LivaNova Raises 2026 Outlook After Third-Quarter Growth

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached $393.1 million, up 9.9% reported, as the company lifted full-year constant-currency growth to 9%–10%.

LivaNova PLC (LIVN) reported third-quarter 2026 revenue of $393.1 million, up 9.9% on a reported basis and 10.0% in constant currency from a year earlier, and raised its full-year 2026 outlook for a second consecutive quarter.

The medical technology company now expects full-year 2026 revenue to grow 9% to 10% on a constant-currency basis, 100 basis points higher than the 8% to 9% range it issued after the second quarter. Adjusted diluted earnings per share for 2026 is now expected at $4.40 to $4.50, up $0.10 at the midpoint from $4.30 to $4.40, assuming about 56 million shares. Adjusted free cash flow guidance remained $140 million to $160 million. Foreign currency is expected to add about 1% to revenue growth.

Cardiopulmonary, the larger of the two reportable segments, generated $225.3 million, up 10.9% both reported and in constant currency. The company said growth came across all regions and was driven by strong consumables demand, Essenz Perfusion System sales, and favorable realized price. Neuromodulation revenue was $166.1 million, up 11.1% reported and 11.2% in constant currency, with growth across all regions that the company attributed to higher volume and favorable realized price. Other revenue, which includes rental and site services, was $1.7 million.

U.S. GAAP diluted earnings were $0.11 a share, compared with $0.49 a year earlier. Adjusted diluted earnings were $1.23 a share, versus $1.11. GAAP operating income was $28.4 million, or a 7.2% operating margin, down from $54.0 million and a 15.1% margin a year earlier. Adjusted operating income was $92.3 million, a 23.5% margin, versus $80.4 million and a 22.5% margin. GAAP gross profit was 67.4% of revenue.

The GAAP squeeze reflected other operating expense of $34.0 million, up from $3.7 million a year earlier, which the reconciliation tied to 3T Heater-Cooler litigation provisions and related legal costs. Financing-related items, including mark-to-market on 2029 Notes derivatives, also reduced GAAP net income. Adjusted results excluded those items along with share-based compensation, contingent consideration, and related tax effects.

Net cash provided by operating activities was $73.7 million. Adjusted free cash flow was $55.8 million.

Chief Executive Officer Vladimir Makatsaria said the team continued to deliver revenue growth driven by commercial execution and healthy global demand for Cardiopulmonary and Epilepsy technologies, and that updated 2026 guidance reflected confidence across the portfolio.

The company said it achieved operational production on a previously announced new oxygenator manufacturing line, a milestone in expanding capacity to address customer demand. That followed a second-quarter long-term agreement with Thermo Fisher Scientific to secure a critical oxygenator component.

In October 2026, the American Medical Association CPT Editorial Panel announced new Category I CPT codes that include LivaNova’s proximal hypoglossal nerve stimulation therapy for moderate to severe obstructive sleep apnea, with an expected effective date of January 1, 2028. The company also said it published full 36-month results from the CORE-VNS study in Neuromodulation, showing a 76% median reduction in seizure frequency in people with drug-resistant epilepsy.