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UK-based LivaNova was born of a combination between Cyberonics in the US and Sorin in Italy. The medical-device firm is primarily focused on cardiovascular and cardiopulmonary solutions (with surgical heart valves, heart-lung machines, and oxygenation equipment) as well as neuromodulation devices for treatment-resistant epilepsy and depression. Following the merger, LivaNova divested its cardiac rhythm management and heart valve businesses. It derives roughly half of its revenue from the US market, another 21% from Europe, and the remainder from the rest of the world.

The Nasdaq is down more than 1%. Other major indices are flat. Earnings reports are driving action for individual stocks. Many retailers are still reporting with mixed stories on last quarter. In case you haven't heard, AI behemoth Nvidia reports after-the-bell.

Solventum has four business segments: MedSurg (56% of 2023 revenue), Dental Solutions (16%), Health Information Systems (16%) and Purification and Filtration (12%). The company is global, with 56% of net sales in 2023 from the Americas, and 44% from international companies. Solventum's MedSurg segment provides advanced wound care and surgical solutions. Customers include public and private health systems, ambulatory surgical centers, skilled nursing facilities and long-term care facilities. The addressable market for the company in this segment is approximately $26 billion and is growing at a 3%-5% rate. MedSurg's revenue has been flat over the past three years, with an average operating margin of approximately 23%. Solventum's Dental Solutions is a provider of a comprehensive suite of restorative, prevention and orthodontic solutions for dentists and orthodontists. The addressable market for the company in this segment is approximately $17 billion and is growing at a 4%-6% rate. Dental Solutions revenue has declined 5% over the past three years, and the average operating margin has been approximately 33%. Solventum's Health Information Systems (HIS) segment provides software solutions powered by clinical intelligence that create time for clinicians to care for patients and improve accuracy in healthcare reimbursement. Target customer markets include public and private hospitals, physician groups and clinics, federal government agencies and payer organizations. The addressable market for the company in this segment is approximately $9 billion and is growing at a 6%-8% rate. HIS revenue has risen 10% over the past three years, and the average operating margin has been approximately 31%. Solventum's Purification and Filtration segment provides filters and membranes for use in the manufacturing of biopharmaceutical and medical technologies, microelectronics and food and beverage products, as well as filtration for cleaner drinking water. Clients include biopharmaceutical and medical device manufacturers. The addressable market for the company in this segment is approximately $41 billion and is growing at a 4%-6% rate. PF revenue has declined 3% over the past three years, and the average operating margin has been approximately 18%. The company has 22,000 employees. SOLV is a component of the S&P 500 Index.

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