Slide 1: Fourth-Quarter & Full-Year 2025 Earnings Update
February 25, 2026 Fourth-Quarter & Full-Year 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 Full-Year 2025 Key Messages and Summary 4Q and Full-Year 2025 Financial Results 2026 Guidance and Assumptions Appendix 4
Slide 5: Full-Year 2025 Highlights and Key Messages
Full-Year 2025 Highlights and Key Messages • Double-digit reported and organic revenue growth(1) and continued operating margin expansion for full-year 2025 Financial • Adjusted diluted earnings per share(2) of $3.90 for full-year 2025, representing 15% growth Results • Adjusted free cash flow(3) of
Slide 6: 4Q25 Summary
4Q25 Summary ORGANIC • Cardiopulmonary growth of 10% driven by strong consumables demand and Essenz Perfusion System sales REVENUE 9% GROWTH(1) • Neuromodulation growth of 10% driven by strength across all regions ADJUSTED DILUTED $0.86 • Higher revenue and adjusted operating income growth EPS(2) AD
Slide 7: Financial Results
ly — Financial Results iS
Slide 8: 4Q25 Financial Summary
4Q25 Financial Summary 4Q24 4Q25 Net revenue increased 9% on a constant-currency and organic basis; favorable FX impact of ~$9M, or 3% Net Revenue ($M) Adjusted Diluted EPS Adjusted FCF ($M) $62 $361 $322 $53 $0.86 $0.81 Adjusted Gross Profit % Adjusted SG&A % Adjusted R&D % Adjusted Operating Margi
Slide 9: 2025 Financial Summary
2025 Financial Summary 2024 2025 Net revenue increased 10% on a constant-currency basis and 11% on an organic basis; favorable FX impact of ~$13M, or 1% Net Revenue ($M) Adjusted Diluted EPS Adjusted FCF ($M) $1,388 $183 $1,253 $163 $3.90 $3.38 Adjusted Gross Profit % Adjusted SG&A % Adjusted R&D %
Slide 10: 4Q25 Net Revenue
4Q25 Net Revenue Delivered high-single 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) 43% • Oxygenators $361M • Autotransfusion systems (
Slide 11: 2025 Net Revenue
2025 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) 43% • Oxygenators $1.39B • Autotransfusion systems (ATS)
Slide 12: 4Q25 Cardiopulmonary Revenue
4Q25 Cardiopulmonary Revenue(1) Drivers/Impacts Net Revenue ($M) 10% $207 $182 Cardiopulmonary revenue increased 10% with strength across all regions. 77 70 Consumables revenue grew in the mid-teens driven by market 57 share gains, procedure growth, and price. 48 HLM revenue grew in the mid-single-d
Slide 13: 4Q25 Neuromodulation Revenue
4Q25 Neuromodulation Revenue(1) Drivers/Impacts Net Revenue ($M) 10% $153 $138 15 Neuromodulation revenue increased 10% with growth across all regions, driven by strong commercial execution. 13 18 14 Epilepsy revenue grew 9% with U.S. Epilepsy revenue growth of 8%. 120 111 Europe and Rest of World E
Slide 14: 4Q25 Adjusted Segment Income and Margin
4Q25 Adjusted Segment Income and Margin(1) $89M 4Q24 4Q25 $77M Cardiopulmonary 15.8% 15.9% Neuromodulation 35.4% 36.9% 56 49 Total Adjusted Segment Margin 24.3% 24.8% Total Adjusted Operating Margin(2) 17.3% 17.7% 29 33 Cardiopulmonary Neuromodulation 4Q 2024 4Q 2025 Numbers may not add precisely du
Slide 15: 2025 Adjusted Segment Income and Margin
2025 Adjusted Segment Income and Margin(1) $372M 2024 2025 $323M Cardiopulmonary 16.9% 17.4% Neuromodulation 37.5% 39.7% 235 208 Total Adjusted Segment Margin 26.1% 27.0% Total Adjusted Operating Margin(2) 19.1% 20.6% 137 115 Cardiopulmonary Neuromodulation 2024 2025 Numbers may not add precisely du
Slide 16: Adjusted Free Cash Flow
Adjusted Free Cash Flow Achieved $183M in adjusted free cash flow (FCF) for full-year 2025, representing 13% growth and an 85% conversion rate Adjusted Free Cash Flow Reconciliation ($M) 1Q 2025 2Q 2025 3Q 2025 4Q 2025 2025 Net cash provided by operating activities $24.0 $62.9 $85.1 $82.4 $254.3 Les
Slide 17: 2026 Guidance
ly — 2026 Guidance iS
Slide 18: 2026 Guidance in Alignment with Investor Day Commitments
2026 Guidance in Alignment with Investor Day Commitments Issuing full-year revenue, adjusted operating income margin, adjusted diluted EPS(2), and adjusted FCF(3) guidance 2026 Guidance Investor Day Commitments As of February 25, 2026 2025-2028 Net revenue growth(1) 6.0 - 7.0% Mid-to-high single dig
Slide 19: Assumptions for 2026
Assumptions for 2026 • Cardiopulmonary revenue expected to grow 7.0 - 8.0% REVENUE 6.0 - 7.0% • Epilepsy revenue growth expected to grow 5.5 - 6.5% GROWTH(1) • DTD revenue expected to be ~$10M • Adjusted operating income margin greater than 20%, driven by revenue growth and continued SG&A leverage A
Slide 20: 2025 Adjusted Diluted EPS Bridge to 2026 Guidance
2025 Adjusted Diluted EPS(1) Bridge to 2026 Guidance $0.05 $0.05 $0.51 $4.20 ($0.14) ($0.06) $3.90 ($0.05) ($0.06) Midpoint of $4.15 - $4.25 range 2025 Actual Revenue Growth and Repaid Outstanding DTD R&D Savings OSA R&D Investments Core R&D Investments Italian Payback Accrual Assumed Q3 SNIA As of
Slide 21: OSA: Key Milestones and Upcoming Catalysts
OSA: Key Milestones and Upcoming Catalysts H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 H2 2027 aura6000 PMA PMA filing (non-commercial) approval(1) PMA supplement Commercial approval(1) Full market (MRI-compatible) release Limited market release (including PolySync) (1) FDA timelines are an estimate. 21
Slide 22: Appendix
ndix Appe iy w
Slide 23: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as “non-GAAP financial me
Slide 24: Segment Net Revenue Comparisons by Region
Segment Net Revenue Comparisons by Region Three Months Ended Year Ended December 31, December 31, Constant- Constant- Currency % Currency % ($M) 2025 2024 % Change Change(1) 2025 2024 % Change Change(1) Cardiopulmonary United States $71.8 $64.5 11.4 % 11.4 % $275.9 $242.5 13.8 % 13.8 % Europe(2) 57.
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) Non-GAAP Adjustments Depreciation and Share-based Three Months Ended GAAP Financial Amortization Expenses Divestiture Related Financing
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) Non-GAAP Adjustments Depreciation and Share-based Adjusted Three Months Ended GAAP Financial Restructuring Amortization Investment Relat
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) Non-GAAP Adjustments Depreciation and Share-based Adjusted Year Ended GAAP Financial Restructuring Amortization Divestiture Investment F
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) Non-GAAP Adjustments Depreciation and Share-based Adjusted Year Ended GAAP Financial Restructuring Amortization Investment Financing Rel
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) Non-GAAP Adjustments Segment income Share-based Three Months Ended GAAP Contingent Certain Legal & Compensation Adjusted Financial December 31, 2025 Financial Res
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) Non-GAAP Adjustments Segment income Share-based Year Ended GAAP Depreciation and Contingent Certain Legal & Compensation Adjusted Financial December 31, 2025 Fina