LIVN - Living The LivaNova: 50% Upside Potential Is Under-Reflected In Current Pricing

• LivaNova has upside levers in place to drive top-line growth over the coming periods, with a sequential growth pattern from Q2 to Q3.
• The company recently sold its heart valves arm, removing this underperforming segment of the portfolio, thus widening capital allocation opportunities.
• The company is now refocused on the higher margin neuromodulation and advanced circulatory support segments, which is welcomed news to investors.
• We believe the market is under-reflecting the asset value of these portfolio segments, and see a fair value of ~$87 or ~48% upside potential.
• We are bullish on the long-term outlook of the company and look forward to additional pipeline advancements in periods to come.

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