LivaNova Reports First-Quarter 2025 Results; Updates 2025 Guidance
- Delivered high-single-digit revenue growth, double-digit organic revenue growth, and continued operating margin expansion
- Raised full-year 2025 revenue guidance; updated full-year 2025 guidance now incorporates impact of SNIA decision and currently applicable tariffs
- Completed premarket approval submission for the aura6000™ System intended to treat obstructive sleep apnea
- Announced 12-month, top-line OSPREY data demonstrating strong response and sustained therapeutic impact for patients who received proximal hypoglossal nerve stimulation for obstructive sleep apnea
Financial Summary and Highlights (1)
-
First-quarter revenue of
$316.9 million increased 7.4% on a reported basis, 8.9% on a constant-currency basis, and 10.4% on an organic basis as compared to the prior-year period -
First-quarter
U.S. GAAP diluted loss per share of$6.01 , impacted by recording SNIA environmental liability of €333.3 million ($360.4 million as ofMarch 31, 2025 ), and adjusted diluted earnings per share of$0.88 -
First-quarter net cash provided by operating activities of
$24.0 million and adjusted free cash flow of$20.0 million -
Raised full-year 2025 revenue growth range 100 basis points to 6.0% to 7.0% on a constant-currency basis and 7.0% to 8.0% on an organic basis. Revised full-year 2025 adjusted diluted earnings per share range to
$3.60 to$3.70 , which now incorporates the impact of the SNIA decision and currently applicable tariffs. Adjusted free cash flow is expected to be in the range of$135 million to$155 million , consistent with prior guidance -
Completed premarket approval (PMA) submission to the
U.S. Food and Drug Administration for the aura6000™ System, supported by achieving the primary safety and efficacy endpoints in the OSPREY trial - Announced 12-month, top-line data from the OSPREY trial demonstrating strong response and durability of therapy for patients who received proximal hypoglossal nerve stimulation, including those with severe obstructive sleep apnea, elevated body mass index, and high risk of complete concentric collapse: at 12 months of therapy, the active patient responder rate was 65%, the median percent reduction of apnea hypopnea index was 68%, and the median percent reduction of oxygen desaturation index was 68%
____________________ | ||||||||||||
(1) |
Constant-currency percent change, organic revenue percent change, organic revenue, adjusted operating income, adjusted diluted earnings per share, and adjusted free cash flow are non-GAAP measures. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translation effects. Organic revenue excludes the impact of acquisitions and divestitures. For an explanation of these and other non-GAAP measures used in this news release, see the section entitled "Use of Non-GAAP Financial Measures." For reconciliations of certain non-GAAP measures, see the tables that accompany this news release. As discussed in the section entitled "Use of Non-GAAP Financial Measures" below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this paragraph to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts. Note: “Term Facilities” include the |
“In the first quarter,
First-Quarter 2025 Results
The following table summarizes revenue by segment (in millions):
|
Three Months Ended
|
|
% Change |
|
Constant-Currency % Change |
|||||||
|
2025 |
|
2024 |
|
|
|||||||
Cardiopulmonary |
|
|
13.1 |
% |
15.0 |
% |
||||||
Neuromodulation |
138.9 |
|
133.9 |
|
3.8 |
% |
4.7 |
% |
||||
Other Revenue (1) |
1.6 |
|
5.1 |
|
(68.1 |
)% |
(67.2 |
)% |
||||
Total Net Revenue |
316.9 |
|
294.9 |
|
7.4 |
% |
8.9 |
% |
||||
Less: ACS (2) |
— |
|
4.1 |
|
(100.0 |
)% |
(100.0 |
)% |
||||
Total Organic Net Revenue |
|
|
|
|
N/A |
|
10.4 |
% |
(1) |
“Other Revenue” includes rental and site services income not allocated to segments. In addition, “Other Revenue” for the three months ended |
(2) |
Includes the results from the wind-down portion of the Company's former ACS reportable segment. |
• |
Numbers may not add precisely due to rounding. |
First-quarter 2025 cardiopulmonary revenue increased 13.1% on a reported basis and 15.0% on a constant-currency basis versus the first quarter of 2024 with growth across all regions, driven by EssenzPerfusion System sales and strong consumables demand.
First-quarter 2025 neuromodulation revenue increased 3.8% on a reported basis and 4.7% on a constant-currency basis versus the first quarter of 2024 driven by strength in the
Earnings Analysis
On a
On a
Additional Updates
As previously disclosed, on
The full-year 2025 guidance ranges issued today also incorporates the Company's current and best estimate of the potential impact of presently applicable tariffs, which the Company believes to be manageable at this time. This assessment is based on the Company's geographic manufacturing footprint and supply chain as well as implemented and planned mitigation strategies.
Full-Year 2025 Guidance
Adjusted diluted earnings per share for 2025 is now expected to be in the range of
As discussed in the section entitled "Use of Non-GAAP Financial Measures" below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this section to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts.
Webcast and Conference Call Instructions
The Company will host a live audiocast at
About
Use of Non-GAAP Financial Measures
To supplement financial measures presented in accordance with generally accepted accounting principles in
In this news release, the Company refers to revenue and percentage change in revenue on a comparable, constant-currency, and organic basis. Company management believes that these non-GAAP measures provide a useful way to evaluate the revenue performance of
Adjusted financial measures such as organic revenue, adjusted cost of sales, adjusted gross profit, adjusted selling, general, and administrative expense, adjusted research and development expense, adjusted other operating expenses, adjusted operating income, adjusted income before tax, adjusted income tax expense, adjusted net income, and adjusted diluted earnings per share, are measures that
Safe Harbor Statement
Certain statements in this news release, other than statements of historical or current fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include, but are not limited to, LivaNova’s plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events, and involve known and unknown risks that are difficult to predict. As a result, the Company’s actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors” section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the
Readers are cautioned not to place undue reliance on the Company's forward-looking statements, which speak only as of the date of this news release. The Company undertakes no obligation to update publicly any of the forward-looking statements in this news release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If
aura6000 and Essenz are trademarks of
|
||||||||||||
NET REVENUE - UNAUDITED |
||||||||||||
( |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
2025 |
|
2024 |
|
% Change |
|
Constant-Currency % Change |
||||
Cardiopulmonary |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
20.3 |
% |
|
20.3 |
% |
||
|
|
44.5 |
|
|
40.9 |
|
|
8.7 |
% |
|
11.0 |
% |
Rest of World (1) |
|
71.0 |
|
|
64.4 |
|
|
10.2 |
% |
|
13.4 |
% |
|
|
176.3 |
|
|
155.9 |
|
|
13.1 |
% |
|
15.0 |
% |
Neuromodulation |
|
|
|
|
|
|
|
|
||||
|
|
108.3 |
|
|
105.9 |
|
|
2.3 |
% |
|
2.3 |
% |
|
|
15.2 |
|
|
13.4 |
|
|
13.3 |
% |
|
15.9 |
% |
Rest of World (1) |
|
15.4 |
|
|
14.5 |
|
|
5.7 |
% |
|
11.7 |
% |
|
|
138.9 |
|
|
133.9 |
|
|
3.8 |
% |
|
4.7 |
% |
Other Revenue (2) |
|
1.6 |
|
|
5.1 |
|
|
(68.1 |
)% |
|
(67.2 |
)% |
Totals |
|
|
|
|
|
|
|
|
||||
|
|
169.2 |
|
|
160.6 |
|
|
5.3 |
% |
|
5.3 |
% |
|
|
59.7 |
|
|
54.3 |
|
|
9.9 |
% |
|
12.2 |
% |
Rest of World (1) |
|
88.0 |
|
|
80.0 |
|
|
10.1 |
% |
|
13.7 |
% |
|
|
|
|
|
|
|
|
7.4 |
% |
|
8.9 |
% |
(1) |
“Europe” includes the |
(2) |
“Other Revenue” includes rental and site services income not allocated to segments. In addition, “Other Revenue” for the three months ended |
• |
Numbers may not add precisely due to rounding. |
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - UNAUDITED |
||||||
( |
||||||
|
|
|
|
|
||
|
|
Three Months Ended |
||||
|
|
2025 |
|
2024 |
||
Net revenue |
|
|
|
|
|
|
Cost of sales |
|
96.1 |
|
|
87.5 |
|
Gross profit |
|
220.8 |
|
|
207.4 |
|
Operating expenses: |
|
|
|
|
||
Selling, general, and administrative |
|
133.7 |
|
|
129.9 |
|
Research and development |
|
37.9 |
|
|
45.7 |
|
Other operating expense |
|
0.6 |
|
|
15.6 |
|
Operating income |
|
48.6 |
|
|
16.2 |
|
SNIA environmental liability expense |
|
(360.4 |
) |
|
— |
|
Interest expense |
|
(15.3 |
) |
|
(15.9 |
) |
Loss on debt extinguishment |
|
— |
|
|
(25.5 |
) |
Foreign exchange and other income/(expense) |
|
11.4 |
|
|
(9.1 |
) |
Loss before tax |
|
(315.6 |
) |
|
(34.2 |
) |
Income tax expense |
|
11.7 |
|
|
7.7 |
|
Net loss |
|
( |
) |
|
( |
) |
|
|
|
|
|
||
Basic loss per share |
|
( |
) |
|
( |
) |
Diluted loss per share |
|
( |
) |
|
( |
) |
|
|
|
|
|
||
Weighted average common shares outstanding: |
|
|
|
|
||
Basic |
|
54.4 |
|
|
54.0 |
|
Diluted |
|
54.4 |
|
|
54.0 |
|
• |
Numbers may not add precisely due to rounding. |
Adjusted Financial Measures ( |
||||||
|
|
Three Months Ended |
||||
|
|
2025 |
|
2024 |
||
Adjusted SG&A |
|
|
|
|
||
Adjusted R&D |
|
38.2 |
|
|
42.9 |
|
Adjusted operating income |
|
64.6 |
|
|
53.1 |
|
Adjusted net income |
|
48.1 |
|
|
40.0 |
|
Adjusted diluted earnings per share |
|
|
|
|
|
|
Statistics (as a % of net revenue, except for income tax rate) - Unaudited |
||||||||||||
|
|
GAAP Three Months Ended
|
|
Adjusted Three Months Ended
|
||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||
Gross profit |
|
69.7 |
% |
|
70.3 |
% |
|
70.3 |
% |
|
71.0 |
% |
SG&A |
|
42.2 |
% |
|
44.0 |
% |
|
37.9 |
% |
|
38.4 |
% |
R&D |
|
12.0 |
% |
|
15.5 |
% |
|
12.0 |
% |
|
14.5 |
% |
Operating income |
|
15.3 |
% |
|
5.5 |
% |
|
20.4 |
% |
|
18.0 |
% |
Net (loss) income |
|
(103.3 |
)% |
|
(14.2 |
)% |
|
15.2 |
% |
|
13.6 |
% |
Income tax rate |
|
(3.7 |
)% |
|
(22.6 |
)% |
|
24.2 |
% |
|
20.8 |
% |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
( |
||||||||||||||||||||
|
|
Specified Items |
|
|||||||||||||||||
Three Months Ended
|
GAAP Financial Measures |
Restructuring Expenses (1) |
Depreciation and Amortization Expenses (2) |
Financing Transactions (3) |
Contingent Consideration (4) |
Certain Legal & Regulatory Costs (5) |
Stock-based Compensation Costs (6) |
Certain Tax Adjustments (7) |
Certain Interest Adjustments (8) |
Adjusted Financial Measures |
||||||||||
Cost of sales |
|
|
$— |
|
( |
) |
$— |
|
( |
) |
$— |
|
( |
) |
$— |
|
$— |
|
|
|
Gross profit percent |
69.7 |
% |
— |
% |
0.5 |
% |
— |
% |
0.1 |
% |
— |
% |
0.1 |
% |
— |
% |
— |
% |
70.3 |
% |
Selling, general, and administrative |
133.7 |
|
— |
|
(2.5 |
) |
— |
|
— |
|
(4.6 |
) |
(6.5 |
) |
— |
|
— |
|
120.2 |
|
Selling, general, and administrative as a percent of net revenue |
42.2 |
% |
— |
% |
(0.8 |
)% |
— |
% |
— |
% |
(1.4 |
)% |
(2.0 |
)% |
— |
% |
— |
% |
37.9 |
% |
Research and development |
37.9 |
|
— |
|
0.1 |
|
— |
|
(0.7 |
) |
2.0 |
|
(1.2 |
) |
— |
|
— |
|
38.2 |
|
Research and development as a percent of net revenue |
12.0 |
% |
— |
% |
— |
% |
— |
% |
(0.2 |
)% |
0.6 |
% |
(0.4 |
)% |
— |
% |
— |
% |
12.0 |
% |
Other operating expense |
0.6 |
|
0.1 |
|
— |
|
— |
|
— |
|
(0.7 |
) |
— |
|
— |
|
— |
|
— |
|
Operating income |
48.6 |
|
(0.1 |
) |
4.1 |
|
— |
|
0.9 |
|
3.2 |
|
7.8 |
|
— |
|
— |
|
64.6 |
|
Operating margin percent |
15.3 |
% |
— |
% |
1.3 |
% |
— |
% |
0.3 |
% |
1.0 |
% |
2.5 |
% |
— |
% |
— |
% |
20.4 |
% |
Net (loss) income |
(327.3 |
) |
(0.1 |
) |
4.1 |
|
(5.7 |
) |
0.9 |
|
363.6 |
|
7.8 |
|
(3.7 |
) |
8.4 |
|
48.1 |
|
Net (loss) income as a percent of net revenue |
(103.3 |
)% |
— |
% |
1.3 |
% |
(1.8 |
)% |
0.3 |
% |
114.8 |
% |
2.5 |
% |
(1.2 |
)% |
2.7 |
% |
15.2 |
% |
Diluted EPS |
( |
) |
$— |
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
|
|
GAAP results for the three months ended |
|
(1) |
Restructuring expenses related to organizational changes |
(2) |
Depreciation and amortization associated with purchase price accounting |
(3) |
Mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives |
(4) |
Remeasurement of contingent consideration related to the ImThera acquisition |
(5) |
SNIA environmental liability, legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, cybersecurity incident costs net of insurance reimbursement, Medical Device Regulation ("MDR") costs, and R&D tax incentive |
(6) |
Non-cash expenses associated with stock-based compensation costs |
(7) |
The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments |
(8) |
Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities |
• |
Numbers may not add precisely due to rounding. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
( |
|
|||||||||||||||||||
|
|
Specified Items |
|
|||||||||||||||||
Three Months Ended
|
GAAP Financial Measures |
Restructuring Expenses (1) |
Depreciation and Amortization Expenses (2) |
Financing Transactions (3) |
Contingent Consideration (4) |
Certain Legal & Regulatory Costs (5) |
Stock-based Compensation Costs (6) |
Certain Tax Adjustments (7) |
Certain Interest Adjustments (8) |
Adjusted Financial Measures |
||||||||||
Cost of sales |
|
|
$— |
|
( |
) |
$— |
|
|
|
$— |
|
( |
) |
$— |
|
$— |
|
|
|
Gross profit percent |
70.3 |
% |
— |
% |
0.6 |
% |
— |
% |
(0.1 |
)% |
— |
% |
0.1 |
% |
— |
% |
— |
% |
71.0 |
% |
Selling, general, and administrative |
129.9 |
|
— |
|
(2.6 |
) |
— |
|
— |
|
(6.1 |
) |
(7.8 |
) |
— |
|
— |
|
113.3 |
|
Selling, general, and administrative as a percent of net revenue |
44.0 |
% |
— |
% |
(0.9 |
)% |
— |
% |
— |
% |
(2.1 |
)% |
(2.7 |
)% |
— |
% |
— |
% |
38.4 |
% |
Research and development |
45.7 |
|
— |
|
— |
|
— |
|
— |
|
(0.8 |
) |
(2.0 |
) |
— |
|
— |
|
42.9 |
|
Research and development as a percent of net revenue |
15.5 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
(0.3 |
)% |
(0.7 |
)% |
— |
% |
— |
% |
14.5 |
% |
Other operating expense |
15.6 |
|
(9.2 |
) |
— |
|
— |
|
— |
|
(6.4 |
) |
— |
|
— |
|
— |
|
— |
|
Operating income |
16.2 |
|
9.2 |
|
4.3 |
|
— |
|
(0.1 |
) |
13.2 |
|
10.2 |
|
— |
|
— |
|
53.1 |
|
Operating margin percent |
5.5 |
% |
3.1 |
% |
1.5 |
% |
— |
% |
— |
% |
4.5 |
% |
3.5 |
% |
— |
% |
— |
% |
18.0 |
% |
Net (loss) income |
(41.9 |
) |
9.2 |
|
4.3 |
|
40.3 |
|
(0.1 |
) |
13.2 |
|
10.2 |
|
(2.8 |
) |
7.6 |
|
40.0 |
|
Net (loss) income as a percent of net revenue |
(14.2 |
)% |
3.1 |
% |
1.5 |
% |
13.7 |
% |
— |
% |
4.5 |
% |
3.5 |
% |
(1.0 |
)% |
2.6 |
% |
13.6 |
% |
Diluted EPS |
( |
) |
|
|
|
|
|
|
$— |
|
|
|
|
|
( |
) |
|
|
|
|
GAAP results for the three months ended |
|
(1) |
Restructuring expenses related to organizational changes |
(2) |
Depreciation and amortization associated with purchase price accounting |
(3) |
Loss on debt extinguishment, as well as mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives |
(4) |
Remeasurement of contingent consideration related to the ImThera acquisition |
(5) |
3T Heater-Cooler litigation provision, cybersecurity incident costs, legal expenses primarily related to 3T Heater-Cooler defense, costs related to the SNIA matter, and MDR costs |
(6) |
Non-cash expenses associated with stock-based compensation costs |
(7) |
The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments |
(8) |
Interest expense on the Term Facilities, non-cash interest expense on the 2025 and 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities |
• |
Numbers may not add precisely due to rounding. |
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED |
||||||
( |
||||||
|
|
|
|
|
||
ASSETS |
|
|
|
|
||
Current Assets: |
|
|
|
|
||
Cash and cash equivalents |
|
|
|
|
||
Restricted cash |
|
— |
|
|
294.7 |
|
Accounts receivable, net of allowance |
|
202.1 |
|
|
193.2 |
|
Inventories |
|
154.0 |
|
|
147.6 |
|
Prepaid and refundable taxes |
|
29.3 |
|
|
30.5 |
|
Prepaid expenses and other current assets |
|
47.3 |
|
|
32.4 |
|
Total Current Assets |
|
1,171.2 |
|
|
1,127.2 |
|
Property, plant, and equipment, net |
|
177.7 |
|
|
170.3 |
|
|
|
761.9 |
|
|
750.0 |
|
Intangible assets, net |
|
236.6 |
|
|
237.3 |
|
Operating lease assets |
|
48.2 |
|
|
46.8 |
|
Investments |
|
22.7 |
|
|
25.1 |
|
Deferred tax assets |
|
109.5 |
|
|
111.9 |
|
Long-term derivative assets |
|
17.2 |
|
|
23.7 |
|
Other assets |
|
13.9 |
|
|
14.1 |
|
Total Assets |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||
Current Liabilities: |
|
|
|
|
||
Current debt obligations |
|
|
|
|
|
|
Accounts payable |
|
87.6 |
|
|
69.7 |
|
Accrued liabilities and other |
|
108.4 |
|
|
118.5 |
|
SNIA environmental liability |
|
360.4 |
|
|
— |
|
Current litigation provision liability |
|
13.2 |
|
|
12.9 |
|
Taxes payable |
|
39.5 |
|
|
32.5 |
|
Accrued employee compensation and related benefits |
|
52.8 |
|
|
80.5 |
|
Total Current Liabilities |
|
741.6 |
|
|
392.1 |
|
Long-term debt obligations |
|
549.2 |
|
|
549.6 |
|
Contingent consideration |
|
85.1 |
|
|
84.2 |
|
Deferred tax liabilities |
|
10.6 |
|
|
10.9 |
|
Long-term operating lease liabilities |
|
40.3 |
|
|
40.1 |
|
Long-term employee compensation and related benefits |
|
13.0 |
|
|
12.8 |
|
Long-term derivative liabilities |
|
37.2 |
|
|
51.8 |
|
Other long-term liabilities |
|
47.3 |
|
|
44.5 |
|
Total Liabilities |
|
1,524.4 |
|
|
1,186.1 |
|
Total Stockholders’ Equity |
|
1,034.3 |
|
|
1,320.3 |
|
Total Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
• |
Numbers may not add precisely due to rounding. |
|
|
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED |
|
|
|
|
||
( |
|
Three Months Ended |
||||
|
|
2025 |
|
2024 |
||
Operating Activities: |
|
|
|
|
||
Net loss |
|
( |
) |
|
( |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
||
Remeasurement of derivative instruments |
|
(18.7 |
) |
|
11.6 |
|
Stock-based compensation |
|
7.8 |
|
|
10.2 |
|
Depreciation |
|
6.4 |
|
|
6.3 |
|
Amortization of debt issuance costs |
|
5.7 |
|
|
4.9 |
|
Amortization of intangible assets |
|
4.2 |
|
|
4.3 |
|
Amortization of operating lease assets |
|
4.0 |
|
|
2.5 |
|
Loss on investment revaluation - Ceribell, Inc. |
|
2.6 |
|
|
— |
|
Deferred income tax expense |
|
2.2 |
|
|
4.8 |
|
Remeasurement of contingent consideration to fair value |
|
0.9 |
|
|
(0.1 |
) |
Loss on debt extinguishment |
|
— |
|
|
25.5 |
|
Other |
|
— |
|
|
(0.5 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||
Accounts receivable, net |
|
(3.9 |
) |
|
2.0 |
|
Inventories |
|
(2.5 |
) |
|
(8.1 |
) |
Other current and non-current assets |
|
6.4 |
|
|
(8.9 |
) |
Accounts payable and accrued current and non-current liabilities |
|
(30.5 |
) |
|
(15.6 |
) |
Taxes payable |
|
5.9 |
|
|
6.9 |
|
SNIA environmental liability |
|
360.4 |
|
|
— |
|
Litigation provision liability |
|
0.2 |
|
|
6.2 |
|
Net cash provided by operating activities |
|
24.0 |
|
|
10.0 |
|
Investing Activities: |
|
|
|
|
||
Purchases of property, plant, and equipment |
|
(10.8 |
) |
|
(6.4 |
) |
Other |
|
0.2 |
|
|
— |
|
Net cash used in investing activities |
|
(10.6 |
) |
|
(6.4 |
) |
Financing Activities: |
|
|
|
|
||
Repayment of long-term debt obligations |
|
(4.4 |
) |
|
(234.4 |
) |
Proceeds from long-term debt obligations |
|
— |
|
|
335.5 |
|
Payment of debt extinguishment costs |
|
— |
|
|
(39.0 |
) |
Purchase of capped calls |
|
— |
|
|
(31.6 |
) |
Proceeds from unwind of capped calls |
|
— |
|
|
22.5 |
|
Payment of contingent consideration |
|
— |
|
|
(13.8 |
) |
Payment of debt issuance costs |
|
— |
|
|
(1.9 |
) |
Other |
|
— |
|
|
(0.3 |
) |
Net cash (used in) provided by financing activities |
|
(4.4 |
) |
|
37.1 |
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
6.0 |
|
|
(3.0 |
) |
Net increase in cash, cash equivalents, and restricted cash |
|
14.9 |
|
|
37.8 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
723.6 |
|
|
577.9 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
|
|
|
|
|
• |
Numbers may not add precisely due to rounding. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
( |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
2025 |
|
|
|
|
2024 |
|
|
|
||||||||
|
|
GAAP Financial Measures |
|
Certain Tax Adjustments |
|
Adjusted Financial Measures |
|
GAAP Financial Measures |
|
Certain Tax Adjustments |
|
Adjusted Financial Measures |
||||||
(Loss) income before tax |
|
( |
) |
|
$— |
|
|
|
|
|
( |
) |
|
$— |
|
|
|
|
Income tax expense |
|
11.7 |
|
|
3.7 |
|
|
15.4 |
|
|
7.7 |
|
|
2.8 |
|
|
10.5 |
|
Net (loss) income |
|
( |
) |
|
( |
) |
|
|
|
|
( |
) |
|
( |
) |
|
|
|
Income tax rate |
|
(3.7 |
)% |
|
|
|
24.2 |
% |
|
(22.6 |
)% |
|
|
|
20.8 |
% |
• |
Numbers may not add precisely due to rounding. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
( |
|
|
|
|
|
Three Months Ended
|
|
Net cash provided by operating activities |
|
|
|
Less: Purchases of plant, property, and equipment |
|
(10.8 |
) |
Less: Cybersecurity incident insurance proceeds |
|
(0.1 |
) |
Add: 3T Heater-Cooler litigation payments |
|
0.5 |
|
Add: SNIA financing costs |
|
6.5 |
|
Adjusted free cash flow |
|
|
|
• |
Numbers may not add precisely due to rounding. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED
( |
||||||||||||
|
|
Three Months Ended |
|
% Change |
|
Constant-Currency % Change |
||||||
|
|
2025 |
|
2024 |
|
|
||||||
GAAP net revenue |
|
|
|
|
|
7.4 |
% |
|
8.9 |
% |
||
Less: ACS (1) |
|
— |
|
|
4.1 |
|
|
(100.0 |
)% |
|
(100.0 |
)% |
Organic net revenue |
|
|
|
|
|
|
|
N/A |
|
|
10.4 |
% |
(1) |
Includes net revenue from the Company's former ACS reportable segment. |
• |
Numbers may not add precisely due to rounding. |
The following table presents the reconciliation of GAAP diluted weighted average shares outstanding, used in the computation of GAAP diluted net loss per common share, to adjusted diluted weighted average shares outstanding, used in the computation of adjusted diluted earnings per common share (in millions of shares):
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (shares in millions) |
||||||
|
|
Three Months Ended |
||||
|
|
2025 |
|
2024 |
||
GAAP diluted weighted average shares outstanding |
|
54.4 |
|
54.0 |
||
Add: Effects of stock-based compensation instruments |
|
0.3 |
|
|
0.4 |
|
Adjusted diluted weighted average shares outstanding |
|
54.7 |
|
|
54.4 |
|
• |
Numbers may not add precisely due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250507187752/en/
Vice President, Investor Relations
Phone: +1 281 895 2382
e-mail: InvestorRelations@livanova.com
Source: