The following is a summary of the LivaNova PLC (LIVN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• LivaNova reported Q1 revenue growth of 12%, 14% if excluding the wind down of the ACS segment.

• Cardiopulmonary segment revenue increased by 16% compared to Q1 2023.

• Epilepsy revenue rose by 11% as compared to Q1 2023.

• Adjusted gross margin increased to 71% from 69% due to favourable product mix and pricing.

• Adjusted operating income reached $53 million, a significant increase from $27 million in Q1 2023.

• Adjusted diluted earnings per share increased to $0.73 from $0.43 in Q1 2023.

• While the adjusted free cash flow for the quarter was down compared to the previous year, it still remained substantial at $11 million.

Business Progress:

• LivaNova achieved its fifth consecutive quarter of double-digit revenue growth.

• Growth in the epilepsy segment was driven by increases in both new and replacement implants.

• The addition of Ahmet Tezel as Chief Innovation Officer aims to drive further innovation.

• LivaNova is banking on product launches as a key growth driver, such as the Essenz heart-lung machine.

• The company is making strategic investments in the Microsoft Cloud and expects 8-9% growth in cardiopulmonary revenue in 2024.

• LivaNova is refining its business strategy and portfolio, including winding down the Advanced Circulatory Support segment and heart failure program.

• Expectations of FDA approval for a new product by 2025 signals a potential new growth area.

• The installed base of heart-lung machines in the US is substantial at roughly 30%, offering a strong platform for further expansion.

More details: LivaNova IR

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