LivaNova PLC (LIVN): restructuring charge — LivaNova approves restructuring plan, winds down ACS unit; expects ~$110M impairment in Q4 2023

LivaNova PLC

Board approved restructuring to focus on Cardiopulmonary and Neuromodulation; wind down ACS unit by end of 2024.
Pre-tax restructuring charges of $15M-$20M in 2024, including $10M-$12M severance/retention and $5M-$8M other expenses.
Triggering event in Q4 2023 leads to pre-tax non-cash impairment charge up to $110M, primarily for finite-lived intangibles.
Some ACS products transitioned to Cardiopulmonary; LifeSPARC and Hemolung systems to be discontinued by end of 2024.
Company to realign into two reportable segments: Cardiopulmonary and Neuromodulation.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

LivaNova PLC announced a impairment with charges of up to approximately $110 million affecting Advanced Circulatory Support ("ACS") Business Unit.

Type: impairment
Charge: up to approximately $110 million
Affected area: Advanced Circulatory Support ("ACS") Business Unit

Exact text from the filing

the Company expects to incur a pre-tax non-cash impairment charge of up to approximately $110 million in the fourth quarter of 2023

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

LivaNova PLC announced a restructuring with charges of $15 million to $20 million affecting Advanced Circulatory Support ("ACS") Business Unit.

Type: restructuring
Charge: $15 million to $20 million
Affected area: Advanced Circulatory Support ("ACS") Business Unit

Exact text from the filing

the Company expects to incur pre-tax restructuring charges in the range of approximately $15 million to $20 million.

View on SEC.gov

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LivaNova PLC filing history →

Source: SEC EDGAR

accession 0001639691-24-000006

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