StorPool: First Software-Defined Primary Storage Vendor to Offer Disaster Recovery Engine for KVM-based Clouds
A first-of-its-kind solution, the StorPool Disaster Recovery Engine (DRE) simplifies the configuration and execution of disaster recovery (DR) services for virtual machines (VM) in cloud infrastructure built using the Linux KVM hypervisor and the StorPool Storage platform. The StorPool DRE can protect environments with tens to thousands of VMs. It simplifies disaster recovery scenarios like 1:1, many to 1, many to many, and delivers industry-leading recovery point objective (RPO) and recovery time objective (RTO) of virtual machines in disaster scenarios, to ensure uninterrupted business operations.
This new capability makes StorPool Storage the first-ever software-defined primary data storage platform with built-in DR capabilities for KVM-based clouds. StorPool's Disaster Recovery Engine helps companies minimize data-at-risk and downtime, while automating VM failover and failback in disaster scenarios. This eliminates the need for customers to use a myriad of products from different vendors to perform backup and DR for business continuity purposes.
Until now, functionality like this has been available in other ecosystems (e.g. VMware by Broadcom), but implementing it for KVM-based clouds has been too complicated and costly, limiting the adoption of the KVM hypervisor. StorPool Storage is fully integrated with the most widely used KVM Cloud Management Platforms - CloudStack, OpenNebula, OpenStack, and Proxmox.
"StorPool's Disaster Recovery (DR) Engine has become a pivotal component of RapidCompute's offerings, enabling us to integrate advanced DRaaS capabilities into our KVM-based OpenStack cloud platform. StorPool's ability to consistently meet stringent RPO and RTO objectives ensures the protection and rapid recovery of customer workloads during outages," said Imtiaz Khan, Chief Technology Officer, RapidCompute.
"We have trusted StorPool for over a decade to provide key storage components of our clouds worldwide. StorPool fuses operational expertise with a market leading product for price-performance," stated Robert Jenkin, CEO with CloudSigma. "With the new Disaster Recovery Engine, StorPool is helping us to better meet the needs of our customers with improved consistency of service."
"We continue to add innovation and cutting-edge capabilities to our industry-leading fully managed storage service offerings so that MSPs and enterprises meet and exceed their business continuity requirements," said Boyan Ivanov, CEO at StorPool Storage. "These capabilities are an exciting addition to an already robust cloud infrastructure environment fully supported by StorPool's Fully Managed Storage Services."
StorPool Storage is designed for workloads that demand utmost reliability, high performance, and low latency. StorPool comes as a Fully Managed Service / Storage as a Service (STaaS) offering: our teams design, deploy, tune, monitor, and maintain the storage system so that end-users experience fast and reliable services while our customers' tech teams focus on more strategic aspects of their business.
The StorPool Disaster Recovery Engine is fully integrated with StorPool's existing licensing. To learn more about the StorPool Storage Platform and its new DR capabilities, visit the company's website at https://www.storpool.com.
The StorPool Disaster Recovery Engine is now in public beta and GA is scheduled for Q2 2025. If you'd like to run DRE - contact StorPool at the details listed below.
About StorPool StorageStorPool Storage is a primary data storage platform designed for modern, large-scale cloud infrastructure. The platform delivers the speed, agility, scalability, and price/performance required by modern applications and business demands. StorPool customers are IT service providers building public, private and hybrid clouds - Managed Service Providers, Hosting Service Providers, Cloud Service Providers, Enterprises and SaaS vendors. The StorPool Storage platform is a Storage-as-a-Service (STaaS) offering, with a bring your own server model. It combines software, plus a fully managed data storage service that transforms standard hardware into fast, highly available and scalable storage systems. Learn more about StorPool Storage and how we accelerate the world by storing data more productively!
For more information contact:Beth Caltagirone, Head of Marketinginfo@storpool.com
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06-08-2025
- Business Wire
LivaNova Reports Second-Quarter 2025 Results; Raises 2025 Guidance
LONDON--(BUSINESS WIRE)--LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today reported results for the second quarter ended June 30, 2025 and raised full-year 2025 guidance. Financial Summary and Highlights (1) Second-quarter revenue of $352.5 million increased 10.7% on a reported basis, 9.3% on a constant-currency basis, and 10.3% on an organic basis as compared to the prior-year period Second-quarter U.S. GAAP diluted earnings per share of $0.50 and adjusted diluted earnings per share of $1.05 Second-quarter net cash provided by operating activities of $62.9 million and adjusted free cash flow of $47.8 million Raised full-year 2025 revenue growth range 200 basis points to 8.0% to 9.0% on a constant-currency basis and 9.0% to 10.0% on an organic basis. Raised full-year 2025 adjusted diluted earnings per share range by $0.10 at midpoint to $3.70 to $3.80. Raised full-year 2025 adjusted free cash flow range by $5 million at midpoint to $140 million to $160 million Initiated process with U.S. Centers for Medicare and Medicaid Services (CMS) for reconsideration of national Medicare coverage for VNS Therapy in unipolar patients with treatment-resistant depression, supported by five peer-reviewed publications from the RECOVER study Published the fifth critical RECOVER paper in the Journal of Clinical Psychiatry, showing that patients previously treated with electroconvulsive therapy or transcranial magnetic stimulation experienced significant clinical benefits from VNS Therapy Published 24-month data from the CORE-VNS study, which showed adjunctive VNS Therapy is associated with substantial reductions in generalized tonic-clonic seizures in people with drug-resistant epilepsy (DRE) Completed 36-month data analysis of the CORE-VNS study, demonstrating early and lasting outcomes of adjunctive VNS Therapy on severe focal seizures in both children and adults with DRE and further validating the effectiveness of adjunctive VNS Therapy Announcing CMS recently proposed to move DRE end-of-service procedures beginning in 2026 from Level 4 into a Level 5 Ambulatory Payment Classification under the 2026 Medicare Hospital Outpatient Prospective Payment System _________________________________________ (1) Constant-currency percent change, organic revenue percent change, adjusted diluted earnings per share, and adjusted free cash flow are non-GAAP measures. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translation effects. For an explanation of these and other non-GAAP measures used in this news release, see the section entitled "Use of Non-GAAP Financial Measures." For reconciliations of certain non-GAAP measures, see the tables that accompany this news release. As discussed in the section entitled "Use of Non-GAAP Financial Measures" below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this paragraph to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts. Expand 'LivaNova delivered another quarter of strong revenue growth, driven by continued momentum in our Cardiopulmonary business and solid Neuromodulation performance across all regions,' said Vladimir Makatsaria, Chief Executive Officer of LivaNova. 'Our disciplined execution contributed to meaningful operating margin expansion and strong cash generation in the second quarter. We're building on this strong foundation by investing behind our core businesses to sustain our market leadership and clinical excellence. Our recent key milestone achievements in obstructive sleep apnea and difficult-to-treat depression support our strategy of leveraging our leading Neuromodulation capabilities into attractive high-growth markets, while delivering life-changing therapies to large patient populations with significant unmet needs.' Second-Quarter 2025 Results The following table summarizes revenue by segment (in millions): (1) 'Other Revenue' includes rental and site services income not allocated to segments. In addition, for 2024, 'Other Revenue' includes revenue from the Company's former ACS reportable segment. (2) Includes the results from the wind-down portion of the Company's former ACS reportable segment. • Numbers may not add precisely due to rounding. Expand Second-quarter 2025 Cardiopulmonary revenue increased 14.7% on a reported basis and 12.7% on a constant-currency basis versus the second quarter of 2024 with growth across all regions, driven by strong consumables demand and Essenz™ Perfusion System sales. Second-quarter 2025 Neuromodulation revenue increased 6.2% on a reported basis and 5.6% on a constant-currency basis versus the second quarter of 2024 with growth across all regions. Earnings Analysis On a U.S. GAAP basis, second-quarter 2025 operating income was $54.2 million, as compared to operating income of $40.2 million for the second quarter of 2024. Adjusted operating income for the second quarter of 2025 was $77.4 million, as compared to adjusted operating income of $66.9 million for the second quarter of 2024. On a U.S. GAAP basis, second-quarter 2025 diluted earnings per share was $0.50 as compared to diluted earnings per share of $0.30 in the second quarter of 2024. Second-quarter 2025 adjusted diluted earnings per share was $1.05, as compared to adjusted diluted earnings per share of $0.93 in the second quarter of 2024. Full-Year 2025 Guidance LivaNova now expects full-year 2025 revenue to grow between 8.0% and 9.0% (versus 6.0% and 7.0% prior) on a constant-currency basis and between 9.0% and 10.0% (versus 7.0% and 8.0% prior) on an organic basis. Foreign currency is now expected to be a tailwind of approximately 1.0% (versus a headwind of 0.0% to 1.0% prior) based on current exchange rates. Adjusted diluted earnings per share for 2025 is now expected to be in the range of $3.70 to $3.80 (versus $3.60 to $3.70 prior), assuming a share count of approximately 55 million for full-year 2025. In 2025, the Company now estimates adjusted free cash flow in the range of $140 million to $160 million (versus $135 million to $155 million prior). As discussed in the section entitled 'Use of Non-GAAP Financial Measures' below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this section to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts. Webcast and Conference Call Instructions The Company will host a live audiocast at 1 p.m. London time (8 a.m. Eastern Time) on Wed., Aug. 6, 2025 that will be accessible at Listeners should register in advance and log on approximately 10 minutes early to ensure proper setup. To listen to the conference call by telephone, dial +1 833 470 1428 (if dialing from within the U.S.) or +1 929 526 1599 (if dialing from outside the U.S.). The conference call access code is 460430. Within 24 hours of the audiocast, a replay will be available at where it will be archived and accessible for approximately 90 days. About LivaNova LivaNova PLC is a global medical technology company built on nearly five decades of experience and a relentless commitment to provide hope for patients and their families through medical technologies, delivering life-changing solutions in select neurological and cardiac conditions. Headquartered in London, LivaNova employs approximately 2,900 employees and has a presence in more than 100 countries for the benefit of patients, healthcare professionals, and healthcare systems worldwide. For more information, please visit Use of Non-GAAP Financial Measures To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as 'non-GAAP financial measures' or 'adjusted financial measures.' Company management uses these non-GAAP measures to monitor the Company's operational performance and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, operational performance measures as prescribed by GAAP. In this news release, the Company refers to revenue and percentage change in revenue on a comparable, constant-currency, and organic basis. Company management believes that these non-GAAP measures provide a useful way to evaluate the revenue performance of LivaNova and to compare the revenue performance of current periods to prior periods on a consistent basis. Constant-currency percent change measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior-year period. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translation effects. LivaNova calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For example, forward-looking net revenue growth projections are estimated on a constant-currency basis and exclude the impact of foreign currency fluctuations. Forward-looking non-GAAP adjusted diluted earnings per share guidance excludes items such as, but not limited to, changes in fair value of derivatives and contingent consideration arrangements and asset impairment charges that would be included in comparable GAAP financial measures. The most directly comparable GAAP measure for adjusted free cash flow is net cash provided by operating activities. Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses or gains that may not be indicative of the Company's operational performance. However, non-GAAP financial adjustments on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors, including but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, the ultimate outcome of legal proceedings, gains or losses on the potential sale of businesses or other assets, restructuring costs, merger and integration activities, changes in fair value of derivatives, and contingent consideration arrangements, asset impairment charges and the tax impact of the aforementioned items, tax law changes, or other tax matters. Accordingly, the Company does not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort. Adjusted financial measures such as organic revenue, adjusted cost of sales, adjusted gross profit, adjusted selling, general, and administrative expense, adjusted research and development expense, adjusted other operating expenses, adjusted operating income, adjusted income before tax, adjusted income tax expense, adjusted net income, and adjusted diluted earnings per share are measures that LivaNova generally uses to facilitate management review of the operational performance of the company, to serve as a basis for strategic planning, and in the design of incentive compensation plans. Additionally, the Company uses the non-GAAP liquidity measure adjusted free cash flow. The Company believes that the presentation of these adjusted financial measures allows investors to evaluate the Company's operational performance for different periods on a more comparable and consistent basis, and with other medical technology companies by adjusting for items that are not related to the operational performance of the Company or incurred in the ordinary course of business. Safe Harbor Statement Certain statements in this news release, other than statements of historical or current fact, are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include, but are not limited to, LivaNova's plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events, and involve known and unknown risks that are difficult to predict. As a result, the Company's actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as 'may,' 'could,' 'seek,' 'guidance,' 'predict,' 'potential,' 'likely,' 'believe,' 'will,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'plan,' 'intend,' 'forecast,' 'foresee,' or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by LivaNova and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties, and other important factors, many of which are beyond the Company's control, that could cause the Company's actual results to differ materially from the forward-looking statements contained in this news release, and include, but are not limited to, the following risks and uncertainties: volatility in the global market and worldwide economic conditions, including as caused by the invasion of Ukraine, the evolving instability in the Middle East, inflation, changing interest rates, foreign exchange fluctuations, and changes to existing trade agreements and relationships between the U.S. and other countries, including the implementation of tariffs, trade restrictions, and sanctions; adverse changes in export and import costs and other trade restrictions as well as uncertainty over global tariffs; risks relating to supply chain pressures; cybersecurity incidents or other disruptions to the Company's information technology systems or those of third parties with which the Company interacts; costs of complying with privacy and security of personal information requirements and laws; changes in technology, including the development of superior or alternative technology or devices by competitors and/or competition from providers of alternative medical therapies; failure of R&D investments or investment collaborations to be successful; failure to maintain appropriate working relationships with healthcare professionals to aid in the continuing development of products; the risk of quality issues and the impacts thereof; risks relating to recalls, replacement of inventory, enforcement actions, or product liability claims; failure to comply with, or changes in, laws, regulations, or administrative practices affecting government regulation of the Company's products; failure to retain key personnel, succession plan, and negotiate with local works councils; failure to obtain approvals or reimbursement in relation to the Company's products; unfavorable results from clinical studies or failure to meet milestones; pending or existing climate change; global healthcare policy changes that may lead to restricted access and pricing as well as payback requirements and limited reimbursement; changes or reduction in reimbursement for the Company's products or failure to comply with rules relating to reimbursement of healthcare goods and services; failure to comply with rules relating to healthcare goods and services as well as anti-bribery laws; product liability, intellectual property, shareholder-related, environmental-related, income tax, and other litigation, disputes, losses, and costs, including in the case of the Company's 3T Heater-Cooler litigation; risks associated with environmental laws and regulations as well as environmental liabilities, violations, and litigation, including in the case of Saluggia and SNIA; failure to protect the Company's proprietary intellectual property; risks relating to the Company's indebtedness; failure of divestitures and/or new acquisitions to further the Company's strategic objectives or strengthen the Company's existing businesses; the potential for impairments of intangible assets, goodwill, and other long-lived assets; changes in tax laws and regulations, including exposure to additional income tax liabilities; effectiveness of the Company's internal controls over financial reporting; changes in the Company's profitability and/or failure to manage costs and expenses; fluctuations in future quarterly operating results and/or variations in revenue and operating expenses relative to estimates; and other unknown or unpredictable factors that could harm the Company's financial performance. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company's business, including those described in the 'Risk Factors' section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the U.S. Securities and Exchange Commission by LivaNova. Readers are cautioned not to place undue reliance on the Company's forward-looking statements, which speak only as of the date of this news release. The Company undertakes no obligation to update publicly any of the forward-looking statements in this news release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If LivaNova updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. VNS Therapy and Essenz are trademarks of LivaNova USA, Inc. (1) 'Europe' includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., 'Rest of World' includes all other countries where LivaNova operates. (2) 'Other Revenue' includes rental and site services income not allocated to segments. In addition, for 2024, 'Other Revenue' includes revenue from the Company's former ACS reportable segment. • Numbers may not add precisely due to rounding. Expand (1) 'Europe' includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., 'Rest of World' includes all other countries where LivaNova operates. (2) 'Other Revenue' includes rental and site services income not allocated to segments. In addition, for 2024, 'Other Revenue' includes revenue from the Company's former ACS reportable segment. • Numbers may not add precisely due to rounding. Expand LIVANOVA PLC AND SUBSIDIARIES (U.S. dollars in millions, except per share amounts) Three Months Ended June 30, 2025 2024 (1) Net revenue $352.5 $318.6 Cost of sales 113.5 103.7 Gross profit 239.0 214.9 Operating expenses: Selling, general, and administrative 137.8 125.1 Research and development 47.2 44.7 Other operating expense (0.2 ) 4.8 Operating income 54.2 40.2 SNIA environmental liability expense (1.7 ) — Interest expense (12.3 ) (15.5 ) Loss on debt extinguishment (2.7 ) — Foreign exchange and other income/(expense) (4.3 ) (3.0 ) Income before tax 33.3 21.6 Income tax expense 6.2 5.2 Net income $27.2 $16.3 Basic income per share $0.50 $0.30 Diluted income per share $0.50 $0.30 Weighted average common shares outstanding: Basic 54.6 54.2 Diluted 54.7 54.6 • Numbers may not add precisely due to rounding. Expand (1) Cost of sales, gross profit, selling, general, and administrative expense, and the related financial measures included in this news release for the three months ended June 30, 2024, have been revised. For additional information, please refer to the supplemental unaudited revised financial information and non-GAAP measures table within this news release. Expand Adjusted Financial Measures (U.S. dollars in millions, except per share amounts) - Unaudited Three Months Ended June 30, 2025 2024 Adjusted SG&A $121.4 $108.7 Adjusted R&D 44.0 41.3 Adjusted operating income 77.4 66.9 Adjusted net income 57.4 50.8 Adjusted diluted earnings per share $1.05 $0.93 Expand Statistics (as a % of net revenue, except for income tax rate) - Unaudited GAAP Three Months Ended June 30, Adjusted Three Months Ended June 30, 2025 2024 2025 2024 Gross profit 67.8 % 67.4 % 68.9 % 68.1 % SG&A 39.1 % 39.3 % 34.4 % 34.1 % R&D 13.4 % 14.0 % 12.5 % 12.9 % Operating income 15.4 % 12.6 % 21.9 % 21.0 % Net income 7.7 % 5.1 % 16.3 % 15.9 % Income tax rate 18.5 % 24.2 % 22.0 % 20.8 % Expand LIVANOVA PLC AND SUBSIDIARIES (U.S. dollars in millions, except per share amounts) Six Months Ended June 30, 2025 2024 (1) Net revenue $669.4 $613.5 Cost of sales 214.1 195.4 Gross profit 455.2 418.1 Operating expenses: Selling, general, and administrative 266.9 250.8 Research and development 85.1 90.4 Other operating expense 0.5 20.5 Operating income 102.8 56.4 SNIA environmental liability expense (362.1 ) — Interest expense (27.6 ) (31.4 ) Loss on debt extinguishment (2.7 ) (25.5 ) Foreign exchange and other income/(expense) 7.2 (12.1 ) Loss before tax (282.3 ) (12.6 ) Income tax expense 17.8 12.9 Loss from equity method investments — (0.1 ) Net loss ($300.2 ) ($25.6 ) Basic loss per share ($5.51 ) ($0.47 ) Diluted loss per share ($5.51 ) ($0.47 ) Weighted average common shares outstanding: Basic 54.5 54.2 Diluted 54.5 54.2 • Numbers may not add precisely due to rounding. Expand (1) Cost of sales, gross profit, selling, general, and administrative expense, and the related financial measures included in this news release for the six months ended June 30, 2024, have been revised. For additional information, please refer to the supplemental unaudited revised financial information and non-GAAP measures table within this news release. Expand Adjusted Financial Measures (U.S. dollars in millions, except per share amounts) - Unaudited Six Months Ended June 30, 2025 2024 Adjusted SG&A $237.1 $217.8 Adjusted R&D 82.2 84.1 Adjusted operating income 141.9 120.0 Adjusted net income 105.5 90.8 Adjusted diluted earnings per share $1.93 $1.66 Expand RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Cost of sales $113.5 $— ($1.7 ) $— ($1.6 ) $— ($0.6 ) $— $— $109.7 Gross profit percent 67.8 % — % 0.5 % — % 0.4 % — % 0.2 % — % — % 68.9 % Selling, general, and administrative 137.8 — (2.6 ) — — (6.7 ) (7.1 ) — — 121.4 Selling, general, and administrative as a percent of net revenue 39.1 % — % (0.7 )% — % — % (1.9 )% (2.0 )% — % — % 34.4 % Research and development 47.2 — — — (1.2 ) (0.4 ) (1.6 ) — — 44.0 Research and development as a percent of net revenue 13.4 % — % — % — % (0.3 )% (0.1 )% (0.4 )% — % — % 12.5 % Other operating expense (0.2 ) 0.1 — — — 0.1 — — — — Operating income 54.2 (0.1 ) 4.2 — 2.8 7.1 9.2 — — 77.4 Operating margin percent 15.4 % — % 1.2 % — % 0.8 % 2.0 % 2.6 % — % — % 21.9 % Net income 27.2 (0.1 ) 4.2 9.6 2.8 8.8 9.2 (10.0 ) 5.7 57.4 Net income as a percent of net revenue 7.7 % — % 1.2 % 2.7 % 0.8 % 2.5 % 2.6 % (2.8 )% 1.6 % 16.3 % Diluted EPS $0.50 $— $0.08 $0.18 $0.05 $0.16 $0.17 ($0.18 ) $0.10 $1.05 Expand GAAP results for the three months ended June 30, 2025 include: (1) Restructuring expenses related to organizational changes (2) Depreciation and amortization associated with purchase price accounting (3) Mark-to-market adjustments for the 2025 and 2029 Notes embedded and capped call derivatives and loss on debt extinguishment (4) Remeasurement of contingent consideration related to the ImThera acquisition (5) Legal expenses primarily related to 3T Heater-Cooler defense, cybersecurity incident costs, 3T Heater-Cooler litigation provision, SNIA environmental liability, and Medical Device Regulation ("MDR") costs (6) Non-cash expenses associated with stock-based compensation costs (7) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (8) Non-cash interest expense • Numbers may not add precisely due to rounding. Expand RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions, except per share amounts) Specified Items Cost of sales $103.7 $— ($1.7 ) $— $— ($0.1 ) $— ($0.1 ) $— $— $101.8 Gross profit percent 67.4 % — % 0.5 % — % — % — % — % — % — % — % 68.1 % Selling, general, and administrative 125.1 — (2.6 ) — — — (7.7 ) (6.1 ) — — 108.7 Selling, general, and administrative as a percent of net revenue 39.3 % — % (0.8 )% — % — % — % (2.4 )% (1.9 )% — % — % 34.1 % Research and development 44.7 — — — — (0.3 ) (1.3 ) (2.0 ) — — 41.3 Research and development as a percent of net revenue 14.0 % — % — % — % — % (0.1 )% (0.4 )% (0.6 )% — % — % 12.9 % Other operating expense 4.8 (2.1 ) — — — — (2.7 ) — — — — Operating income 40.2 2.1 4.3 — — 0.4 11.7 8.2 — — 66.9 Operating margin percent 12.6 % 0.7 % 1.3 % — % — % 0.1 % 3.7 % 2.6 % — % — % 21.0 % Net income 16.3 2.1 4.3 5.8 2.6 0.4 11.7 8.2 (8.1 ) 7.6 50.8 Net income as a percent of net revenue 5.1 % 0.7 % 1.3 % 1.8 % 0.8 % 0.1 % 3.7 % 2.6 % (2.5 )% 2.4 % 15.9 % Diluted EPS $0.30 $0.04 $0.08 $0.11 $0.05 $0.01 $0.21 $0.15 ($0.15 ) $0.14 $0.93 Expand GAAP results for the three months ended June 30, 2024 include: (1) Restructuring expenses related to organizational changes (2) Depreciation and amortization associated with purchase price accounting (3) Impairment of investment in ShiraTronics, Inc. (4) Mark-to-market adjustments for the 2025 and 2029 Notes embedded and capped call derivatives (5) Remeasurement of contingent consideration related to ImThera acquisition (6) 3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, cybersecurity incident costs, and MDR costs (7) Non-cash expenses associated with stock-based compensation costs (8) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (9) Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities • Numbers may not add precisely due to rounding. Expand (U.S. dollars in millions, except per share amounts) Specified Items Cost of sales $214.1 $— ($3.4 ) $— ($1.8 ) $— ($0.7 ) $— $— $208.2 Gross profit percent 68.0 % — % 0.5 % — % 0.3 % — % 0.1 % — % — % 68.9 % Selling, general, and administrative 266.9 — (5.0 ) — — (11.3 ) (13.5 ) — — 237.1 Selling, general, and administrative as a percent of net revenue 39.9 % — % (0.8 )% — % — % (1.7 )% (2.0 )% — % — % 35.4 % Research and development 85.1 — 0.1 — (1.9 ) 1.6 (2.7 ) — — 82.2 Research and development as a percent of net revenue 12.7 % — % — % — % (0.3 )% 0.2 % (0.4 )% — % — % 12.3 % Other operating expense 0.5 0.2 — — — (0.6 ) — — — — Operating income 102.8 (0.2 ) 8.3 — 3.7 10.3 17.0 — — 141.9 Operating margin percent 15.4 % — % 1.2 % — % 0.6 % 1.5 % 2.5 % — % — % 21.2 % Net (loss) income (300.2 ) (0.2 ) 8.3 4.0 3.7 372.4 17.0 (13.7 ) 14.2 105.5 Net (loss) income as a percent of net revenue (44.8 )% — % 1.2 % 0.6 % 0.6 % 55.6 % 2.5 % (2.0 )% 2.1 % 15.8 % Diluted EPS ($5.51 ) $— $0.15 $0.07 $0.07 $6.81 $0.31 ($0.25 ) $0.26 $1.93 Expand GAAP results for the six months ended June 30, 2025 include: (1) (2) Depreciation and amortization associated with purchase price accounting (3) Mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives and loss on debt extinguishment (4) Remeasurement of contingent consideration related to the ImThera acquisition (5) SNIA environmental liability, legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, cybersecurity incident costs net of insurance reimbursement, MDR costs, and R&D tax incentive (6) Non-cash expenses associated with stock-based compensation costs (7) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (8) Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities • Numbers may not add precisely due to rounding. Expand Specified Items Cost of sales $195.4 $— ($3.4 ) $— $— $0.1 $— ($0.5 ) $— $— $191.6 Gross profit percent 68.1 % — % 0.6 % — % — % — % — % 0.1 % — % — % 68.8 % Selling, general, and administrative 250.8 — (5.3 ) — — — (13.8 ) (13.9 ) — — 217.8 Selling, general, and administrative as a percent of net revenue 40.9 % — % (0.9 )% — % — % — % (2.3 )% (2.3 )% — % — % 35.5 % Research and development 90.4 — 0.1 — — (0.4 ) (2.0 ) (4.0 ) — — 84.1 Research and development as a percent of net revenue 14.7 % — % — % — % — % (0.1 )% (0.3 )% (0.6 )% — % — % 13.7 % Other operating expense 20.5 (11.4 ) — — — — (9.1 ) — — — — Operating income 56.4 11.4 8.6 — — 0.3 24.9 18.4 — — 120.0 Operating margin percent 9.2 % 1.9 % 1.4 % — % — % — % 4.1 % 3.0 % — % — % 19.6 % Net (loss) income (25.6 ) 11.4 8.6 5.8 42.8 0.3 24.9 18.4 (10.9 ) 15.1 90.8 Net (loss) income as a percent of net revenue (4.2 )% 1.9 % 1.4 % 0.9 % 7.0 % — % 4.1 % 3.0 % (1.8 )% 2.5 % 14.8 % Diluted EPS ($0.47 ) $0.21 $0.16 $0.11 $0.78 $— $0.46 $0.34 ($0.20 ) $0.28 $1.66 Expand GAAP results for the six months ended June 30, 2024 include: (1) (2) Depreciation and amortization associated with purchase price accounting (3) Impairment of investment in ShiraTronics, Inc. (4) Mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives and loss on debt extinguishment (5) Remeasurement of contingent consideration related to ImThera acquisition (6) 3T Heater-Cooler litigation provision, legal expenses primarily related to 3T Heater-Cooler defense, cybersecurity incident costs, MDR costs, and costs related to the SNIA matter (7) Non-cash expenses associated with stock-based compensation costs (8) The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments (9) Interest expense on the Term Facilities, non-cash interest expense on the 2025 and 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities • Numbers may not add precisely due to rounding. Expand LIVANOVA PLC AND SUBSIDIARIES (U.S. dollars in millions) December 31, 2024 ASSETS Current Assets: Cash and cash equivalents $593.6 $428.9 Restricted cash — 294.7 Accounts receivable, net of allowance 220.2 193.2 Inventories 165.4 147.6 Prepaid and refundable taxes 32.8 30.5 Prepaid expenses and other current assets 54.2 32.4 Total Current Assets 1,066.1 1,127.2 Property, plant, and equipment, net 195.4 170.3 Goodwill 793.4 750.0 Intangible assets, net 239.1 237.3 Operating lease assets 50.7 46.8 Investments 16.2 25.1 Deferred tax assets 109.8 111.9 Long-term derivative assets 21.7 23.7 Other assets 14.3 14.1 Total Assets $2,506.7 $2,506.4 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current debt obligations $82.1 $78.0 Accounts payable 86.9 69.7 Accrued liabilities and other 103.2 118.5 SNIA environmental liability 392.3 — Current contingent consideration 48.3 — Current litigation provision liability 12.2 12.9 Taxes payable 34.5 32.5 Accrued employee compensation and related benefits 67.6 80.5 Total Current Liabilities 827.1 392.1 Long-term debt obligations 348.5 549.6 Long-term contingent consideration 39.7 84.2 Deferred tax liabilities 11.4 10.9 Long-term operating lease liabilities 42.8 40.1 Long-term employee compensation and related benefits 13.7 12.8 Long-term derivative liabilities 48.1 51.8 Other long-term liabilities 52.7 44.5 Total Liabilities 1,383.9 1,186.1 Total Stockholders' Equity 1,122.8 1,320.3 Total Liabilities and Stockholders' Equity $2,506.7 $2,506.4 Expand • Numbers may not add precisely due to rounding. Expand LIVANOVA PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (U.S. dollars in millions) Six Months Ended June 30, 2025 2024 Operating Activities: Net loss ($300.2 ) ($25.6 ) Adjustments to reconcile net loss to net cash provided by operating activities: Remeasurement of derivative instruments (27.3 ) 12.5 Stock-based compensation 17.0 18.4 Depreciation 13.3 12.4 Amortization of debt issuance costs 11.4 10.2 Amortization of intangible assets 8.7 8.6 Amortization of operating lease assets 7.8 4.4 Remeasurement of contingent consideration to fair value 3.7 0.3 Loss on investment revaluation - Ceribell, Inc. 3.6 — Deferred income tax expense 2.8 5.6 Loss on debt extinguishment 2.7 25.5 Impairment of investment in ShiraTronics, Inc. — 5.8 Other 1.0 0.7 Changes in operating assets and liabilities: Accounts receivable, net (13.7 ) 8.4 Inventories (6.0 ) (10.9 ) Other current and non-current assets 35.5 (3.4 ) Accounts payable and accrued current and non-current liabilities (33.2 ) (25.4 ) Taxes payable (0.9 ) 0.8 SNIA environmental liability 362.1 — Litigation provision liability (1.3 ) 5.1 Net cash provided by operating activities 86.9 53.3 Investing Activities: Purchases of property, plant, and equipment (25.9 ) (18.6 ) Proceeds from investments 6.5 — Other (0.2 ) (0.4 ) Net cash used in investing activities (19.6 ) (18.9 ) Financing Activities: Repayment of long-term debt obligations (210.3 ) (238.8 ) Shares repurchased from employees for minimum tax withholding (3.9 ) (8.1 ) Proceeds from long-term debt obligations — 335.5 Payment of debt extinguishment costs — (39.0 ) Purchase of capped calls — (31.6 ) Proceeds from unwind of capped calls — 22.5 Payment of contingent consideration — (13.8 ) Payment of debt issuance costs — (5.7 ) Proceeds from exercise of stock options — 3.7 Other 0.7 0.5 Net cash (used in) provided by financing activities (213.4 ) 25.3 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 16.2 (4.4 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (129.9 ) 55.2 Cash, cash equivalents, and restricted cash at beginning of period 723.6 577.9 Cash, cash equivalents, and restricted cash at end of period $593.6 $633.1 Expand • Numbers may not add precisely due to rounding. Expand RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Three Months Ended June 30, 2025 2024 GAAP Financial Measures Certain Tax Adjustments Adjusted Financial Measures GAAP Financial Measures Certain Tax Adjustments Adjusted Financial Measures Income before tax $33.3 $— $73.5 $21.6 $— $64.1 Income tax expense 6.2 10.0 16.1 5.2 8.1 13.3 Net income $27.2 ($10.0 ) $57.4 $16.3 ($8.1 ) $50.8 Income tax rate 18.5 % 22.0 % 24.2 % 20.8 % Expand Six Months Ended June 30, 2025 2024 GAAP Financial Measures Certain Tax Adjustments Adjusted Financial Measures GAAP Financial Measures Certain Tax Adjustments Adjusted Financial Measures (Loss) income before tax ($282.3 ) $— $137.0 ($12.6 ) $— $114.7 Income tax expense 17.8 13.7 31.5 12.9 10.9 23.9 Loss from equity method investments — — — (0.1 ) — (0.1 ) Net (loss) income ($300.2 ) ($13.7 ) $105.5 ($25.6 ) ($10.9 ) $90.8 Income tax rate (6.3 )% 23.0 % (102.6 )% 20.8 % Expand • Numbers may not add precisely due to rounding. Expand RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Three Months Ended June 30, % Change Constant-Currency % Change 2025 2024 GAAP net revenue $352.5 $318.6 10.7 % 9.3 % Less: ACS (1) — 3.0 (100.0 )% (100.0 )% Organic net revenue $352.5 $315.6 N/A 10.3 % Expand Six Months Ended June 30, % Change Constant-Currency % Change 2025 2024 GAAP net revenue $669.4 $613.5 9.1 % 9.1 % Less: ACS (1) — 7.1 (100.0 )% (100.0 )% Organic net revenue $669.4 $606.4 N/A 10.4 % Expand (1) Includes net revenue from the Company's former ACS reportable segment. • Numbers may not add precisely due to rounding. Expand RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - UNAUDITED (U.S. dollars in millions) Three Months Ended June 30, 2025 Net cash provided by operating activities $62.9 Less: Purchases of plant, property, and equipment (15.1 ) Less: Cybersecurity incident insurance proceeds (1.0 ) Less: Dividends received from investments (0.4 ) Add: 3T Heater-Cooler litigation payments 1.5 Adjusted free cash flow $47.8 Expand • Numbers may not add precisely due to rounding. Expand The following table presents the reconciliation of GAAP diluted weighted average shares outstanding, used in the computation of GAAP diluted net loss per common share, to adjusted diluted weighted average shares outstanding, used in the computation of adjusted diluted earnings per common share (in millions of shares): • Numbers may not add precisely due to rounding. Expand During the second quarter of 2025, the Company identified and corrected an immaterial error related to the classification of certain employee costs in the Cardiopulmonary segment between cost of sales and selling, general, and administrative expense in the consolidated statements of income (loss). This misclassification understated cost of sales and overstated selling, general, and administrative expense by equal and offsetting amounts, with no impact to operating income (loss) or net income (loss) for annual and interim periods for the years ended December 31, 2023 and 2024 and the three months ended March 31, 2025. The table below shows the as-reported amounts compared to the revised results with respect to the impacted metrics for the periods presented. SUPPLEMENTAL UNAUDITED REVISED FINANCIAL INFORMATION AND NON-GAAP MEASURES (U.S. dollars in millions, except statistics amounts) Three Months Ended Twelve Months Ended Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 December 31, 2024 March 31, 2025 GAAP Cost of sales $87.5 $91.7 $99.7 $103.7 $92.9 $97.1 $102.5 $107.5 $382.6 $400.0 $96.1 $100.6 Gross profit 207.4 203.2 218.9 214.9 225.3 221.0 219.4 214.4 870.9 $853.5 220.8 216.3 Selling, general, and administrative 129.9 125.7 129.1 125.1 131.7 127.4 135.6 130.6 526.3 $508.9 133.7 129.1 Statistics (as a percent of net revenue): Gross profit 70.3 % 68.9 % 68.7 % 67.4 % 70.8 % 69.5 % 68.2 % 66.6 % 69.5 % 68.1 % 69.7 % 68.3 % Selling, general, and administrative 44.0 % 42.6 % 40.5 % 39.3 % 41.4 % 40.1 % 42.1 % 40.6 % 42.0 % 40.6 % 42.2 % 40.8 % Non-GAAP Cost of sales $85.6 $89.8 $97.8 $101.8 $91.7 $95.9 $98.9 $103.9 $374.0 $391.4 $94.0 $98.5 Gross profit 209.3 205.1 220.8 216.8 226.5 222.2 222.9 217.9 879.5 $862.1 222.9 218.4 Selling, general, and administrative 113.3 109.1 112.7 108.7 116.1 111.9 127.0 122.0 469.1 $451.7 120.2 115.6 Statistics (as a percent of net revenue): Gross profit 71.0 % 69.5 % 69.3 % 68.1 % 71.2 % 69.9 % 69.3 % 67.7 % 70.2 % 68.8 % 70.3 % 68.9 % Selling, general, and administrative 38.4 % 37.0 % 35.4 % 34.1 % 36.5 % 35.2 % 39.5 % 37.9 % 37.4 % 36.0 % 37.9 % 36.5 % Expand
Travel Weekly
31-07-2025
- Travel Weekly
Hawaii mulls slashing cruise calls to meet emission goals
Hawaii is exploring a reduction in cruise ship calls as a means of achieving transportation emission reduction goals, according to a plan drafted by the state Department of Transportation. The plan calls for a 50% reduction in cruise calls by 2030 and an additional 50% reduction by 2035. It makes an exception for homeporting ships, said Dre Kalili, a deputy director for the department during a recorded presentation about the plan. Norwegian Cruise Line's Pride of America is the only large ship that homeports in Hawaii. The cruise line did not respond to a request for comment. The benchmarks the draft plan establishes would lower greenhouse gas emissions in Hawaii's marine sector by 12% by 2030 and 17% by 2045, according to the DOT plan. Kalili, who oversees operations of the state's commercial ports, indicated that the department would be open to different goals or benchmarks if the cruise ships calling in Hawaii were to begin operating with more sustainable fuel and plugging into shore power. "We understand that the industry as a whole is looking at different goals to convert fleets to have vessels that are dual fuel, that can burn cleaner fuels, that are equipped for shore power, but we are not seeing that those vessels come to Hawaii," she said. "If the feedback that we get from the industry directs this to a strategy that they are willing to take on to reduce emissions from this part of maritime operation, I think we are open to that; but based on the data that we have and the trends that we see, this emerged as a strategy." The draft plan, dated June 27, says it is intended to create a more sustainable transportation system. "As an island chain experiencing severe coastal erosion, wildfire, drought, flooding, rockfall and frequent storms and being 2,400 miles from the continental United States, Hawaii has a critical need to strengthen its energy security and community resilience," the plan says.
Yahoo
25-07-2025
- Yahoo
Red Lobster launches comeback menu items in bid to win back fans after bankruptcy
Red Lobster is finally adding a beloved seafood dish to its menu for the first time, months after emerging from bankruptcy. Starting Monday, the fast-casual restaurant chain will bring back its Crabfest celebration, along with various new crab-themed dishes, including seafood boils. Crabfest menu items are expected to be available at Red Lobster locations until September 14. A seafood boil, a traditional Southern U.S. dish, features a mix of seafood, such as crab legs, and vegetables, all cooked together in a flavorful sauce and typically served in a large plastic bag to be opened out onto a table, usually lined with paper or foil for easy cleanup, allowing everyone to dig in family-style. Customers can choose between two seafood boils: the Mariner's Boil, featuring a Maine lobster tail, a dozen shrimp, snow crab legs, corn, and red potatoes, or the Sailor's Boil, which includes shrimp, smoked sausage, corn, and red potatoes. Each boil is served with your choice of Roasted Garlic Butter, Cajun Butter, or Old Bay seasoning. Other new Crabfest menu items include Crabby Stuffed Mushrooms, Crab-Topped Asparagus, Crab-Topped Potato, or Steak or Salmon Oscar, in addition to new cocktails: Purple Haze by Dre & Snoop, Passion Star Spritz, and the Starry Eyed Surprise. 'Red Lobster's Crabfest is the ultimate summer dining experience, featuring exciting and flavorful dishes like our new Seafood Boils,' Nichole Robillard, Chief Marketing Officer of Red Lobster, said in a press release. 'Whether you're a longtime Red Lobster lover or participating in Crabfest for the first time, we've got something to bring everyone joy.' The new menu items come months after Red Lobster clawed itself out of bankruptcy in September 2024 after RL Investor Holdings acquired the fast-casual chain and ushered in a younger generation to revamp it, starting with tapping a 35-year-old CEO, Damola Adamolekun, to take the helm. The company was previously forced to close more than 100 of its nearly 650 restaurants amid financial struggles. The company plunged into Chapter 11 bankruptcy in May 2024 after its endless shrimp special got out of hand. Originally a $20 once-a-week promotional deal, the company made endless shrimp a permanent menu item, leading patrons to eat more shrimp than the restaurant could afford, staying at their tables for hours and lengthening wait times. The Florida-headquartered chain lost $11 million in the process, filed for bankruptcy, and closed at least 129 locations. 'There were certainly big mistakes made over the last few years,' Red Lobster's new CEO said in an interview with CNN in October 2024, adding the shrimp promotion was 'a very expensive product to give away endlessly.' Solve the daily Crossword
