LIVN vs MDT: How LivaNova and Medtronic Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: MDT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LIVN and MDT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LIVN and MDT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

LivaNova PLC is a medical technology company incorporated in the United Kingdom, headquartered in London with major US operations in Houston, and listed on the Nasdaq. It was formed in 2015 by merging Italy's Sorin Group with US-based Cyberonics, which is why the business still looks like two companies bolted together. The Cardiopulmonary segment sells the equipment used to keep a patient alive during open-heart surgery: heart-lung machines (led by the Essenz Perfusion System), oxygenators, autotransfusion systems, cannulae and perfusion tubing sets. The Neuromodulation segment sells the VNS Therapy system, an implanted pulse generator and lead that stimulates the vagus nerve to treat drug-resistant epilepsy, plus development programs in difficult-to-treat depression and, as of 2026, the FDA-approved aura6000 proximal hypoglossal nerve stimulation implant for moderate to severe obstructive sleep apnea. Vladimir Makatsaria has led the company as chief executive since 2024.

Full LIVN guide

Medtronic is one of the largest medical device companies in the world, designing, manufacturing, and selling therapies and devices across a broad range of chronic and acute conditions. Its business spans four main areas: Cardiovascular (pacemakers, defibrillators, heart valves, and cardiac ablation), Neuroscience (spine implants, neuromodulation for pain and movement disorders, and surgical navigation), Medical Surgical (surgical stapling, energy devices, and a growing robotic-surgery platform), and Diabetes (insulin pumps and continuous glucose monitoring). The company sells primarily to hospitals, surgeons, and health systems, generating durable, recurring demand tied to procedure volumes and chronic-disease management. Medtronic's scale gives it deep relationships with providers, a large installed base of devices, and the resources to fund extensive R&D and acquisitions. Growth depends on new product cycles, pipeline approvals, and global expansion, especially in emerging markets. Founded in 1949 and headquartered in Ireland for tax purposes (operationally rooted in Minnesota), Medtronic is a large-cap, dividend-growing medical-technology company tied to long-term healthcare demand and aging demographics.

Full MDT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LIVN drivers: Epilepsy pricing and reimbursement reset; Cardiopulmonary share gains and the capacity build.
• MDT drivers: Diversified device portfolio; Innovation pipeline and new product cycles.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The largest single item is the SNIA environmental case in Italy, where the Italian Supreme Court ruled in March 2025 that LivaNova can be held jointly and severally liable for SNIA's pre-demerger environmental liabilities, leading the company to record roughly 333 million euros (about $360 million) as its best estimate; the balance sheet carried roughly 345.5 million euros of current liability as of March 31, 2026, and the Public Administrations have asserted a minimum of 108.8 million euros in additional costs on remand to the Court of Appeal of Milan, so the final number and its timing are still open. For MDT, medtronic has at times delivered sluggish organic growth, raising concerns that its scale slows innovation relative to nimbler competitors like Boston Scientific and Edwards Lifesciences.

Pick LIVN if you believe its drivers more; MDT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LIVN and MDT guides.

LIVN. LivaNova trades at roughly 23x trailing and roughly 18x forward earnings against a US medical equipment peer group that has generally sat in the mid-20s, so the market is applying a discount rather than a growth premium despite both segments growing near 10%. The most common explanation is the unresolved SNIA liability of roughly $360 million, which is about 8% of the market capitalization and has no fixed settlement date, plus the cut to adjusted free cash flow guidance ($140 million to $160 million, down from $160 million to $180 million) as capital spending rose to $135 million. Analyst price targets published around the second-quarter report clustered near an $86 average with a range of roughly $67 to $90 across about ten covering firms, which is a narrow band by small-cap medtech standards and reflects a business whose operating trajectory is easier to model than its legal one.

MDT. Medtronic trades at a moderate valuation relative to faster-growing medtech peers, reflecting its scale, diversification, and reliable dividend but also a track record of slower organic growth. The multiple has expanded when new product cycles reaccelerated growth and compressed during periods of execution stumbles. The yield gives it a defensive, income-oriented profile within healthcare.

Headline figures (approximate, August 2026): LIVN shows revenue (ttm) ~$1.47 billion, revenue (q2 2026) ~$390.5 million (up ~10.8% year over year), net income (ttm) ~$189 million (~12.8% net margin), adjusted eps guidance (fy 2026) ~$4.30 to $4.40, on 8% to 9% constant-currency revenue growth; MDT shows revenue (ttm) ~$33 billion, operating margin ~20% (non-GAAP higher; GAAP affected by amortization), net income (ttm) ~$4.5 billion, eps (ttm) ~$3.50 GAAP; non-GAAP higher.

LIVN and MDT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LIVN and MDT exposure against your real portfolio. It is not an investment adviser.