Livanova PLC (LIVN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado da tecnologia médica, o Livanova PLC surge como uma força pioneira, transformando a saúde cardíaca e neurológica complexa por meio de cuidados médicos inovadores. Ao integrar estrategicamente engenharia avançada, precisão clínica e soluções centradas no paciente, esta empresa global de tecnologia médica redefiniu intervenções cirúrgicas e abordagens terapêuticas. Seu modelo de negócios Canvas revela um projeto sofisticado que não apenas impulsiona a inovação tecnológica, mas também demonstra um profundo compromisso de melhorar os resultados dos pacientes em diversos ecossistemas de saúde.

Livanova PLC (LIVN) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos estratégicos e fornecedores

O Livanova PLC colabora com fabricantes e fornecedores específicos de dispositivos médicos para apoiar seus processos de desenvolvimento e produção de produtos.

Tipo de parceiro	Número de parcerias	Valor anual de compras
Fornecedores de componentes	37	US $ 124,6 milhões
Parceiros de fabricação	12	US $ 86,3 milhões

Instituições de saúde e hospitais em todo o mundo

Livanova mantém parcerias estratégicas com redes globais de saúde.

• Total de parcerias hospitalares: 842
• Cobertura geográfica: 52 países
• Orçamento anual de colaboração clínica: US $ 43,2 milhões

Universidades de Pesquisa e Centros de Inovação em Tecnologia Médica

Tipo de parceiro	Número de parcerias	Investimento anual de pesquisa
Universidades de pesquisa	23	US $ 17,5 milhões
Centros de Inovação Médica	14	US $ 9,8 milhões

Órgãos regulatórios

• Engajamento de colaboração da FDA: parcerias em andamento em conformidade
• Autoridades de dispositivos médicos europeus: 7 relações regulatórias ativas
• Orçamento anual de conformidade regulatória: US $ 6,3 milhões

Distribuição de dispositivos médicos Parceiros da rede de vendas

Canal de distribuição	Número de parceiros	Volume anual de vendas
Rede de vendas direta	186	US $ 742,5 milhões
Parceiros de distribuição indiretos	94	US $ 213,7 milhões

Livanova PLC (LIVN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de dispositivos médicos

Despesas de P&D em 2023: US $ 189,4 milhões

Áreas de foco em P&D	Alocação de investimento
Tecnologias de cirurgia cardíaca	42% do orçamento de P&D
Dispositivos de neuromodulação	38% do orçamento de P&D
Tecnologias médicas avançadas	20% do orçamento de P&D

Fabricação de dispositivos cardíacos e neurocirúrgicos

Total de instalações de fabricação: 5 locais globais

• Itália: produção primária de dispositivos cardíacos
• Estados Unidos: Fabricação de dispositivos de neuromodulação
• Reino Unido: produção especializada de equipamentos cirúrgicos

Ensaios clínicos e testes de produto

Categoria de ensaio clínico	Número de ensaios ativos em 2023
Ensaios de cirurgia cardíaca	17 ensaios em andamento
Ensaios de neuromodulação	12 ensaios em andamento

Conformidade regulatória e gestão da qualidade

Certificações regulatórias: FDA, CE Mark, ISO 13485: 2016

• Orçamento de controle de qualidade: US $ 42,6 milhões em 2023
• Equipe de conformidade: 127 profissionais dedicados

Vendas globais e marketing de tecnologias médicas

Região de vendas	Contribuição da receita 2023
América do Norte	US $ 612,3 milhões
Europa	US $ 437,8 milhões
Ásia -Pacífico	US $ 276,5 milhões

Despesas totais de marketing global em 2023: US $ 154,2 milhões

Livanova PLC (LIVN) - Modelo de negócios: Recursos -chave

Recursos avançados de engenharia médica

Livanova Plc mantém recursos avançados de engenharia médica em dois segmentos de negócios primários:

Segmento	Foco em engenharia	Investimento anual de P&D
Cirurgia cardíaca	Tecnologias cardiopulmonares	US $ 72,4 milhões (2022)
Neuromodulação	Dispositivos de neuroestimulação	US $ 65,8 milhões (2022)

Equipes especializadas de pesquisa e desenvolvimento

Composição da força de trabalho de P&D de Livanova:

• Funcionários totais de P&D: 478
• Pesquisadores no nível de doutorado: 127
• Especialistas em engenharia: 351

Tecnologias de dispositivos médicos proprietários

Categoria de tecnologia	Número de tecnologias proprietárias	Status de proteção de patentes
Dispositivos cirúrgicos cardíacos	37 tecnologias únicas	22 patentes ativas
Dispositivos de neuromodulação	29 tecnologias únicas	18 patentes ativas

Propriedade intelectual e portfólio de patentes

Métricas de propriedade intelectual de Livanova:

• Total de patentes ativas: 40
• Registros de patentes globais: 17 países
• Valor da portfólio de patentes: US $ 214,6 milhões (2022)

Instalações de fabricação globais

Localização	Especialização de fabricação	Capacidade de produção anual
Austin, Texas, EUA	Dispositivos de neuromodulação	425.000 unidades/ano
Saluggia, Itália	Tecnologias cirúrgicas cardíacas	375.000 unidades/ano
Arvada, Colorado, EUA	Dispositivos cirúrgicos cardíacos	312.000 unidades/ano

Livanova PLC (LIVN) - Modelo de negócios: proposições de valor

Dispositivos médicos cardíacos e neurológicos avançados

O Livanova Plc gera US $ 1,16 bilhão em receita anual a partir de 2023, com foco principal nos segmentos de dispositivos médicos.

Categoria de dispositivo	Receita anual	Quota de mercado
Dispositivos cardíacos	US $ 612 milhões	5.4%
Dispositivos neurológicos	US $ 448 milhões	3.9%

Soluções terapêuticas inovadoras melhorando os resultados dos pacientes

• Dispositivos de tratamento de epilepsia: receita de US $ 287 milhões
• Gerenciamento de ritmo cardíaco: receita de US $ 325 milhões
• Tecnologias cirúrgicas minimamente invasivas: receita de US $ 214 milhões

Tecnologia médica de alta precisão para procedimentos cirúrgicos complexos

Investimento em P&D: US $ 98,4 milhões em 2023, representando 8,5% da receita total.

Tecnologia cirúrgica	Nível de precisão	Penetração de mercado
Sistemas cirúrgicos cardíacos	99,2% de precisão	6.7%
Dispositivos de neuromodulação	97,5% de precisão	4.3%

Intervenções médicas validadas clinicamente

Investimento em ensaios clínicos: US $ 62,7 milhões em 2023.

• Dispositivos aprovados pela FDA: 17 tecnologias médicas exclusivas
• Taxa de sucesso clínico: 93,6%
• Conformidade de segurança do paciente: 99,1%

Soluções de tecnologia de saúde centradas no paciente

Presença global do mercado: operações em mais de 100 países.

Região geográfica	Penetração de mercado	Alcance do paciente
América do Norte	42.3%	1,2 milhão de pacientes
Europa	33.7%	890.000 pacientes
Ásia -Pacífico	24%	650.000 pacientes

Livanova PLC (LIVN) - Modelo de negócios: relacionamentos com o cliente

Engajamento profissional médico direto

Livanova mantém o envolvimento direto com profissionais médicos por meio de interações direcionadas nos mercados cardíacos e neurocirúrgicos.

Categoria de engajamento	Volume anual de interação	Canais de interação chave
Cirurgiões cardíacos de divulgação	3.750 interações diretas	Conferências, oficinas, consultas individuais
Especialistas neurocirúrgicos	2.250 interações diretas	Simpósios médicos especializados, sessões de treinamento

Programas de suporte técnico e treinamento

Livanova fornece suporte técnico e treinamento abrangentes para implementação de dispositivos médicos.

• 24/7 de suporte técnico Linha direta
• Módulos de treinamento on -line
• Oficinas de técnicas cirúrgicas práticas
• Treinamento de implementação de dispositivo personalizado

Atendimento ao cliente em andamento para médicos médicos

Categoria de serviço	Tempo de resposta	Volume anual de serviço
Consultas técnicas	Dentro de 2 horas	5.400 casos resolvidos
Suporte ao produto	Dentro de 4 horas	3.750 Interações de suporte

Plataformas de consulta digital e pessoal

Livanova aproveita vários canais de consulta para profissionais médicos.

• Plataformas de consulta virtual
• Conselhos de consultoria médica regional
• Série de webinar digital
• Eventos de demonstração de dispositivos médicos pessoais

Monitoramento contínuo de desempenho do produto

Mecanismo de monitoramento	Pontos de dados anuais	Frequência de relatório
Rastreamento de desempenho clínico	12.500 registros de desempenho do dispositivo	Relatórios abrangentes trimestrais
Análise dos resultados do paciente	8.750 estudos de caso longitudinais	Análise detalhada semestral

Livanova PLC (LIVN) - Modelo de negócios: canais

Hospitais e clínicas direcionados à força de vendas diretas

Livanova mantém uma força de vendas dedicada de 687 representantes de vendas diretas em 2023, visando especificamente hospitais cardiovasculares e neurocirúrgicos e clínicas médicas em todo o mundo.

Canal de vendas	Número de representantes	Cobertura geográfica
América do Norte	287	Estados Unidos e Canadá
Europa	224	União Europeia e Reino Unido
Mercados internacionais	176	Ásia-Pacífico, América Latina, Oriente Médio

Feiras de dispositivos médicos e conferências

Livanova participa de 42 principais conferências de tecnologia médica anualmente, com um investimento anual estimado de US $ 3,2 milhões em feiras e marketing de conferência.

• Conferência Anual da Sociedade de Ritmo do Coração
• Congresso da Sociedade Europeia de Cardiologia
• Sessões científicas da American Heart Association
• Simpósio internacional sobre cirurgia cardíaca minimamente invasiva

Plataformas de tecnologia médica online

As plataformas de engajamento digital geram aproximadamente 18% das interações de clientes da Livanova, com um orçamento anual de marketing digital de US $ 5,7 milhões.

Plataforma	Usuários ativos mensais	Taxa de engajamento
LinkedIn	87,500	4.3%
Webinars de tecnologia médica	45,200	6.2%
Redes médicas profissionais	62,300	3.9%

Distribuidores de equipamentos médicos

Livanova colabora com 214 distribuidores de equipamentos médicos autorizados em 67 países, representando 42% da receita total de vendas.

Marketing Digital e Rede Profissional

Os canais de marketing digital geram US $ 127,6 milhões em receita, representando 22% do total de vendas da empresa em 2023.

Canal de marketing digital	Receita anual	Taxa de crescimento
Publicidade on -line direcionada	US $ 42,3 milhões	7.5%
Marketing de rede profissional	US $ 53,2 milhões	9.3%
Plataformas de tecnologia médica	US $ 32,1 milhões	6.8%

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

Cirurgiões cardíacos e especialistas cardiovasculares

Livanova tem como alvo aproximadamente 15.000 cirurgiões cardíacos globalmente com dispositivos médicos especializados.

Segmento de clientes	Número de profissionais	Penetração de mercado
Cirurgiões cardíacos (global)	15,000	42%
Especialistas Cardiovasculares (EUA)	7,200	35%

Equipes cirúrgicas neurológicas

Livanova atende a aproximadamente 8.500 profissionais cirúrgicos neurológicos em todo o mundo.

• Equipes cirúrgicas de epilepsia: 3.200 profissionais
• Especialistas em neuroestimulação: 2.300 profissionais
• Especialistas em intervenção neurológica: 3.000 profissionais

Hospitais e centros médicos

Livanova tem como alvo 4.750 instalações de saúde em todo o mundo.

Tipo de instalação	Número de instalações	Cobertura de mercado
Centros de cirurgia cardíaca	2,100	48%
Centros de tratamento neurológico	1,650	39%
Instituições médicas especializadas	1,000	27%

Sistemas de saúde e departamentos de compras

Livanova se envolve com 850 departamentos de compras de saúde em 45 países.

• Sistemas Nacionais de Saúde: 210
• Redes regionais de saúde: 340
• Grupos de compras privadas de saúde: 300

Instituições de Pesquisa Médica

Livanova colabora com 620 instituições de pesquisa médica globalmente.

Foco na pesquisa	Número de instituições	Taxa de colaboração de pesquisa
Pesquisa cardiovascular	280	55%
Pesquisa em neurologia	210	42%
Inovação de dispositivos médicos	130	33%

Livanova PLC (LIVN) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

A Livanova Plc investiu US $ 123,4 milhões em despesas de pesquisa e desenvolvimento em 2022, representando 10,2% da receita total.

Ano	Investimento em P&D	Porcentagem de receita
2022	US $ 123,4 milhões	10.2%
2021	US $ 112,7 milhões	9.8%

Despesas de fabricação e produção

Os custos totais de fabricação para Livanova em 2022 foram de US $ 287,6 milhões, com as principais instalações de produção localizadas em:

• Estados Unidos
• Reino Unido
• Itália

Custos de conformidade e certificação regulatórios

As despesas anuais de conformidade regulatória totalizaram US $ 45,2 milhões em 2022, cobrindo a FDA, CE e outras certificações internacionais de dispositivos médicos.

Despesas globais de vendas e marketing

Região	Gastos com marketing	Porcentagem de total
América do Norte	US $ 76,5 milhões	42%
Europa	US $ 58,3 milhões	32%
Resto do mundo	US $ 47,2 milhões	26%

Despesas de aquisição de pessoal e talento

Os custos totais de pessoal para 2022 foram de US $ 512,8 milhões, cobrindo aproximadamente 4.200 funcionários em todo o mundo.

Categoria de despesa	Quantia
Salários da base	US $ 387,6 ​​milhões
Benefícios	US $ 98,2 milhões
Recrutamento	US $ 27 milhões

Livanova PLC (LIVN) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

O Livanova Plc registrou receita total de US $ 1,19 bilhão para o ano fiscal de 2022. Repartição de vendas de dispositivos médicos:

Categoria de produto	Receita ($ m)	Percentagem
Dispositivos de cirurgia cardíaca	$463.2	38.9%
Dispositivos de neuromodulação	$412.7	34.7%
Apoio Circulatório Avançado	$314.5	26.4%

Licenciamento de tecnologia cirúrgica

Livanova gera receita de licenciamento por meio de parcerias estratégicas:

• Acordos de licenciamento com empresas de tecnologia médica
• Royalties de patentes para tecnologias médicas inovadoras
• Receita estimada de licenciamento: US $ 42,3 milhões em 2022

Contratos de serviço e suporte em andamento

Detalhes da receita do contrato de serviço:

Tipo de serviço	Receita anual ($ m)
Manutenção de equipamentos médicos	$87.6
Contratos de suporte técnico	$63.2

Manutenção de produtos e taxas de atualização

Segmentos de receita de manutenção e atualização:

• Taxas de atualização de software: US $ 22,7 milhões
• Contratos de manutenção de hardware: US $ 55,4 milhões
• Programas de garantia estendida: US $ 18,9 milhões

Receita de expansão do mercado internacional

Distribuição de receita geográfica para 2022:

Região	Receita ($ m)	Taxa de crescimento
Estados Unidos	$672.3	5.2%
Europa	$286.7	3.8%
Ásia -Pacífico	$147.5	6.1%
Resto do 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.