0001639691-26-000111
SEC filingLivaNova第三季度营收3.931亿美元同比增长9.9%，心肺与神经调节双引擎驱动，全年营收及调整后EPS指引上调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $393.1 million | $357.8 million | 9.9% |
| Gross Margin (GAAP) | 67.4% | 68.4% | — |
| Gross Margin (Adjusted) | 69.3% | 69.4% | — |
| Operating Income (GAAP) | $28.4 million | $54.0 million | — |
| Operating Income (Adjusted) | $92.3 million | $80.4 million | — |
| Net Income (GAAP) | $34.3 million | $26.8 million | — |
| Net Income (Adjusted) | $70.7 million | $61.4 million | — |
| Diluted EPS (GAAP) | $0.11 | $0.49 | — |
| Diluted EPS (Adjusted) | $1.23 | $1.11 | — |
| Cardiopulmonary Revenue | $225.3 million | $203.2 million | 10.9% |
| Neuromodulation Revenue | $166.1 million | $149.5 million | 11.1% |
| Other Revenue | $1.7 million | $5.0 million | (65.7)% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenue Growth | 9% to 10% | Constant-currency |
| FY2026 | Adjusted Diluted EPS | $4.40 to $4.50 | Non-GAAP |
| FY2026 | Adjusted Free Cash Flow | $140 million to $160 million | Non-GAAP |
第三季度营收$393.1 million，同比增长9.9%（固定汇率+10.0%），Cardiopulmonary与Neuromodulation分别增长10.9%和11.1%，各区域全面增长，驱动来自耗材需求、Essenz™ Perfusion System销售及有利定价。但GAAP营业利润率由15.1%降至7.2%，主因Other operating expense升至$34.0 million（含3T Heater-Cooler诉讼计提及法律费用），GAAP稀释EPS仅$0.11；调整后营业利润率则由22.5%升至23.5%，调整后稀释EPS $1.23，反映核心经营杠杆改善。外汇及其他收益$26.3 million亦对GAAP净利形成正向抵补。
管理层上调全年2026指引：固定汇率营收增长由8%–9%升至9%–10%，调整后稀释EPS由$4.30–$4.40升至$4.40–$4.50（中点上调$0.10），调整后自由现金流维持$140–$160 million；外汇预计为约1%的顺风。经营现金流$73.7 million、调整后自由现金流$55.8 million，期末现金$563.5 million。战略层面，新氧合器产线投产以扩产应对需求，睡眠呼吸暂停VNS疗法获CPT I类码（预计2028年1月1日生效），CORE-VNS 36个月数据显示癫痫发作频率中位下降76%，为后续放量奠定基础。主要风险包括3T诉讼、SNIA环境负债及全球关税与供应链压力。