LivaNova PLC

LIVN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$83.00	Kcltdl	Zjclx

LivaNova's Product Mix Shifts Related to Pandemic; Upcoming Data Could Boost Neuromodulation

Debbie S. Wang

Aug 4, 2022

Narrow-moat LivaNova's second-quarter performance featured steep declines in the advanced circulatory support product line, more than offset by continued strength from the first quarter in cardiopulmonary. After reviewing the firm’s results for the first half, we may trim our top-line estimates slightly for 2022, but at first blush, this is unlikely to significantly shift our fair value estimate. Gross margin has been running slightly ahead of our estimates for the full year, but this is offset by selling, general, and administrative expense, which has also slightly exceeded our projections.

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