Investments

6 Months Ended

Jun. 30, 2020

The following table details the carrying value of our investments in equity securities of non-consolidated affiliates without readily determinable fair values for which we do not exert significant influence over the investee. These equity investments are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. The below equity investments are included in investments on the condensed consolidated balance sheets (in thousands):


Equity Investments Without Readily Determinable Fair Values	June 30, 2020		December 31, 2019
Respicardia Inc. ⁽¹⁾	$	17,706	$	17,706
ALung Technologies, Inc. ⁽²⁾	3,000		—
Ceribell, Inc.	3,000		3,000
ShiraTronics, Inc.	2,045		2,045
Rainbow Medical Ltd.	1,097		1,099
MD Start II	1,121		1,121
Highlife S.A.S.	1,063		1,064
Other	770		770
	29,802		26,805
Equity method investment	443		451
	$	30,245	$	27,256

(1)Respicardia Inc. (“Respicardia”) is a privately funded U.S. company developing an implantable device designed to restore a more natural breathing pattern during sleep in patients with central sleep apnea by transvenously stimulating the phrenic nerve. We have a loan outstanding to Respicardia, with a carrying amount of $0.8 million and $0.6 million as of June 30, 2020 and December 31, 2019, respectively, which is included in prepaid expenses and other current assets on the condensed consolidated balance sheet.

(2)During the first quarter of 2020, we invested in ALung Technologies, Inc. (“ALung”). ALung is a privately held medical device company focused on creating advanced medical devices for treating respiratory failure. ALung’s Hemolung Respiratory Assist System is a dialysis-like alternative or supplement to mechanical ventilation which removes carbon dioxide directly from the blood in patients with acute respiratory failure. During the second quarter of 2020, we provided a loan to ALung for $2.0 million, due July 10, 2021. The loan may be converted, at LivaNova’s option, to either ALung’s Series C Senior Convertible Participating Preferred

Stock or ALung’s Series D convertible participating preferred stock at $0.8069 per share. As of June 30, 2020, the carrying amount of the loan was $2.0 million, which is included in other assets on the condensed consolidated balance sheet.