LIVN - Earnings call transcript Q1 2021

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Matthew Dodds

Thank you, Jacqueline, and welcome to our conference call and webcast discussing LivaNova's financial results for the first quarter of 2021.

Joining me on today's call are Damien McDonald, our Chief Executive Officer; Alex Shvartsburg, our Interim Chief Financial Officer; and Melissa Farina, our Vice President of Investor Relations.

Before we begin, I would like to remind you that the discussions during this call will include forward-looking statements. Factors that could cause actual results to differ materially are discussed in the company's most recent filings and documents furnished to the SEC, including today's press release that is available on our website. We do not undertake to update any forward-looking statement. on include including, financial sales but will be will to with results, discussions basis. all performance, currency our not stated the certain measures non-GAAP respect which Also, constant a limited to, Reconciliations to financial be available in found is comparable press which our measures release, can today's on most the directly GAAP website.

as also the to call. used today's is complementary enhanced points the should posted call an This presentation and our to a have tool. of We website summarizes materials other that communication presentation be

You the section With Damien. the find Presentations News, presentation can turn in and to investor.livanova.com. the of Events press Investors that, at under now over release I will our website call and

Damien McDonald

conference time. primary world you high of or countries everyone quarter first elevated worsening XXXX. momentum. the today, levels and significantly with first sales heart impacted the to we and joining business, continue variability and of were exited that moving for comments In to start discuss The Matt, of our growth will trends continue XXXX. experience volumes with COVID thank businesses months drivers: began epilepsy in you, quarter our closing quarter a in first Today, portfolio Q&A. year, to degrees move Thank additional The I'll levels. case of comments, XXXX year then details our by procedure by and activity results, updates improved to regions The depressed of sequential U.S. down results provide the rest guidance. After periods cardiovascular recover the failure to of initiatives: for from of focusing recent Europe call neuromodulation up trends wrap varying by good Alex on you full discussing on to many the I'll and shut my saw in this I'll then strategic our second reaffirm some the and to for our X March, off OSA. and and us and and welcome ACS. Then DTD, the

to though, improve continue and willingness uncertainty, year. procedure see case COVID volumes we this to fluctuations We we patient's expect treatment. seek market move through Despite to to a as the related volumes

Moving digital month, use X the new progress PRO HLM. HLM development for now key XXX and our comprehensive total new failure Also be with complement blood-gas key HLM, cardiopulmonary, month. study, perfusionist designed If achieved enrolled towards XXX(k) monitoring approved data to clearance to next-generation we pediatric platform we is enables collected recent with SX adjunctive accurately is treatment tools several the easily during to the procedures in-line, with in events. and of amended study, along Data patients, The our for heart The FDA, a and Verily-developed obtained randomized more In heart first with a blood-gas and the out clearance. XXX(k) subset follow enhancements to of safety collaboration therapy changes. this system, will view U.S. adult milestone the this component, for and which pivotal site this study, our earlier campus. innovations improved management Related quickly parameters of sensor clinical our parameter Gyrus a clinicians we months at RECOVER build the in to our failure with reliability. depression B-Capta, We cardiopulmonary ANTHEM-HFrEF new monitor upon as become a of FDA. to biomarkers. will we Earlier services a the that the system, a resulting purchase trial. deferred a our by XXX and and providing of B-Capta for valve divestiture, outcomes primary a will than filing patients patient in the a react is bypass in of Once XX-plus a the announced These received integrated received and for patients continued in expect agreement roll our from B-Capta these chronic HLM reviewed to of UNCOVER we the into this years CNS-based April in clinical provide heart RECOVER make its Saluggia responsible week, our the technology enrolled a product Verily software. subsidiary product the first patient. features with of anticipation for closing more as program first

in initial the in the consistent second Italy operations June followed of line Canada the and previously X, closings This of will infrastructure expect on the occur closing of the be valve with announced. heart year. sales by time the to We half

XXXX sales of the the Now by versus quarter and growth prior Asia sales offset by of all the of region Total epilepsy X% to France, led drivers, in globally U.K. Italy quarter regions. sales achieved growth year by versus the the U. the replacements. primarily increased market I'll we first in prior XX% improved discuss is Europe in epilepsy levels XX% year World Middle versus S. mainly implants XX% XXXX. X Epilepsy Rest driven This increased results and first of core dynamics, Pacific. in increase by grew Epilepsy the U.S. Meanwhile, our led and across Germany, with ACS. attributable East growth improving versus

in-person-paced growth XX%, to grow their For the to epilepsy caregivers including return continue year, we physician patients full global implants to visits. to and expect sequential as in new sales XX%

implants we in the in backlog addition, a related anticipate In created XXXX. to replacement tailwind

U.S. the the by results of propelled for our account is teams and XX% now over progress trending initiative. business. These Our go-to-market U.S. above baseline are sales, dedicated just

in the X driven grow was from quarter continued at teams in least by quarter, million XXXX. We $XX increase new during LifeSPARC an XX% expect XX% and ACS procedure and in first to of adoption the X volumes. We increase sales have QX the ACS of to deploy quarter. Growth in XXXX. were of added forecast an second team the new

In Sales in consenting make Turning of into to by now million sequential and combination million. the $XX sales $XX study trial enrollment and/or to XXX XXX implants of approximately we failure, and CMS-eligible progress continue U.S. expectations pivotal in patients respective heart from arms patients. bipolar continues expect acceleration with surpassing to XXXX, the XXX patients. RECOVER of study, their to In we year-end. to implant of RECOVER $X ANTHEM-HFrEF for ahead first unipolar patients the encouraged patients a replacement a were quarter million anticipate DTD. by We're DTD

said, the start we first previously we of interim As XXXX. the believe analyzing will data half in

for We OSA. additional approval late also been in continue responding submitting to the start in Since in and to IDE December, we've study still mid-XXXX. expect questions make progress the to

the XX% sales performing $XXX quarter and declined decline digits the in and LatAm. quarter, by and the with Pacific the than the mid-teens World of versus and business, sales Rest in increased was were HLM Europe XXXX. mid-single cardiopulmonary sales in the Asia of Oxygenator sales U.S. regions. a of million better impacted the better-than-expected For first U.S. favorably SX in the globally

financial to for decrease of of XX% the Sales now valves. results. for quarter, segment first the Alex? quarter the of million versus Alex call the a I'll an heart turn to were overview XXXX. over Moving $XX in the

Alex Shvartsburg

to as detail. as a the for million first the of quarter in to of compared quarter the of $XXX down in R&D the The the behind discuss $XXX Thank a from the tax $XX $XX $XX X.X% you, quarter first for quarter driven from $XX the effective sales was as rate points mix. in on margin were by cost of increase up XX.X% million increasing margin XX.X%, million, and primarily X% a continuing first tax XX.X% was periods. behind by year. increase XX.X% the in geographic the first of percentage versus the is both was of income was million quarter of Adjusted Damien. of Neuromodulation quarter focus XX first million rate R&D $XX I'll an the in results mix, first of in first our unfavorable of of XX% Overall, Adjusted in percent first measures. was ANTHEM-HFrEF the to to $XXX a Cardiovascular quarter in sales from expense continuing compared XXXX. quarter quarter higher Adjusted were operating last compared Adjusted quarter manufacturing XXXX. XXXX. was first greater was adjusted decline first gross study. XXXX operating to of X.X% R&D net to million, sales compared million, quarter the in X.X% sales sales margin was were continued quarter net The SG&A XXXX. quarter quarter XXXX. operations million income XX.X% was The trial first of the containment Sales first million quarter in operations net sales first percentage Adjusted of the in quarter from of XX.X%, expense variances. income for attributable compared compared continued $XXX to progress XXXX. pivotal offset basis from RECOVER the SG&A primarily XXXX. the is down XXXX.

in quarter $X.XX compared earnings of operations first quarter from share was adjusted XXXX. diluted continuing Finally, per the $X.XX in to the

March XX, cash $XXX XXXX. approximately million cash debt XXXX, quarter to our The with was at at end Moving million at million, at was XX, balance cash balance line December versus XXXX. $XXX Net flow. year-end in $XXX

XXXX $XX million. flow, excluding of free adjusted cash items, Our negative through first was the quarter extraordinary

which was of divestiture-related first spending largely quarter XXXX. As flow free of flat cash impacted and expenses. quarter million, was quarter compared to interest cash to the by $X for the Capital first first our was the XXXX, payments

XXXX Now turning guidance. to

are XXXX tailwind currency growth announced we XX% As EPS reaffirming and recap, our on constant are To a year which and assumes from forecasting X% X% Damien exchange a previously between guidance. basis, mentioned, sales full we rates. sales

We is $XX earnings excluding of range in million. of are share diluted the flow projecting range to expected be items, to operations, Adjusted operations million cash from continuing from in $X.XX. per $X.XX to $XX the adjusted extraordinary

including modeling related of the in half we to in will the than primarily second assume Europe, impacts markets, softness to be first international For and LatAm lower purposes, several COVID-XX. due sales half the

first of quarter quarter, Additionally, the related for studies. back we line Damien the primarily final for to with in phasing be to turn the comments. spending pipeline the in I'll With second that, expect some clinical call EPS roughly to

Damien McDonald

we and will We that COVID-XX Alex. led on as and guidance, by infection focus our execution optimistic pipeline commitments rates Thanks, improve. deliver remain on year our full

free costs Additionally, to our cash continue flow. actions and improve lower streamline further to we business, take

of lives improve we've on shareholder to the procedures our look will As with ready patients become updating Jacqueline, progress value. drive to been we're the clearer. answer and you margins return, that, And we questions. We doing to continued believe work to forward improve

Operator

[Operator Stifel. Instructions] Your first from question comes Wise Rick from

Rick Wise

impact U.S. steadily Level cetera. the , entering of X me Just the But just -- understand the dig lots But progress in sales XX% sales et the let of those volumes the year, on reps. the general, the your -- In a progress in in here. dedicated business. we the at to obviously, teams maybe, start centers, epilepsy of with making we Maybe off adding flesh it's help impact into rest X across the great lots could particularly evolving see. look to see out us Talk you're as that about you're today, and board epilepsy. maybe

a update us there more could. detail, Just in outlook the if on little you

Damien McDonald

Rick. question, Great Sure.

coupled sales We're that's expand to generation clinicians. shown get talent Medical accelerating our Coast. first It's typically, science there. a pleased is how research. working for also specifically and And and navigate making really pods worked our lag about and discussions an the through the is speed, new education pleased across marketing few leader, a who's Science Look, -- help teams the with pool. clinical the approach the the with There's patients, progress account ability evidence and strategy patient teams, in having growth. And the and performance, to clinic. a TC, enhanced to we've Liaison; there's with us a to the clinic I'm that with really and day-to-day; with of thing that how seeing specialists, and they're publication is sorry, with the above the plans, X-month therapy it's investigator-initiated key our All East X consultant, and the drive account which key board. that. develop a as on the learn these A to into And baseline nurse existing the morning have their up patients we're running team there really are MSL, who the evolving program we've add where executing so that to early things

We the a new them continue to Boston. from referral see epileptologist first first from NPI in

Midwest Advisory seen that we've from is in from new a with had had clinic. the We teach that, their major First which hospital engagement time Board neurosurgeon number access on result VNS. a We that its X of attendance been new key first implants. able as clinic accounts and a neurosurgeons our that We've Meeting A March. us. of clinicians never first first completed training. held there, to and And

continue importantly, to starting patients I improve top willing start go So to behaviors visits we of we'll clinic to through. to that, read are as and in-person volumes On think increase, positively. see read through to the this back and these see procedure

Rick Wise

you'll trial XXX by the you it's year-end. encouraging that front. clearly, hear you're And DTD XXX think And on unipolar, to making hit Okay. progress bipolar

I'm that we Just I about like sure pace early but think we encouraged beyond what to It steps think And ahead year-end that? -- next do you're about understanding after to should the next how to at enrollment. of -- milestone? 'XX, clearly, know look seems what's make how it's

Damien McDonald

acceleration are encouraging. with people saw that's we into the definitive study, and and Definitely that consenting the the way quarter, the Yes. through

is and able XX% now, to baseline get I we'll see the we are be into great. And and to think implant, there. our is and through are returning really which clinic, than of activated the the more into them study great. consent we've got X progress clinics the X as which Patients

to HFrEF I -- learned we lot a patients the thing titrations, sure towards clinical for end sure these make next the We've to think and these for making the continue hit about monthly follow-ups. then available got of drive score is and the key engineers for the study each we are the from And us is milestones year. we making from the sure ANTHEM to the month. field us

the attention to is study. throughout our So turn more to of the mechanics operating going year the

Matthew Dodds

And Rick, it's Matt.

example, implanted, following Then and as registry. looking to an get us response. then we're XX after So that's unipolar of statistical And What that. for look we is ultimately, then take for XXX if we'd milestone every study. part hit approve we to time would move significance would start Once to next you submit CMS. that, them. the patients then that on patients We the the CMS

in So we 'XX, late happen still assume 'XX. that early will

Operator

Your from next from question Adam Maeder comes Sandler. Piper

Adam Maeder

on to a the picture congratulations to And wanted I Well, a progress big on with the environment had landscape. start couple. I question start the or year. I just guess procedure

you of and little follow-ups. little a and a April a with try that But And trended QX I I of into a exited think this out and then improvement, over business flesh significant bit. talked throughout how momentum. couple March to heading wanted good about you had bit the course April. I for the saw just some

Damien McDonald

Yes.

started U.S. else, headlines February in modeling and the and the you slower, QX, Brazil that. we're see would like funnel QX, through really out volumes the issues particularly sequentially by into January Canada, teams. of year. you read visibility But in improve very I and And by by Pac, particularly geographies continue said, And a again, I'm and procedure to that. encouraged India, our we of off we're the momentum LatAm, our that the to sort everyone Germany. the acceleration and very throughout look, pleased with other say or heading the -- in Asia March, in encouraged also the in were in positive we're balanced few tracking I The trends are watching as U.S. So, but see and the

Matthew Dodds

like -- I getting moving Europe, probably would would them Yes. in companies I say we're Matt. quarter a say X lot it's assuming a traction in on. other of and delay

performance. looks So for levels different LatAm. it are as more and half different pretty Asia overall, good. a having Europe before, of countries of Pac, back said And we But

Adam Maeder

my the Got is then question it. helpful. just on next And guide. That's

QX leave the guidance to despite elected You [indiscernible]. unchanged the

purely So are conservatism more. Or better COVID-XX items there makes you guidance maybe some the a are that other think to year, the in which philosophy Just contemplated hoping there? or factored are sense? and it just given that. talk Is I in just understand bit little through where some

Damien McDonald

Yes.

we're I think up you how it. the first way is doing characterized it

get vaccination not rates. Let's over in skis. like momentum. our the the the the are We makes headlines and We funnel. visibility What like COVID cautious the us

will of pace the read for volume As improvement look the as procedure we're the around being at But that I world. and said, change just modeling cautious through we performance. we're

Adam Maeder

sneak And one if clear. can in. I very That's more just Understood. Okay.

-- I interest the think Financial about there in report the was last Times in Premier it some having was a month, business.

to you're on or able that start. a if wondering Just topic. on nice comment willing Congrats

Damien McDonald

same comment be related before. Yes. to to seems year QX I on rumor say thing speculation time it would and don't the We that. any

Our focus the of execution, is with get company COVID on rocking the and help deal out coming entirely crisis. people let's

Operator

from comes Jefferies. Anthony question next Your Petrone from

Anthony Petrone

on I'll focused the those first just would -- the about of bit that be the to the centers. a in on will off, rattle on the sales sounds be a last strong one A hires It push One like epilepsy comprehensive Congrats some centers, start quarter. year. couple, bit Damien. them talked

sites So and where maybe an how you that evolves in the on update those targeting to just we sit XXX XXX year. throughout think

would question on ANTHEM the be study. second The

have if quick to first half still I'll enrollment there one check the hit track the for to on 'XX. of want Just follow-up. And you're target

Damien McDonald

Sure.

roughly are north total, teams to account U.S. in QX, they're In respect the way XXX Level another X those about hiring in They're sales. teams. for XX-plus XX% QX. our yes, teams. out said, So the now of fill with added I X, clinics. and we're there -- CECs, those Level quite We're of process a X adding and X through add to really long in already we'll as We've centers,

So encouraged by there. I'm really the progress

X-month team depending progress has job. the that but team enrollment, ANTHEM as they to get see to really there. encouraged tremendous I'm up we I a As speed, said, the on by done about lag a --

as we to is months. we to said, here those for XXXth get the XXX As through we have follow randomized The over follow-up, XXX also patients we continue data. that, program And for we up FDA that of X now now enroll and enrolled. the the that and on And And patient. XXXth the probably based decide anticipate when do is reviewing approval, submit start whether to being the half then to to that then randomized, patient can we'll first able in 'XX. we we

Anthony Petrone

That's certainly helpful. from was margin operating even and And an we the back the a half. on quick trends follow-up well just where in certainly would be ahead from of in It quarter. -- the modeled improvement

So in you sort of just XXXX guidance. see margin operating the set throughout level reflected in your as year how maybe of just it's earnings kind here progressing

Alex Shvartsburg

your to quarter, progressing And in the Yes. Thanks we guidance we question, We terms year. was our margin back and for to continue bit we read the we saw quarter, about started than our feel in for and quarter. in Anthony. the optimistic invest. throughout hence, and were the as expected. our good -- cautiously margin were Yes, investments of full But the better through a we holding things

Operator

Your next from Michael from question comes Baird. Polark

Michael Polark

on Two cardiopulmonary.

that on number. And procedures, Feb, mid-teens. if digits. you unpack first Encouraged down so, that, -- you by just through comment up cardiac pushes exiting the Jan, oxygenators March? procedures? just HLM is And to if March mid-teens, period. quarter, trend revenue simply in Is the could Curious in read and down the mid-single the the then HLM might The pulls the oxygenators

Matthew Dodds

Matt. it's Mike, Sure.

then And we've skewed Rest if to then where at for World, look we are pressure. seen our SKU, So the oxygenators, Europe, more U.S. heavily just those regions of you call the what we're

that If they companies you at higher some U.S. look of have to skew the other reported, the

is in that our of a of global volume. the on basis, So procedure and still believe indicative World, we oxygenator number Rest especially

as the held for in It neuromod. terms was think the do was that of little was but Jan, Feb, same we've think there business. quarter, I we not March, in improvement March there. steady So a share more And an in it

Michael Polark

And then good seems singles. HLM, -- there? be result. mean I up call a out I that Anything mid to to

Matthew Dodds

better was it It I is -- expected. little a we than think

is realized. the I on machine, you've of I us, than hospitals And -- given still consider think in a still that for equipment some they -- best-in-class. share, really also, more think other capital want companies, if new the HLM our capital and spending are people we SX seen to equipment we need the

I'd the of terms was good. markets, overall, pretty it In say,

U.S., the solid. think in I particular, was

Michael Polark

one ATS I blood on your not The X, oxygenators CPA. competitors here but your March think pump I noticed follow-up a and in have recalls, with of has pediatric April, competes that had, also and X solution.

won't a in So have dynamics competitive name. curious, these some the of past very the I change in seen as name of year recent I'm result But you announcements? any

Damien McDonald

small oxygenator is a is take the Pediatric my They're products. much. not pie. So relatively that both piece of small

So nothing about for material share. think to

Operator

comes Scott Bardo question from from next Berenberg. Your

Scott Bardo

Yes.

gross I that neuromodulation. -- To of would heart know throughout that's by please. some is for also, the the on quarters, evolution mix question, successive if help the be if what given I Alex, is of embedded disposal. a which some guessing First could it your the as and feeling help us you outlook helpful. valve operating your in not providing cost could start for And guidance cost to margins, in you I'm gross wonder year. full understand easy margin reflection

achieve milestones? apnea, relates can your second got those all sleep us of pipeline question, to follow-up. just quick some well. think I've going position might to some And hurdles the just in a of The you regulator, be give initiatives when submitting sense in that timing a are required sense you you the and of to please, Damien,

Damien McDonald

want and the Do to first gross go margin on you costs?

Alex Shvartsburg

Yes.

carries slight indicative continue the how this improvements epilepsy. think margins, nice So our We're quarter stronger quarter to of overall targets in we're on bump gross gross which against fleet And the for going to because relative our volumes was a as continue progressing in well. this to HLM, of as had we I gross see a margin margins in -- year. to gross improvements grow

over good pretty grow continue the feeling to of year. margins course the So about gross our to ability

terms seeing like just the to trends. some -- bit we said, held softer of quarter investments In first as we back SG&A, I in a were

And half the going our in second year of sales expand the investment up. so we're as -- revenue level of to some velocity our picks see

Damien McDonald

But we're going our see the published data decrease 'XX read to and through of a SG&A economy versus the last of sales And in discipline, scale the to And get as continue as we've of that sales percent rebound. to 'XX. the in we few that see with can cost we're you quarters. some the continuing

think behavior through. that it's in I here and an important change reading So the that's

yes, OSA, of last the end year. the terms submitted IDE the of year at In we

We are questions. responding to

what is off again, times on thing this doing the like the to we're And be still study still response in from the bullish depending get going mid-'XX to FDA. Our I able team bullish the technology. is and kick the again. still But the market. intention on to on We're

Scott Bardo

Can -- filing product a this of that you I too presumably, to on early? market? expect might when Or. in couple Okay. one might mean come years. but Is no indication

Matthew Dodds

early, in of be might the -- We're start year. Scott. be might It little Matt. a if XXXX probably thinking That it's a we little middle this

months enrollment, of then negotiations to program a FDA. got on and land we depending X XX through year of where you've follow-up the the with So approval

'XX, late 'XX. in us early that So puts

Scott Bardo

the real some guidance you highlight. to disposal soft if heart affected outline valves. how it. quick, as can a cash just on improving parts of moving free wonder I on in little you And towards that again guidance quarter, bit the just Got be and will of your that flow, help

Alex Shvartsburg

Yes.

$XX full good about million million So I our year. guidance, the still to feel for $XX

quarter items. organizational is to was related cash payments and softer, typical couple legal and in way was then that terms divestiture-related, We first call the conversion. a restructuring quarter incurred first advisory did separation QX, that's our the phasing them, One the fees we terms the we some that had of and -- of The QX. in in in from of

Operator

Your next Matthew UBS. from question Taylor comes from

Matthew Taylor

to the in little of talk are to bit the inherent you with we get your back through expectations based And guidance visibility on have capital terms factors in about was think revenue of about close I neuromod of those now coming of How or seeing? what's the some of in you cadence your to new to hoping kind of a phase you underlying going seasonality normal some mix can you're about the back could swing us and big in talk for any more implants that of QX. factors? year trends as some

Damien McDonald

Yes.

at modeling, So that -- continue way about it thinking throughout the I again, year. think is we looked procedures improve to the

And the think quarter-on-quarter, first I of so way to think sequentially, that's it.

the convinced of backlog In for us pretty been the particularly terms there's of in XXXX of service. we're one drivers around neuromodulation, that end key a created in in neuromodulation, U.S.

backlogged roughly X,XXX think deferred that, continue. patients think that we were There's in we procedures. that So will

we back the years. recapture to skew caregivers to as X So X return patients, The we'll next clinics, prepared to as importantly, new over as people go those patients, are pediatric. up they with

half AFib, clinic. of go into as in we the view expect backlog I of We level a think positive the defects. number to population congenital patients the about from valve, X/X procedure have is the pool We're back So as as see a a mitral pediatric replacement, aortic of procedures. Cardiopulmonary, well. back of procedures, across CABG, acceleration of those valve patients that our deferred that year cardiac

cardiopulmonary progress year. So throughout the again expect to we

Matthew Taylor

going data explain minute that you in extra the that hoping terms to to of along submission strategy was before. some I UNCOVER. to spend learnings? hadn't and importance of talk about is a set could I just the or then other And ride that nice Or have, RECOVER? Is heard you Okay. be key that of important for kind just

Damien McDonald

key. is I study. psychiatrists, not really coupled I data about biomarkers with it interventional available systematically captured systematic for this. lot of important. the think And Verily partnering importantly, RECOVER we've There's these and with is having a think And

So RECOVER. the substudy a it's inside

we through But or with what doesn't key impact aspects it moving one time CMS. of lines doing set the with believe RECOVER patient depression So or our the we're of to more the we to to they and things going how data about be more these signals who's try have is and use what respond. going to and indicate can patients, able react, engagement

And lot so have to of help that. capability to going AI got someone who's uncover we've we're pleased us that a

Operator

from Matson next question Needham comes & Mike from Company. Your

Mike Matson

I you about ask to projects. too the pipeline just wanted

the try the And data, trials? and presented either have made when public release to would those I'd earliest conference the sort at some So something. for failure you'd to then would forum do think could you or potentially cardiovascular starting want we with data, be what the that that from heart see DTD heart of example? failure, you imagine data where of

Matthew Dodds

Mike, it's Matt.

DTD, far for it's to going presenting data we're point they This we versus down not know terms where to what the prefer of preference. we So the come going to to we're submitting to it really that us CMS' in kind until along, default get we them. to to believe it. of submit can going And

the for September would Heart ACC. Society Meeting probably It that tight the that's of heart be little a next failure the ESC could it's in For ACC close, data. assume the but probably big XXXX, I failure, We're Failure with or possibility heart of meeting. the ESC for

Mike Matson

guidance And valve proceeds ask the but the just Okay. I cash sale? given. would that. Does include the assume not, question to on flow a adjusted heart I about free just wanted then you've that that from

Alex Shvartsburg

Mike. It does not, No.

Operator

at to call you. questions turn time. further McDonald, the no are this over Damien back I There

Damien McDonald

very in behalf early, everyone, look we of Thank quarter. thank the you we forward for appreciate support seeing LivaNova, questions. the the on you next and appreciate off and you, kicking we your entire team, much. and to Well, interest and And

Operator

today's conference concludes call. for participating. this Thank gentlemen, and Ladies you

now may disconnect. You

LivaNova (LIVN) 1 May 212021 Q1 Earnings call transcript