LivaNova

LivaNova (NASDAQ: LIVN) + provided additional info regarding a cybersecurity incident first brought to light in late 2023.

In November, the company disclosed a cybersecurity breach that disrupted portions of its information technology systems and business operations. This incident came shortly after another large medtech company, Henry Schein, experienced a significant breach as well.

London-based LivaNova now says that, promptly after detecting the issues last fall, it began an investigation. That investigation enlisted external cybersecurity experts and coordinated with law enforcement. The company took action to remediate the issue, including taking certain systems offline.

The company eventually resumed manufacturing and, through the investigation, found that an unauthorized party first accessed its systems around Oct. 26, 2023.

On April 10, 2024, LivaNova discerned that the unauthorized party obtaine…

LivaNova (Nasdaq: LIVN) + today announced positive outcomes from a study of its nerve stimulator system for treating sleep apnea.

The company said its OSPREY clinical trial achieved a positive predictive outcome and concluded enrollment earlier than anticipated. This means the company projects a greater than 97.5% probability that OSPREY successfully meets its primary endpoint.

London-based LivaNova’s OSPREY trial evaluates its aura6000 hypoglossal nerve stimulator system. It pits the system against a no-stimulation control group in subjects with moderate to severe obstructive sleep apnea (OSA). These patients failed with or are unwilling to use positive airway pressure (PAP) treatment.

Following the milestone, LivaNova said investigators plan to continue long-term follow-ups through the primary endpoint and beyond.

The trial its primary efficacy endpoint as the demonstration that the apnea-hypopnea…

LivaNova (Nasdaq: LIVN) + announced that it priced an offering of convertible senior notes worth $300 million in total.

The company plans to offer the notes, due 2029, to qualified institutional buyers. LivaNova also granted initial purchasers an option to purchase up to an additional $45 million in notes. This option comes within a 13-day period beginning on and including the date of first issuance.

LivaNova expects to complete the sale to initial purchasers on March 8, subject to customary closing conditions. They bear interest at a rate of 2.5% per year, payable semiannually in arrears on March 15 and Sept. 15, beginning Sept. 15, 2024. Notes equal approximately $69.40 per share, representing a conversion premium of about 32.5% on LivaNova’s stock price.

The notes mature on March 15, 2029, unless earlier converted, redeemed or repurchased, according to a news release.

LivaNova expects approximate…

LivaNova (Nasdaq: LIVN) + shares got a boost today on fourth-quarter results that came in well ahead of the consensus forecast.

Shares of LIVN ticked up nearly 9% at $57.28 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.4%.

The London-based medtech company posted profits of $16.3 million, equaling 30¢ per share. It recorded sales of $310.1 million for the three months ended Dec. 31, 2023. LivaNova increased its bottom line more than eight-fold on sales growth of 12.8%.

Adjusted to exclude one-time items, earnings per share 87¢, landing 10¢ ahead of Wall Street projections. Sales also topped the forecasts as analysts expected $287.1 million in revenue.

LivaNova’s cardiopulmonary business led the way with 18.7% growth, followed by neuromodulation at 7.7% clip. The company singled out t…

LivaNova (Nasdaq: LIVN) + plans to lay off 137 employees at its Pittsburgh, Pennsylvania location by the end of this year.

Shares of LIVN fell 0.7% at $50.37 apiece in midday trading today.

The Pennsylvania Dept. of Labor and Industry included LivaNova in its January notices under the Worker Adjustment and Retraining Notification (WARN) Act. Layoffs began taking effect on Jan. 31 and end at the end of 2024. Listed as a layoff, rather than a closure, the reduction affects employees at the LivaNova USA facility at 620 Alpha Drive #2 in Pittsburgh.

News of the layoffs comes at an interesting time for LivaNova. The company earlier this week appointed a new CEO after a 10-month search to fill its corner office. Vladimir A. Makatsaria, a longtime Johnson & Johnson executive, took over as the company’s CEO and takes up a board seat as well.

Makatsaria takes over amid a time of change at LivaNova. The c…

LivaNova (Nasdaq: LIVN) + announced today that it intends to begin winding down its advanced circulatory support (ACS) business unit.

The orderly wind-down is part of an effort to focus on the company’s core cardiopulmonary (CP) and neuromodulation units. ACS generated approximately just 4% of LivaNova’s net revenue for the nine months ended Sept. 30, 2023. The company expects to complete the wind-down by the end of 2024.

London-based LivaNova intends to retain all ACS standalone cannulae products and related accessories. That includes the ProtekDuo, transseptal arterial and venous cannulae and corresponding insertion kits. LivaNova plans to transition these offerings into its CP business unit portfolio during the first quarter of 2024.

Other ACS product lines, including the LifeSPARC and Hemolung systems, will have operations and services discontinued by the end of the year. LivaNova expects to supp…