LivaNova PLC
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
LIVN$91.14-1.6%Stored close · as of Nov 10, 2026
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Definitions
In this Annual Report on Form 10-K for the year ended December 31, 2024, the following terms and abbreviations have the meanings listed below. “LivaNova” and “the Company” refer to LivaNova PLC and its consolidated subsidiaries.
| Abbreviation | Definition |
| 2015 Plan | LivaNova PLC 2015 Incentive Award Plan |
| 2015 Plan Amendment | Amendment No. 2 to the LivaNova PLC 2015 Incentive Award Plan |
| 2021 First Lien Credit Agreement | First Lien Credit Agreement between LivaNova PLC and its wholly-owned subsidiary, LivaNova USA, Inc., and Goldman Sachs Bank USA, as First Lien Administrative Agent and First Lien Collateral Agent, entered into on August 13, 2021 |
| 2022 | The year ended December 31, 2022 |
| 2022 Plan | LivaNova PLC 2022 Incentive Award Plan |
| 2022 Restructuring Plan | A plan, initiated during the second quarter of 2022, to implement a cost-optimization and cost reduction program to adapt to current economic conditions |
| 2023 | The year ended December 31, 2023 |
| 2024 | The year ended December 31, 2024 |
| 2024 Restructuring Plan | A plan, initiated during the first quarter of 2024, to enhance LivaNova’s focus on its core Cardiopulmonary and Neuromodulation segments |
| 2025 Capped Calls | Privately-negotiated capped call transactions entered into with certain financial institutions |
| 2025 Notes | $287.5 million aggregate principal amount 3.00% unsecured cash exchangeable senior notes due 2025 by private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, issued by LivaNova USA on June 17, 2020 |
| 2025 Notes Repurchase Transaction | Repurchase of $230.0 million aggregate principal amount of the 2025 Notes in privately-negotiated transactions from proceeds from the issuance of the 2029 Notes |
| 2025 Proxy Statement | Definitive Proxy Statement for the annual meeting of shareholders scheduled for June 11, 2025 |
| 2029 Capped Calls | Privately-negotiated capped call transactions entered into with certain financial institutions |
| 2029 Notes | $345.0 million aggregate principal amount 2.50% unsecured convertible senior notes due 2029 by private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act, issued by LivaNova PLC on March 8, 2024 |
| A&R 2022 Plan | Amended and Restated LivaNova PLC 2022 Incentive Award Plan |
| A&R 2022 Plan Amendment | Amendment No. 1 to the Amended and Restated LivaNova PLC 2022 Incentive Award Plan |
| ACS | Advanced Circulatory Support |
| ALung | ALung Technologies, Inc. |
| AOCI | Accumulated other comprehensive income (loss) |
| APAC | Asia-Pacific |
| ASC | Accounting Standards Codification |
| ASMs | Anti-seizure medications |
| ASU | Accounting Standards Update |
| Audit Committee | LivaNova’s Audit and Compliance Committee |
| Barclays | Barclays Bank Ireland PLC |
| Bridge Loan Facility | Incremental Facility Amendment No. 1 to the 2021 First Lien Credit Agreement, relating to a €200 million bridge loan facility, dated February 24, 2022, and repaid on July 6, 2022 |
| Capped Call Transactions | The 2025 Capped Calls and the 2029 Capped Calls |
| CCPA | California Consumer Privacy Act |
| CE Mark | Conformité Européenne, French for “European Conformity” |
| CED | Coverage with Evidence Development |
| CEO | Chief Executive Officer |
| CFO | Chief Financial Officer |
| CISO | Chief Information Security Officer |
| CLO | Chief Legal Officer |
| CMS | The U.S. Centers for Medicare & Medicaid Services |
| Code of Conduct | LivaNova PLC’s Code of Ethics and Business Conduct |
| Abbreviation | Definition |
|---|---|
| CODM | Chief Operating Decision Maker |
| Court of Appeal | Court of Appeal in Milan |
| CPB | Cardiopulmonary bypass |
| CSRD | EU Corporate Sustainability Reporting Directive (2022/2464) |
| Cyberonics | Cyberonics, Inc. |
| Delayed Draw Term Facility | $50.0 million delayed draw term facility under the 2021 First Lien Credit Agreement resulting from the Incremental Facility Amendment No. 2 |
| DRE | Drug-resistant epilepsy |
| DTC | Depository Trust Company |
| DTD | Difficult-to-treat depression |
| ECJ | European Court of Justice |
| ECMO | Extracorporeal membrane oxygenation |
| Embedded Derivatives | The bifurcated embedded derivatives associated with the 2025 Notes and 2029 Notes, collectively |
| EPA | U.S. Environmental Protection Agency |
| ESPP | Global Employee Share Purchase Plan |
| ESRS | European Sustainability Reporting Standards |
| EtO | Ethylene oxide |
| EU | European Union |
| Exchange Act | U.S. Securities Exchange Act of 1934, as amended |
| False Claims Act | U.S. False Claims Act |
| FASB | Financial Accounting Standards Board |
| FCPA | U.S. Foreign Corrupt Practices Act of 1977 |
| FDA | U.S. Food and Drug Administration |
| FIFO | First-in-first-out |
| FX | Foreign currency exchange rate |
| GDPR | General Data Protection Regulation |
| Hemolung | Hemolung Respiratory Assist System |
| HHS | The U.S. Department of Health & Human Services |
| HIPAA | Health Insurance Portability and Accountability Act of 1996 |
| HITECH | Health Information Technology and Clinical Health Act |
| HLM | Heart-lung machine |
| IBR | Incremental borrowing rate |
| ImThera | ImThera Medical, Inc., acquired by LivaNova in 2018, a company developing an implantable neurostimulation device system for the treatment of obstructive sleep apnea |
| Incremental Facility Amendment No. 2 | An incremental facility amendment to the 2021 First Lien Credit Agreement, dated July 6, 2022 |
| Incremental Facility Amendment No. 3 | An incremental facility amendment to the 2021 First Lien Credit Agreement, dated March 8, 2024 |
| Initial Term Facility | $300.0 million term facility under the 2021 First Lien Credit Agreement, resulting from the Incremental Facility Amendment No. 2 |
| IPR&D | In-Process Research and Development |
| IRC | U.S. Internal Revenue Code |
| IS | Information security |
| ISDA | International Swaps and Derivatives Association, Inc. |
| ISIN | National Inspectorate for Nuclear Safety and Radiation Protection, a sub-body of the Italian Ministry of Economic Development |
| ISMS | Information Security Management System |
| ISO | International Organization for Standardization |
| IT | Information technology |
| LivaNova PLC | A public limited company organized under the laws of England and Wales on February 20, 2015 |
| Abbreviation | Definition |
|---|---|
| LivaNova USA | LivaNova USA, Inc. |
| LSM | LivaNova Site Management S.r.l. |
| MDD | Medical Device Directive |
| MDL | Federal multi-district litigation in the U.S. District Court for the Middle District of Pennsylvania |
| MDR | EU Medical Device Regulation |
| MedTech | Medical technology |
| Mitral | Mitral Holdco S.à r.l. |
| MRI | Magnetic resonance imaging |
| Nasdaq | Nasdaq Global Select Market |
| NCD | National coverage determination |
| NFRD | Non-Financial Reporting Directive (2014/95/EU) |
| NIST | National Institute of Standards and Technology |
| OCI | Other comprehensive income (loss) |
| OECD | Organisation for Economic Co-operation and Development |
| Option Counterparties | Certain financial institutions with whom LivaNova USA or LivaNova PLC, as applicable, has entered into the 2025 Capped Calls and 2029 Capped Calls |
| OSA | Obstructive sleep apnea |
| OSPREY clinical trial | LivaNova’s clinical trial, “Treating Obstructive Sleep Apnea using Targeted Hypoglossal Neurostimulation” |
| PC | Phosphorylcholine |
| Pillar Two | Organisation for Economic Co-operation and Development Global Anti-Base Erosion Model Rules (Pillar Two) |
| Plan Committee | Qualified Plan Committee |
| PMA | Pre-market approval |
| PMP | Polymethylpentene |
| PP&E | Property, plant, and equipment |
| Public Administrations | The Italian Ministry of the Environment and other Italian government agencies |
| R&D | Research and development |
| RECOVER clinical study | LivaNova’s clinical study “A Prospective, Multi-center, Randomized Controlled Blinded Trial Demonstrating the Safety and Effectiveness of VNS Therapy System as Adjunctive Therapy Versus a No Stimulation Control in Subjects With Treatment-Resistant Depression” |
| RSUs | Restricted stock units |
| S&P | Standard & Poor’s |
| SARs | Stock appreciation rights |
| SDRT | UK Stamp Duty Reserve Tax |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | U.S. Securities Act of 1933, as amended |
| SG&A | Selling, general, and administrative expenses |
| SNIA | SNIA S.p.A. |
| SNIA Litigation Guarantee | A first demand bank guarantee of €270.0 million in connection with the SNIA environmental litigation |
| SOFR | Secured Overnight Financing Rate |
| Sorin | Sorin S.p.A. |
| Term Facilities | The Initial Term Facility, together with the Delayed Draw Term Facility |
| Trust | LivaNova PLC Employee Benefit Trust |
| U.S. | United States of America |
| U.S. GAAP | Generally Accepted Accounting Principles in the U.S. |
| UK | United Kingdom |
| UK Bribery Act | UK Bribery Act of 2010 |
| Abbreviation | Definition |
|---|---|
| USD | U.S. dollar |
| UTPR | Undertaxed profits rule |
| VNS | Vagus nerve stimulation |
| VNS Therapy | LivaNova Vagus Nerve Stimulation Therapy |
| WACC | Weighted-average cost of capital |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.