v3.26.3
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information
Note 11. Segment and Geographic Information
Segment Information
LivaNova identifies operating segments based on how it manages, evaluates, and internally reports its business activities to allocate resources, develop and execute its strategy, and assess performance. LivaNova has two reportable segments: Cardiopulmonary and Neuromodulation.
LivaNova’s Cardiopulmonary segment is engaged in the design, development, manufacture, marketing, and sale of cardiopulmonary products, including HLMs, oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and other related accessories, and provides services related to certain of these products.
LivaNova’s Neuromodulation segment is engaged in the design, development, manufacture, marketing, and sale of devices that deliver neuromodulation therapy for treating DRE and DTD. Neuromodulation products include the VNS Therapy System, which consists of an implantable pulse generator, a lead that connects the generator to the vagus nerve, and other accessories. This segment also includes the design and development of neurostimulation devices for treating OSA.
The following table presents net revenue by operating segment and geographic region (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Cardiopulmonary
United States$80,407 $71,946 $222,479 $204,023 
Europe (1)
57,061 50,052 176,324 143,605 
Rest of World (1)
87,836 81,220 256,732 231,182 
225,304 203,218 655,535 578,810 
Neuromodulation
United States130,737 118,390 372,693 343,950 
Europe (1)
16,608 14,521 54,814 47,445 
Rest of World (1)
18,782 16,614 57,353 48,693 
166,127 149,525 484,860 440,088 
Other revenue (2)
1,717 5,010 5,598 8,234 
Total Company
United States211,144 190,447 595,172 548,085 
Europe (1)
73,671 67,683 231,140 194,160 
Rest of World (1)
108,333 99,623 319,681 284,887 
$393,148 $357,753 $1,145,993 $1,027,132 
(1)“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates.
(2)“Other revenue” includes rental and site services income not allocated to segments. In addition, for the three and nine months ended September 30, 2025, “Other revenue” includes $3.1 million from a reduction in the reserve associated with the Italian MedTech payback measure related to product sales of previously divested businesses. For additional information, refer to “Note 6. Commitments and Contingencies.”
LivaNova defines segment income as operating income before restructuring expense, amortization of intangible assets, the Saluggia site provision, merger and integration expense, and other income and expense not allocated to segments. Other income and expense not allocated to segments primarily includes corporate expense and rental income. LivaNova’s CODM is the Company’s CEO, who is regularly provided the results comprising segment income to make strategic business decisions, including, but not limited to, evaluation of the Company’s business portfolio, R&D investment decisions, and consideration of the Company’s organizational structure.
The following table presents a reconciliation of segment income to consolidated income (loss) before income tax (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Cardiopulmonary$7,578 $24,698 $65,797 $80,796 
Neuromodulation62,134 56,185 167,223 164,558 
Segment income69,712 80,883 233,020 245,354 
Other expense(41,287)(26,871)(113,640)(88,542)
Operating income28,425 54,012 119,380 156,812 
SNIA environmental liability expense— (1,745)— (363,815)
Interest expense (1)
(7,952)(10,863)(23,419)(41,080)
Foreign exchange and other income/(expense)26,301 (7,493)(3,223)(332)
Income (loss) before income tax$46,774 $33,911 $92,738 $(248,415)
(1)“Interest expense” includes contractual interest expense associated with LivaNova’s short- and long-term financing arrangements and the amortization of debt discount and issuance costs of $5.1 million and $5.9 million for the three months ended September 30, 2026 and 2025, respectively, and $14.8 million and $17.3 million for the nine months ended September 30, 2026 and 2025, respectively.
The following table presents the components of segment income, including significant expenses, of LivaNova’s reportable segments (in thousands):
CardiopulmonaryNeuromodulation
Three Months Ended
September 30,		Three Months Ended
September 30,
2026202520262025
Net revenue$225,304 $203,218 $166,127 $149,525 
Less:
Cost of sales104,486 98,088 18,425 12,693 
Selling, general, and administrative61,384 58,580 55,857 49,937 
Research and development17,843 18,108 29,711 30,710 
3T litigation provision34,013 3,744 — — 
$7,578 $24,698 $62,134 $56,185 
CardiopulmonaryNeuromodulation
Nine Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Net revenue$655,535 $578,810 $484,860 $440,088 
Less:
Cost of sales302,680 278,473 47,101 40,848 
Selling, general, and administrative187,698 168,551 165,044 148,604 
Research and development54,014 46,617 105,492 86,078 
3T litigation provision45,346 4,373 — — 
$65,797 $80,796 $167,223 $164,558 
The following table presents assets by reportable segment (in thousands):
September 30, 2026December 31, 2025
Cardiopulmonary$1,082,181 $1,045,189 
Neuromodulation650,257 639,742 
Other assets (1)
980,686 921,122 
$2,713,124 $2,606,053 
(1)“Other assets” primarily include corporate assets not allocated to segments.
The following table presents capital expenditures by segment (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Cardiopulmonary$12,311 $9,495 $35,251 $23,431 
Neuromodulation7,217 4,738 23,840 10,988 
Other capital expenditures (1)
9,763 9,151 21,458 16,642 
$29,291 $23,384 $80,549 $51,061 
(1)“Other capital expenditures” primarily includes corporate capital expenditures not allocated to segments.
The following table presents changes in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2026 (in thousands):
CardiopulmonaryNeuromodulationTotal
December 31, 2025$394,086 $398,754 $792,840 
Foreign currency adjustments(14,035)— (14,035)
September 30, 2026$380,051 $398,754 $778,805 
Geographic Information
The following table presents property, plant, and equipment, net by geographic region (in thousands):
September 30, 2026December 31, 2025
United States$102,492 $79,499 
Europe174,963 147,303 
Rest of World15,867 15,801 
$293,322 $242,603