LivaNova raises 2026 sales growth and adjusted earnings outlook

Full-year sales growth is now forecast at 9 to 10 per cent after LivaNova PLC NASDAQLIVN raised its constant-currency outlook on Wednesday. The previous range was 8 to 9 per cent.

For 2026, adjusted diluted earnings per share are now expected at US$4.40 to US$4.50. The previous range was US$4.30 to US$4.40, while the adjusted free-cash-flow forecast remains unchanged.

LivaNova is a mid-sized medical-technology maker serving international markets with cardiopulmonary equipment and neuromodulation therapies.

Revenue for the quarter ended Sept. 30 rose to US$393.1 million from US$357.8 million a year earlier. Quarterly operating cash flow reached US$73.7 million.

The available market quote precedes the announcement: shares closed at US$79.90 on Nasdaq at 4 p.m. EST on Nov. 3, according to the NASDAQLIVN Google Finance page. That close does not establish a reaction to Wednesday's results.

The revised outlook assumes an approximately 1 per cent foreign-exchange tailwind for 2026, unchanged from the previous forecast. The higher constant-currency range therefore reflects an increase in expected underlying sales growth rather than a larger assumed currency benefit.

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“Our team continues to deliver robust revenue growth driven by commercial execution and healthy global demand for our Cardiopulmonary and Epilepsy technologies,” LivaNova chief executive Vladimir Makatsaria said in the release.

Growth Spans Both Core Businesses

Cardiopulmonary revenue reached US$225.3 million in the third quarter of 2026, up 10.9 per cent from the comparable period. LivaNova attributed growth across all regions to consumables demand, Essenz Perfusion System sales and favourable realized prices.

Neuromodulation revenue increased to US$166.1 million in the third quarter of 2026, up 11.1 per cent on a reported basis. Higher volumes and favourable realized prices drove growth across all regions, the company said.

LivaNova also reported that its previously announced dedicated oxygenator manufacturing line had begun operational production. The company described the milestone as an expansion of capacity to address strong customer demand, without giving a production-volume target in the release's highlights.

The cardiopulmonary business sits alongside Medtronic plc NYSEMDT, whose U.S. product catalogue includes perfusion and blood-management products. Its catalogue also lists heart valves and extracorporeal membrane oxygenation among the cardiovascular product categories.

For a dated sector reference, the iShares U.S. Medical Devices ETF NYSEARCAIHI traded at US$54.59 at 8 p.m. EDT on Oct. 30, according to the NYSEARCAIHI Google Finance page. That observation also predates LivaNova's results.

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Adjusted Profit Rises While Reported Earnings Fall

The distinction between reported and adjusted results remains substantial. Third-quarter 2026 GAAP diluted earnings fell to US$0.11 per share from US$0.49 a year earlier. For the same quarter, adjusted diluted earnings rose to US$1.23 from US$1.11.

For the third quarter of 2026, adjusted free cash flow was US$55.8 million. LivaNova maintained its full-year adjusted free-cash-flow range of US$140 million to US$160 million, so the earnings upgrade does not carry a higher cash target.

The company says it cannot reconcile its forward-looking adjusted measures to GAAP equivalents without unreasonable efforts because it cannot reliably predict certain excluded items. The upgraded EPS range therefore remains an adjusted forecast.

The release's next specified coding milestone is Jan. 1, 2028, the expected effective date for new Category I CPT codes that include LivaNova's proximal hypoglossal nerve stimulation therapy for moderate to severe obstructive sleep apnea.