.4 %

Income tax rate

 

76.9 %

 

90.1 %

 

21.4 %

 

9.1 %

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

(U.S. dollars in millions, except per share amounts)

 

 

Specified Items

 

Three Months Ended

September 30, 2024

GAAP Financial Measures

Restructuring

Expenses (1)

Depreciation and Amortization Expenses (2)

Financing

Transactions (3)

Contingent

Consideration (4)

Certain Legal & Regulatory Costs (5)

Stock-based Compensation Costs (6)

Certain Tax

Adjustments (7)

Certain Interest

Adjustments (8)

Adjusted Financial Measures

Cost of sales

$92.9

 

$—

 

($1.8

)

$—

 

$0.2

 

$0.7

 

($0.4

)

$—

 

$—

 

$91.7

 

Gross profit percent

70.8

%

%

0.6

%

%

(0.1

)%

(0.2

)%

0.1

%

%

%

71.2

%

Selling, general, and administrative

131.7

 

 

(2.6

)

 

 

(6.3

)

(6.6

)

 

 

116.1

 

Selling, general, and administrative as a percent of net revenue

41.4

%

%

(0.8

)%

%

%

(2.0

)%

(2.1

)%

%

%

36.5

%

Research and development

48.8

 

 

 

 

(0.3

)

(0.3

)

(1.5

)

 

 

46.8

 

Research and development as a percent of net revenue

15.3

%

%

%

%

(0.1

)%

(0.1

)%

(0.5

)%

%

%

14.7

%

Other operating expense

9.2

 

(1.5

)

 

 

 

(7.7

)

 

 

 

 

Operating income

35.6

 

1.5

 

4.4

 

 

0.1

 

13.5

 

8.6

 

 

 

63.6

 

Operating margin percent

11.2

%

0.5

%

1.4

%

%

%

4.2

%

2.7

%

%

%

20.0

%

Net income

33.0

 

1.5

 

4.4

 

(17.1

)

0.1

 

13.5

 

8.6

 

(2.7

)

8.3

 

49.3

 

Net income as a percent of net revenue

10.4

%

0.5

%

1.4

%

(5.4

)%

%

4.2

%

2.7

%

(0.9

)%

2.6

%

15.5

%

Diluted EPS

$0.60

 

$0.03

 

$0.08

 

($0.31

)

$—

 

$0.25

 

$0.16

 

($0.05

)

$0.15

 

$0.90

 

GAAP results for the three months ended September 30, 2024 include:

(1)

Restructuring expenses related to organizational changes

(2)

Depreciation and amortization associated with purchase price accounting

(3)

Mark-to-market adjustments for the 2025 and 2029 Notes embedded and capped call derivatives

(4)

Remeasurement of contingent consideration related to the ImThera acquisition

(5)

Legal expenses primarily related to 3T Heater-Cooler defense, cybersecurity incident costs, 3T Heater-Cooler litigation provision, and Medical Device Regulation ("MDR") costs

(6)

Non-cash expenses associated with stock-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

(8)

Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities

Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

(U.S. dollars in millions, except per share amounts)

 

 

 

Specified Items

 

Three Months Ended

September 30, 2023

GAAP Financial Measures

Restructuring

Expenses (1)

Depreciation and Amortization Expenses (2)

Financing

Transactions (3)

Contingent

Consideration (4)

Certain Legal & Regulatory Costs (5)

Stock-based Compensation Costs (6)

Certain Tax

Adjustments (7)

Certain Interest

Adjustments (8)

Adjusted Financial Measures

Cost of sales

$84.3

 

$—

 

($3.7

)

$—

 

$4.2

 

$—

 

($0.3

)

$—

 

$—

 

$84.4

 

Gross profit percent

70.5

%

%

1.3

%

%

(1.5

)%

%

0.1

%

%

%

70.5

%

Selling, general, and administrative

134.8

 

 

(2.9

)

 

 

(7.9

)

(9.3

)

 

 

114.7

 

Selling, general, and administrative as a percent of net revenue

47.1

%

%

(1.0

)%

%

%

(2.8

)%

(3.2

)%

%

%

40.1

%

Research and development

46.5

 

 

 

 

(1.4

)

(1.0

)

(2.2

)

 

 

42.0

 

Research and development as a percent of net revenue

16.3

%

%

%

%

(0.5

)%

(0.4

)%

(0.8

)%

%

%

14.7

%

Other operating expense

16.0

 

(0.1

)

 

 

 

(15.9

)

 

 

 

 

Operating income

4.5

 

0.1

 

6.6

 

 

(2.8

)

24.8

 

11.8

 

 

 

45.0

 

Operating margin percent

1.6

%

%

2.3

%

%

(1.0

)%

8.7

%

4.1

%

%

%

15.7

%

Net (loss) income

(7.3

)

0.1

 

6.6

 

(2.0

)

(2.8

)

24.8

 

11.8

 

0.7

 

7.6

 

39.5

 

Net (loss) income as a percent of net revenue

(2.6

)%

%

2.3

%

(0.7

)%

(1.0

)%

8.7

%

4.1

%

0.3

%

2.6

%

13.8

%

Diluted EPS

($0.14

)

$—

 

$0.12

 

($0.04

)

($0.05

)

$0.46

 

$0.22

 

$0.01

 

$0.14

 

$0.73

 

GAAP results for the three months ended September 30, 2023 include:

(1)

Restructuring expenses related to organizational changes

(2)

Depreciation and amortization associated with purchase price accounting

(3)

Mark-to-market adjustment for the embedded and capped call derivatives associated with the 2025 Notes

(4)

Remeasurement of contingent consideration related to acquisitions

(5)

3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, the Saluggia site provision, costs related to the SNIA matter, and MDR costs

(6)

Non-cash expenses associated with stock-based compensation costs

(7)

Discrete tax items, R&D tax credits, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments

(8)

Non-cash interest expense on the 2025 Notes and Revolving Credit Facility, interest expense on the Term Facilities, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities

Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

(U.S. dollars in millions, except per share amounts)

 

 

Specified Items

 

Nine Months Ended

September 30, 2024

GAAP Financial Measures

Restructuring

Expenses (1)

Depreciation and Amortization Expenses (2)

Impairment (3)

Financing

Transactions (4)

Contingent

Consideration (5)

Certain Legal & Regulatory Costs (6)

Stock-based Compensation Costs (7)

Certain Tax

Adjustments (8)

Certain Interest

Adjustments (9)

Adjusted Financial Measures

Cost of sales

$280.1

 

$—

 

($5.2

)

$—

 

$—

 

$0.3

 

$0.7

 

($0.9

)

$—

 

$—

 

$275.1

 

Gross profit percent

69.9

%

%

0.6

%

%

%

%

(0.1

)%

0.1

%

%

%

70.5

%

Selling, general, and administrative

390.6

 

 

(7.9

)

 

 

 

(20.1

)

(20.6

)

 

 

342.1

 

Selling, general, and administrative as a percent of net revenue

41.9

%

%

(0.8

)%

%

%

%

(2.2

)%

(2.2

)%

%

%

36.7

%

Research and development

139.2

 

 

0.1

 

 

 

(0.7

)

(2.3

)

(5.5

)

 

 

130.9

 

Research and development as a percent of net revenue

14.9

%

%

%

%

%

(0.1

)%

(0.2

)%

(0.6

)%

%

%

14.0

%

Other operating expense

29.6

 

(12.8

)

 

 

 

 

(16.8

)

 

 

 

 

Operating income

92.0

 

12.8

 

12.9

 

 

 

0.3

 

38.4

 

27.0

 

 

 

183.6

 

Operating margin percent

9.9

%

1.4

%

1.4

%

%

%

%

4.1

%

2.9

%

%

%

19.7

%

Net income

7.3

 

12.8

 

12.9

 

5.8

 

25.7

 

0.3

 

38.4

 

27.0

 

(13.7

)

23.5

 

140.1

 

Net income as a percent of net revenue

0.8

%

1.4

%

1.4

%

0.6

%

2.8

%

%

4.1

%

2.9

%

(1.5

)%

2.5

%

15.0

%

Diluted EPS

$0.13

 

$0.24

 

$0.24

 

$0.11

 

$0.47

 

$0.01

 

$0.70

 

$0.49

 

($0.25

)

$0.43

 

$2.57

 

GAAP results for the nine months ended September 30, 2024 include:

(1)

Restructuring expenses related to organizational changes

(2)

Depreciation and amortization associated with purchase price accounting

(3)

Impairment of investment in ShiraTronics, Inc.

(4)

Loss on debt extinguishment, as well as mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives

(5)

Remeasurement of contingent consideration related to the ImThera acquisition

(6)

3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, cybersecurity incident costs, MDR costs, and costs related to the SNIA matter

(7)

Non-cash expenses associated with stock-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)

Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities

Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

(U.S. dollars in millions, except per share amounts)

 

 

 

Specified Items

 

Nine Months Ended

September 30, 2023

GAAP Financial Measures

Merger and Integration Expenses (1)

Restructuring

Expenses (2)

Depreciation and Amortization Expenses (3)

Financing

Transactions (4)

Contingent

Consideration (5)

Certain Legal & Regulatory Costs (6)

Stock-based Compensation Costs (7)

Certain Tax

Adjustments (8)

Certain Interest

Adjustments (9)

Adjusted Financial Measures

Cost of sales

$262.3

 

$—

 

$—

 

($11.1

)

$—

 

($0.4

)

$—

 

($0.8

)

$—

 

$—

 

$250.0

 

Gross profit percent

68.9

%

%

%

1.3

%

%

0.1

%

%

0.1

%

%

%

70.4

%

Selling, general, and administrative

384.8

 

 

 

(8.6

)

 

 

(17.7

)

(22.4

)

 

 

336.1

 

Selling, general, and administrative as a percent of net revenue

45.6

%

%

%

(1.0

)%

%

%

(2.1

)%

(2.7

)%

%

%

39.8

%

Research and development

147.7

 

 

 

0.1

 

 

(4.1

)

(2.7

)

(4.9

)

 

 

136.1

 

Research and development as a percent of net revenue

17.5

%

%

%

%

%

(0.5

)%

(0.3

)%

(0.6

)%

%

%

16.1

%

Other operating expense

29.1

 

(0.1

)

(1.1

)

 

 

 

(28.0

)

 

 

 

 

Operating income

19.5

 

0.1

 

1.1

 

19.6

 

 

4.5

 

48.5

 

28.1

 

 

 

121.3

 

Operating margin percent

2.3

%

%

0.1

%

2.3

%

%

0.5

%

5.7

%

3.3

%

%

%

14.4

%

Net income

1.2

 

0.1

 

1.1

 

19.6

 

(21.7

)

4.5

 

48.5

 

28.1

 

1.3

 

22.2

 

104.7

 

Net income as a percent of net revenue

0.1

%

%

0.1

%

2.3

%

(2.6

)%

0.5

%

5.7

%

3.3

%

0.1

%

2.6

%

12.4

%

Diluted EPS

$0.02

 

$—

 

$0.02

 

$0.36

 

($0.40

)

$0.08

 

$0.90

 

$0.52

 

$0.02

 

$0.41

 

$1.94

 

GAAP results for the nine months ended September 30, 2023 include:

(1)

Merger and integration expenses related to the acquisition of ALung Technologies, Inc.

(2)

Restructuring expenses related to organizational changes

(3)

Depreciation and amortization associated with purchase price accounting

(4)

Mark-to-market adjustment for the embedded and capped call derivatives associated with the 2025 Notes

(5)

Remeasurement of contingent consideration related to acquisitions

(6)

3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, the Saluggia site provision, costs related to the SNIA matter, and MDR costs

(7)

Non-cash expenses associated with stock-based compensation costs

(8)

Discrete tax items, R&D tax credits, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments

(9)

Non-cash interest expense on the 2025 Notes and Revolving Credit Facility, interest expense on the Term Facilities, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities

Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(U.S. dollars in millions)

 

 

September 30, 2024

 

December 31, 2023

ASSETS

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$346.4

 

$266.5

Restricted cash

 

320.2

 

311.4

Accounts receivable, net of allowance

 

197.2

 

215.1

Inventories

 

162.3

 

147.9

Prepaid and refundable taxes

 

23.9

 

20.1

Prepaid expenses and other current assets

 

43.3

 

27.2

Total Current Assets

 

1,093.1

 

988.2

Property, plant, and equipment, net

 

169.3

 

154.2

Goodwill

 

781.6

 

782.9

Intangible assets, net

 

248.5

 

261.2

Operating lease assets

 

51.6

 

50.8

Investments

 

18.1

 

22.8

Deferred tax assets

 

110.0

 

118.9

Long-term derivative assets

 

35.4

 

38.5

Other assets

 

14.4

 

12.1

Total Assets

 

$2,522.0

 

$2,429.6

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

Current debt obligations

 

$22.0

 

$18.1

Accounts payable

 

77.9

 

80.8

Accrued liabilities and other

 

104.5

 

107.3

Current litigation provision liability

 

16.1

 

10.8

Taxes payable

 

26.5

 

23.3

Accrued employee compensation and related benefits

 

77.4

 

94.6

Total Current Liabilities

 

324.4

 

335.0

Long-term debt obligations

 

604.3

 

568.5

Contingent consideration

 

81.2

 

80.9

Deferred tax liabilities

 

11.8

 

11.6

Long-term operating lease liabilities

 

44.1

 

45.4

Long-term employee compensation and related benefits

 

14.9

 

17.3

Long-term derivative liabilities

 

84.2

 

45.6

Other long-term liabilities

 

47.0

 

47.7

Total Liabilities

 

1,211.9

 

1,151.9

Total Stockholders’ Equity

 

1,310.0

 

1,277.6

Total Liabilities and Stockholders’ Equity

 

$2,522.0

 

$2,429.6

Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

 

 

 

 

(U.S. dollars in millions)

 

Nine Months Ended September 30,

 

 

2024

 

2023

Operating Activities:

 

 

 

 

Net income

 

$7.3

 

$1.2

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Stock-based compensation

 

27.0

 

28.1

Loss on debt extinguishment

 

25.5

 

Depreciation

 

18.7

 

18.6

Amortization of debt issuance costs

 

15.7

 

14.2

Amortization of intangible assets

 

13.0

 

19.1

Deferred income tax expense

 

9.1

 

1.9

Amortization of operating lease assets

 

6.9

 

7.3

Impairment of investments

 

5.8

 

Remeasurement of derivative instruments

 

0.4

 

(25.7)

Remeasurement of contingent consideration to fair value

 

0.3

 

4.5

Other

 

1.5

 

0.6

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

17.4

 

(8.2)

Inventories

 

(13.9)

 

(33.0)

Other current and non-current assets

 

(14.8)

 

(3.0)

Accounts payable and accrued current and non-current liabilities

 

(23.4)

 

(8.1)

Taxes payable

 

2.6

 

6.3

Litigation provision liability

 

5.3

 

(2.9)

Net cash provided by operating activities

 

104.3

 

21.0

Investing Activities:

 

 

 

 

Purchases of property, plant, and equipment

 

(36.7)

 

(22.1)

Purchase of investments

 

(0.8)

 

(6.6)

Other

 

0.1

 

0.4

Net cash used in investing activities

 

(37.5)

 

(28.2)

Financing Activities:

 

 

 

 

Proceeds from long-term debt obligations

 

335.5

 

50.0

Repayment of long-term debt obligations

 

(243.2)

 

(16.1)

Payment of debt extinguishment costs

 

(39.0)

 

Purchase of capped calls

 

(31.6)

 

Proceeds from unwind of capped calls

 

22.5

 

Payment of contingent consideration

 

(13.8)

 

Shares repurchased from employees for minimum tax withholding

 

(8.1)

 

(7.0)

Payment of debt issuance costs

 

(5.9)

 

Proceeds from exercise of stock options

 

5.0

 

Repayments of short-term borrowings (maturities greater than 90 days)

 

 

(1.9)

Other

 

0.4

 

1.4

Net cash provided by financing activities

 

22.0

 

26.5

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(0.2)

 

(2.2)

Net increase in cash, cash equivalents, and restricted cash

 

88.7

 

17.1

Cash, cash equivalents, and restricted cash at beginning of period

 

577.9

 

515.6

Cash, cash equivalents, and restricted cash at end of period

 

$666.6

 

$532.7

Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

(U.S. dollars in millions)

 

 

 

Three Months Ended September 30,

 

 

 

2024

 

2023

 

 

 

GAAP Financial Measures

 

Certain Tax Adjustments

 

Adjusted Financial Measures

 

GAAP Financial Measures

 

Certain Tax Adjustments

 

Adjusted Financial Measures

Income (loss) before tax

 

$44.4

 

$—

 

$63.6

 

($2.0)

 

$—

 

$44.1

Income tax expense

 

11.5

 

2.7

 

14.3

 

5.3

 

(0.7)

 

4.6

Net income (loss)

 

$33.0

 

($2.7)

 

$49.3

 

($7.3)

 

$0.7

 

$39.5

Income tax rate

 

25.9 %

 

 

 

22.5 %

 

(268.4) %

 

 

 

10.4 %

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

2023

 

 

 

GAAP Financial Measures

 

Certain Tax Adjustments

 

Adjusted Financial Measures

 

GAAP Financial Measures

 

Certain Tax Adjustments

 

Adjusted Financial Measures

Income before tax

 

$31.8

 

$—

 

$178.3

 

$13.1

 

$—

 

$115.3

Income tax expense

 

24.5

 

13.7

 

38.1

 

11.8

 

(1.3)

 

10.5

Loss from equity method investments

 

 

 

 

(0.1)

 

 

(0.1)

Net income

 

$7.3

 

($13.7)

 

$140.1

 

$1.2

 

$1.3

 

$104.7

Income tax rate

 

76.9 %

 

 

 

21.4 %

 

90.1 %

 

 

 

9.1 %

Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

(U.S. dollars in millions)

 

 

 

Three Months Ended September 30,

 

% Change

 

Constant-Currency % Change

 

 

 

2024

 

2023

 

 

GAAP net revenue

 

$318.1

 

$286.1

 

11.2 %

 

11.2 %

Less: ACS (1)

 

4.4

 

6.8

 

(35.2) %

 

N/A

Net revenue excluding ACS

 

$313.7

 

$279.3

 

12.3 %

 

12.3 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

% Change

 

Constant-Currency % Change

 

 

 

2024

 

2023

 

 

GAAP net revenue

 

$931.6

 

$843.4

 

10.5 %

 

11.0 %

Less: ACS (1)

 

11.5

 

18.9

 

(39.1) %

 

N/A

Net revenue excluding ACS

 

$920.1

 

$824.5

 

11.6 %

 

12.2 %

(1)

Includes net revenue from the Company's former ACS reportable segment.

Numbers may not add precisely due to rounding.

The following table presents the reconciliation of GAAP diluted weighted average shares outstanding, used in the computation of GAAP diluted net loss per common share, to adjusted diluted weighted average shares outstanding, used in the computation of adjusted diluted earnings per common share (in millions of shares):

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

(shares in millions)

 

 

 

Three Months Ended
September 30, 2023

GAAP diluted weighted average shares outstanding

 

54.0

Add: Effects of stock-based compensation instruments

 

0.3

Adjusted diluted weighted average shares outstanding

 

54.3

Numbers may not add precisely due to rounding.

 

Briana Gotlin

Director, Investor Relations

Phone: +1 281 895 2382

e-mail: InvestorRelations@livanova.com

Source: LivaNova PLC

FAQ

What was LivaNova's (LIVN) revenue in Q3 2024?

LivaNova reported Q3 2024 revenue of $318.1 million, representing an 11.2% increase year-over-year on both reported and constant-currency basis.

How did LivaNova's (LIVN) Cardiopulmonary segment perform in Q3 2024?

The Cardiopulmonary segment revenue increased 15.6% to $172.2 million, driven by Essenz™ Perfusion System sales and strong consumables demand.

What is LivaNova's (LIVN) updated guidance for full-year 2024?

LivaNova expects full-year 2024 revenue growth between 8.5-9.5% on a constant-currency basis, with adjusted EPS of $3.30-$3.40.

What was LivaNova's (LIVN) earnings per share in Q3 2024?

LivaNova reported U.S. GAAP diluted earnings per share of $0.60 and adjusted diluted earnings per share of $0.90 in Q3 2024.

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Medical Devices
Electromedical & Electrotherapeutic Apparatus
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United States of America
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