8 Most Promising Medical Stocks According to Hedge Funds

4. LivaNova PLC (NASDAQ:LIVN)

Number of Hedge Fund Holders: 39 

LivaNova PLC (NASDAQ:LIVN) is a global medical technology company that develops and manufactures innovative devices for cardiovascular and neuromodulation treatments. The company focuses on creating breakthrough therapies for conditions affecting the head and heart. Its product range includes heart-lung machines, oxygenators, and neuromodulation systems, which are sold to hospitals, healthcare providers, and medical professionals worldwide.

LivaNova reported second-quarter revenue of $318.6 million, reflecting an 8.4% increase on a reported basis and 9.6% on a constant-currency basis year-over-year. Excluding the Advanced Circulatory Support segment’s wind down, revenue growth was 10.8% in constant currency. Key drivers of this growth included a 12.7% increase in Cardiopulmonary revenue to $173.7 million, fueled by strong sales of the Essenz Perfusion System, and a 7.3% increase in Neuromodulation revenue to $142.9 million, attributed to growth across all regions.

LivaNova PLC (NASDAQ:LIVN)’s profitability metrics also improved significantly, with U.S. GAAP operating income rising to $40.2 million from $17.4 million, and diluted EPS increasing to $0.30 from $0.02 in Q2 2023. Adjusted operating income and diluted EPS also saw notable increases, reaching $66.9 million and $0.93, respectively.

As of Q2, 2024, 39 hedge funds in the Insider Monkey database held shares in the stock. The largest stakeholder in the stock among these was Millennium Management, holding shares worth $152,179,278. LivaNova’s stock holds a strong buy rating, with 7 Wall Street analysts providing 12-month price targets in the last 3 months. The average price target is $70.57, with a high of $80.00 and a low of $61.00, indicating a potential 31.73% increase from the current price of $53.57.