LivaNova PLC Q4 FY2025 earnings call

• 2025 was strong with double-digit revenue growth, adjusted operating margin expansion, and cash generation. • Core businesses provide foundation for growth. • Focus on strategy including OSA, with Lucille Blaise appointed Global Head of Commercialization for OSA. • Epilepsy driven by clinical evidence, innovation, and commercial excellence. • Cardiopulmonary growth levers: market share gains, Essence upgrade cycle, recurring revenue streams. • Innovation in epilepsy with FDA approval of digital health platform, OSA PMA submission progress, RECOVER manuscript on DTD.

Cardiopulmonary: Q4 2025 revenue $207M (+10% vs 2024), full-year 2025 $785M (+13%). Full-year 2026 expected to grow 7%-8%. Epilepsy: Q4 2025 revenue +9% vs 2024, full-year 2025 +6%. Full-year 2026 expected 5.5%-6.5% growth.

• 2026 revenue growth 6%-7% on constant currency basis. • Adjusted effective tax rate ~23%. • Adjusted diluted EPS $4.15-$4.25. • Adjusted free cash flow $160M-$180M. • Q3 2026 SNIA payment ~$400M. • Cardiopulmonary 2026 growth 7%-8%, epilepsy 5.5%-6.5%.

Q: On 7%-8% growth for FY 2026, how about oxygenators vs HLM growth and tender shift.

A: Growth drivers same as 2025. Essence upgrades, market share gains, price. Tenders shifted from Q4 to 2026 fully recaptured in Q1.

Q: On epilepsy guide, baked in tailwinds.

A: Reimbursement improvement and CORE VNS study. Reimbursement close to 50% increase, CORE study shows durable seizure reduction.

Q: On OSA reimbursement and launch.

A: Comfortable with current coding, OSA has unmet needs.

Q: On sleep apnea investments in 2026.

A: R&D focus on PolySync, clinical trial device approval, commercial organization limited investment this year.