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Side-by-side financial comparison of LivaNova PLC (LIVN) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
LivaNova PLC is the larger business by last-quarter revenue ($360.9M vs $199.5M, roughly 1.8× VIRTUS INVESTMENT PARTNERS, INC.). LivaNova PLC runs the higher net margin — 8.6% vs 3.6%, a 5.0% gap on every dollar of revenue. On growth, LivaNova PLC posted the faster year-over-year revenue change (12.1% vs -4.1%). Over the past eight quarters, LivaNova PLC's revenue compounded faster (10.6% CAGR vs -5.7%).
LivaNova, plc is an American medical device manufacturer based in the UK. The company develops devices used for cardiac surgery and neuromodulation. The company was formed in 2015 by a $2.7B merger between Houston, Texas-based Cyberonics, Inc. and Milan, Italy-based Sorin S.p.a. The company trades on the NASDAQ stock exchange under the ticker symbol "LIVN".
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
LIVN vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $360.9M | $199.5M |
| Net Profit | $30.9M | $7.1M |
| Gross Margin | 65.2% | — |
| Operating Margin | 11.8% | 7.7% |
| Net Margin | 8.6% | 3.6% |
| Revenue YoY | 12.1% | -4.1% |
| Net Profit YoY | -44.7% | -78.1% |
| EPS (diluted) | $0.57 | $1.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $199.5M | ||
| Q4 25 | $360.9M | $208.0M | ||
| Q3 25 | $357.8M | $216.4M | ||
| Q2 25 | $352.5M | $210.5M | ||
| Q1 25 | $316.9M | $217.9M | ||
| Q4 24 | $321.8M | $233.5M | ||
| Q3 24 | $318.1M | $227.0M | ||
| Q2 24 | $318.6M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $30.9M | $33.9M | ||
| Q3 25 | $26.8M | $31.3M | ||
| Q2 25 | $27.2M | $42.7M | ||
| Q1 25 | $-327.3M | $28.1M | ||
| Q4 24 | $55.9M | $39.5M | ||
| Q3 24 | $33.0M | $49.1M | ||
| Q2 24 | $16.3M | $26.0M |
| Q1 26 | — | — | ||
| Q4 25 | 65.2% | — | ||
| Q3 25 | 68.4% | — | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 69.7% | — | ||
| Q4 24 | 68.2% | — | ||
| Q3 24 | 70.8% | — | ||
| Q2 24 | 68.7% | — |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 11.8% | 19.1% | ||
| Q3 25 | 15.1% | 21.7% | ||
| Q2 25 | 15.4% | 21.5% | ||
| Q1 25 | 15.3% | 16.8% | ||
| Q4 24 | 11.5% | 21.7% | ||
| Q3 24 | 11.2% | 24.3% | ||
| Q2 24 | 12.6% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 8.6% | 16.3% | ||
| Q3 25 | 7.5% | 14.5% | ||
| Q2 25 | 7.7% | 20.3% | ||
| Q1 25 | -103.3% | 12.9% | ||
| Q4 24 | 17.4% | 16.9% | ||
| Q3 24 | 10.4% | 21.6% | ||
| Q2 24 | 5.1% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.57 | $5.15 | ||
| Q3 25 | $0.49 | $4.65 | ||
| Q2 25 | $0.50 | $6.12 | ||
| Q1 25 | $-6.01 | $4.05 | ||
| Q4 24 | $1.04 | $4.65 | ||
| Q3 24 | $0.60 | $5.71 | ||
| Q2 24 | $0.30 | $2.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $635.6M | $136.6M |
| Total DebtLower is stronger | $376.1M | — |
| Stockholders' EquityBook value | $1.2B | $93.6B |
| Total Assets | $2.6B | — |
| Debt / EquityLower = less leverage | 0.31× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $635.6M | — | ||
| Q3 25 | $646.1M | — | ||
| Q2 25 | $593.6M | — | ||
| Q1 25 | $738.4M | — | ||
| Q4 24 | $428.9M | — | ||
| Q3 24 | $346.4M | — | ||
| Q2 24 | $329.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | $376.1M | $390.0M | ||
| Q3 25 | $434.5M | $390.6M | ||
| Q2 25 | $430.6M | $231.3M | ||
| Q1 25 | $628.2M | $231.7M | ||
| Q4 24 | $627.0M | $232.1M | ||
| Q3 24 | $625.5M | $237.5M | ||
| Q2 24 | $624.5M | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $1.2B | $934.0M | ||
| Q3 25 | $1.2B | $918.7M | ||
| Q2 25 | $1.1B | $896.4M | ||
| Q1 25 | $1.0B | $893.7M | ||
| Q4 24 | $1.3B | $897.5M | ||
| Q3 24 | $1.3B | $889.0M | ||
| Q2 24 | $1.2B | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $4.3B | ||
| Q3 25 | $2.6B | $3.9B | ||
| Q2 25 | $2.5B | $3.7B | ||
| Q1 25 | $2.6B | $3.7B | ||
| Q4 24 | $2.5B | $4.0B | ||
| Q3 24 | $2.5B | $3.6B | ||
| Q2 24 | $2.5B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.31× | 0.42× | ||
| Q3 25 | 0.38× | 0.43× | ||
| Q2 25 | 0.38× | 0.26× | ||
| Q1 25 | 0.61× | 0.26× | ||
| Q4 24 | 0.47× | 0.26× | ||
| Q3 24 | 0.48× | 0.27× | ||
| Q2 24 | 0.50× | 0.29× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $82.4M | — |
| Free Cash FlowOCF − Capex | $50.2M | — |
| FCF MarginFCF / Revenue | 13.9% | — |
| Capex IntensityCapex / Revenue | 8.9% | — |
| Cash ConversionOCF / Net Profit | 2.67× | — |
| TTM Free Cash FlowTrailing 4 quarters | $173.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $82.4M | $-67.2M | ||
| Q3 25 | $85.1M | $108.3M | ||
| Q2 25 | $62.9M | $75.8M | ||
| Q1 25 | $24.0M | $-3.8M | ||
| Q4 24 | $78.7M | $1.8M | ||
| Q3 24 | $51.0M | $69.1M | ||
| Q2 24 | $43.4M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | $-74.1M | ||
| Q3 25 | $62.2M | $106.9M | ||
| Q2 25 | $47.8M | $74.2M | ||
| Q1 25 | $13.2M | $-6.8M | ||
| Q4 24 | $68.3M | $-3.8M | ||
| Q3 24 | $32.8M | $68.7M | ||
| Q2 24 | $31.2M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | -35.6% | ||
| Q3 25 | 17.4% | 49.4% | ||
| Q2 25 | 13.6% | 35.2% | ||
| Q1 25 | 4.2% | -3.1% | ||
| Q4 24 | 21.2% | -1.6% | ||
| Q3 24 | 10.3% | 30.3% | ||
| Q2 24 | 9.8% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 8.9% | 3.3% | ||
| Q3 25 | 6.4% | 0.7% | ||
| Q2 25 | 4.3% | 0.7% | ||
| Q1 25 | 3.4% | 1.4% | ||
| Q4 24 | 3.2% | 2.4% | ||
| Q3 24 | 5.7% | 0.2% | ||
| Q2 24 | 3.8% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.67× | -1.99× | ||
| Q3 25 | 3.18× | 3.45× | ||
| Q2 25 | 2.32× | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | 1.41× | 0.04× | ||
| Q3 24 | 1.55× | 1.41× | ||
| Q2 24 | 2.65× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LIVN
| Other | $169.4M | 47% |
| Neuromodulation Segment | $119.7M | 33% |
| Cardiopulmonary Segment | $71.8M | 20% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
