Revenue growth accelerated to 10.8% YoY in 2026Q2, with gross margin expanding to 70.1% and operating income growing 22.4% YoY, though net income volatility persists with a swing from a -$327.3M loss in 2025Q1 to a $108.6M profit in 2026Q2.
LivaNova PLC (LIVN) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 | Jun'95 |
|---|
| Sales/Revenue | 1.47B | 1.39B | 1.25B | 1.15B | 1.02B | 1.04B | 934.24M | 1.08B | 1.11B | 1.01B | 1.21B | 291.56M | 282.01M | 254.32M | 218.5M | 190.46M | 167.78M | 143.6M | 121.23M | 130.97M | 123.44M | 103.44M | 110.72M | 104.47M | 70.11M | 47.89M | 29.9M | 14.9M | 1.4M | 1.4M | 1M |
| Revenue Growth % | 12.39% | 10.74% | 8.66% | 12.89% | -1.31% | 10.82% | -13.83% | -2.06% | 9.35% | -16.61% | 316.35% | 3.38% | 10.89% | 16.39% | 14.72% | 13.52% | 16.83% | 18.45% | -7.44% | 6.1% | 19.33% | -6.57% | 5.99% | 49% | 46.4% | 60.16% | 100.67% | 964.29% | 0% | 40% | 150% |
| Cost of Goods Sold | 468.29M | 448.2M | 382.56M | 382.3M | 314.58M | 329.37M | 339.48M | 360.37M | 372.5M | 360.7M | 509.5M | 27.31M | 27.35M | 21.91M | 19.66M | 23.02M | 20.91M | 20.04M | 21.09M | 18.26M | 15.82M | 15.58M | 16.3M | 16.07M | 13.62M | 10.38M | 6.2M | 3.2M | 100K | 200K | 0 |
| COGS % of Revenue | - | 32.29% | 30.52% | 33.14% | 30.79% | 31.81% | 36.34% | 33.24% | 33.65% | 35.63% | 41.97% | 9.37% | 9.7% | 8.61% | 9% | 12.09% | 12.46% | 13.96% | 17.4% | 13.94% | 12.82% | 15.06% | 14.72% | 15.38% | 19.42% | 21.68% | 20.74% | 21.48% | 7.14% | 14.29% | - |
| Gross Profit | 1B | 939.9M | 870.87M | 771.25M | 707.23M | 705.99M | 594.76M | 723.8M | 734.5M | 651.6M | 704.4M | 264.25M | 254.66M | 232.41M | 198.85M | 167.44M | 146.87M | 123.56M | 100.14M | 112.71M | 107.62M | 87.87M | 94.43M | 88.4M | 56.49M | 37.5M | 23.7M | 11.7M | 1.3M | 1.2M | 1M |
| Gross Margin % | 68.18% | 67.71% | 69.48% | 66.86% | 69.21% | 68.19% | 63.66% | 66.76% | 66.35% | 64.37% | 58.03% | 90.63% | 90.3% | 91.39% | 91% | 87.91% | 87.54% | 86.04% | 82.6% | 86.06% | 87.18% | 84.94% | 85.28% | 84.62% | 80.58% | 78.32% | 79.26% | 78.52% | 92.86% | 85.71% | 100% |
| Gross Profit Growth % | - | 7.93% | 12.92% | 9.05% | 0.17% | 18.7% | -17.83% | -1.46% | 12.72% | -7.5% | 166.57% | 3.77% | 9.57% | 16.88% | 18.75% | 14.01% | 18.86% | 23.39% | -11.15% | 4.73% | 22.48% | -6.95% | 6.82% | 56.48% | 50.63% | 58.25% | 102.56% | 800% | 8.33% | 20% | 66.67% |
| Operating Expenses | 804.92M | 740.5M | 741.82M | 839.75M | 783.98M | 706.78M | 868.66M | 895.36M | 648.2M | 523.4M | 637.2M | 166.9M | 167.2M | 154.07M | 137.9M | 118.26M | 110.01M | 104.57M | 108.37M | 162.24M | 166.85M | 100.77M | 87.73M | 83.72M | 83.71M | 42.76M | 37.8M | 27.9M | 12.7M | 11.6M | 8.9M |
| OpEx % of Revenue | - | 53.35% | 59.18% | 72.8% | 76.72% | 68.26% | 92.98% | 82.58% | 58.55% | 51.7% | 52.49% | 57.25% | 59.29% | 60.58% | 63.11% | 62.09% | 65.57% | 72.82% | 89.39% | 123.87% | 135.17% | 97.42% | 79.24% | 80.14% | 119.39% | 89.28% | 126.42% | 187.25% | 907.14% | 828.57% | 890% |
| Selling, General & Admin | 583.53M | 548.8M | 526.26M | 518.13M | 469.24M | 471.9M | 0 | 0 | 465M | 380.6M | 469.2M | 123.62M | 120.64M | 112.52M | 102.57M | 89.65M | 87.94M | 84.84M | 85.94M | 134.14M | 137.31M | 81.43M | 70.6M | 65.84M | 59.19M | 33.27M | 29.6M | 19.8M | 5.9M | 3.4M | 8.6M |
| SG&A % of Revenue | - | 39.54% | 41.99% | 44.92% | 45.92% | 45.58% | - | - | 42.01% | 37.6% | 38.65% | 42.4% | 42.78% | 44.24% | 46.94% | 47.07% | 52.42% | 59.08% | 70.89% | 102.42% | 111.23% | 78.72% | 63.76% | 63.03% | 84.42% | 69.47% | 99% | 132.89% | 421.43% | 242.86% | 860% |
| Research & Development | 203.47M | 185.8M | 182.51M | 193.82M | 155.81M | 183.41M | 152.9M | 197.15M | 146M | 109.7M | 122.5M | 43.28M | 46.56M | 41.55M | 35.33M | 28.6M | 22.06M | 19.73M | 22.42M | 28.09M | 29.54M | 19.34M | 17.13M | 17.87M | 24.52M | 8.04M | 6.7M | 7.4M | 6.5M | 8M | 0 |
| R&D % of Revenue | - | 13.39% | 14.56% | 16.8% | 15.25% | 17.71% | 16.37% | 18.18% | 13.19% | 10.84% | 10.09% | 14.85% | 16.51% | 16.34% | 16.17% | 15.02% | 13.15% | 13.74% | 18.49% | 21.45% | 23.93% | 18.7% | 15.47% | 17.11% | 34.97% | 16.78% | 22.41% | 49.66% | 464.29% | 571.43% | - |
| Other Operating Expenses | 3M | 5.9M | 33.04M | 127.8M | 158.93M | 51.46M | 715.76M | 698.21M | 37.19M | 33.14M | 45.51M | 642.36K | -295.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600 | 1.45M | 1.5M | 700K | 300K | 200K | 300K |
| Operating Income | 198.3M | 199.4M | 129.05M | -68.5M | -76.75M | -784K | -273.9M | -171.55M | -248.1M | 95.7M | -27.6M | 88.65M | 80.01M | 78.35M | 60.94M | 49.19M | 36.86M | 18.99M | -8.23M | -49.53M | -59.23M | -12.91M | 6.7M | 4.68M | -27.21M | -5.25M | -14.1M | -16.2M | -11.4M | -10.4M | -7.9M |
| Operating Margin % | 13.48% | 14.37% | 10.3% | -5.94% | -7.51% | -0.08% | -29.32% | -15.82% | -22.41% | 9.45% | -2.27% | 30.41% | 28.37% | 30.81% | 27.89% | 25.83% | 21.97% | 13.22% | -6.79% | -37.82% | -47.98% | -12.48% | 6.05% | 4.48% | -38.81% | -10.97% | -47.16% | -108.72% | -814.29% | -742.86% | -790% |
| Operating Income Growth % | - | 54.51% | 288.4% | 10.75% | -9689.8% | 99.71% | -59.66% | 30.85% | -359.25% | 446.74% | -131.13% | 10.8% | 2.13% | 28.56% | 23.9% | 33.44% | 94.12% | 330.77% | 83.39% | 16.39% | -358.98% | -292.76% | 42.95% | 117.21% | -418.23% | 62.76% | 12.96% | -42.11% | -9.62% | -31.65% | -21.54% |
| EBITDA | 202.39M | 241.4M | 180.19M | -7.64M | -18.96M | 67.2M | -206.56M | -100.86M | -178.16M | 165.9M | 35.96M | 95.91M | 85.61M | 82.98M | 65.67M | 51.93M | 39.09M | 21.17M | -4.27M | -45.04M | -54.74M | -8.92M | 11.61M | 9.8M | -22.92M | -3.8M | -12.6M | -15.5M | -11.1M | -10.2M | -7.6M |
| EBITDA Margin % | 13.75% | 17.39% | 14.38% | -0.66% | -1.86% | 6.49% | -22.11% | -9.3% | -16.09% | 16.39% | 2.96% | 32.89% | 30.36% | 32.63% | 30.06% | 27.26% | 23.3% | 14.74% | -3.52% | -34.39% | -44.35% | -8.62% | 10.49% | 9.38% | -32.69% | -7.94% | -42.14% | -104.03% | -792.86% | -728.57% | -760% |
| EBITDA Growth % | -12.33% | 33.97% | 2457.96% | 59.69% | -128.21% | 132.54% | -104.79% | 43.39% | -207.39% | 361.3% | -62.5% | 12.02% | 3.17% | 26.36% | 26.47% | 32.83% | 84.65% | 595.85% | 90.52% | 17.73% | -513.83% | -176.8% | 18.45% | 142.77% | -502.93% | 69.83% | 18.71% | -39.64% | -8.82% | -34.21% | -22.58% |
| D&A (Non-Cash Add-back) | 27.88M | 42M | 51.14M | 60.86M | 57.8M | 67.99M | 67.34M | 70.69M | 69.94M | 70.2M | 63.56M | 7.25M | 5.6M | 4.64M | 4.73M | 2.74M | 2.23M | 2.18M | 3.96M | 4.49M | 4.49M | 3.99M | 4.92M | 5.12M | 4.29M | 1.45M | 1.5M | 700K | 300K | 200K | 300K |
| EBIT | 152.83M | -171.5M | 151.38M | -22.37M | -26.89M | -74.32M | -60.99M | 48.49M | -237.62M | 128.94M | 35.82M | -56.66M | 89.31M | 79.9M | 75.39M | 60.72M | 49.06M | 39.92M | 30.84M | -8.23M | -49.53M | -59.23M | -19.3M | 4.55M | 4.68M | -5.25M | -5.25M | -14.1M | -16.2M | -11.4M | -10.4M |
| Net Interest Income | -32.25M | -30.3M | -32.99M | -36.84M | -43.55M | -49.72M | -40.71M | -14.29M | -8.98M | -6.48M | -8.92M | 0 | 163K | 162K | -35K | 29.39K | -135.68K | -1.34M | -2.16M | -1.97M | -1.26M | 192.99K | 628.22K | -95.78K | 998.58K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 13.89M | 18.98M | 30.07M | 22.01M | 4.7M | 435K | 131K | 803K | 847K | 1.32M | 1.7M | 0 | 182.27K | 182K | 84K | 326.12K | 92.6K | 1.24M | 3.84M | 4.65M | 3.21M | 1.07M | 469.92K | 469.92K | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.14M | 49.29M | 63.07M | 58.85M | 48.25M | 50.15M | 40.84M | 15.09M | 9.82M | 7.8M | 10.62M | 162.89K | 20.05K | 20K | 119K | 296.73K | 1.43M | 3.39M | 5.82M | 5.91M | 3.02M | 444.27K | 565.7K | 565.7K | 266.27K | 44.89K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -91.61M | -420.2M | -40.74M | -12.83M | 1.56M | -123.84M | -74.39M | 43.92M | 625K | 24.65M | -66.45M | -130.98M | 642K | -133K | -3.07M | -521.42K | -522.71K | 1.63M | 8.46M | -2.37M | -1.57M | 262.45K | 712.95K | -1.85M | 93.69K | -44.89K | 5.25M | 2M | 5M | 1.3M | 3.2M |
| Pretax Income | 106.69M | -220.8M | 88.31M | -81.33M | -75.19M | -124.62M | -348.29M | -127.63M | -247.4M | 121.1M | -33M | 89.29M | 79.88M | 75.27M | 60.42M | 48.66M | 38.49M | 27.45M | -10.6M | -51.1M | -58.97M | -12.19M | 6.99M | 5.31M | -27.12M | -5.3M | -14M | -14.2M | -11.2M | -10.1M | -7.2M |
| Pretax Margin % | 7.25% | -15.91% | 7.05% | -7.05% | -7.36% | -12.04% | -37.28% | -11.77% | -22.35% | 11.96% | -2.72% | 30.63% | 28.32% | 29.6% | 27.65% | 25.55% | 22.94% | 19.12% | -8.74% | -39.02% | -47.77% | -11.79% | 6.31% | 5.09% | -38.68% | -11.06% | -46.82% | -95.3% | -800% | -721.43% | -720% |
| Income Tax | -81.95M | 21.6M | 25.06M | -98.88M | 11.05M | 11.2M | -960K | -30.37M | -69.63M | 49.95M | 5.11M | 31.45M | 31.45M | 24.99M | 28.92M | 24.34M | 1.94M | -39.96M | 729.44K | -264.84K | 78.78K | 99.27K | 26.11K | 230.79K | 129.56K | -2.15M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -76.82% | -9.78% | 28.38% | 121.57% | -14.7% | -8.99% | 0.28% | 23.8% | 28.14% | 41.25% | -15.49% | 35.22% | 39.37% | 33.2% | 47.86% | 50.02% | 5.04% | -145.57% | -6.88% | 0.52% | -0.13% | -0.81% | 0.37% | 4.34% | -0.48% | 40.65% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 188.58M | -242.5M | 63.23M | 17.55M | -86.25M | -135.82M | -348.82M | -157.64M | -189.4M | -25.1M | -62.8M | 57.85M | 54.89M | 46.36M | 36.08M | 46.73M | 78.45M | 26.72M | -10.33M | -51.18M | -59.07M | -12.22M | 6.76M | 5.18M | -26.12M | -3.05M | -12.5M | -14.2M | -11.2M | -10.1M | -7.2M |
| Net Margin % | 12.82% | -17.47% | 5.04% | 1.52% | -8.44% | -13.12% | -37.34% | -14.54% | -17.11% | -2.48% | -5.17% | 19.84% | 19.46% | 18.23% | 16.51% | 24.53% | 46.76% | 18.61% | -8.52% | -39.08% | -47.85% | -11.81% | 6.11% | 4.96% | -37.25% | -6.38% | -41.81% | -95.3% | -800% | -721.43% | -720% |
| Net Income Growth % | 189.24% | -483.5% | 260.39% | 120.34% | 36.5% | 61.06% | -121.28% | 16.77% | -654.58% | 60.03% | -208.56% | 5.39% | 18.41% | 28.49% | -22.79% | -40.44% | 193.59% | 358.55% | 79.81% | 13.36% | -383.45% | -280.76% | 30.37% | 119.85% | -755.48% | 75.57% | 11.97% | -26.79% | -10.89% | -40.28% | -22.03% |
| Net Income (Continuing) | 188.56M | -242.5M | 63.25M | 17.55M | -86.25M | -135.82M | -347.33M | -158M | -177.82M | 71.18M | 20.55M | -22.08M | 57.85M | 54.89M | 46.36M | 36.08M | 46.73M | 78.45M | 26.72M | -10.33M | -51.18M | -59.07M | -18.61M | 4.62M | 5.18M | -3.05M | -3.93M | -12.5M | -14.2M | -11.2M | -10.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -1.49M | 365K | 0 | -79.55M | -64.66M | -22.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.35 | -4.45 | 1.16 | 0.32 | -1.61 | -2.68 | -7.06 | -3.22 | -3.91 | -0.52 | -1.28 | 2.17 | 2.00 | 1.66 | 1.27 | 1.63 | 2.73 | 0.97 | -0.39 | -2.01 | -2.37 | -0.51 | 0.26 | 0.24 | -1.21 | -0.17 | -0.71 | -0.88 | -0.93 | -1.06 | -0.79 |
| EPS Growth % | 187.15% | -483.62% | 262.5% | 119.88% | 39.93% | 62.04% | -119.25% | 17.65% | -651.92% | 59.38% | -158.99% | 8.5% | 20.48% | 30.71% | -22.09% | -40.29% | 181.44% | 348.72% | 80.6% | 15.19% | -364.71% | -296.15% | 8.33% | 119.83% | -611.76% | 76.06% | 19.32% | 5.38% | 12.26% | -34.18% | -19.7% |
| EPS (Basic) | - | -4.45 | 1.17 | 0.33 | -1.61 | -2.68 | -7.06 | -3.22 | -3.91 | -0.52 | -1.29 | 2.19 | 2.02 | 1.68 | 1.30 | 1.67 | 2.83 | 1.00 | -0.39 | -2.01 | -2.37 | -0.51 | 0.29 | 0.24 | -1.21 | -0.17 | -0.71 | -0.88 | -0.93 | -1.06 | -0.79 |
| Diluted Shares Outstanding | 56.3M | 54.5M | 54.57M | 54.21M | 53.5M | 50.63M | 48.59M | 48.35M | 48.5M | 48.5M | 48.9M | 26.63M | 27.47M | 28.01M | 28.31M | 28.61M | 28.7M | 27.54M | 26.5M | 25.51M | 24.92M | 24.04M | 25.66M | 22.03M | 21.66M | 18.04M | 17.5M | 16.1M | 12.04M | 9.51M | 9.11M |
| Basic Shares Outstanding | 55M | 54.5M | 54.24M | 53.9M | 53.5M | 50.63M | 48.59M | 48.35M | 48.5M | 48.2M | 48.86M | 26.39M | 27.14M | 27.6M | 27.83M | 28.05M | 27.7M | 26.63M | 26.5M | 25.51M | 24.92M | 24.04M | 23.09M | 22.03M | 21.66M | 18.04M | 17.5M | 16.1M | 12.04M | 9.51M | 9.11M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LIVN stock.
For fiscal year 2025, LivaNova PLC (LIVN) reported total revenue of $1.39B. This represents a 138710.0% increase compared to $1.0M in 1995.
LivaNova PLC (LIVN) reported a net loss of $242.5M for the fiscal year ending 2025.
LivaNova PLC (LIVN) reported an operating income of $199.4M, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
LivaNova PLC (LIVN) generated $939.9M in gross profit for the year, representing a gross profit margin of 67.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
OSPREY trial delays
Metrics are mathematically derived from official filings.
Accelerating Core Momentum
LivaNova's revenue growth accelerated to 10.8% year-over-year in 2026Q2, up from 8.4% in 2024Q2, driven by Cardiopulmonary and Neuromodulation strength, as reported in the latest quarterly results.
The sequential acceleration from 7.4% growth in 2025Q1 to 10.8% in 2026Q2 suggests improving demand across both core segments. The raised full-year guidance further supports the view that this momentum is durable, likely benefiting from the Essenz platform adoption and VNS replacement cycle. Investors should monitor whether this pace is sustainable given the capital-intensive nature of hospital purchasing.
Gross Margin Resilience Amid Mix Shifts
Gross margin expanded to 70.1% in 2026Q2, the highest in the reported period, despite a higher mix of capital equipment, indicating strong pricing power and cost discipline, per the income statement data.
The gross margin improvement from 67.4% in 2024Q2 to 70.1% in 2026Q2 suggests favorable product mix and operational efficiencies. This resilience is notable given the potential for input cost inflation and supply chain complexities. However, the sustainability of this margin level depends on the company's ability to maintain pricing in competitive bidding and manage raw material costs.
Operating Leverage Emerging
Operating income grew 22.4% year-over-year in 2026Q2, outpacing revenue growth of 10.8%, as SG&A leverage improved, according to the latest financial statements.
The operating margin expanded from 12.6% in 2024Q2 to 12.7% in 2026Q2, but the more telling sign is the sequential improvement from 11.8% in 2025Q4. This suggests that the company is beginning to scale its fixed cost base, particularly in SG&A, which has grown at a slower pace than revenue. If this trend continues, operating leverage could drive further margin expansion.
Earnings Volatility Masks Core Strength
Net income swung from a loss of $327.3M in 2025Q1 to a profit of $108.6M in 2026Q2, reflecting one-time charges and gains, as reported in the income statement.
The extreme volatility in net income, including a -103.3% net margin in 2025Q1, is likely due to litigation reserves and asset impairments, not operational deterioration. The 2026Q2 net margin of 27.8% appears inflated by non-recurring items, possibly a gain on divestiture or tax benefit. Investors should focus on adjusted metrics to gauge underlying profitability, as GAAP figures are distorted by these items.
R&D Investment Intensifies
R&D spending rose to $53.7M in 2026Q2, up 13.8% year-over-year, representing 13.7% of revenue, as the company advances key clinical trials, per the latest quarterly report.
The increase in R&D investment, particularly in Neuromodulation, underscores the company's commitment to pipeline development, including the OSPREY and RECOVER trials. While this pressure on operating margins is expected, the elevated spending may limit near-term profitability. However, successful trial outcomes could significantly expand the addressable market and justify the investment.
What Could Invalidate the Base Case
Despite strong core growth, the ongoing OSPREY trial delays and the overhang of 3T Heater-Cooler litigation could impair future earnings, as noted in recent company disclosures.
Short-sellers might argue that the company's adjusted earnings overstate true profitability, given the regularity of restructuring and litigation costs. The reliance on the VNS franchise for high margins exposes the company to competitive threats and reimbursement changes. Additionally, the elevated R&D spending may not yield timely returns if trials fail, potentially leading to impairments and margin compression.