LivaNova is a global medical device company with two core businesses: cardiopulmonary products used in open-heart surgery, and neuromodulation devices for drug-resistant epilepsy (DRE). In cardiopulmonary (~57% of revenue), LivaNova makes heart-lung machines (HLMs) and single-use disposables — primarily oxygenators — used in cardiopulmonary bypass (CPB) procedures. The business follows a razor-and-blade model: HLMs are capital equipment sold to hospitals, while oxygenators and other consumables generate recurring revenue tied to procedure volume. LivaNova's flagship HLM is the Essenz Perfusion System, a next-generation platform with embedded patient monitoring that commands roughly a 2x price premium over its predecessor. LivaNova is actively converting its installed base to Essenz, while also gaining oxygenator market share as competitors have underinvested in capacity and innovation. In neuromodulation (~43% of revenue), LivaNova sells the VNS Therapy System — an implantable pulse generator that stimulates the vagus nerve to reduce seizures in DRE patients. Roughly two-thirds of U.S. epilepsy revenue comes from replacement implants as device batteries deplete, creating a durable recurring revenue stream. Beyond its core businesses, LivaNova is pursuing FDA approval for the aura6000, a hypoglossal nerve stimulation device for obstructive sleep apnea (OSA), targeting a market it views as approaching $2B by end of decade. LivaNova also holds FDA approval for VNS Therapy in treatment-resistant depression, and is pursuing broader CMS reimbursement coverage through a formal reconsideration process initiated in 2025.