LIVN - Milan Court Decision Does Not Change LivaNova Bullish Story

• The courts in Milan ruled that LivaNova would be liable for $519 million in damages in connection with a former parent company from Sorin with which it merged years ago.
• While they appeal the ruling, it really changes nothing in the LivaNova story which remains fully about the treatment resistant depression opportunity.
• Other parts of the portfolio, even cardiovascular, are doing better than expected too thanks to a recovery in procedure volumes and end-of-service implant replacements.
• With the recovery, they are getting closer to profitability even with the current business constitution, but DTD remains the main catalyst for driving returns.

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