LivaNova : 3Q 2023 Earnings Infographic

3Q 2023 FINANCIAL RESULTS

Financial Summary1

	3Q23	3Q22
Net Revenue	$286M	$253M
Adjusted Gross Margin	71%	70%
Adjusted Operating Margin	16%	15%
Adjusted Diluted EPS	$0.73	$0.58

"LivaNova delivered double-digit revenue growth across all regions, improved profitability and achieved important clearances for the Essenz In-Line Blood Monitor in the third quarter. Our performance reflects strong execution throughout the organization as demonstrated in all three Business Units. We look forward to building on these results with a firm focus on patients and performance in the fourth quarter and in 2024."

- Bill Kozy, Interim CEO and Board Chair of LivaNova

3Q 2023 Net Revenue Summary2

By Segment

By Geography

27%

45% 51%

4%

Cardiopulmonary ACS Neuromodulation

Highlights

17%

US	$162M	13%
EU	$48M	12%
ROW	$76M	11%

2023 Guidance3

56%

		Guidance,	Guidance,	Guidance,	Guidance,
		Feb. 22, 2023	May 3, 2023	July 26, 2023	Nov. 1, 2023
	Net Revenue Growth4	3 - 5%	4 - 6%	8 - 10%	9 - 11%
Received U.S. FDA 510(k)	Adjusted Diluted EPS	$2.45-2.65	$2.50-2.70	$2.55-2.75	$2.60-2.80
clearance and CE Mark for
EssenzTM In-Line Blood Monitor	Adjusted Free Cash	$80-100M	$80-100M	$85-105M	$85-95M
	Flow (FCF)

2023 Strategic Priorities

Core Growth

• Drive therapy expansion and VNS adoption for U.S. Epilepsy
• Deliver on Essenz launch objectives
• Continue growth in the Rest of World and Europe regions
  Pipeline Execution
• Achieve key study milestones in RECOVER and OSPREY
• Completed innovation roadmap for VNS next-gen platform

Operational Excellence

• Expand operating margin through price and cost discipline
• Continue focus on cash conversion

1. Adjusted financial measures including net revenue, are non-GAAP measures and exclude specified items as described and reconciled in the "Reconciliation of GAAP to non-GAAP Financial Measures" contained on the back of this document. In addition, see the section entitled "Use of Non-GAAP financial measures" in the 8-K furnished with the SEC on November 1, 2023, which is available on our website. 2) Unless otherwise noted, all revenue growth rates in this document are shown on a year-over-yearconstant-currency basis, which is a non-GAAP measure. Constant-currency excludes the effects of foreign currency fluctuations. 3) LivaNova calculates forward-lookingnon-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For example, forward-looking net revenue growth projections are estimated on a constant-currency basis and exclude the impact of foreign currency fluctuations. Forward-lookingnon-GAAP adjusted diluted earnings per share guidance exclude other items such as, but not limited to, changes in fair value of derivatives and contingent consideration arrangements and asset impairment charges that would be included in comparable GAAP financial measures. The most directly comparable GAAP measure for constant-currency net revenue, non-GAAP adjusted tax rate and adjusted diluted earnings per share are net revenue, the effective tax rates and earnings per share, respectively. The most directly comparable GAAP measure for adjusted free cash flow is net cash provided by operating activities. However, non-GAAP financial adjustments on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors, including but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, the ultimate outcome of legal proceedings, gains or losses on the potential sale of businesses or other assets, restructuring costs, merger and integration activities, changes in fair value of derivatives and contingent consideration arrangements, asset impairment charges and the tax impact of the aforementioned items, tax law changes or other tax matters. Accordingly, forward-looking GAAP financial measures and reconciliations to the most directly comparable forward-looking GAAP financial measures are not available without unreasonable effort. 4) Net revenue is on a constant-currency basis. Constant- currency excludes approximately 1 percent revenue tailwind from foreign currency exchange rates based on estimates as of September 30, 2023. Note: Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED

Three Months Ended September 30, 2023

		Depreciation
		and			Certain Legal &	Stock-based
	GAAP	Amortization	Financing	Contingent	Regulatory	Compensation	Certain Tax	Certain Interest	Adjusted
	Financial	Expenses	Transactions	Consideration	Costs	Costs	Adjustments	Adjustments	Financial
	Measures	(C)	(E)	(F)	(G)	(H)	(I)	(J)	Measures
Gross Margin %	70.5%	1.3%	--	(1.5)%	--	0.1%	--	--	70.5%
Operating Margin %	1.6%	2.3%	--	(1.0)%	8.7%	4.1%	--	--	15.7%
Diluted EPS	$(0.14)	$0.11	$(0.04)	$(0.05)	$0.44	$0.21	$0.02	$0.16	$0.73

Three Months Ended September 30, 2022

				Depreciation
		Merger and		and				Certain Legal &	Stock-based
	GAAP	Integration	Restructuring	Amortization		Financing	Contingent	Regulatory	Compensation	Certain Tax	Certain Interest	Adjusted
	Financial	Expenses	Expenses	Expenses	Impairment	Transactions	Consideration	Costs	Costs	Adjustments	Adjustments	Financial
	Measures	(A)	(B)	(C)	(D)	(E)	(F)	(G)	(H)	(I)	(J)	Measures
Gross Margin %	67.7%	--	--	1.4%	--	--	0.7%	--	0.1%	--	--	69.9%
Operating Margin %	(52.2)%	0.1%	1.6%	2.5%	51.2%	--	(2.4)%	9.5%	4.3%	--	--	14.5%
Diluted EPS	$(2.01)	--	$0.08	$0.11	$2.40	$(0.70)	$(0.11)	$0.44	$0.20	$(0.01)	$0.17	$0.58

GAAP results include:

1. Merger and integration expenses related to the acquisition of ALung Technologies, Inc.
2. Restructuring expenses related to organizational changes
3. Includes depreciation and amortization associated with purchase price accounting
4. Goodwill impairment associated with the Company's ACS business
5. Mark-to-marketadjustments for the exchangeable option feature and capped call derivatives
6. Remeasurement of contingent consideration related to acquisitions
7. 3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, Medical Device Regulation ("MDR") costs and costs related to the SNIA matter, and for the three months ended September 30, 2023, includes the Saluggia site provision
8. Non-cashexpenses associated with stock-based compensation costs
9. Discrete tax items, R&D tax credits and the tax impact of intercompany transactions
10. Non-cashinterest expense on the Cash Exchangeable Senior Notes and 2021 Revolving Credit Facility, interest expense on the 2022 Bridge Loan and Term Facilities, and for the three months ended September 30, 2023, includes interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities

• Numbers may not add precisely due to rounding.

NET REVENUE: COMPARISON OF ACTUAL RESULTS TO CONSTANT CURRENCY - UNAUDITED

(U.S. dollars in millions)

Segment

Cardiopulmonary

Neuromodulation

ACS

Other Revenue(2)

Total Net Revenue

Three Months Ended September 30,	% Change	% Change at
2023	2022		Constant-Currency Rates (1)
$144.8	$121.0	19.7%	18.1%
128.9	121.8	5.8%	5.2%
11.0	8.6	26.8%	26.6%
1.5	1.2	23.7%	14.4%
$286.1	$252.6	13.3%	12.1%

	Three Months Ended September 30,		% Change at
			% Change
Region	2023	2022		Constant-Currency Rates (1)
US	161.6	$143.4	12.7%	12.7%
Europe(3)	48.1	40.0	20.3%	11.7%
Rest of World	76.4	69.2	10.4%	11.3%
Total Net Revenue	$286.1	$252.6	13.3%	12.1%

1. Percent change at constant currency, a non-GAAP financial measure, measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior- year period.
2. Other revenue primarily includes rental income not allocated to segments.
3. Includes countries in Europe where the company has a direct revenue presence. Countries where revenue are made through distributors are included in "Rest of World."

• Numbers may not add precisely due to rounding.