# LivaNova PLC (LIVN)

> Source: Nexqual · https://nexqual.com/LIVN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, LivaNova PLC (LIVN), nexqual.com/LIVN" · informational, not investment advice.

**Price:** USD 81.27 (+3.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 78.44 · day 78.35–81.42 · 52w 48.82–85.76 · market cap $4.46B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.47B, net income $189M (12.8% margin), free cash flow $148M (SEC filings).
- Valuation: P/E 23.7x (avg 100.0x at the last 2 fiscal year-ends), EV/EBITDA 19.3x, net cash $227M.
- Earnings quality: non-operating income -$39.4M vs operating income $188M over the last four quarters; P/E excluding non-operating income ≈19.6x (estimate: non-operating income taxed at the company's 0% effective rate).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.0M; 6 not under a Rule 10b5-1 plan ($1.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 90.55 (range 75–105).
- Total return with dividends: 1Y +49.3% vs S&P 500 +14.9%; 5Y +0.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.06, revenue estimate $381M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.04B | $1.02B | $1.15B | $1.25B | $1.39B | $1.47B |
| Gross profit | $706M | $707M | $756M | $853M | $940M | — |
| Operating income | -$784K | -$76.8M | -$68.5M | $129M | $199M | $188M |
| Net income | -$136M | -$86.2M | $17.5M | $63.2M | -$242M | $189M |
| EPS (diluted) | -$2.68 | -$1.61 | $0.32 | $1.16 | -$4.45 | — |
| Free cash flow | $77.1M | $43.4M | $39.9M | $136M | $173M | $148M |
| Gross margin | 68.2% | 69.2% | 65.5% | 68.1% | 67.7% | — |
| Operating margin | -0.1% | -7.5% | -5.9% | 10.3% | 14.4% | 12.7% |
| Net margin | -13.1% | -8.4% | 1.5% | 5.0% | -17.5% | 12.8% |
| Revenue growth | +10.8% | -1.3% | +12.9% | +8.7% | +10.7% | — |
| Cash + short-term investments | $208M | $214M | $267M | $429M | $636M | — |
| Total debt | $237M | $539M | $586M | $627M | $376M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 23.7x · P/E ex non-operating (est.) ≈19.6x · P/S 3.0x · EV/EBITDA 19.3x · EV/Sales 2.9x · P/FCF 30.1x · P/B 3.4x · FCF yield 3.32% · Earnings yield 4.22% · Net cash $227M · EV $4.24B
P/E at fiscal year-ends: Dec 2024 40.0x, Dec 2023 159.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Bianchi Francesco | Director | 3,500 | $273K | 44.1% | No | Too little history (no open-market trades in 2023) |
| 2026-09-04 | Story Brooke | Director | 2,300 | $187K | 23.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31 | Bianchi Francesco | Director | 1,650 | $132K | 17.2% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Tezel Ahmet | Chief Innovation Officer | 2,675 | $208K | 30.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Bianchi Francesco | Director | 1,200 | $96K | 11.1% | No | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Bianchi Francesco | Director | 1,800 | $136K | 19.9% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 90.55 (low 75, high 105).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Barclays | Initiated | Overweight | $105 |
| 2026-09-02 | Piper Sandler | Target raised | Overweight | $87 → $90 |
| 2026-08-05 | Needham | Target raised | Buy | $81 → $93 |
| 2026-07-15 | Mizuho | Target raised | Outperform | $90 → $95 |
| 2026-07-01 | Freedom Capital Markets | Initiated | Hold | $81 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +49.3% | +0.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +49.5% | +0.1% |
| Volatility (annualized) | 35.7% | 40.5% |
| Max drawdown | -18.9% (Feb 2026→May 2026) | -63.2% (Nov 2021→Apr 2025) |

## Peers (Medical Devices)
ITGR (Integer Holdings Corporation) USD 126.56 -0.11% · IRTC (iRhythm Holdings, Inc.) USD 119.64 +5.36% · HAE (Haemonetics Corporation) USD 116.16 -0.81% · NEOG (Neogen Corporation) USD 11.98 +1.61% · TMDX (TransMedics Group, Inc.) USD 72.06 -0.47% · UFPT (UFP Technologies, Inc.) USD 297.33 +2.49%

## More
Full page: https://nexqual.com/LIVN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Cardiopulmonary | $221.6M | 56.7% | +11.2% | $28.2M | 12.7% |
| Neuromodulation | $166.9M | 42.7% | +10.1% | $60.9M | 36.5% |
| Corporate costs (not allocated) | — | — | — | -$39.6M | — |
| Total revenue | $390.6M | 100% | — | $49.5M | 12.7% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $199.3M | 51.0% | +5.8% |
| Rest of World | $109.4M | 28.0% | +12.5% |
| Europe | $81.8M | 20.9% | +22.5% |
| Total revenue | $390.6M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Lowered full-year 2026 adjusted free cash flow range to $140 million to $160 million • Entered into a long-term agreement with Thermo Fisher Scientific that is anticipated to increase availability of a critical oxygenator component."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.06 | $1.08 | -2.2% | $381.1M | 10 |
| Next quarter (ends 2026-12-31) | $1.06 | $1.09 | -3.5% | $390.2M | 10 |
| Current fiscal year (ends 2026-12-31) | $4.36 | $4.25 | +2.6% | $1.52B | 10 |
| Next fiscal year (ends 2027-12-31) | $4.68 | $4.62 | +1.4% | $1.63B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±10.1%; last 8 reports averaged ±12.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 44.2% | ±10.1% |
| 2026-12-18 | 56 | 40.4% | ±12.9% |
| 2027-01-15 | 84 | 37.3% | ±14.4% |
| 2027-04-16 | 175 | 37.4% | ±20.5% |