LivaNova PLC (LIVN): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de la tecnología médica, Livanova PLC emerge como una fuerza pionera, transformando la atención médica cardíaca y neurológica compleja a través de dispositivos médicos innovadores. Al integrar estratégicamente la ingeniería avanzada, la precisión clínica y las soluciones centradas en el paciente, esta compañía global de tecnología médica ha redefinido intervenciones quirúrgicas y enfoques terapéuticos. Su lienzo de modelo de negocio revela un plan sofisticado que no solo impulsa la innovación tecnológica, sino que también demuestra un profundo compromiso para mejorar los resultados de los pacientes en diversos ecosistemas de salud.

Livanova PLC (LIVN) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de dispositivos médicos estratégicos

Livanova PLC colabora con fabricantes y proveedores específicos de dispositivos médicos para apoyar sus procesos de desarrollo y producción de productos.

Tipo de socio	Número de asociaciones	Valor de adquisición anual
Proveedores de componentes	37	$ 124.6 millones
Socios de fabricación	12	$ 86.3 millones

Instituciones y hospitales de atención médica en todo el mundo

Livanova mantiene asociaciones estratégicas con redes de salud globales.

• Asociaciones totales del hospital: 842
• Cobertura geográfica: 52 países
• Presupuesto anual de colaboración clínica: $ 43.2 millones

Universidades de investigación y centros de innovación de tecnología médica

Tipo de socio	Número de asociaciones	Inversión de investigación anual
Universidades de investigación	23	$ 17.5 millones
Centros de innovación médica	14	$ 9.8 millones

Cuerpos reguladores

• Compromiso de colaboración de la FDA: asociaciones de cumplimiento continuo
• Autoridades europeas de dispositivos médicos: 7 relaciones regulatorias activas
• Presupuesto anual de cumplimiento regulatorio: $ 6.3 millones

Distribución de dispositivos médicos y socios de red de ventas

Canal de distribución	Número de socios	Volumen de ventas anual
Red de ventas directas	186	$ 742.5 millones
Socios de distribución indirecta	94	$ 213.7 millones

Livanova PLC (LIVN) - Modelo de negocio: actividades clave

Investigación y desarrollo de dispositivos médicos

Gastos de I + D en 2023: $ 189.4 millones

Áreas de enfoque de I + D	Asignación de inversión
Tecnologías de cirugía cardíaca	42% del presupuesto de I + D
Dispositivos de neuromodulación	38% del presupuesto de I + D
Tecnologías médicas avanzadas	20% del presupuesto de I + D

Fabricación de dispositivos cardíacos y neurociruúrgados

Instalaciones de fabricación total: 5 ubicaciones globales

• Italia: producción de dispositivos cardíacos primarios
• Estados Unidos: fabricación de dispositivos de neuromodulación
• Reino Unido: producción de equipos quirúrgicos especializados

Ensayos clínicos y pruebas de productos

Categoría de ensayo clínico	Número de ensayos activos en 2023
Ensayos de cirugía cardíaca	17 pruebas en curso
Ensayos de neuromodulación	12 pruebas en curso

Cumplimiento regulatorio y gestión de calidad

Certificaciones regulatorias: FDA, CE Mark, ISO 13485: 2016

• Presupuesto de control de calidad: $ 42.6 millones en 2023
• Personal de cumplimiento: 127 profesionales dedicados

Ventas globales y marketing de tecnologías médicas

Región de ventas	Contribución de ingresos 2023
América del norte	$ 612.3 millones
Europa	$ 437.8 millones
Asia Pacífico	$ 276.5 millones

Gastos de marketing globales totales en 2023: $ 154.2 millones

Livanova PLC (LIVN) - Modelo de negocio: recursos clave

Capacidades avanzadas de ingeniería médica

Livanova PLC mantiene capacidades avanzadas de ingeniería médica en dos segmentos comerciales principales:

Segmento	Enfoque de ingeniería	Inversión anual de I + D
Cirugía cardíaca	Tecnologías cardiopulmonar	$ 72.4 millones (2022)
Neuromodulación	Dispositivos de neuroestimulación	$ 65.8 millones (2022)

Equipos especializados de investigación y desarrollo

Composición de la fuerza laboral de I + D de Livanova:

• Empleados totales de I + D: 478
• Investigadores a nivel de doctorado: 127
• Especialistas en ingeniería: 351

Tecnologías de dispositivos médicos patentados

Categoría de tecnología	Número de tecnologías propietarias	Estado de protección de patentes
Dispositivos quirúrgicos cardíacos	37 tecnologías únicas	22 patentes activas
Dispositivos de neuromodulación	29 tecnologías únicas	18 patentes activas

Propiedad intelectual y cartera de patentes

Métricas de propiedad intelectual de Livanova:

• Patentes activas totales: 40
• Registros de patentes globales: 17 países
• Valor de la cartera de patentes: $ 214.6 millones (2022)

Instalaciones de fabricación global

Ubicación	Especialización de fabricación	Capacidad de producción anual
Austin, Texas, EE. UU.	Dispositivos de neuromodulación	425,000 unidades/año
Saluggia, Italia	Tecnologías quirúrgicas cardíacas	375,000 unidades/año
Arvada, Colorado, EE. UU.	Dispositivos quirúrgicos cardíacos	312,000 unidades/año

Livanova PLC (LIVN) - Modelo de negocio: propuestas de valor

Dispositivos médicos cardíacos y neurológicos avanzados

Livanova PLC genera $ 1.16 mil millones en ingresos anuales a partir de 2023, con un enfoque clave en segmentos de dispositivos médicos.

Categoría de dispositivo	Ingresos anuales	Cuota de mercado
Dispositivos cardíacos	$ 612 millones	5.4%
Dispositivos neurológicos	$ 448 millones	3.9%

Soluciones terapéuticas innovadoras mejorando los resultados del paciente

• Dispositivos de tratamiento de epilepsia: ingresos de $ 287 millones
• Gestión del ritmo cardíaco: ingresos de $ 325 millones
• Tecnologías quirúrgicas mínimamente invasivas: ingresos de $ 214 millones

Tecnología médica de alta precisión para procedimientos quirúrgicos complejos

Inversión en I + D: $ 98.4 millones en 2023, lo que representa el 8.5% de los ingresos totales.

Tecnología quirúrgica	Nivel de precisión	Penetración del mercado
Sistemas quirúrgicos cardíacos	99.2% de precisión	6.7%
Dispositivos de neuromodulación	97.5% de precisión	4.3%

Intervenciones médicas validadas clínicamente

Inversión en el ensayo clínico: $ 62.7 millones en 2023.

• Dispositivos aprobados por la FDA: 17 tecnologías médicas únicas
• Tasa de éxito clínico: 93.6%
• Cumplimiento de seguridad del paciente: 99.1%

Soluciones de tecnología de salud centrada en el paciente

Presencia del mercado global: operaciones en más de 100 países.

Región geográfica	Penetración del mercado	Paciente alcance
América del norte	42.3%	1,2 millones de pacientes
Europa	33.7%	890,000 pacientes
Asia Pacífico	24%	650,000 pacientes

Livanova PLC (LIVN) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Livanova mantiene el compromiso directo con los profesionales médicos a través de interacciones específicas en los mercados cardíacos y neuroquirúrgicos.

Categoría de compromiso	Volumen de interacción anual	Canales de interacción clave
Outreach de cirujanos cardíacos	3.750 interacciones directas	Conferencias, talleres, consultas individuales
Especialistas neurociruúrquiros	2.250 interacciones directas	Simposios médicos especializados, sesiones de entrenamiento

Programas de soporte técnico y capacitación

Livanova proporciona soporte técnico y capacitación integrales para la implementación de dispositivos médicos.

• Línea directa de soporte técnico 24/7
• Módulos de capacitación en línea
• Talleres de técnica quirúrgica práctica
• Capacitación de implementación de dispositivos personalizados

Servicio al cliente en curso para médicos

Categoría de servicio	Tiempo de respuesta	Volumen de servicio anual
Consultas técnicas	Dentro de las 2 horas	5.400 casos resueltos
Soporte de productos	Dentro de las 4 horas	3.750 interacciones de soporte

Plataformas de consulta digital y en persona

Livanova aprovecha múltiples canales de consulta para profesionales médicos.

• Plataformas de consulta virtual
• Juntas de asesoramiento médico regional
• Serie de seminarios web digitales
• Eventos de demostración de dispositivos médicos en persona

Monitoreo continuo del rendimiento del producto

Mecanismo de monitoreo	Puntos de datos anuales	Frecuencia de informes
Seguimiento de rendimiento clínico	12,500 registros de rendimiento del dispositivo	Informes integrales trimestrales
Análisis de resultados del paciente	8.750 estudios de casos longitudinales	Análisis detallado semestral

Livanova PLC (LIVN) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a hospitales y clínicas

Livanova mantiene una fuerza de ventas dedicada de 687 representantes de ventas directas a partir de 2023, específicamente dirigida a hospitales y clínicas médicas cardiovasculares y neurociruúras de todo el mundo.

Canal de ventas	Número de representantes	Cobertura geográfica
América del norte	287	Estados Unidos y Canadá
Europa	224	Unión Europea y Reino Unido
Mercados internacionales	176	Asia-Pacífico, América Latina, Medio Oriente

Ferias y conferencias comerciales de dispositivos médicos

Livanova participa en 42 conferencias principales de tecnología médica anualmente, con una inversión anual estimada de $ 3.2 millones en ferias comerciales y marketing de conferencias.

• Conferencia anual de la sociedad de ritmo cardíaco
• Sociedad Europea de Cardiología Congreso
• Sesiones científicas de la American Heart Association
• Simposio internacional sobre cirugía cardíaca mínimamente invasiva

Plataformas de tecnología médica en línea

Las plataformas de participación digital generan aproximadamente el 18% de las interacciones de los clientes de Livanova, con un presupuesto anual de marketing digital de $ 5.7 millones.

Plataforma	Usuarios activos mensuales	Tasa de compromiso
LinkedIn	87,500	4.3%
Webinarios web de tecnología médica	45,200	6.2%
Redes médicas profesionales	62,300	3.9%

Distribuidores de equipos médicos

Livanova colabora con 214 distribuidores de equipos médicos autorizados en 67 países, lo que representa el 42% de los ingresos totales de ventas.

Marketing digital y redes profesionales

Los canales de marketing digital generan $ 127.6 millones en ingresos, lo que representa el 22% de las ventas totales de la compañía en 2023.

Canal de marketing digital	Ingresos anuales	Índice de crecimiento
Publicidad en línea dirigida	$ 42.3 millones	7.5%
Marketing de redes profesionales	$ 53.2 millones	9.3%
Plataformas de tecnología médica	$ 32.1 millones	6.8%

Livanova PLC (LIVN) - Modelo de negocio: segmentos de clientes

Cirujanos cardíacos y especialistas cardiovasculares

Livanova se dirige a aproximadamente 15,000 cirujanos cardíacos a nivel mundial con dispositivos médicos especializados.

Segmento de clientes	Número de profesionales	Penetración del mercado
Cirujanos cardíacos (global)	15,000	42%
Especialistas cardiovasculares (EE. UU.)	7,200	35%

Equipos quirúrgicos neurológicos

Livanova atiende a aproximadamente 8.500 profesionales quirúrgicos neurológicos en todo el mundo.

• Equipos quirúrgicos de epilepsia: 3.200 profesionales
• Especialistas en neuroestimulación: 2.300 profesionales
• Expertos en intervención neurológica: 3.000 profesionales

Hospitales y centros médicos

Livanova se dirige a 4.750 centros de salud a nivel mundial.

Tipo de instalación	Número de instalaciones	Cobertura del mercado
Centros de cirugía cardíaca	2,100	48%
Centros de tratamiento neurológico	1,650	39%
Instituciones médicas especializadas	1,000	27%

Sistemas de atención médica y departamentos de adquisición

Livanova se involucra con 850 departamentos de adquisición de atención médica en 45 países.

• National Healthcare Systems: 210
• Redes de salud regionales: 340
• Grupos privados de adquisición de salud: 300

Instituciones de investigación médica

Livanova colabora con 620 instituciones de investigación médica a nivel mundial.

Enfoque de investigación	Número de instituciones	Tasa de colaboración de investigación
Investigación cardiovascular	280	55%
Investigación neurológica	210	42%
Innovación de dispositivos médicos	130	33%

Livanova PLC (LIVN) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Livanova PLC invirtió $ 123.4 millones en gastos de investigación y desarrollo en 2022, lo que representa el 10.2% de los ingresos totales.

Año	Inversión de I + D	Porcentaje de ingresos
2022	$ 123.4 millones	10.2%
2021	$ 112.7 millones	9.8%

Gastos de fabricación y producción

Los costos totales de fabricación para Livanova en 2022 fueron de $ 287.6 millones, con instalaciones de producción clave ubicadas en:

• Estados Unidos
• Reino Unido
• Italia

Costos de cumplimiento y certificación regulatoria

Los gastos anuales de cumplimiento regulatorio totalizaron $ 45.2 millones en 2022, que cubren las certificaciones de dispositivos médicos internacionales de la FDA, CE y otras.

Gastos globales de ventas y marketing

Región	Gasto de marketing	Porcentaje de total
América del norte	$ 76.5 millones	42%
Europa	$ 58.3 millones	32%
Resto del mundo	$ 47.2 millones	26%

Gastos de adquisición de personal y talento

Los costos totales de personal para 2022 fueron de $ 512.8 millones, que cubren aproximadamente 4,200 empleados a nivel mundial.

Categoría de gastos	Cantidad
Salarios base	$ 387.6 millones
Beneficios	$ 98.2 millones
Reclutamiento	$ 27 millones

Livanova PLC (LIVN) - Modelo de negocios: flujos de ingresos

Venta de dispositivos médicos

Livanova PLC reportó ingresos totales de $ 1.19 mil millones para el año fiscal 2022. Desglose de ventas de dispositivos médicos:

Categoría de productos	Ingresos ($ M)	Porcentaje
Dispositivos de cirugía cardíaca	$463.2	38.9%
Dispositivos de neuromodulación	$412.7	34.7%
Apoyo circulatorio avanzado	$314.5	26.4%

Licencias de tecnología quirúrgica

Livanova genera ingresos por licencia a través de asociaciones estratégicas:

• Acuerdos de licencia con compañías de tecnología médica
• Royalias de patentes para tecnologías médicas innovadoras
• Ingresos estimados de licencia: $ 42.3 millones en 2022

Contratos de servicio y soporte continuo

Detalles de ingresos del contrato de servicio:

Tipo de servicio	Ingresos anuales ($ M)
Mantenimiento de equipos médicos	$87.6
Contratos de soporte técnico	$63.2

Mantenimiento del producto y tarifas de actualización

Segmentos de ingresos de mantenimiento y actualización:

• Tarifas de actualización de software: $ 22.7 millones
• Contratos de mantenimiento de hardware: $ 55.4 millones
• Programas de garantía extendida: $ 18.9 millones

Ingresos de expansión del mercado internacional

Distribución de ingresos geográficos para 2022:

Región	Ingresos ($ M)	Índice de crecimiento
Estados Unidos	$672.3	5.2%
Europa	$286.7	3.8%
Asia Pacífico	$147.5	6.1%
Resto del mundo	$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.