LivaNova
Builds heart-lung systems and implantable stimulation devices for epilepsy, depression and sleep apnea.
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Profile
Sells heart-lung machines, perfusion consumables and services for cardiac surgery alongside implantable nerve-stimulation devices for epilepsy and depression. The FDA-approved aura6000 sleep-apnea system remains prelaunch, while hospital purchasing, regulatory clearance and reimbursement shape adoption.
Designs and sells medical devices across Cardiopulmonary and Neuromodulation. Cardiopulmonary combines Essenz heart-lung machines with oxygenators, perfusion tubing, autotransfusion systems, cannulae, accessories and service for cardiac surgery. Neuromodulation centers on implantable VNS Therapy generators and leads for drug-resistant epilepsy and difficult-to-treat depression, while the FDA-approved aura6000 system for obstructive sleep apnea remains in prelaunch development.
Serves hospitals and specialists in more than 100 countries, with the United States as its largest market. The model pairs capital equipment with procedure-driven consumables and replacement implants, supported by direct sales teams and distributors. Product quality, regulatory approvals, clinical evidence and reimbursement shape adoption; oxygenator output also depends on specialized component supply. Heater-cooler claims and SNIA-related environmental obligations remain structural legal exposures.
Company facts
Categories
Key statistics
Year to date +32.5% · Average volume (30d) 658.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 5, 2026 | Stifel Nicolaus | Target | $80 | $85 | |
| Aug 5, 2026 | Needham | Reiterate | Buy | $81 | $93 |
| Jul 15, 2026 | Mizuho Securities | Target | $90 | $95 | |
| Jun 22, 2026 | KeyBanc | Reiterate | Overweight | $81 | $92 |
| May 7, 2026 | Mizuho Securities | Target | $72 | $90 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $1.09 | $1.26 | +15.6% | $380.5M | $390.6M | +2.7% | −8.41% |
| May 6, 2026Q1 FY26 | $0.85 | $0.98 | +15.3% | $346.1M | $362.3M | +4.7% | +7.05% |
| Feb 25, 2026Q4 FY25 | $0.80 | $0.86 | +7.5% | $353.3M | $360.9M | +2.1% | +1.01% |
| Nov 5, 2025Q3 FY25 | $0.92 | $1.11 | +20.8% | $342.7M | $357.8M | +4.4% | −2.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $316.9M | $352.5M | $357.8M | $360.9M | $362.3M | $390.6M | |
| Gross profit | $220.8M | $239.0M | $244.9M | $239.8M | $244.8M | $273.7M | |
| Operating income | $48.6M | $54.2M | $54.0M | $42.6M | $52.2M | $49.5M | |
| Net income | −$327.3M | $27.2M | $26.8M | $30.9M | $22.3M | $108.6M | |
| Diluted EPS | −$6.01 | $0.50 | $0.49 | $0.57 | $0.40 | $1.93 | |
| Gross margin | 69.7% | 67.8% | 68.4% | 66.4% | 67.6% | 70.1% | |
| Operating margin | 15.3% | 15.4% | 15.1% | 11.8% | 14.4% | 12.7% |
Fiscal years (4-quarter sums)FY21 $1.04B · FY22 $1.02B · FY23 $1.15B · FY24 $1.25B · FY25 $1.39B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $516.6M · Total debt $351.9M · Total assets $2.64B · Shareholders' equity $1.33B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 54.93M · Float 54.70M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 7.57M | 13.77% | 13F | Aug 7, 2026 |
| Primecap Management Co/CA/ | 4.17M | 7.59% | 13F | Aug 14, 2026 |
| FMR LLC | 3.15M | 5.73% | 13F | Aug 13, 2026 |
| Hood River Capital Management LLC | 2.57M | 4.67% | 13F | Aug 14, 2026 |
| AQR Capital Management LLC | 2.36M | 4.29% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Ahmet Tezel | officer: Chief Innovation Officer | −2,675 | $77.74 |
| Jun 15, 2026 | Francesco Bianchi | director | −1,200 | $80.19 |
| May 26, 2026 | Francesco Bianchi | director | −1,800 | $75.75 |
| Nov 18, 2025 | Brooke Story | director | −250 | $53.94 |
Peers
- NeuroPace
Epilepsy-focused neuromodulation alternative to VNS Therapy
- Medtronic
Scale neuromodulation peer in DBS for epilepsy and brain stimulation
- Inspire Medical Systems
Direct OSA neurostimulation peer for the aura6000 program
- Haemonetics
Autotransfusion competitor through Cell Saver blood recovery systems
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| LivaNova | $80.32 | −0.02% | $4.41B | 23.7 | 18.2 | 3.0 | +10.8% |
| NeuroPace | $14.41 | −0.03% | $491.3M | — | — | 5.0 | −3.0% |
| Medtronic | $91.58 | +0.42% | $116.78B | 24.5 | 15.3 | 3.2 | +9.9% |
| Inspire Medical Systems | $61.44 | −0.11% | $1.78B | 13.3 | 47.3 | 2.0 | −7.6% |
| Haemonetics | $103.80 | −0.09% | $4.72B | 51.0 | 18.9 | 3.5 | +5.6% |
| Median | 24.5 | 18.9 | 3.4 | +1.3% |