Slide 1: Real patients treated with VNS Therapy
Real patients treated with VNS Therapy (Left to Right: Breanna; Candace; Jose, father of patient David) 1
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
Intellectual Property 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 (Pulse™), Model 102R (Pulse
Slide 4: Contents
Contents 4Q and Full-Year 2024 Financial Results 2025 Guidance and Assumptions Appendix 4
Slide 5: Financial Results
Financial Results Financial Results 5
Slide 6: 4Q24 Financial Summary
4Q24 Financial Summary 4Q23 4Q24 Net revenue increased 4.7% on a constant-currency basis and 6.8% on an organic basis; unfavorable FX impact of ~$3M, or 1% Net Revenue ($M) Adjusted Diluted EPS Adjusted FCF ($M) et Sales ($ in MM) Adjusted Diluted EPS Adjusted Diluted EPS $310.1 $321.8 $60.7 $62.3 $
Slide 7: 2024 Financial Summary
2024 Financial Summary 2023 2024 Net revenue increased 9.3% on a constant-currency basis and 10.7% on an organic basis; FX unfavorable impact~$7M, or less than 1% Net Revenue ($B) Adjusted Diluted EPS Adjusted FCF ($M) Adjusted Diluted EPS Adjusted Diluted EPS $1.25 $1.15 $162.9 $3.38 $2.80 $96.3 Ad
Slide 8: 4Q24 Net Revenue
4Q24 Net Revenue Neuromodulation Vagus Nerve Stimulation Therapy (VNS Therapy) Cardiopulmonary (CP) • Drug-Resistant Epilepsy (DRE) • Heart-lung machines (HLM) • Difficult-to-Treat Depression (DTD) • Oxygenators 43% $321.8M • Autotransfusion systems (ATS) 6.8% organic growth (1) 57% Hypoglossal Nerv
Slide 9: 2024 Net Revenue
2024 Net Revenue Neuromodulation Vagus Nerve Stimulation Therapy (VNS Therapy) Cardiopulmonary (CP) • Drug-Resistant Epilepsy (DRE) • Heart-lung machines (HLM) • Difficult-to-Treat Depression (DTD) • Oxygenators 45% $1.25B 55% • Autotransfusion systems (ATS) (1) 10.7% organic growth Hypoglossal Nerv
Slide 10: Segment Net Revenue Comparisons by Region
Segment Net Revenue Comparisons by Region Three Months Ended December 31, Year Ended December 31, Constant- Constant- Currency % Currency % ($M) 2024 2023 % Change Change(1) 2024 2023 % Change Change(1) Cardiopulmonary United States $64.5 $60.5 6.7% 6.7% $242.5 $202.4 19.8% 19.8% Europe(2) 47.6 46.2
Slide 11: 4Q24 Cardiopulmonary Revenue
4Q24 Cardiopulmonary Revenue(1) Drivers/Impacts Net Revenue ($M) 11.2% $181.7 $165.3 Revenue increased 11.2% with strength across all regions, including double-digit growth in the Rest of World. 69.5 58.6 Strong global demand for consumables led to double-digit growth, including oxygenator revenue g
Slide 12: 4Q24 Neuromodulation Revenue
4Q24 Neuromodulation Revenue(1) Drivers/Impacts Net Revenue ($M) 1.0% $136.9 $137.6 Revenue increased 1.0% with growth in the U.S., mostly offset by 14.1 13.1 a decline in Europe and Rest of World. 16.4 14.0 Total Epilepsy revenue increased 1.1% with U.S. Epilepsy revenue growth of 4.0% driven by pr
Slide 13: 4Q24 Adjusted Segment Operating Income and Margin
4Q24 Adjusted Segment Operating Income and Margin(1) $77.5M % to Revenue $71.2M 4Q23 4Q24 Cardiopulmonary 12.5% 15.8% Neuromodulation 36.9% 35.4% 48.8 Total Adjusted Segment 50.5 23.5% 24.3% Margin Total Adjusted Operating 15.5% 17.3% Margin(2) 28.7 20.7 Cardiopulmonary Neuromodulation 4Q 2023 4Q 20
Slide 14: 2024 Adjusted Segment Operating Income and Margin
2024 Adjusted Segment Operating Income and Margin(1) $323.1M % to Revenue 2023 2024 $262.5M Cardiopulmonary 14.4% 16.9% 207.8 Neuromodulation 33.7% 37.5% Total Adjusted Segment 175.3 23.4% 26.1% Margin Total Adjusted Operating 14.7% 19.1% Margin(2) 115.3 87.2 Cardiopulmonary Neuromodulation 2023 202
Slide 15: Adjusted Free Cash Flow
Adjusted Free Cash Flow Achieved $163M in adjusted FCF for full-year 2024 with a significant improvement in cash conversion Adjusted Free Cash Flow Reconciliation ($M) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 2024 Net cash provided by operating activities $10.0 $43.4 $51.0 $78.7 $183.0 Less: Purchases of pla
Slide 16: 2024 Summary
2024 Summary • 10.7%(1) organic revenue growth, with double-digit growth in Cardiopulmonary and high-single-digit growth in Neuromodulation • Adjusted operating income grew 41%; adjusted operating margin improvement of more than 400bps Financial • Adjusted free cash flow of $163M and a significant i
Slide 17: 2025 Guidance
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Slide 18: 2025 Guidance
2025 Guidance Consolidated Guidance As of February 25, 2025 Net revenue growth(1) 5.0 - 6.0% Organic net revenue growth(2) 6.0 - 7.0% Foreign exchange headwind 1.5 - 2.0% Adjusted diluted EPS(3) $3.65 - $3.75 Adjusted free cash flow(4) $135M - $155M Net revenue growth on a constant-currency basis, o
Slide 19: Assumptions for 2025
Assumptions for 2025 ORGANIC • Cardiopulmonary revenue growth of 7.0 - 8.0% REVENUE 6.0 - 7.0% GROWTH(1) • Epilepsy revenue growth of 4.0 - 5.0% • Adjusted operating income margin increase of >175bps and adjusted operating income growth of >10% ADJUSTED • Investing in core innovation and accelerated
Slide 20: 2024 Adjusted Diluted EPS Bridge to 2025 Guidance
(1) 2024 Adjusted Diluted EPS Bridge to 2025 Guidance $0.50 ($0.12) $0.33 ($0.09) $3.70 ($0.19) ($0.11) At midpoint of $3.38 $3.65 - $3.75 range 2024 Actual DTD R&D Savings Operational Growth Tax Rate CP Manufacturing Core R&D Investments OSA Investments 2025 Guidance Investments (1) Adjusted dilute
Slide 21: Appendix
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Slide 22: 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 23: 4Q24 Adjusted Diluted EPS
(1) 4Q24 Adjusted Diluted EPS $0.08 $1.02 $0.01 $0.13 $0.14 $0.81 $0.07 $0.05 ($0.19) ($0.50) GAAP Restructuring Depreciation and Financing Contingent Certain Legal and Stock-based Certain Tax Certain Interest Adjusted Financial Expenses Amortization Transactions Consideration Regulatory Costs Compe
Slide 24: 2024 Adjusted Diluted EPS
(1) 2024 Adjusted Diluted EPS $0.57 $3.38 $0.62 $0.78 ($0.44) $0.11 $0.06 $0.31 ($0.03) $0.24 $1.16 GAAP Restructuring Depreciation and Impairment Financing Contingent Certain Legal and Stock-based Certain Tax Certain Interest Adjusted Financial Expenses Amortization Transactions Consideration Regul
Slide 25: 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 GAAP and Certain Legal Stock-based Certain Adjusted Three Months Ended Financial Restructuring Amortization
Slide 26: 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 GAAP and Certain Legal Stock-based Certain Adjusted Three Months Ended Financial Restructuring Amortization
Slide 27: 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 Certain and Financing Contingent Certain Legal Stock-based Certain Tax Interest Adjusted Year Ended GAAP Fi
Slide 28: 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 Certain GAAP Merger and and Financing Contingent Certain Legal Stock-based Certain Tax Interest Adjusted Ye
Slide 29: 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 December 31, Twelve Months Ended December 31, Adju
Slide 30: 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) Specified Items Three Months Ended GAAP Financial Depreciation & Contingent Certain Legal and Stock-based Adjusted Financial December 31, 2024 Results Amortizatio
Slide 31: 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) Specified Items Three Months Ended GAAP Financial Depreciation & Contingent Certain Legal and Stock-based Adjusted Financial December 31, 2023 Results Amortizatio