LIVNMEDIUM SIGNALFINANCIAL10-K

LivaNova delivered strong operational performance with substantially higher operating income while significantly reducing debt burden and building cash reserves.

The company's operating leverage is clearly working, with revenue growth translating into meaningfully expanded profitability. The substantial debt reduction combined with increased cash position strengthens the balance sheet considerably, providing more financial flexibility for growth investments or potential strategic initiatives.

Comparing 2026-02-25 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

LivaNova demonstrated strong operational execution with revenue growing 10.7% to $1.4B while operating income expanded substantially to $199.4M. The company significantly strengthened its balance sheet by reducing total debt 40% to $376.1M while building cash reserves to $635.6M. Capital expenditures grew notably to $81.0M, suggesting increased investment in growth initiatives, while operating cash flow expanded 39% to $254.3M, indicating healthy underlying cash generation.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+72.1%
$47.1M→$81.0M

Capital expenditure jumped 72.1% — major investment cycle underway; assess returns on deployment.

Operating Income
P&L
+54.5%
$129.1M→$199.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Cash & Equivalents
Balance Sheet
+48.2%
$428.9M→$635.6M

Cash position surged 48.2% — strong cash generation or capital raise providing significant financial cushion.

Total Debt
Balance Sheet
-40%
$627.0M→$376.1M

Debt reduced 40% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
+39%
$183.0M→$254.3M

Operating cash flow surged 39% — exceptional cash generation, highest quality earnings signal.

Interest Expense
P&L
+22%
$48.3M→$58.9M

Interest costs rose 22% — monitor debt levels and coverage ratio in rising rate environment.

Total Liabilities
Balance Sheet
+18.5%
$1.2B→$1.4B

Liabilities increased 18.5% — monitor debt-to-equity ratio and interest coverage.

Accounts Receivable
Balance Sheet
+11.8%
$193.2M→$216.0M

Receivables grew 11.8% — monitor days sales outstanding for collection efficiency.

Inventory
Balance Sheet
+11.6%
$147.6M→$164.7M

Inventory built 11.6% — monitor whether demand supports this build or if write-downs may follow.

Revenue
P&L
+10.7%
$1.3B→$1.4B

Revenue growing 10.7% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-25
ADDED
As of February 18, 2026, 54,689,876 ordinary shares were outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 34 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 35 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44 9A.
Centers for Medicare Medicaid Services Code of Conduct LivaNova PLC s Code of Ethics and Business Conduct CODM Chief Operating Decision Maker Company LivaNova PLC and its consolidated subsidiaries Court of Appeal Court of Appeal in Milan CPB Cardiopulmonary bypass CSRD EU Corporate Sustainability Reporting Directive (2022/2464) Cyberonics Cyberonics, Inc.
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REMOVED
As of February 18, 2025, 54,351,765 ordinary shares were outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 37 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 47 9A.
LivaNova and the Company refer to LivaNova PLC and its consolidated subsidiaries.
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