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Maker of implantable neuromodulation devices for epilepsy and heart-lung support systems used in cardiac surgery.
Maker of implantable neuromodulation devices for epilepsy and heart-lung support systems used in cardiac surgery.
Implanted vagus-nerve stimulators earn on the initial surgery and again on battery replacement, so the base of patients is a recurring source of sales. Heart-lung machines are sold to hospitals along with the disposable parts used in every operation. The company is working to extend its stimulator to depression, which would widen its market.
Moat: narrow (regulatory licence, switching costs, installed base). FDA-approved implantable neuromodulation platform with long device-replacement cycles and surgeon training lock-in.
Headquarters: London, United Kingdom · Founded: 2015 · Employees: 3,300
Size LivaNova (LIVN) is a United States Health Care company (Medical Specialties) with a market value of $4.96B, the 1193rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $89.99 on 6 Nov 2026.
Performance Over six months the shares gained 25.2%, against +26.0% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 11.7% over the last twelve months (peer median +2.9%); the operating margin is 13.1% (peer median 13.7%).
Valuation It trades at 19.9× forward earnings against a peer median of 19.9× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.5 points above its cost of capital (9.2% WACC).
Credit LivaNova has 1 bond outstanding ($345M).
Short interest Short interest is 11.2% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.51B | $1.39B | $1.25B | $1.15B | $1.02B |
| Revenue growth | — | +11% | +9% | +13% | — |
| Gross profit | $1.07B | $944M | $872M | $785M | $718M |
| EBITDA | $311M | $285M | $217M | $160M | $180M |
| Net income | $196M | -$242M | $63.2M | $17.5M | -$86.2M |
| Free cash flow | $129M | $173M | $136M | $39.9M | $43.4M |
| Capital expenditure | $109M | $81.0M | $47.1M | $35.0M | $26.5M |
| Total debt | $348M | $434M | $677M | $640M | $580M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| LivaNova LIVN | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% |
| Terumo 4543.T | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% |
| Getinge GETI-B.ST | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LIVN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.6% | +9.5% | 3rd highest of 21 |
| 6-month return | +25.2% | +26.0% | 11th highest of 21 |
| Distance from 52-week high | -9.4% | -10.1% | 10th highest of 21 |
| Revenue growth (TTM) | +11.7% | +2.9% | 8th highest of 20 |
| Operating margin | 13.1% | 13.7% | 9th lowest of 21 |
| Forward P/E | 19.9× | 19.9× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 11.5% | 11.9% | 8th least demanding of 17 |
| Growth delivered (Del g) | +8.2% | +8.1% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | +3.2 pp | +1.9 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | +7.5 pp | +2.2 pp | 5th highest of 20 |
| EV / EBITDA | 15.3× | 15.4× | 8th cheapest of 15 |
| Net debt / EBITDA | -0.7× | 1.1× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| LivaNova LIVN | United States | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% | +8.2% |
| DiaSorin DIA.MI | Italy | $5.00B | +19% | -3% | 24% | 20.6× | 4.1% | +6.3% |
| Merit Medical Systems MMSI | United States | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% | +9.5% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| GRAIL GRAL | United States | $5.42B | +67% | +23% | -323% | n/a | n/a | n/a |
| Haemonetics HAE | United States | $5.46B | +118% | 0% | 18% | 21.6× | 10.9% | +8.9% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% | +11.9% |
| Integer ITGR | United States | $4.30B | +44% | 0% | 9% | 18.8× | 19.6% | +11.5% |
| Jiangsu Yuyue Medical Equipment & Supply 002223.SZ | China | $4.26B | -1% | -1% | 13% | 20.4× | 5.1% | +3.4% |
| APT Medical 688617.SS | China | $5.95B | +20% | +28% | 37% | 38.5× | 8.7% | +40.1% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 1% | 53.2× | n/a | n/a |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% | +11.3% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | 1% | 40.1× | 46.9% | +3.8% |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |
| Asahi Intecc 7747.T | Japan | $6.28B | +13% | +21% | 31% | 26.0× | 13.6% | +18.8% |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| Ypsomed YPSN.SW | Switzerland | $6.35B | +30% | -2% | 25% | 30.1× | 11.5% | +12.6% |
| Teleflex TFX | United States | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% | -4.7% |
| ConvaTec CTEC.L | United Kingdom | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% | +4.6% |
LivaNova has 1 bond outstanding with $345M face value.