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# LivaNova Raises 2026 Outlook After Heart-Surgery And Epilepsy Devices Each Grow Over 10%
- URL: https://www.bullished.co/livanova-raises-2026-outlook-after-heart-surgery-and-epilepsy-devices-each-grow-over-10-26e2cff0/
- Published: 2026-11-04T11:23:13.000Z
- Updated: 2026-11-04T11:23:13.000Z
- Description: The device maker lifted its adjusted earnings forecast to $4.40 to $4.50 a share, while third-quarter diluted earnings per share fell to $0.11.
- Author: Matteo Parrino
- Tags: Earnings, LIVN, Industry: Healthcare

LivaNova, which makes heart-lung machines and an implanted epilepsy therapy, raised its 2026 revenue and adjusted earnings forecasts Wednesday after [third-quarter revenue of $393.1 million](https://www.sec.gov/Archives/edgar/data/0001639691/000163969126000111/a3q2026earningspressrelease.htm?ref=bullished.co) rose 9.9% as reported, or 10.0% excluding currency swings, the company said in an [8-K](https://www.sec.gov/Archives/edgar/data/0001639691/000163969126000111/livn-20261104.htm?ref=bullished.co).

## Both segments grow past 10%

Cardiopulmonary sales rose 10.9% to $225.3 million, driven by consumables demand, sales of the Essenz perfusion system and favorable realized price. Growth came in every region.

Neuromodulation, which sells the VNS Therapy System for drug-resistant epilepsy, rose 11.1% to $166.1 million on higher volume and favorable realized price, also across all regions.

Adjusted earnings were $1.23 per share, up from $1.11 a year earlier. Adjusted operating income was $92.3 million, against $80.4 million.

## Standard-accounting EPS falls to $0.11

Diluted earnings per share under standard accounting dropped to $0.11 from $0.49, and operating income fell to $28.4 million from $54.0 million. Other operating expense was $34.0 million, up from $3.7 million; the company's reconciliation ties it to legal and regulatory costs, including a provision for 3T Heater-Cooler litigation.

Net income actually rose to $34.3 million from $26.8 million. Basic earnings per share were $0.62, but the diluted figure was cut by an adjustment that removed a $28.2 million gain on the 2029 Notes conversion option's fair value, net of tax.

Operating cash flow was $73.7 million and adjusted free cash flow $55.8 million for the quarter.

## Guidance moves up a notch

LivaNova now expects 2026 revenue growth of 9% to 10% excluding currency, up from 8% to 9%. Adjusted earnings are forecast at $4.40 to $4.50 per share, from $4.30 to $4.40, on about 56 million shares. Adjusted free cash flow stays at $140 million to $160 million, and currency is expected to add about 1%.

A new, dedicated oxygenator manufacturing line has reached operational production, which the company called a milestone in expanding capacity to meet strong customer demand. In October, the American Medical Association's CPT Editorial Panel announced new billing codes covering LivaNova's hypoglossal nerve stimulation therapy for moderate to severe obstructive sleep apnea, with an expected effective date of January 1, 2028.

The company also announced in October full 36-month results from its CORE-VNS study, showing a 76% median reduction in seizure frequency.

CEO Vladimir Makatsaria said the team "continues to deliver robust revenue growth driven by commercial execution and healthy global demand" for its cardiopulmonary and epilepsy technologies.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — LivaNova PLC (LIVN)](https://www.sec.gov/Archives/edgar/data/0001639691/000163969126000111/livn-20261104.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit a3q2026earningspressrelease.htm — LivaNova PLC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001639691/000163969126000111/a3q2026earningspressrelease.htm?ref=bullished.co) — SEC EDGAR