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Geographic and Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents net revenue by operating segment and geographic region (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cardiopulmonary |  |  |  |  |  |  |  |
United States |  | $ | 71,243 |  |  | $ | 64,873 |  |  | $ | 132,077 |  |  | $ | 115,450 |
Europe (1) |  | 49,046 |  |  | 38,567 |  |  | 93,553 |  |  | 79,493 |
Rest of World (1) |  | 78,983 |  |  | 70,274 |  |  | 149,962 |  |  | 134,662 |
|  | 199,272 |  |  | 173,714 |  |  | 375,592 |  |  | 329,605 |
Neuromodulation |  |  |  |  |  |  |  |
United States |  | 117,226 |  |  | 111,683 |  |  | 225,560 |  |  | 217,612 |
Europe (1) |  | 17,730 |  |  | 15,590 |  |  | 32,924 |  |  | 28,997 |
Rest of World (1) |  | 16,714 |  |  | 15,603 |  |  | 32,079 |  |  | 30,139 |
|  | 151,670 |  |  | 142,876 |  |  | 290,563 |  |  | 276,748 |
Other Revenue (2) |  | 1,582 |  |  | 1,985 |  |  | 3,224 |  |  | 7,134 |
Totals (3) |  |  |  |  |  |  |  |
United States |  | 188,474 |  |  | 179,537 |  |  | 357,638 |  |  | 340,157 |
Europe (1) |  | 66,776 |  |  | 51,258 |  |  | 126,477 |  |  | 105,599 |
Rest of World (1) |  | 97,274 |  |  | 87,780 |  |  | 185,264 |  |  | 167,731 |
|  | $ | 352,524 |  |  | $ | 318,575 |  |  | $ | 669,379 |  |  | $ | 613,487 |
(1)“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates. (2)“Other Revenue” includes rental and site services income not allocated to segments. In addition, for the three and six months ended June 30, 2024, “Other Revenue” includes revenue from the Company’s former ACS reportable segment. (3)No single customer represented over 10% of the Company’s consolidated net revenue. No country’s net revenue exceeded 10% of the Company’s consolidated net revenue except for the U.S. The following table presents a reconciliation of segment income to consolidated income (loss) before tax (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cardiopulmonary |  | $ | 31,407 |  |  | $ | 19,627 |  |  | $ | 56,098 |  |  | $ | 34,338 |
Neuromodulation |  | 56,020 |  |  | 54,812 |  |  | 108,373 |  |  | 101,490 |
Segment income |  | 87,427 |  |  | 74,439 |  |  | 164,471 |  |  | 135,828 |
Other expense |  | (33,244) |  |  | (34,273) |  |  | (61,671) |  |  | (79,416) |
Operating income |  | 54,183 |  |  | 40,166 |  |  | 102,800 |  |  | 56,412 |
SNIA environmental liability expense |  | (1,677) |  |  | — |  |  | (362,070) |  |  | — |
Interest expense (1) |  | (12,280) |  |  | (15,532) |  |  | (27,566) |  |  | (31,425) |
Loss on debt extinguishment |  | (2,651) |  |  | — |  |  | (2,651) |  |  | (25,482) |
Foreign exchange and other income/(expense) |  | (4,255) |  |  | (3,045) |  |  | 7,161 |  |  | (12,116) |
Income (loss) before tax |  | $ | 33,320 |  |  | $ | 21,589 |  |  | $ | (282,326) |  |  | $ | (12,611) |
(1)“Interest expense” includes contractual interest expense associated with LivaNova’s short- and long-term financing arrangements and the amortization of debt discount and issuance costs of $5.7 million and $11.4 million for the three and six months ended June 30, 2025, respectively, and $5.3 million and $10.2 million for the three and six months ended June 30, 2024, respectively. The following tables present the components of segment income, including significant expenses, of LivaNova’s reportable segments (in thousands):
|  | Cardiopulmonary |  | Neuromodulation
|  | Three Months Ended June 30, |  | Three Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue |  | $ | 199,272 |  |  | $ | 173,714 |  |  | $ | 151,670 |  |  | $ | 142,876 |
Less: |  |  |  |  |  |  |  |
Cost of sales |  | 95,465 |  |  | 86,606 |  |  | 14,769 |  |  | 12,203 |
Selling, general, and administrative |  | 56,012 |  |  | 50,941 |  |  | 51,097 |  |  | 46,099 |
Research and development |  | 16,465 |  |  | 13,835 |  |  | 29,784 |  |  | 29,762 |
3T litigation provision |  | (77) |  |  | 2,705 |  |  | — |  |  | — |
|  | $ | 31,407 |  |  | $ | 19,627 |  |  | $ | 56,020 |  |  | $ | 54,812 |
|  | Cardiopulmonary |  | Neuromodulation
|  | Six Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue |  | $ | 375,592 |  |  | $ | 329,605 |  |  | $ | 290,563 |  |  | $ | 276,748 |
Less: |  |  |  |  |  |  |  |
Cost of sales |  | 180,385 |  |  | 162,885 |  |  | 28,155 |  |  | 22,531 |
Selling, general, and administrative |  | 109,971 |  |  | 97,504 |  |  | 98,667 |  |  | 91,793 |
Research and development |  | 28,509 |  |  | 25,781 |  |  | 55,368 |  |  | 60,934 |
3T litigation provision |  | 629 |  |  | 9,097 |  |  | — |  |  | — |
|  | $ | 56,098 |  |  | $ | 34,338 |  |  | $ | 108,373 |  |  | $ | 101,490 |
The following table presents assets by reportable segment (in thousands):
|  | June 30, 2025 |  | December 31, 2024
Cardiopulmonary |  | $ | 1,013,888 |  |  | $ | 900,672 |
Neuromodulation |  | 637,717 |  |  | 640,956 |
Other assets (1) |  | 855,097 |  |  | 964,761 |
|  | $ | 2,506,702 |  |  | $ | 2,506,389 |
(1)“Other assets” primarily includes corporate assets not allocated to segments. The following table presents capital expenditures by reportable segment (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cardiopulmonary |  | $ | 8,767 |  |  | $ | 7,526 |  |  | $ | 13,936 |  |  | $ | 11,274 |
Neuromodulation |  | 4,217 |  |  | 725 |  |  | 6,250 |  |  | 1,001 |
Other capital expenditures (1) |  | 4,389 |  |  | 5,500 |  |  | 7,491 |  |  | 7,923 |
|  | $ | 17,373 |  |  | $ | 13,751 |  |  | $ | 27,677 |  |  | $ | 20,198 |
(1)“Other capital expenditures” primarily includes corporate capital expenditures not allocated to segments.
Schedule of Changes in Carrying Amount of Goodwill | The following table presents changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2025 (in thousands):
|  | Cardiopulmonary |  | Neuromodulation |  | Total
December 31, 2024 |  | $ | 351,252 |  |  | $ | 398,754 |  |  | $ | 750,006 |
Foreign currency adjustments |  | 43,359 |  |  | — |  |  | 43,359 |
June 30, 2025 |  | $ | 394,611 |  |  | $ | 398,754 |  |  | $ | 793,365 |
Schedule of Property, Plant, and Equipment by Geographic Region | The following table presents property, plant, and equipment, net by geographic region (in thousands):
|  | June 30, 2025 |  | December 31, 2024
United States |  | $ | 70,226 |  |  | $ | 65,170 |
Europe |  | 110,673 |  |  | 94,394 |
Rest of World |  | 14,519 |  |  | 10,696 |
|  | $ | 195,418 |  |  | $ | 170,260 |

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