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Supplemental Financial Information | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Financial Information | Note 11. Supplemental Financial Information The following table presents the components of inventories (in thousands):
|  | September 30, 2025 |  | December 31, 2024
Raw materials |  | $ | 77,895 |  |  | $ | 71,949 |
Work-in-process |  | 17,971 |  |  | 12,322 |
Finished goods |  | 71,672 |  |  | 63,295 |
|  | $ | 167,538 |  |  | $ | 147,566 |
As of September 30, 2025 and December 31, 2024, inventories included adjustments totaling $20.7 million and $16.4 million, respectively, to record balances at the lower of cost or net realizable value. The following table presents the components of accrued liabilities and other (in thousands):
|  | September 30, 2025 |  | December 31, 2024 |  |
Legal and professional costs |  | $ | 18,481 |  |  | $ | 17,379 |  |  |
Italian MedTech payback measure |  | 12,255 |  |  | 15,981 |  |  |
Contract liabilities |  | 11,084 |  |  | 10,848 |  |  |
Operating lease liabilities |  | 9,001 |  |  | 9,040 |  |  |
Provisions for agents, returns, and other |  | 4,948 |  |  | 6,744 |  |  |
Royalty accrual |  | 4,660 |  |  | 4,466 |  |  |
Interest payable |  | 3,235 |  |  | 9,479 |  |  |
Current derivative liabilities |  | 1,888 |  |  | 2,915 |  |  |
Research and development costs |  | 1,353 |  |  | 6,167 |  |  |
Restructuring liabilities |  | — |  |  | 2,003 |  |  |
Other accrued expenses |  | 25,324 |  |  | 33,463 |  |  |
|  | $ | 92,229 |  |  | $ | 118,485 |  |  |
As of September 30, 2025 and December 31, 2024, contract liabilities totaling $15.3 million and $14.7 million, respectively, were included in accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets. The following table presents the items included in foreign exchange and other income/(expense) on the condensed consolidated statements of income (loss) (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Embedded derivative fair value adjustment (2025 Notes) (1) |  | $ | (322) |  |  | $ | 2,829 |  |  | $ | 1,230 |  |  | $ | 1,466 |
Embedded derivative fair value adjustment (2029 Notes) (1) |  | (16,422) |  |  | 18,423 |  |  | (12,696) |  |  | 10,488 |
Capped call fair value adjustment (2025 Notes) (1) |  | 324 |  |  | (1,668) |  |  | (997) |  |  | (10,201) |
Capped call fair value adjustment (2029 Notes) (1) |  | 6,353 |  |  | (2,517) |  |  | 4,276 |  |  | (2,040) |
Investment revaluation - Ceribell, Inc. (2) |  | — |  |  | — |  |  | (3,622) |  |  | — |
Impairments of investments (3) |  | (1,112) |  |  | — |  |  | (1,112) |  |  | (5,750) |
Interest income |  | 3,899 |  |  | 7,139 |  |  | 14,525 |  |  | 21,497 |
FX fluctuations |  | (613) |  |  | 220 |  |  | (2,463) |  |  | (2,885) |
Other |  | 400 |  |  | 275 |  |  | 527 |  |  | 10 |
|  | $ | (7,493) |  |  | $ | 24,701 |  |  | $ | (332) |  |  | $ | 12,585 |
(1)Refer to “Note 3. Fair Value Measurements.” (2)During the second quarter of 2025, LivaNova liquidated its investment in Ceribell, Inc., consisting of 391,952 common shares, in a series of transactions with an average sales price of $16.69 per common share, resulting in net proceeds of $6.5 million from an initial investment in 2018 of $3.0 million. (3)For the three and nine months ended September 30, 2025, LivaNova recorded an impairment of its investment in Highlife S.A.S. For the nine months ended September 30, 2024, LivaNova recorded an impairment related to the Company’s preferred share ownership converting into common stock of ShiraTronics, Inc. The following table presents a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of the amounts shown on the condensed consolidated statements of cash flows (in thousands):
|  |  |  |  |  | September 30, 2025 |  | December 31, 2024
Cash and cash equivalents |  |  |  |  |  | $ | 646,079 |  |  | $ | 428,858 |
Restricted cash (1) |  |  |  |  |  | — |  |  | 294,698 |
|  |  |  |  |  | $ | 646,079 |  |  | $ | 723,556 |
(1)On March 18, 2022, LivaNova PLC, acting through its Italian branch, entered into an Indemnity Letter and an Account Pledge Agreement with Barclays, further to which Barclays issued the SNIA Litigation Guarantee. As security for the SNIA Litigation Guarantee, LivaNova was required to grant cash collateral to Barclays in USD in an amount equal to the USD equivalent of 105% of the amount of the SNIA Litigation Guarantee, calibrated on a biweekly basis, which is presented as restricted cash on the condensed consolidated balance sheet. On March 31, 2025, as a result of the decision by the Italian Supreme Court, the SNIA Litigation Guarantee was terminated, and the restriction on the cash deposit held as collateral was released. For additional information, refer to “Note 5. Commitments and Contingencies.”

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