XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.25.3

Geographic and Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cardiopulmonary |  |  |  |  |  |  |  |
United States |  | $ | 71,946 |  |  | $ | 62,504 |  |  | $ | 204,023 |  |  | $ | 177,954 |
Europe (1) |  | 50,052 |  |  | 40,894 |  |  | 143,605 |  |  | 120,387 |
Rest of World (1) |  | 81,220 |  |  | 68,841 |  |  | 231,182 |  |  | 203,503 |
|  | 203,218 |  |  | 172,239 |  |  | 578,810 |  |  | 501,844 |
Neuromodulation |  |  |  |  |  |  |  |
United States |  | 118,390 |  |  | 112,906 |  |  | 343,950 |  |  | 330,518 |
Europe (1) |  | 14,521 |  |  | 11,922 |  |  | 47,445 |  |  | 40,919 |
Rest of World (1) |  | 16,614 |  |  | 15,033 |  |  | 48,693 |  |  | 45,172 |
|  | 149,525 |  |  | 139,861 |  |  | 440,088 |  |  | 416,609 |
Other Revenue (2) |  | 5,010 |  |  | 6,020 |  |  | 8,234 |  |  | 13,154 |
Totals (3) |  |  |  |  |  |  |  |
United States |  | 190,447 |  |  | 179,828 |  |  | 548,085 |  |  | 519,985 |
Europe (1) |  | 67,683 |  |  | 52,815 |  |  | 194,160 |  |  | 158,414 |
Rest of World (1) |  | 99,623 |  |  | 85,477 |  |  | 284,887 |  |  | 253,208 |
|  | $ | 357,753 |  |  | $ | 318,120 |  |  | $ | 1,027,132 |  |  | $ | 931,607 |
(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 nine months ended September 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cardiopulmonary |  | $ | 24,698 |  |  | $ | 21,669 |  |  | $ | 80,796 |  |  | $ | 56,007 |
Neuromodulation |  | 56,185 |  |  | 49,533 |  |  | 164,558 |  |  | 151,023 |
Segment income |  | 80,883 |  |  | 71,202 |  |  | 245,354 |  |  | 207,030 |
Other expense |  | (26,871) |  |  | (35,584) |  |  | (88,542) |  |  | (115,000) |
Operating income |  | 54,012 |  |  | 35,618 |  |  | 156,812 |  |  | 92,030 |
SNIA environmental liability expense |  | (1,745) |  |  | — |  |  | (363,815) |  |  | — |
Interest expense (1) |  | (10,863) |  |  | (15,878) |  |  | (38,429) |  |  | (47,303) |
Loss on debt extinguishment |  | — |  |  | — |  |  | (2,651) |  |  | (25,482) |
Foreign exchange and other income/(expense) |  | (7,493) |  |  | 24,701 |  |  | (332) |  |  | 12,585 |
Income (loss) before tax |  | $ | 33,911 |  |  | $ | 44,441 |  |  | $ | (248,415) |  |  | $ | 31,830 |
(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 $5.9 million and $17.3 million for the three and nine months ended September 30, 2025, respectively, and $5.5 million and $15.7 million for the three and nine months ended September 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 September 30, |  | Three Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue |  | $ | 203,218 |  |  | $ | 172,239 |  |  | $ | 149,525 |  |  | $ | 139,861 |
Less: |  |  |  |  |  |  |  |
Cost of sales |  | 98,088 |  |  | 80,971 |  |  | 12,693 |  |  | 11,385 |
Selling, general, and administrative |  | 58,580 |  |  | 49,338 |  |  | 49,937 |  |  | 45,529 |
Research and development |  | 18,108 |  |  | 12,560 |  |  | 30,710 |  |  | 33,414 |
3T litigation provision |  | 3,744 |  |  | 7,701 |  |  | — |  |  | — |
|  | $ | 24,698 |  |  | $ | 21,669 |  |  | $ | 56,185 |  |  | $ | 49,533 |
|  | Cardiopulmonary |  | Neuromodulation
|  | Nine Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Net revenue |  | $ | 578,810 |  |  | $ | 501,844 |  |  | $ | 440,088 |  |  | $ | 416,609 |
Less: |  |  |  |  |  |  |  |
Cost of sales |  | 278,473 |  |  | 243,856 |  |  | 40,848 |  |  | 33,916 |
Selling, general, and administrative |  | 168,551 |  |  | 146,842 |  |  | 148,604 |  |  | 137,322 |
Research and development |  | 46,617 |  |  | 38,341 |  |  | 86,078 |  |  | 94,348 |
3T litigation provision |  | 4,373 |  |  | 16,798 |  |  | — |  |  | — |
|  | $ | 80,796 |  |  | $ | 56,007 |  |  | $ | 164,558 |  |  | $ | 151,023 |
The following table presents assets by reportable segment (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Cardiopulmonary |  | $ | 1,018,811 |  |  | $ | 900,672 |
Neuromodulation |  | 639,970 |  |  | 640,956 |
Other assets (1) |  | 898,802 |  |  | 964,761 |
|  | $ | 2,557,583 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Cardiopulmonary |  | $ | 9,495 |  |  | $ | 7,383 |  |  | $ | 23,431 |  |  | $ | 18,657 |
Neuromodulation |  | 4,738 |  |  | 1,379 |  |  | 10,988 |  |  | 2,380 |
Other capital expenditures (1) |  | 9,151 |  |  | 5,318 |  |  | 16,642 |  |  | 13,241 |
|  | $ | 23,384 |  |  | $ | 14,080 |  |  | $ | 51,061 |  |  | $ | 34,278 |
(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 nine months ended September 30, 2025 (in thousands):
|  | Cardiopulmonary |  | Neuromodulation |  | Total
December 31, 2024 |  | $ | 351,252 |  |  | $ | 398,754 |  |  | $ | 750,006 |
Foreign currency adjustments |  | 41,028 |  |  | — |  |  | 41,028 |
September 30, 2025 |  | $ | 392,280 |  |  | $ | 398,754 |  |  | $ | 791,034 |
Schedule of Property, Plant, and Equipment by Geographic Region | The following table presents property, plant, and equipment, net by geographic region (in thousands):
|  | September 30, 2025 |  | December 31, 2024
United States |  | $ | 74,296 |  |  | $ | 65,170 |
Europe |  | 129,274 |  |  | 94,394 |
Rest of World |  | 14,940 |  |  | 10,696 |
|  | $ | 218,510 |  |  | $ | 170,260 |

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration