v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay vs. Performance Table
Year
Summary
Compensation
Table
Total for
Current
PEO
(1)
Compensation
Actually
Paid to
Current
PEO
(2)
Summary
Compensation
Table
Total for
Former
Interim
PEO
Compensation
Actually
Paid to
Former
Interim
PEO
Summary
Compensation
Table
Total for
Former
PEO
Compensation
Actually
Paid to
Former
PEO
Average
Summary
Compensation
Table
Total for
Non-PEO
NEOs
(3)
Average
Compensation
Actually
Paid to
Non-PEO
NEOs
(4)
Value of Initial
Fixed $100
Investment Based On:
Net
Income
(millions)
(7)
Adjusted
Operating
Income
(millions)
(8)
Total
Shareholder
Return
(5)
Peer
Group
Total
Shareholder
Return
(6)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(f)
(g)
(h)
(i)
(j)
(k)
2025
$ 8,047,217 $ 15,149,268 N/A N/A N/A N/A $ 2,672,019 $ 4,762,800 $ 92.93 $ 126.87 -$ 242.5 $ 286.1
2024
$ 9,710,672 $ 8,156,702 $ 827,104 $ 830,868 N/A N/A $ 2,544,386 $ 1,937,356 $ 69.94 $ 117.15 $ 63.2 $ 239.2
2023
N/A N/A $ 3,060,725 $ 3,032,476 $ 8,210,339 -$ 7,774,065 $ 2,855,745 $ 2,417,932 $ 78.15 $ 105.60 $ 17.6 $ 169.3
2022
N/A N/A N/A N/A $ 8,565,545 -$ 2,575,035 $ 2,076,241 $ 178,933 $ 83.88 $ 96.84 -$ 86.2 $ 145.1
2021
N/A N/A N/A N/A $ 10,080,644 $ 15,281,126 $ 2,161,897 $ 3,038,616 $ 132.05 $ 119.35 -$ 135.8 $ 154.8
(1)
Amounts reflect the total compensation reported for Mr. Makatsaria in the “Total” column in the “Summary Compensation Table” for 2025.
(2)
Amounts represent “compensation actually paid” to Mr. Makatsaria by applying the following adjustments to Mr. Makatsaria’s total compensation for each year, as computed in accordance with Item 402(v). Amounts do not reflect actual compensation earned by or paid to Mr. Makatsaria during the applicable year.
Year
Reported Summary
Compensation
Table Total for
Current PEO
Reported Value of
Equity Awards
(a)
Change in
Pension Value
Equity Award
Adjustments
(b)
Compensation
Actually
Paid to
Current PEO
2025
$ 8,047,217 $ (5,678,091) $ 12,780,142 $ 15,149,268
(a)
Amounts reflect the aggregate grant-date fair value of awards reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments reflected in this column were calculated as follows:
Year
Year End
Fair Value
of Outstanding
and Unvested
Equity Awards
Granted in the
Year
Change in
Fair Value of
Equity Awards
Granted in Prior
Years that
Remain
Outstanding
and Unvested
as of Year
End
Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
Change in
Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
Fair Value
at the End of
the Prior Year
of Equity
Awards that
Failed to
Meet Vesting
Conditions
in the Year
Value of
Dividends
or other
Earnings Paid
on Stock or
Option Awards
not Otherwise
Reflected in
Fair Value
or Total
Compensation
Total
Equity Award
Adjustments
2025
$ 10,542,801 $ 2,403,086 $ (165,745) $ 12,780,142
In accordance with the requirements of Item 402(v) of Regulation S-K, the fair values of unvested and outstanding equity awards held by the Company’s NEOs were remeasured as of the end of each fiscal year, and as of each vesting date, during 2025. For options, the fair values as of each measurement date were determined using a binomial lattice model, with assumptions and methodologies regarding volatility, dividend yield, and risk-free rates that are generally consistent with those used to estimate fair value at grant under generally accepted accounting principles. The range of estimates used in the option fair value calculations for 2025 are as follows: (i) remaining option contractual life between 6 years – 9.25 years, volatility between 40% – 44%, dividend yield of 0%, and risk-free rate between 3.8% – 4.3%. For relative TSR PSUs, the fair values as of each measurement date (prior to the end of the performance period) were determined using a Monte Carlo simulation pricing model. For Adjusted Free Cash Flow PSUs (“FCF PSUs”) and Return on Invested Capital PSUs (“ROIC PSUs”), the fair values reflect the probable outcome of the performance vesting conditions as of each measurement date that are consistent with those used to calculate the grant date fair value of such awards, with an estimated payout factor between 0 and 200% of the target shares.
(3)
Amounts reflect the total compensation reported for LivaNova’s NEOs (excluding Mr. Makatsaria who is currently serving as PEO, Mr. Kozy who served as interim PEO for parts of 2023 and 2024, and Mr. McDonald who served as PEO in 2021, 2022, and part of 2023) in the “Total” column in the “Summary Compensation Table” for each corresponding year. The NEOs whose compensation was included for purposes of calculating the average amounts in each applicable year in this column are as follows: (i) for 2025, Messrs. Shvartsburg, Hutchinson, and Tezel, and Ms. Kozmina; (ii) for 2024, Messrs. Shvartsburg, Hutchinson, Poletti, and Tezel and Ms. Hebbelinck, (iii) for 2023, Messrs. Shvartsburg, Dolci, and Hutchinson, and Ms. Hebbelinck; (iv) for 2022, Messrs. Shvartsburg and Dolci and Mses. Skeffington and Hebbelinck; and (v) for 2021, Messrs. Shvartsburg and Dolci and Mses. Skeffington and Hebbelinck.
(4)
Amounts represent average “compensation actually paid” to the non-CEO NEOs as a group by applying the following adjustments to each NEO’s total compensation for each year, as computed in accordance with Item 402(v). The dollar amounts do not reflect the actual amount of compensation earned by or paid to each NEO during the applicable year.
Year
Average
Reported
Summary
Compensation
Table Total for
Non-PEO
NEOs
Average
Reported Value
of Equity
Awards
Average
Equity Award
Adjustments
(a)
Average
Compensation
Actually Paid
to Non-PEO
NEOs
2025
$ 2,672,019 $ (1,596,064) $ 3,686,845 $ 4,762,800
(a)
The equity award adjustments reflected in this column were calculated as follows:
Year
Year End
Fair Value
of Outstanding
and Unvested
Equity Awards
Granted in
the Year
Change in
Fair Value
of Equity
Awards
Granted in
Prior Years
that Remain
Outstanding
and Unvested
as of Year End
Fair Value
as of Vesting
Date of
Equity
Awards
Granted
and Vested
in the Year
Change in
Fair Value of
Equity Awards
Granted in
Prior Years
that Vested
in the Year
Fair Value
at the End
of the Prior
Year of Equity
Awards that
Failed to
Meet Vesting
Conditions
in the Year
Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value
or Total
Compensation
Total
Equity
Award
Adjustments
2025
$ 2,927,965 $ 800,734 $ (41,854) $ $ 3,686,845
(5)
The amounts in this column assume the investment of $100 on December 31, 2020 in LivaNova’s common shares traded on the Nasdaq and the reinvestment of all dividends since that date.
(6)
The amounts in this column assume the investment of $100 on December 31, 2020 in the S&P Healthcare Equipment Index, the peer group used for purposes of the Company’s performance graph pursuant to Item 201(e) of Regulation S-K, and the reinvestment of all dividends since that date.
(7)
Amounts reflect the Company’s net income as reported in its audited financial statements for the applicable year.
(8)
Amounts reflect Adjusted Operating Income as the Company-Selected Measure. The Company defines Adjusted Operating Income as net income at reported currency exchange rates, after adjustments for the effects of acquisitions, divestitures, restructuring, integration, product remediation, purchase price allocation and intangible amortization, significant litigation, equity compensation, significant non-cash adjustments, and other infrequent, unusual, or non-recurring items not incurred in the ordinary course of business.
       
Company Selected Measure Name Adjusted Operating Income        
Named Executive Officers, Footnote (3)
Amounts reflect the total compensation reported for LivaNova’s NEOs (excluding Mr. Makatsaria who is currently serving as PEO, Mr. Kozy who served as interim PEO for parts of 2023 and 2024, and Mr. McDonald who served as PEO in 2021, 2022, and part of 2023) in the “Total” column in the “Summary Compensation Table” for each corresponding year. The NEOs whose compensation was included for purposes of calculating the average amounts in each applicable year in this column are as follows: (i) for 2025, Messrs. Shvartsburg, Hutchinson, and Tezel, and Ms. Kozmina; (ii) for 2024, Messrs. Shvartsburg, Hutchinson, Poletti, and Tezel and Ms. Hebbelinck, (iii) for 2023, Messrs. Shvartsburg, Dolci, and Hutchinson, and Ms. Hebbelinck; (iv) for 2022, Messrs. Shvartsburg and Dolci and Mses. Skeffington and Hebbelinck; and (v) for 2021, Messrs. Shvartsburg and Dolci and Mses. Skeffington and Hebbelinck.
       
Peer Group Issuers, Footnote (6)
The amounts in this column assume the investment of $100 on December 31, 2020 in the S&P Healthcare Equipment Index, the peer group used for purposes of the Company’s performance graph pursuant to Item 201(e) of Regulation S-K, and the reinvestment of all dividends since that date.
       
PEO Total Compensation Amount $ 8,047,217        
PEO Actually Paid Compensation Amount $ 15,149,268        
Adjustment To PEO Compensation, Footnote (1)
Amounts reflect the total compensation reported for Mr. Makatsaria in the “Total” column in the “Summary Compensation Table” for 2025.
(2)
Amounts represent “compensation actually paid” to Mr. Makatsaria by applying the following adjustments to Mr. Makatsaria’s total compensation for each year, as computed in accordance with Item 402(v). Amounts do not reflect actual compensation earned by or paid to Mr. Makatsaria during the applicable year.
​​
Year
Reported Summary
Compensation
Table Total for
Current PEO
Reported Value of
Equity Awards
(a)
Change in
Pension Value
Equity Award
Adjustments
(b)
Compensation
Actually
Paid to
Current PEO
2025
$ 8,047,217 $ (5,678,091) $ 12,780,142 $ 15,149,268
(a)
Amounts reflect the aggregate grant-date fair value of awards reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments reflected in this column were calculated as follows:
Year
Year End
Fair Value
of Outstanding
and Unvested
Equity Awards
Granted in the
Year
Change in
Fair Value of
Equity Awards
Granted in Prior
Years that
Remain
Outstanding
and Unvested
as of Year
End
Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
Change in
Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
Fair Value
at the End of
the Prior Year
of Equity
Awards that
Failed to
Meet Vesting
Conditions
in the Year
Value of
Dividends
or other
Earnings Paid
on Stock or
Option Awards
not Otherwise
Reflected in
Fair Value
or Total
Compensation
Total
Equity Award
Adjustments
2025
$ 10,542,801 $ 2,403,086 $ (165,745) $ 12,780,142
       
Non-PEO NEO Average Total Compensation Amount $ 2,672,019 $ 2,544,386 $ 2,855,745 $ 2,076,241 $ 2,161,897
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,762,800 1,937,356 2,417,932 178,933 3,038,616
Adjustment to Non-PEO NEO Compensation Footnote (4)
Amounts represent average “compensation actually paid” to the non-CEO NEOs as a group by applying the following adjustments to each NEO’s total compensation for each year, as computed in accordance with Item 402(v). The dollar amounts do not reflect the actual amount of compensation earned by or paid to each NEO during the applicable year.
​​
Year
Average
Reported
Summary
Compensation
Table Total for
Non-PEO
NEOs
Average
Reported Value
of Equity
Awards
Average
Equity Award
Adjustments
(a)
Average
Compensation
Actually Paid
to Non-PEO
NEOs
2025
$ 2,672,019 $ (1,596,064) $ 3,686,845 $ 4,762,800
(a)
The equity award adjustments reflected in this column were calculated as follows:
Year
Year End
Fair Value
of Outstanding
and Unvested
Equity Awards
Granted in
the Year
Change in
Fair Value
of Equity
Awards
Granted in
Prior Years
that Remain
Outstanding
and Unvested
as of Year End
Fair Value
as of Vesting
Date of
Equity
Awards
Granted
and Vested
in the Year
Change in
Fair Value of
Equity Awards
Granted in
Prior Years
that Vested
in the Year
Fair Value
at the End
of the Prior
Year of Equity
Awards that
Failed to
Meet Vesting
Conditions
in the Year
Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value
or Total
Compensation
Total
Equity
Award
Adjustments
2025
$ 2,927,965 $ 800,734 $ (41,854) $ $ 3,686,845
       
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between Compensation Actually Paid (“CAP”) for CEOs and Non-CEO NEOs (Average) vs. Cumulative TSR of Company and the Peer Group
[MISSING IMAGE: bc_capvstsr-pn.jpg]
       
Compensation Actually Paid vs. Net Income
Relationship Between Compensation Actually Paid for CEOs and Non-CEO NEOs (Average) vs. Net Income
[MISSING IMAGE: bc_capvsnetincome-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
Relationship Between Compensation Actually Paid for CEOs and Non-CEO NEOs (Average) vs. Adjusted Operating Income
[MISSING IMAGE: bc_capvsnetadjust-pn.jpg]
       
Total Shareholder Return Vs Peer Group
Relationship Between Compensation Actually Paid (“CAP”) for CEOs and Non-CEO NEOs (Average) vs. Cumulative TSR of Company and the Peer Group
[MISSING IMAGE: bc_capvstsr-pn.jpg]
       
Tabular List, Table
Most Important Company Performance Measures for Determining Executive Compensation
The most important financial performance measures used by LivaNova to link executive compensation to company performance during fiscal year 2025 were:

Net Sales
Adjusted Operating Income
Relative TSR
Free Cash Flow
Return on Invested Capital
       
Total Shareholder Return Amount $ 92.93 69.94 78.15 83.88 132.05
Peer Group Total Shareholder Return Amount 126.87 117.15 105.6 96.84 119.35
Net Income (Loss) $ (242,500,000) $ 63,200,000 $ 17,600,000 $ (86,200,000) $ (135,800,000)
Company Selected Measure Amount 286,100,000 239,200,000 169,300,000 145,100,000 154,800,000
PEO Name Mr. Makatsaria        
Equity Awards Adjustments, Footnote
Year
Year End
Fair Value
of Outstanding
and Unvested
Equity Awards
Granted in the
Year
Change in
Fair Value of
Equity Awards
Granted in Prior
Years that
Remain
Outstanding
and Unvested
as of Year
End
Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
Change in
Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year
Fair Value
at the End of
the Prior Year
of Equity
Awards that
Failed to
Meet Vesting
Conditions
in the Year
Value of
Dividends
or other
Earnings Paid
on Stock or
Option Awards
not Otherwise
Reflected in
Fair Value
or Total
Compensation
Total
Equity Award
Adjustments
2025
$ 10,542,801 $ 2,403,086 $ (165,745) $ 12,780,142
Year
Year End
Fair Value
of Outstanding
and Unvested
Equity Awards
Granted in
the Year
Change in
Fair Value
of Equity
Awards
Granted in
Prior Years
that Remain
Outstanding
and Unvested
as of Year End
Fair Value
as of Vesting
Date of
Equity
Awards
Granted
and Vested
in the Year
Change in
Fair Value of
Equity Awards
Granted in
Prior Years
that Vested
in the Year
Fair Value
at the End
of the Prior
Year of Equity
Awards that
Failed to
Meet Vesting
Conditions
in the Year
Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value
or Total
Compensation
Total
Equity
Award
Adjustments
2025
$ 2,927,965 $ 800,734 $ (41,854) $ $ 3,686,845
       
Share based Compensation Arrangement By Share based Payment Award Fair Value Assumptions Expected Term1 Minimum 6 years        
Share based Compensation Arrangement By Share based Payment Award Fair Value Assumptions Expected Term1 Maximum 9 years 3 months        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum 40.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum 44.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate 0.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum 3.80%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum 4.30%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Payout Rate, Minimum 0.00%        
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Payout Rate, Maximum 200.00%        
Measure:: 1          
Pay vs Performance Disclosure          
Name Net Sales        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted Operating Income        
Non-GAAP Measure Description (8)
Amounts reflect Adjusted Operating Income as the Company-Selected Measure. The Company defines Adjusted Operating Income as net income at reported currency exchange rates, after adjustments for the effects of acquisitions, divestitures, restructuring, integration, product remediation, purchase price allocation and intangible amortization, significant litigation, equity compensation, significant non-cash adjustments, and other infrequent, unusual, or non-recurring items not incurred in the ordinary course of business.
       
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 4          
Pay vs Performance Disclosure          
Name Free Cash Flow        
Measure:: 5          
Pay vs Performance Disclosure          
Name Return on Invested Capital        
Mr. Makatsaria [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 8,047,217 $ 9,710,672      
PEO Actually Paid Compensation Amount 15,149,268 8,156,702      
Mr. Kozy [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount   827,104 $ 3,060,725    
PEO Actually Paid Compensation Amount   $ 830,868 3,032,476    
Mr.McDonald [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount     8,210,339 $ 8,565,545 $ 10,080,644
PEO Actually Paid Compensation Amount     $ (7,774,065) $ (2,575,035) $ 15,281,126
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,678,091)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 12,780,142        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,542,801        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,403,086        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (165,745)        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,596,064)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,686,845        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,927,965        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 800,734        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (41,854)        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount