Positive Outlook for LivaNova Driven by Product Upgrades and Market ExpansionWe hosted Vlad Makatsaria (CEO), Alex Shvartsburg (CFO), and Briana Gotlin (VP , Investor Relations) for investor meetings in Chicago, where key focus areas included: (1) core business growth trajectory; (2) pipeline development; (3) operating margin expansion opportunities; and (4) capital allocation priorities. These investor meetings followed the company’s 4Q24 results and introduction of 2025 guidance with LIVN shares underperforming YTD (-16% vs. the Russel 2000 -7%). Investor debate around the stock has intensified surrounding underlying durability of the base business, path to realizing positive returns from pipeline investments in new growth categories, and the corresponding impact on the P&L, in our view. Fundamental dynamics also continue to face the overhang of outstanding litigation (SNIA), where the company expects to have a more detailed update later in 1H25.