0001639691-25-000102 | 10-Q | XBRL Viewer

New Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Standards Update and Change in Accounting Principle [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents a description of future adoptions of new ASUs issued by the FASB that may have an impact on LivaNova’s consolidated financial statements when adopted:

Issue Date & Standard

Description

Adoption

Assessment

December 2023 ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This ASU expands annual income tax disclosures primarily related to the rate reconciliation and income taxes paid.

This ASU will be effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption and retrospective application permitted.

LivaNova is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

November 2024 ASU No. 2024-03, Income Statement—Reporting Comprehensive

Income—Expense Disaggregation Disclosures

(Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires disclosure in the notes to financial statements of additional information disaggregating specific expense categories underlying certain income statement expense line items, including employee compensation, depreciation, and intangible asset amortization, as well as certain other disclosures to provide enhanced transparency into the nature and function of expenses.

This ASU will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. This ASU may be applied on either a prospective or retrospective basis, with early adoption permitted.

LivaNova is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Derivatives Not Designated as Hedging Instruments:
Assets:
Derivative asset	$ 32,334	$ 27,097
Liabilities:
Derivative liability	49,462	54,734
Fair Value, Recurring
Assets:
Investment with readily determinable fair value		10,144
Total assets	32,334	37,241
Liabilities:
Total liabilities	137,389	138,952
Fair Value, Recurring \| Current contingent consideration
Liabilities:
ImThera contingent consideration arrangement	48,265
Fair Value, Recurring \| Long-term contingent consideration
Liabilities:
ImThera contingent consideration arrangement	39,662	84,218
Fair Value, Recurring \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability	1,363
Fair Value, Recurring \| Embedded Derivatives \| 2029 Notes
Liabilities:
Derivative liability	48,093	51,819
Fair Value, Recurring \| Derivatives Not Designated as Hedging Instruments: \| Freestanding Instruments (FX)
Assets:
Derivative asset	9,373	738
Fair Value, Recurring \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2025 Notes
Assets:
Derivative asset	1,303	2,624
Fair Value, Recurring \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2029 Notes
Assets:
Derivative asset	21,658	23,735
Fair Value, Recurring \| Designated as Hedging Instrument \| Freestanding Instruments (FX)
Liabilities:
Derivative liability	6
Fair Value, Recurring \| Designated as Hedging Instrument \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability		2,915
Fair Value, Recurring \| Level 1
Assets:
Investment with readily determinable fair value		10,144
Total assets	0	10,144
Liabilities:
Total liabilities	0	0
Fair Value, Recurring \| Level 1 \| Current contingent consideration
Liabilities:
ImThera contingent consideration arrangement	0
Fair Value, Recurring \| Level 1 \| Long-term contingent consideration
Liabilities:
ImThera contingent consideration arrangement	0	0
Fair Value, Recurring \| Level 1 \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability	0
Fair Value, Recurring \| Level 1 \| Embedded Derivatives \| 2029 Notes
Liabilities:
Derivative liability	0	0
Fair Value, Recurring \| Level 1 \| Derivatives Not Designated as Hedging Instruments: \| Freestanding Instruments (FX)
Assets:
Derivative asset	0	0
Fair Value, Recurring \| Level 1 \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2025 Notes
Assets:
Derivative asset	0	0
Fair Value, Recurring \| Level 1 \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2029 Notes
Assets:
Derivative asset	0	0
Fair Value, Recurring \| Level 1 \| Designated as Hedging Instrument \| Freestanding Instruments (FX)
Liabilities:
Derivative liability	0
Fair Value, Recurring \| Level 1 \| Designated as Hedging Instrument \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability		0
Fair Value, Recurring \| Level 2
Assets:
Investment with readily determinable fair value		0
Total assets	9,373	738
Liabilities:
Total liabilities	6	0
Fair Value, Recurring \| Level 2 \| Current contingent consideration
Liabilities:
ImThera contingent consideration arrangement	0
Fair Value, Recurring \| Level 2 \| Long-term contingent consideration
Liabilities:
ImThera contingent consideration arrangement	0	0
Fair Value, Recurring \| Level 2 \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability	0
Fair Value, Recurring \| Level 2 \| Embedded Derivatives \| 2029 Notes
Liabilities:
Derivative liability	0	0
Fair Value, Recurring \| Level 2 \| Derivatives Not Designated as Hedging Instruments: \| Freestanding Instruments (FX)
Assets:
Derivative asset	9,373	738
Fair Value, Recurring \| Level 2 \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2025 Notes
Assets:
Derivative asset	0	0
Fair Value, Recurring \| Level 2 \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2029 Notes
Assets:
Derivative asset	0	0
Fair Value, Recurring \| Level 2 \| Designated as Hedging Instrument \| Freestanding Instruments (FX)
Liabilities:
Derivative liability	6
Fair Value, Recurring \| Level 2 \| Designated as Hedging Instrument \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability		0
Fair Value, Recurring \| Level 3
Assets:
Investment with readily determinable fair value		0
Total assets	22,961	26,359
Liabilities:
Total liabilities	137,383	138,952
Fair Value, Recurring \| Level 3 \| Current contingent consideration
Liabilities:
ImThera contingent consideration arrangement	48,265
Fair Value, Recurring \| Level 3 \| Long-term contingent consideration
Liabilities:
ImThera contingent consideration arrangement	39,662	84,218
Fair Value, Recurring \| Level 3 \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability	1,363
Fair Value, Recurring \| Level 3 \| Embedded Derivatives \| 2029 Notes
Liabilities:
Derivative liability	48,093	51,819
Fair Value, Recurring \| Level 3 \| Derivatives Not Designated as Hedging Instruments: \| Freestanding Instruments (FX)
Assets:
Derivative asset	0	0
Fair Value, Recurring \| Level 3 \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2025 Notes
Assets:
Derivative asset	1,303	2,624
Fair Value, Recurring \| Level 3 \| Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2029 Notes
Assets:
Derivative asset	21,658	23,735
Fair Value, Recurring \| Level 3 \| Designated as Hedging Instrument \| Freestanding Instruments (FX)
Liabilities:
Derivative liability	$ 0
Fair Value, Recurring \| Level 3 \| Designated as Hedging Instrument \| Embedded Derivatives \| 2025 Notes
Liabilities:
Derivative liability		$ 2,915

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

The tables below present the condensed consolidated statements of stockholders’ equity as of and for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Ordinary Shares	Ordinary Shares - Amount		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
March 31, 2025	55,441	$	84,446	$	2,224,578	$	(1,426)	$	(42,728)	$	(1,230,572)	$	1,034,298
Stock-based compensation plans	58	75		10,199		265		—		—		10,539
Net income	—	—		—		—		—		27,161		27,161
Other comprehensive income	—	—		—		—		50,841		—		50,841
June 30, 2025	55,499	$	84,521	$	2,234,777	$	(1,161)	$	8,113	$	(1,203,411)	$	1,122,839

March 31, 2024	54,296	$	82,975	$	2,192,676	$	(481)	$	(45,206)	$	(1,008,427)	$	1,221,537
Stock-based compensation plans	108	95		11,904		286		—		—		12,285
Net income	—	—		—		—		—		16,333		16,333
Other comprehensive loss	—	—		—		—		(7,613)		—		(7,613)
June 30, 2024	54,404	$	83,070	$	2,204,580	$	(195)	$	(52,819)	$	(992,094)	$	1,242,542


	Ordinary Shares	Ordinary Shares - Amount		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
December 31, 2024	54,438	$	83,156	$	2,220,658	$	(136)	$	(80,170)	$	(903,250)	$	1,320,258
Issuance of shares - EBT	1,000	1,290		—		(1,290)		—		—		—
Stock-based compensation plans	61	75		14,119		265		—		—		14,459
Net loss	—	—		—		—		—		(300,161)		(300,161)
Other comprehensive income	—	—		—		—		88,283		—		88,283
June 30, 2025	55,499	$	84,521	$	2,234,777	$	(1,161)	$	8,113	$	(1,203,411)	$	1,122,839

December 31, 2023	53,942	$	82,533	$	2,189,517	$	(55)	$	(27,883)	$	(966,484)	$	1,277,628
Issuance of shares - EBT	350	440		—		(440)		—		—		—
Stock-based compensation plans	112	97		15,063		300		—		—		15,460
Net loss	—	—		—		—		—		(25,610)		(25,610)
Other comprehensive loss	—	—		—		—		(24,936)		—		(24,936)
June 30, 2024	54,404	$	83,070	$	2,204,580	$	(195)	$	(52,819)	$	(992,094)	$	1,242,542

Schedule of Accumulated Other Comprehensive Income (Loss)

The tables below present the change in AOCI, net of tax, and the reclassifications out of AOCI into net income for the six months ended June 30, 2025 and 2024 (in thousands):


	Foreign Currency Translation Adjustments (1)
December 31, 2024	$	(80,170)
Other comprehensive income before reclassifications, before tax	88,283
Tax expense	—
Other comprehensive income net of reclassifications, before tax	88,283



Net current-period other comprehensive income, net of tax	88,283
June 30, 2025	$	8,113

(1)Taxes were not provided for foreign currency translation adjustments as translation adjustments are related to earnings that are intended to be reinvested in the countries where earned.


	Foreign Currency Translation Adjustments (1)
December 31, 2023	$	(27,883)
Other comprehensive loss before reclassifications, before tax	(24,936)
Tax expense	—
Other comprehensive loss before reclassifications, net of tax	(24,936)



Net current-period other comprehensive loss, net of tax	(24,936)
June 30, 2024	$	(52,819)

(1)Taxes were not provided for foreign currency translation adjustments as translation adjustments are related to earnings that are intended to be reinvested in the countries where earned.

Stock-Based Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Allocation of Share-Based Compensation Costs by Type of Arrangement

The following table presents the amounts of stock-based compensation expense recognized in LivaNova’s condensed consolidated statements of income (loss) by type of arrangement (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Service-based RSUs	$	4,521	$	4,300	$	8,069	$	9,374
Service-based SARs	3,381		3,240		6,134		6,523
Market performance-based RSUs	515		(13)		929		1,046
Operating performance-based RSUs	461		416		1,282		864
Employee share purchase plan	296		256		543		618
	$	9,174	$	8,199	$	16,957	$	18,425

Schedule of Stock-Based Compensation Agreements Issued

Stock-based compensation agreements issued for the six months ended June 30, 2025, representing potential shares and their weighted average grant date fair values by type, are as follows (shares in thousands, fair value in dollars):


	Six Months Ended June 30, 2025
	Shares	Weighted Average Grant Date Fair Value
Service-based SARs	1,038,444	$	17.87
Service-based RSUs	553,129	39.59
Market performance-based RSUs	82,009	41.51
Operating performance-based RSUs	92,630	39.59

Derivatives and Risk Management - Narrative (Details) - Freestanding Instruments (FX) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Derivative [Line Items]
Net gains on derivatives	$ 15.0	$ 1.7	$ 25.4	$ 4.9
Derivatives Not Designated as Hedging Instruments:
Derivative [Line Items]
Notional amount	$ 427.8		$ 427.8		$ 442.3

Unaudited Condensed Consolidated Financial Statements	6 Months Ended
Unaudited Condensed Consolidated Financial Statements	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Condensed Consolidated Financial Statements	Note 1. Unaudited Condensed Consolidated Financial Statements Basis of Presentation The accompanying unaudited condensed consolidated financial statements of LivaNova and the notes thereto as of and for the three and six months ended June 30, 2025 and 2024 have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated balance sheet of LivaNova as of December 31, 2024 has been derived from audited consolidated financial statements contained in LivaNova’s 2024 Form 10-K but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments considered necessary for a fair statement of the operating results of LivaNova and its subsidiaries for the three and six months ended June 30, 2025 and are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The financial information presented herein should be read in conjunction with the audited consolidated financial statements and notes thereto accompanying LivaNova’s 2024 Form 10-K. Cybersecurity Incident As previously disclosed, in November 2023, LivaNova detected a cybersecurity incident that resulted in a disruption of portions of the Company’s information technology systems. As a result, the Company engaged external cybersecurity experts, coordinated with law enforcement, implemented remediation measures, and notified affected individuals and regulators as required by applicable law. The incident was contained, and the Company’s mitigation efforts are considered complete. For further discussion on legal and regulatory developments, refer to “Note 5. Commitments and Contingencies.” Through June 30, 2025, LivaNova incurred direct costs totaling $13.0 million in connection with this cybersecurity incident, including $0.6 million and $2.9 million for the three months ended June 30, 2025 and 2024, respectively, and $1.4 million and $5.7 million for the six months ended June 30, 2025 and 2024, respectively. The total direct costs incurred primarily include external cybersecurity expert and legal fees, system restoration costs, and $1.2 million related to a class action settlement, and do not include business interruption losses. The Company may incur additional costs related to this incident in the future. LivaNova maintains insurance, including cyber insurance, which is subject to certain retentions and policy limitations that will likely limit the amount that the insurers may reimburse the Company. LivaNova has filed claims for insurance reimbursement of direct costs and business interruption losses related to this incident and has submitted additional claims and supplemental requests for reimbursement as new costs have been incurred. Through June 30, 2025, LivaNova has received $9.6 million, including $6.2 million in reimbursement of direct costs and $3.4 million in reimbursement of business interruption losses. For the three and six months ended June 30, 2025, LivaNova received $1.0 million and $1.2 million, respectively, in reimbursement of direct costs. The Company’s insurance coverage may be insufficient to cover all costs and expenses related to this cybersecurity incident or may be unavailable to cover all costs and expenses related to this cybersecurity incident. Revision of Previously Issued Financial Statements During the second quarter of 2025, the Company identified and corrected an immaterial error related to the classification of certain employee costs in the Cardiopulmonary segment between cost of sales and selling, general, and administrative expense in the consolidated statements of income (loss). This misclassification understated cost of sales and overstated selling, general, and administrative expense by equal and offsetting amounts, with no impact to operating income (loss) or net income (loss) for annual and interim periods for the years ended December 31, 2023 and 2024 and the three months ended March 31, 2025. The Company evaluated the error and determined that the related impact was not material to the consolidated statements of income for any prior period and had no impact on the consolidated balance sheets, statements of comprehensive income (loss), statements of cash flows, or statements of stockholders’ equity for any of the above periods. The Company has revised the previously issued condensed consolidated statements of income (loss) for the three and six months ended June 30, 2024 to correct for the error, and these revisions are reflected in this Form 10-Q. The Company will also correct previously reported financial information for this error in its future filings, as applicable. A summary of the corrections to the impacted financial statement line items in the previously issued consolidated statements of income (loss) and disaggregated Cardiopulmonary segment income disclosure for each affected period is presented in “Note 13. Revision of Previously Issued Financial Statements.” Significant Accounting Policies LivaNova’s significant accounting policies are included within “Note 2. Basis of Presentation, Use of Accounting Estimates, and Significant Accounting Policies” and “Note 3. Revenue Recognition” of LivaNova’s 2024 Form 10-K.

Supplemental Financial Information

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information

Note 11. Supplemental Financial Information

The following table presents the components of inventories (in thousands):


	June 30, 2025		December 31, 2024
Raw materials	$	77,047	$	71,949
Work-in-process	16,333		12,322
Finished goods	71,970		63,295
	$	165,350	$	147,566

As of June 30, 2025 and December 31, 2024, inventories included adjustments totaling $21.8 million and $16.4 million, respectively, to record balances at the lower of cost or net realizable value.

The following table presents the components of accrued liabilities and other (in thousands):


	June 30, 2025		December 31, 2024
Italian MedTech payback measure	$	19,690	$	15,981
Legal and professional costs	18,972		17,379
Contract liabilities	11,176		10,848
Operating lease liabilities	9,380		9,040
Interest payable	5,245		9,479
Provisions for agents, returns, and other	4,869		6,744
Royalty accrual	4,771		4,466
Research and development costs	1,711		6,167
Current derivative liabilities	1,369		2,915
Restructuring liabilities	—		2,003
Other accrued expenses	26,057		33,463
	$	103,240	$	118,485

As of June 30, 2025 and December 31, 2024, contract liabilities totaling $15.8 million and $14.7 million, respectively, were included in accrued liabilities and other long-term liabilities on the condensed consolidated balance sheets.

The following table presents the items included in foreign exchange and other income/(expense) on the condensed consolidated statements of income (loss) (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Embedded derivative fair value adjustment (2025 Notes) (1)	$	(489)	$	615	$	1,552	$	(1,363)
Embedded derivative fair value adjustment (2029 Notes) (1)	(10,867)		(1,104)		3,726		(7,935)
Capped call fair value adjustment (2025 Notes) (1)	498		(571)		(1,321)		(8,533)
Capped call fair value adjustment (2029 Notes) (1)	4,468		(1,493)		(2,077)		477
Investment revaluation - Ceribell, Inc. (2)	(1,008)		—		(3,622)		—
Impairment of investment in ShiraTronics, Inc. (3)	—		(5,750)		—		(5,750)
Interest income	4,183		7,337		10,626		14,358
FX fluctuations	(1,240)		(2,183)		(1,850)		(3,105)
Other	200		104		127		(265)
	$	(4,255)	$	(3,045)	$	7,161	$	(12,116)

(1)Refer to “Note 3. Fair Value Measurements.”

(2)During the second quarter of 2025, LivaNova liquidated its investment in Ceribell, Inc., consisting of 391,952 common shares, in a series of transactions with an average sales price of $16.69 per common share, resulting in net proceeds of $6.5 million from an initial investment in 2018 of $3.0 million.

(3)Impairment of equity investment related to LivaNova’s preferred share ownership converting into common stock of ShiraTronics, Inc. during the second quarter of 2024.

The following table presents a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of the amounts shown on the condensed consolidated statements of cash flows (in thousands):


	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	593,638	$	428,858
Restricted cash (1)	—		294,698
	$	593,638	$	723,556

(1)On March 18, 2022, LivaNova PLC, acting through its Italian branch, entered into an Indemnity Letter and an Account Pledge Agreement with Barclays, further to which Barclays issued the SNIA Litigation Guarantee. As security for the SNIA Litigation

Guarantee, LivaNova was required to grant cash collateral to Barclays in USD in an amount equal to the USD equivalent of 105% of the amount of the SNIA Litigation Guarantee calibrated on a biweekly basis, which is presented as restricted cash on the condensed consolidated balance sheet. On March 31, 2025, as a result of the decision by the Italian Supreme Court, the SNIA Litigation Guarantee was terminated, and the restriction on the cash deposit held as collateral was released. For additional information, refer to “Note 5. Commitments and Contingencies.”

Stock-Based Incentive Plans

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Incentive Plans

Note 7. Stock-Based Incentive Plans

Stock-Based Plans

On June 11, 2025, the Company’s shareholders approved the 2025 Director Incentive Plan and the Second A&R 2022 Plan. The 2025 Director Incentive Plan provides equity-based compensation to non-executive directors by making available a total of 300,000 shares for awards granted on or after the date on which the 2025 Director Incentive Plan was approved by the

Company’s shareholders. The 2025 Director Incentive Plan is intended to be the successor to the 2015 Plan. No further awards may be made under the 2015 Plan, although any outstanding awards under the 2015 Plan will continue to remain in full force and effect. The Second A&R 2022 Plan provides for an aggregate of 2,200,000 shares that can be issued pursuant to awards granted on or after the date on which the Second A&R 2022 Plan was approved by the Company’s shareholders. The other terms of the Second A&R 2022 Plan, including its expiration date, remain unchanged from the A&R 2022 Plan. As of June 30, 2025, under the 2025 Director Incentive Plan, there were 261,983 shares available for future grants to LivaNova’s non-executive directors, and under the Second A&R 2022 Plan, there were 2,200,000 shares available for future grants to LivaNova’s employees.

For the six months ended June 30, 2025, LivaNova issued stock-based compensatory awards to its employees and Board of Directors with terms approved by the Compensation and Human Capital Management Committee of LivaNova’s Board of Directors and LivaNova’s Board of Directors, respectively. The employee awards with service conditions generally vest ratably over three years for RSUs and four years for SARs, and are subject to forfeiture unless service conditions are met. The employee market performance-based awards that were issued cliff vest after three years, subject to the rank of LivaNova’s total shareholder return for the three-year period ending December 31, 2027, relative to the total shareholder returns of the S&P Healthcare Equipment Select Industry Index. The employee adjusted free cash flow and return on invested capital operating performance-based awards that were issued cliff vest after three years, subject to the achievement of certain thresholds of cumulative results for the three-year period ending December 31, 2027. The Board of Director RSU awards with service conditions generally vest ratably over one year. Compensation expense related to awards granted during 2025 for the three and six months ended June 30, 2025 was $2.1 million and $2.3 million, respectively.

Stock-Based Compensation Expense

The following table presents the amounts of stock-based compensation expense recognized in LivaNova’s condensed consolidated statements of income (loss) by type of arrangement (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Service-based RSUs	$	4,521	$	4,300	$	8,069	$	9,374
Service-based SARs	3,381		3,240		6,134		6,523
Market performance-based RSUs	515		(13)		929		1,046
Operating performance-based RSUs	461		416		1,282		864
Employee share purchase plan	296		256		543		618
	$	9,174	$	8,199	$	16,957	$	18,425


	Six Months Ended June 30, 2025
	Shares	Weighted Average Grant Date Fair Value
Service-based SARs	1,038,444	$	17.87
Service-based RSUs	553,129	39.59
Market performance-based RSUs	82,009	41.51
Operating performance-based RSUs	92,630	39.59

Income (Loss) Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Income (Loss) Per Share

Note 9. Income (Loss) Per Share

The following table presents basic and diluted income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic income (loss) per share	$	0.50	$	0.30	$	(5.51)	$	(0.47)
Diluted income (loss) per share	0.50		0.30		(5.51)		(0.47)

The following table presents the reconciliations of net income (loss) and weighted average shares outstanding used in the calculations of basic and diluted income (loss) per share (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator (1):
Net income (loss) - basic and diluted	$	27,161	$	16,333	$	(300,161)	$	(25,610)




Denominator:
Weighted average shares outstanding - basic	54,577		54,238		54,502		54,202
Add: Dilutive effect of share-based compensation and convertible debt instruments (1) (2)	131		353		—		—
Weighted average shares outstanding - diluted	54,708		54,591		54,502		54,202

(1)For the three and six months ended June 30, 2025, the 2029 Notes were outstanding and potentially dilutive securities, but were excluded from the computation of diluted income (loss) per share because their effect would have been anti-dilutive.

(2)Excluded from the computation of diluted income (loss) per share were shares underlying stock options, SARs, and RSUs totaling 0.6 million and 2.2 million for the three months ended June 30, 2025 and 2024, respectively, and 3.0 million and 4.4 million for the six months ended June 30, 2025 and 2024, respectively, because to include them would have been anti-dilutive under the treasury stock method.

Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

The following table presents the components of inventories (in thousands):


	June 30, 2025		December 31, 2024
Raw materials	$	77,047	$	71,949
Work-in-process	16,333		12,322
Finished goods	71,970		63,295
	$	165,350	$	147,566

Schedule of Accrued Liabilities

The following table presents the components of accrued liabilities and other (in thousands):


	June 30, 2025		December 31, 2024
Italian MedTech payback measure	$	19,690	$	15,981
Legal and professional costs	18,972		17,379
Contract liabilities	11,176		10,848
Operating lease liabilities	9,380		9,040
Interest payable	5,245		9,479
Provisions for agents, returns, and other	4,869		6,744
Royalty accrual	4,771		4,466
Research and development costs	1,711		6,167
Current derivative liabilities	1,369		2,915
Restructuring liabilities	—		2,003
Other accrued expenses	26,057		33,463
	$	103,240	$	118,485

Schedule of Foreign Exchange and Other Income/(Expense)

The following table presents the items included in foreign exchange and other income/(expense) on the condensed consolidated statements of income (loss) (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Embedded derivative fair value adjustment (2025 Notes) (1)	$	(489)	$	615	$	1,552	$	(1,363)
Embedded derivative fair value adjustment (2029 Notes) (1)	(10,867)		(1,104)		3,726		(7,935)
Capped call fair value adjustment (2025 Notes) (1)	498		(571)		(1,321)		(8,533)
Capped call fair value adjustment (2029 Notes) (1)	4,468		(1,493)		(2,077)		477
Investment revaluation - Ceribell, Inc. (2)	(1,008)		—		(3,622)		—
Impairment of investment in ShiraTronics, Inc. (3)	—		(5,750)		—		(5,750)
Interest income	4,183		7,337		10,626		14,358
FX fluctuations	(1,240)		(2,183)		(1,850)		(3,105)
Other	200		104		127		(265)
	$	(4,255)	$	(3,045)	$	7,161	$	(12,116)

(1)Refer to “Note 3. Fair Value Measurements.”

(3)Impairment of equity investment related to LivaNova’s preferred share ownership converting into common stock of ShiraTronics, Inc. during the second quarter of 2024.

Schedule of Cash, Cash Equivalents and Restricted Cash


	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	593,638	$	428,858
Restricted cash (1)	—		294,698
	$	593,638	$	723,556

Schedule of Cash, Cash Equivalents and Restricted Cash


	June 30, 2025		December 31, 2024
Cash and cash equivalents	$	593,638	$	428,858
Restricted cash (1)	—		294,698
	$	593,638	$	723,556

Geographic and Segment Information - Schedule of Assets by Reportable Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Segment Reporting Information [Line Items]
Assets	$ 2,506,702	$ 2,506,389
Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Assets	1,013,888	900,672
Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Assets	$ 637,717	640,956
Other
Segment Reporting Information [Line Items]
Assets		$ 964,761	$ 855,097

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Income (Loss) Per Share - Schedule of Income (Loss) Per Share, Basic and Diluted (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Numerator:
Net income (loss) - basic and diluted	$ 27,161	$ 16,333	$ (300,161)	$ (25,610)
Denominator:
Weighted average shares outstanding - basic (in shares)	54,577	54,238	54,502	54,202
Add: Dilutive effect of share-based compensation and convertible debt instruments (in shares)	131	353	0	0
Weighted average shares outstanding - diluted (in shares)	54,708	54,591	54,502	54,202
Stock Compensation Plan
Denominator:
Antidilutive securities excluded from computation of income (loss) per share amount (in shares)	600	2,200	3,000	4,400

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revision of Previously Issued Financial Statements (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Corrections to Impacted Financial Statements

The following tables present a summary of the corrections to the impacted financial statement line items in the Company’s financial statements previously issued in the Annual Report on Form 10-K and unaudited Quarterly Reports on Form 10-Q (in thousands):


	Twelve Months Ended December 31, 2024						Twelve Months Ended December 31, 2023
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	382,564	$	17,389	$	399,953	$	382,295	$	15,430	$	397,725
Gross profit	870,873		(17,389)		853,484		771,250		(15,430)		755,820
Selling, general, and administrative	526,265		(17,389)		508,876		518,129		(15,430)		502,699


	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	96,080	$	4,521	$	100,601	$	87,522	$	4,182	$	91,704
Gross profit	220,775		(4,521)		216,254		207,390		(4,182)		203,208
Selling, general, and administrative	133,667		(4,521)		129,146		129,863		(4,182)		125,681


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	99,710	$	3,987	$	103,697	$	187,232	$	8,169	$	195,401
Gross profit	218,865		(3,987)		214,878		426,255		(8,169)		418,086
Selling, general, and administrative	129,118		(3,987)		125,131		258,981		(8,169)		250,812


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	92,856	$	4,235	$	97,091	$	280,088	$	12,404	$	292,492
Gross profit	225,264		(4,235)		221,029		651,519		(12,404)		639,115
Selling, general, and administrative	131,661		(4,235)		127,426		390,642		(12,404)		378,238

The following tables present a summary of the correction to the impacted Cardiopulmonary disaggregated segment income table line items in “Note 17. Geographic and Segment Information” and “Note 10. Geographic and Segment Information” previously included in the 2024 Annual Report on Form 10-K and in the unaudited March 31, 2025 Quarterly Report on Form 10-Q, respectively (in thousands):


	Twelve Months Ended December 31, 2024						Twelve Months Ended December 31, 2023
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	316,937	$	17,389	$	334,326	$	290,929	$	15,430	$	306,359
Selling, general, and administrative	217,136		(17,389)		199,747		207,001		(15,430)		191,571


	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	80,399	$	4,521	$	84,920	$	72,097	$	4,182	$	76,279
Selling, general, and administrative	58,480		(4,521)		53,959		50,745		(4,182)		46,563

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) $ in Thousands	Jun. 30, 2025 USD ($) shares	Jun. 30, 2025 £ / shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2024 £ / shares
Statement of Financial Position [Abstract]
Allowance for doubtful accounts \| $	$ 12,856		$ 11,275
Ordinary shares, par value (in pounds per share) \| £ / shares		£ 1.00		£ 1.00
Ordinary shares issued (in shares)	55,498,718		54,437,670
Ordinary shares outstanding (in shares)	54,590,282		54,348,542
Treasury stock (in shares)	908,436		89,128

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	18.50%	24.20%	(6.30%)	(102.60%)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Note 8. Income Taxes LivaNova PLC is a resident in the UK. LivaNova’s effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, valuation allowances, tax credits and incentives, unrecognized tax benefits associated with uncertain tax positions, and tax laws. LivaNova’s tax returns are periodically audited or subjected to review by tax authorities. The Company operates in multiple jurisdictions worldwide and assesses the recoverability of its deferred tax assets for each period and jurisdiction by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) in determining whether a valuation allowance is required. Depending on operating results in the future, a release of a valuation allowance could occur within the next 12 months. The timing and amount of the valuation allowance release could vary based on the Company’s assessment of all available evidence. LivaNova’s effective income tax rate for the three and six months ended June 30, 2025 was 18.5% and (6.3)%, respectively, compared to 24.2% and (102.6)% for the three and six months ended June 30, 2024, respectively. The changes in the effective tax rates for the three and six months ended June 30, 2025, compared to the prior year periods, were primarily attributable to year-over-year changes in income before tax in countries with varying statutory tax rates, certain discrete tax items, including the SNIA environmental liability, and changes in valuation allowances. LivaNova is subject to income taxes as well as non-income-based taxes in the U.S., the UK, the EU, and various other jurisdictions. In June 2025, the Group of Seven released a statement on global minimum taxes indicating potential changes to substance-based non-refundable tax credits. The statement has not been incorporated into the OECD framework, and LivaNova will continue to monitor OECD and Pillar Two guidance for any new developments. On July 4, 2025, the U.S. enacted the OBBBA. Provisions of the OBBBA applicable to LivaNova include, but are not limited to, the elective deduction of domestic research and development expenses, changes to interest deductions, changes to Foreign-Derived Deduction Eligible Income, and the permanent reinstatement of bonus depreciation. LivaNova is still evaluating the potential impacts of the OBBBA. LivaNova will continue to monitor legislative developments in the U.S., the UK, the EU, and various other jurisdictions that may impact LivaNova’s operations.

- Definition

The entire disclosure for income tax.

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+ Details

Unaudited Condensed Consolidated Financial Statements (Policies)

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of LivaNova and the notes thereto as of and for the three and six months ended June 30, 2025 and 2024 have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying condensed consolidated balance sheet of LivaNova as of December 31, 2024 has been derived from audited consolidated financial statements contained in LivaNova’s 2024 Form 10-K but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments considered necessary for a fair statement of the operating results of LivaNova and its subsidiaries for the three and six months ended June 30, 2025 and are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The financial information presented herein should be read in conjunction with the audited consolidated financial statements and notes thereto accompanying LivaNova’s 2024 Form 10-K.

Revision of Previously Issued Financial Statements

During the second quarter of 2025, the Company identified and corrected an immaterial error related to the classification of certain employee costs in the Cardiopulmonary segment between cost of sales and selling, general, and administrative expense in the consolidated statements of income (loss). This misclassification understated cost of sales and overstated selling, general, and administrative expense by equal and offsetting amounts, with no impact to operating income (loss) or net income (loss) for annual and interim periods for the years ended December 31, 2023 and 2024 and the three months ended March 31, 2025. The Company evaluated the error and determined that the related impact was not material to the consolidated statements of income for any prior period and had no impact on the consolidated balance sheets, statements of comprehensive income (loss), statements of cash flows, or statements of stockholders’ equity for any of the above periods. The Company has revised the previously issued condensed consolidated statements of income (loss) for the three and six months ended June 30, 2024 to correct for the error, and these revisions are reflected in this Form 10-Q. The Company will also correct previously reported financial information for this error in its future filings, as applicable. A summary of the corrections to the impacted financial statement line items in the previously issued consolidated statements of income (loss) and disaggregated Cardiopulmonary

segment income disclosure for each affected period is presented in “Note 13. Revision of Previously Issued Financial Statements.”

New Accounting Pronouncements

The following table presents a description of future adoptions of new ASUs issued by the FASB that may have an impact on LivaNova’s consolidated financial statements when adopted:

Issue Date & Standard

Description

Adoption

Assessment

December 2023 ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This ASU expands annual income tax disclosures primarily related to the rate reconciliation and income taxes paid.

This ASU will be effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption and retrospective application permitted.

LivaNova is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

November 2024 ASU No. 2024-03, Income Statement—Reporting Comprehensive

Income—Expense Disaggregation Disclosures

(Subtopic 220-40): Disaggregation of Income Statement Expenses

LivaNova is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Incentive Plans - Schedule of Stock-Based Compensation Agreements Issued (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2025 $ / shares shares
Service-based SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares (in shares) \| shares	1,038,444
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 17.87
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares (in shares) \| shares	553,129
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 39.59
Market performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares (in shares) \| shares	82,009
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 41.51
Operating performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares (in shares) \| shares	92,630
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 39.59

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Derivatives and Risk Management

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Risk Management

Note 2. Derivatives and Risk Management

Due to the global nature of LivaNova’s operations, the Company is exposed to FX fluctuations. LivaNova enters into FX derivative contracts to reduce the impact of FX fluctuations on earnings and cash flow.

LivaNova is also exposed to equity price risk in connection with its 2025 Notes and 2029 Notes, including exchange/conversion and settlement provisions based on the price of its ordinary shares at exchange/conversion or maturity of the 2025 Notes and 2029 Notes. The Capped Call Transactions associated with the 2025 Notes and 2029 Notes also include settlement provisions that are based on the price of LivaNova’s ordinary shares, subject to a capped price per share. LivaNova does not enter into derivative contracts for speculative purposes.

LivaNova measures all outstanding derivatives each period-end at fair value and reports the fair value as either financial assets or liabilities on the condensed consolidated balance sheets. At the inception of the contract, the derivative is designated as either a freestanding derivative or a hedge. Derivatives that are not designated as hedging instruments are referred to as freestanding derivatives, with changes in fair value included in earnings. These derivatives are intended to serve as economic hedges and follow the cash flows of the economic hedged item. The cash flows from these derivative contracts are reported as operating activities in LivaNova’s condensed consolidated statements of cash flows. LivaNova had no designated hedging instruments as of June 30, 2025 and December 31, 2024.

Freestanding FX Derivatives

The gross notional amount of freestanding FX derivative contracts not designated as hedging instruments outstanding as of June 30, 2025 and December 31, 2024 was $427.8 million and $442.3 million, respectively. These derivative contracts are designed to offset the FX effects in earnings of various intercompany loans and trade receivables. LivaNova recorded net gains of $15.0 million and $1.7 million for these freestanding derivatives for the three months ended June 30, 2025 and 2024, respectively. LivaNova recorded net gains of $25.4 million and $4.9 million for these freestanding derivatives for the six months ended June 30, 2025 and 2024, respectively. These amounts are included in foreign exchange and other income/(expense) in LivaNova’s condensed consolidated statements of income (loss).

Capped Call Derivatives

The Capped Call Transactions are carried on the condensed consolidated balance sheets as a derivative asset at their estimated fair value and are adjusted at the end of each reporting period, with unrealized gain or loss reflected in foreign exchange and other income/(expense) in the condensed consolidated statements of income (loss). The Capped Call Transactions are measured at fair value using the Black-Scholes model utilizing observable and unobservable market data, including stock price, remaining contractual term, expected volatility, risk-free interest rate, and expected dividend yield, as applicable. For additional information regarding the Capped Call Transactions, refer to LivaNova’s 2024 Form 10-K.

Embedded Derivatives

The 2025 Notes and 2029 Notes each include terms resulting in a bifurcated embedded derivative. The Embedded Derivatives are measured at fair value using a binomial lattice model and estimated discounted cash flows that utilize observable and unobservable market data and are adjusted at the end of each reporting period, with the unrealized gain or loss reflected in foreign exchange and other income/(expense) in the condensed consolidated statements of income (loss).

Counterparty Credit Risk

LivaNova is exposed to credit risk in the event of non-performance by the counterparties to the Company’s derivatives.

The Option Counterparties are financial institutions. To limit LivaNova’s credit risk, the Company selected financial institutions with a minimum long-term investment grade credit rating. LivaNova’s exposure to the credit risk of the Option Counterparties is not secured by any collateral. If one or more of the Option Counterparties becomes subject to insolvency proceedings, LivaNova will become an unsecured creditor in those proceedings, with a claim equal to the Company’s exposure at that time under the 2025 Capped Calls and/or 2029 Capped Calls, as applicable, with that Option Counterparty.

To manage credit risk with respect to LivaNova’s other derivatives, the Company selects and periodically reviews counterparties based on credit ratings, limits its exposure with respect to each counterparty, and monitors their respective market positions. However, if one or more of these counterparties were in a liability position to the Company and were unable to meet their obligations, any transactions with the counterparty could be subject to early termination, which could result in substantial losses for the Company.

Balance Sheet Presentation

LivaNova offsets fair value amounts associated with its derivative instruments that are executed with the same counterparty under master netting arrangements on the Company’s condensed consolidated balance sheets. Master netting arrangements include a right to set off or net together purchases and sales of similar products in the settlement process.

The following tables present the fair value and the location of derivative contracts reported on the condensed consolidated balance sheets (in thousands):

Derivative Assets

Derivative Liabilities

June 30, 2025

Balance Sheet Location

Fair Value (1)

Balance Sheet Location

Fair Value (1)

Derivatives Not Designated as Hedging Instruments:

Capped call derivatives (2025 Notes)

Prepaid expenses and other current assets

1,303

Capped call derivatives (2029 Notes)

Long-term derivative assets

21,658

Embedded derivative (2025 Notes)

Accrued liabilities and other

1,363

Embedded derivative (2029 Notes)

Long-term derivative liabilities

48,093

FX derivative contracts

Prepaid expenses and other current assets

9,373

Accrued liabilities and other

Total derivatives not designated as hedging instruments

32,334

49,462

(1)For the classification of inputs used to evaluate the fair value of LivaNova’s derivatives, refer to “Note 3. Fair Value Measurements.”

Derivative Assets

Derivative Liabilities

December 31, 2024

Balance Sheet Location

Fair Value (1)

Balance Sheet Location

Fair Value (1)

Derivatives Not Designated as Hedging Instruments:

Capped call derivatives (2025 Notes)

Prepaid expenses and other current assets

2,624

Capped call derivatives (2029 Notes)

Long-term derivative assets

23,735

Embedded derivative (2025 Notes)

Accrued liabilities and other

2,915

Embedded derivative (2029 Notes)

Long-term derivative liabilities

51,819

FX derivative contracts

Prepaid expenses and other current assets

738

Total derivatives not designated as hedging instruments

27,097

54,734

(1)For the classification of inputs used to evaluate the fair value of LivaNova’s derivatives, refer to “Note 3. Fair Value Measurements.”

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Geographic and Segment Information - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Goodwill
Goodwill, beginning	$ 750,006
Foreign currency adjustments	43,359
Goodwill, ending	793,365
Cardiopulmonary
Goodwill
Goodwill, beginning	351,252
Foreign currency adjustments	43,359
Goodwill, ending	394,611
Neuromodulation
Goodwill
Goodwill, beginning	398,754
Foreign currency adjustments	0
Goodwill, ending	$ 398,754

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Geographic and Segment Information - Schedule of Property, Plant, and Equipment by Geographic Region (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	$ 195,418	$ 170,260
United States
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	70,226	65,170
Europe
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	110,673	94,394
Rest of World
Segment Reporting Information [Line Items]
Property, plant, and equipment, net	$ 14,519	$ 10,696

Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table presents a summary of LivaNova’s long-term debt obligations (in thousands, except interest rates):


	June 30, 2025		December 31, 2024		Maturity	Interest Rate
Term Facilities	$	107,722	$	313,014	July 2027	7.36%
2029 Notes	266,569		258,043		March 2029	2.50%
2025 Notes	55,713		53,887		December 2025	3.00%
Bank of America, U.S.	—		1,500
Other	588		519
Total long-term facilities	430,592		626,963
Less: Current portion of long-term debt	82,103		77,339
Total long-term debt obligations	$	348,489	$	549,624

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Financing Arrangements - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
Financing Arrangements - Narrative (Details) - USD ($)	May 02, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Commitment fee (as a percent)				0.25%		0.50%
Repayment of long-term debt obligations				$ 210,250,000	$ 238,750,000
Loss on debt extinguishment		$ 2,651,000	$ 0	2,651,000	$ 25,482,000
Term Facilities
Debt Instrument [Line Items]
Repayment of long-term debt obligations	$ 200,000,000
Loss on debt extinguishment		2,700,000		2,700,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowed funds		0		0		$ 0
2029 Notes \| Senior Notes
Debt Instrument [Line Items]
Unamortized discount (premium), net		$ 78,400,000		$ 78,400,000		87,000,000
Effective interest rate (as a percent)		9.84%		9.84%
2025 Notes \| Senior Notes
Debt Instrument [Line Items]
Unamortized discount (premium), net		$ 1,800,000		$ 1,800,000		3,600,000
Effective interest rate (as a percent)		9.92%		9.92%
Revolving Credit Facility
Debt Instrument [Line Items]
Short-term debt		$ 30,000		$ 30,000		700,000
Line of credit, maximum borrowing capacity		225,000,000		225,000,000		225,000,000
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt discounts and issuance costs		9,600,000		9,600,000
Unamortized discount (premium), net		$ 1,300,000		$ 1,300,000		$ 4,800,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Net revenue	$ 352,524	$ 318,575	$ 669,379	$ 613,487
Cost of sales	113,536	103,697	214,137	195,401
Gross profit	238,988	214,878	455,242	418,086
Operating expenses:
Selling, general, and administrative	137,780	125,131	266,926	250,812
Research and development	47,185	44,737	85,064	90,401
Other operating expenses	(160)	4,844	452	20,461
Operating income	54,183	40,166	102,800	56,412
SNIA environmental liability expense	(1,677)	0	(362,070)	0
Interest expense	(12,280)	(15,532)	(27,566)	(31,425)
Loss on debt extinguishment	(2,651)	0	(2,651)	(25,482)
Foreign exchange and other income/(expense)	(4,255)	(3,045)	7,161	(12,116)
Income (loss) before income tax	33,320	21,589	(282,326)	(12,611)
Income tax expense	6,151	5,227	17,807	12,944
Loss from equity method investments	(8)	(29)	(28)	(55)
Net income (loss)	$ 27,161	$ 16,333	$ (300,161)	$ (25,610)
Basic income (loss) per share (in dollars per share)	$ 0.50	$ 0.30	$ (5.51)	$ (0.47)
Diluted income (loss) per share (in dollars per share)	$ 0.50	$ 0.30	$ (5.51)	$ (0.47)
Shares used in computing basic income (loss) per share (in shares)	54,577	54,238	54,502	54,202
Shares used in computing diluted income (loss) per share (in shares)	54,708	54,591	54,502	54,202

Supplemental Financial Information - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 77,047	$ 71,949
Work-in-process	16,333	12,322
Finished goods	71,970	63,295
Total inventories	$ 165,350	$ 147,566

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provision for obsolescence	$ 21.8	$ 16.4
Contract liability	$ 15.8	$ 14.7

Supplemental Financial Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Italian MedTech payback measure	$ 19,690	$ 15,981
Legal and professional costs	18,972	17,379
Contract liabilities	11,176	10,848
Operating lease liabilities	9,380	9,040
Interest payable	5,245	9,479
Provisions for agents, returns, and other	4,869	6,744
Royalty accrual	4,771	4,466
Research and development costs	1,711	6,167
Current derivative liabilities	1,369	2,915
Restructuring liabilities	0	2,003
Other accrued expenses	26,057	33,463
Total accrued liabilities and other	$ 103,240	$ 118,485

Geographic and Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents net revenue by operating segment and geographic region (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cardiopulmonary
United States	$	71,243	$	64,873	$	132,077	$	115,450
Europe (1)	49,046		38,567		93,553		79,493
Rest of World (1)	78,983		70,274		149,962		134,662
	199,272		173,714		375,592		329,605
Neuromodulation
United States	117,226		111,683		225,560		217,612
Europe (1)	17,730		15,590		32,924		28,997
Rest of World (1)	16,714		15,603		32,079		30,139
	151,670		142,876		290,563		276,748
Other Revenue (2)	1,582		1,985		3,224		7,134
Totals (3)
United States	188,474		179,537		357,638		340,157
Europe (1)	66,776		51,258		126,477		105,599
Rest of World (1)	97,274		87,780		185,264		167,731
	$	352,524	$	318,575	$	669,379	$	613,487

(1)“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates.

(2)“Other Revenue” includes rental and site services income not allocated to segments. In addition, for the three and six months ended June 30, 2024, “Other Revenue” includes revenue from the Company’s former ACS reportable segment.

(3)No single customer represented over 10% of the Company’s consolidated net revenue. No country’s net revenue exceeded 10% of the Company’s consolidated net revenue except for the U.S.

The following table presents a reconciliation of segment income to consolidated income (loss) before tax (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cardiopulmonary	$	31,407	$	19,627	$	56,098	$	34,338
Neuromodulation	56,020		54,812		108,373		101,490
Segment income	87,427		74,439		164,471		135,828



Other expense	(33,244)		(34,273)		(61,671)		(79,416)
Operating income	54,183		40,166		102,800		56,412
SNIA environmental liability expense	(1,677)		—		(362,070)		—
Interest expense (1)	(12,280)		(15,532)		(27,566)		(31,425)
Loss on debt extinguishment	(2,651)		—		(2,651)		(25,482)
Foreign exchange and other income/(expense)	(4,255)		(3,045)		7,161		(12,116)
Income (loss) before tax	$	33,320	$	21,589	$	(282,326)	$	(12,611)

(1)“Interest expense” includes contractual interest expense associated with LivaNova’s short- and long-term financing arrangements and the amortization of debt discount and issuance costs of $5.7 million and $11.4 million for the three and six months ended June 30, 2025, respectively, and $5.3 million and $10.2 million for the three and six months ended June 30, 2024, respectively.

The following tables present the components of segment income, including significant expenses, of LivaNova’s reportable segments (in thousands):


	Cardiopulmonary				Neuromodulation
	Three Months Ended June 30,				Three Months Ended June 30,
	2025		2024		2025		2024
Net revenue	$	199,272	$	173,714	$	151,670	$	142,876
Less:
Cost of sales	95,465		86,606		14,769		12,203


Selling, general, and administrative	56,012		50,941		51,097		46,099
Research and development	16,465		13,835		29,784		29,762
3T litigation provision	(77)		2,705		—		—
	$	31,407	$	19,627	$	56,020	$	54,812


	Cardiopulmonary				Neuromodulation
	Six Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net revenue	$	375,592	$	329,605	$	290,563	$	276,748
Less:
Cost of sales	180,385		162,885		28,155		22,531


Selling, general, and administrative	109,971		97,504		98,667		91,793
Research and development	28,509		25,781		55,368		60,934
3T litigation provision	629		9,097		—		—
	$	56,098	$	34,338	$	108,373	$	101,490

The following table presents assets by reportable segment (in thousands):


	June 30, 2025		December 31, 2024
Cardiopulmonary	$	1,013,888	$	900,672
Neuromodulation	637,717		640,956
Other assets (1)	855,097		964,761
	$	2,506,702	$	2,506,389

(1)“Other assets” primarily includes corporate assets not allocated to segments.

The following table presents capital expenditures by reportable segment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cardiopulmonary	$	8,767	$	7,526	$	13,936	$	11,274
Neuromodulation	4,217		725		6,250		1,001
Other capital expenditures (1)	4,389		5,500		7,491		7,923
	$	17,373	$	13,751	$	27,677	$	20,198

(1)“Other capital expenditures” primarily includes corporate capital expenditures not allocated to segments.

Schedule of Changes in Carrying Amount of Goodwill

The following table presents changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2025 (in thousands):


	Cardiopulmonary		Neuromodulation		Total
December 31, 2024	$	351,252	$	398,754	$	750,006

Foreign currency adjustments	43,359		—		43,359
June 30, 2025	$	394,611	$	398,754	$	793,365

Schedule of Property, Plant, and Equipment by Geographic Region

The following table presents property, plant, and equipment, net by geographic region (in thousands):


	June 30, 2025		December 31, 2024
United States	$	70,226	$	65,170
Europe	110,673		94,394
Rest of World	14,519		10,696
	$	195,418	$	170,260

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Financing Arrangements

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Financing Arrangements

Note 4. Financing Arrangements

The following table presents a summary of LivaNova’s long-term debt obligations (in thousands, except interest rates):


	June 30, 2025		December 31, 2024		Maturity	Interest Rate
Term Facilities	$	107,722	$	313,014	July 2027	7.36%
2029 Notes	266,569		258,043		March 2029	2.50%
2025 Notes	55,713		53,887		December 2025	3.00%
Bank of America, U.S.	—		1,500
Other	588		519
Total long-term facilities	430,592		626,963
Less: Current portion of long-term debt	82,103		77,339
Total long-term debt obligations	$	348,489	$	549,624

Revolving Credit and Term Facilities

The outstanding principal amount of LivaNova’s short-term unsecured revolving credit agreements and other agreements with various banks was $30 thousand and $0.7 million at June 30, 2025 and December 31, 2024, respectively.

There were no outstanding borrowings under the $225.0 million revolving facilities under the 2021 First Lien Credit Agreement as of June 30, 2025 and December 31, 2024. As of June 30, 2025 and December 31, 2024, the applicable commitment fee percentage was 0.25% per annum and 0.5% per annum, respectively. As of June 30, 2025, the Company was in compliance with the financial covenants contained in the 2021 First Lien Credit Agreement.

Debt discount and issuance costs related to the Initial Term Facility were $9.6 million. The unamortized debt discount and issuance costs related to the Initial Term Facility were $1.3 million and $4.8 million as of June 30, 2025 and December 31, 2024, respectively.

On May 2, 2025, LivaNova made an early repayment of $200 million on principal borrowings under the Term Facilities. The early repayment resulted in a loss on debt extinguishment of $2.7 million recognized for the three and six months ended June

30, 2025, associated with the write-off of unamortized debt issuance costs, and is included within loss on debt extinguishment on the condensed consolidated statements of income (loss).

2029 Notes

The effective interest rate of the 2029 Notes was 9.84% as of June 30, 2025. The unamortized debt discount and issuance costs related to the 2029 Notes as of June 30, 2025 and December 31, 2024 were $78.4 million and $87.0 million, respectively. As of June 30, 2025, the conditions for conversion were not met. The Company included its obligations from the 2029 Notes and the associated embedded derivative as long-term liabilities on the condensed consolidated balance sheet as of June 30, 2025, and the 2029 Notes are not convertible for the three months ended September 30, 2025. For additional information regarding the 2029 Notes, refer to LivaNova’s 2024 Form 10-K.

2025 Notes

The effective interest rate of the 2025 Notes was 9.92% as of June 30, 2025. The unamortized debt discount and issuance costs related to the 2025 Notes as of June 30, 2025 and December 31, 2024 were $1.8 million and $3.6 million, respectively. As of June 30, 2025, the conditions for exchange were not met. The Company included its obligations from the 2025 Notes and the associated embedded derivative as current liabilities on the condensed consolidated balance sheet as of June 30, 2025. The 2025 Notes are not currently exchangeable, but will be exchangeable at the holder’s option, without any additional conditions, from September 15, 2025 through the second scheduled trading day immediately preceding the maturity date of the 2025 Notes. For additional information regarding the 2025 Notes, refer to LivaNova’s 2024 Form 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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+ Details

Commitments and Contingencies - Narrative (Details) € in Thousands, $ in Thousands		3 Months Ended	6 Months Ended		12 Months Ended
	Feb. 21, 2022 EUR (€)	Jun. 30, 2025 USD ($) lawsuit	Jun. 30, 2025 USD ($) lawsuit	Jun. 30, 2025 EUR (€)	Dec. 31, 2020	Dec. 31, 2016 EUR (€)	Aug. 06, 2025 claim	Jun. 30, 2025 EUR (€) lawsuit	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Apr. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Mar. 05, 2019 EUR (€)
Other Commitments [Line Items]
Reimbursed legal fees			$ 342,109			€ 292
Imposed cost \| €								€ 108,800
Subsequent Event
Other Commitments [Line Items]
Number of claims \| claim							60
Pending Litigation
Other Commitments [Line Items]
Estimate of possible loss		$ 670,300	670,300
Judicial Ruling
Other Commitments [Line Items]
Estimate of possible loss \| €															€ 572,100
SNIA
Other Commitments [Line Items]
Loss contingency, damages awarded and subsequently dismissed			184,300	€ 157,300
Loss contingency accrual		392,300	392,300					€ 334,800
SNIA \| Pending Litigation \| SNIA s.p.a
Other Commitments [Line Items]
Compensation sought			4,000,000
Non-privileged creditor, amount \| €												€ 453,600
SNIA \| Judicial Ruling
Other Commitments [Line Items]
Estimate of possible loss		531,400	531,400										$ 531,400	€ 453,600
Payment period (in days)	30 days
SNIA \| Judicial Ruling \| Surety Bond
Other Commitments [Line Items]
Bond required to be posted	€ 270,000		316,300
Product Liability
Other Commitments [Line Items]
Bond required to be posted			1,932
Loss contingency accrual		15,444	15,444						$ 15,843
3T litigation provision		100	600
Italian MedTech Payback \| Pending Litigation
Other Commitments [Line Items]
Estimate of possible loss		19,700	19,700						16,000
Cyber Litigation \| Pending Litigation
Other Commitments [Line Items]
Loss contingency accrual		$ 1,200	$ 1,200								$ 1,200
Number of claims \| lawsuit		6	6					6
Saluggia, Italy
Other Commitments [Line Items]
Period to demonstrate financial capacity (in years)					5 years
Estimate of possible loss		$ 40,400	$ 40,400					€ 34,500	$ 36,700	€ 35,400
Estimated litigation provision			$ 55,300	€ 47,200

Fair Value Measurements - Schedule of Stock Price Volatility, Fair Value, and Hypothetical Changes (Details) - Stock price volatility	Jun. 30, 2025	Dec. 31, 2024
2025 Notes \| Capped Call Derivatives
Derivative Asset [Abstract]
Measurement input	0.44	0.37
2025 Notes \| Embedded Derivatives
Derivative Liability [Abstract]
Measurement input	0.44	0.37
2029 Notes \| Capped Call Derivatives
Derivative Asset [Abstract]
Measurement input	0.39	0.35
2029 Notes \| Embedded Derivatives
Derivative Liability [Abstract]
Measurement input	0.39	0.35

Commitments and Contingencies - Schedule of Litigation Provision Liability (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Loss Contingency Accrual [Roll Forward]
Less: Current portion of litigation provision liability	$ 12,171
Long-term portion of litigation provision liability	3,273
Product Liability
Loss Contingency Accrual [Roll Forward]
Beginning liability	15,843
Payments	(1,932)
Adjustments	629
FX and other	904
Ending liability	$ 15,444

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Litigation Provision Liability

The following table presents the changes in the litigation provision liability for the six months ended June 30, 2025 (in thousands):


As of December 31, 2024	$	15,843
Payments	(1,932)
Adjustments (1)	629
FX and other	904
As of June 30, 2025	15,444
Less: Current portion as of June 30, 2025	12,171
Long-term portion as of June 30, 2025 (2)	$	3,273

(1)Adjustments to the litigation provision are included in other operating expenses on the condensed consolidated statements of income (loss).

(2)Included in other long-term liabilities on the condensed consolidated balance sheets.

Geographic and Segment Information - Schedule of Segment Income of LivaNova’s Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 352,524			$ 318,575		$ 669,379	$ 613,487
Cost of sales	113,536	$ 100,601	$ 97,091	103,697	$ 91,704	214,137	195,401	$ 292,492	$ 399,953	$ 397,725
Selling, general, and administrative	137,780	129,146	$ 127,426	125,131	125,681	266,926	250,812	$ 378,238	508,876	502,699
Research and development	47,185			44,737		85,064	90,401
Cardiopulmonary
Segment Reporting Information [Line Items]
Cost of sales		84,920			76,279				334,326	306,359
Selling, general, and administrative		$ 53,959			$ 46,563				$ 199,747	$ 191,571
Operating Segments
Segment Reporting Information [Line Items]
Total	87,427			74,439		164,471	135,828
Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Net revenue	199,272			173,714		375,592	329,605
Cost of sales	95,465			86,606		180,385	162,885
Selling, general, and administrative	56,012			50,941		109,971	97,504
Research and development	16,465			13,835		28,509	25,781
3T litigation provision	(77)			2,705		629	9,097
Total	31,407			19,627		56,098	34,338
Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Net revenue	151,670			142,876		290,563	276,748
Cost of sales	14,769			12,203		28,155	22,531
Selling, general, and administrative	51,097			46,099		98,667	91,793
Research and development	29,784			29,762		55,368	60,934
3T litigation provision	0			0		0	0
Total	$ 56,020			$ 54,812		$ 108,373	$ 101,490

Supplemental Financial Information - Schedule of Cash, Cash Equivalents, Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Mar. 18, 2022
Restricted Cash and Cash Equivalent Item [Line Items]
Cash and cash equivalents	$ 593,638	$ 428,858
Restricted cash	0	294,698
Total	$ 593,638	$ 723,556	$ 633,121	$ 577,872
Bridge Loan \| Judicial Ruling \| SNIA
Restricted Cash and Cash Equivalent Item [Line Items]
Cash collateral required as guarantee (as a percent)					105.00%

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2025	Jul. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-37599
Entity Registrant Name	LivaNova PLC
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1268150
Entity Address, Address Line One	20 Eastbourne Terrace
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	W2 6LG
Country Region	44
City Area Code	0
Local Phone Number	203 325-0660
Title of 12(b) Security	Ordinary Shares - £1.00 par value per share
Trading Symbol	LIVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		54,601,073
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001639691

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating Activities:
Net loss	$ (300,161)	$ (25,610)
Adjustments to reconcile net loss to net cash provided by operating activities:
Remeasurement of derivative instruments	(27,260)	12,465
Stock-based compensation	16,957	18,425
Depreciation	13,293	12,441
Amortization of debt issuance costs	11,397	10,195
Amortization of intangible assets	8,656	8,615
Amortization of operating lease assets	7,762	4,377
Remeasurement of contingent consideration to fair value	3,709	272
Loss on investment revaluation - Ceribell, Inc.	3,622	0
Deferred income tax expense	2,763	5,556
Loss on debt extinguishment	2,651	25,482
Impairment of investment in ShiraTronics, Inc.	0	5,750
Other	968	704
Changes in operating assets and liabilities:
Accounts receivable, net	(13,672)	8,398
Inventories	(6,038)	(10,938)
Other current and non-current assets	35,540	(3,366)
Accounts payable and accrued current and non-current liabilities	(33,171)	(25,380)
Taxes payable	(897)	820
SNIA environmental liability	362,070	0
Litigation provision liability	(1,303)	5,131
Net cash provided by operating activities	86,886	53,337
Investing Activities:
Purchases of property, plant, and equipment	(25,937)	(18,554)
Proceeds from investments	6,522	0
Other	(181)	(378)
Net cash used in investing activities	(19,596)	(18,932)
Financing Activities:
Repayment of long-term debt obligations	(210,250)	(238,750)
Shares repurchased from employees for minimum tax withholding	(3,881)	(8,125)
Proceeds from long-term debt obligations	0	335,513
Payment of debt extinguishment costs	0	(38,953)
Purchase of capped calls	0	(31,637)
Proceeds from unwind of capped calls	0	22,523
Payment of contingent consideration	0	(13,750)
Payment of debt issuance costs	0	(5,698)
Proceeds from exercise of stock options	0	3,682
Other	728	472
Net cash (used in) provided by financing activities	(213,403)	25,277
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	16,195	(4,433)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(129,918)	55,249
Cash, cash equivalents, and restricted cash at beginning of period	723,556	577,872
Cash, cash equivalents, and restricted cash at end of period	$ 593,638	$ 633,121

Geographic and Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2025 segment region
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Number of geographic regions in which entity operates \| region	3

Fair Value Measurements

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

LivaNova reviews its fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities in the fair value hierarchy. There were no transfers between Level 1, Level 2, or Level 3 for the six months ended June 30, 2025 and 2024.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the level in the fair value hierarchy at which the Company’s assets and liabilities are measured on a recurring basis (in thousands):


	Balance Sheet Location	June 30, 2025		Fair Value Measurements Using Inputs Considered as:
				Level 1		Level 2		Level 3
Assets:
Derivative assets - freestanding instruments (FX)	Prepaid expenses and other current assets	$	9,373	$	—	$	9,373	$	—
Derivative assets - capped call derivatives (2025 Notes)	Prepaid expenses and other current assets	1,303		—		—		1,303
Derivative assets - capped call derivatives (2029 Notes)	Long-term derivative assets	21,658		—		—		21,658
		$	32,334	$	—	$	9,373	$	22,961
Liabilities:
Derivative liabilities - freestanding instruments (FX)	Accrued liabilities and other	$	6	$	—	$	6	$	—
Derivative liabilities - embedded derivative (2025 Notes)	Accrued liabilities and other	1,363		—		—		1,363
Derivative liabilities - embedded derivative (2029 Notes)	Long-term derivative liabilities	48,093		—		—		48,093
ImThera contingent consideration arrangement	Current contingent consideration	48,265		—		—		48,265
ImThera contingent consideration arrangement	Long-term contingent consideration	39,662		—		—		39,662
		$	137,389	$	—	$	6	$	137,383


	Balance Sheet Location	December 31, 2024		Fair Value Measurements Using Inputs Considered as:
				Level 1		Level 2		Level 3
Assets
Derivative assets - freestanding instruments (FX)	Prepaid expenses and other current assets	$	738	$	—	$	738	$	—
Derivative assets - capped call derivatives (2025 Notes)	Prepaid expenses and other current assets	2,624		—		—		2,624
Derivative assets - capped call derivatives (2029 Notes)	Long-term derivative assets	23,735		—		—		23,735
Investment with readily determinable fair value	Investments	10,144		10,144		—		—
		$	37,241	$	10,144	$	738	$	26,359

Liabilities
Derivative liabilities - embedded derivative (2025 Notes)	Accrued liabilities and other	$	2,915	$	—	$	—	$	2,915
Derivative liabilities - embedded derivative (2029 Notes)	Long-term derivative liabilities	51,819		—		—		51,819
ImThera contingent consideration arrangement	Long-term contingent consideration	84,218		—		—		84,218
		$	138,952	$	—	$	—	$	138,952

Reconciliation of Level 3 Assets and Liabilities

The following tables present reconciliations of recurring fair value measurements that use significant unobservable inputs (Level 3) (in thousands):


	Three Months Ended June 30, 2025
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		ImThera Contingent Consideration Liability
March 31, 2025	$	805	$	17,190	$	874	$	37,226	$	85,140
Changes in fair value	498		4,468		489		10,867		2,787
June 30, 2025	$	1,303	$	21,658	$	1,363	$	48,093	$	87,927


	Three Months Ended June 30, 2024
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Convertible Notes Receivable		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		Contingent Consideration Liability
March 31, 2024	$	8,010	$	33,607	$	269	$	10,632	$	94,288	$	80,769
Changes in fair value	(571)		(1,493)		6		(615)		1,104		405
June 30, 2024	$	7,439	$	32,114	$	275	$	10,017	$	95,392	$	81,174


	Six Months Ended June 30, 2025
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		ImThera Contingent Consideration Liability
December 31, 2024	$	2,624	$	23,735	$	2,915	$	51,819	$	84,218
Changes in fair value	(1,321)		(2,077)		(1,552)		(3,726)		3,709
June 30, 2025	$	1,303	$	21,658	$	1,363	$	48,093	$	87,927


	Six Months Ended June 30, 2024
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Convertible Notes Receivable		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		Contingent Consideration Liability Arrangements
December 31, 2023	$	38,496	$	—	$	275	$	45,569	$	—	$	94,652
Additions	—		31,637		—		—		87,457		—
Cash receipt	(22,524)		—		—		—		—		—
Payment	—		—		—		(36,915)		—		(13,750)
Changes in fair value	(8,533)		477		—		1,363		7,935		272
June 30, 2024	$	7,439	$	32,114	$	275	$	10,017	$	95,392	$	81,174

Stock Price Volatility

The following table presents the stock price volatility utilized in determining the fair value of LivaNova’s capped call derivative assets and embedded derivative liabilities:


Stock Price Volatility (1)	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)
June 30, 2025	44	%	39	%	44	%	39	%
December 31, 2024	37	%	35	%	37	%	35	%

(1) The embedded and capped call derivatives are classified as Level 3 because the Company uses historical volatility and implied volatility from actual options traded to determine expected stock price volatility, an unobservable input that is significant to the valuation. In general, an increase in LivaNova’s stock price or stock price volatility would increase the fair value of the embedded and capped call derivatives, which would result in an increase in net expense. As the remaining time to the expiration of the derivatives decreases, the fair value of the derivatives decreases. The future impact of the derivatives on net income (loss) depends on how significant inputs such as stock price, stock price volatility, and time to the expiration of the derivatives change in relation to other inputs.

Contingent Consideration Arrangement

The ImThera business combination involved contingent consideration arrangements comprised of potential cash payments upon the achievement of a certain regulatory milestone and a sales-based earnout associated with sales of products. The sales-based earnouts are valued using projected sales from LivaNova’s internal strategic plan. These arrangements are Level 3 fair value measurements and included the following significant unobservable inputs as of June 30, 2025:

ImThera Acquisition

Valuation Technique

Unobservable Input

Inputs

Regulatory milestone-based payment

Discounted cash flow

Discount rate

6.4%

Probability of payment

85%

Projected payment year

2026

Sales-based earnout

Monte-Carlo simulation

Risk-adjusted discount rate

13.4% - 13.6%

Credit risk discount rate

6.7% - 7.5%

Revenue volatility

22.9%

Probability of payment

85%

Projected years of earnout

2027 - 2030

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ 27,161	$ 16,333	$ (300,161)	$ (25,610)
Other comprehensive income (loss)
Foreign currency translation adjustment	50,841	(7,613)	88,283	(24,936)
Other comprehensive income (loss), net of tax	50,841	(7,613)	88,283	(24,936)
Comprehensive income (loss)	$ 78,002	$ 8,720	$ (211,878)	$ (50,546)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements - Schedule of Significant Unobservable Inputs Related to Contingent Consideration (Details) - ImThera - Level 3	Jun. 30, 2025
Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.064
Discounted cash flow \| Probability of payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.85
Monte-Carlo simulation \| Probability of payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.85
Monte-Carlo simulation \| Revenue volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.229
Minimum \| Monte-Carlo simulation \| Risk-adjusted discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.134
Minimum \| Monte-Carlo simulation \| Credit risk discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.067
Maximum \| Monte-Carlo simulation \| Risk-adjusted discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.136
Maximum \| Monte-Carlo simulation \| Credit risk discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.075

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following tables present the level in the fair value hierarchy at which the Company’s assets and liabilities are measured on a recurring basis (in thousands):


	Balance Sheet Location	June 30, 2025		Fair Value Measurements Using Inputs Considered as:
				Level 1		Level 2		Level 3
Assets:
Derivative assets - freestanding instruments (FX)	Prepaid expenses and other current assets	$	9,373	$	—	$	9,373	$	—
Derivative assets - capped call derivatives (2025 Notes)	Prepaid expenses and other current assets	1,303		—		—		1,303
Derivative assets - capped call derivatives (2029 Notes)	Long-term derivative assets	21,658		—		—		21,658
		$	32,334	$	—	$	9,373	$	22,961
Liabilities:
Derivative liabilities - freestanding instruments (FX)	Accrued liabilities and other	$	6	$	—	$	6	$	—
Derivative liabilities - embedded derivative (2025 Notes)	Accrued liabilities and other	1,363		—		—		1,363
Derivative liabilities - embedded derivative (2029 Notes)	Long-term derivative liabilities	48,093		—		—		48,093
ImThera contingent consideration arrangement	Current contingent consideration	48,265		—		—		48,265
ImThera contingent consideration arrangement	Long-term contingent consideration	39,662		—		—		39,662
		$	137,389	$	—	$	6	$	137,383


	Balance Sheet Location	December 31, 2024		Fair Value Measurements Using Inputs Considered as:
				Level 1		Level 2		Level 3
Assets
Derivative assets - freestanding instruments (FX)	Prepaid expenses and other current assets	$	738	$	—	$	738	$	—
Derivative assets - capped call derivatives (2025 Notes)	Prepaid expenses and other current assets	2,624		—		—		2,624
Derivative assets - capped call derivatives (2029 Notes)	Long-term derivative assets	23,735		—		—		23,735
Investment with readily determinable fair value	Investments	10,144		10,144		—		—
		$	37,241	$	10,144	$	738	$	26,359

Liabilities
Derivative liabilities - embedded derivative (2025 Notes)	Accrued liabilities and other	$	2,915	$	—	$	—	$	2,915
Derivative liabilities - embedded derivative (2029 Notes)	Long-term derivative liabilities	51,819		—		—		51,819
ImThera contingent consideration arrangement	Long-term contingent consideration	84,218		—		—		84,218
		$	138,952	$	—	$	—	$	138,952

Schedule of Recurring Fair Value Measurements Using Significant Unobservable Inputs

The following tables present reconciliations of recurring fair value measurements that use significant unobservable inputs (Level 3) (in thousands):


	Three Months Ended June 30, 2025
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		ImThera Contingent Consideration Liability
March 31, 2025	$	805	$	17,190	$	874	$	37,226	$	85,140
Changes in fair value	498		4,468		489		10,867		2,787
June 30, 2025	$	1,303	$	21,658	$	1,363	$	48,093	$	87,927


	Three Months Ended June 30, 2024
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Convertible Notes Receivable		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		Contingent Consideration Liability
March 31, 2024	$	8,010	$	33,607	$	269	$	10,632	$	94,288	$	80,769
Changes in fair value	(571)		(1,493)		6		(615)		1,104		405
June 30, 2024	$	7,439	$	32,114	$	275	$	10,017	$	95,392	$	81,174


	Six Months Ended June 30, 2025
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		ImThera Contingent Consideration Liability
December 31, 2024	$	2,624	$	23,735	$	2,915	$	51,819	$	84,218
Changes in fair value	(1,321)		(2,077)		(1,552)		(3,726)		3,709
June 30, 2025	$	1,303	$	21,658	$	1,363	$	48,093	$	87,927


	Six Months Ended June 30, 2024
	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Convertible Notes Receivable		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)		Contingent Consideration Liability Arrangements
December 31, 2023	$	38,496	$	—	$	275	$	45,569	$	—	$	94,652
Additions	—		31,637		—		—		87,457		—
Cash receipt	(22,524)		—		—		—		—		—
Payment	—		—		—		(36,915)		—		(13,750)
Changes in fair value	(8,533)		477		—		1,363		7,935		272
June 30, 2024	$	7,439	$	32,114	$	275	$	10,017	$	95,392	$	81,174

Schedule of Stock Price Volatility, Fair Value, and Hypothetical Changes

The following table presents the stock price volatility utilized in determining the fair value of LivaNova’s capped call derivative assets and embedded derivative liabilities:


Stock Price Volatility (1)	Capped Call Derivative Assets (2025 Notes)		Capped Call Derivative Assets (2029 Notes)		Embedded Derivative Liability (2025 Notes)		Embedded Derivative Liability (2029 Notes)
June 30, 2025	44	%	39	%	44	%	39	%
December 31, 2024	37	%	35	%	37	%	35	%

Schedule of Significant Unobservable Inputs Related to Contingent Consideration

These arrangements are Level 3 fair value measurements and included the following significant unobservable inputs as of June 30, 2025:

ImThera Acquisition

Valuation Technique

Unobservable Input

Inputs

Regulatory milestone-based payment

Discounted cash flow

Discount rate

6.4%

Probability of payment

85%

Projected payment year

2026

Sales-based earnout

Monte-Carlo simulation

Risk-adjusted discount rate

13.4% - 13.6%

Credit risk discount rate

6.7% - 7.5%

Revenue volatility

22.9%

Probability of payment

85%

Projected years of earnout

2027 - 2030

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Geographic and Segment Information - Schedule of Expenditures by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Capital expenditures	$ 17,373	$ 13,751	$ 27,677	$ 20,198
Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Capital expenditures	8,767	7,526	13,936	11,274
Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Capital expenditures	4,217	725	6,250	1,001
Other
Segment Reporting Information [Line Items]
Capital expenditures	$ 4,389	$ 5,500	$ 7,491	$ 7,923

Stock-Based Incentive Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Jun. 11, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense, net of income tax benefit	$ 2.1	$ 2.3
2025 Director Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)	261,983	261,983	300,000
Second A&R 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)	2,200,000	2,200,000	2,200,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
RSUs \| Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		1 year
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
Market performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years

Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

The tables below present the condensed consolidated statements of stockholders’ equity as of and for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Ordinary Shares	Ordinary Shares - Amount		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
March 31, 2025	55,441	$	84,446	$	2,224,578	$	(1,426)	$	(42,728)	$	(1,230,572)	$	1,034,298
Stock-based compensation plans	58	75		10,199		265		—		—		10,539
Net income	—	—		—		—		—		27,161		27,161
Other comprehensive income	—	—		—		—		50,841		—		50,841
June 30, 2025	55,499	$	84,521	$	2,234,777	$	(1,161)	$	8,113	$	(1,203,411)	$	1,122,839

March 31, 2024	54,296	$	82,975	$	2,192,676	$	(481)	$	(45,206)	$	(1,008,427)	$	1,221,537
Stock-based compensation plans	108	95		11,904		286		—		—		12,285
Net income	—	—		—		—		—		16,333		16,333
Other comprehensive loss	—	—		—		—		(7,613)		—		(7,613)
June 30, 2024	54,404	$	83,070	$	2,204,580	$	(195)	$	(52,819)	$	(992,094)	$	1,242,542


	Ordinary Shares	Ordinary Shares - Amount		Additional Paid-In Capital		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Stockholders’ Equity
December 31, 2024	54,438	$	83,156	$	2,220,658	$	(136)	$	(80,170)	$	(903,250)	$	1,320,258
Issuance of shares - EBT	1,000	1,290		—		(1,290)		—		—		—
Stock-based compensation plans	61	75		14,119		265		—		—		14,459
Net loss	—	—		—		—		—		(300,161)		(300,161)
Other comprehensive income	—	—		—		—		88,283		—		88,283
June 30, 2025	55,499	$	84,521	$	2,234,777	$	(1,161)	$	8,113	$	(1,203,411)	$	1,122,839

December 31, 2023	53,942	$	82,533	$	2,189,517	$	(55)	$	(27,883)	$	(966,484)	$	1,277,628
Issuance of shares - EBT	350	440		—		(440)		—		—		—
Stock-based compensation plans	112	97		15,063		300		—		—		15,460
Net loss	—	—		—		—		—		(25,610)		(25,610)
Other comprehensive loss	—	—		—		—		(24,936)		—		(24,936)
June 30, 2024	54,404	$	83,070	$	2,204,580	$	(195)	$	(52,819)	$	(992,094)	$	1,242,542

The tables below present the change in AOCI, net of tax, and the reclassifications out of AOCI into net income for the six months ended June 30, 2025 and 2024 (in thousands):


	Foreign Currency Translation Adjustments (1)
December 31, 2024	$	(80,170)
Other comprehensive income before reclassifications, before tax	88,283
Tax expense	—
Other comprehensive income net of reclassifications, before tax	88,283



Net current-period other comprehensive income, net of tax	88,283
June 30, 2025	$	8,113

(1)Taxes were not provided for foreign currency translation adjustments as translation adjustments are related to earnings that are intended to be reinvested in the countries where earned.


	Foreign Currency Translation Adjustments (1)
December 31, 2023	$	(27,883)
Other comprehensive loss before reclassifications, before tax	(24,936)
Tax expense	—
Other comprehensive loss before reclassifications, net of tax	(24,936)



Net current-period other comprehensive loss, net of tax	(24,936)
June 30, 2024	$	(52,819)

(1)Taxes were not provided for foreign currency translation adjustments as translation adjustments are related to earnings that are intended to be reinvested in the countries where earned.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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+ Details

Derivatives and Risk Management - Schedule of Fair Value of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Long-term derivative assets	$ 21,658	$ 23,735
Accrued liabilities and other	1,369	2,915
Long-term derivative liabilities	48,093	51,819
Derivatives Not Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative assets	32,334	27,097
Derivative liabilities	49,462	54,734
Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2025 Notes
Derivatives, Fair Value [Line Items]
Long-term derivative assets	1,303	2,624
Derivatives Not Designated as Hedging Instruments: \| Capped Call Derivatives \| 2029 Notes
Derivatives, Fair Value [Line Items]
Long-term derivative assets	21,658	23,735
Derivatives Not Designated as Hedging Instruments: \| Embedded Derivatives \| 2025 Notes
Derivatives, Fair Value [Line Items]
Accrued liabilities and other	1,363	2,915
Derivatives Not Designated as Hedging Instruments: \| Embedded Derivatives \| 2029 Notes
Derivatives, Fair Value [Line Items]
Long-term derivative liabilities	48,093	51,819
Derivatives Not Designated as Hedging Instruments: \| Freestanding Instruments (FX)
Derivatives, Fair Value [Line Items]
Long-term derivative assets	9,373	$ 738
Accrued liabilities and other	$ 6

Income (Loss) Per Share - Schedule of Basic and Diluted Income (Loss) Per Share (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share [Abstract]
Basic income (loss) per share (in dollars per share)	$ 0.50	$ 0.30	$ (5.51)	$ (0.47)
Diluted income (loss) per share (in dollars per share)	$ 0.50	$ 0.30	$ (5.51)	$ (0.47)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Unaudited Condensed Consolidated Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		20 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Sep. 30, 2024
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cybersecurity incident related expenses	$ 0.6	$ 2.9	$ 1.4	$ 5.7	$ 13.0
Cyber Litigation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Insurance settlements receivable	9.6		9.6		9.6
Insurance reimbursement of covered costs	1.0		1.2		6.2
Insurance business interruption proceeds					3.4
Cyber Litigation \| Pending Litigation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Loss contingency accrual	$ 1.2		$ 1.2		$ 1.2	$ 1.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total long-term facilities	$ 430,592	$ 626,963
Less: Current portion of long-term debt	82,103	77,339
Total long-term debt obligations	$ 348,489	549,624
Bank of America, U.S.
Debt Instrument [Line Items]
Interest Rate
Term Facilities
Debt Instrument [Line Items]
Total long-term facilities	$ 107,722	313,014
Interest Rate	7.36%
Senior Notes \| 2029 Notes
Debt Instrument [Line Items]
Total long-term facilities	$ 266,569	258,043
Interest Rate	2.50%
Senior Notes \| 2025 Notes
Debt Instrument [Line Items]
Total long-term facilities	$ 55,713	53,887
Interest Rate	3.00%
Loans Payable \| Bank of America, U.S.
Debt Instrument [Line Items]
Total long-term facilities	$ 0	1,500
Other
Debt Instrument [Line Items]
Total long-term facilities	$ 588	$ 519

Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Income (Loss) Per Share

The following table presents basic and diluted income (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic income (loss) per share	$	0.50	$	0.30	$	(5.51)	$	(0.47)
Diluted income (loss) per share	0.50		0.30		(5.51)		(0.47)

The following table presents the reconciliations of net income (loss) and weighted average shares outstanding used in the calculations of basic and diluted income (loss) per share (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator (1):
Net income (loss) - basic and diluted	$	27,161	$	16,333	$	(300,161)	$	(25,610)




Denominator:
Weighted average shares outstanding - basic	54,577		54,238		54,502		54,202
Add: Dilutive effect of share-based compensation and convertible debt instruments (1) (2)	131		353		—		—
Weighted average shares outstanding - diluted	54,708		54,591		54,502		54,202

Geographic and Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Geographic and Segment Information

Note 10. Geographic and Segment Information

Segment Information

LivaNova identifies operating segments based on how it manages, evaluates, and internally reports its business activities to allocate resources, develop and execute its strategy, and assess performance. LivaNova has two reportable segments: Cardiopulmonary and Neuromodulation. Net revenue of the Company’s reportable segments includes revenues from the sale of products that each reportable segment develops and manufactures or distributes.

LivaNova’s Cardiopulmonary segment is engaged in the design, development, manufacture, marketing, and sale of cardiopulmonary products, including HLMs, oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and other related accessories.

LivaNova’s Neuromodulation segment is engaged in the design, development, manufacture, marketing, and sale of devices that deliver neuromodulation therapy for treating DRE and DTD. Neuromodulation products include the VNS Therapy System, which consists of an implantable pulse generator, a lead that connects the generator to the vagus nerve, and other accessories. It also includes the development and management of clinical testing of LivaNova’s aura6000 System for treating OSA.

LivaNova operates under three geographic regions: U.S., Europe, and Rest of World. The following table presents net revenue by operating segment and geographic region (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cardiopulmonary
United States	$	71,243	$	64,873	$	132,077	$	115,450
Europe (1)	49,046		38,567		93,553		79,493
Rest of World (1)	78,983		70,274		149,962		134,662
	199,272		173,714		375,592		329,605
Neuromodulation
United States	117,226		111,683		225,560		217,612
Europe (1)	17,730		15,590		32,924		28,997
Rest of World (1)	16,714		15,603		32,079		30,139
	151,670		142,876		290,563		276,748
Other Revenue (2)	1,582		1,985		3,224		7,134
Totals (3)
United States	188,474		179,537		357,638		340,157
Europe (1)	66,776		51,258		126,477		105,599
Rest of World (1)	97,274		87,780		185,264		167,731
	$	352,524	$	318,575	$	669,379	$	613,487

(3)No single customer represented over 10% of the Company’s consolidated net revenue. No country’s net revenue exceeded 10% of the Company’s consolidated net revenue except for the U.S.

LivaNova defines segment income as operating income before restructuring expense, amortization of intangible assets, the Saluggia site provision, merger and integration expense, and other income and expense not allocated to segments. Other income and expense not allocated to segments primarily includes corporate expense, rental income, and the results of LivaNova’s former ACS reportable segment. LivaNova’s CODM is the Company’s CEO, who is regularly provided the results comprising segment income to make strategic business decisions, including, but not limited to, evaluation of the Company’s business portfolio, R&D investment decisions, and consideration of the Company’s organizational structure.

The following table presents a reconciliation of segment income to consolidated income (loss) before tax (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cardiopulmonary	$	31,407	$	19,627	$	56,098	$	34,338
Neuromodulation	56,020		54,812		108,373		101,490
Segment income	87,427		74,439		164,471		135,828



Other expense	(33,244)		(34,273)		(61,671)		(79,416)
Operating income	54,183		40,166		102,800		56,412
SNIA environmental liability expense	(1,677)		—		(362,070)		—
Interest expense (1)	(12,280)		(15,532)		(27,566)		(31,425)
Loss on debt extinguishment	(2,651)		—		(2,651)		(25,482)
Foreign exchange and other income/(expense)	(4,255)		(3,045)		7,161		(12,116)
Income (loss) before tax	$	33,320	$	21,589	$	(282,326)	$	(12,611)

The following tables present the components of segment income, including significant expenses, of LivaNova’s reportable segments (in thousands):


	Cardiopulmonary				Neuromodulation
	Three Months Ended June 30,				Three Months Ended June 30,
	2025		2024		2025		2024
Net revenue	$	199,272	$	173,714	$	151,670	$	142,876
Less:
Cost of sales	95,465		86,606		14,769		12,203


Selling, general, and administrative	56,012		50,941		51,097		46,099
Research and development	16,465		13,835		29,784		29,762
3T litigation provision	(77)		2,705		—		—
	$	31,407	$	19,627	$	56,020	$	54,812


	Cardiopulmonary				Neuromodulation
	Six Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net revenue	$	375,592	$	329,605	$	290,563	$	276,748
Less:
Cost of sales	180,385		162,885		28,155		22,531


Selling, general, and administrative	109,971		97,504		98,667		91,793
Research and development	28,509		25,781		55,368		60,934
3T litigation provision	629		9,097		—		—
	$	56,098	$	34,338	$	108,373	$	101,490

The following table presents assets by reportable segment (in thousands):


	June 30, 2025		December 31, 2024
Cardiopulmonary	$	1,013,888	$	900,672
Neuromodulation	637,717		640,956
Other assets (1)	855,097		964,761
	$	2,506,702	$	2,506,389

(1)“Other assets” primarily includes corporate assets not allocated to segments.

The following table presents capital expenditures by reportable segment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cardiopulmonary	$	8,767	$	7,526	$	13,936	$	11,274
Neuromodulation	4,217		725		6,250		1,001
Other capital expenditures (1)	4,389		5,500		7,491		7,923
	$	17,373	$	13,751	$	27,677	$	20,198

(1)“Other capital expenditures” primarily includes corporate capital expenditures not allocated to segments.

The following table presents changes in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2025 (in thousands):


	Cardiopulmonary		Neuromodulation		Total
December 31, 2024	$	351,252	$	398,754	$	750,006

Foreign currency adjustments	43,359		—		43,359
June 30, 2025	$	394,611	$	398,754	$	793,365

Geographic Information

The following table presents property, plant, and equipment, net by geographic region (in thousands):


	June 30, 2025		December 31, 2024
United States	$	70,226	$	65,170
Europe	110,673		94,394
Rest of World	14,519		10,696
	$	195,418	$	170,260

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Revision of Previously Issued Financial Statements

6 Months Ended

Jun. 30, 2025

Accounting Changes and Error Corrections [Abstract]

Revision of Previously Issued Financial Statements

Note 13. Revision of Previously Issued Financial Statements

As discussed in “Note 1. Unaudited Condensed Consolidated Financial Statements,” the Company identified and corrected an immaterial error related to the classification of certain employee costs in the Cardiopulmonary segment between cost of sales and selling, general, and administrative expense in the consolidated statements of income (loss).


	Twelve Months Ended December 31, 2024						Twelve Months Ended December 31, 2023
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	382,564	$	17,389	$	399,953	$	382,295	$	15,430	$	397,725
Gross profit	870,873		(17,389)		853,484		771,250		(15,430)		755,820
Selling, general, and administrative	526,265		(17,389)		508,876		518,129		(15,430)		502,699


	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	96,080	$	4,521	$	100,601	$	87,522	$	4,182	$	91,704
Gross profit	220,775		(4,521)		216,254		207,390		(4,182)		203,208
Selling, general, and administrative	133,667		(4,521)		129,146		129,863		(4,182)		125,681


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	99,710	$	3,987	$	103,697	$	187,232	$	8,169	$	195,401
Gross profit	218,865		(3,987)		214,878		426,255		(8,169)		418,086
Selling, general, and administrative	129,118		(3,987)		125,131		258,981		(8,169)		250,812


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	92,856	$	4,235	$	97,091	$	280,088	$	12,404	$	292,492
Gross profit	225,264		(4,235)		221,029		651,519		(12,404)		639,115
Selling, general, and administrative	131,661		(4,235)		127,426		390,642		(12,404)		378,238


	Twelve Months Ended December 31, 2024						Twelve Months Ended December 31, 2023
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	316,937	$	17,389	$	334,326	$	290,929	$	15,430	$	306,359
Selling, general, and administrative	217,136		(17,389)		199,747		207,001		(15,430)		191,571


	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Cost of sales	$	80,399	$	4,521	$	84,920	$	72,097	$	4,182	$	76,279
Selling, general, and administrative	58,480		(4,521)		53,959		50,745		(4,182)		46,563

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 5. Commitments and Contingencies

Saluggia Site Hazardous Substances

LSM, formerly a subsidiary of Sorin, one of the companies that merged into LivaNova PLC in 2015, manages site services for the campus in Saluggia, Italy. In addition to being a former LivaNova manufacturing facility, the Saluggia campus is also the location of manufacturing facilities of third parties, a cafeteria for workers, and storage facilities for hazardous substances and equipment previously used in a nuclear research center, later turned nuclear medicine business, between the 1960s and the late 1990s. Pursuant to authorization from the Italian government, LSM performs ordinary maintenance, secures the facilities, monitors air and water quality, and files applicable reports with the competent environmental authorities.

In 2020, LSM received correspondence from ISIN requesting that, within five years, LSM demonstrate the financial capacity to meet its obligations under Italian law to clean and dismantle any contaminated buildings and equipment, as well as to deliver hazardous substances to a national repository. The national repository will be built by the Italian government at a location and time yet to be determined. ISIN subsequently published Technical Guide n. 30, which identifies the technical criteria and general safety and protection requirements for the design, construction, operation, and dismantling of temporary storage facilities for the hazardous substances.

Although there is no legal obligation to deliver any hazardous substances, as the performance of these obligations is contingent on the construction of the as-yet unbuilt national repository, based on the aforementioned factors, the Company concluded its obligation to clean, dismantle, and deliver any hazardous substances to a national repository is probable and reasonably estimable. The estimated liability as of June 30, 2025 was $40.4 million (€34.5 million), which represented the estimated low end of the range of loss, with an estimated maximum end of the range of loss of $55.3 million (€47.2 million). The estimated liability as of December 31, 2024 was $36.7 million (€35.4 million).

SNIA Environmental Litigation

Sorin was created as a result of a spin-off from SNIA in 2004, and in 2015, Sorin was merged into LivaNova. SNIA subsequently became insolvent, and the Public Administrations sought compensation from SNIA in an aggregate amount of approximately $4.0 billion for remediation costs relating to the environmental damage at chemical sites previously operated by SNIA’s other subsidiaries.

There are proceedings relating to the SNIA bankruptcy to which LivaNova is not a party in the Bankruptcy Court of Udine and the Bankruptcy Court of Milan. In 2011, the Bankruptcy Court of Udine held that the Public Administrations were not creditors of either SNIA or its subsidiaries in connection with their claims in the Italian insolvency proceedings. The Public Administrations appealed. In 2016, the Court of Udine rejected the appeal, and the Public Administrations appealed to the Italian Supreme Court. Similarly, in 2014, the Bankruptcy Court of Milan held that the Public Administrations were not creditors of either SNIA or its subsidiaries. The Public Administrations appealed. In April 2022, the Bankruptcy Court of Milan declared the Public Administrations to be a non-privileged creditor of SNIA for up to €453.6 million ($531.4 million as of June 30, 2025), and the Public Administrations appealed to the Italian Supreme Court.

In 2012, SNIA filed a civil action against Sorin in the Civil Court of Milan asserting joint liability of a parent and a spun-off company; the Public Administrations entered voluntarily into the proceeding, asking Sorin, as jointly liable with SNIA, to pay compensation for SNIA’s environmental damages. In 2016, the Court of Milan dismissed all legal actions of SNIA and of the Public Administrations further requiring the Public Administrations to pay Sorin €292,000 ($342,109 as of June 30, 2025) for legal fees. The Public Administrations appealed the 2016 Decision to the Court of Appeal. On March 5, 2019, the Court of Appeal issued a partial decision on the merits declaring Sorin/LivaNova jointly liable with SNIA for SNIA’s environmental liabilities in an amount up to the fair value of the net worth received by Sorin because of the spin-off of Sorin from SNIA in 2004, an estimated €572.1 million ($670.3 million as of June 30, 2025). LivaNova appealed the partial decision on liability to the Italian Supreme Court in August 2019.

In 2021, the Court of Appeal delivered the remainder of its decision, ordering LivaNova to pay damages of €453.6 million ($531.4 million as of June 30, 2025). LivaNova appealed the decision on damages in December 2021. On February 21, 2022, the Court of Appeal notified the Company that it granted the Company a suspension with respect to the payment of damages until a decision was reached on the appeal to the Italian Supreme Court. This suspension was subject to LivaNova providing a first demand bank guarantee of €270.0 million ($316.3 million as of June 30, 2025) within 30 calendar days, and on March 21, 2022, LivaNova delivered the SNIA Litigation Guarantee, thereby satisfying the condition.

In 2022, in response to one of a number of appeals asserted by LivaNova, the Italian Supreme Court issued an ordinance, a procedural document, whereby the Italian Supreme Court referred a question on the interpretation of a European directive on demergers to the ECJ. Specifically, the ordinance asked the ECJ to provide a binding decision as to whether a company resulting from a demerger can be held jointly and severally liable not only for the established liabilities of the demerged company that were articulated at the time of demerger, but also for the environmental liabilities of the demerged company that materialized after the demerger which are derived from actions performed prior to the demerger. On July 29, 2024, the ECJ issued a judgment in response to the ordinance. The ECJ judgment states that a demerged company can be held responsible for liabilities not established prior to a demerger as long as the liabilities derive from the conduct of a demerged company prior to the demerger. The ECJ judgment also states that national law should determine whether liability for damages stemming from conduct after a demerger can be assigned to a demerged company.

On March 14, 2025, the Italian Supreme Court issued its decision in response to all of the appeals of the Company and counter-appeals submitted by the Public Administrations. The Italian Supreme Court determined that LivaNova can be held jointly and severally liable for the established liabilities of SNIA at the time of demerger, as well as the environmental liabilities of the demerged company that materialized after the demerger, which are derived from actions performed prior to the demerger; however, the Italian Supreme Court also ruled that the Company should not be held responsible for certain payments previously approved by the Court of Appeal in the amount of €157.3 million ($184.3 million as of June 30, 2025). The case has been referred back to the Court of Appeal to implement the decisions respecting costs and damages in accordance with the judgment of the Italian Supreme Court.

As a result of the decision by the Italian Supreme Court, the Company recorded a current liability in the first quarter of 2025 and has continued to accrue interest on the liability since that time. As of June 30, 2025, the Company has a current liability of €334.8 million ($392.3 million) on the condensed consolidated balance sheet, representing its best estimate of the liability, inclusive of estimated costs, fees, interest, and taxes. These estimated costs do not include the Company’s legal fees, which are expensed as incurred and included in SG&A in LivaNova’s condensed consolidated statements of income (loss). The Company has determined that it has sufficient resources to cover the liability as of June 30, 2025.

On March 31, 2025, as a result of the decision by the Italian Supreme Court, the SNIA Litigation Guarantee was terminated, and the restriction on the cash deposit held as collateral was released. For additional information on the financing of the guarantee, refer to “Note 11. Supplemental Financial Information.”

On May 15, 2025, as a procedural step outlined above, the Ministry served the Company with a filing to return the proceedings to the Court of Appeal. In addition to seeking return of the case to the Court of Appeal, the Ministry asserted that the Court of Appeal forego an examination of the amounts disapproved by the Italian Supreme Court and instead impose costs of approximately €108.8 million at a minimum. These assertions are counter to the decision of the Italian Supreme Court’s judgment, which disapproved costs of €157.3 million ($184.3 million as of June 30, 2025). The Ministry’s filing is not a legal judgment or demand for payment. The Company disagrees with the assertions made in the Ministry’s filing and believes they contradict the decisions of the Italian Supreme Court. The Company intends to challenge the Ministry’s assertions and purported costs and to defend its position in accordance with the Italian Supreme Court’s judgment. The Company continues to believe that its recorded liability remains the best estimate of the liability associated with the SNIA matter, and, as such, no adjustments were made to the accrual in response to the filing on May 15, 2025. A hearing has been scheduled for January 28, 2026.

Product Liability Litigation

The Company continues to be involved in litigation involving LivaNova’s 3T device. The litigation includes the cases remaining in the MDL, various U.S. state court cases, and claims in jurisdictions outside the United States. As of August 6, 2025, the Company was aware of approximately 60 filed and unfiled claims worldwide. The complaints generally seek damages and other relief based on theories of strict liability, negligence, breach of express and implied warranties, failure to warn, design and manufacturing defect, fraudulent and negligent misrepresentation or concealment, unjust enrichment, and violations of various state consumer protection statutes.

For the three and six months ended June 30, 2025, LivaNova recorded an additional liability of $0.1 million and $0.6 million, respectively, upon receiving new information regarding the nature of certain claims. As of June 30, 2025 and December 31, 2024, the provision for these matters was $15.4 million and $15.8 million, respectively. While the amount accrued represents LivaNova’s best estimate for those worldwide filed and unfiled claims of which LivaNova is aware and believes are both probable and estimable at this time, the actual liability for resolution of these matters may vary from the Company’s provision. A provision has not been recorded for any claims where a potential loss is not determined to be probable, or a potential loss or range of potential loss is not reasonably estimable at this time.

The following table presents the changes in the litigation provision liability for the six months ended June 30, 2025 (in thousands):


As of December 31, 2024	$	15,843
Payments	(1,932)
Adjustments (1)	629
FX and other	904
As of June 30, 2025	15,444
Less: Current portion as of June 30, 2025	12,171
Long-term portion as of June 30, 2025 (2)	$	3,273

(1)Adjustments to the litigation provision are included in other operating expenses on the condensed consolidated statements of income (loss).

(2)Included in other long-term liabilities on the condensed consolidated balance sheets.

Italian MedTech Payback Measure

In 2015, the Italian Parliament introduced a law regarding public contracts with the National Healthcare System for the supply of goods and services. In particular, the law introduced a payback measure requiring companies selling medical devices in Italy to repay a percentage of the healthcare expenditures exceeding the regional maximum caps for medical devices. In August 2022, a decree was published which provided guidance and timetables for the payback measure. In response, LivaNova filed an appeal at the Administrative Court against the decree of the Ministry of Health, assessing the amount payable and against the payback law. LivaNova also filed appeals against the regions requesting payments. In August 2023, the Administrative Court upheld LivaNova’s request to suspend the effect of the requests for payment by the regions, pending the decision by the Administrative Court on the merits of the case. In November 2023, the Administrative Court, in a separate matter, asked the Constitutional Court whether the payback law was compliant with the Italian Constitution and pending the decision by the Constitutional Court, all cases brought by medical device companies in this matter were suspended. On July 22, 2024, the Constitutional Court determined that the payback law is compliant with the Italian Constitution and that companies may reduce their payment obligations between 2015-2018 to 48% of the amount originally charged to companies. On June 30, 2025, the Italian Government introduced a decree that, if converted to law, would allow companies to settle their 2015-2018 payment obligations by paying 25% of the originally requested amounts if those companies were to withdraw any outstanding appeals related to that period and remit payment within 30 days of the law entering into force. The Company is evaluating the decree, which is expected to become effective during the third quarter of 2025. Based on market and product information and the 48% ruling by the Constitutional Court, the amount reserved for this matter was $19.7 million and $16.0 million as of June 30, 2025 and December 31, 2024, respectively, and is included in accrued liabilities and other in the condensed consolidated balance sheets. However, the actual liability could vary. Amounts recognized associated with the Italian MedTech payback measure are recorded as a reduction to net revenue in the condensed consolidated statements of income (loss).

Cyber Litigation

In connection with the cybersecurity incident initially reported on November 20, 2023, LivaNova USA was named as a defendant in six putative class action lawsuits filed in the United States District Court for the Southern District of Texas in June

and July 2024. Those cases were consolidated in a single action, and the plaintiffs filed against LivaNova USA a consolidated class action complaint, which asserted claims of negligence, breach of contract, and violation of various state consumer protection laws. The plaintiffs sought damages, equitable/injunctive relief, and attorney’s fees, costs, and expenses, among other relief. The parties entered into mediation and agreed to a class action settlement, with respect to which the Company recorded an accrual of $1.2 million for the quarter ended September 30, 2024. The class action settlement received approval from the court on April 4, 2025 and is now final. The Company expects all settlement administration activities to be completed in 2025.

In addition, HHS’s Office for Civil Rights is investigating the incident pursuant to its authority to enforce the HIPAA rules regarding privacy, security, and breach notification. The Office for Civil Rights issued a request for information regarding the Company’s response to the incident and the Company’s compliance with HIPAA rules, to which the Company responded. The Office for Civil Rights may issue additional requests for information and documentation. In connection with its investigation, the Office for Civil Rights may, among other measures, seek to impose civil monetary penalties against LivaNova and seek to require that the Company implement a corrective action plan. Furthermore, the Company has received, and may receive in the future, additional government requests for information about the incident, to which LivaNova will respond. For example, the Italian data protection authority recently requested that LivaNova provide certain information regarding the incident, and the Company responded to the request.

Other Matters

Additionally, LivaNova is the subject of various pending or threatened legal actions and proceedings that arise in the ordinary course of LivaNova’s business. These matters are subject to many uncertainties and outcomes that are not predictable and that may not be known for extended periods of time. Since the outcome of these matters cannot be predicted with certainty, the costs associated with them could have a material adverse effect on LivaNova’s consolidated results of operations, financial position, or liquidity.

Derivatives and Risk Management (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments in Statement of Financial Position

The following tables present the fair value and the location of derivative contracts reported on the condensed consolidated balance sheets (in thousands):

Derivative Assets

Derivative Liabilities

June 30, 2025

Balance Sheet Location

Fair Value (1)

Balance Sheet Location

Fair Value (1)

Derivatives Not Designated as Hedging Instruments:

Capped call derivatives (2025 Notes)

Prepaid expenses and other current assets

1,303

Capped call derivatives (2029 Notes)

Long-term derivative assets

21,658

Embedded derivative (2025 Notes)

Accrued liabilities and other

1,363

Embedded derivative (2029 Notes)

Long-term derivative liabilities

48,093

FX derivative contracts

Prepaid expenses and other current assets

9,373

Accrued liabilities and other

Total derivatives not designated as hedging instruments

32,334

49,462

(1)For the classification of inputs used to evaluate the fair value of LivaNova’s derivatives, refer to “Note 3. Fair Value Measurements.”

Derivative Assets

Derivative Liabilities

December 31, 2024

Balance Sheet Location

Fair Value (1)

Balance Sheet Location

Fair Value (1)

Derivatives Not Designated as Hedging Instruments:

Capped call derivatives (2025 Notes)

Prepaid expenses and other current assets

2,624

Capped call derivatives (2029 Notes)

Long-term derivative assets

23,735

Embedded derivative (2025 Notes)

Accrued liabilities and other

2,915

Embedded derivative (2029 Notes)

Long-term derivative liabilities

51,819

FX derivative contracts

Prepaid expenses and other current assets

738

Total derivatives not designated as hedging instruments

27,097

54,734

(1)For the classification of inputs used to evaluate the fair value of LivaNova’s derivatives, refer to “Note 3. Fair Value Measurements.”

Stockholders' Equity - Schedule of Stockholders Equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			54,437,670
Beginning balance	$ 1,034,298	$ 1,221,537	$ 1,320,258	$ 1,277,628
Issuance of shares - EBT			0	0
Stock-based compensation plans	10,539	12,285	14,459	15,460
Net income (loss)	27,161	16,333	(300,161)	(25,610)
Other comprehensive income (loss)	$ 50,841	(7,613)	$ 88,283	(24,936)
Ending balance (in shares)	55,498,718		55,498,718
Ending balance	$ 1,122,839	$ 1,242,542	$ 1,122,839	$ 1,242,542
Ordinary Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	55,441,000	54,296,000	54,438,000	53,942,000
Beginning balance	$ 84,446	$ 82,975	$ 83,156	$ 82,533
Issuance of shares - EBT (in shares)			1,000,000	350,000
Issuance of shares - EBT			$ 1,290	$ 440
Stock-based compensation plans (in shares)	58,000	108,000	61,000	112,000
Stock-based compensation plans	$ 75	$ 95	$ 75	$ 97
Ending balance (in shares)	55,499,000	54,404,000	55,499,000	54,404,000
Ending balance	$ 84,521	$ 83,070	$ 84,521	$ 83,070
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,224,578	2,192,676	2,220,658	2,189,517
Stock-based compensation plans	10,199	11,904	14,119	15,063
Ending balance	2,234,777	2,204,580	2,234,777	2,204,580
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,426)	(481)	(136)	(55)
Issuance of shares - EBT			(1,290)	(440)
Stock-based compensation plans	265	286	265	300
Ending balance	(1,161)	(195)	(1,161)	(195)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(42,728)	(45,206)	(80,170)	(27,883)
Other comprehensive income (loss)	50,841	(7,613)	88,283	(24,936)
Ending balance	8,113	(52,819)	8,113	(52,819)
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,230,572)	(1,008,427)	(903,250)	(966,484)
Net income (loss)	27,161	16,333		(25,610)
Ending balance	$ (1,203,411)	$ (992,094)	$ (1,203,411)	$ (992,094)

Geographic and Segment Information - Schedule of Revenue by Operating Segment & Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Net revenue	$ 352,524	$ 318,575	$ 669,379	$ 613,487
Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Net revenue	199,272	173,714	375,592	329,605
Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Net revenue	151,670	142,876	290,563	276,748
Other
Segment Reporting Information [Line Items]
Net revenue	1,582	1,985	3,224	7,134
United States
Segment Reporting Information [Line Items]
Net revenue	188,474	179,537	357,638	340,157
United States \| Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Net revenue	71,243	64,873	132,077	115,450
United States \| Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Net revenue	117,226	111,683	225,560	217,612
Europe
Segment Reporting Information [Line Items]
Net revenue	66,776	51,258	126,477	105,599
Europe \| Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Net revenue	49,046	38,567	93,553	79,493
Europe \| Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Net revenue	17,730	15,590	32,924	28,997
Rest of World
Segment Reporting Information [Line Items]
Net revenue	97,274	87,780	185,264	167,731
Rest of World \| Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Net revenue	78,983	70,274	149,962	134,662
Rest of World \| Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Net revenue	$ 16,714	$ 15,603	$ 32,079	$ 30,139

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Stock-Based Incentive Plans - Schedule of Allocation of Share-Based Compensation Costs by Type of Arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 9,174	$ 8,199	$ 16,957	$ 18,425
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,521	4,300	8,069	9,374
Service-based SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,381	3,240	6,134	6,523
Market performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	515	(13)	929	1,046
Operating performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	461	416	1,282	864
Employee share purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 296	$ 256	$ 543	$ 618

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplemental Financial Information - Schedule of Foreign Exchange and Other Income/(Expense) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 07, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Investment revaluation - Ceribell, Inc.	$ (1,008)	$ 0	$ (3,622)	$ 0
Impairment of investment in ShiraTronics, Inc.			0	(5,750)
Interest income	4,183	7,337	10,626	14,358
FX fluctuations	(1,240)	(2,183)	(1,850)	(3,105)
Other	200	104	127	(265)
Foreign exchange and other income/(expense)	(4,255)	(3,045)	7,161	(12,116)
Net proceeds			6,522	0
ShiraTronics, Inc.
Derivative Instruments, Gain (Loss) [Line Items]
Impairment of investment in ShiraTronics, Inc.	$ 0	(5,750)	$ 0	(5,750)
Ceribell, Inc.
Derivative Instruments, Gain (Loss) [Line Items]
Number of shares issued in transactions (in shares)	391,952
Average sales price (in dollars per share)	$ 16.69		$ 16.69
Net proceeds	$ 6,500
Equity method investment					$ 3,000
2025 Notes
Derivative Instruments, Gain (Loss) [Line Items]
Changes in fair value	(489)	615	$ 1,552	(1,363)
2029 Notes
Derivative Instruments, Gain (Loss) [Line Items]
Changes in fair value	(10,867)	(1,104)	3,726	(7,935)
Capped Call Derivative Assets \| 2025 Notes
Derivative Instruments, Gain (Loss) [Line Items]
Changes in fair value	498	(571)	(1,321)	(8,533)
Capped Call Derivative Assets \| 2029 Notes
Derivative Instruments, Gain (Loss) [Line Items]
Changes in fair value	$ 4,468	$ (1,493)	$ (2,077)	$ 477

Revision of Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales	$ 113,536	$ 100,601	$ 97,091	$ 103,697	$ 91,704	$ 214,137	$ 195,401	$ 292,492	$ 399,953	$ 397,725
Gross profit	238,988	216,254	221,029	214,878	203,208	455,242	418,086	639,115	853,484	755,820
Selling, general, and administrative	$ 137,780	129,146	127,426	125,131	125,681	$ 266,926	250,812	378,238	508,876	502,699
Cardiopulmonary
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales		84,920			76,279				334,326	306,359
Selling, general, and administrative		53,959			46,563				199,747	191,571
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales		96,080	92,856	99,710	87,522		187,232	280,088	382,564	382,295
Gross profit		220,775	225,264	218,865	207,390		426,255	651,519	870,873	771,250
Selling, general, and administrative		133,667	131,661	129,118	129,863		258,981	390,642	526,265	518,129
As Previously Reported \| Cardiopulmonary
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales		80,399			72,097				316,937	290,929
Selling, general, and administrative		58,480			50,745				217,136	207,001
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales		4,521	4,235	3,987	4,182		8,169	12,404	17,389	15,430
Gross profit		(4,521)	(4,235)	(3,987)	(4,182)		(8,169)	(12,404)	(17,389)	(15,430)
Selling, general, and administrative		(4,521)	$ (4,235)	$ (3,987)	(4,182)		$ (8,169)	$ (12,404)	(17,389)	(15,430)
Adjustment \| Cardiopulmonary
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of sales		4,521			4,182				17,389	15,430
Selling, general, and administrative		$ (4,521)			$ (4,182)				$ (17,389)	$ (15,430)

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

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Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

New Accounting Pronouncements

6 Months Ended

Jun. 30, 2025

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements

Note 12. New Accounting Pronouncements

The following table presents a description of future adoptions of new ASUs issued by the FASB that may have an impact on LivaNova’s consolidated financial statements when adopted:

Issue Date & Standard

Description

Adoption

Assessment

December 2023 ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This ASU expands annual income tax disclosures primarily related to the rate reconciliation and income taxes paid.

This ASU will be effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption and retrospective application permitted.

LivaNova is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

November 2024 ASU No. 2024-03, Income Statement—Reporting Comprehensive

Income—Expense Disaggregation Disclosures

(Subtopic 220-40): Disaggregation of Income Statement Expenses

LivaNova is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Fair Value Measurements - Schedule of Recurring Fair Value Measurements Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
2025 Notes
Assets Measured on Recurring Basis
Changes in fair value	$ 489	$ (615)	$ (1,552)	$ 1,363
2029 Notes
Assets Measured on Recurring Basis
Changes in fair value	10,867	1,104	(3,726)	7,935
Capped Call Derivative Assets \| 2025 Notes
Assets Measured on Recurring Basis
Changes in fair value	(498)	571	1,321	8,533
Capped Call Derivative Assets \| 2029 Notes
Assets Measured on Recurring Basis
Changes in fair value	(4,468)	1,493	2,077	(477)
Fair Value, Recurring \| Embedded Derivative Liability \| 2025 Notes
Liabilities Measured on Recurring Basis
Additions				0
Cash receipt				0
Payment				(36,915)
Changes in fair value	489	(615)	(1,552)	1,363
Fair Value, Recurring \| Embedded Derivative Liability \| 2025 Notes \| Embedded Derivatives
Liabilities Measured on Recurring Basis
Contingent consideration, beginning	874	10,632	2,915	45,569
Contingent consideration, ending	1,363	10,017	1,363	10,017
Fair Value, Recurring \| Embedded Derivative Liability \| 2029 Notes
Liabilities Measured on Recurring Basis
Additions				87,457
Cash receipt				0
Payment				0
Changes in fair value	10,867	1,104	(3,726)	7,935
Fair Value, Recurring \| Embedded Derivative Liability \| 2029 Notes \| Embedded Derivatives
Liabilities Measured on Recurring Basis
Contingent consideration, beginning	37,226	94,288	51,819	0
Contingent consideration, ending	48,093	95,392	48,093	95,392
Fair Value, Recurring \| ImThera Contingent Consideration Liability
Liabilities Measured on Recurring Basis
Contingent consideration, beginning	85,140	80,769	84,218	94,652
Additions				0
Cash receipt				0
Payment				(13,750)
Changes in fair value	2,787	405	3,709	272
Contingent consideration, ending	87,927	81,174	87,927	81,174
Fair Value, Recurring \| Capped Call Derivative Assets \| 2025 Notes
Assets Measured on Recurring Basis
Additions				0
Cash receipt				(22,524)
Payment				0
Changes in fair value	498	(571)	(1,321)	(8,533)
Fair Value, Recurring \| Capped Call Derivative Assets \| 2025 Notes \| Capped Call Derivatives
Assets Measured on Recurring Basis
As of beginning period	805	8,010	2,624	38,496
As of ending period	1,303	7,439	1,303	7,439
Fair Value, Recurring \| Capped Call Derivative Assets \| 2029 Notes
Assets Measured on Recurring Basis
Additions				31,637
Cash receipt				0
Payment				0
Changes in fair value	4,468	(1,493)	(2,077)	477
Fair Value, Recurring \| Capped Call Derivative Assets \| 2029 Notes \| Capped Call Derivatives
Assets Measured on Recurring Basis
As of beginning period	17,190	33,607	23,735	0
As of ending period	$ 21,658	32,114	$ 21,658	32,114
Fair Value, Recurring \| Convertible Notes Receivable
Assets Measured on Recurring Basis
As of beginning period		269		275
Additions				0
Cash receipt				0
Payment				0
Changes in fair value		6		0
As of ending period		$ 275		$ 275

Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,034,298	$ 1,221,537	$ 1,320,258	$ 1,277,628
Other comprehensive income (loss), net of tax	50,841	(7,613)	88,283	(24,936)
Ending balance	1,122,839	1,242,542	1,122,839	1,242,542
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(80,170)	(27,883)
Other comprehensive income (loss) before reclassifications, before tax			88,283	(24,936)
Tax expense			0	0
Other comprehensive income (loss) net of reclassifications, before tax			88,283	(24,936)
Other comprehensive income (loss), net of tax			88,283	(24,936)
Ending balance	$ 8,113	$ (52,819)	$ 8,113	$ (52,819)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Geographic and Segment Information - Schedule of Reconciliation of Segment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Operating income	$ 54,183	$ 40,166	$ 102,800	$ 56,412
SNIA environmental liability expense	(1,677)	0	(362,070)	0
Interest expense	(12,280)	(15,532)	(27,566)	(31,425)
Loss on debt extinguishment	(2,651)	0	(2,651)	(25,482)
Foreign exchange and other income/(expense)	(4,255)	(3,045)	7,161	(12,116)
Income (loss) before income tax	33,320	21,589	(282,326)	(12,611)
Amortization of debt issuance costs	5,700	5,300	11,397	10,195
Operating Segments
Segment Reporting Information [Line Items]
Segment income	87,427	74,439	164,471	135,828
Operating Segments \| Cardiopulmonary
Segment Reporting Information [Line Items]
Segment income	31,407	19,627	56,098	34,338
Operating Segments \| Neuromodulation
Segment Reporting Information [Line Items]
Segment income	56,020	54,812	108,373	101,490
Other
Segment Reporting Information [Line Items]
Other expense	$ (33,244)	$ (34,273)	$ (61,671)	$ (79,416)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 593,638	$ 428,858
Restricted cash	0	294,698
Accounts receivable, net of allowance of $12,856 at June 30, 2025 and $11,275 at December 31, 2024	220,195	193,158
Inventories	165,350	147,566
Prepaid and refundable taxes	32,785	30,544
Prepaid expenses and other current assets	54,174	32,362
Total Current Assets	1,066,142	1,127,186
Property, plant, and equipment, net	195,418	170,260
Goodwill	793,365	750,006
Intangible assets, net	239,143	237,294
Operating lease assets	50,677	46,837
Investments	16,163	25,084
Deferred tax assets	109,810	111,855
Long-term derivative assets	21,658	23,735
Other assets	14,326	14,132
Total Assets	2,506,702	2,506,389
Current Liabilities:
Current debt obligations	82,133	78,004
Accounts payable	86,934	69,726
Accrued liabilities and other	103,240	118,485
SNIA environmental liability	392,268	0
Current contingent consideration	48,265	0
Current litigation provision liability	12,171	12,918
Taxes payable	34,495	32,456
Accrued employee compensation and related benefits	67,594	80,536
Total Current Liabilities	827,100	392,125
Long-term debt obligations	348,489	549,624
Contingent consideration	39,662	84,218
Deferred tax liabilities	11,392	10,915
Long-term operating lease liabilities	42,777	40,105
Long-term employee compensation and related benefits	13,651	12,847
Long-term derivative liabilities	48,093	51,819
Other long-term liabilities	52,699	44,478
Total Liabilities	1,383,863	1,186,131
Commitments and contingencies (Note 5)
Stockholders’ Equity:
Ordinary Shares, £1.00 par value: unlimited shares authorized; 55,498,718 shares issued and 54,590,282 shares outstanding at June 30, 2025; 54,437,670 shares issued and 54,348,542 shares outstanding at December 31, 2024	84,521	83,156
Additional paid-in capital	2,234,777	2,220,658
Accumulated other comprehensive income (loss)	8,113	(80,170)
Accumulated deficit	(1,203,411)	(903,250)
Treasury stock at cost, 908,436 ordinary shares at June 30, 2025; 89,128 ordinary shares at December 31, 2024	(1,161)	(136)
Total Stockholders’ Equity	1,122,839	1,320,258
Total Liabilities and Stockholders’ Equity	$ 2,506,702	$ 2,506,389