LivaNova
{{Short description|Italian-American medical device manufacturer}}
{{Use dmy dates|date=April 2022}}
{{Infobox company
| name = LivaNova, plc
| logo = LivaNova logo.svg
| type = Public
| traded_as = {{NASDAQ|LIVN}}
S&P 400 Component
| industry = Medical Devices
| ISIN = {{ISIN|sl=n|pl=y|GB00BYMT0J19}}
| foundation = {{start date and age|df=yes|1987}}
| location = {{bulleted list
| Legal headquarters: 20 Eastbourne Terrace, London
| Operational headquarters, North America): 100 Cyberonics Blvd Ste 600, Houston, Texas
}}
| key_people = {{bulleted list
|Vladimir Makatsaria (CEO)
| Alex Shvartsburg (CFO)
}}
| products = Medical devices for neuromodulation and cardiac surgery
| num_employees = 2,900{{cite news|url=https://www.livanova.com/en-us/home/about-us/|title=Company about page}}
| homepage = {{URL|https://www.livanova.com}}
}}
LivaNova, plc is an Italian-American medical device manufacturer based 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.{{cite web|url=http://www.bizjournals.com/houston/news/2015/10/19/merged-houston-company-begins-trading-under-new.html|title=Merged Houston company begins trading under new name |publisher=Houston Business Journal|date=2015-10-19|accessdate=2015-10-19}} The company trades on the NASDAQ stock exchange under the ticker symbol "LIVN".
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).{{cite web|url=http://knowledge.insead.edu/leadership-management/from-fiat-to-heart-valves-617 |title=From Fiat to heart valves|publisher=INSEAD |date=2012-04-26 |accessdate=2015-10-19}} Later the company became known as Sorin Group.
In 1987, Cyberonics, Inc. was founded in Houston, United States.{{cite web|url=http://www.simmonsco-intl.com/content/includes/Site_Attachments/ebook_20121111_Top.pdf|title=Houston's Top Workplaces - 2012|publisher=Houston Chronicle |date=2012-11-11 |accessdate=2015-10-19}}
In March 2015, the two companies announced they would be merging in a $2.7B transaction.{{cite web|url=
http://www.bizjournals.com/houston/print-edition/2015/03/06/deal-of-the-week-houston-s-cyberonics-teams-up.html |title=Deal of the Week: Houston's Cyberonics teams up with Italian firm for $2.7B|publisher=Houston Chronicle |date=2015-05-06 |accessdate=2015-10-19}} The transaction closed and the company began trading under the new stock symbol on Oct. 19. 2015. In December 2017, LivaNova announced it would acquire Imthera Medical for approximately $224M.{{Cite news|url=https://www.reuters.com/article/brief-livanova-to-acquire-imthera-medica/brief-livanova-to-acquire-imthera-medical-idUSASM000GPP|title=BRIEF-Livanova To Acquire Imthera Medical|date=2017-12-05|work=Reuters|access-date=2017-12-05}}
In 2018, LivaNova sold its cardiac rhythm management business unit to MicroPort for $190M.{{cite web|url=https://www.massdevice.com/livanova-closes-190-crm-sale-to-microport/|title=LivaNova closes $190 CRM sale to MicroPort|website=Mass Device|date=30 April 2018 }}
In 2020, LivaNova announced the sale of its heart valve (HV) business{{cite web|url=https://cardiovascularnews.com/livanova-reaches-agreement-to-sell-its-heart-valve-business/|title=LivaNova reaches agreement to sell its heart valve business|website=Cardiovascular News|date=3 December 2020 }}
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.{{cite journal|date=6 May 2022|url=https://www.post-gazette.com/business/healthcare-business/2022/05/06/alung-technologies-being-acquired-livanova-plc-peter-decomo/stories/202205060104|title=London-based LivaNova is picking up another Pittsburgh biotech firm|journal=Pittsburgh Post-Gazette|access-date=9 May 2022}}
In April 2023, CEO Damien McDonald resigned.{{cite news|url=https://www.medtechdive.com/news/LivaNova-LIVN-CEO-Departs-Earnings/647826/|author=Peter Green|date=April 17, 2023|title=LivaNova CEO quits as firm announces higher-than-expected preliminary earnings|work=MedTech Dive}}
On March 1, 2024, Vladimir Makatsaria was appointed LivaNova's new CEO and Board Director.{{cite news|url=https://www.businesswire.com/news/home/20240205142599/en/|date=March 1, 2024|title=LivaNova Announces Vladimir A. Makatsaria as CEO and Board Director|work=MedTech Dive}}
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; 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.
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.{{cite web |title=LivaNova 2021 UK Annual Report |url=https://investor.livanova.com/static-files/4974eb06-7cdc-4025-8bf1-519b18c7961a |access-date=28 March 2023}}
In December 2020, LivaNova announced the disposal of its heart valve (HV) business.{{cite news|url=https://www.fiercebiotech.com/medtech/livanova-to-exit-heart-valve-business-via-73m-carve-out-deal|author=Conor Hale|date=December 3, 2020|title=LivaNova to exit heart valve business via €60M carve-out deal|work=Fierce Biotech}}
LivaNova provides vagus nerve stimulation products.{{Cite web |title=Therapeutic Areas for the Head and Heart {{!}} LivaNova |url=https://www.livanova.com/en-us/therapeutic-areas |access-date=2023-11-16 |website=www.livanova.com |language=en-us}}{{Cite journal |last=Reif-Leonhard |first=C. |last2=Reif |first2=A. |last3=Baune |first3=B. T. |last4=Kavakbasi |first4=E. |date=2022-09-01 |title=Vagusnervstimulation bei schwer zu behandelnden Depressionen |url=https://doi.org/10.1007/s00115-022-01282-6 |journal=Der Nervenarzt |language=de |volume=93 |issue=9 |pages=921–930 |doi=10.1007/s00115-022-01282-6 |issn=1433-0407 |pmc=9452433 |pmid=35380222}}
References
{{reflist}}
External links
- {{Official website|https://www.livanova.com}}
{{Finance links
| name = LivaNova
| symbol = LIVN
| sec_cik = LIVN
| yahoo = LIVN
| google = LIVN
}}
{{S&P 400 companies}}
{{Authority control}}
Category:Manufacturing companies based in London
Category:Medical technology companies of the United Kingdom
Category:2015 establishments in England