LivaNova PLC reported significant financial improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, net revenue reached $318.1 million, an 11.2% increase from $286.1 million in Q3 2023. Year-to-date revenue for the nine months was $931.6 million, up 10.5% from $843.4 million in the prior year. Gross profit for Q3 2024 was $225.3 million, compared to $201.8 million in Q3 2023, while gross profit for the nine months increased to $651.5 million from $581.1 million.
Operating income surged to $35.6 million in Q3 2024, a substantial rise from $4.5 million in Q3 2023, and year-to-date operating income reached $92.0 million, up from $19.5 million. The company reported a net income of $32.9 million for Q3 2024, reversing a loss of $7.3 million in the same quarter of 2023. For the nine months, net income was $7.3 million, compared to $1.2 million in the previous year.
The restructuring plan initiated in early 2024 aims to enhance focus on the Cardiopulmonary and Neuromodulation segments, with the wind-down of the ACS segment expected to be completed by the end of 2024. The restructuring plan has incurred expenses of $12.8 million for the nine months ended September 30, 2024. Additionally, LivaNova faced direct costs of $10.8 million related to a cybersecurity incident detected in November 2023.
Segment performance showed notable growth, with the Cardiopulmonary segment generating $172.2 million in Q3 2024, a 15.6% increase from $148.9 million in Q3 2023. The Neuromodulation segment also performed well, with revenues of $139.9 million in Q3 2024, an 8.5% increase from $128.9 million in Q3 2023.
LivaNova's total assets increased to $2.52 billion as of September 30, 2024, from $2.43 billion at the end of 2023. Cash and cash equivalents rose to $346.4 million, up from $266.5 million. Long-term debt obligations increased to $604.3 million from $568.5 million during the same period.
The company’s effective income tax rate for Q3 2024 was 25.9%, a significant improvement from the negative rate of (268.4)% in Q3 2023, attributed to changes in valuation allowances and income variations. Overall, LivaNova's financial results reflect a strong recovery and strategic focus on its core business segments.
About LivaNova PLC
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