LivaNova PLC (LIVN) Stock Analysis

LivaNova PLC reported net revenue split as 53% from the United States, 19% from Europe, and 28% from the rest of world for the year ended December 31, 2025, across two reportable segments — Cardiopulmonary and Neuromodulation. Cardiopulmonary products include heart-lung machines (HLMs), oxygenators, autotransfusion systems, perfusion tubing, and cannulae, while Neuromodulation centers on the VNS Therapy System for drug-resistant epilepsy and treatment-resistant depression, approved in many jurisdictions globally including the United States for patients four years of age or older.

LivaNova earns device sales revenue from hospitals, perfusionists, neurologists, neurosurgeons, and other healthcare professionals in more than 100 countries through direct sales representatives, agents, and independent distributors. In Cardiopulmonary, the flagship Essenz Perfusion System and Inspire oxygenator range (12 models) are capital equipment sold alongside disposable perfusion tubing, cannulae, and autotransfusion consumables that generate recurring procedure-driven revenue. In Neuromodulation, the VNS Therapy generator replacement cycle — batteries deplete over time and leads do not require removal to replace depleted generators — supports recurring procedure revenue. Primary medical device competitors include Terumo Medical Corporation, Maquet Medical Systems, Medtronic plc, Haemonetics Corporation, Spectrum Medical Limited, and NeuroPace, Inc., depending on product line. LivaNova manufactures at facilities in the United States, Italy, Germany, Australia, and Brazil, with certain components procured from single suppliers for quality assurance or cost reasons.