Business
LeMaitre Q1 2024 Financial Results
BURLINGTON, Mass., May 02, 2024 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q1 2024
About this update from Lemaitre Vascular, Inc.
[{"type":"text","content":"BURLINGTON, Mass., May 02, 2024 (GLOBE NEWSWIRE) -- LeMaitre (Nasdaq:LMAT), a provider of vascular devices, implants and services, today reported Q1 2024 results, announced a $0.16/share quarterly dividend and provided guidance. Q1 2024 Financial Results Sales $53.5mm, +14% (+11% organic) vs. Q1 2023 Gross margin 68.6%, +300 bpsOp. income $11.9mm, +51%Op. margin 22%Net income $9.9mm, +64%Earnings per diluted share $0.44, +62%Cash up $3.2mm sequentially to $108.3mm Allografts (+31%), bovine patches (+13%), carotid shunts (+27%) and distributed porcine patches drove Q1 sales. APAC sales increased 44%, EMEA 17% and the Americas 10%. The gross margin increased to 68.6% in Q1 (vs. 65.6% in Q1 2023) driven by average selling price increases and manufacturing efficiencies offset by product mix. Operating income of $11.9mm was up 51% vs. Q1 2023. Operating expenses grew 8% year-over-year due to compensation, professional fees and sales meetings. Chairman/CEO George LeMaitre said “2024 is shaping up to be another year of healthy profits. The gross margin is repairing and we’ve been able to reduce op. expense growth. Guidance now implies a 22% operating margin, up from 19% in 2023.” Business Outlook Q2 2024 GuidanceFull Year 2024 GuidanceSales$53.7mm - $56.1mm(Mid: $54.9mm, +10%, +10% Org.)$212.7mm - $217.3mm(Mid: $215.0mm, +11%, + 11% Org.)Gross Margin68.6%68.6%Op. Income$12.0mm - $13.7mm(Mid: $12.9mm, +36%)(Mid: $12.9mm, +33% Ex-Special)*$46.7mm - $49.8mm(Mid $48.3mm, +31%)(Mid: $48.3mm, +30%, Ex-Special)*Op. Margin (Mid)23%22%EPS$0.45 - $0.50(Mid: $0.47, +31%)(Mid: $0.47, +29%, Ex-Special)*$1.73 - $1.84(Mid: $1.79, +33%)(Mid: $1.79, +32%, Ex-Special)* *Special charges in 2023 were related to the St. Etienne factory closure. Quarterly Dividend On April 30, 2024, the Company's Board of Directors approved a quarterly dividend of $0.16/share of common stock. The dividend will be paid on May 30, 2024, to shareholders of record on May 16, 2024. Share Repurchase Program On February 21, 2024, the Company's Board of Directors authorized the repurchase of up to $50.0mm of the Company’s common stock. The repurchase program may be suspended or discontinued at any time and will conclude on February 21, 2025, unless extended by the Board. Conference Call Reminder Management will conduct a conference call at 5:00pm ET today. The conference call will ...