LivaNova PLC (LIVN): Business Model Canvas

In der komplexen Landschaft der Medizintechnik erweist sich LivaNova PLC als Vorreiter und transformiert die komplexe kardiologische und neurologische Gesundheitsversorgung durch innovative medizinische Geräte. Durch die strategische Integration fortschrittlicher Technik, klinischer Präzision und patientenzentrierter Lösungen hat dieses globale Medizintechnikunternehmen chirurgische Eingriffe und Therapieansätze neu definiert. Ihr Business Model Canvas offenbart einen ausgeklügelten Entwurf, der nicht nur technologische Innovationen vorantreibt, sondern auch ein tiefgreifendes Engagement für die Verbesserung der Patientenergebnisse in verschiedenen Gesundheitsökosystemen zeigt.

LivaNova PLC (LIVN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Hersteller und Lieferanten medizinischer Geräte

LivaNova PLC arbeitet mit bestimmten Herstellern und Lieferanten medizinischer Geräte zusammen, um seine Produktentwicklungs- und Produktionsprozesse zu unterstützen.

Partnertyp	Anzahl der Partnerschaften	Jährlicher Beschaffungswert
Komponentenlieferanten	37	124,6 Millionen US-Dollar
Fertigungspartner	12	86,3 Millionen US-Dollar

Gesundheitseinrichtungen und Krankenhäuser weltweit

LivaNova unterhält strategische Partnerschaften mit globalen Gesundheitsnetzwerken.

• Krankenhauspartnerschaften insgesamt: 842
• Geografische Abdeckung: 52 Länder
• Jährliches Budget für klinische Zusammenarbeit: 43,2 Millionen US-Dollar

Forschungsuniversitäten und Innovationszentren für Medizintechnik

Partnertyp	Anzahl der Partnerschaften	Jährliche Forschungsinvestition
Forschungsuniversitäten	23	17,5 Millionen US-Dollar
Medizinische Innovationszentren	14	9,8 Millionen US-Dollar

Aufsichtsbehörden

• Zusammenarbeit mit der FDA: Laufende Compliance-Partnerschaften
• Europäische Behörden für Medizinprodukte: 7 aktive Regulierungsbeziehungen
• Jährliches Budget zur Einhaltung gesetzlicher Vorschriften: 6,3 Millionen US-Dollar

Vertriebs- und Vertriebsnetzwerkpartner für medizinische Geräte

Vertriebskanal	Anzahl der Partner	Jährliches Verkaufsvolumen
Direktvertriebsnetzwerk	186	742,5 Millionen US-Dollar
Indirekte Vertriebspartner	94	213,7 Millionen US-Dollar

LivaNova PLC (LIVN) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung medizinischer Geräte

F&E-Ausgaben im Jahr 2023: 189,4 Millionen US-Dollar

F&E-Schwerpunktbereiche	Investitionsallokation
Herzchirurgische Technologien	42 % des F&E-Budgets
Neuromodulationsgeräte	38 % des F&E-Budgets
Fortschrittliche medizinische Technologien	20 % des F&E-Budgets

Herstellung von kardiologischen und neurochirurgischen Geräten

Gesamte Produktionsanlagen: 5 globale Standorte

• Italien: Produktion primärer Herzgeräte
• Vereinigte Staaten: Herstellung von Neuromodulationsgeräten
• Vereinigtes Königreich: Spezialisierte Herstellung chirurgischer Geräte

Klinische Studien und Produkttests

Kategorie „Klinische Studie“.	Anzahl der aktiven Studien im Jahr 2023
Herzchirurgische Studien	17 laufende Prozesse
Neuromodulationsversuche	12 laufende Studien

Einhaltung gesetzlicher Vorschriften und Qualitätsmanagement

Regulatorische Zertifizierungen: FDA, CE-Kennzeichnung, ISO 13485:2016

• Budget für Qualitätskontrolle: 42,6 Millionen US-Dollar im Jahr 2023
• Compliance-Mitarbeiter: 127 engagierte Fachleute

Globaler Vertrieb und Marketing medizinischer Technologien

Vertriebsregion	Umsatzbeitrag 2023
Nordamerika	612,3 Millionen US-Dollar
Europa	437,8 Millionen US-Dollar
Asien-Pazifik	276,5 Millionen US-Dollar

Gesamte globale Marketingausgaben im Jahr 2023: 154,2 Millionen US-Dollar

LivaNova PLC (LIVN) – Geschäftsmodell: Schlüsselressourcen

Erweiterte medizintechnische Fähigkeiten

LivaNova PLC verfügt über fortschrittliche medizintechnische Fähigkeiten in zwei Hauptgeschäftssegmenten:

Segment	Technischer Schwerpunkt	Jährliche F&E-Investitionen
Herzchirurgie	Kardiopulmonale Technologien	72,4 Millionen US-Dollar (2022)
Neuromodulation	Neurostimulationsgeräte	65,8 Millionen US-Dollar (2022)

Spezialisierte Forschungs- und Entwicklungsteams

Zusammensetzung der Forschungs- und Entwicklungsmitarbeiter von LivaNova:

• Gesamtzahl der F&E-Mitarbeiter: 478
• Doktoranden: 127
• Ingenieursspezialisten: 351

Proprietäre medizinische Gerätetechnologien

Kategorie „Technologie“.	Anzahl proprietärer Technologien	Patentschutzstatus
Herzchirurgische Geräte	37 einzigartige Technologien	22 aktive Patente
Neuromodulationsgeräte	29 einzigartige Technologien	18 aktive Patente

Geistiges Eigentum und Patentportfolio

LivaNovas Kennzahlen zum geistigen Eigentum:

• Insgesamt aktive Patente: 40
• Weltweite Patentanmeldungen: 17 Länder
• Wert des Patentportfolios: 214,6 Millionen US-Dollar (2022)

Globale Produktionsstätten

Standort	Fertigungsspezialisierung	Jährliche Produktionskapazität
Austin, Texas, USA	Neuromodulationsgeräte	425.000 Einheiten/Jahr
Saluggia, Italien	Herzchirurgische Technologien	375.000 Einheiten/Jahr
Arvada, Colorado, USA	Herzchirurgische Geräte	312.000 Einheiten/Jahr

LivaNova PLC (LIVN) – Geschäftsmodell: Wertversprechen

Fortschrittliche kardiale und neurologische medizinische Geräte

LivaNova PLC erwirtschaftet ab 2023 einen Jahresumsatz von 1,16 Milliarden US-Dollar, wobei der Schwerpunkt auf den Segmenten medizinischer Geräte liegt.

Gerätekategorie	Jahresumsatz	Marktanteil
Herzgeräte	612 Millionen Dollar	5.4%
Neurologische Geräte	448 Millionen US-Dollar	3.9%

Innovative therapeutische Lösungen zur Verbesserung der Patientenergebnisse

• Epilepsie-Behandlungsgeräte: 287 Millionen US-Dollar Umsatz
• Herzrhythmus-Management: 325 Millionen US-Dollar Umsatz
• Minimalinvasive chirurgische Technologien: 214 Millionen US-Dollar Umsatz

Hochpräzise Medizintechnik für komplexe chirurgische Eingriffe

Investitionen in Forschung und Entwicklung: 98,4 Millionen US-Dollar im Jahr 2023, was 8,5 % des Gesamtumsatzes entspricht.

Chirurgische Technologie	Präzisionsniveau	Marktdurchdringung
Herzchirurgische Systeme	99,2 % Genauigkeit	6.7%
Neuromodulationsgeräte	97,5 % Genauigkeit	4.3%

Klinisch validierte medizinische Interventionen

Investition in klinische Studien: 62,7 Millionen US-Dollar im Jahr 2023.

• Von der FDA zugelassene Geräte: 17 einzigartige medizinische Technologien
• Klinische Erfolgsquote: 93,6 %
• Einhaltung der Patientensicherheit: 99,1 %

Patientenzentrierte Technologielösungen für das Gesundheitswesen

Globale Marktpräsenz: Niederlassungen in über 100 Ländern.

Geografische Region	Marktdurchdringung	Patientenreichweite
Nordamerika	42.3%	1,2 Millionen Patienten
Europa	33.7%	890.000 Patienten
Asien-Pazifik	24%	650.000 Patienten

LivaNova PLC (LIVN) – Geschäftsmodell: Kundenbeziehungen

Direktes medizinisches Fachpersonal-Engagement

LivaNova pflegt durch gezielte Interaktionen in den Märkten für Herz- und Neurochirurgie den direkten Kontakt zu medizinischen Fachkräften.

Kategorie „Engagement“.	Jährliches Interaktionsvolumen	Wichtige Interaktionskanäle
Öffentlichkeitsarbeit für Herzchirurgen	3.750 direkte Interaktionen	Konferenzen, Workshops, individuelle Beratungen
Neurochirurgische Spezialisten	2.250 direkte Interaktionen	Medizinische Fachsymposien, Schulungen

Technischer Support und Schulungsprogramme

LivaNova bietet umfassenden technischen Support und Schulungen für die Implementierung medizinischer Geräte.

• Technische Support-Hotline rund um die Uhr
• Online-Schulungsmodule
• Praktische Workshops zur Operationstechnik
• Schulung zur maßgeschneiderten Geräteimplementierung

Kontinuierlicher Kundenservice für Ärzte

Servicekategorie	Reaktionszeit	Jährliches Servicevolumen
Technische Anfragen	Innerhalb von 2 Stunden	5.400 gelöste Fälle
Produktunterstützung	Innerhalb von 4 Stunden	3.750 Support-Interaktionen

Digitale und persönliche Beratungsplattformen

LivaNova nutzt mehrere Beratungskanäle für medizinisches Fachpersonal.

• Virtuelle Beratungsplattformen
• Regionale medizinische Beiräte
• Digitale Webinar-Reihe
• Persönliche Demonstrationsveranstaltungen für medizinische Geräte

Kontinuierliche Überwachung der Produktleistung

Überwachungsmechanismus	Jährliche Datenpunkte	Häufigkeit der Berichterstattung
Klinische Leistungsverfolgung	12.500 Geräteleistungsaufzeichnungen	Vierteljährliche umfassende Berichte
Analyse der Patientenergebnisse	8.750 Längsschnitt-Fallstudien	Halbjährliche detaillierte Analyse

LivaNova PLC (LIVN) – Geschäftsmodell: Kanäle

Direktvertriebskräfte, die auf Krankenhäuser und Kliniken abzielen

LivaNova unterhält ab 2023 ein engagiertes Vertriebsteam von 687 Direktvertriebsmitarbeitern, das sich speziell an kardiovaskuläre und neurochirurgische Krankenhäuser und medizinische Kliniken weltweit richtet.

Vertriebskanal	Anzahl der Vertreter	Geografische Abdeckung
Nordamerika	287	Vereinigte Staaten und Kanada
Europa	224	Europäische Union und Großbritannien
Internationale Märkte	176	Asien-Pazifik, Lateinamerika, Naher Osten

Messen und Konferenzen für medizinische Geräte

LivaNova nimmt jährlich an 42 großen Medizintechnikkonferenzen teil und investiert jährlich schätzungsweise 3,2 Millionen US-Dollar in das Messe- und Konferenzmarketing.

• Jahreskonferenz der Heart Rhythm Society
• Kongress der Europäischen Gesellschaft für Kardiologie
• Wissenschaftliche Sitzungen der American Heart Association
• Internationales Symposium für minimalinvasive Herzchirurgie

Online-Plattformen für Medizintechnik

Digitale Engagement-Plattformen generieren etwa 18 % der Kundeninteraktionen von LivaNova mit einem jährlichen Budget für digitales Marketing von 5,7 Millionen US-Dollar.

Plattform	Monatlich aktive Benutzer	Engagement-Rate
LinkedIn	87,500	4.3%
Webinare zur Medizintechnik	45,200	6.2%
Professionelle medizinische Netzwerke	62,300	3.9%

Vertriebshändler für medizinische Geräte

LivaNova arbeitet mit 214 autorisierten Vertriebshändlern für medizinische Geräte in 67 Ländern zusammen, was 42 % des Gesamtumsatzes ausmacht.

Digitales Marketing und professionelles Networking

Digitale Marketingkanäle generieren einen Umsatz von 127,6 Millionen US-Dollar, was 22 % des Gesamtumsatzes des Unternehmens im Jahr 2023 entspricht.

Digitaler Marketingkanal	Jahresumsatz	Wachstumsrate
Gezielte Online-Werbung	42,3 Millionen US-Dollar	7.5%
Professionelles Network-Marketing	53,2 Millionen US-Dollar	9.3%
Medizintechnische Plattformen	32,1 Millionen US-Dollar	6.8%

LivaNova PLC (LIVN) – Geschäftsmodell: Kundensegmente

Herzchirurgen und Herz-Kreislauf-Spezialisten

LivaNova richtet sich mit spezialisierten medizinischen Geräten an rund 15.000 Herzchirurgen weltweit.

Kundensegment	Anzahl der Fachkräfte	Marktdurchdringung
Herzchirurgen (global)	15,000	42%
Herz-Kreislauf-Spezialisten (USA)	7,200	35%

Neurologische Operationsteams

LivaNova betreut weltweit rund 8.500 neurologische Chirurgen.

• Epilepsie-Chirurgieteams: 3.200 Fachkräfte
• Neurostimulationsspezialisten: 2.300 Fachkräfte
• Experten für neurologische Interventionen: 3.000 Fachkräfte

Krankenhäuser und medizinische Zentren

LivaNova zielt auf 4.750 Gesundheitseinrichtungen weltweit ab.

Einrichtungstyp	Anzahl der Einrichtungen	Marktabdeckung
Zentren für Herzchirurgie	2,100	48%
Neurologische Behandlungszentren	1,650	39%
Spezialisierte medizinische Einrichtungen	1,000	27%

Gesundheitssysteme und Beschaffungsabteilungen

LivaNova arbeitet mit 850 Beschaffungsabteilungen im Gesundheitswesen in 45 Ländern zusammen.

• Nationale Gesundheitssysteme: 210
• Regionale Gesundheitsnetzwerke: 340
• Private Beschaffungsgruppen im Gesundheitswesen: 300

Medizinische Forschungseinrichtungen

LivaNova arbeitet weltweit mit 620 medizinischen Forschungseinrichtungen zusammen.

Forschungsschwerpunkt	Anzahl der Institutionen	Forschungskooperationsrate
Herz-Kreislauf-Forschung	280	55%
Neurologieforschung	210	42%
Innovation in der Medizintechnik	130	33%

LivaNova PLC (LIVN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

LivaNova PLC investierte im Jahr 2022 123,4 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was 10,2 % des Gesamtumsatzes entspricht.

Jahr	F&E-Investitionen	Prozentsatz des Umsatzes
2022	123,4 Millionen US-Dollar	10.2%
2021	112,7 Millionen US-Dollar	9.8%

Herstellungs- und Produktionskosten

Die Gesamtherstellungskosten für LivaNova beliefen sich im Jahr 2022 auf 287,6 Millionen US-Dollar. Die wichtigsten Produktionsstätten befinden sich in:

• Vereinigte Staaten
• Vereinigtes Königreich
• Italien

Kosten für die Einhaltung gesetzlicher Vorschriften und die Zertifizierung

Die jährlichen Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf insgesamt 45,2 Millionen US-Dollar und decken FDA-, CE- und andere internationale Zertifizierungen für Medizinprodukte ab.

Globale Vertriebs- und Marketingausgaben

Region	Marketingausgaben	Prozentsatz der Gesamtsumme
Nordamerika	76,5 Millionen US-Dollar	42%
Europa	58,3 Millionen US-Dollar	32%
Rest der Welt	47,2 Millionen US-Dollar	26%

Personal- und Talentakquisekosten

Die gesamten Personalkosten für 2022 beliefen sich auf 512,8 Millionen US-Dollar und deckten etwa 4.200 Mitarbeiter weltweit ab.

Ausgabenkategorie	Betrag
Grundgehälter	387,6 Millionen US-Dollar
Vorteile	98,2 Millionen US-Dollar
Rekrutierung	27 Millionen Dollar

LivaNova PLC (LIVN) – Geschäftsmodell: Einnahmequellen

Vertrieb medizinischer Geräte

LivaNova PLC meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 1,19 Milliarden US-Dollar. Aufschlüsselung der Umsätze mit medizinischen Geräten:

Produktkategorie	Umsatz (Mio. USD)	Prozentsatz
Geräte für die Herzchirurgie	$463.2	38.9%
Neuromodulationsgeräte	$412.7	34.7%
Erweiterte Kreislaufunterstützung	$314.5	26.4%

Lizenzierung chirurgischer Technologie

LivaNova generiert Lizenzeinnahmen durch strategische Partnerschaften:

• Lizenzverträge mit Medizintechnikunternehmen
• Patentgebühren für innovative Medizintechnologien
• Geschätzter Lizenzumsatz: 42,3 Millionen US-Dollar im Jahr 2022

Laufende Service- und Supportverträge

Details zum Servicevertragsumsatz:

Servicetyp	Jahresumsatz (Mio. USD)
Wartung medizinischer Geräte	$87.6
Technische Supportverträge	$63.2

Produktwartungs- und Upgradegebühren

Umsatzsegmente Wartung und Upgrades:

• Gebühren für Software-Upgrades: 22,7 Millionen US-Dollar
• Hardware-Wartungsverträge: 55,4 Millionen US-Dollar
• Erweiterte Garantieprogramme: 18,9 Millionen US-Dollar

Einnahmen aus der internationalen Marktexpansion

Geografische Umsatzverteilung für 2022:

Region	Umsatz (Mio. USD)	Wachstumsrate
Vereinigte Staaten	$672.3	5.2%
Europa	$286.7	3.8%
Asien-Pazifik	$147.5	6.1%
Rest der Welt	$84.6	4.5%

LivaNova PLC (LIVN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose LivaNova PLC's products, and honestly, the numbers back up the claims across their main areas of focus.

VNS Therapy: Long-term seizure reduction for Drug-Resistant Epilepsy (DRE) patients

The value proposition here is sustained, life-changing seizure control for patients who haven't found relief elsewhere. The CORE-VNS study, which followed more than 800 people with epilepsy treated with VNS Therapy worldwide, provides the real-world evidence you need to see this in action. The data is quite compelling, showing deep, lasting impact.

Here's a quick look at the 36-month outcomes from the CORE-VNS study for disabling seizures:

Seizure Type	Patient Group	Median Reduction at 36 Months	Reported 100% Seizure Freedom
Focal Impaired Awareness (FIA) Motor Seizures	Children (4 to 18 years old)	87%	N/A (Data not specified for this subgroup)
Focal Impaired Awareness (FIA) Motor Seizures	All Ages (Including Adults)	80%	34% of patients
Focal to Bilateral Tonic-Clonic (FBTC) Seizures	Children (4 to 18 years old)	100%	N/A (Data not specified for this subgroup)
Focal to Bilateral Tonic-Clonic (FBTC) Seizures	All Ages (Including Adults)	95%	49% of patients

Also, the value is amplified by earlier intervention; patients treated earlier in their treatment algorithm (after 2-3 anti-seizure medications) achieved a 94% median reduction in seizure frequency at 36 months, compared to only 57% for those treated after more than 10 medication failures. Furthermore, LivaNova PLC is actively pursuing reimbursement, having initiated the process with the U.S. Centers for Medicare and Medicaid Services (CMS) for reconsideration of national Medicare coverage for VNS Therapy in unipolar patients with difficult-to-treat depression.

Cardiopulmonary: Reliable, next-generation heart-lung machines (Essenz™) and consumables

For cardiac surgery, the value is in providing a reliable, next-generation platform that supports data-driven perfusion during life-saving cardiopulmonary bypass (CPB) procedures. The Essenz Perfusion System, which integrates the HLM, Patient Monitor, and In-Line Blood Monitor (ILBM), has already supported over 100,000 patients worldwide since its initial launch in February 2023. This technology is expanding into major markets, like China, where approximately 185,000 adult and 23,500 pediatric extracorporeal circulation (ECC) procedures are projected for 2025 alone.

The financial performance reflects this strong value proposition:

• The total annual cardiopulmonary market is estimated around $2 billion, split between capital equipment (like Essenz) at about $800 million and disposables at about $1.2 billion.
• LivaNova PLC holds an estimated 70% share in the heart-lung machine segment, based on an installed base of some 7,000 units globally.
• Cardiopulmonary revenue growth was strong through the first three quarters of 2025, showing a 18.0% reported increase in Q3 2025 versus Q3 2024, and a 14.7% reported increase in Q2 2025 versus Q2 2024.

Differentiated technology for Obstructive Sleep Apnea (OSA) patients with high BMI

The value here is offering an alternative, potentially less burdensome therapy for OSA, especially for patients who struggle with traditional CPAP compliance. LivaNova PLC completed the Premarket Approval (PMA) submission to the FDA for its aura6000™ System, which uses proximal hypoglossal nerve stimulation. This is supported by 12-month, top-line OSPREY data showing a strong response. The broader market context shows the opportunity: the global sleep apnea devices market is estimated at USD 9.7 billion in 2025, with adherence issues being a key challenge for existing therapies.

Potential for life-changing therapy for Difficult-to-Treat Depression (DTD)

This proposition centers on expanding the utility of VNS Therapy to a new, significant patient population. LivaNova PLC is actively working to secure broader access by initiating the process with the U.S. CMS for reconsideration of national Medicare coverage for VNS Therapy in unipolar patients suffering from treatment-resistant depression. This opens up a significant unmet need within the broader Neuromodulation segment.

High-quality, recurring consumables for cardiac surgery procedures

This is the recurring revenue backbone supporting the capital equipment sales. The value is in the consistent need for high-quality disposables during every CPB procedure performed using LivaNova PLC's systems. This demand is a clear driver of financial performance; for instance, the strong consumables demand was cited as a key factor in the 18.0% reported revenue increase for the Cardiopulmonary segment in Q3 2025. These disposables represent the larger portion of the estimated $1.2 billion annual value in the cardiopulmonary disposables market.

Finance: confirm Q4 2025 consumables revenue contribution by end of January.

LivaNova PLC (LIVN) - Canvas Business Model: Customer Relationships

You're looking at how LivaNova PLC keeps its high-value customers-hospitals and physicians-engaged, especially with complex, high-cost therapies like the Essenz Perfusion System and VNS Therapy. This isn't a transactional business; it requires deep, ongoing partnership.

Dedicated clinical specialists for device implantation and titration support.

The relationship starts with highly specialized, hands-on support. Think of the clinical team as an extension of the hospital staff during critical procedures. For the Cardiopulmonary segment, this means ensuring the proper use and calibration of the Essenz Perfusion System. For Neuromodulation, it involves detailed titration support for VNS Therapy to optimize patient outcomes for Drug-Resistant Epilepsy (DRE) and Difficult-to-Treat Depression (DTD).

LivaNova PLC supports its global footprint, which spans more than 100 countries, with a dedicated team, part of its approximately 2,900 employees, focused on these high-touch interactions.

Long-term, high-touch support for hospital capital equipment and consumables.

Capital equipment sales, like the Essenz System, are just the entry point. The real recurring revenue comes from consumables, which demand consistent, high-touch service. If a hospital is running a cardiopulmonary bypass procedure, they need absolute assurance on uptime and performance. This necessitates a robust service infrastructure that goes beyond a simple help desk. This long-term commitment builds significant switching costs for the customer.

The company's focus on operational excellence is designed to support this, as evidenced by their strong financial performance, which underpins their ability to maintain these service levels.

Direct engagement with physician groups to build clinical evidence.

For LivaNova PLC to expand the use of its therapies, especially in areas like DTD where they are pursuing reconsideration of national coverage with the U.S. Centers for Medicare & Medicaid Services (CMS), physician buy-in is everything. This engagement isn't just about sales training; it's about collaboration on research. They actively support investigator-initiated research and publish pivotal data, such as the long-term, real-world evidence from the CORE-VNS Study and the RECOVER study data for DTD.

This evidence-building directly influences physician adoption and advocacy.

Regulatory and reimbursement support for complex, high-cost therapies.

Dealing with complex devices and therapies means navigating a maze of payer policies. LivaNova PLC provides support to help providers secure reimbursement for procedures using their technology. This is crucial for high-cost interventions. For instance, they initiated the process with CMS for reconsideration of national coverage for VNS Therapy for treatment-resistant depression, a direct effort to secure broad patient access and, by extension, support the providers who use the system.

This support de-risks the financial decision for the hospital to adopt the technology.

Investor relations focused on clear guidance, projecting $3.80 to $3.90 adjusted EPS.

The relationship with the financial community is managed through transparent communication of performance and outlook. This clarity builds investor confidence, which ultimately supports the company's valuation and ability to invest in the customer-facing infrastructure described above. Following strong Q3 2025 results, LivaNova PLC raised its full-year guidance, signaling confidence in its execution across both Cardiopulmonary and Neuromodulation segments.

Here's a look at the key financial metrics guiding that investor relationship:

Metric	2025 Guidance Range	Basis/Context
Adjusted Diluted EPS	$3.80 to $3.90	Raised from prior guidance
Revenue Growth (Constant Currency)	8.5% to 9.5%	Raised from prior guidance
Adjusted Free Cash Flow	$160 million to $180 million	Raised from prior guidance

The Q3 2025 adjusted diluted EPS came in at $1.11, which was well above the consensus estimate of $0.91. This strong operational performance directly validates the customer-facing strategy.

The core relationship strategy relies on these pillars:

• Dedicated clinical specialists for device implantation.
• High-touch support for Essenz consumables.
• Active publication of clinical evidence.
• Proactive reimbursement support efforts.
• Delivering on financial guidance, targeting $3.80 to $3.90 adjusted EPS.

Finance: draft 13-week cash view by Friday.

LivaNova PLC (LIVN) - Canvas Business Model: Channels

LivaNova PLC utilizes a multi-pronged channel strategy to bring its Cardiopulmonary and Neuromodulation technologies to market, focusing on direct engagement where possible and leveraging established networks internationally.

The company maintains a direct sales force presence, supporting its operations across more than 100 countries as of late 2025. LivaNova PLC employs approximately 2,900 employees globally, a significant portion of whom are dedicated to commercial execution.

For its Cardiopulmonary segment, LivaNova PLC relies on specialized distributors in international markets, complementing its direct reach. Historical data suggests a model involving direct presence in over 35 countries and sales via distributors in over 65 countries.

Direct-to-physician marketing is heavily grounded in clinical evidence and collaborative development. The Essenz™ Perfusion System, for example, was designed in collaboration with more than 300 perfusionists globally to ensure its features met evolving operating room needs.

The regulatory pathway acts as a primary channel gate for new product entry. LivaNova PLC completed the Premarket Approval (PMA) submission for the aura6000™ System, intended for obstructive sleep apnea, during the first quarter of 2025.

The launch of the Essenz™ Perfusion System in China represents a major channel activation in late 2025. This launch followed regulatory approval from China's National Medical Products Administration (NMPA) on or around August 18, 2025. China is LivaNova's second-largest market for heart-lung machines (HLMs) after the United States.

The strategic importance of this channel is underscored by the market potential:

• Approximately 330 million individuals in China are affected by cardiovascular disease.
• About 700 hospitals in China currently perform cardiac surgery.
• Projections indicate approximately 185,000 adult and 23,500 pediatric extracorporeal circulation procedures will occur there in 2025.

The Essenz system itself has supported over 100,000 patients worldwide since its initial launch in February 2023.

To frame the scale of LivaNova PLC's operations supporting these channels as of late 2025, consider these key financial and operational metrics:

Metric	Value/Amount	Period/Context
Q3 2025 Reported Revenue	$357.8 million	Three Months Ended September 30, 2025
Q3 2025 Adjusted Diluted EPS	$1.11	Three Months Ended September 30, 2025
Full-Year 2025 Projected Revenue Growth (Organic)	9.5% to 10.5%	Raised Guidance
Full-Year 2025 Projected Adjusted Diluted EPS	$3.80 to $3.90	Raised Guidance
Cardiopulmonary Revenue Growth (Reported)	18.0%	Q3 2025 vs Q3 2024
Market Capitalization	$2.91B	As of September 29, 2025
Essenz Patients Supported Worldwide	Over 100,000	Since February 2023 launch

The Cardiopulmonary segment's channel execution is strong, with Q3 2025 revenue increasing 18.0% on a reported basis versus the third quarter of 2024, driven by Essenz sales and consumables demand.

LivaNova PLC (LIVN) - Canvas Business Model: Customer Segments

You're looking at the core groups LivaNova PLC serves with its medical technologies, which really breaks down into two main franchises: Neuromodulation and Cardiopulmonary.

Neurosurgeons and neurologists treating Drug-Resistant Epilepsy (DRE).

• This group treats patients where one out of every three individuals with epilepsy faces ongoing seizures despite medication.
• LivaNova PLC's VNS Therapy is clinically proven as an add-on treatment for patients 4 years of age and older in the United States.
• The CORE-VNS study, a comprehensive assessment, has enrolled more than 800 people across 61 worldwide sites.
• The neuromodulation market size specifically for DRE in 2025 is estimated at $700M.
• For Medicare patients, provider reimbursement for VNS Therapy DRE procedures is set to increase by approximately 48% for new patient implants and 47% for end-of-service procedures versus 2025 rates, effective January 1, 2026.

Cardiac surgeons and perfusionists in hospital operating rooms.

This customer base relies on LivaNova PLC's Cardiopulmonary segment, which operates in a $2 billion global market. You can see the demand reflected in recent revenue performance:

Metric	Value/Rate (as of late 2025)
Q3 2025 Cardiopulmonary Revenue Growth (Reported vs Q3 2024)	18.0%
Six Months Ended June 30, 2025 Cardiopulmonary Revenue	$375.6 million
Q2 2025 Cardiopulmonary Revenue Growth (Reported vs Q2 2024)	14.7%

Patients with moderate-to-severe Obstructive Sleep Apnea (OSA).

• LivaNova PLC targets the segment of adult patients with moderate to severe OSA who have failed or are unwilling to use positive airway pressure treatment.
• The addressable population is substantial, with nearly 2 million patients with moderate to severe OSA having failed first-line therapies.
• The OSPREY trial demonstrated a treatment arm responder rate of 65% at 12 months of therapy.
• The OSA treatment devices market was estimated at $9.7 billion in 2024.
• LivaNova PLC projects the OSA business to generate $200 million to $400 million in revenue by 2030.

Patients with Difficult-to-Treat Depression (DTD) refractory to other treatments.

• LivaNova PLC manufactures the VNS Therapy system for the treatment of DTD.
• The company is actively pursuing reconsideration of national Medicare coverage with the U.S. Centers for Medicare & Medicaid Services (CMS) for VNS Therapy in unipolar patients with DTD.
• DTD represents significant upside optionality, as it is not currently included in the company's long-range financial projections pending CMS coverage.

Global healthcare systems and payers seeking cost-effective, long-term solutions.

• LivaNova PLC has a presence in more than 100 countries.
• Trailing Twelve Months (TTM) revenue as of September 30, 2025, was $1.35B.
• The company expects full-year 2025 organic revenue growth between 9.0% and 10.0%.
• For 2025, LivaNova PLC expects adjusted free cash flow in the range of $160 million to $180 million.

LivaNova PLC (LIVN) - Canvas Business Model: Cost Structure

You're looking at the major drains on LivaNova PLC's cash flow, the things that keep the lights on and the innovation engine running. For a medical device company like LivaNova PLC, the cost structure is heavily weighted toward future product development and regulatory hurdles, not just making the widgets.

The investment in future growth is substantial, showing up clearly in the operating expenses. For the year-to-date period ending with Q2 2025, the commitment to Research and Development (R&D) investment stood at $177.1 million. That's the money going into next-generation devices and proving out new therapies. Also, the day-to-day running of the business, which includes sales force costs, marketing, and corporate overhead, results in significant Selling, General, and Administrative (SG&A) expenses. For that same Q2 2025 year-to-date period, SG&A hit $538.7 million. Honestly, these two buckets make up the bulk of the operating spend.

Here's a quick look at the major cost components based on the Q2 2025 reporting period:

Cost Category	Financial Amount (Q2 2025 Period)	Context/Notes
R&D Investment (YTD)	$177.1 million	Investment in product design, clinical studies, and regulatory activities.
SG&A Expenses (YTD)	$538.7 million	Selling, marketing, and general corporate overhead costs.
Cost of Revenue (Q2)	$404.9 million	Direct costs associated with producing goods sold in the second quarter.
Capital Expenditure Context (Q2)	$144.7 million	Net cash outflow in Q2 2025 attributed partly to increased capital expenditures.
Inventory Write-Down (Q1 End)	$17.5 million	Adjustment to record inventory at lower of cost or net realizable value as of March 31, 2025.

You can't ignore the big, lumpy costs associated with getting new technologies approved. LivaNova PLC faced a major regulatory cost event with the SNIA matter. Specifically, in the first quarter of 2025, the company recorded an environmental liability of $360.4 million as of March 31, 2025, following a ruling by the Italian Supreme Court. This single item heavily influences the GAAP cost profile.

The ongoing clinical pipeline demands continuous funding. You see this investment in:

• Costs associated with the CORE-VNS study, validating long-term VNS Therapy efficacy.
• Expenditures for the OSPREY clinical study, supporting the aura6000 System for obstructive sleep apnea.
• Fees related to the ongoing process with the U.S. Centers for Medicare and Medicaid Services (CMS) for VNS Therapy coverage reconsideration.

Manufacturing costs are tied directly to the complex nature of their devices and the necessary consumables. For the Cardiopulmonary segment, growth in Essenz Perfusion System sales and consumables demand drives the Cost of Revenue. The need to maintain high quality for complex medical devices means manufacturing overhead and inventory management are critical cost centers. As of March 31, 2025, LivaNova PLC had to record an inventory adjustment of $17.5 million to bring balances down to net realizable value, which is a direct hit to the cost of goods sold.

Capital expenditure is targeted for capacity. While a specific CapEx number for the period isn't isolated, the Q2 2025 net cash outflow of $144.7 million was partly driven by increased capital expenditures, which you can assume is going toward expanding Cardiopulmonary capacity and necessary IT infrastructure upgrades to support global operations. Finance: draft 13-week cash view by Friday.

LivaNova PLC (LIVN) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving LivaNova PLC's top line as of late 2025. It's a mix of high-ticket equipment sales and the steady flow from consumables, which is always a good sign for predictable revenue.

The company's latest full-year outlook suggests strong momentum carrying through. Full-year 2025 organic revenue growth is guided to be between 9.5% and 10.5%.

Here's a look at the revenue components based on the third quarter of 2025 results:

Revenue Stream Component	Q3 2025 Revenue (in millions USD)	Reported YoY Growth (Q3 2025 vs Q3 2024)
Cardiopulmonary Revenue	$203.2	18.0%
Neuromodulation Revenue	$149.5	6.9%
Other Revenue (includes Service/Rental)	$5.0	(16.8)%
Total Net Revenue	$357.8	12.5%

Sales of Neuromodulation implantable devices (VNS Therapy Systems) contributed $149.5 million to net revenue in the third quarter of 2025. This segment saw a constant-currency increase of 6.4% for the quarter.

Sales of Cardiopulmonary capital equipment (Essenz™ Perfusion System) are a key driver here, alongside the recurring revenue component. The entire Cardiopulmonary segment generated $203.2 million in the third quarter of 2025. The constant-currency growth for this segment was 15.9% in the third quarter, directly attributed to Essenz Perfusion System sales and strong consumables demand.

That recurring, high-margin revenue from Cardiopulmonary consumables is the classic razor-and-blade model in action. The strong 15.9% constant-currency growth in the Cardiopulmonary business in Q3 2025 was explicitly driven by this strong consumables demand, supporting that model.

Service and rental income from Cardiopulmonary equipment is captured within the Other Revenue line item. For the third quarter of 2025, Other Revenue was $5.0 million, which the company notes includes rental and site services income not allocated to segments.

You can see the relative contribution of the two main product areas:

• Sales of Neuromodulation implantable devices (VNS Therapy Systems) accounted for approximately 41.8% of the $357.8 million total net revenue in Q3 2025 ($149.5M / $357.8M).
• Sales of Cardiopulmonary equipment and consumables accounted for approximately 56.8% of the $357.8 million total net revenue in Q3 2025 (($203.2M + $5.0M - $5.0M) / $357.8M, using Other Revenue as a proxy for non-core/service). More simply, Cardiopulmonary revenue was $203.2 million out of $357.8 million.