LIVN - Earnings call transcript Q1 2022

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Operator

Good day, ladies and gentlemen, and welcome to the LivaNova PLC First Quarter 2022 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Matthew Dodds, LivaNova's Senior Vice President of Corporate Development. sir. ahead, go Please

Matthew Dodds

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

Chief our on Officer, Director Lindsey of me today's are Senior McDonald, Joining Relations. call Little, our Alex Financial Chief our Shvartsburg, Investor Officer, and Damien Executive

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

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

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

Damien McDonald

above-market In review sales strategic a Then the will wrap first Q&A. acquisition. Below provide after tuck-in and moving you quarter, conclude which start XXXX. outlook. Welcome generation growth sales by we sales in shortages growth Advanced Valves. cases. cases, to pressures with This portfolio for on and by preparations details our accelerated by Circulatory with by expanded us. for we Essenz, gross comments, initiatives Heart our in our our efforts line, And excluding the partially our heart-lung off in on results, was X% early to of and for offset sales, which up conference I'll machine, impacted closing next top decline Neuromodulation COVID results a in to portfolio and the unfavorably you was phased respiratory COVID-related staffing Cardiopulmonary profit, strategic hospital before achieved Matt. Alex call were driven launch expanded of including thank investments and then everyone you, and the by epilepsy. discussing ACS commercial recently describing in additional initiatives, comments Thank quarter joining I'll the my Support completed quarter. experiencing After

Now, turning to segment the results.

new across quarter epilepsy of and comparisons, for the Global dedicated which volumes now all XX% with an due of our expect We versus attributable encompasses which teams, volume XXXX patient physicians total of read-through implants. driven the XX the sales For to in implant across prioritize for the the progress quarter growth accounted Essenz of the digits. grow growth UK. in $XXX first initiative, sales quarter. quarter segment, quarterly grew in They XX% trends, Cardiopulmonary US recent is X% the the of increase sales first implant replacements, was to that US sales Oxygenated million primarily XX% of by quarter. globally, over during prior sales Heart-lung range currently all and to takes XX% in supported were led epilepsy Cardiopulmonary to Europe Epilepsy to during the low-single first quarter, the This continues XXXX, HLM. month XXXX. in prior quarter of be X% on to CEC growth year to with formed the performance, quarter account world. The regions. procedure of compared versus implants by two increase compared to were go-to-market to increased by X% increased particularly first XXXX. the the in US total X% and versus each the into XXXX. increased sales world. full sales year-over-year the continue business to in as Similar to the and versus basis improved grew the machine rest the by above continue sales deliver teams recovery procedure This transition same sales These first trended Europe growth that in of year. implant regions, account first XX% high-single quarter digits rest over baseline during increased sales epilepsy driven year, of which growth

XX% achieved also We world by growth APAC. of in led rest

grow For global expect X%. X% full-year to XXXX, continue to we epilepsy sales to

patients in as their in-person Our physician implants, capacity and and to growth includes returned patient forecast visits new improves. hospital caregivers

created by first We're in COVID staffing of XXXX. approximately hospitalized declined the the fewer we XXXX. progress of flat the acquisitions the offset that ECMO anticipate were XX% with addition, year-over-year staffing during quarter remainder year-over-year sales cases, hospital hospital were shortages. during as therapy. COVID by related Results pleased replacement less Respiratory from in tailwind cases. impacted $XX In were impact primarily has the a cases, patients required representing and in as XX% cases teams a the account shortages US Non-respiratory of including decrease go-to-market severe the two were the continued dedicated to pandemic million backlog and the into of implants plan additional initiatives ACS quarter, continued to add this year. of

now for growth expect ACS be in these headwinds, we digits low-single Given the to XXXX.

June Heart for of year. As were X comparative XXXX was on Valves of first a reminder, the for $XX last Heart divested results, sales Valves quarter million.

were million. portfolio our to $X.X for strategic first sales now the Turning initiatives. DTD quarter

million. $XX approximately were sales DTD anticipate we XXXX, For

a control should study frequent first randomized or The the with unipolar RECOVER designed assess if if analyses Turning our will of success continue. that during reached has is study, probability key achieved been study XXXth the of interim to patient. quarter, predicted implanting we the milestone

stated previously, of over series needed is we as data likely collect we time. a As interim patient believe follow-up analyses

analyses unipolar registry failure, interim occur of continuation We in ANTHEM-HFrEF anticipate pivotal late XXXX to continues the cohort heart advance. the the for study. early to In transition still confirm to a Our or trial XXXX.

the which we the trend the anticipate will is protocol. review the the more recommended enrolled, endpoints. During safety, to the study interim results XXXth of patient quarter, indicated data of functional success were fourth according towards interim continuation the The the yet first after and we that three reviewing the one independent statisticians analysis not endpoint conditions analysis conducted If the achieved primary in and a favorable, to in the FDA. The submit quarter. the functional may next occur are or

We continues of of of anticipated to stimulation patients assume submission in severe study nerve to moderate evaluate with control is patient half trial efficacy a occur a February. for OSPREY approximately in approval the with to with patients for our latter enroll XX XXXX. trial first Moving OSA, decision have the XX OSA. randomized in to the implanted now to XXXX hypoglossal activated the OSPREY FDA We sites. still The trial

sales nominal of specifically later at X, the is for technology On it ventilation. developer respiratory was million payable acquired will of our innovative closing acquisition for failure. on ALung only be is of the of market. the ALung contingent failure respiratory achievement manufacturer FDA diluted this Assist impact portfolio into the The invasive an ACS System, milestones. neutral earnings The or is RAS to turn held to lung the a in And XXXX. initiate and carbon price sales-based RAS. extracorporeal I'll share. treating acute considerations included Respiratory alternative Inc. The or low of respiratory commercialization Technologies, for we we to HemoLung with expected acquisition and The dioxide business, purchase assist flow privately HemoLung May that, adjusted over an ALung. the and ACS integrated to expected ALung mechanical our during Alex. year, provides HemoLung to device turning complementary be system expect paid segment, platform Now called to per with to cleared designed This $XX removal which supplement

Alex Shvartsburg

Thanks, Damien.

During share and brief results a commentary quarter of I'll call, outlook. of provide my first recap XXXX the on portion the full-year

the $XXX a were results, versus quarter Heart X% Valves. million, to Turning excluding sales in XXXX increase the

first to first was Foreign $XX from divestiture which XXXX. up changes was of rate to was percent in The up first exchange with percent XXX valuation lower in XXXX. Adjusted XX% of had a in as an Component of net year. which tax quarter and in quarter in points XX.X%, million in was million or X% approximately costs sales last $XX first XXXX. efficiencies. Adjusted the margin manufacturing attributable of $X by product sales mix Adjusted to quarter to driven first effective was quarter first million in to quarter primarily $XX XXXX. compared unfavorable XXXX. allowances geographic of from acquisition in of year-over-year compared the operating ALung. $XX quarter margin quarter R&D the margin R&D income was of $XX expense the X%. basis impact quarter of XX%, expense inflationary and The offset XX%, the line was quarter of $XXX impacted first line of gross Valves. rate adjusted to Adjusted favorably million income was a SG&A the in the compared quarter tax XX.X% was operating by the was Adjusted by first the mix. in as quarter with of the the primarily percent income compared Heart first XXXX. the net pressure of gross was was of XXXX. of increase Adjusted million a related was net sales million as The million the is first XX.X%, the SG&A in

XX% in earnings Adjusted per rate $X.XX For year, XXXX. expect to diluted the quarter $X.XX first the compared of share was the of full XX%. tax we range to

secure million at Capital the primarily that SNIA during to at $XXX negative quarter in $XXX for bridge $X Total March guarantee, million, prior year-end million, million entered year. February from including litigation million $XXX $XXX balance the was guarantee. for quarter at flow loan free million increase facility Adjusted million XXXX. as million, to XXXX. the was XX from to the million SNIA restricted litigation debt first relates $X were cash of $X in quarter. compared cash up was prior-year investments year-end the $XX the March cash into up in $XXX the collateral up at XX Our held This was from

includes as such supply EPS XXXX turning challenges, headwinds, constant Now X%, growth shared in range guidance This between our ACS. to flow cash foreign and and an outlook. to maintaining currency as chain adjusted impacting the conditions Valves, pressures, ranges navigate $X.XX we million. million range market We're currency February and of free of sales $XXX $XX to to X% excluding Heart adjusted $X.XX evolving

exchange assumes from the Damien. I'll back Our headwind to X% rates. sales a With outlook that, to now X% over turn call

Damien McDonald

summary, portfolio quarter Thanks, which the market to allowed testament us Alex. conditions. diverse first our a to challenging In was the weather

While several guidance confident have our our remain assumptions in variables in full-year changed, original outlook. we

And cash for pipeline LivaNova We increase ready by emphasis growth profitability strategic positions drivers, on and questions. underpinned the that, the call on our the value. product and improving to This executing core business and us open on focus further to shareholder opportunities, system, extensive Melissa, delivering our we're continue to triangle, clinical with on generation.

Operator

[Operator our Wise Rick from taking of Instructions]. today We'll question first be Stifel.

Rick Wise

better, parts weakness the to some said, solid think offsetting off, did And a start. little Just business a elsewhere. of you I start

ACS with track just business of start biggest The on or because maybe was change. me Let seemed rest ahead. that the the

it? the is how I you do So, and dig on correctly, at that am us impact? expectations? help How down, you if COVID think we level past non-respiratory would, it progress with maybe that How seeing it a And hospital we here? maybe is track staffing one break high the into just ACS that, interpreting you're When case do about decline? original do get your do the we get from flat? line about more in back How think slowdown

Damien McDonald

COVID. be And or shortages. our the talked the a big also, decline also XX% had would really And for quarter. thing ACS with a just do those for given us for staff decline There's us really in the year-over-year. saw through did you headwind declining cases expectation the caseload those in other was respiratory patients that other important, we using procedures that that procedures. offset by talked and We in that non-respiratory to quarter this of the But I about, we anticipate were cases. about lot think disappointed ECMO

impact. modest had I an season flu think the

have RV also the that and XX% data cases. in We respiratory big market historical slowdown pretty shows mild year-on-year. declined lows CDC interesting almost a The ECMO

we our segment ability market. to think better But than were to and better the I we response slightly from anticipating So, did other. one the overall a move

through shortages this I we start So, think see to as staff XXXX, abate, back. expect we the bouncing

a We year the in our also the of commercial of late lot XXXX. headcount added expansion in

So, they mid-year. start reading won't through until

And so, back through team that effectiveness half read the of the of I hope, XXXX. will, in

Rick Wise

looks that enrollment basically, DTD shift some seems Can me initial been suggested progressing or as color more you've offered late registry early correct wrong next again, if give timing us the And or it the a to Can reiterating – – there? of Turning year. encouraging? the like registry, that to this from is, I'm timeline you have is well? take you're the year we

Damien McDonald

headline, is and that patient I think We it's the in interim first the continuing XXXth second conducted progress in you've and hit unipolar the which patient quarter, well. quarter, to analysis. the implanted the

best how how progressing. with outrun we to but still progressing. don't said, early the or communication in expecting the we'll as pleased Again, we've it's information registry We're continue to that's XXXX. And transition XXXX CMS, our with late can. to want we're we with we're pleased a So, provide

Matthew Dodds

completely It's these Matt. interim blinded looks. We're from

futility, which, which it, So, and is good, again, our endpoint. keep you've hit all review to That's stop stop then statisticians we're good, because not basically due all independent told is we the primary think know. we and going, is

is, So that's as news looks, And good after the not continuing enroll. the Damien two futility. checking said, box we're to of

Rick Wise

me Last ANTHEM-HFrEF. for the on

it? another you and that you think year. that I the feeling Is by don't – don't indicated know are this. You you said has the want an are continuation that trial How confirmed about could I this the that I disappointing? you to take analysis design on the I overstate know of of front? slightly study. end feeling adaptive How look,

Damien McDonald

positive in a think, study lights that There One are green analysis interim the safety. you're the complex pleased I'm the continuing analyses. keep confirmed enroll. again, study. that fairly for first is I going. to fact five the interim It's we're that to looking

fact we're good I as waiting fact to very spot. looks safety say, think to good adaptive others us including study. it's means you primary in working cases, an So, got a We And the recruit I making one for environment, think have a puts at that a we're pretty continuing complex progress. it the the of And that is readout. And in that sign. COVID instead

Operator

Mike next our question take from We'll of Polark Wolfe.

Mike Polark

commentary the there. depression on Follow-up

second look independent My protocols, your at statisticians implants. twice. So, get been assume unipolar looked one XXX I understanding have there'd the the at you XXX. look

that mean had north correct does the the is that looks enrollment Is read? two XXX? of having So, now

Matthew Dodds

read. the That Matt. is correct This is

Mike Polark

come question a this in ago. had I few weeks

that you're the enrollment is accrue the have you plan interim the kind to is the you therapy, time Hopefully, might striking let and is fair? the enter letting been of enroll just down a time question fresh accrue down versus of is the there clear. here sample continue that to get looks your that implants trial meat to the to kind as implanted? of slow patients just slowing on where subsequent balance Or sample to and So, that

how next Just enrollment or over or quarter about thinking the of you are here two pace three? the

Damien McDonald

question. a good it's Now,

we to the in at study, would statistical do, stop we look XX the once do we enrolling have patients follow to assumption to because you patient hit want on we point, that And want have your every then the arm more of significance to enrolled. we If months. design for

every is So, XX on can focused the know, we still And continue enrollment. to team very patients, look. as you

as as do well. the forward, get patient average increases up only more move So not we we per patients, follow

two the there's – other unipolar arms, The the is, don't thing forget bipolar. and

keep continue at secondary at the that to the want of want well. as arm momentum we're and in sites, unipolar, skewing to that patients to momentum patients recruiting. We the our we explained we the of both continue the can in all We've effort so seeing. enroll So terms we're bipolar

Mike Polark

the I And ask asked. on I a point I'll to because fine get timing, put know

So, I unipolar announced on you XXth. March presume at implant look the XXX the when the independent first that's statisticians. taken by was

the just six The the of second three. get or Is at look I'm for taken week, a it trying two that the kind sense of when, was four, within how moment? I XX presume, every implants, weeks? you're is last running pace to

Damien McDonald

good six you're to I Yeah, four so every a that. weeks, if modeling is think, estimate

Mike Polark

me a for hop. stand I'll where series of enrollment one the was and does that I moment? Bipolar, that Last know at questions.

Damien McDonald

And the the much, think that given we're at I unipolar. now the do get slower, line But late is this early XXXX. implants, trying with got expected, to It's XXX as look expansion on emphasis you've our Yeah, again, to much over think XXXX, indication I what an one first. opportunity.

first, great, we as to on the through indication If idea but real the consenting then later to on. on focused unipolar. So, get an maniacally patients expand bipolar move the focus unipolar bipolar and system, we'll is on

Operator

Our Needham. Mike Matson line question from comes from next of the

Mike Matson

on line the questioning up of around RECOVER that following Just trial.

revenue depression stepped your down So, a in amount. meaningful

in million quarter. the $X.X said you think I first

the I think that you of here in timing Can into the of about we pace read anything the $X quarter. enrollment million about the trial? in did fourth or

Matthew Dodds

Matt. It's

It side. what January you people the heard the in lot a April. revenue, slow same assume did in and to on pick thing So, in up with the March a occurred did of clinical little and can about bit down talking enrollment February. you've Similar

So, is primary that reason. the

Damien McDonald

any all Italy Court in in when the timing feel have litigation of you at Italian would terms the there? do decision, and the as expect something of far you Supreme As

Matthew Dodds

published. a there's long that No, don't They process. timelines statutory have are

So, we're this day playing by day.

Mike Matson

was given launch Essenz this surprisingly Finally, the coming. got you've machine heart-lung growth strong,

So, maybe. guess launched one, you've I the or Europe Essenz US, outside

did for in the customers new that didn't guess, at Conversely, that product? So, the to help US seem I waiting all? hurt, are maybe it

Alex Shvartsburg

This is in Alex. terms were unit We the in pleasantly placements the surprised quarter. of

second in has as customers but that year. that for back scheduled we that described. That on haven't of the for happened, sort do and a half is great which in in Europe, expecting this placements, us We slowdown to Essenz the of continue well We since the front. anticipating not FX were launched half, you is

Operator

Adam question Sandler. next Our today comes from Piper of Maeder

Adam Maeder

one Congrats first In on environment. on Maybe Damien you're trended? or very Matt, a and procedure kind of more things seeing puts bit the segments. March, just just or of exit two. some just start. for different those follow-up of what Would have takes I real time then kind me, color how In have dynamic velocity. for a love, And little April,

Damien McDonald

in as We're product. spoke quarter. think late the I the February, patient definitely service through the talked That we end about improving same to March still February, physician seeing and When we progressed the into of April. was bias funnel the case,

remain think surgical scheduling for two workups. EMU staff new capacity new bottlenecks are the as the with I patient that are definitely implants, shortages are impacting patient

January, continuing what the April. Very think of that we people into a are March, lot dynamics reporting, slow definitely, I So, were ramping through saw.

anything, April. I demand strong think, add cardiac to Do has want surgical the pre-pandemic to have Matt? in in CP, remained levels. returned volumes you And

Matthew Dodds

one Again, went that's that and other ACS, said of reduction ECMO. that it. the was that in the earlier, Damien patients way use as staff No, I shortages because the the think COVID with

Adam Maeder

$X.XX on EPS, is Adjusted Next $X.XX. EPS think, question I to the guidance.

had EPS. loan, bridge And key of of for through fairly So, of kind in I maybe non-GAAP low contemplated, range. interest walk those the think materials, follow-up. I kind how guidance impact And the the so what's unpack saw currency Maybe in the that the there. example, just to some of one correctly the for about quick then, end from then, of think versus just and if some range, items range big your I the to high and end assumptions

Alex Shvartsburg

than driven divestiture, more positive are Our by in supply points. the The other gross increase Valves challenges. offsetting are basis efficiencies our by expected and to increase Heart product is primarily XXXX XXX chain that margins expected cost mix,

to that's From – increase XXXX. trial epilepsy And percentage R&D as concerned, and as slightly investments epilepsy the R&D slight is an a increase the ACS far to OSPREY the As in as in sales, versus this due largely of versus commercial going prior initiation programs. SG&A well sorry, year. perspective, is of as

before, Our approximately quarterly for total OpEx, is R&D SG&A. $XXX run million. I think we both talked That's and this rate about

$XX the non-GAAPing to related kind the million. to we're said, as base bridge SNIA And Our $XX bridge, to million that's is the of expense interest facility litigation. the as you related interest

tax called be out reconciliation. XX% will rates, at our that in non-GAAP the And XX% projecting our So to we're as range.

Damien McDonald

to headwind X% a X% the takes. think is and we I Currency that's an If range? US And lot I I asked currency. raised think continue the you guiding think a for full upside. You there's penetration, this expand what's year. epilepsy puts to

I month, think machines month to if wait counter-measuring supply demand, through we're heart-lung the people abate we're by people to we Essenz, launch. for Russia-Ukraine, heart-lung playing see business will also headwind. and on react anticipating machine upside, And Cardiopulmonary the depending that continue but especially that swing chain to how the the we we're challenges year, but go as

those we're to range that's original our we range why things February on of and to the takes, all are that So and have and guidance $X.XX of puts EPS $X.XX. sticking this

Adam Maeder

registry things to this in I last I line continue is And clients, communication one package the If milestone Guys, of or be expectations for? the previous what peeled move be of what's just question eyes next kind looking in a Street the just kind kind next we track the late looking what should it sneak of in for the tape? around marker the really that But registry looking can to or is for pathway going terms from should on strategy ahead. kind our update the transition CMS DTD. for? we with what's to It keeping sounds data – to around get of of the the XXXX, be XXXX. Is to should of or that hit early like to we submission one that

Damien McDonald

That don't our milestone. to CMS, with follow want end our communication registry, Again, the of to to that's is but milestone, communication CMS. run next is discussions the next transition which that will we the

Operator

We're Amit now over Goldman to of Hazan moving Sachs.

Philip Coover

Phil Most point mine fashion. on in It's of for a Amit. of asked or try I'll put form finer some them. have and a on been couple

hoping, speak So, Alex, the the that last bottom kind incremental the impact line where well given FX maybe you the back the incremental how challenges headwind, chain is the incremental And offset for question differently, FX from slightly to maybe you asking down that versus I'm of XQ? much of as that's in can coming provided on offsetting the drop and through rate an guidance and FX. you're supply

Alex Shvartsburg

of productivity revenue is impact initiatives The way that's as cost We're to impact. and reduction, a FX of we're we the obviously offset drop-through have. kind of X% it X% the able impact challenges as that counter-measuring pretty in of well EPS the with to significant the terms inflationary

Philip Coover

is GM We're it to going fair in both SG&A and the say? to see from productivity, that

Alex Shvartsburg

the benefit a on actually little a get side on from bit largely R&D FX. perspective. is impacts We margin. SG&A from neutral It's that of gross the largest

and reduction. cost gross a $X.XX EPS a But, approximately $X.XX with significant So, productivity profit again, to have we exposure. And from that's we're counting-measuring perspective. drop-through it's it why

Philip Coover

the point one, the been other markets of in are call talk I'm quarter. of any strong a we Maybe out Obviously, of the just your to China, was conflict, exposure mentioned quite where actually you'd RU RU today exposures. to hit. world the have seen finer you've impact impact hoping rest other rest on maybe was and that China And wondering world seen I in incrementally and kind exposure.

Matthew Dodds

on an really perspective. saw it market, from any. lockdowns We but haven't the China, the a had impact read-through from have we impact performance really in Obviously, a hardly limited seen

Philip Coover

business? Can XX% you world relation Russia for and that rest China exposures of us in to for remind

Matthew Dodds

and in is revenue Russia-Ukraine China was to about XXXX X% X% about of X%.

Philip Coover

interest If there that more about satisfy I kind one might worried component this demand, concern side chain the through anything demand the limit of Is your ability to definitely just ability sneak increased inflationary to for now? the demand the in, pipeline understand increased with oxygenators, fulfill could on you're about that supply issues. that's especially coming any and

Damien McDonald

on with of We've What Look, very really our and epoxy I focused lead they're the one working critical is range with whole team. think availability, suppliers inventory our the visibility big our microelectronics supply on on that was our logistics, that hard more times, really chain, doing very the contemplates several And the the availability, working that. things transportation we've plans. supply to team that's focused things we're to give long all We're aggressively reviews guidance them. increased in areas. logistics,

ahead of far, demand. a as I said, So, our inventory like need. this suppliers, process those so where there's But so have everyone we headwinds. well, far continue has been increasing communication building progressed the face with looking but for team suppliers alternative to Or

Operator

We'll Weiner Jefferies. of take question our next Zachary from

Zachary Weiner

If just quarter. Can it of remind epilepsy. Just one stands? you beginning on this procedures was XXX roughly my currently where the memory serves, at backlog

how of course you curious worked the you that just through and year. through the then to expect So, through backlog how much of much work

Damien McDonald

expecting this rest We're are to year the about the year. XXX. we of backlog into numbers continue through Right now, this and around think next

again, cycle that continue patients they new of new have It's easier that ensure top and quarter. implants. put to this XXX And through patient quite continued patient considerable. an think the stack The versus to people I process So, the through workup we've for the therapy. burned in at is put about implants

patients, we're these of through skewing end working are that backlog. service our and gradually physicians So, definitely way

Operator

a be today Research. Wolfe follow-up Our question of will Mike last from Polark

Mike Polark

for of guidance Italian question, bridge the to facility surety. bridge backstop full now CFO flow $XXX the free $XX hoping million adjusted the cash Alex, to I'm the just of you could million. year inclusion with the

here you to what's cash and that level those the excluding, costs, unadjust bridge total the just that full were the set sum free If year? the of for items XT, the adjustments frame other you're of traditional flow inclusive to

Alex Shvartsburg

temporary facility bridge is vehicle. a The of kind

And looking the probably in to so. that or quarter so, next refinance we're

modeling based on facility. we're what of we're kind So of data sort if we're public as seeing, a towards refi leaning

rates, So, the looking impact annual interest of an modeling potential on so at current we're to $XX basis. kind $XX million million of

Mike Polark

follow-up I on have to that.

then to your kind it facility guidance case that bridge where happens? adjusted for it's transitions of earnings a you're bridge into exclude of will an would you to from moment if that from So, since treatment continue escrow to and this as pursuing public backstopping adjusted relates when Or the What's remedy to earnings transition debt? that for you're that limbo your that public it? it as come debt

Alex Shvartsburg

That's right.

we're it If on we to our lose If it a operating becomes to and ruling a to damages, earnings. that's non-issue. when into until going there's part from winning, capital structure have for operating obviously end and pay So, we case. it's continue the up a move we'll it earnings adjust of essentially the permanent

Operator

that to As was remarks. question today, Damien our McDonald any like final I hand to for would back closing

Damien McDonald

our updating and I to thank of behalf QX you. look And forward in your the appreciate just on call. support Thank we to you interest team, you everyone for Melissa. call. on And thanks, LivaNova joining our Well, entire and

Operator

first XXXX earnings Thank PLC Thank you. This quarter call. all conference concludes for you attending. the LivaNova

You disconnect. may now

LivaNova (LIVN) 8 May 222022 Q1 Earnings call transcript