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LeMaitre Q1 2022 Financial Results
BURLINGTON, Mass., April 28, 2022 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q1 2022
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., April 28, 2022 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q1 2022 results, announced a $0.125/share quarterly dividend and provided guidance. Q1 2022 Financial Results Sales of $39.6mm, +10% (+13% organic) vs. Q1 2021Op. income of $7.9mm, +0%Op. margin of 20%Net income of $6.0mm, +2%Earnings of $0.27 per diluted share, -4%Cash and investments +$0.9mm to $70.9mm Q1 2022 sales growth was driven by Artegraft, XenoSure, carotid shunts, allografts and valvulotomes. By geography, sales were driven by the Americas (+12%), EMEA (+6%) and APAC (+9%). The gross margin decreased to 65.6% (vs. 66.3% in Q1 2021). The strong U.S. dollar reduced the gross margin by 0.7% year-over-year. The Company had 194 direct labor employees on staff at 3/31/2022, up 49% vs. a year earlier. This recent hiring is intended to reduce hourly labor rates and increase gross margins. Operating income of $7.9mm was flat in Q1 2022, as 14% operating expense growth offset sales increases. Operating expense growth was driven by a 30% increase in sales reps to 112 at 3/31/2022. George LeMaitre, Chairman and CEO, said, “13% organic sales growth in Q1 enabled us to hire sales reps and direct labor employees while maintaining a 20% op. margin. Our Korea direct project as well as the French factory closure are two key Q2 projects. During Q1 we were selected to join the NASDAQ Dividend Achievers Index, becoming one of only 373 U.S. public companies that have increased their dividends for 10 consecutive years.” Direct-to-Hospital in Korea In April, 2022 LeMaitre agreed to buy out its Korean distributor, JiSang, for $540,000 and also signed a 5-year office/warehouse lease in Seoul. In 2021 JiSang purchased $800,000 of LeMaitre devices which it sold to hospitals for approximately $1.6mm. LeMaitre expects to begin selling direct-to-hospital in January 2023. The new Seoul location is LeMaitre’s 12th worldwide sales office and Korea will become LeMaitre’s 25th direct-to-hospital country. St. Etienne Factory Closure In April, 2022 LeMaitre committed to the closure of its St. Etienne, France factory. Production of Chevalier valvulotomes and Wovex/Dialine polyester grafts will halt in St. Etienne and the site will close by June 30, 2022. A second Chevalier valvulotome production line has been s...