LivaNova PLC

LIVN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$59.00	Dvssrl	Bwd

LivaNova Delivers Solid Q1 Results as Neuromodulation Volume Picks Up; No Change to Our FVE

Debbie S. Wang

May 4, 2022

LivaNova posted first-quarter results that reflected the shifting dynamics of the pandemic, but as there were few surprises in the quarter, we’re leaving our fair value estimate unchanged. We remain confident in LivaNova’s narrow economic moat, which is almost wholly driven by its neuromodulation segment and well-established footprint in drug-resistant epilepsy, where switching costs and the body of clinical evidence have kept practitioners as well as patients in the fold.

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