Livanova Plc · NASDAQ:LIVN
Livanova — Q1 2026 Earnings Presentation
26 slides from Livanova's earnings presentation, May 6, 2026
Slide 1: First-Quarter 2026 Earnings Update
May 6, 2026 First-Quarter 2026 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 1Q26 Key Messages and Summary 1Q26 Financial Results 2026 Guidance and Assumptions Appendix 4
Slide 5: 1Q26 Highlights and Key Messages
1Q26 Highlights and Key Messages • Delivered double-digit reported and constant-currency(1) revenue growth with strength across all regions, reflecting sustained Financial performance in our Cardiopulmonary and Epilepsy businesses Results • Adjusted diluted earnings per share(2) of $0.98, representi
Slide 6: 1Q26 Summary
1Q26 Summary • Cardiopulmonary growth of 14.0% with growth across all regions, driven by Essenz Perfusion System sales, strong Revenue consumables demand, and favorable realized price 11.1% Growth(1) • Neuromodulation growth of 7.6% with growth across all regions, driven by total implant growth and
Slide 7: Financial Results
ly — Financial Results iS
Slide 8: 1Q26 Financial Summary
1Q26 Financial Summary 1Q25 1Q26 Net revenue increased 11.1% on a constant-currency basis; favorable FX impact of ~$10M, or 3% Net Revenue ($M) Adjusted Diluted EPS Adjusted FCF ($M) $20 $362 $317 $0.98 $0.88 $4 Adjusted Gross Profit % Adjusted SG&A % Adjusted R&D % Adjusted Operating Margin % 68.9%
Slide 9: 1Q26 Net Revenue
1Q26 Net Revenue Delivered double-digit constant-currency(1) revenue growth Neuromodulation Vagus Nerve Stimulation Therapy (VNS Therapy) Cardiopulmonary • Drug-Resistant Epilepsy • Heart-lung machines • Difficult-to-Treat Depression 42% • Oxygenators $362M • Autotransfusion systems Proximal Hypoglo
Slide 10: 1Q26 Cardiopulmonary Revenue
1Q26 Cardiopulmonary Revenue(1) Drivers/Impacts Net Revenue ($M) 14.0% $209 $176 Cardiopulmonary revenue increased 14.0% with double-digit growth across all regions. 82 71 Consumables revenue grew in the mid-teens driven by market share gains, procedure growth, and price. 57 45 HLM revenue grew in t
Slide 11: 1Q26 Neuromodulation Revenue
1Q26 Neuromodulation Revenue(1) Drivers/Impacts Net Revenue ($M) 7.6% $152 Neuromodulation revenue increased 7.6% with growth across all $139 18 regions driven by total implant growth and favorable realized 15 price. 18 15 Epilepsy revenue grew 8% with U.S. Epilepsy revenue growth of 7%. 108 115 Eur
Slide 12: 1Q26 Adjusted Segment Income and Operating Margin
1Q26 Adjusted Segment Income and Operating Margin(1) $95M $84M 1Q25 1Q26 Cardiopulmonary 16.1% 17.9% 58 Neuromodulation 39.8% 38.2% 55 Total Adjusted Segment Margin 26.5% 26.4% Total Adjusted Operating Margin(2) 20.4% 19.6% 37 28 Cardiopulmonary Neuromodulation 1Q 2025 1Q 2026 Numbers may not add pr
Slide 13: Adjusted Free Cash Flow
Adjusted Free Cash Flow Maintaining $160 - $180M of adjusted FCF guidance for full-year 2026 Adjusted Free Cash Flow Reconciliation ($M) 1Q 2025 1Q 2026 Net cash provided by operating activities $24.0 $15.2 Less: Purchases of plant, property, and equipment (10.8) (14.3) Less: Cybersecurity incident
Slide 14: 2026 Guidance
ly — 2026 Guidance iS
Slide 15: 2026 Guidance Tracking Toward High End of Investor Day Commitments
2026 Guidance Tracking Toward High End of Investor Day Commitments Raising full-year revenue(1) and adjusted diluted EPS(2) guidance, and maintaining adjusted operating margin and adjusted FCF(3) guidance Prior Guidance Updated Guidance Investor Day Commitments As of February 25, 2026 As of May 6, 2
Slide 16: Assumptions for 2026
Assumptions for 2026 • Cardiopulmonary revenue expected to grow 8.5 - 9.5% (versus 7.0 - 8.0% prior) REVENUE 7.0 - 8.0% • Epilepsy revenue growth expected to grow 6.0 - 7.0% (versus 5.5 - 6.5% prior) GROWTH(1) • DTD revenue expected to be ~$10M (consistent with prior guidance) • Adjusted operating m
Slide 17: Adjusted Diluted EPS Guidance Bridge: From Prior to Current Outlook
Adjusted Diluted EPS(1) Guidance Bridge: From Prior to Current Outlook $0.12 $4.25 $4.20 ($0.07) At midpoint of At midpoint of $4.15 - $4.25 $4.20 - $4.30 range range (2) As of February 25, 2026 Revenue and Operational Improvements Middle East Conflict Related Costs As of May 6, 2026 (1) Adjusted di
Slide 18: OSA: Key Milestones and Upcoming Catalysts
OSA: Key Milestones and Upcoming Catalysts H1 2025 H2 2025 H1 2026 H2 2026 H1 2027 H2 2027 aura6000 PMA filing PMA approval (non-commercial) PMA PMA Full market supplement supplement Commercial release submission approval(1) (MRI-compatible) Limited market release (including PolySync) (1) FDA timeli
Slide 19: Appendix
ndix Appe iy w
Slide 20: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as “non-GAAP financial me
Slide 21: Glossary
Glossary ATS Autotransfusion systems BPS Basis points CCC Complete concentric collapse CMS U.S. Centers for Medicare and Medicaid Services CP Cardiopulmonary DISE Drug-induced sleep endoscopy DRE Drug-Resistant Epilepsy DTD Difficult-to-treat Depression EPS Earnings per share FCF Free cash flow FDA
Slide 22: Segment Net Revenue Comparisons by Region
Segment Net Revenue Comparisons by Region Three Months Ended March 31, Constant-Currency ($M) 2026 2025 % Change % Change (1) Cardiopulmonary United States $69.3 $60.8 13.9 % 13.9 % Europe (2) 57.3 44.5 28.8 % 17.6 % Rest of World 82.1 71.0 15.6 % 11.8 % 208.7 176.3 18.3 % 14.0 % Neuromodulation Uni
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 for per share amounts) Non-GAAP Adjustments Depreciation and Adjusted Three Months Ended GAAP Financial Amortization Investment Financing Related Contingen
Slide 24: 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 for per share amounts) Non-GAAP Adjustments Depreciation and Investment Adjusted Three Months Ended GAAP Financial Restructuring Amortization Related Finan
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) Last Twelve Months Ended March 31, Adjusted free cash flow reconciliation 2026 2025 Net cash provided by operating activities $245.6 $197.0 Less: Purchases of pla
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) Non-GAAP Adjustments Segment income Share-based Three Months Ended GAAP Depreciation and Contingent Certain Legal & Compensation Adjusted Financial March 31, 2026