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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
LivaNova reported revenue of $1.4B in the fiscal year ended Dec 2025, up 10.7% from the year before. Operating income was $199M, an operating margin of 14.4%, and net income was −$242M. Operating cash flow of $254M less capital expenditure of $81M left free cash flow of $173M. It held more cash than debt (net cash $259M).
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,035 | 1,022 | 1,154 | 1,253 | 1,388 |
| Cost of revenue | 329 | 315 | 398 | 400 | 448 |
| Gross profit | 706 | 707 | 756 | 853 | 940 |
| Research & development | 183 | 156 | 194 | 183 | 186 |
| Selling, general & admin | 472 | 469 | 503 | 509 | 549 |
| Operating income | −0.8 | −76.8 | −68.5 | 129 | 199 |
| Interest expense | 50.2 | 48.3 | 58.9 | 63.1 | 49.3 |
| Pre-tax income | −124 | −75.1 | −81.2 | 88.3 | −221 |
| Income tax | 11.2 | 11.1 | −98.9 | 25.1 | 21.6 |
| Net income | −136 | −86.2 | 17.5 | 63.2 | −242 |
| Diluted EPS | −2.68 | −1.61 | 0.32 | 1.16 | −4.45 |
| Diluted shares | 50.6 | 53.5 | 54.2 | 54.6 | 54.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 208 | 214 | 267 | 429 | 636 |
| Receivables | 185 | 183 | 215 | 193 | 216 |
| Inventory | 106 | 129 | 148 | 148 | 165 |
| Current assets | 679 | 886 | 988 | 1,127 | 1,102 |
| Net PP&E | 150 | 147 | 154 | 170 | 243 |
| Goodwill | 900 | 769 | 783 | 750 | 793 |
| Total assets | 2,201 | 2,295 | 2,430 | 2,506 | 2,606 |
| Payables | 68.0 | 74.3 | 80.8 | 69.7 | 97.2 |
| Deferred revenue | 8.4 | 10.2 | 10.7 | 10.8 | 11.5 |
| Current liabilities | 697 | 297 | 335 | 392 | 808 |
| Short-term debt | 227 | 20.9 | 17.5 | 77.3 | 30.9 |
| Long-term debt | 9.8 | 518 | 569 | 550 | 345 |
| Total liabilities | 906 | 1,087 | 1,152 | 1,186 | 1,406 |
| Shareholders' equity | 1,295 | 1,208 | 1,278 | 1,320 | 1,200 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 103 | 69.9 | 74.9 | 183 | 254 |
| Capital expenditure | 25.5 | 26.5 | 35.0 | 47.1 | 81.1 |
| Free cash flow | 77.1 | 43.4 | 39.9 | 136 | 173 |
| Depreciation & amortisation | 24.5 | 22.4 | 24.7 | 25.1 | 28.6 |
| Stock-based compensation | 40.6 | 44.8 | 36.4 | 33.9 | 36.3 |
| Acquisitions | 1.7 | 8.9 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.3% | 12.9% | 8.7% | 10.7% |
| Operating income growth (YoY) | – | – | – | – | 54.5% |
| EPS growth (YoY) | – | – | – | 262.5% | −483.6% |
| Gross margin | 68.2% | 69.2% | 65.5% | 68.1% | 67.7% |
| Operating margin | −0.1% | −7.5% | −5.9% | 10.3% | 14.4% |
| Net margin | −13.1% | −8.4% | 1.5% | 5.0% | −17.5% |
| Return on equityBlank when equity is negative | −10.5% | −7.1% | 1.4% | 4.8% | −20.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.1% | −3.8% | −3.3% | 6.1% | 11.1% |
| Free cash flow margin | 7.4% | 4.2% | 3.5% | 10.8% | 12.5% |
| Cash conversion (CFO ÷ net income) | −0.76x | −0.81x | 4.27x | 2.89x | −1.05x |
| Receivable days | 65 | 65 | 68 | 56 | 57 |
| Inventory days | 117 | 150 | 136 | 135 | 134 |
| Payable days | 75 | 86 | 74 | 64 | 79 |
| Interest cover | −0.02x | −1.59x | −1.16x | 2.05x | 4.05x |
| Debt ÷ equity | 0.18x | 0.45x | 0.46x | 0.47x | 0.31x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 28.8 | 325 | 320 | 198 | −259 |
| Current ratio | 0.97x | 2.98x | 2.95x | 2.87x | 1.36x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.