LivaNova (LIVN)

NASDAQHealth CareMedical - DevicesSnapshot 2026-10-23

$80.90-0.46%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge LivaNova’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+0.1%

+10% or more+5%0%−5%−10% or less

4.68 → 4.68 EPS · FY ending Dec 31, 2027 · 7 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 6 to 7; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	390.25M
EPS	—	1.055
FY 2026 · Annual
Revenue	—	1.52B
EPS	$4.3–$4.4non-GAAP	4.357
Revenue growth (constant currency)	8%–9%	—
FY 2027 · Annual
Revenue	—	1.63B
EPS	—	4.684

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Adjusted EPS of $4.20-$4.30 in 2026	Adjusted EPS is raised to $4.20-$4.30 for 2026.	Intact	Adjusted EPS falls below $4.20 in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Adjusted diluted EPS grew from $3.90 in 2025 to a raised guidance range of $4.30 to $4.40 for 2026. Quarterly adjusted EPS increased from $1.05 in 2025-Q2 to $1.26 in 2026-Q2, indicating delivering trajectory consistent with guidance increases. Delivery assessment Oct 24, 2026
Free cash flow of $160-$180 million in 2026	The company shows solid free cash flow of $160-$180 million.	Intact	Free cash flow falls below $160 million in FY26	Free cash flow: $35.038M FY2026-Q2; GAAP. Published target: $160-$180 million. Target period is not explicitly aligned with this observation. Source published Aug 5, 202635,038,000 USD · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth of 7-8% in 2026	A primary condition in LivaNova's published investment case. The stated target is 7-8% YoY.	Intact	YoY revenue growth falls below 7% in FY26	Revenue growth: 10.8% FY2026-Q2; GAAP. Published target: 7-8% YoY. Target period is not explicitly aligned with this observation. Source published Aug 5, 202610.797279 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 2c422688-a21e-410e-b69b-9ef6a05e5f7f. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Revenue grew from $1.388 billion in 2025 to $390.6 million in 2026-Q2, a 10.8% reported increase and 9.8% constant-currency growth year-over-year. Management has raised 2026 revenue growth guidance from 6-7% to 8-9%, reflecting delivering and upward trajectory. Delivery assessment Oct 24, 2026
Maintain valuation discount to peers with PE below 25	Its valuation is cheap versus peers with a PE of 21.65 versus 36.52.	Intact	PE rises above 25 without earnings growth	P/E (TTM): 21.12x As of 2026-10-23; trailing twelve months. The target timing and basis require a separate assessment. Market data as of Oct 23, 202621.1227 ratio · calculatedLast status assessment Oct 24, 2026 Measurement source consolidated · TTM valuation Period ending Oct 23, 2026 Source: mart.stock_valuation_daily. Reference: LIVN:2026-10-23. Source status: canonical calculation. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$4.68

$4.63 → $4.68 · observed estimates

FY2027 revenue$1.63B

$1.62B → $1.63B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$4.63	$1,617,837,181	6 / 8
2026-07-25	$4.63	$1,617,837,181	6 / 8
2026-07-26	$4.63	$1,614,403,000	9 / 10
2026-07-27	$4.63	$1,614,403,000	9 / 10
2026-07-28	$4.63	$1,617,831,837	7 / 8
2026-07-29	$4.63	$1,614,403,000	9 / 10
2026-07-30	$4.63	$1,614,403,000	9 / 10
2026-07-31	$4.63	$1,614,403,000	9 / 10
2026-08-01	$4.63	$1,617,831,837	7 / 8
2026-08-02	$4.63	$1,614,403,000	9 / 10
2026-08-03	$4.63	$1,614,403,000	9 / 10
2026-08-04	$4.63	$1,614,403,000	9 / 10
2026-08-05	$4.63	$1,614,403,000	9 / 10
2026-08-06	$4.63	$1,617,831,837	7 / 8
2026-08-07	$4.68	$1,630,534,556	7 / 8
2026-08-08	$4.68	$1,627,380,000	9 / 10
2026-08-09	$4.68	$1,627,380,000	9 / 10
2026-08-10	$4.68	$1,630,534,556	7 / 8
2026-08-12	$4.68	$1,627,370,000	9 / 10
2026-08-13	$4.68	$1,627,370,000	9 / 10
2026-08-14	$4.68	$1,630,534,556	7 / 8
2026-08-15	$4.68	$1,630,534,556	7 / 8
2026-08-16	$4.68	$1,630,534,556	7 / 8
2026-08-17	$4.68	$1,630,534,556	7 / 8
2026-08-18	$4.68	$1,630,534,556	7 / 8
2026-08-19	$4.68	$1,630,534,556	7 / 8
2026-08-20	$4.68	$1,630,534,556	7 / 8
2026-08-21	$4.68	$1,633,656,778	7 / 8
2026-08-22	$4.68	$1,633,656,778	7 / 8
2026-08-23	$4.68	$1,633,656,778	7 / 8
2026-08-24	$4.68	$1,633,656,778	7 / 8
2026-08-25	$4.68	$1,633,656,778	7 / 8
2026-08-26	$4.68	$1,633,656,778	7 / 8
2026-08-27	$4.68	$1,633,656,778	7 / 8
2026-08-28	$4.68	$1,633,656,778	7 / 8
2026-08-29	$4.68	$1,633,656,778	7 / 8
2026-08-30	$4.68	$1,633,656,778	7 / 8
2026-08-31	$4.68	$1,633,656,778	7 / 8
2026-09-01	$4.68	$1,633,656,778	7 / 8
2026-09-02	$4.68	$1,633,656,778	7 / 8
2026-09-03	$4.68	$1,633,656,778	7 / 8
2026-09-04	$4.68	$1,633,656,778	7 / 8
2026-09-05	$4.68	$1,633,656,778	7 / 8
2026-09-06	$4.68	$1,633,656,778	7 / 8
2026-09-07	$4.68	$1,633,656,778	7 / 8
2026-09-08	$4.68	$1,633,656,778	7 / 8
2026-09-09	$4.68	$1,633,656,778	7 / 8
2026-09-10	$4.68	$1,633,656,778	7 / 8
2026-09-11	$4.68	$1,633,656,778	7 / 8
2026-09-12	$4.68	$1,633,656,778	7 / 8
2026-09-13	$4.68	$1,633,656,778	7 / 8
2026-09-14	$4.68	$1,633,656,778	7 / 8
2026-09-15	$4.68	$1,633,656,778	7 / 8
2026-09-16	$4.68	$1,633,656,778	7 / 8
2026-09-17	$4.68	$1,633,656,778	7 / 8
2026-09-18	$4.68	$1,633,656,778	7 / 8
2026-09-19	$4.68	$1,633,656,778	7 / 8
2026-09-20	$4.68	$1,633,656,778	6 / 8
2026-09-21	$4.68	$1,633,656,778	6 / 8
2026-09-22	$4.68	$1,633,656,778	6 / 8
2026-09-23	$4.68	$1,633,656,778	6 / 8
2026-09-24	$4.68	$1,633,656,778	6 / 8
2026-09-25	$4.68	$1,633,656,778	6 / 8
2026-09-26	$4.68	$1,633,656,778	6 / 8
2026-09-27	$4.68	$1,633,656,778	6 / 8
2026-09-28	$4.68	$1,633,656,778	6 / 8
2026-09-29	$4.68	$1,633,656,778	6 / 8
2026-09-30	$4.68	$1,633,656,778	6 / 8
2026-10-01	$4.68	$1,633,656,778	6 / 8
2026-10-02	$4.68	$1,633,656,778	6 / 8
2026-10-03	$4.68	$1,633,656,778	6 / 8
2026-10-04	$4.68	$1,633,656,778	6 / 8
2026-10-05	$4.68	$1,633,656,778	6 / 8
2026-10-06	$4.68	$1,633,656,778	6 / 8
2026-10-07	$4.68	$1,633,656,778	6 / 8
2026-10-08	$4.68	$1,633,656,778	7 / 8
2026-10-09	$4.68	$1,633,656,778	7 / 8
2026-10-10	$4.68	$1,633,656,778	7 / 8
2026-10-11	$4.68	$1,633,656,778	7 / 8
2026-10-12	$4.68	$1,633,656,778	7 / 8
2026-10-13	$4.68	$1,633,656,778	7 / 8
2026-10-14	$4.68	$1,633,650,878	7 / 8
2026-10-15	$4.68	$1,633,650,878	7 / 8
2026-10-16	$4.68	$1,633,650,878	7 / 8
2026-10-17	$4.68	$1,633,650,878	7 / 8
2026-10-18	$4.68	$1,633,650,878	7 / 8
2026-10-19	$4.68	$1,633,650,878	7 / 8
2026-10-20	$4.68	$1,633,650,878	7 / 8
2026-10-21	$4.68	$1,633,650,878	7 / 8
2026-10-22	$4.68	$1,633,650,878	7 / 8
2026-10-23	$4.68	$1,633,650,878	7 / 8
2026-10-24	$4.68	$1,633,650,878	7 / 8

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	8	3	0
2026-06-01	8	2	1
2026-07-01	8	2	1
2026-08-01	8	2	1
2026-09-01	8	2	0
2026-10-01	9	2	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 9 Buy / Strong Buy · 2 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

BarclaysOct 6 · prior May 7

$76.00 → $105.00+38.2%

$0$57.75$115.50

1 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Adjusted EPS of $4.20-$4.30 in 2026Direct metric needs a verified mapping
Free cash flow of $160-$180 million in 2026Free cash flow: $35.038M
Revenue growth of 7-8% in 2026Revenue growth: 10.8%
Maintain valuation discount to peers with PE below 25P/E (TTM): 21.12x

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.1%Typical daily move · historical

Downside history

-18.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

LivaNova outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a growth-oriented medical technology business with recent strong financial performance, but it is still loss-making. The long-term thesis is intact, though its signal has softened from favorable to mildly favorable.

What's priced into LivaNova

The evidence describes valuation as cheap versus peers, with expectations slightly below the model’s central view and no major fragility flags. That suggests the market is not assuming flawless execution, but valuation evidence has only medium confidence.

What the fundamentals likely do

Near term, revenue growth and adjusted earnings are tracking management’s raised 2026 guidance, supported by recent quarterly earnings beats. Adjusted free cash flow guidance is lower than the prior year, and a weakening jobs backdrop could add risk; the recent miss probability is described as low.

What LivaNova hinges on

The multi-year case depends on sustaining revenue growth and delivering the raised adjusted earnings outlook while managing investment needs and cash flow. Near term, a guidance reversal or stronger results from healthcare peers could support the backdrop, while weaker employment data or renewed execution problems could weigh on cyclical healthcare businesses.