Recent News
Nov. 12, 2025 — Company hosted an Investor Day and product showcase outlining strategic roadmap and long-term growth targets. Nov. 24, 2025 — U.S. Centers for Medicare & Medicaid Services reassigned VNS Therapy to a new technology ambulatory payment classification, increasing hospital outpatient payments for implants and end-of-service procedures. Dec. 1, 2025 — Lucile Blaise named Global Head of Commercialization, Obstructive Sleep Apnea. Jan. 28, 2026 — Investors.com/IBD highlighted improved relative strength and a developing flat-base chart pattern following the November investor presentation.
Technical Analysis
ADX sits at 16.31, indicating no established trend; directional moves lack the strength needed to sustain a multi-week directional bias, which tempers conviction despite short-term signals.
DI+ registers 26.34 with a peak-and-reversal pattern, signaling waning bullish pressure; that shift increases the likelihood of pullback attempts against current levels unless confirmed by rising ADX.
DI- reads 21.47 with a peak-and-reversal pattern, indicating easing bearish pressure as sellers lose intensity; this dynamic creates a narrow tussle between buyers and sellers rather than clear directional dominance.
MACD stands at 0.63, rising, and trades above the 0.61 signal line, which marks a bullish momentum cross and supports near-term upward bias through momentum-driven sessions.
MRO at 19.35 sits positive and shows a peak-and-reversal; price presently runs above the WMDST target and the oscillator’s recent peak suggests increased mean-reversion risk versus extended gains.
RSI at 56.91 with a dip-and-reversal signals renewed buying momentum from recently lower readings, aligning with the MACD cross and the rising 12-day EMA to support short-term continuation.
Price behavior shows the close at $64.71 above the 20-day average ($63.17), 50-day average ($62.18) and 200-day average ($51.57); the 12-day EMA increasing further reinforces short-term bullish bias. Price trades slightly above the 1x Bollinger upper band ($64.47) and below the 2x band ($65.76), implying momentum but limited immediate upside before a consolidation phase.
Volume at ~586k sits in line with the 10-day average (~582k) and the 50-day average (~563k) but below the 200-day average (~635k), suggesting continuation would benefit from a pickup in participation to confirm follow-through. Shorter-term beta (42-day) of 0.62 and 52-week beta of 0.98 indicate muted volatility relative to the broader market over recent weeks.
Fundamental Analysis
Revenue totaled $357,753,000 with revenue growth of 1.48% on the most recent period but revenue growth year-over-year declined by 11.37%. Quarterly revenue growth shows a pronounced negative swing of -86.83% QoQ, reflecting timing or seasonal effects in reported periods.
Net income reached $26,784,000 and EBIT totaled $44,774,000, producing an EBIT margin of 12.52%, which sits below the industry peer mean EBIT margin of 19.14% and below the peer median of 19.60%, although still positive versus the peer low. EBIT margin contracted -3.25% QoQ and declined -34.00% YoY, indicating margin pressure versus prior periods.
Operating margin of 15.10% falls under the industry peer mean of 19.86%, while gross margin at 68.44% exceeds the industry peer mean of 62.16%, showing strong product-level profitability offset by higher operating expenses that compress operating leverage.
EPS reported $1.11 versus consensus $0.92, producing an EPS surprise of +20.65% and an EPS beat of $0.19. Trailing PE stands at 47.24 while forward PE equals 55.57, reflecting elevated multiple expectations relative to current EPS levels and anticipated near-term earnings trajectory. Price/book at 2.47 sits well below the industry peer mean book multiple of 5.77.
Free cash flow reached $62,177,000 and the free cash flow yield equals 2.17%, above the industry peer mean of 0.95%, supporting valuation resilience. Cash and short-term investments total $646,079,000, delivering a cash ratio of 0.78 and a current ratio of 1.33; working capital remains positive at $269,561,000.
Leverage shows total debt of $486,547,000 with debt-to-assets at 19.02%, below the industry peer mean of 29.65% and debt-to-equity of 0.42 below the peer mean of 0.62. Debt-to-EBITDA sits at 8.11, indicating elevated leverage relative to operating cash generation and warranting monitoring.
Returns remain modest: return on equity 2.31% sits slightly below the industry peer mean of 2.74% and return on assets 1.06% sits below the industry peer mean of 1.69%. Asset turnover of 0.141 compares slightly above the industry peer mean of 0.121, reflecting efficient top-line generation from asset base despite margin variability.
WMDST values the stock as under-valued based on cash-flow yield and balance-sheet coverage despite margin compression and elevated debt-to-EBITDA; the valuation view rests on durable gross margins, positive free cash flow, and an above-peer free cash flow yield that support intrinsic value assumptions.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 593.6 M |
| Operating Cash Flow | $ 85.1 M | |
| Capital Expenditures | $ -22.88 M | |
| Change In Working Capital | $ 8.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 52.4 M | |
| End Period Cash Flow | $ 646.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 357.8 M | |
| Forward Revenue | $ 188.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 112.9 M | |
| Depreciation | $ 10.7 M | |
| Depreciation and Amortization | $ 15.2 M | |
| Research and Development | $ 48.6 M | |
| Total Operating Expenses | $ 303.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 244.9 M | |
| EBITDA | $ 60.0 M | |
| EBIT | $ 44.8 M | |
| Operating Income | $ 54.0 M | |
| Interest Income | $ 3.9 M | |
| Interest Expense | $ 10.9 M | |
| Net Interest Income | $ -6.96 M | |
| Income Before Tax | $ 33.9 M | |
| Tax Provision | $ 7.1 M | |
| Tax Rate | 20.978 % | |
| Net Income | $ 26.8 M | |
| Net Income From Continuing Operations | $ 26.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.92 | |
| EPS Actual | $ 1.11 | |
| EPS Difference | $ 0.19 | |
| EPS Surprise | 20.652 % | |
| Forward EPS | $ 1.03 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.6 B | |
| Intangible Assets | $ 1.0 B | |
| Net Tangible Assets | $ 131.7 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 646.1 M | |
| Cash | $ 646.1 M | |
| Net Receivables | $ 211.6 M | |
| Inventory | $ 167.5 M | |
| Long-Term Investments | $ 14.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 88.2 M | |
| Short-Term Debt | $ 85.4 M | |
| Total Current Liabilities | $ 827.6 M | |
| Net Debt | — | |
| Total Debt | $ 486.5 M | |
| Total Liabilities | $ 1.4 B | |
| EQUITY | ||
| Total Equity | $ 1.2 B | |
| Retained Earnings | $ -1.18 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.19 | |
| Shares Outstanding | 54.605 M | |
| Revenue Per-Share | $ 6.55 | |
| VALUATION | Market Capitalization | $ 2.9 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | 45.068 | |
| Enterprise Multiple QoQ | 8.463 % | |
| Enterprise Multiple YoY | 7.695 % | |
| Enterprise Multiple IPRWA | high: 161.723 median: 89.079 mean: 85.929 LIVN: 45.068 low: -110.323 |
|
| EV/R | 7.557 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.21 | |
| Asset To Liability | 1.826 | |
| Debt To Capital | 0.296 | |
| Debt To Assets | 0.19 | |
| Debt To Assets QoQ | -1.225 % | |
| Debt To Assets YoY | -29.423 % | |
| Debt To Assets IPRWA | high: 0.737 mean: 0.296 median: 0.291 LIVN: 0.19 low: 0.002 |
|
| Debt To Equity | 0.42 | |
| Debt To Equity QoQ | -2.214 % | |
| Debt To Equity YoY | -18.976 % | |
| Debt To Equity IPRWA | high: 3.379 mean: 0.622 median: 0.527 LIVN: 0.42 low: -1.888 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.474 | |
| Price To Book QoQ | 5.607 % | |
| Price To Book YoY | 18.285 % | |
| Price To Book IPRWA | high: 12.447 median: 6.369 mean: 5.774 LIVN: 2.474 low: -4.114 |
|
| Price To Earnings (P/E) | 47.237 | |
| Price To Earnings QoQ | -45.778 % | |
| Price To Earnings YoY | -15.312 % | |
| Price To Earnings IPRWA | high: 256.954 mean: 123.275 median: 115.822 LIVN: 47.237 low: -227.904 |
|
| PE/G Ratio | 8.267 | |
| Price To Sales (P/S) | 8.003 | |
| Price To Sales QoQ | 7.25 % | |
| Price To Sales YoY | -7.088 % | |
| Price To Sales IPRWA | high: 65.477 mean: 29.869 median: 23.866 LIVN: 8.003 low: 0.679 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 55.565 | |
| Forward PE/G | 9.724 | |
| Forward P/S | 16.975 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.221 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.141 | |
| Asset Turnover Ratio QoQ | 1.502 % | |
| Asset Turnover Ratio YoY | 10.479 % | |
| Asset Turnover Ratio IPRWA | high: 0.417 LIVN: 0.141 median: 0.127 mean: 0.122 low: 0.001 |
|
| Receivables Turnover | 1.657 | |
| Receivables Turnover Ratio QoQ | -0.749 % | |
| Receivables Turnover Ratio YoY | 3.675 % | |
| Receivables Turnover Ratio IPRWA | high: 2.895 mean: 1.752 LIVN: 1.657 median: 1.65 low: 0.627 |
|
| Inventory Turnover | 0.678 | |
| Inventory Turnover Ratio QoQ | -4.602 % | |
| Inventory Turnover Ratio YoY | 15.775 % | |
| Inventory Turnover Ratio IPRWA | high: 2.068 LIVN: 0.678 mean: 0.641 median: 0.515 low: 0.09 |
|
| Days Sales Outstanding (DSO) | 55.065 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 118.477 | |
| Cash Conversion Cycle Days QoQ | -3.997 % | |
| Cash Conversion Cycle Days YoY | -9.132 % | |
| Cash Conversion Cycle Days IPRWA | high: 409.199 median: 170.446 mean: 169.538 LIVN: 118.477 low: -109.842 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.327 | |
| CapEx To Revenue | -0.064 | |
| CapEx To Depreciation | -2.141 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.5 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 131.7 M | |
| Net Working Capital | $ 269.6 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.781 | |
| Current Ratio | 1.326 | |
| Current Ratio QoQ | 2.848 % | |
| Current Ratio YoY | -60.657 % | |
| Current Ratio IPRWA | high: 14.251 mean: 2.462 median: 1.78 LIVN: 1.326 low: 0.049 |
|
| Quick Ratio | 1.123 | |
| Quick Ratio QoQ | 3.138 % | |
| Quick Ratio YoY | -60.854 % | |
| Quick Ratio IPRWA | high: 13.711 mean: 1.81 LIVN: 1.123 median: 1.096 low: 0.317 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 8.111 | |
| Cost Of Debt | 1.771 % | |
| Interest Coverage Ratio | 4.122 | |
| Interest Coverage Ratio QoQ | 10.997 % | |
| Interest Coverage Ratio YoY | 8.497 % | |
| Interest Coverage Ratio IPRWA | high: 75.957 mean: 17.337 median: 11.793 LIVN: 4.122 low: -87.195 |
|
| Operating Cash Flow Ratio | 0.06 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 70.361 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.03 % | |
| Revenue Growth | 1.483 % | |
| Revenue Growth QoQ | -86.826 % | |
| Revenue Growth YoY | -1137.063 % | |
| Revenue Growth IPRWA | high: 27.485 % mean: 1.957 % median: 1.748 % LIVN: 1.483 % low: -26.345 % |
|
| Earnings Growth | 5.714 % | |
| Earnings Growth QoQ | -113.232 % | |
| Earnings Growth YoY | -277.123 % | |
| Earnings Growth IPRWA | high: 105.556 % mean: 11.029 % LIVN: 5.714 % median: 4.819 % low: -86.957 % |
|
| MARGINS | ||
| Gross Margin | 68.442 % | |
| Gross Margin QoQ | 0.957 % | |
| Gross Margin YoY | -3.346 % | |
| Gross Margin IPRWA | high: 94.036 % LIVN: 68.442 % median: 63.198 % mean: 62.163 % low: -17.483 % |
|
| EBIT Margin | 12.515 % | |
| EBIT Margin QoQ | -3.247 % | |
| EBIT Margin YoY | -33.996 % | |
| EBIT Margin IPRWA | high: 82.825 % median: 19.595 % mean: 19.143 % LIVN: 12.515 % low: -358.132 % |
|
| Return On Sales (ROS) | 15.098 % | |
| Return On Sales QoQ | -1.77 % | |
| Return On Sales YoY | -20.373 % | |
| Return On Sales IPRWA | high: 69.921 % mean: 19.857 % median: 19.065 % LIVN: 15.098 % low: -311.219 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 62.2 M | |
| Free Cash Flow Yield | 2.172 % | |
| Free Cash Flow Yield QoQ | 19.604 % | |
| Free Cash Flow Yield YoY | 81.151 % | |
| Free Cash Flow Yield IPRWA | high: 5.888 % LIVN: 2.172 % mean: 0.953 % median: 0.936 % low: -18.664 % |
|
| Free Cash Growth | 30.151 % | |
| Free Cash Growth QoQ | -88.517 % | |
| Free Cash Growth YoY | 471.15 % | |
| Free Cash Growth IPRWA | high: 185.61 % LIVN: 30.151 % median: 24.443 % mean: 23.656 % low: -331.249 % |
|
| Free Cash To Net Income | 2.321 | |
| Cash Flow Margin | 13.878 % | |
| Cash Flow To Earnings | 1.854 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.058 % | |
| Return On Assets QoQ | -1.306 % | |
| Return On Assets YoY | -20.151 % | |
| Return On Assets IPRWA | high: 5.043 % mean: 1.685 % median: 1.578 % LIVN: 1.058 % low: -26.879 % |
|
| Return On Capital Employed (ROCE) | 2.588 % | |
| Return On Equity (ROE) | 0.023 | |
| Return On Equity QoQ | -4.341 % | |
| Return On Equity YoY | -7.992 % | |
| Return On Equity IPRWA | high: 0.104 mean: 0.027 median: 0.027 LIVN: 0.023 low: -0.624 |
|
| DuPont ROE | 2.349 % | |
| Return On Invested Capital (ROIC) | 2.223 % | |
| Return On Invested Capital QoQ | -7.104 % | |
| Return On Invested Capital YoY | -83.409 % | |
| Return On Invested Capital IPRWA | high: 11.651 % median: 2.417 % mean: 2.381 % LIVN: 2.223 % low: -14.919 % |
|