LivaNova, PLC
TypePublic
Nasdaq: LIVN
S&P 400 Component
ISINGB00BYMT0J19
IndustryMedical Devices
Founded1987 (1987)
Headquarters
  • Legal headquarters: 20 Eastbourne Terrace, London
  • Operational headquarters, North America): 100 Cyberonics Blvd Ste 600, Houston, Texas
Key people
  • William Kozy
    (Interim CEO)
  • Alex Shvartsburg (CFO)
ProductsMedical devices for neuromodulation and cardiac surgery
Number of employees
3,000[1]
Websitewww.livanova.com

LivaNova, PLC is an American medical device manufacturer domiciled in the UK. The company develops devices used for cardiac surgery and neuromodulation. The company was formed in 2015 by a $2.7B merger between Houston, Texas-based Cyberonics, Inc. and Milan, Italy-based Sorin S.p.a.[2] The company trades on the NASDAQ stock exchange under the ticker symbol "LIVN".

History

In 1956, Sorin Biomedica was founded by Italy's two largest industrial groups at that time: Fiat and Montedison (now under Edison). The name 'Sorin' is an acronym for Società Ricerche Impianti Nucleari (Company for Nuclear Plant Research).[3] Later the company became known as Sorin Group.

In 1987, Cyberonics, Inc. was founded in Houston, United States.[4]

In March 2015, the two companies announced they would be merging in a $2.7B transaction.[5] The transaction closed and the company began trading under the new stock symbol on Oct. 19. 2015.[2] In December 2017, LivaNova announced it would acquire Imthera Medical for approximately $224M.[6]

In 2018, LivaNova sold its cardiac rhythm management business unit to MicroPort for $190M.[7]

In 2020, LivaNova announced the sale of its heart valve (HV) business[8]

In May 2022, Livanova announced the acquisition of Pittsburgh based biotechnology company ALung Technologies Inc. LivaNova PLC will acquire the 97% interest in privately held ALung that it doesn’t currently own for the $10 million deal.[9]

In April 2023, CEO Damien McDonald resigned.[10]

Business units

The new combined company announced in May 2015 that it was focused on three product categories and will operate as three business units. The three units are: neuromodulation, with its operating HQ in Houston;[5] cardiac surgery, with its operating HQ in Italy; cardiac rhythm management, with its operating HQ in France.

In 2018, the cardiac rhythm management business unit was sold to focus on the remaining two.[7]

In March 2020, LivaNova established Epsy Health, a digital health unit aimed at empowering patients, caregivers and healthcare providers in their journey for the treatment of epilepsy.[11]

In December 2020, LivaNova announced the disposal of its heart valve (HV) business.[12]

LivaNova provides vagus nerve stimulation products.[13][14]

References

  1. ↑ "Company about page".
  2. 1 2 "Merged Houston company begins trading under new name". Houston Business Journal. 19 October 2015. Retrieved 19 October 2015.
  3. ↑ "From Fiat to heart valves". INSEAD. 26 April 2012. Retrieved 19 October 2015.
  4. ↑ "Houston's Top Workplaces - 2012" (PDF). Houston Chronicle. 11 November 2012. Retrieved 19 October 2015.
  5. 1 2 "Deal of the Week: Houston's Cyberonics teams up with Italian firm for $2.7B". Houston Chronicle. 6 May 2015. Retrieved 19 October 2015.
  6. ↑ "BRIEF-Livanova To Acquire Imthera Medical". Reuters. 5 December 2017. Retrieved 5 December 2017.
  7. 1 2 "LivaNova closes $190 CRM sale to MicroPort". Mass Device. 30 April 2018.
  8. ↑ "LivaNova reaches agreement to sell its heart valve business". Cardiovascular News. 3 December 2020.
  9. ↑ "London-based LivaNova is picking up another Pittsburgh biotech firm". Pittsburgh Post-Gazette. 6 May 2022. Retrieved 9 May 2022.
  10. ↑ Peter Green (17 April 2023). "LivaNova CEO quits as firm announces higher-than-expected preliminary earnings". MedTech Dive.
  11. ↑ "LivaNova 2021 UK Annual Report". Retrieved 28 March 2023.
  12. ↑ Conor Hale (3 December 2020). "LivaNova to exit heart valve business via €60M carve-out deal". Fierce Biotech.
  13. ↑ "Therapeutic Areas for the Head and Heart | LivaNova". www.livanova.com. Retrieved 16 November 2023.
  14. ↑ Reif-Leonhard, C.; Reif, A.; Baune, B. T.; Kavakbasi, E. (1 September 2022). "Vagusnervstimulation bei schwer zu behandelnden Depressionen". Der Nervenarzt (in German). 93 (9): 921–930. doi:10.1007/s00115-022-01282-6. ISSN 1433-0407. PMC 9452433. PMID 35380222.
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