“As part of our ongoing efforts to position LivaNova for long-term success, we are sharpening our focus on the company’s areas of strength and market leadership. To that end, we are exploring options to realize the full value of the CRM Business Franchise,” CEO Damien McDonald said in prepare remarks. “The CRM business franchise is a global business and strong regional player with attractive assets, a robust pipeline and growth potential; however, it is no longer a strategic fit within LivaNova’s portfolio. The board and executive leadership team are committed to driving value for shareholders and customers and will continue to take actions that strengthen LivaNova’s position as a leading, innovative medical device company dedicated to extending and improving the lives of patients around the world.”
LivaNova’s CRM business put up sales of $249.1 million last year, the company said, adding that “there can be no assurances that the process of exploring strategic options for the CRM business franchise to maximize shareholder value will result in a transaction or that any transaction will be consummated.”
“The company has not set a timeline for completion of the review process, and it does not intend to disclose further developments unless or until a definitive decision has been reached by the company or the company has otherwise determined that further disclosure is appropriate or required,” LivaNova said.
LivaNova was formed by the $2.7 billion merger of Italy’s Sorin and Cyberonics in October 2015.