LivaNova PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LivaNova PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	965	1,012	1,107	1,084	934	1,035	1,022	1,154	1,253	1,388
Cost of revenue	368	353	361	360	339	329	315	398	400	448
Gross profit	560	652	746	724	595	706	707	756	853	940
Research and development	82.1	110	146	147	153	183	156	194	183	186
Selling, general and administrative	355	380	465	528	447	472	469	503	509	549
Operating expenses	528	556
Operating income	33.4	96.5	-248	-172	-274	-0.78	-76.8	-68.5	129	199
Interest expense	10.6	7.8	9.83	15.1	40.8	50.2	48.3	58.9	63.1	49.3
Interest income	1.7	1.32	0.85	0.8	0.13	0.44	4.7	22	30.1	19
Other non-operating income							0.69	46.1	47.8	-2.68
Pre-tax income	25.7	121	-247	-188	-348	-124	-75.1	-81.2	88.3	-221
Income tax	5.11	50	-69.6	-30.4	-0.96	11.2	11.1	-98.9	25.1	21.6
Income from continuing operations	1.87	54.5	-178	-158	-347	-136	-86.2
Net income	-62.8	-25.1	-189	-158	-349	-136	-86.2	17.5	63.2	-242
EBITDA	119	134	-215	-141	-245	23.8	-54.4	-43.8	154	228
EPS, basic	-1.29	-0.52	-3.91	-3.21	-7.18	-2.68	-1.61	0.33	1.17	-4.45
EPS, diluted	-1.28	-0.52	-3.91	-3.26	-7.18	-2.68	-1.61	0.32	1.16	-4.45
Shares, basic (weighted)	48.9	48.2	48.5	48.3	48.6	50.6	53.5	53.9	54.2	54.5
Shares, diluted (weighted)	49	48.5	48.5	48.3	48.6	50.6	53.5	54.2	54.6	54.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	39.8	93.6	47.2	61.1	253	208	214	267	429	636
Receivables	213	282	256	258	184	185	183	215	193	216
Inventory	133	144	154	164	115	106	129	148	148	165
Other current assets	51.7	39	29.6	28.6	22.7	35.7	26.3	27.2	32.4	36.8
Total current assets	813	870	533	549	708	679	886	988	1,127	1,102
Property, plant and equipment	204	192	191	181	164	150	147	154	170	243
Lease right-of-use assets			0	54.4	50.5	40.6	35.8	50.8	46.8	55.5
Goodwill	692	784	957	916	922	900	769	783	750	793
Intangible assets	609	446	770	608	438	400	369	261	237	230
Long-term investments									25.1	20.3
Other non-current assets	131	76	4.78	7.36	11.2	13.1	16.2	12.1	14.1	15.7
Total assets	2,343	2,504	2,550	2,412	2,400	2,201	2,295	2,430	2,506	2,606
Accounts payable	71.9	85.9	76.7	85.9	73.7	68	74.3	80.8	69.7	97.2
Accrued liabilities	71	78.9	124	120	88	88.9	81.5	107	118	94.6
Deferred revenue	0	2.9	3.3	6.73	6.93	8.42	10.2	10.7	10.8	11.5
Short-term debt	47.7	84	28.8	77.4	13.3	230	23.4	18.1	78	31.5
Total current liabilities	350	406	497	513	309	697	297	335	392	808
Long-term debt	75.2	62	140	260	642	9.85	518	569	550	345
Lease liabilities			0	46	42.2	35.9	29.5	45.4	40.1	48.3
Other non-current liabilities	35.1	35.1	22.6	15.3	57.6	49.9	45.8	47.7	44.5	55.4
Total liabilities	636	689	1,046	1,028	1,291	906	1,087	1,152	1,186	1,406
Total debt	123	87.8	163	334	651	237	539	586	627	376
Paid-in capital	1,720	1,735	1,705	1,735	1,768	2,118	2,158	2,190	2,221	2,255
Retained earnings	-14.6	-39.7	-252	-407	-762	-898	-984	-966	-903	-1,146
Treasury stock	-4.5	-0.13	-1.46	-1.26	-1.03	-0.65	-0.38	-0.06	-0.14	-1.17
Other comprehensive income	-68.5	45.3	-24.5	-19.4	27.8	-7.18	-48.1	-27.9	-80.2	7.33
Shareholders' equity	1,707	1,815	1,500	1,378	1,109	1,295	1,208	1,278	1,320	1,200
Total equity	1,707	1,815	1,500	1,378	1,109	1,295	1,208	1,278	1,320	1,200
Total liabilities and equity	2,343	2,504	2,550	2,412	2,400	2,201	2,295	2,430	2,506	2,606
Shares outstanding	48,028	48.3	48.2	48.4	48.7	53.3	53.6	53.9	54.3	54.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-62.8	-25.1	-189	-158	-349	-136	-86.2	17.5	63.2	-242
Depreciation and amortization	85.4	37.1	32.7	30.3	29	24.5	22.4	24.7	25.1	28.6
Stock-based compensation	19.6	19.1	26.9	32.6	35.1	40.6	44.8	36.4	33.9	36.3
Deferred income tax	-26.7	-9.27	-95.1	-26.5	37.1	2.85	1.41	-114	6.8	0.46
Change in receivables	-16.4	-48.9	21.2	-5.32	58.8	-15.7	-4.81	-28.9	11.1	-10.7
Change in inventory	26.7	7.19	-10.6	-7.92	5.44	4.48	-25.7	-28.5	-6.76	-5.29
Cash from operations	90.2	91.3	120	-91.1	-79.4	103	69.9	74.9	183	254
Capital expenditures	-38.4	-32.9	-37.2	-24.7	-35	-25.5	-26.5	-35	-47.1	-81.1
Acquisitions	0	-14.2	-280	-10.8	-1.72	-1.69	-8.86	0	0
Purchases of investments						-3.65	-2.95	-6.5	-1.14	-5.67
Sales and maturities of investments								0	0	6.52
Cash from investing	-44.5	-52.9	-121	-41.3	-41.8	36.9	-38.4	-40.3	-48.2	-72.9
Debt issued	7.23	2.05	104	197	887	0	508	50	336	0
Debt repaid	-21.1	-22.8	-23.8	-24.2	-482	-452	-224	-21.6	-248	-281
Stock issued	8.33	4.97	4.18	0	0	323	0	0	6.34	0.04
Share buybacks	-54.5	0	-50	0	0
Cash from financing	-118	11.3	-42.3	147	311	-181	280	21.5	18.6	-286
Exchange rate effect		4.05	-4	-0.22	2.21	-2.81	-4.01	6.19	-7.75	16.2
Net change in cash	-72.8	53.8	-46.4	13.9	192	-44.8	308	62.3	146	-88
Free cash flow	51.8	58.4	83.3	-116	-114	77.1	43.4	39.9	136	173
Interest paid	7.37	7.51	9.28	15.8	28.6	32.6	19	36.9	38.9	31.1
Income taxes paid	47.8	39	26.4	2.01	7.49	-13.6	1.22	-1.62	15.9	29.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $76.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.1%	Gross profit / revenue.
Operating margin	12.7%	Operating income / revenue.
EBITDA margin	14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.3%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
FCF margin	10.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.9%	Cash from operations / revenue.
Effective tax rate	-76.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	13.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.5%	Research and development expense / revenue.
SG&A / revenue	39.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.9%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	54.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	47.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-483.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-483.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	39.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	53.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	27.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	58.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-9.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.45x	Current assets / current liabilities.
Quick ratio	1.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.73x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.0%	Total debt / total assets.
Liabilities / assets	49.8%	Total liabilities / total assets.
Net debt	-$226.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.04x	Operating income / interest expense.
Working capital	$318.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$329.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	5.38x	Revenue / average property, plant and equipment.
Inventory turnover	2.72x	Cost of revenue / average inventory.
Days inventory	134 days	365 x average inventory / cost of revenue.
Receivables turnover	6.36x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	80 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	111 days	Days inventory + days sales outstanding - days payables.
FCF conversion	78.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	40.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.15	Revenue / diluted weighted shares.
FCF per share	$2.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.43	Cash from operations / diluted weighted shares.
Book value per share	$24.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.98	Tangible book value / shares outstanding.
Cash per share	$9.38	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.22B	Share price x shares outstanding.
Enterprise value	$4.00B	Market cap + total debt - cash - short-term investments.
P/E	22.4x	Market cap / net income. Only when net income is positive.
P/S	2.87x	Market cap / revenue.
P/B	3.19x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.8x	Market cap / tangible book value, when positive.
P/FCF	28.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.9x	Market cap / cash from operations, when positive.
EV/Sales	2.72x	Enterprise value / revenue.
EV/EBIT	21.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).

What was LivaNova PLC's revenue in fiscal 2025?

LivaNova PLC reported revenue of $1.39B for fiscal 2025, 10.7% higher than the year before.

Was LivaNova PLC profitable in fiscal 2025?

No. It reported a net loss of $242.5M.

How much free cash flow did LivaNova PLC generate in fiscal 2025?

Cash from operations of $254.3M minus capital expenditures of $81.1M left free cash flow of $173.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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