LivaNova
A global medical technology company developing cardiovascular surgery and neuromodulation devices.
Last updated August 31, 2026
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Overview
LivaNova plc is a medical technology company that develops and markets devices for cardiovascular surgery and neuromodulation. The company was created in 2015 through the combination of Cyberonics, a Houston-based developer of vagus nerve stimulation systems, and Sorin Group, an Italian-origin medical-device business with extensive cardiovascular expertise. The transaction was valued at approximately $2.7 billion and created a cross-border company legally domiciled in the United Kingdom while retaining major operating activities in the United States, Italy, and other countries. The company’s principal clinical focus is the treatment of conditions involving the heart, circulation, and nervous system. Its cardiovascular surgery portfolio has included heart-lung machines, cardiopulmonary bypass equipment, surgical perfusion systems, oxygenators, and related technologies used during open-heart procedures. Its neuromodulation business is centered on VNS Therapy, which uses an implanted device and an electrical lead to stimulate the vagus nerve. The therapy has been associated with treatment programs for drug-resistant epilepsy and depression, subject to the relevant regulatory approvals and clinical indications in individual markets. When the post-merger company began operations, it organized itself into three business units: neuromodulation, cardiac surgery, and cardiac rhythm management. This structure reflected the different origins of the two predecessor companies and gave LivaNova a broad presence across implantable stimulation, cardiac surgery, and rhythm-management technologies. The cardiac rhythm management business was subsequently sold to MicroPort in 2018, narrowing the company’s strategic emphasis toward neuromodulation and cardiac surgery. LivaNova later announced the disposal of its heart-valve business, which became associated with the separately operating Corcym business. LivaNova has also pursued adjacent technologies and acquisitions. In 2017 it announced an agreement to acquire ImThera Medical, a company developing an implantable neurostimulation approach for obstructive sleep apnea. In 2020 it created Epsy Health as a digital-health unit intended to support people with epilepsy, caregivers, and healthcare professionals through software and patient-management tools. In 2022 LivaNova announced an agreement to acquire the remaining interest in ALung Technologies, a Pittsburgh-based biotechnology company associated with extracorporeal carbon-dioxide removal and respiratory-support technology. The company’s products are generally sold through hospitals, surgical centers, physicians, and healthcare systems rather than through conventional consumer retail channels. Its competitive proposition is based on clinical utility, device reliability, regulatory authorization, procedure integration, and support for specialized medical teams. LivaNova’s business is therefore influenced by hospital capital budgets, procedure volumes, reimbursement systems, medical-device regulation, clinical evidence, and the ability to provide service and training to healthcare professionals. LivaNova trades on the Nasdaq Global Select Market under the symbol LIVN. Its corporate structure and operating footprint are international, with the legal headquarters in London and important operating centers in the United States and Europe. After a leadership transition in 2023, Vladimir Makatsaria became chief executive officer and a board director on March 1, 2024. The company remains active and is primarily identified with neuromodulation and cardiac-surgery technologies.
History
LivaNova’s corporate history combines the development of two medical-device businesses with different geographic and technological origins. Sorin Biomedica was established in Italy in 1956 by Fiat and Montedison, then among the country’s largest industrial groups. The name Sorin originated as an acronym connected with nuclear-research activity. The business later became known as Sorin Group and developed a substantial position in cardiovascular medicine, including technologies used in cardiac surgery and heart-valve care. Cyberonics was founded in Houston in 1987. Its principal technology was vagus nerve stimulation, an implantable neuromodulation approach developed for neurological and psychiatric indications. The company’s work ultimately produced VNS Therapy, which became the foundation of the neuromodulation business that LivaNova continues to operate. In March 2015, Sorin Group and Cyberonics announced that they would combine in a transaction valued at about $2.7 billion. The merger closed later that year, and the combined company adopted the LivaNova name. Although LivaNova was legally domiciled in the United Kingdom, its operating structure remained international, with significant activity in the United States, Italy, and other European locations. The company began trading on Nasdaq under the LIVN symbol on October 19, 2015. At formation, LivaNova organized its activities into three business units: neuromodulation, cardiac surgery, and cardiac rhythm management. Neuromodulation operated primarily from Houston, cardiac surgery had an important operating base in Italy, and cardiac rhythm management was associated with operations in France. This arrangement allowed the new company to retain the commercial and technical capabilities of both predecessor organizations while presenting a unified corporate identity. The company subsequently refined its portfolio. In December 2017, LivaNova announced that it would acquire ImThera Medical for approximately $224 million. ImThera was developing implantable stimulation technology for obstructive sleep apnea, giving LivaNova a potential extension of its neuromodulation expertise beyond epilepsy and depression-related applications. In 2018, LivaNova sold its cardiac rhythm management business to MicroPort for approximately $190 million. The transaction removed a major business unit from the original merger structure and left cardiac surgery and neuromodulation as the company’s central operating areas. LivaNova later continued to reshape its cardiovascular portfolio. In 2020 it announced the sale of its heart-valve business; the divested operation subsequently became associated with Corcym. The company also expanded into software and adjacent care-support services. In March 2020, it established Epsy Health, a digital-health unit intended to help people with epilepsy, their caregivers, and healthcare professionals manage aspects of the treatment journey. This initiative complemented LivaNova’s implantable VNS business by adding a patient- and clinician-facing digital component. In May 2022, LivaNova announced the acquisition of the 97 percent interest in ALung Technologies that it did not already own. ALung, based in Pittsburgh, developed technology associated with extracorporeal carbon-dioxide removal and respiratory support. The proposed transaction broadened LivaNova’s interests within critical-care and life-support technologies while remaining connected to its established hospital customer base. Leadership changed again in 2023 when chief executive Damien McDonald resigned. On March 1, 2024, Vladimir Makatsaria was appointed chief executive officer and joined the board as a director. LivaNova remains an active Nasdaq-listed medical-technology company, with its principal identity centered on neuromodulation and cardiac surgery rather than the broader three-unit structure that existed immediately after the 2015 merger.
- 2024
Vladimir Makatsaria became chief executive
[1]Makatsaria was appointed chief executive officer and a board director on March 1.
- 2022
ALung Technologies acquisition announced
[1]LivaNova announced plans to acquire the remaining interest in ALung Technologies.
- 2020
Epsy Health established
[1]LivaNova created a digital-health unit focused on epilepsy-related support.
- 2020
Heart-valve business sold
[1]LivaNova announced the disposal of its heart-valve business, later associated with Corcym.
- 2018
Cardiac rhythm management divested
[1]The cardiac rhythm management business was sold to MicroPort.
- 2017
ImThera Medical acquisition announced
[1]LivaNova announced an agreement to acquire ImThera Medical and its implantable neurostimulation technology.
- 2015
Cyberonics and Sorin Group combined
[1]The approximately $2.7 billion merger created LivaNova, which began trading on Nasdaq on October 19.
- 1987
Cyberonics founded
[1]Cyberonics was founded in Houston and later became the source of LivaNova’s neuromodulation business.
- 1956
Sorin Biomedica founded in Italy
[1]The predecessor business that later became Sorin Group was established by Fiat and Montedison.
Products and positioning
A specialized medical-technology company focused on clinically integrated cardiovascular-surgery and neuromodulation solutions, with products primarily sold to hospitals and healthcare professionals.
Neuromodulation
VNS Therapy
VNS Therapy is an implantable vagus nerve stimulation platform originating from Cyberonics. It consists of an implanted pulse generator and a lead that delivers electrical stimulation to the vagus nerve. The platform is used in regulated clinical settings for approved indications, most prominently programs involving drug-resistant epilepsy and other neurological or psychiatric conditions depending on market authorization.
Cardiac surgery equipment
3T Heater-Cooler System
The 3T Heater-Cooler System is a temperature-management device used in operating-room and cardiac-surgery environments. Heater-cooler systems help regulate the temperature of blood and other fluids during procedures involving cardiopulmonary bypass. The product is part of LivaNova’s cardiac-surgery equipment portfolio and is designed for use by trained clinical teams within hospital procedures.
Cardiopulmonary bypass
Heart-lung machines
LivaNova’s cardiac-surgery portfolio includes heart-lung machines and associated perfusion technologies used to support circulation and oxygenation during open-heart operations. These systems are integrated into cardiopulmonary bypass workflows and are typically purchased, maintained, and operated by hospitals and specialist perfusion teams.
Digital health · 2020
Epsy Health
Epsy Health is a digital-health initiative established by LivaNova in 2020. It was designed to provide tools and information supporting people living with epilepsy, their caregivers, and healthcare providers. The unit broadened LivaNova’s neuromodulation presence beyond implanted hardware into patient and care-management software.
Respiratory support
ALung respiratory-support technology
ALung Technologies developed extracorporeal respiratory-support technology, including systems associated with carbon-dioxide removal. LivaNova announced plans in 2022 to acquire the interest in ALung that it did not already own, giving the company an additional position in critical-care and life-support technology.
Brand decisions
2022
Acquisition of remaining ALung Technologies interestM&ABackground
LivaNova sought to expand its medical-technology portfolio into respiratory and critical-care support.
Action taken
The company announced an agreement to acquire the 97 percent interest in ALung Technologies that it did not already own.
Aftermath
The proposed transaction broadened LivaNova’s exposure to extracorporeal respiratory-support technology.
Announced transaction value. $10 million (2022)
2020
Disposal of heart-valve businessStrategyBackground
LivaNova continued to streamline its cardiovascular portfolio after selling cardiac rhythm management.
Action taken
The company announced the sale of its heart-valve business.
Aftermath
The divested business subsequently became associated with Corcym.
2018
Sale of cardiac rhythm management businessM&ABackground
LivaNova reviewed the structure created by the 2015 merger and chose to concentrate on neuromodulation and cardiac surgery.
Action taken
The company sold its cardiac rhythm management business to MicroPort.
Aftermath
The divestiture reduced LivaNova’s operating scope from three business units to a more focused portfolio.
2015
Combination of Cyberonics and Sorin GroupM&ABackground
Cyberonics and Sorin Group sought to combine complementary neuromodulation and cardiovascular-device businesses.
Action taken
The companies completed an approximately $2.7 billion merger and created LivaNova.
Aftermath
LivaNova became an international medical-technology company with neuromodulation, cardiac surgery, and cardiac rhythm management units.
Transaction value. $2.7 billion (2015)
Recent events
LivaNova updates 2021 guidance[3]
Reported:
LivaNova updated its 2021 outlook, expecting full-year worldwide net sales from continuing operations to grow 5 to 10 percent on a constant-currency basis and adjusted diluted earnings per share to be $1.60 to $1.90.
LivaNova appoints Alex Shvartsburg CFO[3]
Reported:
LivaNova announced the appointment of Alex Shvartsburg as chief financial officer, effective August 1. He had served as interim CFO since October 31, 2020.
LivaNova reports second-quarter 2021 results[3]
Reported:
LivaNova reported second-quarter 2021 results, including worldwide sales from continuing operations of $264.5 million.
LivaNova completes initial closing of heart valve business divestiture[4]
LivaNova announced that it completed the initial closing of the divestiture of its heart valve business to Gyrus Capital for €60 million ($73 million); Corcym will manage the business.
LivaNova announces proposed $250 million notes offering[5]
Reported:
LivaNova announced its intention to offer $250 million in aggregate principal amount of cash exchangeable senior notes due 2025 through its U.S. subsidiary, subject to market conditions and other factors.
Sources6 sources
- 1LivaNovaen.wikipedia.org
- 2LivaNova official websitelivanova.com
- 3LivaNova 更新 2021 年业绩指引finanznachrichten.de
- 4LivaNova完成心脏瓣膜业务剥离的首次交割dicardiology.com
- 5LivaNova宣布拟发行2.5亿美元票据finanznachrichten.de
- 6LivaNova Announces Pricing of Private Offering of $250 Million of 3.00% Cash Exchangeable Senior Notes Due 2025finanznachrichten.de
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