Slide 1: Second-Quarter 2025 Earnings Update
ZivaNova Second-Quarter 2025 Earnings Update August 6, 2025 La
Slide 2: Safe Harbor
Safe Harbor Certain statements in this material, 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
Slide 3: Intellectual Property, Trademarks and Trade Names
Intellectual Property, Trademarks and Trade Names This material may contain references to LivaNova's proprietary intellectual property, including among others: • Trademarks for LivaNova’s Neuromodulation systems, the VNS Therapy™ System, and LivaNova’s proprietary pulse generator products: Model 102
Slide 4: Contents
Contents 2Q25 Key Messages and Summary 2Q25 Financial Results 2025 Guidance and Assumptions Appendix 4
Slide 5: 2Q25 Highlights and Key Messages
2Q25 Highlights and Key Messages Financial • Delivered double-digit reported and organic revenue growth and continued operating margin expansion Results • Raised full-year 2025 revenue guidance by 200 basis points to 8.0% - 9.0% on a constant-currency basis and 9.0% - 10.0% Full-Year 2025 on an orga
Slide 6: 2Q25 Summary
2Q25 Summary ORGANIC • Cardiopulmonary growth of 12.7% driven by strong consumables demand and Essenz Perfusion System sales REVENUE 10.3% GROWTH(1) • Neuromodulation growth of 5.6% driven by strength across all regions ADJUSTED DILUTED $1.05 • Adjusted operating margin favorably impacted by higher
Slide 7: Financial Results
Financial Results Financial Results 7
Slide 8: 2Q25 Financial Summary
2Q25 Financial Summary 2Q24 2Q25 Net revenue increased 9.3% on a constant-currency basis and 10.3% on an organic basis; favorable FX impact of ~$4M, or 1% Net Revenue ($M) Adjusted Diluted EPS Adjusted FCF ($M) et Sales ($ in MM) Adjusted Diluted EPS $352.5 $318.6 Adjusted Diluted EPS $47.8 $42.1 $1
Slide 9: 2Q25 Net Revenue
2Q25 Net Revenue Delivered double-digit organic revenue growth Neuromodulation Vagus Nerve Stimulation Therapy (VNS Therapy) Cardiopulmonary (CP) • Drug-Resistant Epilepsy (DRE) • Heart-lung machines (HLM) • Difficult-to-Treat Depression (DTD) • Oxygenators 43% $352.5M • Autotransfusion systems (ATS
Slide 10: 2Q25 Cardiopulmonary Revenue
2Q25 Cardiopulmonary Revenue(1) Drivers/Impacts Net Revenue ($M) 12.7% $199.3 Cardiopulmonary revenue increased 12.7% with strength across $173.7 all regions. 79.0 70.3 Consumables revenue grew in the low-double-digits driven by strong global demand, market share gains, and price. 49.0 38.6 HLM reve
Slide 11: 2Q25 Neuromodulation Revenue
2Q25 Neuromodulation Revenue(1) Drivers/Impacts Net Revenue ($M) 5.6% $151.7 $142.9 Neuromodulation revenue increased 5.6% with growth across all 16.7 15.6 regions driven by strong commercial execution. 17.7 15.6 Epilepsy revenue grew 5.8% with U.S. Epilepsy revenue growth of 4.9%. The U.S. field sa
Slide 12: 2Q25 Adjusted Segment Income and Margin
2Q25 Adjusted Segment Income and Margin(1) % to Revenue 2Q24 2Q25 $97.3M $86.7M Cardiopulmonary 16.2% 18.2% Neuromodulation 41.0% 40.2% 60.9 Total Adjusted Segment 27.4% 27.7% Margin 58.6 Total Adjusted Operating 21.0% 21.9% Margin(2) 36.4 28.1 Cardiopulmonary Neuromodulation 2Q 2024 2Q 2025 Numbers
Slide 13: Adjusted Free Cash Flow
Adjusted Free Cash Flow Raising adjusted free cash flow (FCF) of $140 - 160M (versus $135 - 155M prior) for full-year 2025 Adjusted Free Cash Flow Reconciliation ($M) 1Q 2025 2Q 2025 Net cash provided by operating activities $24.0 $62.9 Less: Purchases of plant, property, and equipment (10.8) (15.1)
Slide 14: 2025 Guidance
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Slide 15: 2025 Guidance
2025 Guidance Raising full-year revenue, adjusted diluted EPS, and adjusted FCF guidance Prior Guidance Prior Guidance Updated Guidance As of February 25, 2025 As of May 7, 2025 As of August 6, 2025 Net revenue growth(1) 5.0 - 6.0% 6.0 - 7.0% 8.0 - 9.0% Organic net revenue growth(2) 6.0 - 7.0% 7.0 -
Slide 16: Assumptions for 2025
Assumptions for 2025 ORGANIC • Cardiopulmonary revenue expected to grow 12.0 - 13.0% (versus 9.0 - 10.0% prior) REVENUE 9.0 - 10.0% • Epilepsy revenue growth expected to grow 4.5 - 5.5% (versus 4.0 - 5.0% prior) GROWTH(1) • DTD revenue expected to be ~$10M (versus $11.5 - $12.5M prior) • Adjusted op
Slide 17: Adjusted Diluted EPS Guidance Bridge
(1) Adjusted Diluted EPS Guidance Bridge: From Prior to Current Outlook $0.12 $0.05 $0.05 $3.75 $3.65 ($0.12) At midpoint of At midpoint of $3.60 - $3.70 $3.70 - $3.80 range range (3) As of May 7, 2025 Revenue and Operational (2) Tax Optimization SNIA Environmental Liability PCBA Upgrade As of Augus
Slide 18: RECOVER Manuscript Publication Timeline
RECOVER Manuscript Publication Timeline Critical Publication Series Clinical characteristics and Manuscript #1 Manuscript #3 Manuscript #5 treatment exposure of Characterizing the effects of Vagus nerve stimulation Prognostic and prescriptive patients with marked vagus nerve stimulation on in treatm
Slide 19: Appendix
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Slide 20: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as “non-GAAP financial me
Slide 21: Segment Net Revenue Comparisons by Region
Segment Net Revenue Comparisons by Region Three Months Ended June 30, Constant-Currency ($M) 2025 2024 % Change % Change(1) Cardiopulmonary United States $71.2 $64.9 9.8% 9.8% Europe(2) 49.0 38.6 27.2% 20.3% Rest of World 79.0 70.3 12.4% 11.3% 199.3 173.7 14.7% 12.7% Neuromodulation United States 11
Slide 22: GAAP to Non-GAAP Reconciliations - Unaudited
GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Depreciation and Stock-based Adjusted Three Months Ended GAAP Financial Restructuring Amortization Financing Contingent
Slide 23: GAAP to Non-GAAP Reconciliations - Unaudited
GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Depreciation and Stock-based Adjusted Three Months Ended GAAP Financial Restructuring Amortization Financing Contingent
Slide 24: GAAP to Non-GAAP Reconciliations - Unaudited
GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (US dollars in millions, except per share amounts) Specified Items Depreciation and Stock-based Adjusted Six Months Ended GAAP Financial Restructuring Amortization Financing Contingent Cert
Slide 25: GAAP to Non-GAAP Reconciliations - Unaudited
GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (US dollars in millions, except per share amounts) Specified Items Depreciation and Stock-based Adjusted Six Months Ended GAAP Financial Restructuring Amortization Financing Contingent Cert
Slide 26: GAAP to Non-GAAP Reconciliations - Unaudited
GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) (U.S. dollars in millions) Three Months Ended June 30, Twelve Months Ended June 30, Adjusted fre
Slide 27: GAAP to Non-GAAP Reconciliation - Unaudited
GAAP to Non-GAAP Reconciliation - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Specified Items Segment income Stock-based Three Months Ended GAAP Depreciation and Contingent Certain Legal & Compensation Adjusted Financial June 30, 2025 Financ
Slide 28: GAAP to Non-GAAP Reconciliation - Unaudited
GAAP to Non-GAAP Reconciliation - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Specified Items Segment income Stock-based Six Months Ended GAAP Depreciation and Contingent Certain Legal & Compensation Adjusted Financial June 30, 2025 Financia
Slide 29: Supplemental Revised Financial Information and Non-GAAP Measures - Unaudited
Supplemental Revised Financial Information and Non-GAAP Measures - Unaudited SUPPLEMENTAL UNAUDITED REVISED FINANCIAL INFORMATION AND NON-GAAP MEASURES (U.S. dollars in millions, except statistics amounts) Three Months Ended Twelve Months Ended Three Months Ended March 31, 2024 June 30, 2024 Septemb