LivaNova Q4 Revenue Rises 12.1% and Guides to 6%-7% Growth in 2026

LivaNova said on Wednesday, February 25, that its fourth-quarter 2025 revenue rose 12.1% to $360.9 million, or 9.5% on both a constant-currency and organic basis, according to the company's earnings release filed with the Securities and Exchange Commission. Diluted earnings per share were $0.56 under U.S. GAAP, down from $1.02 a year earlier, while adjusted diluted EPS, a non-GAAP measure, rose to $0.86 from $0.81.

Segments

The London-headquartered company's cardiopulmonary revenue rose 13.7% to $206.6 million in the quarter, with growth in all regions driven by strong demand for consumables and sales of its Essenz Perfusion System, LivaNova said. Neuromodulation revenue, which includes its VNS Therapy for drug-resistant epilepsy, rose 11.0% to $152.7 million.

For the full year, revenue rose 10.7% to $1.39 billion. Cardiopulmonary revenue grew 14.9% to $785.4 million and neuromodulation revenue 7.0% to $592.8 million. Adjusted diluted EPS rose to $3.90 from $3.38. On a GAAP basis, LivaNova reported a full-year diluted loss of $4.45 per share after recording a $365.6 million expense for its SNIA environmental liability. Adjusted free cash flow was $183.3 million.

2026 guidance and reimbursement

LivaNova expects 2026 revenue to grow 6.0% to 7.0% in constant currency, with foreign currency adding about 1 percentage point at current exchange rates. It forecast adjusted diluted EPS of $4.15 to $4.25 and adjusted free cash flow of $160 million to $180 million.

The company said the Centers for Medicare & Medicaid Services increased provider reimbursement for VNS Therapy procedures for drug-resistant epilepsy, effective January 1, 2026. Hospital outpatient payments under Medicare rose about 48% for new patient implants and 47% for end-of-service procedures compared with 2025 rates, which LivaNova said significantly reduces a known barrier to wider use. It also said the Food and Drug Administration approved its cloud-based digital health platform for epilepsy patients.

"Looking to 2026, our guidance is aligned with the medium-term outlook outlined at our November 2025 Investor Day, reflecting healthy performance in our core businesses while investing behind our differentiated OSA opportunity," chief executive Vladimir Makatsaria said. OSA refers to obstructive sleep apnea, a market LivaNova is preparing to enter; the company appointed Lucile Blaise as global head of commercialization for OSA effective December 1, 2025.

LivaNova has about 3,300 employees and a presence in more than 100 countries, according to the release.