LivaNova PLC
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
LIVN$91.14-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Definitions
In this Annual Report on Form 10-K for the year ended December 31, 2025, the following terms and abbreviations have the meanings listed below.
| Abbreviation | Definition |
| 2015 Plan | 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 |
| 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 | The year ended December 31, 2025 |
| 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 |
| 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 |
| ACS | Advanced Circulatory Support |
| AI | Artificial intelligence |
| AOCI | Accumulated other comprehensive income (loss) |
| 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 |
| 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 |
| CODM | Chief Operating Decision Maker |
| Company | LivaNova PLC and its consolidated subsidiaries |
| 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 |
| Abbreviation | Definition |
|---|---|
| DRE | Drug-resistant epilepsy |
| DTC | Depository Trust Company |
| DTD | Difficult-to-treat depression: The Company’s broader business and strategic communications reference DTD as the preferred disease state when speaking more broadly about depression treatment, as it is a more inclusive and clinically evolving concept that encompasses patients whose depression continues to cause significant burden despite usual treatment efforts. Meanwhile, LivaNova’s RECOVER clinical study defines the patient population using the inclusion criteria for TRD, typically characterized by major depressive disorder that does not adequately respond to at least two different antidepressant treatments given at an appropriate dose and duration. As a result, the Company uses TRD in the context of the RECOVER study to maintain consistency with the study protocol approved by the U.S. Centers for Medicare & Medicaid Services. References to either term in this filing are context-dependent but describe overlapping populations. |
| ECJ | European Court of Justice |
| Embedded Derivatives | The bifurcated embedded derivatives associated with the 2025 Notes and 2029 Notes, collectively |
| ESPP | Global Employee Share Purchase Plan |
| 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 |
| 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. was a company developing an implantable neurostimulation device system for the treatment of obstructive sleep apnea that LivaNova acquired in 2018 |
| 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 |
| 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 |
| ISO | International Organization for Standardization |
| IT | Information technology |
| LivaNova | LivaNova PLC and its consolidated subsidiaries |
| LivaNova PLC | A public limited company organized under the laws of England and Wales |
| LivaNova USA | LivaNova USA, Inc. |
| LSM | LivaNova Site Management S.r.l. |
| MDR | EU Medical Device Regulation |
| MedTech | Medical technology |
| Nasdaq | Nasdaq Global Select Market |
| NCD | National Coverage Determination |
| Abbreviation | Definition |
|---|---|
| OBBBA | One Big Beautiful Bill Act |
| OECD | Organisation for Economic Co-operation and Development |
| Option Counterparties | Certain financial institutions with which 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” |
| PSU | Performance stock unit |
| 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 |
| 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” |
| RSU | Restricted stock unit |
| S&P | Standard & Poor’s |
| SAR | Stock appreciation right |
| SDRT | UK Stamp Duty Reserve Tax |
| SEC | U.S. Securities and Exchange Commission |
| Second A&R 2022 Plan | Second Amended and Restated LivaNova PLC 2022 Incentive Award Plan |
| 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 |
| TRD | Treatment-resistant depression: LivaNova’s RECOVER clinical study defines the patient population using the inclusion criteria for TRD, typically characterized by major depressive disorder that does not adequately respond to at least two different antidepressant treatments given at an appropriate dose and duration. As a result, the Company uses TRD in the context of the RECOVER study to maintain consistency with the study protocol approved by the U.S. Centers for Medicare & Medicaid Services. Meanwhile, the Company’s broader business and strategic communications reference DTD as the preferred disease state when speaking more broadly about depression treatment, as it is a more inclusive and clinically evolving concept that encompasses patients whose depression continues to cause significant burden despite usual treatment efforts. References to either term in this filing are context-dependent but describe overlapping populations. |
| 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 |
| United States | United States of America |
| USD | U.S. dollar |
| VNS | Vagus nerve stimulation |
| VNS Therapy | LivaNova Vagus Nerve Stimulation Therapy |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.