LivaNova Earnings: Brighter Prospects With New Management and Strategic Focus

LivaNova delivered fourth-quarter and full-year results that ran slightly ahead of our expectations on the top line and slightly below on the bottom line largely due to impairment charges. We’re leaving our fair value estimate unchanged. Full-year revenue increased 13% in constant currency, fueled by exceptional 18% growth in cardiopulmonary, as adoption of new heart-lung machine Essenz has ramped up. We anticipate this growth to moderate in 2024 as capital spending on those platforms softens.