LivaNova

LivaNova, PLC is an American medical device manufacturer domiciled in the UK. The company develops devices used for cardiac surgery and neuromodulation. The company was formed in 2015 by a $2.7B merger between Houston, Texas-based Cyberonics, Inc. and Milan, Italy-based Sorin S.p.a.[2] The company trades on the NASDAQ stock exchange under the ticker symbol "LIVN".

LivaNova, PLC
TypePublic
Nasdaq: LIVN
S&P 400 Component
ISINGB00BYMT0J19
IndustryMedical Devices
Founded1987 (1987)
Headquarters
  • Legal headquarters: 20 Eastbourne Terrace, London
  • Operational headquarters, North America): 100 Cyberonics Blvd Ste 600, Houston, Texas
Key people
  • William Kozy
    (Interim CEO)
  • Alex Shvartsburg (CFO)
ProductsMedical devices for neuromodulation and cardiac surgery
Number of employees
3,000[1]
Websitewww.livanova.com

History

In 1956, Sorin Biomedica was founded by Italy's two largest industrial groups at that time: Fiat and Montedison (now under Edison). The name 'Sorin' is an acronym for Società Ricerche Impianti Nucleari (Company for Nuclear Plant Research).[3] Later the company became known as Sorin Group.

In 1987, Cyberonics, Inc. was founded in Houston, United States.[4]

In March 2015, the two companies announced they would be merging in a $2.7B transaction.[5] The transaction closed and the company began trading under the new stock symbol on Oct. 19. 2015.[2] In December 2017, LivaNova announced it would acquire Imthera Medical for approximately $224M.[6]

In 2018, LivaNova sold its cardiac rhythm management business unit to MicroPort for $190M.[7]

In 2020, LivaNova announced the sale of its heart valve (HV) business[8]

In May 2022, Livanova announced the acquisition of Pittsburgh based biotechnology company ALung Technologies Inc. LivaNova PLC will acquire the 97% interest in privately held ALung that it doesn’t currently own for the $10 million deal.[9]

In April 2023, CEO Damien McDonald resigned.[10]

Business units

The new combined company announced in May 2015 that it was focused on three product categories and will operate as three business units. The three units are: neuromodulation, with its operating HQ in Houston;[5] cardiac surgery, with its operating HQ in Italy; cardiac rhythm management, with its operating HQ in France.

In 2018, the cardiac rhythm management business unit was sold to focus on the remaining two.[7]

In March 2020, LivaNova established Epsy Health, a digital health unit aimed at empowering patients, caregivers and healthcare providers in their journey for the treatment of epilepsy.[11]

In December 2020, LivaNova announced the disposal of its heart valve (HV) business.[12]

LivaNova provides vagus nerve stimulation products.[13][14]

References
  1. "Company about page".
  2. "Merged Houston company begins trading under new name". Houston Business Journal. 19 October 2015. Retrieved 19 October 2015.
  3. "From Fiat to heart valves". INSEAD. 26 April 2012. Retrieved 19 October 2015.
  4. "Houston's Top Workplaces - 2012" (PDF). Houston Chronicle. 11 November 2012. Retrieved 19 October 2015.
  5. "Deal of the Week: Houston's Cyberonics teams up with Italian firm for $2.7B". Houston Chronicle. 6 May 2015. Retrieved 19 October 2015.
  6. "BRIEF-Livanova To Acquire Imthera Medical". Reuters. 5 December 2017. Retrieved 5 December 2017.
  7. "LivaNova closes $190 CRM sale to MicroPort". Mass Device. 30 April 2018.
  8. "LivaNova reaches agreement to sell its heart valve business". Cardiovascular News. 3 December 2020.
  9. "London-based LivaNova is picking up another Pittsburgh biotech firm". Pittsburgh Post-Gazette. 6 May 2022. Retrieved 9 May 2022.
  10. Peter Green (17 April 2023). "LivaNova CEO quits as firm announces higher-than-expected preliminary earnings". MedTech Dive.
  11. "LivaNova 2021 UK Annual Report". Retrieved 28 March 2023.
  12. Conor Hale (3 December 2020). "LivaNova to exit heart valve business via €60M carve-out deal". Fierce Biotech.
  13. https://www.livanova.com/en-us/therapeutic-areas
  14. https://link.springer.com/article/10.1007/s00115-022-01282-6
  • Official website
  • Business data for LivaNova:
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.