November 20, 2019
LivaNova Ends Caisson TMVR Program, Will Restructure Its Heart Valve Business
November 20, 2019—LivaNova PLC announced that it is ending its Caisson transcatheter mitral valve replacement (TMVR) program and will undertake a restructuring of its heart valve business to improve profitability and ensure business continuity. Patients who participated in clinical trials related to TMVR will continue to be followed within the parameters of the trial. The closure of Caisson TMVR operations in Minneapolis, Minnesota, will be effective at the end of 2019.
According to the company, the LivaNova heart valve business line represented nearly $130 million in revenue for full-year 2018 and has experienced a revenue decline over the last 5 years across both biological and mechanical valves. These declines were due to multiple market conditions, while portfolio maintenance costs increased specifically due to higher regulatory requirements. After a comprehensive analysis, the company determined that a restructuring is necessary.
Under this plan, LivaNova’s facility in Saluggia, Italy, will become dedicated to research and development and production of mechanical heart valves, rings, accessories, and nitinol stents. LivaNova tissue heart valve production will be concentrated in the company’s plant in Vancouver, British Columbia, Canada.
The restructuring plan, which will be implemented subject to any previous information and consultation procedure with social parties according to local legislation, may potentially impact approximately 150 employees at the three sites in Saluggia, Vancouver, and Minneapolis.
LivaNova, which is headquartered in London, United Kingdom, employs approximately 4,000 employees and has a presence in more than 100 countries. LivaNova operates as two businesses, Cardiovascular and Neuromodulation, with operating headquarters in Mirandola, Italy, and Houston, Texas, respectively.