Q3 2024 LivaNova PLC Earnings Call Transcript
Key Points
- LivaNova PLC (LIVN) reported an 11% revenue increase, marking the seventh consecutive quarter of double-digit growth.
- The company achieved 12% organic revenue growth year-to-date, with strong performances in both the US (15%) and Europe/rest of the world (9%).
- Cardiopulmonary segment revenue increased by 15% in the third quarter, driven by strong demand and pricing strategies.
- The company successfully launched the Essence platform, contributing approximately 400 basis points of growth this year.
- LivaNova PLC (LIVN) increased its 2024 full-year guidance based on strong third-quarter results and expanded operating margins.
- The company faces capacity constraints in the oxygenator market, with demand outpacing global supply.
- Epilepsy revenue in Europe declined, offsetting double-digit growth in the rest of the world.
- The adjusted effective tax rate increased to 23% from 10% in the third quarter of 2023, with further increases expected in 2025.
- The ACS segment wind-down impacted revenue growth, although the company is exiting this business.
- Higher operating expenses are anticipated in the fourth quarter, driven by increased R&D investments and commercial activities.
Good day, ladies and gentlemen and welcome to the LivaNova PLC third quarter 2024 Earnings conference call.
My name is Lydia and I'll be your operator today as a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference. Mr Matthew Dodds LivaNova Senior Vice President of Corporate Development and IT, please go ahead, sir.
Thank you Lydia and welcome to our conference call and webcast discussing LivaNova's financial results for the third quarter of 2024. Joining me on today's call are Vladimir Makatsaria our Chief Executive Officer and member of the Board of Directors, Alex Shvartsburg our Chief Financial Officer, Ahmet Tezel our Chief Innovation Officer, Stephanie Bolton President of Global Epilepsy, and Brianna Gotland, Director of Investor Relations.
Before we begin, I would like to remind you that discussions during this call will include forward-looking statements, factors that could cause
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