LivaNova PLC (LIVN)

Price$81.92Cached quoteAs of 2026-09-06 11:28 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because solid growth is matched by only a modest cash return.

At the observed market value, LivaNova is worth roughly $4.5 billion. Management’s 2026 adjusted earnings forecast—profit after excluding specified unusual items—of $4.30-$4.40 per share puts the stock at about 19 times that profit. Guided adjusted free cash flow, meaning cash left after running and investing in the business with management’s stated adjustments, is $140-$160 million, only about 3%-4% of the equity value. That is reasonable for 8%-9% revenue growth before exchange-rate effects, but not a clear bargain.

Big pictureCore earnings and cash generation have improved sharply, making recent growth look more durable than before.

Revenue rose from $934 million in 2020 to $1.39 billion in 2025, while operating income improved from a $274 million loss to a $199 million profit. Operating cash flow moved from negative $79 million to positive $254 million. The 2025 net loss was distorted by a $365.6 million charge tied to the legacy SNIA environmental case. Q2 2026 revenue still grew 10.8%, and recurring consumables plus implant demand soften economic swings, although equipment upgrade cycles can make growth uneven.

Business strengthDebt has fallen and cash exceeds borrowings, but legacy liabilities and dilution still reduce safety.

At June 2026, cash was $516.6 million versus $351.9 million of total debt, so cash exceeded debt by about $164.7 million. Yet the SEC filing also shows a $385.0 million current SNIA environmental liability, so the headline cash cushion overstates freely available protection. Shares outstanding rose about 13% from 2020 to mid-2026, although recent dilution has been modest. Cash has mainly gone toward debt repayment and investment rather than dividends or buybacks, which is sensible while liabilities and growth spending remain elevated.

What could change the storyA successful sleep-apnea launch could justify today’s price, while weak cash recovery would undermine it.

The strongest bull case is that 2027 commercialization of aura6000 opens a new, higher-growth business while the Thermo Fisher oxygenator agreement removes a supply bottleneck. The strongest bear case is that capital spending stays high, free cash flow remains near the current $140-$160 million guide, or the sleep-apnea launch slips. At roughly 19 times expected 2026 adjusted profit, the market already assumes continued high-single-digit sales growth and that cash generation will catch up with accounting profit, so execution matters more than investors paying a richer valuation.

AI: News

Q2 cash-flow resetStrong quarterly results raised profit expectations, but lower cash guidance triggered a sharp reassessment.

On August 5, LivaNova reported $390.6 million of revenue, up 10.8%, and adjusted profit of $1.26 per share. It raised 2026 revenue growth guidance to 8%-9% and adjusted profit guidance to $4.30-$4.40 per share, but cut adjusted free cash flow guidance to $140-$160 million from $160-$180 million because of heavier capacity, innovation, and technology investment. Shares closed 8.4% lower that day; the timing is suggestive, not proof of causation.

Q1 guidance jumpA broad sales beat and higher yearly outlook drove a large positive repricing in May.

On May 6, first-quarter revenue reached $362.3 million, up 14.3%, with adjusted profit of $0.98 per share. LivaNova raised revenue growth guidance, measured without exchange-rate effects, to 7%-8% and adjusted profit guidance to $4.20-$4.30 per share while keeping adjusted free cash flow at $160-$180 million. The shares closed 15.1% higher that day and rose another 7.0% the next session. Because several factors can move a stock, the release is a strong timing match rather than proven sole cause.

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015 · Dec 31	2015 · Apr 24	2014	2013
Revenue	$1.39B	$1.25B	$1.15B	$1.02B	$1.04B	$934.2M	$1.08B	$1.11B	$1.01B	$964.9M	$415.7M	$291.6M	$282.0M	$254.3M
Gross profit	$939.9M	$853.5M	$755.8M	$707.2M	$706.0M	$594.8M	$723.8M	$745.6M	$651.6M	$559.5M	$266.5M	$264.2M	$254.7M	$232.4M
Gross margin	67.71%	68.09%	65.52%	69.21%	68.19%	63.66%	66.76%	67.36%	64.37%	57.99%	64.11%	90.63%	90.30%	91.39%
Research & development	$185.8M	$182.5M	$193.8M	$155.8M	$183.4M	$152.9M	$146.8M	$145.9M	$109.5M	$82.1M	$51.9M	$42.2M	$45.2M	$41.6M
Operating expenses	$740.5M	$724.4M	$824.3M	$784.0M	$706.8M	$868.7M	$895.4M	$993.7M	$556.0M	$528.1M	$292.1M	$175.6M	$174.6M	$154.1M
Operating income	$199.4M	$129.1M	−$68.5M	−$76.8M	−$784,000	−$273.9M	−$171.6M	−$248.1M	$96.5M	$33.4M	−$25.6M	$88.7M	$80.0M	$78.3M
Operating margin	14.36%	10.30%	−5.94%	−7.51%	−0.08%	−29.32%	−15.82%	−22.41%	9.53%	3.47%	−6.15%	30.41%	28.37%	30.81%
EBITDA	$245.7M	$171.4M	−$18.3M	−$54.4M	$23.8M	−$244.9M	−$100.9M	−$178.1M	$166.7M	$118.8M	−$5.1M	$95.5M	$85.6M	$83.0M
EBITDA margin	17.70%	13.67%	−1.59%	−5.32%	2.29%	−26.21%	−9.30%	−16.09%	16.47%	12.31%	−1.22%	32.74%	30.37%	32.63%
Net income	−$242.5M	$63.2M	$17.5M	−$86.2M	−$135.8M	−$348.8M	−$157.6M	−$189.4M	−$25.1M	−$62.8M	−$29.6M	$57.8M	$54.9M	$46.4M
Net profit margin	−17.47%	5.04%	1.52%	−8.44%	−13.12%	−37.34%	−14.54%	−17.11%	−2.48%	−6.51%	−7.12%	19.84%	19.46%	18.23%
Basic EPSper basic share	-$4.45	$1.17	$0.33	-$1.61	-$2.68	-$7.18	-$3.21	-$3.91	-$0.52	-$1.29	-$0.90	$2.19	$2.02	$1.68
Diluted EPSper diluted share	-$4.45	$1.16	$0.32	-$1.61	-$2.68	-$7.18	-$3.26	-$3.91	-$0.52	-$1.28	-$0.90	$2.17	$2.00	$1.66

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.74%of listed shares

BlackRock, Inc.7.57M shares · Jun 30, 2026

View holders

Top 20 reported holders of LIVN
Holder	% owned
BlackRock, Inc.	13.74%7.57M shares
PRIMECAP MANAGEMENT CO/CA/	7.57%4.17M shares
FMR LLC	5.72%3.15M shares
Hood River Capital Management LLC	4.66%2.57M shares
AQR CAPITAL MANAGEMENT LLC	4.28%2.36M shares
Invesco Ltd.	4.06%2.24M shares
Artisan Partners Limited Partnership	4.04%2.22M shares
STATE STREET CORP	3.93%2.17M shares
AMERICAN CENTURY COMPANIES INC	3.66%2.01M shares
DIMENSIONAL FUND ADVISORS LP	3.35%1.85M shares
GEODE CAPITAL MANAGEMENT, LLC	3.19%1.76M shares
WELLINGTON MANAGEMENT GROUP LLP	3.16%1.74M shares
CONGRESS ASSET MANAGEMENT CO	2.73%1.5M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.57%1.41M shares
Greenhouse Funds LLLP	1.68%924.13K shares
VICTORY CAPITAL MANAGEMENT INC	1.55%851.82K shares
EMERALD ADVISERS, LLC	1.43%787.1K shares
Nuveen, LLC	1.32%727.97K shares
NORTHERN TRUST CORP	1.27%697.78K shares
GOLDMAN SACHS GROUP INC	1.26%695.72K shares

Percentages use 55.05M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)6$464.4K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Bianchi FrancescoDirector	SellOrdinary Shares	1.2K	$80.19	$96.2K	9.6K
May 26, 2026Form 4	Bianchi FrancescoDirector	SellOrdinary Shares	1.8K	$75.75	$136.3K	7.2K
Nov 18, 2025Form 4	Story BrookeDirector	SellOrdinary Shares	250	$53.94	$13.5K	6.2K
Aug 25, 2025Form 4	Bianchi FrancescoDirector	SellOrdinary Shares	1.5K	$56.50	$84.8K	9.0K
Dec 11, 2024Form 4	Bianchi FrancescoDirector	SellOrdinary Shares	1.3K	$50.99	$63.7K	7.5K

Review ownership filings at SEC.gov ↗

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LivaNova PLC (LIVN)

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