At a glance
LivaNova PLC is worth $4.44B. Revenue grew 10.7% to $1.39B in fiscal 2025, at a loss; over 5 years it has grown 8.2% a year. It pays no dividend. The stock returned +49.8% over the past year with dividends reinvested and +0.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.3% in the 2020 crash (S&P 500: 33.7%) and 49.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
LivaNova PLC is a medical device maker headquartered in London, incorporated in England and Wales and listed on the Nasdaq. It sells equipment used in heart surgery and implants that treat epilepsy and depression. It sells through its own sales representatives, agents and independent distributors. Revenue was about $1.39 billion for the year ended December 31, 2025: 53% from the U.S., 19% from Europe and 28% from the rest of the world.
Cardiopulmonary is the larger segment, at 56.6% of revenue. It serves surgical teams during cardiopulmonary bypass, when a heart-lung machine circulates and oxygenates a patient's blood so surgeons can operate on the heart. This is most often done in bypass and valve surgery. LivaNova sells these machines, including its newer Essenz Perfusion System, along with heater-coolers and servicing. It also sells disposable Inspire oxygenators, tubing, cannulae and systems that return a patient's own lost blood.
Neuromodulation, at 42.7%, sells the VNS (vagus nerve stimulation) Therapy System: an implanted pulse generator and lead that stimulate the vagus nerve. It is an add-on treatment to reduce seizures in drug-resistant epilepsy, meaning two anti-seizure drugs have failed. It is also approved for hard-to-treat depression, though Medicare coverage there is limited. A generator with a depleted battery can be replaced without removing the lead. The segment is testing the aura6000 System for obstructive sleep apnea.
Price history
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LIVN +49.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Cardiopulmonary | $785.4M | 56.6% |
| Neuromodulation | $592.8M | 42.7% |
By geography
| U.S. Pension Benefits | $739.6M | 53.3% |
| Rest of World | $379.3M | 27.3% |
| Europe | $269.2M | 19.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $390.6M, up 10.8% from a year earlier, and net income was $108.6M (+299.7%).
- For fiscal 2025, revenue was $1.39B (+10.7% year over year; +8.2% a year from FY2020 to FY2025) with a -17.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.2% good |
|---|---|
| Operating margin | 14.4% watch |
| Free cash flow margin | 12.5% good |
| Return on equity (FY2025) | -20.2% weak |
| Return on assets (FY2025) | -9.3% weak |
| Net cash (cash minus debt) | $241.8M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $934.2M | $-348.8M | $-114.4M |
| FY2021 | $1.04B | $-135.8M | $77.1M |
| FY2022 | $1.02B | $-86.2M | $43.4M |
| FY2023 | $1.15B | $17.5M | $39.9M |
| FY2024 | $1.25B | $63.2M | $135.9M |
| FY2025 | $1.39B | $-242.5M | $173.3M |
Valuation snapshot
| Market value | $4.44B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
LivaNova’s market value went from $2.19B at the end of 2016 to $4.44B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.44B | +32.3% |
| 2025 | $3.36B | +33.6% |
| 2024 | $2.51B | -9.8% |
| 2023 | $2.79B | -6.2% |
| 2022 | $2.97B | -36.1% |
| 2021 | $4.65B | +44.6% |
| 2020 | $3.22B | -11.9% |
| 2019 | $3.65B | -18.0% |
| 2018 | $4.45B | +15.6% |
| 2017 | $3.85B | +75.7% |
| 2016 | $2.19B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LIVN price data to Oct 28, 2026 | +31.1% | +49.8% | +19.6% | +0.8% | +3.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +31.1% |
| 2025 | +32.9% |
| 2024 | -10.5% |
| 2023 | -6.8% |
| 2022 | -36.5% |
| 2021 | +32.0% |
| 2020 | -12.2% |
| 2019 | -17.5% |
| 2018 | +14.4% |
| 2017 | +77.7% |
| 2016 | -24.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.1% over that stretch · deepest drop along the way 55.3%, back to its old high 11.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49% over that stretch · deepest drop along the way 49.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($1.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 10, 2026 | Francesco Bianchi Director | sell | $273K |
| Aug 11, 2026 | Ahmet Tezel Chief Innovation Officer | sell | $208K |
| Sep 4, 2026 | Brooke Story Director | sell | $187K |
| May 26, 2026 | Francesco Bianchi Director | sell | $136K |
| Aug 31, 2026 | Francesco Bianchi Director | sell | $132K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.7% | Jun 30, 2025 |
| PRIMECAP MANAGEMENT CO/CA/ | 7.74% | Dec 31, 2025 |
| FMR LLC | 5.8% | Jun 30, 2026 |
| Integrated Core Strategies (US) LLC | 4.4% | Mar 31, 2026 |
ETFs with the most weight in LIVN
| JPSV JPMorgan Active Small Cap Value ETF | 0.51% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.49% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.29% |
| PSC Principal U.S. Small-Cap ETF | 0.29% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.28% |
| PINK Simplify Health Care ETF | 0.27% |
| EES WisdomTree U.S. SmallCap Fund | 0.22% |
| AFMC First Trust Active Factor Mid Cap ETF | 0.22% |
What could go wrong
- Medicare coverage for depression use is uncertain. Medicare has covered VNS Therapy for hard-to-treat depression only in narrow cases, such as approved trials. The RECOVER trial's unipolar group missed its main goal in 2024, so broader coverage may not follow.
- Tariffs could raise costs both ways. Many Cardiopulmonary products and parts are made outside the U.S., including in Italy and Germany. Neuromodulation devices are made in the U.S. and shipped abroad. New tariffs could raise costs or cut demand.
- Convertible notes could pressure cash and stock. LivaNova's 2029 Notes are convertible bonds that holders can convert under certain conditions. Early conversion could strain cash, and trading by investors hedging the notes may affect the share price.
- Some parts come from a single supplier. LivaNova buys some components and raw materials from one main supplier, and sometimes from only one. Supply interruptions have hurt results before and could disrupt production.
- Device defects could force recalls. If devices such as heart-lung machines or implanted VNS generators prove defective, the FDA or other regulators could force a recall. Quality problems could also bring lawsuits, damage the company's reputation and cost it market share.
- Sanctions exposure in Iran and Russia. Some subsidiaries do business in Iran and Russia, which face comprehensive sanctions. These dealings are a tiny share of revenue, but a violation could bring fines, loss of export privileges or criminal penalties.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
LivaNova does not pay a dividend. It paid no dividends and bought back no shares from fiscal 2021 through fiscal 2025. Its share count rose 3.5%, from about 53.2 million in October 2021 to 55.1 million as of July 29, 2026, which slightly shrinks each holder's ownership stake. With no dividend, an income investor would have to sell shares to raise cash, and returns depend entirely on the share price.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 55.3% between March 4 and March 23, 2020, then took about 11 months to recover. In the 2022 bear market it fell 49.2% from January 3 to October 11, 2022, and had not regained that peak as of October 28, 2026. Its deepest decline over about 11 years of price history was 74.2%. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does LivaNova make money?
LivaNova makes money selling medical devices in two segments. Cardiopulmonary, 56.6% of revenue for the year ended December 31, 2025, sells heart-lung machines, oxygenators, tubing and cannulae used in heart surgery. Neuromodulation, 42.7%, sells the VNS Therapy System, an implant that stimulates the vagus nerve to reduce seizures in drug-resistant epilepsy and to treat hard-to-treat depression. Total revenue was about $1.39 billion, with 53% from the U.S., 19% from Europe and 28% from the rest of the world.
Does LivaNova pay a dividend?
No. LivaNova paid no dividends from fiscal 2021 through fiscal 2025 and made no share buybacks in that period. Shareholders' returns have come only from price changes, which have been uneven. As of October 28, 2026, the stock had gained 49.8% over one year but only about 4% in total over five years. Investors who need regular income from their holdings would have to sell shares to raise cash.
Is LivaNova profitable?
It depends on the measure. For the year ended December 31, 2025, LivaNova had $199.4 million in operating income (profit from its main business before interest and taxes), a 14.4% margin. It also generated $173.3 million of free cash flow, the cash left after running the business and buying equipment. Yet it reported a net loss of $242.5 million, or $4.45 per diluted share. In the quarter ended June 30, 2026, net income was $108.6 million, and revenue of $390.6 million was 10.8% higher than a year earlier.
Does LivaNova have a lot of debt?
No, not compared with its cash. As of June 30, 2026, LivaNova held about $531.9 million in cash and investments against $290.1 million of total debt, leaving net cash of about $241.8 million. Its borrowings include convertible bonds known as the 2029 Notes, which holders can convert under certain conditions. The company warns that an early conversion could strain its cash. It also warns that the notes' effective interest rate is well above their stated rate, which can make reported interest costs swing.
Is LivaNova a UK or US company?
It is a UK company listed in the U.S. LivaNova is a public limited company incorporated in England and Wales and headquartered in London, and its shares trade on the Nasdaq as LIVN. The U.S. is its biggest market, at 53% of revenue for the year ended December 31, 2025. English law may give shareholders less protection than U.S. law. Share transfers made outside the standard U.S. clearing system (DTC) may be subject to UK stamp duty, a tax on share transfers.