LivaNova PLCLIVN
LivaNova PLC Segments Disclosure
Note 17. 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. Prior to 2024, LivaNova operated through three segments: Cardiopulmonary, Neuromodulation, and ACS. During the first quarter of 2024, the Company reorganized its operating and reporting structure upon initiating the 2024 Restructuring Plan. This involved transitioning all ACS standalone cannulae and accessories, including ProtekDuo and transseptal (TandemHeart) cannulae, into its Cardiopulmonary segment.
Operations for other ACS products, including LifeSPARC and Hemolung systems, were discontinued in 2024. For additional information, refer to “Note 4. Restructuring.” This restructuring, along with changes in how the Company’s CODM regularly reviews information, allocates resources, and assesses performance, resulted in modifications to LivaNova’s reportable segments. Specifically, LivaNova’s former ACS segment is now included in “Other,” excluding the ACS standalone cannulae and accessories business, which is now included in the Cardiopulmonary reportable segment. As a result, LivaNova now has two reportable segments: Cardiopulmonary and Neuromodulation. The segment financial information presented herein reflects these changes for all periods presented.
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, and provides services related to certain of these products.
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.
The following table presents net revenue by operating segment and geographic region (in thousands):
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Cardiopulmonary | ||||||||||||||||||||
| United States | $ | 275,859 | $ | 242,463 | $ | 202,358 | ||||||||||||||
Europe (1) | 201,044 | 168,024 | 157,414 | |||||||||||||||||
Rest of World (1) | 308,482 | 273,025 | 244,340 | |||||||||||||||||
| 785,385 | 683,512 | 604,112 | ||||||||||||||||||
| Neuromodulation | ||||||||||||||||||||
| United States | 463,602 | 441,022 | 407,493 | |||||||||||||||||
Europe (1) | 65,023 | 54,899 | 57,435 | |||||||||||||||||
Rest of World (1) | 64,187 | 58,302 | 54,782 | |||||||||||||||||
| 592,812 | 554,223 | 519,710 | ||||||||||||||||||
Other Revenue (2) | 9,856 | 15,702 | 29,723 | |||||||||||||||||
Totals (3) (4) | ||||||||||||||||||||
| United States | 739,573 | 695,083 | 635,044 | |||||||||||||||||
Europe (1) | 269,176 | 220,032 | 214,792 | |||||||||||||||||
Rest of World (1) | 379,304 | 338,322 | 303,709 | |||||||||||||||||
| $ | 1,388,053 | $ | 1,253,437 | $ | 1,153,545 | |||||||||||||||
(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 revenue from the Company’s former ACS reportable segment, as discussed above, as well as rental and site services income not allocated to segments.
(3)Net revenue to external customers includes $55.9 million, $48.9 million, and $41.5 million in the UK, LivaNova’s country of domicile, for the years ended December 31, 2025, 2024, and 2023, respectively.
(4)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 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, as discussed above. 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 (loss) income before income tax (in thousands):
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Cardiopulmonary | $ | 108,301 | $ | 76,848 | $ | 26,407 | ||||||||||||||
| Neuromodulation | 215,474 | 195,309 | 153,384 | |||||||||||||||||
| Segment income | 323,775 | 272,157 | 179,791 | |||||||||||||||||
| Other expense | (124,385) | (143,106) | (248,289) | |||||||||||||||||
| Operating income (loss) | 199,390 | 129,051 | (68,498) | |||||||||||||||||
| SNIA environmental liability expense | (365,553) | — | — | |||||||||||||||||
Interest expense (1) | (49,286) | (63,070) | (58,853) | |||||||||||||||||
| Loss on debt extinguishment | (2,651) | (25,482) | — | |||||||||||||||||
| Foreign exchange and other income/(expense) | (2,681) | 47,811 | 46,125 | |||||||||||||||||
| (Loss) income before income tax | $ | (220,781) | $ | 88,310 | $ | (81,226) | ||||||||||||||
(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 $23.1 million, $21.6 million, and $19.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
The following table presents the components of segment income, including significant expenses, of LivaNova’s reportable segments (in thousands):
| Cardiopulmonary | Neuromodulation | |||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Net revenue | $ | 785,385 | $ | 683,512 | $ | 604,112 | $ | 592,812 | $ | 554,223 | $ | 519,710 | ||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||
| Cost of sales | 381,710 | 334,326 | 306,359 | 55,819 | 50,236 | 50,213 | ||||||||||||||||||||||||||||||||
| Selling, general, and administrative | 225,257 | 199,747 | 191,571 | 202,596 | 187,649 | 175,273 | ||||||||||||||||||||||||||||||||
| Research and development | 65,739 | 52,904 | 45,255 | 118,923 | 121,029 | 140,840 | ||||||||||||||||||||||||||||||||
| 3T litigation provision | 4,378 | 19,687 | 34,520 | — | — | — | ||||||||||||||||||||||||||||||||
| $ | 108,301 | $ | 76,848 | $ | 26,407 | $ | 215,474 | $ | 195,309 | $ | 153,384 | |||||||||||||||||||||||||||
The following table presents assets by reportable segment (in thousands):
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Cardiopulmonary | $ | 1,045,189 | $ | 900,672 | ||||||||||
| Neuromodulation | 639,742 | 640,956 | ||||||||||||
Other assets (1) | 921,122 | 964,761 | ||||||||||||
| $ | 2,606,053 | $ | 2,506,389 | |||||||||||
(1)“Other assets” primarily include corporate assets not allocated to segments.
The following table presents capital expenditures by segment (in thousands):
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Cardiopulmonary | $ | 44,506 | $ | 28,089 | $ | 22,367 | ||||||||||||||
| Neuromodulation | 15,834 | 4,244 | 1,201 | |||||||||||||||||
Other capital expenditures (1) | 23,863 | 17,621 | 11,539 | |||||||||||||||||
| $ | 84,203 | $ | 49,954 | $ | 35,107 | |||||||||||||||
(1)“Other capital expenditures” primarily includes corporate capital expenditures not allocated to segments and capital expenditures of LivaNova’s former ACS reportable segment.
Geographic Information
The following table presents property, plant, and equipment, net (1) by geographic region (in thousands):
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| United States | $ | 79,499 | $ | 65,170 | ||||||||||
| Europe | 147,303 | 94,394 | ||||||||||||
| Rest of World | 15,801 | 10,696 | ||||||||||||
| $ | 242,603 | $ | 170,260 | |||||||||||
(1)No country’s property, plant, and equipment, net exceeded 10% of LivaNova’s consolidated property, plant, and equipment, net except for the U.S. and Italy. Italian plant, property, and equipment, net included within Europe was $110.4 million and $73.7 million as of December 31, 2025 and 2024, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2019 | Mar 2, 2020 | |
| 2017 | Feb 28, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.