LIVN – Market expectations are for Uniform ROA to decline, but management is confident about capex, margins, and international operations

• LivaNova PLC (LIVN:USA) currently trades below recent averages relative to UAFRS-based (Uniform) earnings, with a 31.3x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about capex, margin improvement, and international operations
  
  

• Specifically, management is confident their focus on mix and pricing discipline drove margin improvement, that their capex spend will range between $25mn and $35mn, and that they delivered double-digit growth in Europe and internationally