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Third-Quarter 2025 Earnings Update November 5, 2025
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2 Certain statements in this material, other than statements of historical or current fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include, but are not limited to, LivaNova’s plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events, and involve known and unknown risks that are difficult to predict. As a result, the Company’s actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by LivaNova and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties, and other important factors, many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from the forward-looking statements contained in this material, and include, but are not limited to, the following risks and uncertainties: volatility in the global market and worldwide economic conditions, including as caused by the invasion of Ukraine, the evolving instability in the Middle East, inflation, changing interest rates, foreign exchange fluctuations, and changes to existing trade agreements and relationships between the U.S. and other countries, including the implementation of tariffs, trade restrictions, and sanctions; adverse changes in export and import costs and other trade restrictions as well as uncertainty over global tariffs; risks relating to supply chain pressures; cybersecurity incidents or other disruptions to the Company’s information technology systems or those of third parties with which the Company interacts; costs of complying with privacy and security of personal information requirements and laws; changes in technology, including the development of superior or alternative technology or devices by competitors and/or competition from providers of alternative medical therapies; failure of R&D investments or investment collaborations to be successful; prolonged government shutdowns in the U.S. which may result in delays in FDA or CMS activities, including product approvals or reimbursement determinations; failure to maintain appropriate working relationships with healthcare professionals to aid in the continuing development of products; the risk of quality issues and the impacts thereof; risks relating to recalls, replacement of inventory, enforcement actions, or product liability claims; failure to comply with, or changes in, laws, regulations, or administrative practices affecting government regulation of the Company’s products; failure to retain key personnel, succession plan, and negotiate with local works councils; failure to obtain approvals or reimbursement in relation to the Company’s products; unfavorable results from clinical studies or failure to meet milestones; pending or existing climate change; global healthcare policy changes that may lead to restricted access and pricing as well as payback requirements and limited reimbursement; changes or reduction in reimbursement for the Company’s products or failure to comply with rules relating to reimbursement of healthcare goods and services; failure to comply with rules relating to healthcare goods and services as well as anti-bribery laws; product liability, intellectual property, shareholder-related, environmental- related, income tax, and other litigation, disputes, losses, and costs, including in the case of the Company’s 3T Heater-Cooler litigation; risks associated with environmental laws and regulations as well as environmental liabilities, violations, and litigation, including in the case of Saluggia and SNIA; failure to protect the Company’s proprietary intellectual property; risks relating to the Company’s indebtedness; failure of divestitures and/or new acquisitions to further the Company’s strategic objectives or strengthen the Company’s existing businesses; the potential for impairments of intangible assets, goodwill, and other long-lived assets; changes in tax laws and regulations, including exposure to additional income tax liabilities; effectiveness of the Company’s internal controls over financial reporting; changes in the Company’s profitability and/or failure to manage costs and expenses; fluctuations in future quarterly operating results and/or variations in revenue and operating expenses relative to estimates; and other unknown or unpredictable factors that could harm the Company’s financial performance. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors”section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the United States Securities and Exchange Commission by LivaNova. Readers are cautioned not to place undue reliance on the Company's forward-looking statements, which speak only as of the date of this material. The Company undertakes no obligation to update publicly any of the forward-looking statements in this material to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If LivaNova updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. Safe Harbor
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3 Intellectual Property, Trademarks, and Trade Names This material may contain references to LivaNova's proprietary intellectual property, including among others: • Trademarks for LivaNova’s Neuromodulation systems, the VNS Therapy™ System, and LivaNova’s proprietary pulse generator products: Model 102 (Pulse™), Model 102R (Pulse Duo™), Model 103 (Demipulse™), Model 104 (Demipulse Duo™), Model 106 (AspireSR™), Model 1000 (SenTiva™), Model 1000-D (SenTiva™ Duo), and Model 8103 (Symmetry™). • Trademarks for LivaNova’s Cardiopulmonary products and systems: Essenz™, S5™, S5 Pro™, B-Capta™, Inspire™, Heartlink™, XTRA™, 3T Heater-Cooler™, Connect™, and Revolution™. • Trademarks for LivaNova’s advanced circulatory support systems: TandemLife™, TandemHeart™, TandemLung™, ProtekDuo™, LifeSPARC™, ALung™, Hemolung™, Respiratory Dialysis™, and ActivMix™. • Trademarks for LivaNova’s obstructive sleep apnea system: ImThera™ and aura6000™. These trademarks and trade names are the property of LivaNova or the property of LivaNova’s consolidated subsidiaries and are protected under applicable intellectual property laws. Solely for convenience, LivaNova’s trademarks and trade names referred to in this material may appear without the ™ symbol, but such references are not intended to indicate in any way that the Company will not assert, to the fullest extent under applicable law, LivaNova’s rights to these trademarks and trade names.
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4 Contents 3Q25 Financial Results 2025 Guidance and Assumptions Appendix 3Q25 Key Messages and Summary
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5 3Q25 Highlights and Key Messages • Delivered double-digit reported and organic revenue growth(1) and continued operating margin expansionFinancial Results Full-Year 2025 Guidance Commercial Milestone • Raised full-year 2025 revenue guidance by 50 basis points to 8.5% - 9.5% on a constant-currency basis and 9.5% - 10.5% on an organic basis • Raised full-year 2025 adjusted diluted earnings per share(2) range to 3.80 - $3.90 (versus $3.70 - $3.80 prior) • Raised full-year 2025 adjusted free cash flow(3) range to $160M - $180M (versus $140M - $160M) • Launched Essenz Perfusion System in China Organic revenue growth, adjusted diluted EPS and adjusted FCF are non-GAAP measures. (1) Organic revenue growth excludes the impact of acquisitions, divestitures, and currency translations effects. Foreign currency is expected to be a tailwind of approximately 1% based on current exchange rates. (2) Adjusted diluted EPS assumes adjusted diluted weighted average shares outstanding of approximately 55 million for the full year of 2025. (3) Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses, or gains that may not be indicative of the Company's operational performance.
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6 3Q25 Summary ADJUSTED FCF(3) ADJUSTED DILUTED EPS(2) ORGANIC REVENUE GROWTH(1) 13% $1.11 $62M Commercial Milestone • Higher revenue and optimization of DTD program spend • Stronger operating performance and disciplined working capital management FCF: Free cash flow; CP: Cardiopulmonary Organic revenue growth, adjusted diluted EPS and adjusted FCF are non-GAAP measures. (1) Organic revenue growth excludes the impact of acquisitions, divestitures, and currency translations effects. Foreign currency is expected to be a tailwind of approximately 1% based on current exchange rates. (2) Adjusted diluted EPS assumes adjusted diluted weighted average shares outstanding of approximately 55 million for the full year of 2025. (3) Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses, or gains that may not be indicative of the Company's operational performance. CP • Initiated commercial launch of the Essenz Perfusion System in China, the second-largest market for heart-lung machines after the United States • Cardiopulmonary growth of 16% driven by Essenz Perfusion System sales and strong consumables demand • Neuromodulation growth of 6% driven by strength across all regions
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7 Financial Results
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8 $318 $358 Net Revenue ($M) 35.2% 34.3% 14.7% 12.6% $0.90 $1.11 3Q25 Financial Summary Net revenue increased 11% on a constant-currency basis and 13% on an organic basis; favorable FX impact of ~$5M, or 1% 3Q24 3Q25 Adjusted Operating Margin % Adjusted Diluted EPS FX: Foreign exchange; FCF: Free cash flow. Note: Constant-currency percent change, organic revenue percent change, adjusted diluted EPS, adjusted FCF, adjusted gross profit, adjusted SG&A, adjusted R&D, and adjusted operating margin all as a percentage of net revenue are non-GAAP measures. Constant currency excludes the effects of foreign currency fluctuations as compared to reported percent change, and organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translations effects. For reconciliations of certain non-GAAP metrics and the historical reclassification between cost of sales and selling, general, and administrative expenses, see the tables in the appendix. For additional details. see the 8-K furnished with the SEC on November 5, 2025. Numbers may not add precisely due to rounding. Adjusted R&D %Adjusted SG&A %Adjusted Gross Profit % 20.0% 22.5% 69.9% 69.4% $47 $62 Adjusted FCF ($M)
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9 58% 42% 3Q25 Net Revenue Delivered double-digit organic revenue growth Vagus Nerve Stimulation Therapy (VNS Therapy) • Drug-Resistant Epilepsy (DRE) • Difficult-to-Treat Depression (DTD) Proximal Hypoglossal Nerve Stimulation Therapy (p-HGNS Therapy) • Obstructive Sleep Apnea (OSA) • Heart-lung machines (HLM) • Oxygenators • Autotransfusion systems (ATS) • Cannulae Other revenue includes rental and site services income not allocated to segments. (1) Percent change performance is shown on a year-over-year organic basis, which is a non-GAAP measure. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translations effects. For reconciliations of certain non-GAAP metrics, see the tables in the appendix. $358M 13% organic growth(1) Cardiopulmonary (CP) Neuromodulation Numbers may not add precisely due to rounding. Percentages by segment exclude "Other" revenue.
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10 Net Revenue ($M) 172 203 63 72 41 50 69 81 US EU ROW 3Q24 3Q25 3Q25 Cardiopulmonary Revenue(1) Drivers/Impacts 16% Consumables revenue grew in the mid-teens driven by market share gains, procedure growth, and price. HLM revenue grew over 20% driven by Essenz sales. Cardiopulmonary revenue increased 16% with strength across all regions. Numbers may not add precisely due to rounding. (1) All percent change performance is shown on a year-over-year constant-currency basis, which is a non-GAAP measure. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. For reconciliations of certain non-GAAP metrics, see the tables in the appendix.
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11 3Q25 Neuromodulation Revenue(1) Net Revenue ($M) 140 150 113 118 12 1515 17 US EU ROW 3Q24 3Q25 6% Neuromodulation revenue increased 6% with growth across all regions driven by strong commercial execution. Epilepsy revenue grew 6% with U.S. Epilepsy revenue growth of 5%. Europe and Rest of World Epilepsy revenue increased a combined 12%. Drivers/Impacts Numbers may not add precisely due to rounding. (1) All percent change performance is shown on a year-over-year constant-currency basis, which is a non-GAAP measure. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. For reconciliations of certain non-GAAP metrics, see the tables in the appendix.
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12 $85M $102M 33 39 52 63 3Q 2024 3Q 2025 3Q25 Adjusted Segment Income and Margin(1) 3Q24 3Q25 Cardiopulmonary 19.4% 19.3% Neuromodulation 37.1% 41.9% Total Adjusted Segment Margin 27.3% 28.9% Total Adjusted Operating Margin(2) 20.0% 22.5% Cardiopulmonary Neuromodulation Numbers may not add precisely due to rounding. Segment financial information presented herein reflects LivaNova's change in segments, effective in the first quarter 2024, for all periods presented. (1) Adjusted segment income and margin are non-GAAP measures. These non-GAAP measures are reconciled to the most directly comparable GAAP measures in the appendix. For additional details. see the 8-K furnished with the SEC on November 5, 2025. (2) Includes other income and expense not allocated to segments primarily including corporate expense, rental income, and the results of LivaNova’s former ACS reportable segment.
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13 Adjusted Free Cash Flow Reconciliation ($M) 1Q 2025 2Q 2025 3Q 2025 Net cash provided by operating activities $24.0 $62.9 $85.1 Less: Purchases of plant, property, and equipment (10.8) (15.1) (22.9) Less: Cybersecurity incident insurance proceeds (0.1) (1.0) — Less: Dividends received from investment — (0.4) (0.1) Add: 3T Heater-Cooler litigation payments 0.5 1.5 — Add: SNIA financing costs 6.5 — — Adjusted free cash flow $20.0 $47.8 $62.0 Last Twelve Months (LTM) Adjusted Free Cash Flow Conversion Ratio LTM Ended Sept 30, 2024 LTM Ended Sept 30, 2025 Adjusted free cash flow $161.3 $192.1 Adjusted net income $187.4 $211.1 Adjusted free cash flow conversion ratio 86 % 91 % Adjusted Free Cash Flow Raising adjusted free cash flow (FCF) to $160 - 180M (versus $140 - 160M prior) for full-year 2025 Numbers may not add precisely due to rounding. Adjusted Free Cash Flow (FCF), LTM Adjusted FCF, LTM Adjusted Net Income and LTM Adjusted FCF conversion ratio are non-GAAP measures. LivaNova's definition and calculation of Adjusted FCF may not be comparable to similarly titled measures of other companies.
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14 2025 Guidance
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15 2025 Guidance Raising full-year revenue, adjusted diluted EPS(3), and adjusted FCF guidance(4) Prior Guidance As of February 25, 2025 Prior Guidance As of May 7, 2025 Prior Guidance As of August 6, 2025 Updated Guidance As of November 5, 2025 Net revenue growth(1) 5.0 - 6.0% 6.0 - 7.0% 8.0 - 9.0% 8.5 - 9.5% Organic net revenue growth(2) 6.0 - 7.0% 7.0 - 8.0% 9.0 - 10.0% 9.5 - 10.5% Foreign exchange 1.5 - 2.0% (headwind) 0.0 - 1.0% (headwind) ~1.0 % (tailwind) ~1.0 % (tailwind) Adjusted diluted EPS(3) $3.65 - $3.75 (excludes SNIA impact & tariffs) $3.60 - $3.70 (includes SNIA impact & tariffs) $3.70 - $3.80 (includes SNIA impact & tariffs) $3.80 - $3.90 (includes SNIA impact & tariffs) Adjusted free cash flow(4) $135 - $155M $135 - $155M $140 - $160M $160 - $180M Net revenue growth on a constant-currency basis, organic net revenue growth, adjusted diluted EPS and adjusted free cash flow are non-GAAP measures. (1) Net revenue growth is on a constant-currency basis. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. (2) Organic net revenue growth excludes the impact of acquisitions, divestitures, and currency translations effects. (3) Adjusted diluted EPS assumes adjusted diluted weighted average shares outstanding of approximately 55 million for the full year of 2025. (4) Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses, or gains that may not be indicative of the Company's operational performance.
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16 Assumptions for 2025 ADJUSTED FCF(3) ADJUSTED DILUTED EPS(2) ORGANIC REVENUE GROWTH(1) • Cardiopulmonary revenue expected to grow 12.5 - 13.5% (versus 12.0 - 13.0% prior) • Epilepsy revenue growth expected to grow 5.0 - 6.0% (versus 4.5 - 5.5% prior) • DTD revenue expected to be ~$10M (consistent with prior guidance) DTD 9.5 - 10.5% $3.80 - $3.90 $160 - $180M Product Development • Adjusted operating income margin increase of ~140bps and adjusted operating income growth of ~18% driven by revenue growth, continued operating leverage, and reduced DTD program spend • Investment in core innovation and accelerated OSA product development to drive long-term value creation, partially offsetting margin expansion • EPS growth of 14% at midpoint, despite SNIA impact and 200bps step up in effective tax rate • Adjusted free cash flow driven by improving profitability and disciplined working capital management, partially offset by higher capital spend and certain one-time payments • Capital spend of $80M (versus $95M prior) to support IT infrastructure, innovation, and growth • Continued pursuit of CMS coverage for VNS Therapy for difficult-to-treat depression patients with reduced investment in 2025 BPS: Basis points; FCF: Free cash flow; DTD: Difficult-to-treat depression; OSA: Obstructive sleep apnea; CMS: U.S. Centers for Medicare and Medicaid Services; p-HGNS: Proximal hypoglossal nerve stimulation Organic revenue growth, adjusted diluted EPS and adjusted FCF are non-GAAP measures. (1) Organic revenue growth excludes the impact of acquisitions, divestitures, and currency translations effects. Foreign currency is expected to be a headwind of approximately 1.0% based on current exchange rates. (2) Adjusted diluted EPS assumes adjusted diluted weighted average shares outstanding of approximately 55 million for the full year of 2025. (3) Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses, or gains that may not be indicative of the Company's operational performance. OSA • Continued progress toward competitive and differentiated product portfolio within next-generation p-HGNS platform Pursue Reimbursement
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17 Adjusted Diluted EPS(1) Guidance Bridge: From Prior to Current Outlook $3.75 $0.05 $0.05 $3.85 As of August 6, 2025 Revenue and Operational Improvements Italian MedTech Payback As of November 5, 2025 (1) Adjusted diluted EPS is a non-GAAP measure. This non-GAAP measure is reconciled to its GAAP measure in the appendix. (2) Net of investments in the core. (3) For additional information on the Italian MedTech Payback, refer to the Form 10-Q for the quarter ended September 30, 2025. At midpoint of $3.80 - $3.90 range At midpoint of $3.70 - $3.80 range (2) (3)
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18 Appendix
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19 GAAP to Non-GAAP Reconciliations To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as “non-GAAP financial measures” or “adjusted financial measures.” Company management uses these non-GAAP measures to monitor the Company’s operational performance and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, operational performance measures as prescribed by GAAP. In this material, the Company refers to revenue and percentage change in revenue on a comparable, constant-currency, and organic basis. Company management believes that these non-GAAP measures provide a useful way to evaluate the revenue performance of LivaNova and to compare the revenue performance of current periods to prior periods on a consistent basis. Constant-currency percent change measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior-year period. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translation effects. LivaNova calculates forward-looking non-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-looking non-GAAP adjusted diluted earnings per share guidance exclude 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 adjusted free cash flow is net cash provided by operating activities. Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses, or gains that may not be indicative of the Company's operational performance. 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, the Company does not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort. Adjusted financial measures such as organic revenue, adjusted cost of sales, adjusted gross profit, adjusted selling, general, and administrative expense, adjusted research and development expense, adjusted other operating expense, adjusted operating income, adjusted income before tax, adjusted income tax expense, adjusted net income, and adjusted diluted earnings per share, are measures that LivaNova generally uses to facilitate management review of the operational performance of the company, to serve as a basis for strategic planning, and in the design of incentive compensation plans. Additionally, the Company uses the non-GAAP liquidity measure adjusted free cash flow. The Company believes that the presentation of these adjusted financial measures allows investors to evaluate the Company’s operational performance for different periods on a more comparable and consistent basis, and with other medical technology companies by adjusting for items that are not related to the operational performance of the Company or incurred in the ordinary course of business.
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20 Segment Net Revenue Comparisons by Region Three Months Ended September 30, ($M) 2025 2024 % Change Constant-Currency % Change(1) Cardiopulmonary United States $71.9 $62.5 15.1 % 15.1 % Europe(2) 50.1 40.9 22.4 % 15.5 % Rest of World 81.2 68.8 18.0 % 16.8 % 203.2 172.2 18.0 % 15.9 % Neuromodulation United States 118.4 112.9 4.9 % 4.9 % Europe(2) 14.5 11.9 21.8 % 14.5 % Rest of World 16.6 15.0 10.5 % 11.4 % 149.5 139.9 6.9 % 6.4 % Other Revenue(3) 5.0 6.0 (16.8) % (21.3) % Total Net Revenue $357.8 $318.1 12.5 % 11.0 % Less: ACS(4) — 4.4 (100.0) % (100.0) % Total Net Revenue, Excluding ACS(1) $357.8 $313.7 N/A 12.5 % Numbers may not add precisely due to rounding. Segment financial information presented herein reflects LivaNova's change in segments, effective in the first quarter 2024, for all periods presented. ACS: Advanced Circulatory Support. (1) Constant-currency percent change, organic net revenue, and organic revenue percent change are non-GAAP measures. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translations effects. Organic net revenue excludes the impact of acquisitions and divestitures. For reconciliations of certain non-GAAP metrics, see the tables in the appendix. (2)“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates. (3) “Other Revenue” includes rental and site services income not allocated to segments. In addition, “Other Revenue” for the three months ended March 31, 2024 includes revenue from the Company’s former ACS reportable segment (4) Includes the results from the wind down portion of the Company's former ACS reportable segment.
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21 GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Three Months Ended September 30, 2025 GAAP Financial Measures Depreciation and Amortization Expenses (1) Impairment (2) Financing Transactions (3) Contingent Consideration (4) Certain Legal & Regulatory Costs (5) Stock-based Compensation Costs (6) Certain Tax Adjustments (7) Certain Interest Adjustments (8) Adjusted Financial Measures Cost of sales $112.9 ($1.9) $— $— ($1.0) $— ($0.5) $— $— $109.5 Gross profit percent 68.4 % 0.5 % — % — % 0.3 % — % 0.1 % — % — % 69.4 % Selling, general, and administrative 138.5 (2.6) — — — (6.2) (6.8) — — 122.8 Selling, general, and administrative as a percent of net revenue 38.7 % (0.7) % — % — % — % (1.7) % (1.9) % — % — % 34.3 % Research and development 48.6 — — — (0.8) (0.2) (2.6) — — 45.0 Research and development as a percent of net revenue 13.6 % — % — % — % (0.2) % (0.1) % (0.7) % — % — % 12.6 % Other operating expense 3.7 — — — — (3.7) — — — — Operating income 54.0 4.5 — — 1.8 10.2 9.9 — — 80.4 Operating margin percent 15.1 % 1.2 % — % — % 0.5 % 2.9 % 2.8 % — % — % 22.5 % Net income 26.8 4.5 1.1 9.9 1.8 12.0 9.9 (10.4) 5.9 61.4 Net income as a percent of net revenue 7.5 % 1.2 % 0.3 % 2.8 % 0.5 % 3.3 % 2.8 % (2.9) % 1.6 % 17.2 % Diluted EPS $0.49 $0.08 $0.02 $0.18 $0.03 $0.22 $0.18 ($0.19) $0.11 $1.11 GAAP results for the three months ended September 30, 2025 include: (1) Depreciation and amortization associated with purchase price accounting (2) Impairment of investment in Highlife S.A.S. (3) Mark-to-market adjustments for the 2025 and 2029 Notes embedded and capped call derivatives (4) Remeasurement of contingent consideration related to the ImThera acquisition (5) Legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, and SNIA environmental liability (6) Non-cash expenses associated with stock-based compensation costs (7) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (8) Non-cash interest expense • Numbers may not add precisely due to rounding.
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22 GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Three Months Ended September 30, 2024 GAAP Financial Measures Restructuring Expenses (1) Depreciation and Amortization Expenses (2) Financing Transactions (3) Contingent Consideration (4) Certain Legal & Regulatory Costs (5) Stock-based Compensation Costs (6) Certain Tax Adjustments (7) Certain Interest Adjustments (8) Adjusted Financial Measures Cost of sales $97.1 $— ($1.8) $— $0.2 $0.7 ($0.4) $— $— $95.9 Gross profit percent 69.5 % — % 0.6 % — % (0.1) % (0.2) % 0.1 % — % — % 69.9 % Selling, general, and administrative 127.4 — (2.6) — — (6.3) (6.6) — — 111.9 Selling, general, and administrative as a percent of net revenue 40.1 % — % (0.8) % — % — % (2.0) % (2.1) % — % — % 35.2 % Research and development 48.8 — — — (0.3) (0.3) (1.5) — — 46.8 Research and development as a percent of net revenue 15.3 % — % — % — % (0.1) % (0.1) % (0.5) % — % — % 14.7 % Other operating expense 9.2 (1.5) — — — (7.7) — — — — Operating income 35.6 1.5 4.4 — 0.1 13.5 8.6 — — 63.6 Operating margin percent 11.2 % 0.5 % 1.4 % — % — % 4.2 % 2.7 % — % — % 20.0 % Net income 33.0 1.5 4.4 (17.1) 0.1 13.5 8.6 (2.7) 8.3 49.3 Net income as a percent of net revenue 10.4 % 0.5 % 1.4 % (5.4) % — % 4.2 % 2.7 % (0.9) % 2.6 % 15.5 % Diluted EPS $0.60 $0.03 $0.08 ($0.31) $— $0.25 $0.16 ($0.05) $0.15 $0.90 GAAP results for the three months ended September 30, 2024 include: (1) Restructuring expenses related to organizational changes (2) Depreciation and amortization associated with purchase price accounting (3) Mark-to-market adjustments for the 2025 and 2029 Notes embedded and capped call derivatives (4) Remeasurement of contingent consideration related to ImThera acquisition (5) Legal expenses primarily related to 3T Heater-Cooler defense, cybersecurity incident costs, 3T Heater-Cooler litigation provision, and Medical Device Regulation ("MDR") costs (6) Non-cash expenses associated with stock-based compensation costs (7) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (8) Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities • Numbers may not add precisely due to rounding.
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23 GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Nine Months Ended September 30, 2025 GAAP Financial Measures Restructuring Expenses (1) Depreciation and Amortization Expenses (2) Impairment (3) Financing Transactions (4) Contingent Consideration (5) Certain Legal & Regulatory Costs (6) Stock-based Compensation Costs (7) Certain Tax Adjustments (8) Certain Interest Adjustments (9) Adjusted Financial Measures Cost of sales $327.0 $— ($5.3) $— $— ($2.8) $— ($1.2) $— $— $317.7 Gross profit percent 68.2 % — % 0.5 % — % — % 0.3 % — % 0.1 % — % — % 69.1 % Selling, general, and administrative 405.4 — (7.6) — — — (17.5) (20.4) — — 359.9 Selling, general, and administrative as a percent of net revenue 39.5 % — % (0.7) % — % — % — % (1.7) % (2.0) % — % — % 35.0 % Research and development 133.6 — 0.1 — — (2.7) 1.4 (5.3) — — 127.2 Research and development as a percent of net revenue 13.0 % — % — % — % — % (0.3) % 0.1 % (0.5) % — % — % 12.4 % Other operating expense 4.2 0.2 — — — — (4.4) — — — — Operating income 156.8 (0.2) 12.8 — — 5.5 20.5 26.9 — — 222.3 Operating margin percent 15.3 % — % 1.2 % — % — % 0.5 % 2.0 % 2.6 % — % — % 21.6 % Net (loss) income (273.4) (0.2) 12.8 1.1 13.9 5.5 384.4 26.9 (24.1) 20.0 166.9 Net (loss) income as a percent of net revenue (26.6) % — % 1.2 % 0.1 % 1.4 % 0.5 % 37.4 % 2.6 % (2.3) % 2.0 % 16.3 % Diluted EPS ($5.01) $— $0.23 $0.02 $0.25 $0.10 $7.01 $0.49 ($0.44) $0.37 $3.04 GAAP results for the nine months ended September 30, 2025 include: (1) Restructuring expenses related to organizational changes (2) Depreciation and amortization associated with purchase price accounting (3) Impairment of investment in Highlife S.A.S. (4) Mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives and loss on debt extinguishment (5) Remeasurement of contingent consideration related to the ImThera acquisition (6) SNIA environmental liability, legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, cybersecurity incident costs net of insurance reimbursement, MDR costs, and R&D tax incentive (7) Non-cash expenses associated with stock-based compensation costs (8) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (9) Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities • Numbers may not add precisely due to rounding.
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24 GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (US dollars in millions, except per share amounts) Specified Items Nine Months Ended September 30, 2024 GAAP Financial Measures Restructuring Expenses (1) Depreciation and Amortization Expenses (2) Impairment (3) Financing Transactions (4) Contingent Consideration (5) Certain Legal & Regulatory Costs (6) Stock-based Compensation Costs (7) Certain Tax Adjustments (8) Certain Interest Adjustments (9) Adjusted Financial Measures Cost of sales $292.5 $— ($5.2) $— $— $0.3 $0.7 ($0.9) $— $— $287.5 Gross profit percent 68.6 % — % 0.6 % — % — % — % (0.1) % 0.1 % — % — % 69.1 % Selling, general, and administrative 378.2 — (7.9) — — — (20.1) (20.6) — — 329.7 Selling, general, and administrative as a percent of net revenue 40.6 % — % (0.8) % — % — % — % (2.2) % (2.2) % — % — % 35.4 % Research and development 139.2 — 0.1 — — (0.7) (2.3) (5.5) — — 130.9 Research and development as a percent of net revenue 14.9 % — % — % — % — % (0.1) % (0.2) % (0.6) % — % — % 14.0 % Other operating expense 29.6 (12.8) — — — — (16.8) — — — — Operating income 92.0 12.8 12.9 — — 0.3 38.4 27.0 — — 183.6 Operating margin percent 9.9 % 1.4 % 1.4 % — % — % — % 4.1 % 2.9 % — % — % 19.7 % Net income 7.3 12.8 12.9 5.8 25.7 0.3 38.4 27.0 (13.7) 23.5 140.1 Net income as a percent of net revenue 0.8 % 1.4 % 1.4 % 0.6 % 2.8 % — % 4.1 % 2.9 % (1.5) % 2.5 % 15.0 % Diluted EPS $0.13 $0.24 $0.24 $0.11 $0.47 $0.01 $0.70 $0.49 ($0.25) $0.43 $2.57 GAAP results for the nine months ended September 30, 2024 include: (1) Restructuring expenses related to organizational changes (2) Depreciation and amortization associated with purchase price accounting (3) Impairment of investment in ShiraTronics, Inc. (4) Mark-to-market adjustment for the embedded and capped call derivatives associated with the 2025 Notes (5) Remeasurement of contingent consideration related to ImThera acquisition (6) 3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, cybersecurity incident costs, MDR costs, and costs related to the SNIA matter (7) Non-cash expenses associated with stock-based compensation costs (8) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (9) Interest expense on the Term Facilities, non-cash interest expense on the 2025 and 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities • Numbers may not add precisely due to rounding.
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25 GAAP to Non-GAAP Reconciliations - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Three Months Ended September 30, Adjusted free cash flow reconciliation 2025 2024 Net cash provided by operating activities $85.1 $51.0 Less: Purchases of plant, property, and equipment (22.9) (18.1) Less: Dividends received from investments (0.1) — Add: 3T Heater-Cooler litigation payments — 7.5 Add: SNIA financing costs — 6.9 Adjusted free cash flow $62.0 $47.3 RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Last Twelve Months Ended September 30, Adjusted free cash flow reconciliation 2025 2024 Net cash provided by operating activities $250.7 $158.3 Less: Purchases of plant, property, and equipment (59.2) (49.6) Less: Cybersecurity incident insurance proceeds (6.2) — Less: Dividends received from investments (0.6) (1.5) Add: 3T Heater-Cooler litigation payments 7.8 36.6 Add: SNIA financing costs (0.4) 17.6 Adjusted free cash flow $192.1 $161.3 Adjusted net income reconciliation Net (loss) income ($217.5) $23.7 Restructuring expenses 0.3 12.7 Depreciation and amortization expenses 17.0 19.4 Impairment 1.1 108.3 Financing transactions (13.7) 23.1 Contingent consideration 8.4 5.2 Certain legal and regulatory costs 388.3 50.9 Stock-based compensation costs 33.9 35.3 Certain tax adjustments (34.4) (123.0) Certain interest adjustments 27.6 31.8 Adjusted net income $211.1 $187.4 Last twelve months free cash flow conversion ratio GAAP (115) % 668 % Adjusted 91 % 86 % RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Net debt reconciliation September 30, 2025 Total debt $434.5 Less: Carrying value of 2029 Notes (271.0) Add: Nominal value of 2029 Notes 345.0 Less: Carrying value of 2025 Notes (56.7) Add: Nominal value of 2025 Notes 57.5 Less: Carrying value of Term Facilities (101.4) Add: Nominal value of Term Facilities 102.5 Less: Cash and cash equivalents (646.1) Net debt ($135.7)
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26 GAAP to Non-GAAP Reconciliation - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Specified Items Segment income Three Months Ended September 30, 2025 GAAP Financial Results Contingent Consideration (1) Certain Legal & Regulatory Costs (2) Stock-based Compensation Costs (3) Adjusted Financial Results % to Revenue Cardiopulmonary $24.7 $— $9.5 $5.0 $39.2 19.3 % Neuromodulation 56.2 1.8 — 4.7 62.7 41.9 % GAAP results for the three months ended September 30, 2025 and 2024 include: (1) Remeasurement of contingent consideration related to the ImThera acquisition (2) Legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, and MDR costs (3) Non-cash expenses associated with stock-based compensation costs • Numbers may not add precisely due to rounding. Specified Items Segment income Three Months Ended September 30, 2024 GAAP Financial Results Contingent Consideration (1) Certain Legal & Regulatory Costs (2) Stock-based Compensation Costs (3) Adjusted Financial Results % to Revenue Cardiopulmonary $21.7 $— $10.1 $1.6 $33.3 19.4 % Neuromodulation 49.5 0.1 — 2.3 51.9 37.1 %
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27 GAAP to Non-GAAP Reconciliation - Unaudited RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Specified Items Segment income Nine Months Ended September 30, 2025 GAAP Financial Results Depreciation and Amortization (1) Contingent Consideration (2) Certain Legal & Regulatory Costs (3) Stock-based Compensation Costs (4) Adjusted Financial Results % to Revenue Cardiopulmonary $80.8 ($0.4) $— $17.8 $5.7 $103.9 17.9 % Neuromodulation 164.6 — 5.5 (0.1) 8.9 178.8 40.6 % GAAP results for the nine months ended September 30, 2025 and 2024 include: (1) Depreciation and amortization associated with purchase price accounting (2) Remeasurement of contingent consideration related to the ImThera acquisition (3) Legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, MDR costs, and R&D tax incentive (4) Non-cash expenses associated with stock-based compensation costs • Numbers may not add precisely due to rounding. Specified Items Segment income Nine Months Ended September 30, 2024 GAAP Financial Results Contingent Consideration (2) Certain Legal & Regulatory Costs (3) Stock-based Compensation Costs (4) Adjusted Financial Results % to Revenue Cardiopulmonary $56.0 $— $27.3 $3.3 $86.6 17.3 % Neuromodulation 151.0 0.3 0.1 7.5 159.0 38.2 % RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Three Months Ended September 30, Change % Constant- Currency % Change Nine Months Ended September 30, Change % Constant- Currency % Change2025 2024 2025 2024 GAAP net revenue $357.8 $318.1 12.5 % 11.0 % $1,027.1 $931.6 10.3 % 9.7 % Less: ACS (1) — 4.4 (100.0) % (100.0) % — 11.5 (100.0) % (100.0) % Organic net revenue $357.8 $313.7 N/A 12.5 % $1,027.1 $920.1 N/A 11.1 % (1) Includes net revenue from the Company's former ACS reportable segment. • Numbers may not add precisely due to rounding.