LivaNova

LIVN

Medical - Devices · Healthcare

Price

$80.70

-1.09 (-1.33%)

Market Cap

$4.43B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+7.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 50.6M (2021) → 54.5M (2025)

LivaNova PLC, a medical device company, designs, develops, manufactures, and sells therapeutic solutions worldwide. It operates through three segments: Cardiopulmonary, Neuromodulation, and Advanced Circulatory Support. The Cardiopulmonary segment develops, produces, and sells cardiopulmonary products, including oxygenators, heart-lung machines, autotransfusion systems, perfusion tubing systems, cannulae, connect, and other related products. The Neuromodulation segment designs, develops, and mar

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+106.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$186M/ year

→ Flat (+2% vs prior year)

13.4% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

0.5%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$540M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

LivaNova is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

67.6%

Premium pricing power — 67.6% gross margin

Operating Margin

14.4%

Healthy — 14.4% operating margin

ROCE

3.4%

Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+12.4%

Fast-growing sales (12.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

229%

Turns 229% of profit into real cash

FCF Margin

11.2%

Modest free cash flow (11.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.28

Conservative — low debt load (0.28)

Interest Cover

3.96x

Tight — interest eats into profit (4.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

41.0x

Pricey — P/E 41.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+25.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (41.0 → 15.9)

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Dividends

Not applicable for this business.

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