Slide 1: First-Quarter 2025 Earnings Update
ZivaNova First-Quarter 2025 Earnings Update May 7, 2025
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 1Q25 Key Messages and Summary 1Q25 Financial Results 2025 Guidance and Assumptions Appendix 4
Slide 5: 1Q25 Highlights and Key Messages
1Q25 Highlights and Key Messages Financial • Delivered high-single-digit revenue growth, double-digit organic revenue growth, and continued operating margin expansion Results • Raised full-year 2025 revenue guidance by 100 basis points to 6.0% - 7.0% on a constant-currency basis and 7.0% - 8.0% Full
Slide 6: 1Q25 Summary
1Q25 Summary • Cardiopulmonary growth of 15.0% driven by Essenz™ Perfusion system sales and consumables demand ORGANIC REVENUE 10.4% • Neuromodulation growth of 4.7% driven by strength in Europe and Rest of World regions GROWTH(1) ◦ U.S. Epilepsy growth of 2.2% partially impacted by procedure deferr
Slide 7: Financial Results
Financial Results Financial Results 7
Slide 8: 1Q25 Financial Summary
1Q25 Financial Summary 1Q24 1Q25 Net revenue increased 8.9% on a constant-currency basis and 10.4% on an organic basis; unfavorable FX impact of ~$4M, or 1% Net Revenue ($M) Adjusted Diluted EPS Adjusted FCF ($M) et Sales ($ in MM) Adjusted Diluted EPS $316.9 Adjusted Diluted EPS $294.9 $0.88 $20.0
Slide 9: 1Q25 Net Revenue
1Q25 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 44% $316.9M 56% • Autotransfusion systems
Slide 10: 1Q25 Cardiopulmonary Revenue
1Q25 Cardiopulmonary Revenue(1) Drivers/Impacts Net Revenue ($M) 15.0% $176.3 Cardiopulmonary revenue increased 15.0% with double-digit $155.9 growth across all regions. 71.0 64.4 Strong global demand for consumables led to high-single-digit growth. 44.5 40.9 60.8 HLM revenue grew approximately 30%
Slide 11: 1Q25 Neuromodulation Revenue
1Q25 Neuromodulation Revenue(1) Drivers/Impacts Net Revenue ($M) 4.7% $138.9M $133.9M 15.4 14.5 Neuromodulation revenue increased 4.7% driven by strength in 13.4 15.2 the Europe and Rest of World regions. Epilepsy revenue grew 4.4% with U.S. Epilepsy revenue growth of 2.2%. 105.9 108.3 Europe and Re
Slide 12: 1Q25 Adjusted Segment Income and Margin
1Q25 Adjusted Segment Income and Margin(1) % to Revenue $83.6M 1Q24 1Q25 $73.6M Cardiopulmonary 16.1% 16.1% Neuromodulation 36.2% 39.8% 55.2 Total Adjusted Segment 25.4% 26.5% Margin 48.5 Total Adjusted Operating 18.0% 20.4% Margin(2) 25.2 28.4 Cardiopulmonary Neuromodulation 1Q 2024 1Q 2025 Numbers
Slide 13: Adjusted Free Cash Flow
Adjusted Free Cash Flow Targeting $135 - 155M of adjusted free cash flow (FCF) for full-year 2025 Adjusted Free Cash Flow Reconciliation ($M) 1Q 2024 1Q 2025 Net cash provided by operating activities $10.0 $24.0 Less: Purchases of plant, property, and equipment (6.4) (10.8) Less: Cybersecurity incid
Slide 14: 2025 Guidance
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Slide 15: 2025 Guidance
2025 Guidance Raising full-year revenue guidance, updating adjusted diluted EPS to include SNIA impact and currently applicable tariffs, maintaining adjusted FCF Prior Guidance Updated Guidance As of February 25, 2025 As of May 7, 2025 Net revenue growth(1) 5.0 - 6.0% 6.0 - 7.0% Organic net revenue
Slide 16: Assumptions for 2025
Assumptions for 2025 ORGANIC • Cardiopulmonary revenue now expected to grow 9.0 - 10.0% (versus 7.0 - 8.0% prior) REVENUE 7.0 - 8.0% • Epilepsy revenue growth expected to grow 4.0 - 5.0% (maintained) GROWTH(1) • DTD revenue expected to be in the range of $11.5M - $12.5M, driven by program optimizati
Slide 17: RECOVER Manuscript Publication Timeline
RECOVER Manuscript Publication Timeline Critical Publication Series Clinical characteristics and Manuscript #1 Manuscript #3 treatment exposure of Characterizing the effects of Manuscript #5 Vagus nerve stimulation patients with marked vagus nerve stimulation on Prognostic and Prescriptive in treatm
Slide 18: Adjusted Diluted EPS Guidance Bridge
(1) Adjusted Diluted EPS Guidance Bridge: From Initial to Current Outlook $0.21 $3.70 $3.65 ($0.06) At midpoint of ($0.20) At midpoint of $3.65 - $3.75 $3.60 - $3.70 range range (2) As of February 25, 2025 Revenue and Margin Improvements OSA Investments SNIA Environmental Liability and Debt As of Ma
Slide 19: Appendix
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Slide 20: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as “non-GAAP financial me
Slide 21: Segment Net Revenue Comparisons by Region
Segment Net Revenue Comparisons by Region Three Months Ended March 31, Constant-Currency ($M) 2025 2024 % Change % Change(1) Cardiopulmonary United States $60.8 $50.6 20.3% 20.3% Europe(2) 44.5 40.9 8.7% 11.0% Rest of World 71.0 64.4 10.2% 13.4% 176.3 155.9 13.1% 15.0% Neuromodulation United States
Slide 22: 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 Three Months Ended GAAP Financial Restructuring Amortization Financing Contingent Ce
Slide 23: GAAP to Non-GAAP Reconciliations - Unaudited
GAAP to Non-GAAP Reconciliations - Unaudited (US dollars in millions, except per share amounts) Specified Items Depreciation and Stock-based Adjusted Three Months Ended GAAP Financial Restructuring Amortization Financing Contingent Certain Legal & Compensation Certain Tax Certain Interest Financial
Slide 24: 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 March 31, Twelve Months Ended March 31, Adjusted f
Slide 25: 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 March 31, 2025 Financial Results Cons