Earnings call transcript Q1 2023

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Operator

Good day ladies and gentlemen and welcome to the LivaNova PLC First Quarter of 2023 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 call, Mr. Matthew Dodds, LivaNova's Senior Vice President of Corporate Development. Please go ahead, sir.

Matthew Dodds

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

of Investor Shvartsburg, our Joining Kozy, Financial Officer; and call today's Gotlin, Chief Chief the Director Briana Chair of Interim Alex me Directors Board Officer; are Executive and of Relations. on our Bill

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

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

website under & update the find Events and press of release News can our Investors at You the investor.livanova.com. in Presentations section

retired the President executive Operating at XXXX. Becton, roles BD, various of as Now, his career conclusion in where he the it held team of in Kozy. corporate he XXXX. of member to Bill Bill joined is pleasure and Directors Officer as LivaNova's and XXXX. Board you a since my At to Vice leadership introduce XX-year served Chief Executive Dickinson, After

result, financial a in and strategy operations discipline. brings execution, he expertise As

I call will over the Bill. that, With turn to

William Kozy

Chair to privilege It of joining Matt first and my conference call for Officer. and LivaNova's Chief Thank the is everyone, pleasure welcome Executive you, and as you for Interim thank quarter LivaNova's us. to you, XXXX

engage I'm the foremost, I'm contributions and executive smooth In First wish as the and as LivaNova's McDonald the confident facilitate and already coming the our focus and on do learning, the in we the Board dedicated Even countless remain and continue positive years. last leader. and as communities. his this customers and company the gratitude that endeavors. best alongside we'll In team, I'd new and to X colleagues, my to on over him all firmly behalf executive express to and our leadership Damien next working to though I of search for performance patients, a Board interim with weeks, role, well for global like his is and leadership the I'll future team execution. experienced investor our transition analyst leadership We

XXXX moving then will the remainder the guidance. For details comments, Q&A. on remarks to I'll and results provide I'll and initiatives. of on the portfolio additional my up our After first closing to results turn our quarter to Alex increases wrap with discuss before strategic call,

these drove the a from especially pleased the prior XX% XX% results, quarter, Worth with Cardiopulmonary way cases. the while emerging comprised in remained the revenue in businesses, World of period. by advanced total we the XX% COVID of Neuromodulation impacted regions circulatory unfavorably in were particularly marked regions In We quarter, growth and strength year by support company noting, in in achieved Rest decline markets. up the revenue and Europe severe

segment turning results. to Now,

machine Europe improving revenue the World Rest increase the first grew replacements XX% XXXX. high and driven and higher million versus in by the the $XXX an low chain of in For by in and increased of teens, installations performance. Oxygenator the in demand regions. the Cardiopulmonary segment, double of digits, revenue new Heart-lung driven quarter was quarter, revenue supply

and our that approvals quarter. reminder, PMDA Essenz Canada and a also Japanese clearance received heart-lung As the first machine in U.S. FDA during Health from XXX(k) March

Cardiopulmonary release Additionally, for commercial we to in XXXX. initiated Europe. broad We a grow now to revenue expect year full X% X%

forecast the revised includes Our recent around of more Essenz on clarity based rollout approvals.

by versus In higher result with new product incorporates performance on Alex the underlying strong in replacement first implants, X all regions, increased strength epilepsy and impacted quarter in addition, X% Cardiopulmonary. mix. now growth oxygenators. implants. our across revision and growth first Epilepsy driven quarter including the comment some the in that XXXX, of factors realized both revenues total price will quarter XX% in increased year-over-year, U.S. revenue first

to our emphasize the epilepsy continuing strategy we are in centers. comprehensive commercial In U.S.,

of region top World by know, KOLs Rest the these majority The growth many led CECs As our led U.K. currently in prior Brazil. of by these with Epilepsy remains surgical of a priority. the achieved procedures and engaging sites versus focus Europe grew epilepsy you XX% year, do XX% at on revenue

spending factors first in And For epilepsy. year result be continue amount X% surgical customers a notable XXXX, KOLs. expect a patient I penetration. X% we of at to impacted revenue as to time driving some will epilepsy fresh key again, strong that grow Alex to new our the comment take full look we global the factors underlying will with on quarter and that

to in cases. first the was by the in the million reduction of product COVID quarter, part severe and continue cases Results revenue year-over-year quarter representing ACS by by a in offset decrease of be from mix, impacted partially in non-COVID XXXX. $XX XX% growth

required volumes case hospitalized to progressed fewer declined Our that patients field data ECMO as COVID severity a ACS therapy. approximately year-over-year related to XX% suggests

volumes data driven the non-COVID by constraints field of suggests easing hospital quarter that account XXXX, increased capacity first also versus However, case ACS the acquisition. of and

to the of XXXX, majority the in half to X% growth grow For continue ACS of with year. X%, we expect the to back the

As comparisons. quarter COVID the be last a reminder, this by business significantly will is this impacted

in first revenue the DTD initiatives. quarter was portfolio million. strategic the to now $X Turning

primarily Subsequently, The study's unipolar RECOVER study. completed patient confirmed RECOVER now $X to from and study of we advance. the XXXth For was continues for analysis interim March, XXXX, the cohort the anticipate DTD approximately In continuation. in million, revenue the patients, XX-month the the and of unipolar into XXXth of follow-up publication study will Upon by XXX final late trial. the expect data we the the results conduct receipt analysis the unipolar we for a patient the XXXX. randomized

Now cohort the been bipolar is have cohort. unipolar on that our enrollment in the recruitment efforts complete, refocused

continued quarter. bipolar study. Dr. company's I'm of These patient in to And excitement total the third now, the I quarter early with John appreciate hope KOL By the Dr. We investigators, Conway. you and implants or the Charles familiarize to you X finish principal community. this study's sure fourth yourself Rush expect commitment I RECOVER with from reflect conversations reach met the XXX initiative. recently late

now Moving with DTD, and myself, progress remain the team OSA; committed project on OSPREY Board sites continues the XX study recruiting actively this trial comments well. my project to our patients. as to to to Similar

heart failure, in progress. ANTHEM is In the closeout clinical of the study

in defined this $XX is have part Therefore, the first in accelerated failure the occurred spend approximately which overall to will costs most We of heart XXXX, fully related R&D year expectation that be of quarter. million. the our

call that I'll Alex. With over the to turn summary,

Alex Shvartsburg

Bill. Thanks,

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

$XXX quarter, implants demand, we and in orders. better-than-expected revenue of saw results; the increase was replacement an In the to strong accelerated some XX% quarter XXXX. oxygenator Turning million, versus

realized drive continue taken of actions to half able were the to XXXX. we from second Additionally, strong price in

XX% gross revenue Foreign unfavorable a was had offset of unfavorably impact percent exchange impacted approximately in an geographic first X% net partially product as of was quarter improvements. million margin margin in of revenue. Adjusted XX% by quarter the the compared pressures, and XXXX. gross pricing year-over-year inflationary or $X of by mix, Adjusted to

as quarter quarter to higher million basis of by quarter XXXX. and compared sales expenses. first and percent was closing XXXX. in R&D increase include of These the with the increase SG&A strategic expenses Adjusted on ANTHEM associated SG&A costs million was from driven launch in $XX XX% net the Adjusted the of XXXX. year-over-year by a investments Essenz The versus net driven out of compared XX% R&D was year-over-year for portfolio $XXX XXXX. million to revenue dollar expense as initiatives XX%, first of $XX was the trial. variable continued in million in was first first and the costs expense in percent in marketing the $XXX the quarter quarter The quarter a associated increased XX% was of first a revenues. down revenue with first

negatively per program; programs, to two, first of Essenz in operating adjusted in failure XXXX. related Adjusted points negatively as the basis first of margin first of commercial the the and Adjusted the income on impacted compared $XX was geographic first compared to to diluted focused income the versus million last in DTD launch. key three, versus year. and heart the margin share incremental quarter operating rate elements by: Adjusted the was XX% effective quarter the impacted and quarter investments year. the operating $XX compared quarter the prior in tax OSA of X% was quarter mix; to X% operating XXXX. These of $X.XX was in by XXXX. income product XXX accelerated $X.XX Adjusted investments Adjusted earnings in well XX% as million one, was spend income closeout

year. in debt was capital the were to management. year-end free with Our from was $XXX with line in the in up prior million by XX million, Adjusted XX Total million restricted year-end in Net balance at the million, line flow the in March million. at Capital XX XXXX. cash cash cash at million improved was quarter. debt, flow $XX compared for quarter March was first $XXX March $XX at generation $XXX $XX investments cash year $XXX including working was million prior $X million, quarter at $X million Free XXXX.

turning XXXX Now, our revised to guidance.

rates. in a outstanding assume adjusted of adjusted $XX we year. to tailwind free to continue $XXX be mentioned, in range now our and per $X.XX full and Adjusted $XX XXXX the XXXX revenue We flow average on be is X% quarter, per the million our Bill approximately share X% between We basis are a million. guidance. revenue the of exchange now and from first earnings and with As increasing the weighted performance share constant expect full shares on expect currency to X% diluted million growth range based diluted to earnings year still for during $X.XX expected cash

by first to line remain I'm by performance and In leverage drive year-end. summary, operating quarter top we positioned encouraged the

to I'll that, over back the turn With call Bill.

William Kozy

to the build focus remainder firm and you, on first continued We're the quarter its to demonstrated eager guidance. well the Thank XXXX. and performance portfolio LivaNova's pipeline year quarter the company on full deliver a upon and with Alex. its throughout patients, first positions performance results progress execution of across

programs. launch OSA of patient continuing And me and driving In and be Europe penetration DTD U.S. of clear, committed in let closing, the we're on Rest of course, focused also in the and, successful performance regions new equally accelerating to Essenz. our we're World epilepsy, strong

Our dedicated for them creation. the and they helping employees last remain worldwide way, weeks. the the me long-term are focused innovation thank on to couple to And over by extended shareholder value I welcome have and patients of

With that, questions. the to for ready call open we're Bailey,

Operator

Rick [Operator of from line Instructions] first The question today Stifel. from the comes Wise

Rick Wise

everybody. Good hear Bill. voice again. to Good morning, morning, your Good

William Kozy

Good morning.

Rick Wise

focus about maybe these of go active I the great typically detailed little -- well those performance Rest Do a mean, was end. know And of talk forward? in the period? spot maybe less taking approach who drive about on priorities that Essenz things the than how you how going detail play? the NPI your to But the will launch, those hear during a for hands-on execution this summary expect do, maybe such you you're in role -- appreciate -- and help at driving how the more maybe your It during the I priorities, this interim you World do and build, some clarity, you your patients to to just I

William Kozy

through. I've the here the already Rick, as thought But something as thank thought the LivaNova you goes to is it interim and you for colleagues the follows. all of with a way at question. know, role, lot I've talked through be

mentioned personal performance perspective, that's and head attention As earlier, from I on execution. And down patients and that's all my in.

do epilepsy starting in this was So collaborate. the I initial we to requested prior The transition. really to couple improve as from just and But Board just weeks. the takeaways been at I as way same X my surgical can further to roles. what really going to of in the had I'd The in reiterate operating And way I committed this we myself the closed, the closely to penetration. terrific SPI. first our operate to we're We're we're just look made this the performance would in has role, interim organization used that challenge

can about really And already it's seeing good about when then those the about look to revenues going it's the region. we're we progressing We're top how the at XX% I also think performance Essenz, at take the signal as this you year-on-year in of the a company in of notable. that success. is advantage how strong best of areas, My mentioned. And list, comment

leader. better with performance back, I team can be circle sure my of it commitment I you to the we time here. no to to to the this way as that with will Just to refers frame next in to I've It everything or clear to work want doing company interim the refers make left effectively business the that the I executive make and seek

Rick Wise

answer, at inside What the first search? you XXXX usual? on the What again, what extent the conservative to One, is how great to thinking search it Or to as the a maybe you I'm outside? What is period? looking ask -- as priorities? us you leader thoughtfully see Board Bill. conservative this could a -- for? the is is the transition company high how going for And X.X are follow-ups. next extra characteristics this That's talk guide, the maybe pursue the do about guide your are you level given

William Kozy

sounded share that. two X.X but show That let like me

the job of XX% drivers of in prudent is year. of more the prudent and What kind with the So you quarter. that behind at the Alex think did growth it becomes I the nice a start sharing

to You I just And in that we caught P&L got make couple, to some just favorable. underlying just said, that example. bit on I want understanding mean the an new count sure you've geez, okay, couple I'll a every and I looks extend a said, think each factors. of out of are and as this guy little Russia, there you even example. throw a don't the quarter one definitely things

got we're at that. that has on like a being the what, think second, stage Alex I'll you color in of handle him little But So, a particularly prudent have year. add I'd know full to a this that. And to and

I about CEO. actually is thorough to your really their second has drag next for CEO. there, would through Now Board not spec a question in the done you pretty specificity job the thorough next what And job the a

to thinking XXX,XXX-foot to really but that and outcomes. look top the pretty guess, at financial things longer operating the hit the to that What of me nature X our is But to those at list. us I acumen XXX,XXX-foot strategic term be really capability pretty for link though is that's would level. of align secondary link that It this guess, business that favorable improving ability continually level. -- sounds certainly the Let great going list The -- the real of that at is to obvious. meaningful. ability expectation with I the And top to

little SPIs discipline operational you going around person bit be if excellence, think find talented are like and to those of things okay? corner SPI, to you sense. if and of these set and looking the that important gives of when things success hope to as with Those just a particularly the as like particularly I about cost that the trying essential appear. platforms, has who they really X should a Things become ensuring company, really

Rick Wise

Appreciate it.

William Kozy

add Alex, -- prudent about the comments to the my guidance. anything on

Alex Shvartsburg

that underlying we're market Bill, looking the and year. at the into of you for how translates remainder really said, growth dynamics the As

epilepsy. of And we better-than-expected parts replacement demand. And just a all into a sure orders the our rationale also that was make accelerated to mentioned, We for we that thing. so saw some phasing and these saw strong As quarter, the in a saw kind sustainable are oxygenator implants guide. I want of we

Operator

from question today Michael Wolfe Polark Research. next of The from line the comes

Michael Polark

Damien's wasn't how do the Obviously, your to here the have is other Street transition weeks answer It no, this this? it I morning. else straightforward on on with And about is and a We on Hi, Bill, kind see and I'm get to nothing the there's question few for your be question Why this to a that -- there preannounced. revenue like good this. in when now it of perspective was quarter. Or curious you But transition? ago, anything down depression. happen. concerned the X, comment, head one needs And execute. about? things leadership one here.

So any color be there helpful. would

William Kozy

for Thanks question. Yes. the

reflected. earlier, company. mean, leadership there try did he I very his no announced. throughout the the And was help things did right There we were There that and on those we As in constructive was things all the were was no commitment appreciate talk the resigned rails. personal window company certainly Damien issues -- the transition of month job May. a to and new about are and There for the

understanding point that at that's happened. story simple. that's any add. of everything So to it's have time, our in kind the don't of that this And -- I

Michael Polark

-- months at control. tested terms might interims futility some are at what for to XXX have have early what remind The a guess reminder now is can followed for like in, full then we look, depression, XXX like and the looked success success. the is patient -- And might as and on see. rolling we'll VNS of versus futility I us cohort, like for in on kind you these the the of we at separation I analysis, Understood. interim what criteria see early the just XX there early unipolar patient and XXX premise think looked XXX

like this, in be were middle. So, you you're would the were this below and those somewhere above willing up you to parameters you frame

at in great. to what followed there at fully follow-up So then And of there end color so the required you're and terms significant is this? continuing be XXX any be statistically like is the would separation of

William Kozy

Yes. question. Thanks for the

am in XX. Here day I

right to Matt, going this to a really much flip over better is I'm So okay, source of who information.

Matthew Dodds

Hi, Mike.

the XX%. questions, to right, early, to XX%. it all that And the up only potential bound was stop around XXX, the for enrolling So your at upper futility, then got

going out is was somewhere with specific we time p-value so look at there. study the unipolar the [indiscernible]. that full XXX, it's There hit which XXX enrollment is question, Again, between goes designed for your are XX-month endpoint all the response. in arms both to to always mid-XXXX. patients So of range And low in It's and to XX% primary patients in bipolar. somewhere no and

Operator

The line next from question Jefferies. Taylor of today Matt the from comes

Matthew Taylor

in good both sales morning. he on month trends, Hey, that. little was focus with that I come where maybe about love interesting I with And or incentives about know hoping telling the more ago force, Matt, you me new was the could replacements, bit And that a overperformance doing you're on so, you touch could then and speaking if patients. some epilepsy things I'd the the the talk and a did from?

William Kozy

Yes.

to want ask first some Matt me to I comments. then Let add go but do

Matthew Dodds

right. All

it start turn I'll the to we've then we Bill EOS, on with Matt, over things So can and flip I'll some done. for of NPI recently then back

we're not the in So our largely we year still that but perfect the that's first for the backlog. quarter XXXX. Also COVID-related thinking. of was EOS, remember comp math Again, lowest believe through

this comp have easier So quarter. we did an

we we year it's think some all late be place Now But help to follow-up. programs might again, And put some to in early. early seeing success did we patients identify said, last lost there. that

what that's drove the So really EOS.

little force. we've sales I'll comments Bill NPI, turn at over of things about the to looking for a the it then some been bit I'll talk some on on

William Kozy

we've the is constructive make a of sales over recall By really customers. priority had all a being continues that management of our important us. approach up weeks. that our a calls, previous second to think that team, a we've last dealing the of that resourced the it's KOLs appropriately and high background, centers. some very the This then, epilepsy I very of very a and efforts to referenced for really targeted, to there some organization parameter senior thing but way, the capable sure couple volume got I believe here done with And comprehensive in chance and the admittedly, these might strategic chat And we've constructive all in way of is as of you

up time a that my So heard follow with and reference had you've I've of else doing increasing frequently, week we b, our start penetration out. be course, surgical a, of commitment be for capability. -- arm few couple I'll a I'll I'll customer, better should importantly, be days. out most c, what depth the but times, chance of maybe next sales and the that making next understanding sure out the a me I'll information expectations have of, reps we to to first getting week

Matthew Dodds

did force been had of what have quality then as general, people neurosurgery. quarter to this and In we about XX, year of Others had mention did the we in some year, areas positions. neuromodulation highlighting follow-up, last last and changes XX late has make XX sales the was involuntary change. we replacements change we've And diabetes like we experience. And lot for the U.S. the into that your a high epilepsy early are then very direct were

of new a these contribution nice to So already encouraging some days, and have made hires overall early performance. very the

Matthew Taylor

it. I appreciate fair. very Great,

Operator

Adam The Piper line next comes Sandler. Maeder of today the from question from

Adam Maeder

there timing little any morning, you're kind softer. business pricing good more this then, like trends a to helpful. flesh able was And a us congrats bit region driven just also year. would remind just perhaps wanted everyone. performance really but those U.S. just out just the can looks you us? I be color by Essenz [ph] for of driven start was there. Hi, you to bit and It's And to get starts the [ph] It simply CP by was OUS Essenz. thoughts Are on little in the how on

follow-up well? had but a premium to And two. a some color then would at priced or there being it's as think love I I get

William Kozy

just flip his over identical it this got he's Yes. to really Alex I'm almost to because had arms it. him conversation. I've going around and

Alex Shvartsburg

solid and so Adam, for we CP, heart-lung machines. saw really oxygenators the demand

seen OUS. have really some We good replacement volumes,

to from in contribute expect the meaningfully to year. start We of half second revenue the Essenz

that sort that's got you ramp point this the because are we quarter if breakdown, the in to the should customers of time. less volumes was in clearance was the deferring just the in regional second the at in We So U.S. see positive U.S. at but look orders and half. start

seeing of other on experiencing to competitors doing our extremely frankly, The component some of -- placements. we're we're really well performance able business some of solid is supply consumables is our chain our our the supply team capture chain challenges. And -- and is the

So, the feeling the to of first looking in year. and about business how quarter really strong really the forward the what performed remainder and

Adam Maeder

helpful Alex. color, That's

William Kozy

Yes. going -- One commenting we very Essenz, a still offering. thing But are of just price itself superior. higher. terms the the yes, premium At will cost features at reasonable to are and we've in benefits a price so that unit of appreciate. same of been price premium to Essenz is time, other Obviously, on the Essenz the customers

Adam Maeder

-- Thank data I published if trial second, anticipating were approval a then in time you were program, for I case? fulsome to for the switching recently Maybe how start lines you're I to I guess, was to apnea. response. to you thinking about think Great. sleep gears the that's the that XXXX. hoping ask first, And the year-end medical still THNX journal. wanted before FDA by from see

is just and device talk investors the that color previous with the question from about thoughts just sometimes trial study? either to publication. And one I get on any or OSPREY or learnings relative Just kind changes that that any to design the design then, of

Matthew Dodds

Matt. those. I'll through all It's Adam. Sure, go

progress making are recruitments, we OSA, for So on still implants.

sites at from now We increased XX. we're the study have XX;

going But trial. We've on been incrementally the well. a trials Other not that's invested recruitment funnel. fronts drive have to this randomized. So is several remember, randomized

some funnel. drop-off a but is patients had some strong of funnel is drop-off. in there So the there We've

our here author primary already expect we related of complete now areas JAMA then, did in to It take the positive. XXXX at now do And we the in is in points felt looking in that what that. THNX, So publication, end lot you've how generally FDA the the highlighted and XXXX. approval especially on a to enrollment of seen quite and

that's publication. takeaway I So JAMA think full from the the

Adam Maeder

device Okay. flavor then follow-up for to one Matt. just for guys. I sorry, helpful, have any the or -- itself you design? That's changes And And trial more

Matthew Dodds

Sure.

changes So no same. the to OSPREY,

new to basically nothing things report on device. device, device the of bit the to there current tightened the on reliable. make just a We up terms a In few existing more it

Adam Maeder

got last And the one a clarification was Is just then, in heart guess the it. updated this from me remarks. year? is unclear to cost bit I the little savings prepared Okay, cost reflected program. What failure the it the any in for savings one guidance? on expectation anything

William Kozy

one, this Yes, please? got would has Alex Alex, you,

Alex Shvartsburg

Yes.

Look, priority here is So be safety. our cost as we the year. mentioned, the total we estimate patient to around $XX for million #X

patients to want we account I into and make device sure implanted patient take complex into that safety and a it's account. So

it, we So spent million. call roughly, year, $XX last

minimal So to the in we savings this but XXXX. drive year expect significant are savings

Adam Maeder

perfect. Okay,

Operator

Needham & line comes from the next Company. from today of The question Mike Matson

Mike Matson

So mentioned were that you exit Bill, to planning Russia. I you think

you me us tell of if much just So revenue your Russia? is coming wrong can but from that's how correct

William Kozy

things of eye. was That one the my that caught

was me. know of the It said. You in then here million. the would a do exact front And I number say what I -- don't notable. Alex, in you? it can was first you couple quarter, was of have

Alex Shvartsburg

revenue, Yes, roughly X% our right, I do. of historically. It's

guidance. So not our it into we're wasn't those not we're and significant incorporating revenues but a planning amount

just in serve the counting throughout of a quarter, on order pattern not repeat ability necessarily the those the So, the remainder customers to year.

William Kozy

at moment. Yes, a we onetime got no reason this event to anything treat particular other than it

Mike Matson

And it. trial then, spending. far the as just on got as Okay, -- the

questions. I of heart on commented the quarters? So year? more sequencing the that you just failure dated X to will the kind evenly the it year, be throughout of $XX half is in mean, million this the cost the But in Adam's I of prior guess, spread first Or kind of

William Kozy

out to the patients spending as the in in actually accelerated for visits first the come we obviously components really sites. going quarter It's phased. their closing We be seeing the and of

uptick end think I that and half in in the first should to by an it So year. ramp the spend then see start the down we'll of

Mike Matson

the far there then mark, but as the you've follow-up And hit bipolar RECOVER would that period spending you're levels Okay. it mean, assume patient reasonable focused now I XXX is just or... goes, now mean as be lower to the for on I I the know

William Kozy

our call No, shifts it's not. Because we cohort. bipolar now to the focus

So obviously unipolar the patients, recruitment patients. to the bipolar continuing monitor of

this really down all our does So at year. spend not go

Operator

line the The of next from today question comes Miksic Matt from Barclays.

Unidentified Analyst

on Hi, Matt. this is Sarah for

on final I follow-up decision by study. way about analysis is right you said was you and to instead is the coverage believe results maybe earlier year-end 'XX think quick [ph] of by RECOVER the mid-XX, a still late-XXXX Just this? received

William Kozy

Yes. Sure, Sarah.

expecting We're the it be expect of There's to in a the but around year-end couple of months should still 'XX. mid-XX we're publication have XX-month we a around So analysis going follow-up. still of XXXX. mid now and data we

Unidentified Analyst

Can levels? Okay. be participated across this seems end And remain ramp? about ramp a they another seen in our then utilization how to your color quarter, for helpful. and in markets. a we've still Any this would you businesses volumes theme if on utilization significant below that historical of talk is is many there be And

Matthew Dodds

Sarah. comment that, I to can

a seen recovery. we've So market

We recovery in see a to continue volumes. market

growth of those impact. were omicron-COVID areas as markets, recall, sources going if think year last really emerging China particularly in through So about you regions our quarter, this time, we the in the where, the like

that absolutely quarter. saw substantial seeing the And in growth are the part reason And recovery. so, of the that's we we

feel it from comp, by an if said But a So we the easier you we're we -- demand was what customer perspective. encouraged seeing will.

William Kozy

levels. to E&S. track the internationally, But EMU they're well just they're not surgery, still capacity We monitoring we XX%, covers still there pre-COVID above is estimate quarterly or that on back all epilepsy, around basis business not and in epilepsy unit XX% then And pre-COVID our levels. trends, then a

that So nicely. quite rebounded has

Operator

There were meeting this no additional questions time. at

like I'd Kozy to the turn closing over remarks. any Bill So, to conference for

William Kozy

joining call. the you. support you behalf forward we Thank Well, soon. your thank and with your the look entire appreciate today's to you, team, On company speaking and in for of interest everyone, we

Operator

you concludes call. for This today's conference Thank participation. your all

lines. your You may now disconnect

LivaNova (LIVN) 3 May 232023 Q1 Earnings call transcript