LivaNova PLC reported a net revenue of $1.25 billion for the fiscal year ending December 31, 2024, marking an increase of 8.7% from $1.15 billion in 2023. The company's gross profit rose to $870.9 million, up from $771.3 million in the previous year, reflecting a gross margin improvement driven by increased sales in both its Cardiopulmonary and Neuromodulation segments. Operating income for 2024 was $129.1 million, a significant recovery from an operating loss of $68.5 million in 2023, primarily due to improved revenue and reduced litigation provisions related to its 3T Heater-Cooler device.
The Cardiopulmonary segment generated $683.5 million in revenue, a 13.1% increase compared to 2023, driven by strong demand for consumables and the Essenz Perfusion System. The Neuromodulation segment also saw growth, with revenues of $554.2 million, up 6.6% from the previous year, although this was partially offset by a decline in European sales. The company’s total net income for 2024 was $63.2 million, compared to a net income of $17.5 million in 2023, indicating a positive trend in profitability.
Strategically, LivaNova underwent significant organizational changes, including the winding down of its ACS segment as part of its 2024 Restructuring Plan. This restructuring aimed to enhance focus on its core Cardiopulmonary and Neuromodulation segments. The company also completed the repurchase of $230 million of its 2025 Notes, funded by the issuance of $345 million in 2029 Notes, which is expected to improve its capital structure and reduce interest expenses moving forward.
Operationally, LivaNova reported a total employee headcount of approximately 2,900 as of December 31, 2024, with a diverse workforce across 31 countries. The company continues to invest in research and development, with R&D expenses amounting to $182.5 million, reflecting a strategic focus on innovation and product development. The company’s liquidity position improved, with cash and cash equivalents increasing to $428.9 million, up from $266.5 million in 2023, providing a solid foundation for future growth initiatives.
Looking ahead, LivaNova anticipates continued revenue growth driven by its innovative product offerings and strategic focus on core segments. However, the company remains cautious about potential market risks, including geopolitical instability, inflationary pressures, and ongoing supply chain challenges. The management is committed to maintaining operational efficiency and enhancing shareholder value through disciplined financial management and strategic investments in high-growth areas.
About LivaNova PLC
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