$LIVN

LivaNova PLC

CIK:0001639691|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 390,587	$ 352,524	$ 752,845	$ 669,379
Cost of sales	116,917	113,536	235,426	214,137
Gross profit	273,670	238,988	517,419	455,242
Operating expenses:
Selling, general, and administrative	158,128	137,780	301,696	266,926
Research and development	53,662	47,185	112,357	85,064
Other operating expense	12,396	(160)	12,411	452
Operating income	49,484	54,183	90,955	102,800
SNIA environmental liability expense	0	(1,677)	0	(362,070)
Interest expense	(7,176)	(14,931)	(15,467)	(30,217)
Foreign exchange and other income/(expense)	(23,829)	(4,255)	(29,524)	7,161
Income (loss) before income tax	18,479	33,320	45,964	(282,326)
Income tax (benefit) expense	(90,204)	6,151	(85,864)	17,807
Loss from equity method investments	(114)	(8)	(965)	(28)
Net income (loss)	$ 108,569	$ 27,161	$ 130,863	$ (300,161)
Basic earnings (loss) per share (in dollars per share)	$ 1.98	$ 0.50	$ 2.39	$ (5.51)
Diluted earnings (loss) per share (in dollars per share)	$ 1.93	$ 0.50	$ 2.33	$ (5.51)
Basic weighted average shares outstanding (in shares)	54,971	54,577	54,831	54,502
Diluted weighted average shares outstanding (in shares)	56,270	54,708	56,109	54,502

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income (loss)	$ 130,863	$ (300,161)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax (benefit) expense	(89,945)	2,763
Remeasurement of derivative instruments	52,213	(27,260)
Share-based compensation	25,152	16,957
Depreciation	17,052	13,293
Gain on sale of investment	(13,648)	0
Amortization of intangible assets	11,226	8,656
Remeasurement of contingent consideration to fair value	10,504	3,709
Amortization of debt issuance costs	9,707	11,397
Amortization of operating lease assets	5,515	7,762
Impairment of investment	1,132	0
Loss on debt extinguishment	857	2,651
Loss on investment revaluation - Ceribell, Inc.	0	3,622
Other, net	(304)	968
Changes in operating assets and liabilities:
Accounts receivable, net	(17,153)	(13,672)
Inventories	(10,145)	(6,038)
Other current and non-current assets	(17,446)	35,540
Accounts payable and accrued current and non-current liabilities	(32,711)	(33,171)
Taxes payable	(8,900)	(897)
Litigation provision liability	7,835	(1,303)
SNIA environmental liability	0	362,070
Net cash provided by operating activities	81,804	86,886
Investing Activities:
Purchases of property, plant, and equipment	(45,840)	(25,937)
Proceeds from investments	0	6,522
Other, net	(657)	(181)
Net cash used in investing activities	(46,497)	(19,596)
Financing Activities:
Repayment of long-term debt obligations	(95,938)	(210,250)
Payment of contingent consideration	(50,429)	0
Other, net	(4,326)	(3,153)
Net cash used in financing activities	(150,693)	(213,403)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(3,547)	16,195
Net decrease in cash, cash equivalents, and restricted cash	(118,933)	(129,918)
Cash, cash equivalents, and restricted cash at beginning of period	635,552	723,556
Cash and cash equivalents at end of period	$ 516,619	$ 593,638

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 516,619	$ 635,552
Accounts receivable, net of allowance of $10,720 as of June 30, 2026 and $12,527 as of December 31, 2025	231,303	215,985
Inventories	172,612	164,701
Prepaid and refundable taxes	42,870	48,606
Prepaid expenses and other current assets	61,641	36,769
Total Current Assets	1,025,045	1,101,613
Property, plant, and equipment, net	273,335	242,603
Goodwill	779,144	792,840
Intangible assets, net	217,003	229,964
Operating lease assets	56,712	55,519
Investments	15,270	20,291
Deferred tax assets	198,749	110,983
Long-term derivative assets	57,293	36,551
Other assets	18,310	15,689
Total Assets	2,640,861	2,606,053
Current Liabilities:
Current debt obligations	3,583	31,472
Accounts payable	103,392	97,157
Accrued liabilities and other	103,831	94,573
SNIA environmental liability	385,023	396,242
Current contingent consideration	0	50,030
Current litigation provision liability	20,132	12,552
Taxes payable	22,071	33,133
Accrued employee compensation and related benefits	68,972	92,913
Total Current Liabilities	707,004	808,072
Long-term debt obligations	289,908	345,185
Long-term contingent consideration	42,121	42,045
Deferred tax liabilities	9,310	9,590
Long-term operating lease liabilities	49,671	48,327
Long-term employee compensation and related benefits	13,969	13,574
Long-term derivative liabilities	152,904	83,904
Other long-term liabilities	50,652	55,369
Total Liabilities	1,315,539	1,406,066
Commitments and contingencies (Note 6)
Shareholders’ Equity:
Ordinary Shares, £1.00 par value: Unlimited shares authorized; 55,601,145 shares issued and 55,051,768 shares outstanding as of June 30, 2026; 55,535,181 shares issued and 54,649,085 shares outstanding as of December 31, 2025	84,599	84,564
Additional paid-in capital	2,270,699	2,254,980
Accumulated other comprehensive (loss) income	(14,386)	7,330
Accumulated deficit	(1,014,858)	(1,145,721)
Treasury shares at cost, 549,377 ordinary shares as of June 30, 2026; 886,096 ordinary shares as of December 31, 2025	(732)	(1,166)
Total Shareholders’ Equity	1,325,322	1,199,987
Total Liabilities and Shareholders’ Equity	$ 2,640,861	$ 2,606,053