LivaNova pairs defensible cardiopulmonary and VNS cash flows with a potentially transformative sleep-apnea platform, offering asymmetric upside despite legacy legal overhangs.
Overview
LivaNova is a global medtech company focused on cardiopulmonary and neuromodulation devices, with emerging upside from sleep apnea. FY2025 revenue was $1.39B, led by Cardiopulmonary at 56.6% and Neuromodulation at 42.7%, with the U.S. contributing 53% of sales. Essenz heart-lung systems, recurring surgical consumables, VNS implants, and the FDA-approved aura6000 sleep-apnea device create a mix of durable core cash flows and higher-growth clinical optionality supported by specialized product features, regulatory barriers, and strong clinical validation.