LivaNova (NASDAQ:LIVN) reported fourth-quarter 2025 revenue of $360.9 million, a 12.1% increase over the prior year, as the company enters 2026 with a significant tailwind from improved U.S. government reimbursement rates.
The London-based medical device maker posted adjusted diluted earnings per share of $0.86 for the quarter, surpassing analyst expectations and highlighting the strength of its core neuromodulation and cardiopulmonary franchises.
For the full year 2025, revenue reached $1.39 billion, up 10.7% on an organic basis.
Despite the operational momentum, the company reported a GAAP diluted loss per share of $4.45 for the year.
This figure was heavily impacted by a $365.6 million non-cash expense related to a legacy SNIA environmental liability.
Excluding this and other one-time items, adjusted diluted EPS for the year stood at $3.90.
A primary catalyst for the company’s 2026 outlook is a substantial shift in the U.S. regulatory landscape.
Effective January 1, 2026, the Centers for Medicare & Medicaid Services (CMS) increased hospital outpatient payments for LivaNova’s VNS Therapy™ for Drug-Resistant Epilepsy (DRE) by approximately 48% for new patient implants.