Slide 1: Third-Quarter 2025 Earnings Update
November 5, 2025 Third-Quarter 2025 Earnings Update
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 10
Slide 4: Contents
Contents 3Q25 Key Messages and Summary 3Q25 Financial Results 2025 Guidance and Assumptions Appendix 4
Slide 5: 3Q25 Highlights and Key Messages
3Q25 Highlights and Key Messages Financial • Delivered double-digit reported and organic revenue growth(1) and continued operating margin expansion Results • Raised full-year 2025 revenue guidance by 50 basis points to 8.5% - 9.5% on a constant-currency basis and 9.5% - 10.5% on Full-Year 2025 an or
Slide 6: 3Q25 Summary
3Q25 Summary ORGANIC • Cardiopulmonary growth of 16% driven by Essenz Perfusion System sales and strong consumables demand REVENUE 13% GROWTH(1) • Neuromodulation growth of 6% driven by strength across all regions ADJUSTED DILUTED $1.11 • Higher revenue and optimization of DTD program spend EPS(2) A
Slide 7: Financial Results
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Slide 8: 3Q25 Financial Summary
3Q25 Financial Summary 3Q24 3Q25 Net revenue increased 11% on a constant-currency basis and 13% on an organic basis; favorable FX impact of ~$5M, or 1% Net Revenue ($M) Adjusted Diluted EPS Adjusted FCF ($M) $62 $358 $318 $47 $1.11 $0.90 Adjusted Gross Profit % Adjusted SG&A % Adjusted R&D % Adjuste
Slide 9: 3Q25 Net Revenue
3Q25 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) 42% • Oxygenators $358M • Autotransfusion systems (ATS)
Slide 10: 3Q25 Cardiopulmonary Revenue
3Q25 Cardiopulmonary Revenue(1) Drivers/Impacts Net Revenue ($M) 16% 203 Cardiopulmonary revenue increased 16% with strength across all 172 regions. 81 69 Consumables revenue grew in the mid-teens driven by market share gains, procedure growth, and price. 50 41 63 72 HLM revenue grew over 20% driven
Slide 11: 3Q25 Neuromodulation Revenue
3Q25 Neuromodulation Revenue(1) Drivers/Impacts Net Revenue ($M) 6% 150 140 Neuromodulation revenue increased 6% with growth across all 17 regions driven by strong commercial execution. 15 15 12 Epilepsy revenue grew 6% with U.S. Epilepsy revenue growth of 5%. 113 118 Europe and Rest of World Epilep
Slide 12: 3Q25 Adjusted Segment Income and Margin
3Q25 Adjusted Segment Income and Margin(1) $102M 3Q24 3Q25 Cardiopulmonary 19.4% 19.3% $85M Neuromodulation 37.1% 41.9% 63 Total Adjusted Segment Margin 27.3% 28.9% 52 Total Adjusted Operating Margin(2) 20.0% 22.5% 33 39 Cardiopulmonary Neuromodulation 3Q 2024 3Q 2025 Numbers may not add precisely d
Slide 13: Adjusted Free Cash Flow
Adjusted Free Cash Flow Raising adjusted free cash flow (FCF) to $160 - 180M (versus $140 - 160M prior) for full-year 2025 Adjusted Free Cash Flow Reconciliation ($M) 1Q 2025 2Q 2025 3Q 2025 Net cash provided by operating activities $24.0 $62.9 $85.1 Less: Purchases of plant, property, and equipment
Slide 14: 2025 Guidance
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Slide 15: 2025 Guidance
2025 Guidance Raising full-year revenue, adjusted diluted EPS(3), and adjusted FCF guidance(4) Prior Guidance Prior Guidance Prior Guidance Updated Guidance As of February 25, 2025 As of May 7, 2025 As of August 6, 2025 As of November 5, 2025 Net revenue growth(1) 5.0 - 6.0% 6.0 - 7.0% 8.0 - 9.0% 8.
Slide 16: Assumptions for 2025
Assumptions for 2025 ORGANIC • Cardiopulmonary revenue expected to grow 12.5 - 13.5% (versus 12.0 - 13.0% prior) REVENUE 9.5 - 10.5% • Epilepsy revenue growth expected to grow 5.0 - 6.0% (versus 4.5 - 5.5% prior) GROWTH(1) • DTD revenue expected to be ~$10M (consistent with prior guidance) • Adjuste
Slide 17: Adjusted Diluted EPS Guidance Bridge
Adjusted Diluted EPS(1) Guidance Bridge: From Prior to Current Outlook $0.05 $0.05 $3.85 $3.75 At midpoint of At midpoint of $3.70 - $3.80 $3.80 - $3.90 range range (2) (3) As of August 6, 2025 Revenue and Operational Improvements Italian MedTech Payback As of November 5, 2025 (1) Adjusted diluted E
Slide 18: Appendix
ndix Appe iy w
Slide 19: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as “non-GAAP financial me
Slide 20: Segment Net Revenue Comparisons by Region
Segment Net Revenue Comparisons by Region Three Months Ended September 30, Constant-Currency ($M) 2025 2024 % Change % Change(1) Cardiopulmonary United States $71.9 $62.5 15.1 % 15.1 % Europe(2) 50.1 40.9 22.4 % 15.5 % Rest of World 81.2 68.8 18.0 % 16.8 % 203.2 172.2 18.0 % 15.9 % Neuromodulation U
Slide 21: 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 Amortization Financing Contingent Certain Legal
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 Nine Months Ended GAAP Financial Restructuring Amortization Financing Contingent C
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 Nine Months Ended GAAP Financial Restructuring Amortization Financing Contingent Cer
Slide 25: GAAP to Non-GAAP Reconciliation - 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 September 30, Last Twelve Months Ended September 3
Slide 26: 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 Contingent Certain Legal & Compensation Adjusted Financial September 30, 2025 Financial Results
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 Nine Months Ended GAAP Depreciation and Contingent Certain Legal & Compensation Adjusted Financial September 30, 2025 Fi